Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-08-31

materials In his business-~all these are taxed I'D.
ON the "average amount of property in their pos
session, and under their CONTROL without any de-
duction for indebtedness. Now we submit that
the notes and bills discounted, moneys loaned,
&C., of the banker, all which he is drawing in
terest or making profit are as proper subjects for
taxation as the goods any other wares of the
merchant, laying idle on his shelves depreciatino
in value every day, and for which he is perhaps
indebted or paying interest; or the stock of the
farmer, the manufacture or mechanic. The in
structions under the tax law have been for wears,
"merchants must include in their statements the
average value of their goods and merchandise,
and manufacturers the average value of the raw
material used and on hand in the manufactured
and unmanufactured articles.'' 1t is the average
value OF the property ON hand during the past year,
and not the value of the capital emploved. that
must be returned. "Merchants and manufactnr-
ers cannot deduct their debts from their stock of
goods and manufactures This is tho lann,age
of Auditor Woods, in his instructions TO Assess
ors and Auditors the State the last six years.
under the old tax law, which has been eulogized
by every Whig politician and press, and landed
to the skies as perfect model of tax law
Where then is the injustice of APPLYING to banks
and bankers the same rules that have for wears
been applied to merchants, manufactures and 9TH
er individuals! But, it is said, the banker is COM
PEELED to keep certain amount of money on
hand to meet his Indebtedness, and is taxed upon
that Not so. The money laying on hand, the
deposits or other money not used, employed or in
vested with view to profit, not required to be
listed; and herein may we'll be expressed doubts
as to whether the law goes far as the constitu-
ton requires. Again; it is objected, the law tax
es the "deposits'' of bank, and thus thev are
taxed twice; once in the hands of the bank and
again in the hands of the depesitor To this we
reply that the moneys on deposite, SO long as
they are kept bono fde such are not required to
be listed; it is only when they have been convert
ed by the bank to its own use and loaned out, or
otherwise employed with view to profit, that
they are to be listed for taxation This is only
an illustration of one of the MANY apparent in
conveniences that arise under any system of tax
alton upon property Many similar cases occur
with respect TO individuals, as, for instance tax
ing house or farm in the possession of the pur-
chaser, and the notes of hand representing the
value of the same, in the hands of the seller IT,
however, it be determined that the banker or de-
rostor shall be exempted, it appears to that equi-
fy would say the depositor, who runs the risk
without any remuneration, should be exempt. and
the banker having the use of the money and ma
king profit upon it should pay the tax. Is there
any individual who would not be very willing to
pay taxes upon any amount of money deposited
with him, without interest. on condition that he
might use or loan it out and pocket the profits?
If banks cannot afford to pay taxes on deposites
when they loan them out-if it be a losing bus
iness-they very easily get rid of it, for as we
understand it, the receiving of deposites is no mat
ter of compulsion.