The Democratic sentinel. [volume] (Cadiz, Ohio) 1852-1853, 1853-08-24


Whiggery admitting the Tax Law
not so bad after all-MaLing
new Ranks, &C.. &c.
The MeArthur Republican. wing sheet,
that like others Of the ssme party IN poll
tiss. i down on the Tax Law, On the ground
that il viii eesnoy Banks by taxing Ihem'
has the following:
Bass rs McARTHrR.--CapitaNsts Of
this county are making efforts 10 secure
he loo. ion Of a Bank in this place, with
scapital of 500, Ooo--under the operation
Of the Free Banking Law. A numder OF
mouied men have expressed Il willingness
90 subscribe literally 10 the Capital
Stock. There is capital in abundance in
this county. and we sincerely trust the en-
terurize viii prove euccessiul. Noiwith-
Standing the TN quail and unjust tax i'n-
posed upon Banks. by the Locofoco Tax
law. We think the capital so employed could
be made to pay reasonable dividen1s; and
not only thar, -u institution OF this charae-
Ter would add greatly to the character. bu-
Sin:ss AMI prosperity III the town"
'.Ab! old Trupenny, are you there?
"A number Of monied men have express
sed willingness TO subscribe !tOer0Hq to
the Capital Stock oi new Bank" mot
wi,hstanding the tax imposed by the Loco
icco Tax law" Alas, poor whiggery =
How its leaders bang i! from pillar to post.
The Tax Law rims Banks; it taxes the
Banker to aid in paving the State debt; II
taxes them to aid in schooling the children;
i taxes them TO aid in making Roads and
T building Bridges. and to aid in supporting
the poor, lust rs It taxes honest men; and
this is their ruin---ihis will send them out
sf existance. notwithstanding tfey make
from / , to 26 per cent per snnum--more
than doubling their capital in four years,
md that, too, after paying all Their expenses,
including salaries to their Cashiers larger
than thai given to the Governor. Supreme
Judges, or any olher officer o; State. Such
u the crv when The whig leaders have Banks
when they need no more facilities Ika1
she present system gives them.
But with those who want more Bank ia
eiIities-who need more breeches pocket
savors--who cannot buy more Bank stock
without paying TOO high premium--the
tune is changed Then, notwithstanding
the "LIocoioco Tax Law" these patriotic
souls are willing, like the others, to draw
their l5. 10, 22 and 26 per cent. per an
hum, in the shape OF dividends, to say
nothing of Bank accommodations and good
tat salaries and express Willingness to
subscribe lberay to the capital stock, of a
new Bank No doubt these "monied men"
see, in the future glorious visisns of wealth
and power drawn from this Banking house.
Already in fancy they see their feds
fcrulized BY the sweat Of the poor mans
brow.
Ills hard to dispel such bright visions,
10 strip the veil off, and to tell these men,
30 patriotic, SO kind, so good, that their
Bank scheeme, like most OF the other Banks
now in existence, is based on m'oonsh,ne!
There is one fact oft repeated by the
Whig press--often spoken OF by the whig
stump orators, and more frequently quoted
by their warm politicians, and rhcb is
,hst the "New Constitution is in the hands
of its friends !"
We said this was fact. It is fact.
and, Judging from the signs OF the times,
it bids fa. to be, and remain, ,tred fact,
throughout all time. The New Consti-
tuition Is in the hands of its friends" anu
they will take good care TO see that whig-
gerry docs not violate its sound provisions,
Under it no new Bank can be created
none take etfect--untill submitted to the
people, and majority Of all tn electors
voting at a general election, approving the
same. The law officers OF the Stat the
friends Of the new Constitution, In whose
hands it is, have decided that the Section
referring to this matter (see Sec. 7, Art.
i3) lepeals the banking Ii W under which
il Is proposed TO incorporate this Bank in
Macarthur, so far as it clates to new BanIs;
and that decision, based AS it is, on com
mon sense, has been acquiessed in by the
Bankers themselves. AS Il matter of history !,
(and par pareRtheSiS, as the French say, J
We may add, that the new charter Of the
Clinton Bank Of this city, the passage of
which gave rise to many charges of haud,
and to much il-leeling, was forfeited by
the same new Constitution, in consequence
Of the owners negcctlng, or failing TO de-
posite the securities required By law, before
1T took effect.
Thus, the Macarthur Republican can
learn several facts to its advantage: first,
that the new Constitution is really and truly
in the hands Of its friends; secondly, that
hereafter, the people OF the State will have
vote in the creation Of new Banks, and
thirdly, that it has voluntarily confessed
that sll the slang abaut the Tax law taxing
Banks TO death, is but whg Joke, and
this it has confessed without drawing any
advantage thereirom. "Sic transit gloria'
wbiggery!
The Declaration Of a Free Soil