Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1854-05-31
The Banks Vs. the People--RumOr-
ed Decision OF the Bank Question.

4 CO DCCASAOn VI tAAc DonA NoCouOMs
The Supreme Court of the United States, COM
posed Of old fogy, life leased Judges, has decided
the question of bank taxation in favor of the
bsnks! In the wisdom of old monied aristocrat-
ic noodles, who hang upon the skirts Of govern.
ment, gathering up its small change, and sponging
a life of luxury, beyond the reach Of the people,
ununswerable for any outrage, responsible to no
one. In their opinion, the LAW, (Which Lord
Coke once very foolishly remarked, is the per-
fection of reason) s,that when Legislature so far
forgets its duty to the people, as to make con-
tract with corporation, that the corporation shall
be taxed upon its profits only, and if there are no
profits, then it shall pay no tax, and thus frt-
ter away the only means devised for revenue pur-
poses that such contract is just, legal and bind
ing, The support of Government is duty
which every MAN, be he banker, merchant or
farmer, owes to the State for the protection he
receives. His tax is just as much debt, due and
owing to the government, as his market bill, for
his weeks support, or the undertakers charges for
his funeral expenses. By the incident of being
born in a county, he impliedly makes the con-
tract and renews it every hour that he lives
When he arrives at years of discretion he selects
the plan upon which that debt is to be paid hav-
ing agreed to pay his portion, the only question s
the manner of its payment in the settlement of
which, he has an equal voice with his fellow citi-
zen.
There can be no authority, consistent with the
eristence of government that can release that man
from bearing his share Of the burthen. The mo-
ment we concede such right to Mr.. A., the bank
B., the merchant, or Mr.. c., the farmer. And if
we release them all, how long would the govern
ment be sustained.
The reason assigned, why the banks should
pay upon their profits, only, is, that they made
contract with the Legislature to that effect, and
their taxes must not be increased or diminished,
no matter how much their property increases, if
they can manage by paying out their profits to
each other in the shape of salaries, or by some
make bad investment bearing no
ostensible profits to divide.
As we before said, the people individually and
contract with the government under
which they live, to pay their portion of the cost
ofits support, and yet the manner oftaxation may
be changed ut will Is the banker better than
the farmer, the mechanic or the merchant!
Take single instance, illustrating the effect
of this kind Of reasoning. Our own Ravenna
bank on account of bad debt, is unable to divide
a sxpence of profit, and notwithstanding its CASH
ier and president have sworn that it is the owner
Of over THREE HUNDRED THOUSAND
DOLLARS in capital stock and property en-
oloyed 1t will not be required to pay cent Of
axes. Under the law of Ohio there is due from
he Ravenna Bank about seUen thousand dollars of
axes, which the decision Of the U. S. Court re-
eases it from paying. Our farmers complain of
high taxes, and no wonder Men who are rich
IAN invest their capital in bank stock, and enjoy
Il! the benefits of the government while the la
,oring classes are compelled to defray the ex-
'onse of its support if the rights Of banker are
INVADED either in his person or his property the
State steps in and brings the offender to justice
The revenue of the State, raised from the labor of
Ter citizens support our legal tribunals.