Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1854-02-07

TUESDAY MORNING., FEBRUARY I, 1854.
BANKS AND TAxEs,--The recent decision
Of the supreme Court Of Ohio, which We
give In another place, has created quite an
excitement in Cincinnati and elsewhere !.
The legitimate effect OF the decision will be
10 compel the capitalists Of Ohio to do all
their banking businessn other States, where
more liberal laws prevail. and thus remove
from Ohio an immense amount Of capital.
increasing the burden Of taxation Of The
poorer classes-lhe farmers. merchants, me.
chanics and manufacturers. Already com.
plnints--deep and Ioud--come up from every
qua. ter, Of the enormous rate Of taxation.
Gov, Medil in his last annual message re-
conmends still greater increase. And ye.
the Democratic party persist in their ruinous
policy of destroying lhe Ohio banks, and
driving from our State this immense taxable
capital No. only do they drive Ohio cap'
lalisls from our borders, bu. they prevent
foreign capitalists from sellliDg in this Stale,
and developing lis resources. X
certain amount Of paper currency is ab.
solulely necessary for the transaction of the
mercantile business Of the country. If this
is nol supplied within our own borders i, will
be sought elsewhere. Already is our Stale
filled with the wildcat. red-dog, and mon,
gre currency OF almost every State in the
Unonr "It is an i'll wind which blows no.
body any good" and This state Of things Ger.
taily furnishes every desirable facility 10
counteJeilers. We venture the assertion
that not one man in hundred nowadays
knows whether the money he is receiving is
spurious or genuine, or even whether such
banks have any existence al all. Other
States are reaping rich harvest by taking
advantage of our folly 10 induce Ohio capital
ISIS 10 settle within their borders. Millions of
capital have already been Withdrawn from
Ohio, and invested in Indiana, Kentucky,
New York, Pennsylvania and Virginia.
This, ol course, increases the burden of tax.
alton on the properly remaining, and at the
same time leaves its possessor less able to
pay. ,.su.9., ...z
But The people are waking up, and ere long
will be heard. A meeting Of The merchants
Of Cincinnati, Irrespective Of party, was held
last week. calling loudly for relief The
Cincinnati Enquirer, The leading Democrat.
ic paper Of that city, strongly urges u change
10 our Constitution and laws in this parlicu.
lar The editor remarks ha, there is zone
universal groan of dsapprobalion," in re-
gard TO The law, i. ,..f,,.
! According 10 The decision 81 the Supreme
Cour,, the Law. uffecls equally oil cusses--
each one is compeledlo pay taxes, not only
on what he oions bul also OH what he otoes
Thus if you purchase properly amounting lc
$4,000, payable in five years, that property
is taxed ttoice. You are taxed on its full val.
ue, and the person who sells istaxed on youl
notes for The amount due. Is This equitable
ano jusil Yet il it is nude to appiylo banks
we see no impropriesy in applying il also ,c
5 individuals. On the poor, honest, hard
working and energetic farmer, mechanic Of
lradesman, struggling 10 accumulate Iult
propery--a comfortable home for hmse
and family, this taxation hangs about hi
neck like an incubus. His credtis good
:" yet he dare not use 1t, for fear Of subiecIih!
himself 10 unjust and burdensome taxation
r The wealthy who has retired from
D business, on the other hand, pays taxes onll
! on what he is actually worth. The law i
a check upon enterprise, anc no State, unde
such law, can long continue 10 prosper. |
4 the party in power, do not charge their pol
icy in this particular soon, the people mus
4 and wiI place a party in power which vii
y change it. The ng.hiddeh fires are alread
b 5egining 10 blaze forth.
..