The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1854-07-07
In Tnn EOusn, ApEil "a, 1854.
lC0ntiaaMl

~ NNN "NA' sS"i'y " H. = - - '-'
dividends ofprofi,s, "dsducting therefrom
tho expenses and ascs4seiasd Losses Of
the six months precedihg:n in lieu Of all
taxes which the Company OF stockhold>
ers thereof sbsll bo required 10 pay
on account Of such stock, The law
further authorized tho sdeduciion Of six
per cent. on the Slaie Stocks, before
the Bauks declared their dividends, so as
TO avoid iaxa,ipp on his PIT Of their
profits. This law was ehacied in The
palmy days Of Wing rulo, phcn Banks
were>,he ruling power in ihel State, and
when the money interest was wholly in
the ascendant, and when such odions and
unjust exemptions from taxation for the
most profitable business in the State was
urged as The piH ofMe People, who,how
ever, were not consulted in their enacl>
ment, by whom the giving such exemp-
tions we're never approved, buttesenied.
But by Wing claim, CouIts, acting nnder
old monarchical prejudices u cons,ruc,
lion, should give 10 such tricks OF STATE
legerdemain the chnractes Of a contract,
made by and with populat consent. The
people have, however. denied the con,
tract Whatever may b. The action Of
courts.
!. In March "a, 1886, wss passed Alfred
Kelley's ceIsbratcd Tax Law; which pro-
fcssed to levy "Taxes on all property in
this State according to lis irne values"
and while | feel disposed 10 give credit
to the large financial ability which gave
the 70 lndalion Of system Of equitable
taxation TO the State, mastered its de-
tails, and intimalcd the principle upon
which taxation should be- biased, cannot
but regret that such mind should have
been SO partial TO particularinseresls and
classeA--io the monied, banking, and
corporate interests as 10 exempt them
fiom bearing The equal burdens Of
iaxation. He treated the unequal priv,
iIeges accorded during the previous year
ia tee aiaHs II slxkaioa t&sbis ik.oti,c
Banking 81 ysteln as a'conirsci, and 10 con.
cilia,e tho mercantile and monied class
es. he provided for deductions" Of their
Indebtedness for their tons and hundreds
Of thousands, on which very Indebtedness
they were accumulating wealth ;lhough 10
the farmer who owed for his farm, the
stock grower who owed for his horses,
oxen, &c, the exemptions he permitted
were exemptions common % all, meagre
in amount, and not as inthe other case
exclusive and anti-republicnn.
This law il will be seen changed The
valuation Of landed property from one o.
indefinite and arbitrary periods 10 a valu'
alton every six years, and fixed The prD-
cipIe of valuation al iis ttue ydlue,a well
with improvements as without. 1t fixed
values on stock, over certain age, not as
before, at SO much per head, without re,
gard 10 actual value, butlnt the:f true val.
ue. Small change was made on the tax
alton Of merchants aud manufacturers
capital, il we except thessyssem OF aver
ages, defective and deceptive system,
and which has largely resulted 10, injury
TO the Treasury Of the Slab. Ils system
Of taxing Bank corporations we have al
ready alluded to. lis mode Of taxing
other incorporated companies, such al
Turnpike Companies, &c.s was when Tbs
net profits Of such Company amounted ,t
three per cenium per apnum, iogeihe
with tfficers' salaries, then 70 be taxed
on their capital stock, and hot otherwise
All this time how evsfs iiis iHdiyidua
man, excep, in the cases Of iha iaYore.
money classes | have spoken Of, wa
requlred TO list his property whether h,
found profit therein or not.
To this improper distinciio the Dem
ocraiic Press objected, and ihe counir,
sustained The objection. Il vas true lha
occasionaliy they equally objected 4
what was correct in .heiaw 10 well as 4
what was unseund, but on question in
volving 80 varied interests us this such I
result was inevitable. Tbs people, how
ever, sustained the law, repudiaiing il
unjust, tial,and class4ayoiing features
a part Of which unfortunately remain 81
for as Legislation is coiccmed Jet un
corrected, bu, 4 trust not long 10 Femai
30. Il z
The Democracy in enactipg ne
Constitution provided foss ) strictly i'm