The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1854-01-11


mount Of interest will thereby be saved,
which, with the continuance OF small rates
of taxation, VIII .etfectually secure the ex-
tinguishmept of the entire debt as it falls
due. Ifthis course IS to be pursued, il is
essential that it be so detefmined at this
time.
The poliSy heretofore pursued on this
subject. has accumulated in the State Treas
ury surplus of S648, ,95580, which will
be- augmented by the additional levy just
recommended: as this large sum is aPPilea-
bic to the payment Of the State debt due in
1857, it is certainly wise TO apply II To that
purpose at once, if any saving to the State
can thereby be effected. A large accumu-
latiOn of public mOneyls Always to be dep /
Gated. Full powers sheuld. therefore, be
conferred on the "Siuking Fund COmmiss-
ioners," to purchase our bonds before matu-
rity. The powers uow possessed are limit
ed, and those limits instead OF producing
advantageous purchases. have operated as
fixing publickly the rate al which the State
would buy, and consequently produce a
loss instead of saving.
During the past year. the real estate was
re.valued, Ihis valuation, with that of the
personal property next spring, will c0nsti-
tute the grand duplicate of 1854, the aggre-
gate of which VIII be about eight hundred
millions.
The following statement exhibits the val
ue of the enthe property or the State, at the
several periods ind. Gated, and affords graf
flying eyideree of The rapid growth of our
people, in all the elements of prosperity and
wealth.
The amount for 1854 is partly estima'
ted. but will not vary much fIom the actual
result.
Years. Value of real Value oI per- Total valve on
estate. sonatpropery. grand duplicate
1854. 565,OOO,OOO 235toOOOO 8OOOOo,OOo
The valuation last had, brings much prop
erty which had heretofore escaped, upon
the tax list. lt also approaches, as near as
is possible under any SYSTEM, to- the real
value of the property. With very few ex-
ceptions, therefore the rule OF equality of
burdens may be deemed as permanently es-
tablshed in Ohio.
The banks, acting under charters frcm
the General Assembly, form the only formi-
dable exception 10 the general acqSIescence
in this just and equitable rule They have
appealed from the State authorities to the
Court of the United States, in consequence
of which l have been under the necessity o.
engaging counsel to represent the interest o
the State before that tribunal.
An arraignment of State sovereignty, ue
der our peculiar form of Government, be-
fore the Federal judiciary, is always mat,
ter Of doubtful expediency. 1t should GER
tainly never be Eesorted to by institution,
OF our own creation, upon which the State
has conferred hr,e and valuable priviled
. reeS, and frorS which she Aow eXacts moth.
ing but their fair aAd equal proportion o
the burdens OF Government.
A similar course was formerly pursued
BY an institution established in our midst
by Federal authority, and which therefore
instincively looked to Federal protection and
and support. The Bank Of the Uuited
S a.cs it is strue, was partially successful
at WAsuINGToN. but where is it now? The
people have advanced with unprecedented
rapidity in all the elements of prosperity
and greatness while mot one trace or vestige
of that proud institution is to be found with
in our borders On the part of the State
Banks, this course is the more reprehensi-
bic as the appeal is made by foreign stock
holders, upon whom the State has bestowed
siyhts of an exclusive and highly lucrative
character.
They, too, complain of high taxes.
have already remarked with some freed
om ON this subject and it is gratifying to
find that these instltohs, impeifed propably
by their own interests, are beginning to n
mite with the great body of the tax payers
oft the State, in laboriny to promote great
erdegree Of economy in all public expendi
lures.
1t is incorrect to suppose tlI the origi
nal policy Of taxing banks on their profits
only, was adopted with any l;iew of taxa.
ing them less than indiv/uals. On the
contrary, it was claimed TO be higher
grade Of State taxation and the banks often
boasted that prior to 1876 they paid more
than individuals.
The growing magnitude of State-especi
ally OF local-taxaE~N, however, led the
people to demand that these institute ons
should equally, with themselves, ba brough
within its range. HenQe arises the presen
conflict.
The higher grade Of State taxation. plac
eed in the charters, became in the course o.
time, a lower one even for State purposes, tt
say nothing about the local and many Other
burdens which are necessarily borne by in
dividuals. An effort was made in 1916
at time when the whole basis Of the re-
enue laws was changed, and when the in
equality referred to became clearly appsr.
ent, to subject the Banks, no: AS formerly
to higher and special rate of taxation but
to the same that was prescribed for and i'm
!, posed on individuals. This effort, SO fail
and equitable at the time, was successfully
resisted It continued however TO be insist
ed upon, and the provision upon that sub
ject in the New constitution, has been the
result. This provision relieves the Banks
from the payment of the rates contained il
, their charters, and wl..ch they alledged were
so much greater than those paid under the
general revenue laws of the State, and only
requires that call property employed ir
banking, shall always bear burden OIL
taxation equal to that imposed on the
property of individuals" This burden il
now heavy, but constantly increasing du-
plicatc will, in a very few years, greatly
Ieduce it. The amount required to meel
the interest on the public debt. isannually