The weekly Lancaster gazette. (Lancaster, Ohio) 1852-1855, 1854-01-12


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nended; es this large sen is applicable 10
the payment OF the State dpSt dae in 1857, i,
! is certainty wise 10 Epply il TO that purpose
Of once, y any saving TO the State esp there
BY be Effected. A large accommodation Of
public money is alWsys 10 be deprecated
Full powers should therefore be conferred
on the 'Sinking Fund COMMISSIONER. !" 10
purchase oOr bonds before maturity. The
powers now possessed are lIiniied, and those
limits, instead Of producing advantageous
purchases, have operated as fixing publicly
the rate ut which the State wonld buy, and
consequently produce loss instead Of 9 sa-
wing.
| During the last year, the real estate vas
re-valued. This vsluaiiOn, with that Of the
personal property next spring, will eonsti-
iuie the grand duplicate OF 1854. the aggre-
gate Of which win bs about eight hundred
millions.
The following statement exhibiis'the value
Of the entire properly Of the State, nt the
several periods indicated, end affords graii-
Tying evidence Of the rapid growth Of our
people, 10 ail the elements o. Pf6spcriiyand
1eory. Yoiue oIte1l l-atqIs o p4f-f fOIhlN va. on
estate. sonalPro- grind du-
Isn.. sIOossI, ,ss7 sas.sSisao sIs.aSsSs7
1884,. 565,ccO,Coo 23S.6cO,OcO sOODoo,ooo
The amount for 1854 is partly estimated.
but will not vary much from the acIusl re-
suit.
The valuation last had, brings much prop
erly which bad heretofore escaped, upon The
tax list. 1t also approaches, as near as is
possible under any system, to the real Valse
Of the property. With very few exceptions,
therefore. the rule Of equslliy Of burdens
may be deemed as permanently established
in Ohio.
The banks, acting under charters from
the General Assembly, form the only formi-
dable exception to the general aequlescence
in this Just and equitable rule. They have
appealed from the Stale authorities TO the
Court Of the United States 10 consequence
of which have been under the necessity Of
engaging cou0sel to represent the interests
of The State before that tribunal.
An arraignment Of State sovereignty, M
der our peculiar form Of government, before
the Federal Judiciary, is always matter Of
doubtful expediency. 1t should certainly
never be resorted 10 by institutions Of our
own creation. upon which the State has con-
ferred Sarge and valuable privileges, and
which she now exacts nothing but their fair
and equal proportion Of the burdens OF gov
ernment.
A similar course was formerly pursned
by an institution established INCUR midst by
Federal authority, and which, therefore, in
stinetivcly looked TO Federal protection and
support. The Bank Of the United States, II
is true, was partially successful at WASH
IYGToH, but where is il now! The people
have advanced with Unprecedented rapidiiy
/ in all the elements Of prosperity and great
ness, while not one trace or yestige Of that
proud Institution is TO be found within our
\ borders. On the part Of the State BANKS,
this course is the more reprohensible, as the
appeal is made by foreign stockholders, up
on whom the State has bestowed rights Of an
inclusive and highly lucrative character.
1 They, too, complain of high taxes. / hare
already remarked, with some freedom or
this subject, aud ii is gratifying 10 find ,ha
these institutions, impelled probably by then
own interests, nre beginning to unite wit!
the great body Of the tax payers of the
State, in laboriug TO promote greater de-
gree of economy 10 ollpubiic expenditures
1t is incorrect TO suppose that the origina
policy Of taxing banks on their profits only
was adopted with any view Of ,toxing thea
less than individuals. On tho contrary, i
was claimed 10 be higher grade of STATE
taxation; and the baEks often boasied tha
prior to 1916 they paid more than indlyida
ais,
The growing magnitude, of State-especi
ally of local-tnxation, however, led the peo
ple 10 demand that these institutions shoui'
equally with themselves, be brought within
it's range. Hence arises the present con
hict.
The higher grade Of State taxation, plac
ed, IN the charters, became in the course o
time, a lower one even for Stale purposes, Il
soy nothing about the local and many oihe
| burdens which are necessarily borne by IN
dividuals. An effort was made in 1915, o
a time when the whole busis Of the revenu
laws was changed, and when the iuequalit,
! referred TO, became clearly apparent, to sub
ject The Banks, not as formerly, to hlghe
and especially rate of taxation, but TO th
same that was prescribed, for, and impose
on indiyiduals. This effort, go fair an
equitable at tho time, was successfully re
sisted. 1t continued however 10 be iBsiste
upon, and the provision upon that subject il
the New Constitutions, has been ibe result
This provision relieves the Banks from tn
payment Of the rates contained in ibel
charters, and which the alleged were S
much greater than those paid under The gen
eral revenue laws of the State, and only re
ouires, that s'all property employed in bank
lIug, shall always bear burden of Taxation
equal TO that imposed on the property g
individuals" This burden is now heavy, bu
constantly increasing duplicate will. in
very few years, greatly reduced II. III
amount required to meet the interest o
the public debt, is annually diminishing
, and the temporary causes that now tend Z
keep up the taxes, will soon disappear. Th
Banks can therefore gain but little by
perseverance III their present course, Will
injury and final ruin may be the conse
tquence. -
i The duty Of the General Assembly
: plain and unquestioBnble. The require
menis of the Constitution must be carrie
out In this determination the people, an
: every branch Of the State Government, ar
} united, and will sustain each other, by ih
} most cheerful co.opsrution. The Bank
should look beyond the legal issue, No on
} should desire 10 live among an indusiriou
and heavily taxed people, without bearing
r fair and eqnal proportion Of the necessar
burdens of the State.
: The New Constitution made three impoI
, tant changes in the Judicial department, re
I fsrring to the manner of electing Judge:
( ,bo orIanization of the Courts, and the mod