The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1854-01-13

which levy I have no hesitation In recon.
mending. A large amount of interest will
thereby be saved, which, with the continu.
snce o. smul! rates Of trxation, will effectu.
ally secure the extingui.hment Of the entire
debt as it falls due. If this course 10 to be
pursued, it 10 essential that il be 30 determin-
ed at this time.
The policy heretofore pursued on this sub.
Ject, has accumulated in the State Treasury
a surplus Of S643,255 80, which will be
augmented by the additional levy just recon-
mended; ss this large sum is applicable to the
payment Of the State debt due iD 1857, it 10
certainly wise 10 apply il to that purpose at
once, II any saving To the State can thereby
bv efTss,aI i-.ee .~---.,v'stsorf VI puvuc
money IL always to be deprecated. Full powers
should, ihei eicre, be conferred on the "Sink-
ing Fund Commissioners 10 purchase our
bonds before maturity The movers now
possessed are limited, and those limits, instead
OF producing advantageous purchases, bsye
operated as fixing publicly he rate at which
the State would buy, and consequently prJ-
duce loss instead of q saving.
During the past year, the real estate was
revslued. This valuation, with that of the
personal property next spring, will constitute
the grand duplicate OF 1854. the aggregate of
which will be about eight hundred millions
The following statement exhibits the valup
OF the entire property of the State, at the
several periods indicated, and affords crafty.
ing evidence Of the rapid growth Of our peo.
pie, IN oil the elements of prosperity and
wealth.
Years Value OF real vs'ue Of rer. Total value on
estate sOnai property grand dupii, ate
~ - rsssso oSs s,isi.S gis.ss sss,aisG', g,
1884 ss5,O0OOo0 2a5tCO,oOo 0'OcO,ooo
The amount for 1854 is partly estimated,
but will not vary much from the actual re-
suit
The valuation last had, brings much pro-
periy which had heretofore escaped, Upon the
tax list. 1t also approaches, as near as is
possible under any system, to the real value
OF the property. With very few exceptions,
therefore, the rule Of equality of burdens
may be deemed as permanently established in
Ohio.
The banks, acting under charters from the
General Assembly, form the only formidable
exception to the general acquiescence in this
just and equitable rule. They have appealed
from the State authorities to the Court of the
United States, in consequence Of which |
have been Under the necessity of engaging
counsel to represent the interests Of the
State before that tribunal.
An arraignment of State sovereignty under
our peculiar form Of Government, before the
Federal Judiciary, is always matter Of doubt
ful expedency. II should certainly never be
resorted to by institutions Of our own crea-
tion, upon which the State has conferred
large and valuable privileges, and from which
she now exacts nothing but their fair and
equal proportion OF the burdens of Govern
ment.
A similar course was formerly pursued by
an institution established in our midst by
Federal authority, and which, therefore, in
stinctively locked to Federal protection and
support The Bank of the United States.
it is true, was partially success fui n, WASH
IsGToN, but where is il now! The people
have advanced with unprecedented rapidity
in al! :he elements prosperity and greatness.
while not one trace or vestige of that proud
! institution 10 to be found within our borders
! On the part of the State Banks, this course
is the more reprehensible as the appeal is
made by foreign stockholders, upon whom
the State has bestowed rights of an inclusive
and highly lucrative character.
They, too. complain of high taxes. I have
already remarked with some freedom on this
subject, and it is gratifying to find that these
,h,.l, h,,
interests. are beg Kning to unite with the
great body Of the tax payers OF the State, in
laboring to promote a greater degree OF
economy in all public expenditures.
| 1t is incorrect to suppose that the original
! policy OF taxing banks on their profits ony,
was adopted with any view uf taxing them
less than individuals. On the contrary, it
was claimed to be a higher grade OF State
taxation; and the banks often boastcd that
prior to ls46 they paid more than individuals.
The growing magnitude Of State-especial-
ly of local-taxaton, however, led the people
To demand that these institutions should
equally, with themselves, be brought within
It's range. Hence arises the present conflict.
The higher grade oFs Statr taxation. placed
in the charters, became in ths course Of time
lower one even tor State purposes, 10 say
Bulhiug about the local and many other
burdens which are. necessarily borne by in
divlduals. An effort was made in 1916, at 4
lime when the whole basis of the revenue
laws Was changed, and when the inequality
referred to, became clearly APPARENT, to sub
: ject the Banks, not as formerly, to a highe
and special rate of taxation, but to the same
that WAS prescribed for, and imposed on in
dvduas. This effort, so fair and equitable
at the time, was successfully resisted. /
continued however TO be insisted upon, an,
, the provision upon that subject in the New
! Constitution, has been the result. This pro
/ vision relieves the Banks from the paymen
OF the rates contained in their charters, an,
, which they alleged were so much create
, than those paid under the general revenu
laws of the State, and only requires, that"
j property employed in banking, shall slway
! bear a burden OF taxation, equal to that i'm
posed ON the property of individuals" Thi
n burden is now heavy, but constantly increas
ing duplicate will, in very few years, great
A reduce H. The amount reuuired 10 meet Nh