Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1854-02-15
Annnal Report OF me Auaitor OF state

that We teel olsposeo 70 give "a luh AZ aosueSees
our limits will permit.
The Auditor suggests an pmendment % the ez-
istinQ laws recurring county Treasures 10 append
to their annual notices clear and inteligbe state
ments setting forth the amount Of taxes levied on
the duplicate for the current year for me support
Of the State Government, for the payment Of the
principal and interest of the public debt, for tho
support Of the State Common Schools, for detray-
ing county expenses, for the repair of roads, for
keeping the poor, for building of bridges, for town
ship expenses, and for each other object OF gen
eral character. Such statement the Auditor
believes, would remove much error and dlssatis-
faction in the minds of many taxpayers, and at
the same time enable the public to see for them
selves the amount Of taxes which are to be sollee
ted for each specific object, and to apply the up-
-propriote remedy in whatever quarter needless
expenditure occurs.
Ia reference to the tax on brokerage and private
banking, Auditor vindicates the law as Il is, and
his construction of it, with clearness and vigor
that will be difficult to combat by those whe are
at issue with him. He says:
In the assessment of the taxable property en-
ployed by unincorporated bankers and brokers, it
has been found difficult in some counties, and i'm
possible in others, to secure such compliance
with the law as its "rue Interpretation" is believ-
ed to require Brokers who are conducting their
business exclusively on borrowed capital, amount
ing in many instances to several hundred thousand
dollars-claim that they are wholly exempt from
taxation; others who own small capital OF their
own, and do business on a large line of deposits,
claim the right of deducting their deposits These
claims are entirely irreconcable with the equaiI-
ty of taxation which the law and the Constitution
seek to attain. The laboring husbandman who
delves in the soil for livelihood, is taxed on the
whole value OF his farm, although he has purchas-
ed it on credit. The merchant who owns not
dollar of capital is taxable on the full value of the
goods which he has bought on borrowed money,
and which he keeps hand for the purpose of
gain. So also with the broker; the law taxes him
on the value of all moneys which he buys and
| sells in the line of his business. They constitute
his stock in trade and although obtained on cred
it, they have no better right to be exempt from
taxes than have the dry goods or groceries of II
merchant which we're bought with borrowed mon
ey. The bank notes placed in the hands Of u
banker for his individual use and benefit, are no
longer the property of their former owner. He
has dvested himself of their ownership, and he is
thenceforth taxable not on the money, but on tie
credit which he has received on the books OF the
banker, or in the shape OF certificate OF deposit
Under the old Constitution bankers and brokers'
were taxed on no portion of their capital, provided
it was no more than equal to the amount of their
, indebtedness. Whilst this immunity was allowed
to the broker, the andholder who still i'll dcEt
for his farm, was allowed 40 deduction for the
value of his farm. The existence Of this diStiua-
ton was without sound reason to sustain it, and
the new Constitution would have failed to effect
= what it was expected to accomplish, had it not
wisely guarded against the continuance of the un-
3 Just discrimination against real property, which
had been SO long and so justly source ot con-
plant under the former Constitution.
In 1853, the taxable valuation OF real estate
amounted to $363, ,490, sol; under the present va
uation $55S, ,66l ,l09-showing an increased val
uation of one hundred aud nnety-fve millions.
The report recommends that personal property
be made subject to the same penalties for delin'
: quency in its payment Of taxes US are imposed on
real estate The justice and expediency OF this
digestion apparent. The law as it now stand4,
d does not require the taxes remaining Delinquent
on bonds, mortgages, and stocks, to be carried
forward on the duplicate OF the succeeding year
The right OF the Legislature to make discr;tnin-
u alton between the two classes OF property, IL
J. point worthy of consideration.
j. The estimated receipts into the
treasury during the fiscal year
ending 18th November, 1854, $3,700,000 %
n Add balance in treasury Nov. 18th,
6 1858, 762,S3O %
The estimated disbursements are follows:
Ordinary expenses of the State Gov
y ernment, $37a,349 90
l. New State House, New Lunatic Asy-
!. lum, &C., 100000 90
Interest on foreign and domestic debt, S94,556 IL
y Interest on Irreducble Debt, (being
: School Fund) ll6,837 s.
/: State Common School Fund, l,0S0,000 co
e District School Library Fund, $4,000 90
e Superintendent and repairs Of Pub
,r lie Works, 493,000 90
N Redemption of Domestic Bonds, (past
IS due) 2,443 70
81 1rr