The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1856-01-30

piiYd, the owners a Bank stock occupy d
more advantageous position than the private
citizen and can realize greater income from
their investments. to say nnthins Of the col
lateral incidental benefits to be derived from
their connection with such institutions. Aud
for peculiar privileges they ought. and no doubt
will agree, to pay the State some compensa.
ton. IL the date assumed in this article is
ton high, graduate it TO the proper amount;
but in the name Of justice and equality let
something be required. While looking about
for the subjects Of taxation,. this interest ought
not to be overlooked. With all other branch
Is Of business, il is benefited By the improve.
ment of the State, and whether willing or not,
ought to be made to bear its share of the pub.
lie burthens. But the friends of the Banks
say they are already taxed. So they are, But
to what extent? Are they taxed in propor-
ton to other proPertys A reference to the
Statute Book win show the contrary. Those
in existence previous to the last session Of
the General Assembly pay at the rates Of 25
cents on-every 300 Of stocks, with Legisla-
tive covenants against any increase, however
imperative the wants OF the Treasury. The
power to increase the tax upon Bank stock
Uncommon with the other property Of the CT
tizen has been parted with, aud let the emer
gency be what it may, the State has no au-
thority to exact a greater sum from this
source. Is this tavoritism or is.it nots Let
the voters Of the State respond. To them the
decision Of the question belongs. and to them
it is respectfully submitted. A tax OF 25
cents on every hundred dollars Of Bank stock
was imposed before the necessity arose for
taxing interest, watches, carriages, invest
ments in all sorts of traffic, turpentine, dis
tilleries, taverns, and hundred other items
enumerated in the Statute, and the doubling
of taxes on lands and polls, This tax was re-
garded as just by all as things then stoud II
50, its increase ought to haveskept pace with
tie increase Of public burthens on other arti-
cIes Of property aud investments in business.
But this has not been done. As TO the Banks
previously existing. the Legislature had par
ted with its power in this particular over
then. and as 10 those created or extended at
the last session, the enormous sum Of ) cents
on every 500 worth of STOCK has been all.
ded, with reservation Of power, in the dis
erection of the Legislature, TO raise il 20 cents
more; provided no other company ever OBJ
tains more favorable charter. Here we
have another evidence of the influence Of this
interest. All that these institutions ought to
have required was an exemption for them
selves. But this did not satisfy them. A
further provision is-demanded. which issto
remain in allowance as clog upon the Leg
islative will. F." instance, suppose the Lee
gislature. in order to encourage private ca
pital 10 construct Rail Road along the
Yadkia Valley to connect with the Road in
Virginia. choose to confer Banking privileges
on the company BY liberal charter and
without exacting any tax; she has no power
to do so. or it she does, the other Banks
come in under this dormant provision Of their
several charters, and claim the same immu-
tiny. so we see that one company builds a
valuable State work, enhances the price Of
land all along the line, increases the business
and population Of the State, and thereby in
creascs the revenue, and opens up new
channel Of commerce through which the pro-
tluce Of the Mississippi river will pour intp
Beaufort and Wilmingtun, enriching our mer-
chants and adding to our importance A. a
state, and yet the Legislature has no right tn
favor such company, without at the same
time releasing its just claims uponfotaer in
stitutions, who exact IRON the industry o. the
State handsome profits aud yield nothing in
return but the taxes nov agreed to BE- paid.
Aud this is not the only objection. By thus
surrendcring irreVocably to the Banks its
discretion in this particular, the Legislature
has created common tie between them al.
verse 10 the interest Of the State. They being
entitled TO the benefits Of all future provis-
ions exempting Bank corporations from taxes.
will, of course, with all the influence Of stack
holders aud money, be ever present, exerting
themselves in favor 81 every application from
whatsoever quarter il NAV come for Bank
charters. untilithis protection is secured to
all, leaving tins class in the enjoyment Of the
highest privileges and exempt from The com
mon burthens of TAXATION. LEON.
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