The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-28
The Tax Law.

the. columns of newspapers. 1t is time
therefore tobegih The discussion Of ii.
One fact in connection with this act, it Is
important at all times to bear in mind. A
bill is now pending Before the people, pro-
viding for the creation of a banking capital
unlimited in amount. If, as no man can
deny, the tax law imposes less pre- portion
of the burthens of government Upon bark
capital than upon property held by indiyid-
uals, this will form On insuperable reason
for the rejection of the bank bill by the peo-
pie. In the course Of our discussion of the
tax law, we shall be able to show unanswer-
ably. that the property employed in bank
ing will. under the new tax law, escape the
payment OF large amount Of its just and
proper burthens. To this point we shall
attend now.
The provisions Of the law in relation to
banks are as follows:
Sec. Z. Every bank shall, annually, be.
tween the first and second Mondays of MAY,
make out and, on the demand Of the as.
SCISSOR. deliver him a correct statement, at
tested by The oaths of the president and
cashier vf such bank, or If there be no pres
ident or cashier, then by oaths Of the prin-
eipal manager and principal accountant Of
such bank, setting forth and specifying the
mean amount of the notes and billS DIS
counted er Purchased, moneys loaned, and
all other property, effects or dues, of every
description OF and belonging to such bank
during the year ending the first Monday Of
May, n Che then current year, which state.
ment the assessor shall deliver to the cotfn-
ty auditor with his statements and lists Of
personal property and credits. ..- Gal .a
Sec. 8, Such mean amount shall be as,
certained by adding tdgether the sum of
the several items specified in the preceding
section, the property Of such Bank, and EN-.
ployed in. or pertaining to IFS banking bu-
siness, as they existed on the first Monday
of each month, after the close of business on
these days, during the year ending on (ie
first Monday of May, or during Stch part
of the year as such bark shall have been
doing banking business, If less than the
whole year, and dividing the gross amount
OF such monthly sums by the number of
months so added together.
Sec. 8. Every bank shall, at The time OF
maj liug out and delivering to the assessor
the statement required by the seventh sec
tion of this act, also make out and deliver
to the assessor statement verified, as re-
CURED in the said section, setting forth,
First-The amount Of capital, whether
divided into shares or not actually paid In
or secured to be paid By note or otherwise,
or in any manner procured or furnished to
to be employed IA its banking business.
Second-Thc amount ci AHdiVded pro-
fits arising from such business belonging to
the bank, whether in its possession or sub,
E3ect TO its control, or loaned or Otherwise
vested for lis benefit.
ThIrd-The amount of moneys loaned to
or deposited with such bank for term Ger.
tain, or which, by agreement or understan
ding between the parties, are not to be
Withdrawn on demand; which several a.
mounts shall truly represent the condition
OF the means. property and assets OF the
bank described in this section, as they shall
have existed on The day next preceding riie
second Monday in April, and shall BE added
together, and the gross sum produced. shall
be deemed the amobnt Of property employ.
ed in banking for them the current wear BY
sach bank. @ a a.a.
Sec. 10 The assessor shall eturn 10 the
county auditor the statement described in
The foregoing section, made by any bank in
his township or ward, with the statement
required of such bank by the seventh see
tion ofthis act.
Sec. II. THE county auditors shall enter
upon the list of taxable property, snd on
the tax duplicate for TIE then current year,
10 be delivered to the county treasurer, the
gross amount of the notes or bills discount
ed or purchased, moneys loaned, and all
other property, effects or dues Of every de-
scription without deduction) of every bank
in his county, agreeable to the statement
made by such hank in accordance with the
Seventh section OF this act, and returned to
him by the Assessor, and shall charge on
such gross amount so entered on tie tax
duplicate such rates of taxes as will pfo.
duce the same sum as would be produced
by charging on the amount Of property em
pIoyed by such bank In banking--ascer.
tanned as provided III the ninth section the
sarhe rates Of tax as are charged, for the
same year, on the properly of individuals in
the township, incorporated village or city
ia which such bank is situated or transacts
its banking business. as5.a4 sg.g
Now mark the cunning and dishonest
devices here vouchsafed for the benefit Of
bankers. BY section seven Tue bank makes
out one list, setting forth the mean amount
Of notes and bills discounted or purchased,
moneys loaned. and all other property. ef-
fscts or dues, Of every description, belong
ing to The bank, fof the year ending the
first Monday IF May. Section eight merely
prescribes the mode in WhiSh this mean
amount is TO be ascertained. 1t will nat
urally be supposed that this mean amount
is to form the basis updh which The rate is
to be charged; and such is the requirement
Of the consultation. But not so,--far from
ii indeed. The constitutions, seeking equal
ity Of taxation tgtMsen banks aud individ-
uals, directs that ''a "a iNi7a. .
."rhe General Assetnbly shall provide,
by law. for taxing the notes and Bllls HlS
counted or purchased. moneys ,l6aned, / and
all other property. etfects, or dues, of every
description. without deduction) Of al
banks now existing. or hereafter created,
axds af al hankafe ao that III nrorart,, - -.