The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-04-16
Tho New Tax Iaw-Bank Taxes
--Snacial Privileges.

law passed by The present Leglslature.-
We also publish in fuil copy Of the Gas !
SCISSORS Blank" These Wiz en4sIe our,
readers 10 fOrm an opinion as 70 Shal a.
mount Of taxes they viii have to pay next.
fali. Alter reading the iaw and ths blank
every an will come to the conclusion that
the real estate will have to foot the bill."
This present Fusion Legislature took very
good care TO have engrafted in their tax
law section for the special benefit Of that
institution called the est ate Bank Of Ohio
and branches" These peculiar "peis" are
in manner, to escape altogether the bur.
thens OF taxation, as will be seen BY the
lollowing section Of the present tax law.-
Sec. IL. That nothing in this act shall
be so construed as 10 require 10 be listed
Tor taxation, any investments made IN cerli.
icates Of the public debts OF this State, nor
shall ihIs act apPly to any hank or corpora
tion which, by any of the provisions Of the
constitution Of the United States, can only
be taxed according TO the term of its char
ter, and every such bank or other corpora
tion shall be taxed in accordance with the
provisions Of lis charter.
| What glorious thing it is to own Estate
Stocks" and held stock in the Estate Bank
Of oLio and branches" Here is what the
charter Of this pet" says about Its bantEng
being taxed:-- SEA-
"SEc. so. EACH banking company, or
| ganized under this act. or accepting thereof,
and complying with its provisions. shall.
semiannually, on the day t~signated in the
dfty ninth section for declarii.s dididends,
set OFT to the State sir per csntaas or The
Prct!s, ded&cting III refrom tie erpensss and
0scertatne9 losses of tie company for tie six
months next preceding: agkic4 sam or omount,
so set 2f, shall be in hea Of I'll taxes to Ukich
such con4pHay or thc stock holders there +
on uccoant Of stock owae& therein, scould
0taerWtSe be subject; and the cashier shall
within ten days thereafter, inform the au
ditor Of State Of the amount 50 set off, and
shall pay the same to the treasurer OF State,
on the order of said auditor; but in conpu-
ting the profits Of the company, for the pur-
poses aforesaid, the interest received on the
certificates Of the funded debt Of this State,
held by the company, or deposited with,
and tranferred to the treasurer of State, or
10 the board of control by such company,
shall not be taken into the account. -
SwAN's stat UrEs. PAGE 90. @ s
What capital idea, if the banks do not
make any profits they will not have any
taxes to pay " ho could ask for more spe,
clal privileges, or greater amount of class
legislation? This too in republican gov,
ernment. Is there any person in this com.
munity that would advocate such legisla-
TOME Do these Banks ever wish the use
ofthe courts, &C., in protecting them in
their business? Just attend two or three Of
the courts and see. AS w II be seen b, the
following, the supreme court have decided
that the tax law of 1852 so far as banks
are concerned is unconsli.utonaI: - 49,
WAsHINGrcN D. c., Tuesday, April g.
The Supreme Court of the United States
4 decided TO day that the law of Ohio impo
sing additional taxation on the Stale Bank,
after Charter had been previously granted
with Limitation of six per cent on profits in
| lieu otail taxes, was unconstitutional This
case involved the whcle power of taxaIion,
and therefore was treated as one of the
| most important eves considered. Six Jud
yes were for The decree aud three against
it.--N. Y Tribune.
|
Ii anything would make us "liigher
law" advocate, it would be such decisions
as the above. WoulQ mt it look we'll for an
abo itiou bank director to say that the fu.
gitive slave law was unconstitutional, and
at the same time advocate the above de-
clslon as being constitutional? And yet
there are many such men throughout
the country This fusion Legislature was
composed Of plenty Of such material. What
consistency!
For the present we will conclude this
subject by giving the following from the
Statesman in relation to this decision:---
This case the Tribune's correspondent
may well pronounce zone Of the most ina
portant ever considered" 1t is also one Of
the most outrage.us attacks on State soy.
ereiSnty that ever occurred since the adop
lion of our Un ted States consultation, aud
If persisted in will lead to an uncouditona
surrender OF State Independence in their To-
cal legislation.
The power to tax is Inherent in all gov
ernnents, and if taken away no State car
any longer be responsible tor It's debts ol
It's loss OF credit.
Alter such decision the U s. Govern
ment might as well a. once assume the
debts OF the States and regulate The State
taxes TO meet9he contingency.
/ All a corrupt cabal OF legislators, after
this, has got 10 do, viii be 10 incorporate
| their own property, release it from taxation
for all time u come. and bid deIiance tc
their constituents and their State and ap.
peal to the U. ). Court for protection under
the imposing term OF Contract" and the
people are powerless.
We regret that the u. s. Court at this
4 late day, should have attempted TO sanctify
IA principal that nine tenlhs OF our people
have corae to The conclusion is wrong ard
Iouua eous and will no longer tolerate -
Ffuiy the price Of liberty Is eternal vigi,
lanceg.
\ The Steubensille Union says that il ap.
pears 70 be pretty generally understood that
lthc gauge Of tie Stsubenville and Indiana