Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1856-01-24

were established. They have borne the ex-
penses Of our extensive and costly system Of
in'ernal improvement. Avenues OF commerce,
OF industry and trade, have been opened in
every part Of the State, and while these bank
ing corporations are the greatest benefciares
from those several enterprises, they refuse 10
share with the people The heavy burdens
which have been thereby oceasoned.
They defy alike the force ofpublic opinion,
the determination Of the Constitutional Con-
vention, The laws OF the State, and the deci-
sion Of our highest Judicial tribunal; and per-
sist in claiming that, il taxed at all, il must be
by differentfule from that Of individuals--on
their profits only, and not on the value OF ftheir
property. Ten lions Of property dictates
10 duplicate of eight hundred and fifty mil
lions. Under these circumstances, cannot
do otherwise than recommend an unyielding
adherence TO the just and honest principle oi
equal taxation.
BANKS.
Banking privileges still more extensive, am
told, are TO be asked at our hand during the
present session. 1t is a source OF some grati-
fcation, however, TO know that the present
Constitution opposes an insuperable barrier
10 the tax exemlions, that were formerly uni
verSally and inconsdera;ery granted
The report of The special agent appointed in
1854 by the Auditor and Secretary of State, ia
examine into The condition Of the Free and In
dependent Banks of the State, will be laid up
on your tables. II abounds in information,
and contains many useful and practical sug-
gestions in relations to the evil OF the system
at present pursued, and the supposed appro-
pirate remedies. The subject of banking has
occupied large share of The public attention
for years, as these Institutions, 10 entering the
nails Of leglsla tions and asking for privileges
denied 10 The individual members of commn-
nifty, have succeeded, whether Intentionally
or otherwise, in giving it political bearing.
| So great is The powerto which the au uthority
| to issue and ciTcu late notes as money confers
over the commercial and other business rela-
| tons of life, that the mt cessily of protecting
the people from probable injury and loss, has
always been felt and acknowledged; and hence
we find the General assembly, at almost eve
| ny session, attempting TO regulate the cuuen-
cy, with how much success is know to every
lone.
The experiment is 10 be tried again, but the
opinion is fast obtaining ground that neither
commerce nor credit is benefited by legisla-
tive Interference.
| The amount and condition OF our State liza;
bilities are as follows:
| Five per cent. stock 8 1,Ii0,350 0C
Six per cent. Stock 12,650,2l6 9!
Total foreign debt. Sl3,730,566 9!
Dom. bonds bearing interest s 275,3S5 OF
Do not do do 2,34e, 7(
Total Domestic Debt s 27172s 7C
Total foreign & Dom. debt l4,O08, ,295 6!
In my last meSssge, called the attention
Of the General Assembly 10 the loan psyabl,
Jan. !, 1857, then amounting to S3,442, 1872
70, and recommended its payment at maturity
An additional levy OF less than three fourth
Of mill for each OF the three years 10 ensu,
would have liquidated this Indebtedness, ant
there would have been no difficulty in meeting
the loans subsequently to become due. NJ
views on this subject have undergone n,
lchange; on the contrary, the reflection hav,
lsince given 10 this question has only tendet
10 strengthen the conviction that the paymen
Of the public debt as il natures, should be re
garded as the established policy OF the State
1 Any proposition, however Speclous it may b.
which tends TO prolong the period of its ex
ltiDguishment, will be looked upon with ex
irene suspicion, and Ohio should never ente
the money or stock market Of the country, ex
cept impelled Ly some present necessity
Whether such necessity exists at present il
respect Of The loan due January, 1857, is
lqueStion which submit 10 the wisdom Of tn
General Assembly, but candor compels m
TO state, that the payments on account @
that loan since the recommendation referre
to, have been 1898, ,422, SO, leaving $3,508,
709, ,7S still TO be paid, mainly by the leves G
a single year. What would have been com
paratvelya light burden if spread over tn
levies Of three years, becomes onorous if i'm
posed upon one. In yielding, very reluctant
ly, the opinion that the loan of January Isl
1857, should be paid in full at maturity, tb
same reasons which influenced my former re
commendation require that as great sum a
can be levied, without imposing unreasonabl
burdens on the people, should be raised b
taxation, and that all other means in the pos
session Of the State should be made availabl,
for this purpose.
The State owns stock in the following Turn
pixies, Railroads aud Canals, to the amoun D
nominally indicated.
| #s.a.. TURNPIKEs
Batavia Turnpike & Miami Bridge $50, ,250
Cincinnati, Montgomery, Hopkins
vlle, Rochester and Ciairsville 81 ,400, o.
Cincinnati aud Harrison, 86,050 OF
Cincinnati, on Hamilton 44,S50 o.
Cincinnati, Columbus g. Wooster 75,S00 OIL