Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1820-03-14
LAW OF KENTUCKY

IA, act TO repeal tie act emitted an acf to es-
tabiish independent banks in thus common
'0eaAh, and an act supplemental thereto.
Whereas, IN thu tenth article of the con.
stiiulSOn OF Kentucky, il is declarrd-first,
that all !reemeu hPm they form social
compact ave equal, and thai no man or
set OF men, are entitled to exclusive, Sc
parate public emolumeBiS, or privileges
from lie community, but in CONSIDERS
ton OF PUBLIC services; aud secondly,
ihai all power ia inherent i'll The people,
aud all free governments are founded on
their authority, aud Instituted for their
peace, safeiy and happiness: And
Whereas il is self evident, according To
those fundamental principles OF govern
meni, HAT all laws which, grant TO Il few,
the power 10 Cypress The many, are iy-
rannic al IN heir nature aud adverse to the
primitive rights OF the peopia--ani there
fore Iepealdbir bv The supreme authori-
ty: 10 say that sale OF the primitive
rights OF The people, by the legislature, is
10 he perpetual and unalierabie because
there is q contract i'll the case, is 10 de-
cioTe that error aud abuses of power NAV
consecraic themselves. Fraud yiIiates all
contracts To effect the intention of
tue parties, - The object of all laws re-
garding contra q: / hat privilege r. NJ
ell, shall be used for lie destruction or C.
ven 10 The Disadvantage of those who
granted, never could be the intention of
The parties. All legislative power s de-
rya)ive proceeds from the people aud
IS 10 be used 'or their prosperity ant hap
piness only consequently, all laws ol a
contrary tendency, violate The intention OF
the social compact and are subject up
on tlrst principles, TO tie cOndiiiDn of
being repealed, whether The evil spring
from the nature ol iie privilege granted,
or couifact entered intO, Or from he abuse
oil either. A bank charter, from It's nature
extends, and necessarily confines The
powers and privileges granted, To the iew.
90 tie exclusion OF ihe many. II there
fore follows, as an unavoidable conrln.
sion, that ii the power and privileges
granted ~ bank charter Oh, rates apainsl
The publIr good, tie people by their iegis
lahIrF have Tie primitive right to revoke
such charter. 10 the end therefore, thai
iile good people OF this state be delivered
IN future irOm the baupiuI effects of the
power and privileges granted by Tire Lays
establishing Ind pendent ba ks ~ mi
commonwealth Which have been exercised
~ maut instances IN Tie plenltude Of ~.
ranuS, oppression, aud abuse, To The great
injury OF the good people Of this state :
See. 1. lie a cnacted By Tie Generh is
sem6ig Of the C0mmopweaih Of Kentncky,
Ibai all power, RICH, or privilege, granted
10 he corporations established by an act,
entitled AN act establishing independent
pabkS III thus commonwealth" approved
Januafy 20, 1915, aud an act, entitled
An act supple mental 10 the act esiab-
fishing indepeTdeni banks in this com.
mou"eallh," approved Fcbruar, 3, 1915.
10 deal and trade ~ discounts, bills of
exchange, or currcut money, or io issI,
uoic- or bdls Of credit. payable 10 bearer
or otherwise, shall be and TIC same are
hereby repealed and revoked from snr
after Use first day of May next, aud al
oihcr powers, rights aud privileges grant
ed 20 said corporations III said rccifec
acts, are hereby repealed and rcyokcG
from and after the first day OF Jan. 1873.