Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-28

diiilQl tilCui, VI Oily " tAOhhs ~ oNy
time they may think proper"
The effect of that provision in expo
sing the rights of strangers to the ca
price of a future Legislature became
obvious, and accordingly, that 9th SEC
ton was reconsidered in the House of
Representatives and amended as fol-
lows " That if the said corporation, at
any time during the continuance of the
charter, shall abuse or misuse the pri-
vileges and powers hereby granted,
then this charter shall be forfeited, and
the said powers and privileges shall
cease and become void"
To this it was objected that it might
enable the Legislature to claim the
right O fiudging Of these alleged abu-
SEES, and they were distinctly and decl-
dedly informed, that if when the char
ter was offered to the stockholders it
contained any such provisions, it would
be certainly and instantly rejected by
them. Accordingly, when the bill
reached the Senate, a motion was made
to strike GU this fifth section, and SUBJ
stitute a provision, exactly similar to
that of the old charter, that the fact Of
anu violation Of the charter should be
first determined by The Courts, before
the legislature could repeal ii. This
passed By an unanimous cote Of the Sc
nate-euery member being in his place.
And all attempts to give the uncontrol.
led right of repeal to the Legislature
were negatived. II
Thus, a motion was made to amend
as follows:
"The privilege hereby granted to
said Bank shall be subject to such al
~terations and restrictions as the Legis-
lature may at any time hereafter think
proper to enact for the better regula-
ton ofthe banking institutions OF this
Commonwealth, and shall be liable TO
such taxes, whether on dividends or
otherwise, as the Legislature may al
any time hereafter impose"
II was rejected By a uote OF twenty-
taco to eleuen, being two to one.
Auain-A motion wasmade to amend
as follows:
"Also, if it shall appear that the
charter and privileges by this act grant
ed to the Bank, herein mentioned, are
injurious to the citizens of this Com.
monwealth, the Legislature reserve iull
power to alter, revoke and annul them,
or any of them, at any time they may
think proper"
This was rejected by a vote Of trenty
one to tlcetce.
The facts thus briefly stated, present
this case A certain number OF clil-
zens O fother states and other countries
had a large amount of capital, which
thew were about to withdraw from
Pennsylvania. All the authorities OF
Pennsylvania interpose to prevent whal
they deem injurious to the State-they
request these distant citizens to leave
their funds in the State-they pass a
law offering certain inducements Tor
them to remain-and declare that If
they will consent to stay, they snail
never be disturbed. They trust to
these promises. They pay a large sum
of money with which the Legislature
is enabled to dispense with the taxes in
Pennsylvania-to continue the public
works of Pennsylvania-and to edu-
cate gratuitously the citizens OF penn-
~svlyania. They do more-they sub
scribe voluntarily half a million OF dol
lars to other Pennsylvania improve
ments-they establish three branches
to lend money to citizens ~ofPennsylva-
nia-they resume their active business
IN Philadelphia, which probably saved
that city and the whole State from the
general bankruptcy, which would have
followed the winding up Of its affairs.
And now after all this, certain persons
are endeavoring to induce the people OF
Pennsylvania to violate this solemn en-
gagement-to break the plighted faith
ofthe Commonwealth-and to annul a
contract which it voluntarily sought,
nav, solicited from these strangers.
You will naturally ask by what pro-
cess this is to be accomplished. There
is a difference of opinion-some think
ing it should be done by the Leglsla-
ture-others, by the Convention-some
| with a return ofthe bonus-some with
out it. Now, none of these Will be
| done-or can be done-and none OF
| them will even be attempted.
The difficulty with the Legislature
is this They asked the stockholders
| to take the charter-they received the
stockholders money and gavethe char
ter. Now, if this is not a b%argain-a
contract-what is What difference
is there between this and the other en-
gagements Of the Statel 1t takes my
money, and gives a paper declaring
that | own certain land. 1t takes your
money and gives you a certificate of
debt-to another it says, build a bridge,