Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-11-21
..n. OBSERVATION-DISCLOSURES Doc
IL THINE.

W. demagogues and factions, excited great as
tn, a> might have been anticipated. The
",'r.I,,oba National Gazette publishes two let
-. from London on the subleet-one oil winch
says: n.,a. a,,..t -, ,Lo
S,,,cs Bank though think II will rccoIl
r''.nll Such n:on>iruus d"etfiae cannot be
sountcnanceu' e.#.,,.
And the other thus shows It's elect Already
-, ,,,st necessarily be more extensive and de-
.bo,1d the doctrine Of Mr. Dallas find IA
n;,b any considerable portion Of he Penn
,h.,,;, Convention, Which is soon TO assemble
:. There is no sale now for American Stocks,
Al D,llass Jacobinical letter having been
nnblisheJ in the Times.
MA New York American adds the follow
- lrcr from Paris, cxpr ssng similar senti-
ments ,,,c
ave- have read with painful attention the news
.,n regarding the Bank Charter. The adj
P'r,;,c such doctrines, We there llad, seems to
.hon, as mbcce and culpabe, as would be the
'o.n.padinp an unprotected light through pow
'n,,oaziuc. The simple broachng OF this pre-
w. l,1 ,;obt of succeeding legislature or Of a con-
a,on TO break faith with public contracts, is al
..,Jv m evil II your national credit. HE prac-
,;c,l Identification Of il in any one instance would be
arI;oc the keystone ont OF the arch Fortunately,
~, ,our sense oil Justice alone, but Your CONNER
";aI ouck -scltcdness also, is deeply Interested in
,Io oncson and we cannot have any serious APP
.,,ohensiun about the manner III Win h II will be
settled"
Two grounds are assumed b, the advocates Of
,,o Dallas doctrine-ls,, th}t, exclusive privi-
,o.esn should not be granted by government 10 a.
-, nor,;on of lis citizcns--anI oily, that law
c,s,ed BY Legislature should not be irrevoka-
be.
In reply to the frs, position, it is only nrcessa-
~ 10 saw that "A charter of Incorporation, whether
ola Bank or of any other Company, docs not con-
for exclusive privileges on such association be-
cau,e when books of subscription for stock in III, Sc
Companies are opened, every man in society has
an equal right participate in its supposed real
benefits, bv subscribing for many shares Of
stock as he may think proper. II the charter pre-
scrbed certain qual6eations-such as that no
man worth less for example, than 100000, or one
belonging to certain professions, should BIZ permit
led to subscribe for stock,-it ii should pretend
10 restrict the right to certain classes and 10 pro-
hbt it to o,hers,,hen, and then only, would il he
an " exclusive privilege" and being 50, the char
ter itself would he unconstitutional and void But
when it places all nen aud all cla>>e, of men
level and permits all to subscribe to abstain,
lust as they please, it is false to say that cx
elusive rwlege'' is conferred upon an association
soorganized.
To the second position, We reply that char .ers
are rather contracts than lars. They prescribe
certain conditions beforehand, upon compliance
with which they guarantee TO such persons as ay
think proper comply with those conditions, Ger
tain rights and privileges which they cannot after
wards nulfy, without ii breach of faith and vio-
laton Of honssty--any more than man who leases
10 another tenement for term OF years can annul
latease at his will * plca,ure-or, TO make the case
sill stronger, than State mav by the repeal of
loan law, after il has procured and used the sum
Of money required, defraud the public creditors OF
their ust dues
The hostility to incorporated companies, which
has rccently been manifested, is as miSchevous as
tits ridiculous. Without such associated wealth
and energy, where would have been all the great
enterprises, the accomplishment OF which has tend
ed so rapidly TO develop our national resources
enabling us to send the products OF our soil and the
fabrics of our looms to the most distant countries,
and, in return, to bring thence the cpnvenIences,
comforts and luxnries which we are unable to
produce or manufacture within oursclvcs-to con-
s'ruct canals and railroads.&c. build seminaries OF
learning and temples of relieion-to extend the
boundaries of our growing empire far into the
'rackess wilderness, redeemng 1t from the savage,
and drawing from its teeming bosom stores OF
wealth richer than the mines of Mexico We haz-
ard nothing in asserting that hut tor this combina-
ton ofwealth, our march to national greatness and
renown would have been but an infants pace
compared with the giant strides that have aston
shed the world. Destroy these combinations, by
uprootng the pillars Of public faith on which they
rest, and our future career vii be marked by an
lmbecility and weakness of effort, winch is the ne
eessary consequence Of the division, instead of the
Concentration of strength. The fable ofthe bum
Gle OF sticks is peculiarly and strkingy applicable
10 this subject The wealth Of "A country, howev-
CT great II may be, Scattered in many hands, each
"'e'u'ng his own for separate object, can nevu
accomplish any but partial benefits while FAR in
"''of means, concentrated in single association,
-"o used for a single purpose, will achieve the
must magnificent and seemingly impractlcable