True American. [volume] (New Orleans [La.]) 1835-18??, 1837-03-11


overcomes all sense Of danger. But we arc glad |
to learn tina, the Insurance Offices Of New Orleans
have resolved tina, any boat SO overlooking shall
be placed upon the black list, and shall not be
insured n gain by them under any circumstance.
This is right. Nothing operates quickly upon
the avaric eus as an appeal to their pockets.
There is danger enough in all conscience in ,rav-
cling by STEAMBOATS, when loaded to proper
depth, but that the chances Of loss of life should
be increased through the cupidily Of the owners,
is not to be borne. We doubt not however, that
the resolution Of fhc Insurance Companies will
break up this iuiqu tons system.
The right to coin money was by the <Constitu-
ton expressly taken away from The States, and
given TO Congress. 1t is one of the attributes of
supreme power, and accordingto the spirit of our
Federal system, must centre in he General Gov
ernmcnt. These arc positions that no one. can
deny. All powers not granted TO the Federal
Government asserted 10 be reserved TO the
states and to the people AS The power TO coin
money, is one, and indivisible, no right was lef,
to the states to NEEDLE with The matter when it
was once given 10 Congress. Look in the Consti-
tuition for that written grant. The right of :he
States TO create corporations FOR any purpose nth
in lis coatrol,is admitted on all hands. But have
ahcy the positire power to create institutions for
The purpose of coming money, when that right is
denied to them; when they gave away that right
in forming the federal compact1 Certainly not
Then how comes il tina, they have done so! Nc
cessity aud cxpcdlency arc the arguments in favor
of the states which have thus broken the Consti-
tu'ion. Weknow that quibblers are,rendy to show
II at the emission of Bank bills by corporations is
not the coming Of money the same as emit
ting bills Of credit by the states. 1t is the spirit
OF the act which We look to, not the mere wording
of it, American Ba nks coin money to all in,ents
and purposes. Their bills of credit usur, the
place of gold and silver, This very fact proves
that there has been violation of the compact
which reserves to the General Government the
| single power of coming money. No person is so
silly as to deny that bank ILLS are money If
such being can be found he should go back aud
study the debates and decisions the subject
since l8lf. But as the public, and the supreme
governing power of the Union have admitted
facility the right of The cren,e corporations
for the emission of bills Of credit that is, for coin
| ing money. it tecomesa question whether The
anna or abrogate their charters! The question
is as 10 the absolute right, not a qualified right.
for the admission of the latter presupposes the
istence of the former. II is established prnci-
Pile in nature, that the creator has full and COM
plete power over the creature. The very senti
mcnt OF the question goes to establish the right OF
| the state over corporation Of it's own making
But here again ASe are met by fresh difficulty.
Cuntracss cannot be annulcd,-so says our writ
tan Constitution. But is an act creating corpo-
ration and the acceptance OF that act by the cor.
porators a eodrtracra Lawyers say, no. What
is it them 1t is right rested in others
for their special be4aof and benefit. The sove-
| reign power does not receive full consideration
and value for the grant, therefore ii is not con-
tract. Hence the difference between vested and
propertial rights. But what is to be done with
| the confessed contracts the corporation may make
after its authorized cxstences The right of the
state 10 annul charter, does not extend TO con-
tracts made under that charter, say the cxpou ers
OF right and wrong. If then these arguments be
good, and we see nothing TO the contrary, the
state has an undeniable power over corporation
ol ITS own creation, TO d, stroy II completely TO
increase and limit its privileges at pleasure. The
absolute pesver being granled, it rcmains for the
wisdom Of the Legislature decide upon its cxer-
else. Louisiana seems TO haze constantly acted in
giving charters, under belief that i, possessed
this absolute right. And yea aLers are fonnd two
Banks in our city bold euoagh to deny il. The is
sue has been had between them and the IIuuse Of
Representatives. If the Senate and Governor are
of the Same opinion, the decsian Of this question
will be exceedingly interesting to what is 10 b.
the practice oil the states in regard TO corporate
rights. With this case belcre US, the mind natur.
ally rcverIs TO the doctrines of Mr.. Dallas. The
right OF instruction seems now SO universally adj
rnittcd that we are safe in predicating any argu,
ment upon it. Dallus contendci that tie people
had right TO instruct their representatives TO ab-
| roga,e the charter Of any corporations deriving ex-
islence from The Legislature. And this is the
great point to which would direct public atten-
lion.. IN government like ours, no principle cnn
be adoI ted without having all its consequences
carried out: Had the states adhered to the writ
ten nstitution oi the Union, and not rccl1in ed
! The right Vi coming money. the federal govern.
/ ment would long since have provided the country
with sufficient circulating medium, whose act
ual value would have been the same from Maine
| TO Louisiana. No experiments on the currency
would have ensued,-uo conflicting int erests
woud'hase prompted those experiments. But the
sovereign states urrogaitl to themselves u right
they had previously gvee~away,-and in doing
SO, gave iorth 10 The mutton currency as varied
as the coors in Josrplr's .oa,. The resumption oil
this power was IN unfortunate one for tho coun-
tIy- The State GoStrumt possess not only the
right i'll their wisdom togrunt powers Of incor
poTalion, increase them or revoke them, but a.
consequence OF the right CONSTRUCTION, they may
be compelled to obey the people, if they see fit ID
dictate to Rcm. Thus is The right Of coming mo.
ney, delegated AT first 10 The supreme power Of !
state, anc afterwards conferred upon the Congress.
Of The Union. at last brought back to the dosrs OF
the people themselves! What Geld for dema.
gogues!! Our great boast is that NC are COVER.
und,r written constitution, snd yet thai con