Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1839-11-02

bunk charters. IN the ycai 1920, kcniuCky re-
ptalrd al hei bank charters, aud the following
preamble aud bali will show the ground upon
which she acted, and he means employed TO re-
heye herself Of a worthless and deprecated car
rency.
Ia act 10 repeal an aet entitled "aa act 10 es-
iablish Independent banks iH ihis Common
Esuilh,r aud an act supplementary thereto.
Whereas. IN the tenth inicle Of the Constilu-
hon q Kentucky Il Is declared FIRST, that all free
men uhen they form social compact are exual,
and that no man, or set OF men, are entitled to
exclusive. separate pubhc emoiuments or puylle-
ges from the community, bu, m consideration Of
public services aud secondly. that all power is
inherent IN The people, and al free governments
are founded on Their authority aud instituted Tor
their peace, safety aAd happiness And,
Whereas, Il is selle1ldenl, according to those
fundamental principles Of government that oil
laws which grant, 10 a few, the power 10 oppress
the many, are iyraunicdl ia their nature, and ad.
verse TO the primitive nghls Of the people,-and
therefore repealable by the Supreme Authority
10 say that a sale Of The primitive rights Of the
people, by the Legislature, is to be perpesnal and
unallemble, because here - a contract IN the
case, is 10 declare that error and ub1ss Of power
may consecrate themselves. Fraud vl,iaies all
contracts. To siIeci the intention Of the par
ties, is tho object Of all laws regarding contracts.
That privilege granted. shall be used Tor the &c
siraction. or even to the disadvantage of those
who granted, never eoeld be ihe ,n,enlion Of The
paTliss. AL legislative poser IS donsalive; pro-
ceeds from the people, and Is to be used lot their
prosperity aud happiness only consequently, all
laws Of contrary tendency, violate The intention
Of the social compact, and are subject upon hrsi
principles, TO the condition of beng repeated
whether tho evil spring from the nature Of the
privilege granted, or contract entered no OF
liom The abuse OF either. A bank charter from
its nature, extends, and necessarily confines the
powers and privileges granted to the few, to the
exclusion Of the many. II therefore follows, as
an Unavoidable conclusion, TINT # the powers and
privileges, granted in bunk charter, operate
against the public good the people by their legs
Ia'urc, have tho primitive right to revoke such
charter To rms ESD THEREFORE,, that The
good people Of this State be delivered IN future
from the baneful effects Of the power aud pryf
leges granted by tho laws establishing independ.
ent banks in this Commonwealth which have
been exercised in many instances IN tho penil-
lude Of tyranny, oppression, and abuse, TO the
great INJURY Of the good people Of this State
Sec. BE i enatted by the General Assem-
bly, Of tho Commonwealth Of Kentucky. That all
power, right orpriyIlcge, granted to the corpora
iibns established by an act entitled "an act esiab
| llshng independent banks il this Commonwealth"
approved January twentieth, one thousand eight
hundred and eighteen, and an act entitled "nn
act supplemental TO an aei establishing indie
pendent banks in this Commonwealth" approved
FEBRUARY third, one thousand eight hundred and
eighteen 10 deal aud trade in discounts, bills OF
eschpngo or current money, or 10 ISSUE notes or
bills OF credit payable 10 bearer or otherwise,
shall DO and The same are hereby repealed and re-
yoked from and utter the first day Of May next,
aud oil Other power, rights und privileges granted
to SAID corporations IN SAID recIted acts, are here
| hy repealed and revoked, from and after the hrsi
| DAY oil January, one Thousand eehI nunuted and
twcnty-,hfee.
See. 2. Be il further enacted, that any person
or persons, who may nc rs president, director o.
other officer, of any INDEPENDENT bank in This
stne, contrary to the provisions Of this nci, shall
be subject to all the penalties fines and forteltures
imposed by an act 10 suppress private assocla'
lions for the purpose Of banking, approved Feb.
ruary eighth, 1912, which penalties, fines and for.
FIXTURES may, and shall be imposed recovered,
collected and distributed according to the PROV.
SONS OF the said recIted last act
Sec. 8. BE It further enacted that the bonds
required from the independent banks for the phi
vege OF banking for the ycur 1920, shall be, and
the same is hereby repealed,
Our bill Of rights coninns provision sn,al
10 the one quoted, and the consltu,lonaly OF the
act Of the Legislature Of kentucky, repeating he
bank charters, never was questioned IN the Su
promo Court Of that state, OF Of the U. States
Fine was given 10 the stockholders TO wind VI
tho affairs Of the bank, so us not to Cypress lhel
debtors or jeopardlzc their own interests, Sim
liar Legislation IN this state would soon relieve u
Of our deprecated currency. Our annual pro
duct Of four hundred thousand bales of cote
would supply us with a suihcicucy of hard none
(or the Ordinary purposes OF business and enoug
oil large notes and exchange for heavy transaC
tons.
The Democratic party have been unjusll
, charged with desire to destroy all our Bank,
and TO prevent them from collecting their debts
/ Such is not tho fact We do mol propose TO touc
, brick or plank Of Their banking houses, OF 40
) ar OF their effects. On the contrary, We pr,
j pose TO compel them 10 pursue such policy q
will be neither oppressive to their debtors nor d.
4 siucve 10 the interests Of their creditors.
. Tbe faith of the State has been pledged {,
. the redemption Of The Union Bank bonds, an
!, that institution beng our only hope for the rest
Of ration and continuance OF sound currency. il
Y, essential that II should be kept within the barrie
al prescribed by the charter, and made as useful
y possible 10 the people Of the whole State.
~ Those Banks which have forfeited their chr
u tiers could be brought into state Of liqudati,
by quo rdrraato. aided by the auxiliary pr
cess oi njunctions IN the Chsnceiy Court. III
10 remedy would be both tedious aud expensive.
al would be d,gicull TO obtaiu an impartial jury
IS. trv tho nins linn of Inrfniinrn md rnn,rnra