Liberty advocate., 1839-01-24


and into cultivation, by the anticipation of the Il
,rops Of the producers. They also afford alt
iafe and profitable investment for the money i
If the capitalist, and if prudently managed,
ire highly useful to the community 1t can I
lot, however, be denied that monied associa- {
ions Of wealth are antrepubIican in their ten. d
lency, and when perverted to the purposes of I
speculation, have withering influence, both
On the planting and commercial interests sew
eral Of our banks are by their charters exempt
from iaxation-others are limited to one quar-.
ter ofone per cent and they all deny to the le-
gislature the right Of taking away their char
ters Or taxing them except as provided in their
acts Of incorporation. TO arrive at Just con-
clusiehs, on these questions, it is, perhaps, ne
cessary to inquire into the extent of our own
powers, and how far the existing institutions
are placed beyond our control. The oGI feet and
end ofall government is to promote the happi
ness and prosperity Of the community, by
which it is establshed-and it can never bel
presumed that it ever intended to diminish itsI
powers of accomplishing the end for which it
was created. Every act ola public functiona-
ry is merely an exercise Of delegated power
entrusted to him by the people for specific
purpose. The limits of power delegated to the
Legislature are to be sought, not only in the
Constitution, but, in the nature and ends of the
power itself and the objects of government and
civil society. The acts of the Legislature are
the acts of the people, only while within the
powers conferred upon them. 1t is indispensa-
BILE that each Legislature should assemble with
the same sovereign powers that were held by
their predecessors-any of their acts disabling
them from the future exercise of their trust, for
the public good, are void-beng in substance
covenant to desert their paramount duty to the
people, The power of taxation is essential to
the constitution and well being of society, and
necessity requires that the right should remain
unimpaired. 1t is entrusted to the Legislature
TO be exercised, not bartered away. It's in
herent and unalienable, and need not be reser-
we'd expressly in any grant of property to indi-
vduals or franchises to corporations. 1t is,
nevertheless, true, that when corporation
pays a sufficient bonus to the State, for the
franchise granted, in consideration of being
exempt from taxation, that it cannot be Justly
taken away without a return of the bonus, nor
can taxes be required without violation OF
the public faith. The payment of bonus to
the State is liquidation Of q debt in advance,
which would be annually due in taxes. None
of our banks have paid bonus to the State
their charters were granted solely on consid
atons of public policy Xre2Reats Rsa Of contracts
f9SseSff Ss epSffhhePe heHse which prohibits tho rooupon
of ones own grant, does not apply to the exer
else of the eminent domain which the State
possesses in the property ofall her citizens
The whole oft may be taken for public purpo
SEES. and it is not required that payment should
, be made in advance, nor can 1t be exacted un
less the injury be direct. Should the lands
Itenements, or effects of corporation be taker
for public purposes, the constitution guarantees
lnavment. but when the injury is consequential
mo claim can be preferred against the State TO
RI DAMAGES. The repeal ofa charter does not de
, nrive the company of their banking houses
their coin, or their notes and blls-taking away
, Their privileges is damage without injury. |
is settled principle that State law may o
. retrospective in its character and dIvest veste'
rights, and yet not violate the constitution
the United States or OF this State, unless 1t ais
q Iimpairs the obligation OF a contract. The char
ter Of a bank is not in its character contract
where no bonus is paid. None of our bank
except those required to build rail roads hav'
|, anv burthen imposed upon them, nor can tn
- investment of money by capitalists In ou
= hanks be esteemed hazardous and thus entltl
r 1.-The stockholders to continuation OF their PRIV
,IIileges. They were established, alone, to az
! vance the interests and promote the welfare Q
y the people of the State, and those that nav
:, abused their privileges and are detrimental
g the public good, should no longer exlst-no a.
r rect injury would resul. by the repeal Oh thel
charters, either to the stockholders deo'orS'
f creditors Of the bank--provslon could De mao
i for winding up their affairs--time given to co
y IIect the amounts due them, so as neither
:, distress their debtors or leopardlze the int
- osts of any one concerned. ], therefore, re
!, nectrnllv recommend that the charters OF
- the hanks founded in fraud, or conducted
= such manner as to be injurious to the comm
- n;tv be repealod-and that such restrictions
~ ;nnosed on the others as will conilne lhen
- the business of banking alone, and secure u
n neople against future abuses he osluer
ve submitted, leaves no doubt OF Inc 'ac' 'n"' .
,s Iour hanks have been, more or less, ehsaSou
~ ~ sneculation-some have purchased colton' OF
ne ers have advanced largely upon Inc artlce
Va others have been engaged in speculathg'n rs ~
ton. provisions, and bagging and rope;
is course, federated will be ruinous 10 'ne ul'
s. camille. and destructive 10 the planting ihler'
AZ of the country--nor will it be beneficial 70
Io- stockholders Of the banks. Agents ana iav'
elites will reap the harvest The charter ol
,s- Planters Bank, which is the Oldest among
ur makes that institution sable ana capeplo y. :
he TO have, purchase, and possess I,Ie ,Sir succ