Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1840-11-28


led corporations. In truth, they are sought for a
as much from that unbrded license which they {
generally bestow, as for the political influence S
they are enabled to cise.-Wealth, in the I
hands Of those subject to the general laws of the {
land, is potent instrument of either good or evil
in the hands OF those not subject TO those laws, 1t
is. usually the instrument OF evil rather than good.
We are taught in the history oil nations, that pop
uar rights once voluntarily parted with, are not
easily regained; aud the history of our own times
is filled with instructive lessons, Of the danger Of
departing from fundamental political principles.
May we profit by these lessons.
In making these general remarks, am not to
be understood as entertaining settled hostility,
to all monted corporations. IL created with the
view Of afloIding facilities Of exchange, rather
than OF furnishing a circulating medium: il their
members are not exempted from the same lIablli-
ties that are imposed upon the rest oil the commu.
nty and such restrictions can be thrown around
them, as will clGectually prevent their being used
as political machines, or rendered subservIent to
personal aggrandizement, they will retain every
useful quality, and be shorn Of their present dan.
gerous influence upon the rights OF individuals,
and the character OF our institutions.
The legislature OF Missouri, has not been lib.
eral in granting acts Of Incorporation to private
companies, for various purposes, whether those
corporations have fulfilled the object Of their cre
alton: whether they have abused the powers gram
ted, or exercised powers not given whether they
have obtained charters, ostensby for one pur-
pose and then engaged in the accomplishment oil
very different purposes, are all questions deeply
interesting to the community, and worthy OF strict
enquiry by the representatives of the people, and
if il shall be found that any OF them need the cor
recting hand Of the law making, or law admins.
tering power, the remedy can be applied.
In view Of the rapid increase Of incorporated
companies; the avidity with which they are sought,
and the immense influence and power thereby
conferred upon the few, submit, whether it is
Just, or consistent with the spirit Of our govern.
ment and her free institutions to exempt the men,
bers Of such corporations from the liabilities i'm.
posed upon the rest Of our fellow citizens. In
your efforts to bring about so desirable a relor-
nation, within the limits OF our state, tender
you the Jealous co operation Of the Executive.
The trainers Of our constitution, sensible oil
, the evils OF excessive banking, limited the power
OF the legislature to the establishment of one bank
t and five branches, and the capital 10 five millions
of dollars, one half Of which, at least, 10 be re.
served for the use Of the state. In acting upon
this subject, the legislature directed the whole OIL
the capital stock not subcsribed by individuals,
10 be taken by the state. and bonds to be issued
therefor. They likewise pledged the faith of the
State for an additional five millions, when Dor.
rowed by the bank, 10 be loaned to the citizens,
under the character OF a trust fund. These mea.
sures had their origin, doubtless. in the best in.
l. tentions, and were 10 advance the interests, and
e promote the prosperity OF the people. But sub
+ nit to the legislature, with dillidence confess,
whether if the citizens Of the State do not feel sui
ficient interest, to aid in the creation Of bank "a
). cilites, by voluntary subscription for the stock Of
:. the bank, they should be compelled to do so in
! their aggregate character, by subscription the
d part of the state.
e 1t is believed, that the practice Of borrowing
y money upon the faith Of the State, except for the
purpose Of creating banking capital, to be loaned
to the citizen, has prevailed to very limited
tent, if at all, in any Of the States of the Union;
# and its policy, unless upon extraordinary occa-
sions and in great emergencies, is well question
ed. Il these views should meet the concurrence
, of the legislature, it will be indicated by sua.
1t Bile legislative provisions unless the action OF the
If bank Shall have placed it beyond your consttu
st onal competency, which understand not to be
, the case.
d If the bank had been successful in the sale o
# the bonds, and in borrowing the trustlund as di
% rected by law, the State would now be pledged
n on these accounts alone, and apart from the twt
FL millions and half of the capital OF the banl
l. reserved, to the extent OF upwards OF seven mil
lie lions Of dollars.-When we reflect upon the vas
lie Indebtedness Of many Of the States-that larg
a portion Of these debts are held by foreigners
Id that those foreigners are maniesting deep inter
l. est in the result OF our political elections, ant
" are seeking to obtain from the national govern
re ment guarantee lot the payment Of those debts
E. and that their efforts find favor in many parts o
d. the Union, we have reason to congratulate our
e, selves, that we can yet retrace our steps TO
D. considerable extent, and save our constituent
IN from the burhen Of heavy debt, the bane 0
N republics.
IL The foreign holders OF State stocks, find thei
in interest in national guarantee Of their ultimate
IN payment but that the scheme should find (ayo
with any portion of The American citizens, ia
lie miliar with the nature Of our government, is cal
a. culated to awaken our most serious alarm, an,
is is indicative Of foreign feeling and foreign nfu
It, ence, 10 which we should ever be strangers.
er Against measure conflicting with every prin
~ ciple of Justice, expediency and the constitution
I'd of the country consider it the duty of the leg
i'll islature solemny TO protest.
he The final adoption Of that great measure O
e, deliverance from bank dominion, the Independ
tn ent Treasury has introduced species Of legsla
v, ton that should be enduring as the liberties
De the countryside exemption of the treasure
y the nation, from becoming source of profit t
Sc the bank director and the bank stockholder, an
v, the subsection OF the officers Of the government
e. to ignolnnous punishment, for the illegal use q
he the public money The vicious propensities r