Piney Woods planter. (Liberty, Mi. [i.e. Miss.]) 1838-1840, 1840-02-08

his appointment OF OlHCe, cnLlrcIy I'M
!, comfortable by public authority, no
= matter how earnestly or loudly pub
> lie interest may require that his office
should be abrogated. But, sir, it il
|, |, useless to dwell upon the point. Can.
not you. and cannot every one, imme.
diately imagine a thousand cases il
which both individuals and States may
make grants, which will differ in every
essential from contracts! May | not
} sir, grant to one in my service the pow
er of executing a certain order: and
may ] not at my pleasure conternland
the other and revoke the grant? How
poorly and imPerfectly is the machine
ry of our government made up, if a
State may not also use the same right!
1 II requires, Mr.. Chairman, but a
small degree of attention, to perceive
that the principles we hold, draw a
line of the most distinct demarkation
J, between the power Of the Legisla-
ture to revoke grant of privilege,
and its power to infringe the right Of
property. When the banking and
corporate privileges of company are
revoked and annulled, is there the
slightest Interference with its right to
its property? If the company was char
tered for building road, Is not the
road still its property? Iffor banking,
4 are not its assets, whether notes or
!. specie, still remaining sacredly the
0 property of the corporators? Most
f certainly, sir, they are; and the Leg
It islature is only exercising "a sovereign
It authority, guaranteed by the constitu-
7 ton, Of prescribing what particular
= modes Of using and enjoying this prop
y erty shall be lawful. This authority
: has been exercised by the Legislative
> branch Of government from time imme-
mortal, and in cases without number.
] What is the right never questioned) OF
the Legislature to fix the rate ofinter-
est which shall be received for money
loaned, but an exercise OF this authori-
ty, in case much resembling the one
concerning which we are now deba-
ting? Legislatures have from time to
time altered the lawful rates of inter
est. Suppose the rate in Mississippi
had heen heretofore fixed at ten per
cent. by public enactment. Every
capitalist then under this law became
vested with right to get this rate Of
interest for his money loaned. On an
alteration Of the rate--a reduction,
say, to the present standard-this
capitalist then, might step forward
and complain that his vested rights
were infringed--and that contract
made by the previous law between the
government and himself was viola led.
And this he could certainly do with
just as much plausibility as gentlemen
have here insisted, that, a law, prescri-
bling the manner in which the indi-
viduals composing bank corporations
mere creatures of the State-shall use
and enjoy their property in common
with their fellow citizens--would be-
violation Of contracts and an in
fringement of vested rights Yes, sir,
this right to prescribe the manner
which shall be lawful in enjoying, us
ing and employing property, is one
which from the very nature Of thingsI
belongs and always must belong to
the Legislature. But, sir, this right
would be rendered mere nulIity and
an empty sound, if, as gentlemen would
lead US to do, we restrict the Lcgisla-
ture from altering, amending and re-
pealing former acts in which this man
ner had been prescribed. trust then
that we will be thought assuming dan
gerous or Obstructive doctrines when we
by no means would interfere with
the sacred and eternal rights OF every
citizen, whether corporate or natural,
in the property he may have acquired
but only would say--what has often
been said by the supreme authority
Of States to their citizens, and ac-
quiesced in without a murmur,-It
shall no longer be lawful fol you to
use or employ your property in this or
that particular mode, which mode Of
employment may be thought disadvan-
tageous and detrimental to the general
good.
There is another view ofthis subject,
Mr.. Chairman to which for moment
! would direct your attention, and that
Of this committee. Admit that giants
ofthe Legislature, whether baAk char
tiers or others, are contracts within the
meaning Of the constitution Of the Uni