Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-04-11
SPEECH OF THE HON. J. sPEIGHr


SPEECH OF THE HON. J. SPEIGHT
Syrop,i, q Speech Delivered Jy the Hon. Jesse
Spa-N ~ The House Of Representatives. on the
-Gh # ian uk on The right Of The Legislature
tssyeai Haak charters.
as, ~ lit rose and commenced by Observing
s.tas ,Froached die sublcct now under consider
s.eaH'H unaffected dtIiicncc am aware, said
BE-. %. tie high responsibility | am under to those
..a. sent me here. II these resolutions pass, we
Lave yet remaining among US the yesligcs Of free
sam. II they are rejected we are slaves to moni-
a despotism; for sir, in that event shall regard
ais as government not Of the people, but Of tie
rlahs
What sir, does these resolutions propose, for take
t for granted, that if strangers had entered the
gaeryor Iobby Of the house and had heard the sp9e
chcs Of several gentlemen in the opposition, they
would have been 0rresstaby forced to thr conclu-
sion, that it proposed to pass bill Of a'Iainder
OF confscation. ask you what does the resolution
propose Does it propose 10 touch the property o.
effects Of the banks1 Not at all, It simply requires
them, IN good iaith to do what they promised to do
when the franchise was granted to them, The first
question to he considered S,whats bank charter Is
# franchise or pubic institution or is It private
corporation or contract maintain That bank IS
of the former, and if shall be 50 fortunate as 10 e.
,absh my position, there is at once an end Of hc
controversy, For there is nota writer on either ci-
vl or constitutional law, from the days of the black
letter to the present Time TINT has not most clearly
and distinctly laid down the doctrine for which /
contend, VIZ That public institutions are at all
times unacr the control Of the legislature, subject to
public will. The distinction between public inst-
sltations and private corporations d very clearly
defined by Sir VIM. Blackstone, in bis elementary
treatise on law. Corporations, says our author are
either aggregate or sole. The former according 10
The learned commentator consists Of many persons,
such as cities towns and colleges. This class our
author defines TO be public institutions. Now sir,
can It be possible that any gentleman will contend
that Bank is less public institution than the cor
poration OF city, town, or a College Is the Union
Bank less public institution than the city Of Jack
son or any seminary Of learning Had banks been
IN use in England at the time the writing these
commentaries, 10 the extent that they are now in
tbs country, doubtless, Judge Blackstone would
nave numbered tAam IN his class Of public in.litu-
Tons; particularly If they affected the community
10 the extent that ours have Us. A bank not public
institution when they are permitted to hoard up the
precious metals Of the county, and issue three dol
"tS d paper for every one OF silver! What kind
6 corporation would more affect the public at
are; Indeed sir, J confess am almost SHOCKED
when hear ne monsrous doctrine asserted on lhI>
foor, that whiis' legislature Can at one stroke
sweep out Of existence Philadelphia or New Yori
with their millions of property the most miserab,
petty shin plaster bank of the country, not woriI
$4,000, must be approached by kind OF sancumo
hiods reverence through the sacred ermIne Of lh
judiciary Sir, would ask gentlemen to pause an'
Tell me in what relation Of life, either social or po
Atca, is It that these banks DO not affect us and tina
seriously: Il we tgrn our attentions to the popua
elections from the chief Magistrate down to pett.
constable their Influence is felt. If we turn our eye
TO The domestic relation, Of the country there It
'tIt, aud who is there from the richest to the poor
2't whn dees not feel their blnelul effects b.
SIT, with regard to what constitutes pubic coTpo
'iion as conlradistnguisied iom private, haT
better authority than Judge Blackstone. refer t
Chief Justice Marshall In the last cases ot th
Oaruuout oIege, VS.. Woodland AMI Fletcher vs.
-eca 4th Wheaton the Judge IN plain and mos
distinct nannc-, DAVIS ire distinction between
,'S>ss aal private corporation TIE former, b
avs Is ssbecl to legislative control, and not mat
'sf OF Judicial cognlzance. Judge Marshal has Il
Were sad thlta bunk is private corporation an
a'"kes Of lie nature Of contrac'. AeXandt
taa',onr The father Of the system, in hs report
~ ~ ess the expeJiency OF national Bnk, NJ
''' cH1e inmatcs that II is a contract, but express
lehn-' i 10 be political machine, q conyenet
ana hl instrument in lie hasas Of the Goyernmer
10 manage the people. Nj Rtple, an eminent j,
's' IN his treaties on the constitution uses the 70
owing emphatic anruagc:
~ contracts we are 10 understand eysry ex,
ta'ed agreement, Whether between individuals
between individuals and 4 state, by which right
vested, and every Cyec8tCry agreement which col
'tTs : night 01 action, o. creates binding obhr
non m Relation 10 subjects OF valuable nature, sue
'' nav be aserei iu 2 court Of justice; but il dot
H3l comprehend the paI,icaI relations ui COVER
,1-n' and It's citizens; cvll institutions which mu
- lalae TO change with circumstances, and to
'Ii't o., uriiaI-T tre1GeN 'sa.e vtlch agc