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


Ing from another case, the principles deci-
ded in which he adopts, says ''there are
two kinds of corporations aggregate, to
wit: such as are for public government,
and such as are for private charity. The
first are those for the government Of a
town, city, Or MeIiks; and being for pub
Ike advantage, mark Mr.. Chairman, how
piairl Y the distinction is made to rest up
their being for public advantage, and how
distinctly their being controlled by the
Legislature is made to depend upon that
quality,) and being for public advantage,
are to be governed according to the law
of the land" Again he saws, in page 663,
after defining how private corporations
may be revoked for misuser or nonuser, by
judicial process, sin respect to public cor
porations, which existsonly for public pur'
poses, their being for public purposes again
made Distinguishing quality ofpublic cor
po,ations) the Legislature may, underpro-
per restrictions, change, modify, enlarge
or restrain them"
| From all these decisions, as well as from
many others to which could with ease
FREEZER, except that do not wish to delay
on point so PLAIN, | think we are fully
warranted in regarding it as firmly estab-
Ished, that the distinguishing quality, by
which we are to Judge between publ; and
private corporations, is, as already stated,
whether the objects Of the Incorporation
be for public purposes and convenience, or
for private charity or emolument.
! This point attained, and the criterion
referred to admitted, let US give our atten
tim for moment to tho preliminary ques
ton which now arises to be disposed o
before we can conclude on the one frs
stated. According to the, criterion VIC
have Just taken as established, in order tc
define bank charters to be public incorPo-
rations, we must decide them to nave been
granted for public purposes-that the OBJ
jects and uses for which they were created
were, pubIic convenience and utility
Were they then granted for these purpo-
ses; and were these the objects Of their
crcationl
Upon this question we have authority
equally as high as that already quoted.
Alexander Hamilton. man who could
never be supposed to have advanced a
principle in the slightest degree leaning
towards agrarianism, or infringing vested
rights, the abest advocass Tor the crea-
ton of these interpretations, has declar-
ed that the chartering Of bank is on
IL means by which great public end
IS attained, and sovereign authority
exercised. The Supreme Court in the
case adjudged respecting the laws of
MARYLAND and Ohio, taxing the bank Of
the United States, has expressly decla-
red the bank to be public corporation
created for public and national purposes.
Let US, however, bring the question more
to the banks OF our own
State. Have they been created tor pub
ic purposes!
The constitution Of our State declares
n its fist section, "that no man, or set
f men, are entitled to exclusive seper-
tic public emoluments or privileges from
he community except in consideration
f public services" Banking privileges
ire conclusive. The privilege of enter
ng into associations for monopolizlng the
ne markets-whether for lending money
or what fashion has been pleased to call
Moneys or for purchasing cotton, flour,
ork, &C., and the privilege of realizing,
IS our bankers have, twenty-four, instead
f the lawful eight per cent. interest on
apjtal nvested--are certainly privileges,
Exclusive and separate from any which
he mass of the community enjoy. Then
or there to be any grant at all under
he constitution--for the banks TO have
ma existence--the grants must have
zen made for public services, j. G. for
ubIic purposes, and the objects of their
reation must have been the public be-
eft and convenience--clearly bringing
hem within the definition Of public cor
oratiens--and therefore comfortable ano
epealabIe by the Legislature. On this
oint the gentleman from Warren, who
as lust sat down, has made every con-
essiIon / could wish. He has admitted
hat the consideration which induced the
legislature to grant bank charters was
ublic convenence--and the public con- I
eaience was the sole consideration
hen of course the banks were to rem
er public services and subserve public
imposes. How strange that he did not
&c that this constituted them public cor (
orations, according to the established |
riterion by which corporations are to
g classed, and subjected them immedi- I
tely according TO his own favOrte au- I
horities. TO governmental control! :
Although, Mr.. Chairman, ! hope that
have already in this condensed oandI !
apid survey, said enough to establish