Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1843-03-11

the law in that country grew up. The
last, were for the most part, charitable
and religious, except the public or mum.
clpal corporations. Our modern private
corporations are concentrations OF the
mo,licd power for monied purposes, for
trade, banking, manufacturing, &c. Be-
ing SO they are more dangerous than
mere contributions for charitable purpo-
SEES, and yet these last became so strong
in time Of Henry 9th, that it required the
hand Of powerful despos 10 master
them.
These general remarks have SO eSen
ded themselves, that we can give but few
words to The report itself. The indeica-
CIV Of the committee in having before il a
wliit>u argument in favor Of the bank,
and making its report in conformity
thereto, whilc the public seems TO have
been wi,hou. IN advocate, which, hoyev.
er, if it had been otherwise. would not,
perhaps, have caused any difference in
the action Of the committee, vii. not be
matter OF notice Or remarks arc not
in spirit of cavil. ',hs argument OF
Gen Wilson, which the report takes Tor
its material, end which is in fact the re-
port in embryo, says, il! the legislature
pass an act depricing the Stockholders q
their PROPERTY vithoM judicial iarcshsn
ton, IL is putting them out Of The protec-
ton Of the 7ay.' &c. Now, nobody will
gainsay this, and it is not easy to see
with what intent the report puts this ar.
gument before the Legislature and the
people, unless it be as u fog, TO prevent
them from discerning the true question al
issue. The Dartmouth College case full
~ sustains that position, which is as wide
from that before the Legislature, as June
from January,or Washington from Iowa
City
Again, these gentlemen say, Mr.. Will
son quoting from Judge Kent, aud the
committee from Mr.. Wilson, that tho le-
gislature cannot repo,l unless the fact Of
forfeiture is first found by judicial tri-
bunal. Upon such finding, the iegisla-
nu1, racute and make roid ,he charter ac-
cording TO The po,rcr reserved. We need
not say that we have great respect for
Judge Kent and for Mr.. Wilson. But we
would like to inquire Of the committee or
Of any lawyer, what kind of a 'spower re-
served this would be? Why will you be
so gracious as to allow the legislature to
do what the Judiciary has already done?
II the Judiciary finds facts warranting a
forfeiture, there will be judgment OF the
court following such finding; which judy
ment will enforce the forfeiture. 1t seems
to our understanding that to say the le-
gislaturc has no power to repeal until
such finding, is simply saying that i, has
no power at all il: the matter. The ere
served power" us it is happily called. is
the same power which the jackass has 10
kick the dead lion, and no more. The
judiciary has killed it before the legisla-
ture has right to touch il.
OPERATION OF The HIGH TARiFF.-The
high tariff duties Of the new tariff have
not exercised so great an influence upon
trade rs the cash feature. which llas des.
troyed. Ly most unjust and arbitrary
provision, the ability oil importers Of
small capital to prosecute their accus-
toned business. The patience and long
suffering Of that important body Of m:n
are most astounding. They have sup;nc-
ly submitted 10 The imposition and oppres.
sion practiscd by the manufacturers, ihro'
small politicians, when little activity
and energy on their part would have de-
feated their shallow schemes. 1t is sin
su!ar fact, that, in this advanced age Of
the world, when the principles ayowed in
the Declaration OF Ind pcndence nave
been acted upon witt. success for stNly
years, a small body Of men. By tic mere
exercise OF impudence, have procured the
passage ola law interfering with and de.
stroying the ''inalleLahle'' commercial
rights OF large and useful Class Of men,
for no other purpose than 10 add tc the
cycrgrown wealth Of another class. The
manufacturers are, and have been, 70,
the last five years, the most prosperous
class of men in the community, and the
very accumulation Of their wealth has
given them the influence which enables
them to Cypress the shipping and com
merclal, as we'll as the agricultural inte
rest.
We, sometime since, published the di
yidends of certain of the Eastern manu-
laclorles, ranging from 1910 ~ per cent
In our paper Of Sunday we gave list o.
the deposltors and amounts OF deposits il
the Massachusetts savings banks, show
lag that, ola gross population Of 284sO86
comprising 57,O86 active people, 1853,
are depositors to the amount Of $4,000,
46l-an average Of over $500 EACH
This gives degree Of dis!ributve wealth
unrivalled in any country in the world
The mill owners derive 1910 90 per cen,
profit on their capital, and the operative
making large accumulations in bank
Yet precisely this class clamor for protec
zion, the object Of which is 10 put up til,
price of the goods, and put down tn,
price Of agricultural produce.
N. Y. Herald.
!. STEAMBOATS, ON THE WESTERN
RIVERS AND NORTHERN LAKES.
p a.. :.