, 1844-12-14

WIN. 10 sue and be sued, ana TO hOld
the property necessary TO carry on
the legitimate business of the corpo-
ration. is about as much cs should be
granted them.
The laws by which members Of
cor orations are exempted from indi.
vidnal responsibility, should be re.
pealed. and the members Of corpora
tons should be placed upon the foot
ing of all other individuals. and held
responsible nrtheir Just debts. wheth.
er contracted individually or in their
corporate capacity. II is shamefully
InIq"itouS to permit the members
OF Il corporation to reap the profits of
the eXperHment--sav for nineteen
years-almost the entire span of its
exIStence-and then TO let it fail in
the twentieth, either by accident, bad
management or design. and drop the
loss upon the unwearry and unsus-
pec'Ing people. and not upon those
who have been reaping the profits
during almost its entire existence
Those who reap the profits of such
an experiment whilst it nourishes,
shonId suffer the losses of the same
experiment when it languishes.
Besides all this. the here
totore granted to incorporated COM
panies, have had a tendency to in
crease the inequality among men, and
the government should do nothing to
increase that inequality. 1t would be
wrong to pass laws to force an equal.
", and to make IN equal distribution
OF property between the idle and
was'eful on the one hand, and the in
duStrious and frugal on the other;
and It is equally wrong, and even
more so. to pass laws to create an
Inequality by extracting means from
the hands of the many. and concen-
trating them in the HANDS of the few.
And vet. in Q wavs besides
that Of granting acts of incorpora-
ton with exclusive privileges, this
thing has been frequently done. In
a free government. where rights are
equal. and where laws ought to be e.
quail. such legislation should not be
tolerated.
The question of regulating the cur
rencv has been one Of an exciting
character. Out Of the agitation OF
this question. much warm and bitter
strife has sprung up among the peo-
pie of the State. Some denv the
constitutional power of the State to
regulate the currency; some admit
the evil OF a spurious currency and
the constitutional power to regulate
it. but deny the expediency Of apply.
ing a remedy; and others again. assert
the existence of the evil. claim the
constitutional power and insist upon
applying the most vigorous remedies.
There cannot be much difficulty a.
bout the constitutional power. The
regulation Of the currency is clearly
a subject OF legislation. If so, it
must be in one Of the three bodies in
which all such powers are to be found
under u system Of governments;
that is. in the people. the States or
the United States. unless the exer-
else of it has been prohibited to tue
State .
In orr State. the powers reserved
to people. are expressed in our bill Of
rights. in that. the power to regu-
late the currency is not reserved.-
The power then is not in the people.
The powers granted to the United
STATES are expressed in the constitu-
ton Of that government. But in the
constitution Of that government, no
power is granted to regulate the cur-
rencv. The power. then, is not in
the United States. 1t is no where
prohibited to the States. II. then.
The power is not reserved BY The peo-
Pile. nor granted by the States to the
United Safes, nor prohibited TO the
States. then the power 10 regulate
the currency here, must be in the
itself. and can be exercised bv
our legislature.
So much for the constitutionality
Of this power. The expedieney Of
its exercise is another matter, and de-
ponds upon the people. As the pow
er exists. if a clearly ascertained ma.
jnrity of the people are in favor Of
laws 10 regulate the currency, then
the legislature should not hesitate to
pass laws for that purpose. believe
it IS conceded bv all that the clearly
a~scertained will Of the people, when
not unconstitutional. should always
be enacted into law. But if ma
iori,v Of the people are against the
of laws TO regulate the cur
lencv. then. although the country
.uL G. tho ,popt of than