Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1844-02-03
From the loira City Reporter.
Sketch Of the Debate on the Bill
to repeal the Charter 81 the
Miners' Bank Of Du Buaue.

MIR. Grimes denied altogether the power Of
the Legislature to pass an act Of the kind con-
templated. The dissolution of the charter de-
pended upon fact, and the finding of that fact
was strictly judicial proceeding The Organ
&c law, which is our Constitution, had placed all
judicial power In tribunals created and appoint
ed by the law. Tho powers of the Legislature
were restricted to proper subjects of legislation,
and this was not one of those proper subjects.
In support of this position and in opposition to
the right of legislative body to repeal corpo-
ration, Mr. Grimes produced number of author
tiles.
Mr.: Rogers-Mr. Speaker: The gentleman
from Des Moines, has made a very able and elo-
auent defence cf corporate rights He closed
his remarks by admonishng the House that the
repeal of charter of swindling institution.
would be stab at the constitution. This is no
new warning--it has been the constant war-cry
OF the wing party, whenever they wished TO raj
ly their forces against any leading measure Of
stitution has received many such deadly blows
Inc election of Gen. Jackson was one,--his veto
Of tno bill to renew the charter of the IT, States
Bank, was another, and his removal Of the pub
nc depesites from that institution was deem and
appalling thrust at its very vitals But notswith
standing this yearly killing off Of the constitu-
tion, that sacred charter of liberties still sur
yves, unscathed by these fatal wounds, and will
Continue to live and flourish, is the patriots
nope, for ages yet to come.
He did not believe in the sacredness and ire
reliability Of charters. The same power that
creates can destroy, and it should be exercised
whenever the public interest demand it. Ono
legislature has no right to bind its successors. IF
such right be conceded, the people might be sold
IN single session into disgraceful bondage for
ever, and our liberties and all we hold dear. will
depend on the frai tenure Of legislative virtue
ne did not agree with his friend from Des
MONIES, that bank charter is contract within
the meaning of that provision Of the constitution,
which prohibits the passage of any law IMPAIR
ing the obligation of contracts. That had refer
ence to the contracts Of individuals. and not 10
the exercise Of sovereign power in comforting
privileges. The legislature makes laws-not
contracts-and it Is absurd to suppose that the
same rules and regulations, which apply to the
contracts between private parties, are to be ap-
pied TO legislatures in creating corporations
! ms would be dwarfing the supreme power of
the State into mere bargaining, and the laws. in
stead OF being peremptory rules, would be onIy
doubtful agreements. A charter is nothing more
tnan PERMISSION, or license to do certain tairgs.
which the power granting can revoke at ant
time, 1t 1t Judge that public policy require such
for others. Ne "o'
The question now before the Hoi,se, does not
involve the general right of repeal of corpora
tons, that is reserved in this charter, whenever
lhe Bank shall 'sabuse or misuse its privileges
Inc repeal Of this charter is asked on the
cole ground of Its refusal to redeem its issues in
specie. The testimony taken before commit
Tee OF the last session, proves that the Miners,
Bank of Dubuque suspended specie payments in
March lS4l, and remained in that condition
until July, 1912, then was galvanized into tenn
Porary vitality for some ten days, and then again
suspended, and has remained in state Of sus.
pended animation up to this time Not only
suspended--but barred and bolted against cred
tors. 1t is provided in the 10th section uf the
charter, that all bills Of credit, notes and most
lotes, .'shall be paid by said corporation. when
demanded at their banking house, in the legal
,oin OF the United States" The demand has
'een made and refusal has followed. Thi. e.
ential provision to restrain over issues and se-
ure the comn.uaity against frauds, has been Vi
,lated. This s'atg..s Of the privileges under the
harter'' has clearly worked forfeiture.
Admitting the charter rfeited. say the advo-
ates OF the bank, the legislature has no right to
epeal 1t until that fact has been iudicalv ascer-
AIMED. Although it is provide in the 23d sec
perano saff aruss Or hs1sse: S., ,,s,f 7a4yite
eyes undsr this charter, it shall be in The mower
.ne legislative assembly Of this Territory At
ny .me, TO annul, vacate and make void This
narter." 1t is earnestly contended that the le-
stature oeihg party to the contract, has no
ght to Judge of the ssmisuse or abuse, Of tho .
fIvileges granted. That The condition on which
ne right of forfeiture arises, must be first found
the Judiciary, and when the courts have de-
alea the charter forfeited, then the Legislature
M nave the sublime privilege of doing the came
'ins-of acting, when all action j, both
Unnecessary and ridiculous, of killing that 9
men IS already dead. 1t is familiar doctr;n. i
lawyers, that when power is given all the 2
sa"s Iecessary 70 perfect that power are given Q
~ incidental to this right Of repeal, is that
'wers conferred-without this right n. ~.
,,a'ing clause is anullity, and the leci,lat,re 6
no made it, were fools beyond redempton
oppose mat tins corporation had not gone into +
'eratlon, how could that fact be ascertained A..
raing to the logic Of certain eent,amenN
ainst whom would the writ of quo warranto b
'ue! Beng no corporation in existence. no II
ing oeing could be brought into court. And 8
II IS insisted that the legislature can only act f.
rough tiie judiciary in this matter, the conse- sc
- n'eSs'aoie, mat this act Of incorpora- =.
'ok through all time to come-beyond Inc b
zen OF human power--mortal man wonld hav. Ok
'a.ea an immortal thing, and stamped unon h.
iran work OF his hand the attributes Of De;,v fr
;, Nr. cpeaker--by the last ray Of that am
ore ne Is turned into darkness forever an la
man on earth might read by his expiring dc
ht this charter unrepealed, in all it, or;,r;na va
g and vltality-such startling absurdities
This legislative right of repeal NJ -h,rt SIS
=. ne" doctrine Last winter on the other side
me Mlssisslppi, the legislature of Illinois laid
ae-"oylhS nand upon two bank incorpora
IS no. unknown to fame. Wisconsin n i ST
man 'er, mas visited summary justices on her
nclai p>is. IN ONO, In single session. .r
'es OF bank, fe.. dead, touched by the potency y
emocTatic ruth, notwithstandig the lament su
rs and bowls OF the raercenary few over tbs;r c.,
h struggles. In New York and penn,vlya. sh
culprit banks have been frequently arra;rned
he bar of legislative Justice andreceiyed their re-
ence of death. And he believed that in al, IN
States OF the Union, this power to repeaI has me
exercised without hesitation or question. Ma
passing strange, that in this Territory. with "a
ne light OF these examples before us. Some 81 =.
i'd be SO awe struck by the majestic sacred at
Of corporations, as not to dare to assert onr tin
$ IN opposition to their arrogant preten- Dc
r. Speaker-We have the legal and consti- ~
nal right to repeal this charter, and trust nov
we shall exercise it, in Kidding Iowa of an me
luton which has dsgraced her soil--whos. ern
e existence has been a bold defiance Of law all
morality, and whose flood Of deprecated
has iertillzed the wastes offrau6ulet spec ~
IN. Let us present the cheering specta- der,
one spot in this glorious Republic, where OF /
yea monoPolies do not exist, and where VII,
ailo1 may breathe an earnest prayer to the ce,,,
e of Eternal Justice, for the spread Of liz Zee.
cause of the equal rights Of man. nnraa occl
by corporate insolanca ,,d ra,,.a:t rar,