Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1844-04-12

fall Of this institution, promising to recur TO
i. again, giving an opinion as 10 the proper
course to be pursued by the people and their
representatives towards il, which promise we
shall proceed 10 fulfil. Since that time we
have seen Maj. Mosley, cashier thereof, on
his way TO Dubuque. for the purpose OF rev'-
wing it, which renders the present proper
time for the people to examine the matter, and
mature their minds as to the course most pro-
per 10 pursue in reference to 1t.
In giving our opinions upon the NATTER
however little they may merit consideration
we disclaim any desire to wrest from the hold
ers Of its stock, any rights or privileges to
which they are legally or morally entitled
We shall consider the subject in manner to
do full justice to the Bank, at the same time
maintaining the rights Of the Legislative gov
eminent 10 protect the people, not only against
toiP0raIUu ,.,J-s.~~ -r~..
The RICH. or power Of Legislative body
to repeal charter granted to private compa-
MES for specific objects, for violations and a.
buses, is doubted by some, and disputed by
many, as often creating prolrac.ed discus
sion as it is attempted, thus consuming the
peoples money, debating upon matters which
interest but few. Instances Of this kind are
so numerous that We deem it unnecessary to
cite single ms lance ; prudence, then, should
dictate to Us as people, the prop'ie'y of thus
early settling that question SO far as we are
concerned, by meeting this first issue with a
firmness and decision which will teach all fu.
ture Spectators in stocks of whatever kind,
that the laws of The territory are not to be
tramped upon, and legislation bafled, but a
strict compliance with The provisions Of their
charter will be demanded and enforced.
In advocating The repeal Of the charter Of
the Miners Bank o. Dubuque, we conceive
that the question of vested rights does not
come up in shape TO en,i,le it to considera.
ton, the bank, by total disregard of every
restriction contained in the charter, having for
feited every privilege contained therein. But
still we shall hear the cry Of vested rights, Of
injury to its present stockholders, from those
who are in favor Of pro'onging its existence.
Let US see with what rlausibility they can
urge such reasons. If charter such as that
Of the Miners Bank, partakes of the nature
Of contract, failure on its part TO comply
with the s,ipula,ions of the contract, destroys
its validity, and relieves the other contracting
or implied. With the same pr6prIesy might
j. be argued that as sale Of tract Of land is
contract, the purchaser may take possession
Of it, and refuse payment therefor, pleading
in maintenance of his right of possession the
fact that he had made CONTRACT for it, and
that the Judiciary have no right 10 interfere
with contract. The idea that charter can.
not be repealed for violations of its provisions
is glaIingly absurd, especially when no con.
sideration is given to the people for the privi-
leges granted.
But it is asserted by the advocates of the
Bank, that the repeal of lis charter would in.
flict an injury upon its stockholders. Let
US view its history, with hop, skip, and a
Jump, and see how far they are entitled to the
tender mercies of the people. The charter re-
serves to the Legislature the power to repeal
the same for violations thereof, yet notwi,h.
standing this reservation, the Bank, at the on.
set, violated the only provision which gave Sc.
curiiy 10 its note holders. by issuing without
the requisite amount of specie in its vaults
issued post notes, without authority, thus OBJ
tanning interest on its debts, while the borrow
er was charged it upon his-suspended when
ever specie was demanded for any considera-
bio amoun,-resumed when her charter was
thought to be in danger-suspended again
then, It's credit being down, its wealthy stock.
holders purchased its notes at about twenty
i've cents on the dollar, and knowing that ev-
cry right had been forfeited, and that it could
not be revived under its old stockholders, sold
the stock to the Illinois State Bank concern
tor what it was willing TO give for the dull
prospect Of obtaining remission of its sins
by the Legislature. The present owners of
the charter purchased it with full knowledge
of its history, and OF course at such a price
only as they were willing to hazard for the
prospect of gain by its revival. Is it, then,
breach of faith in the Legisletue, to exercise
its reserved rights, in prohibiting continual
ton OF such series of abuses! Will its re.
peal lnflct an injury upon its present stock
holders which they could not forsee OF antici.
pate! No-they made their purchases with
perfect knowledge of its abuses, and in doub.
whether 1t would be permitted again to com.
mence banking operations. Nor do ,hoee i,