Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1854-03-23
Bank Charters.

NlllI not admit Of some argument in
its favor, and so susceptible is the hu-
man mind TO the imposition Of an in
ge1ious fallacy, that's we have heard
laHyers advance the saying, that one
ca$eisas good asanother before a jury
Whenever an application il made
TO- o legislative body for charter
cohferripg exclusive and banking
privileges, it is supported by d train
ofIplausible assertions, that are apt to
lead The judgment astray frol ia plain
democratic conviction.
1T is always urged .hat thi is con-
cqntration Of capital, energy nd e.
teFprise, is capable of eGekting NOR
Important and valuable ends in flcil-
it4ting trade, than Individual exer,
ion, with limited means But alas.
even if this is true, the personal ex-
ierieace Of many who suffered as
v g did. from the failure Of the Farm
ers' aud Merchants Bank Of Mem
phis--has made them acquainted with
scenes Of disaster, ruin and corrup-
tion, arising from this very accumu-
lation of monied interest in corpo-
ration. And go long as there is no
Imperative, overawing Influence ex-
: isting in banks, every few years viii
present another season Of distressing
phaic and pecuniary> embarrassment.
II is a matter Of fact, as well as &
tdchnicality Of law, that a corpora
tipn has no soul, for it seems as if
individual accountability we're lost in
the aggregate immunity, and acts Of
frhululant bankruptcy, which if conn
mitted 10 private capacity, would
Cause mems hair to stand upreared
like quilts upon ii 10 fretfuI porcu-
pine, '%ro perpetrated by this heart
less, artificial being without repug
nance or fear, because the stripe Of
avenging justice is averted by the
lehiency Of the law
: S4ddening as tho reflection IS, it
is nevertheless thatcast-by truth, that
mdn are never dispq sed 10 max sa-
scrffccs and encountd r risks solely for
thq benefit Of their follow men, unless
in times Of hostility or excite ment |
The few noble instd nees Of ch arityE
which exculpate mankind from the
charge of total selfsbnoss, sttes t tile
correctness of the general proposition.
Surprising, then, that twill be ad-
milted that application for bank char
tiers are made to Legislative bodies for !
the sake of individual profit and gain,
it isa righteous policy which exacts
a ccstafn security for the community, +,
Tor the fidelity and solvency of the
SHOULD they be per-
nitfed rashly to accommodate them
,olvbs and friends with loans under I
he preteztof encouraging enterprise i
ND Extending trade, trife with the
confidence of the people, and laugh :
t all accountability? +,
Conceding that in large city a d
Moderate amount of banking capital 0
maybe useful in facilitating CONNER
ial transactions and supplying the +
of trade, certainly those .
no derive profit from the admins "
ration Of il, either directly or indi- b
ectly, ought to incur a correspond y y
70 liability. An honest business :
ian never hesitates to discharge his &
Ist obligations, aud only estimates b
s wealth by looking at the balance a
leet, and why should not corpora Y
on conform strictly to the same rule
hen it is favored and protected by !,
'ccial legislation 7 be individual t,
.bility principle ought to be carried it
It so as to include all the debts OF %
The failure Of a bank q Il
tends its influence beyond a local H II
, ovcrthe country. 1t is not con- en
ed by the limits of a city or conn II,
; it deranges the currency, creates nho
,anic, end brings ruin upon limo tn
1t holders. n