Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-05-10
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greatest blessing the good people Of our State could
receive would be the blessing Of being let a'one-
There is certainly too much legislation; but the
Constitution requires that the Legislature should
meet and that requisition must be complied with.
In this article propose to invite your special
attention to one subject, which has been fruitful
theme of discussion and legislation aliude to
the great increase of corporations. of combinations
of individuals, clothed with peculiar powers ana
privileges That such artificial or legal persons
acting under the authority Of law, do, in many in-
stances, advance the public interest," have no
doubt and l have Just as little that IN many more,
such combinations of individuals ard their capita,
with their peculiar privileges in the use OF It, tend
to monopolize and to check the free circulation OF
labor and frequently enhance the price Oh the fruits
of industry. Combined skill and capital, directed
in particular channel with peculiar powers and
privileges, will always be able to crush individual
enterprise, energy, and industry, which may chance
to come within its influence. And thus the trade
and business of individuals are crippled and over
Swallowed by the concentration of wealth and pow
er in the hands of few; the many are lmpoversh-
ed that the few may thrive The celebrated Doctor
Smith, in his inquiry into the wealth OF nations,
does not scruple to consider them throughout Eu-
rope generally injurious to the freedom OF trad:
and the progress Of improvement. When We look
into the civil law for information on the subject OF
Corporations, we find that the Romans were very
Jealous of such combinations, and many laws from
the time of the twelve tables down to the times OF
the emberors were passed against all illicit or un-
author zed companies And we are informed
that in the age of Augustus, corporations had be-
come nurseries of faction and discord, and that he
| disalowed all but the ancient corporations; and
| julius Caesar had done the same in his day. And
the jealousy INDUCED by the. Roman Government
| Of Corporations was so great that when Pkny the
| younger recommended to The Emperor Trajan the
institution of fire company, be refused the grant
and observed that such societies had greatly dis
tulbed the peace of the city; and that they would
| never fail to be mischevous.
| In coming down to our own time and country
we find that the people of N. Y, anticipating some
evil consequences resulting from the great increase
| of corporations, in 1921 met IN Convention and
amended their Constitution, so as to require ma
jority of two-:hirds of the Legislature to grant
charter. Although this was some check, yet their
thirst for such combinations was so great that IN
1923 there were thirty mine frst-rste companies
incorporated
! And how is it with our own State? Without 60
ing too far back into the history of the past, we
tt at in 1888 our Legislature manufactured about
l25 pages of legal matter about 80 or 100 pages OF
which were general laws; the balance charters Of
companies About 20 years after. to wit: In
! 1854, the Legislature concocted, or rather
Matched, after long sitting, the enormous amount
of 825 pages of legal matter and wonderful to tell
at least 800 pages Of it charters of companies In
GLIDING perhaps few idle resolutions Yes, l
venture to assert there were not over 20 pages OF
general law-law in which the PEOPLE are interest
ed in the last acts of The legislature Should the
| increase continue in the same ratio, keeping pace
with the population Of the country, your legsla-
ture, in the next twenty years, will sit from June
! till January; or rather from October to October,
and will not pass single law of general interest;
| and will enact some ten twelve thousand pages
of matter, all charters Of private companies They
have, by general and sweeping clause, iDcorpo-
rated all towns and villages which choose to be in
corporsted They have incorporated churches and
theatres christians and infdels Jews and Gentiles.
| Yes, even the children of Abraham snuffed the
breeze and prayed for this wonderful charm to be
| thrown around their Synogogues They have In
| corporated schools and academies, high and low,
deaf and dumb Military and Mercantile; Odd Fell
| lows and Masons; Missionary and Agricultural So
cieties Banks for Mechanics Fire and Fremen
| Companies; Tavern and Steamboat Companies;
| Mining aud Smelling Companies; Mills, both great
,nd srr,.l; Railroads sni Tnrnnik-s by the whole
| sale; Bridges and Ferries; Wagons and Plough
| Shops; Bucket and Broom Shops; Rock Qusrries,
| Tan Yards and Grave Yards. Yes, the slumbeIing
| dead are to be saluted if possible, with the melo
dious sound of Corporation, Corporation, and Pc
culiar privileges. If things 60 on a. they seem 20
| promise, every pig pen and doggery from Johnson
to Shelby will become little soulless corporations;
loathsome and disgusting creatures of the State,
reproach TO the living and disgrace to the dead
| What picture for the contemplation of the pa.
triot could it be presented to Augustus. a Pliny,
Traian or Smith, they would no doubt be over
| whelmed with astoRishment at the infstuation of
the legislation of the land.
And is this all No indeed. Some corporations,
q H. rloI l.~ b,,.
| so with the most of them created at the last ses
sion of the Legislature. They are clothed with
the power Of creating an Indebtedness on the part
Of the State, for rail road purposes alone for some
| % or 80 millions Of dollars. Should they go into
effect, not more than one fifth will ever be able to
pay the interest on the cost; but the whole must
| be paid, or reputation follows for aught know
| revolution.
Perhaps you are ready to inquire what is best
to be done. Well, don't know, unless it be to
repeal as soon possible all laws or parts of laws
| (Which have not gone into efecD that ca,cula
ted to- might involve the State in . large debt,
without the least chance prospect Of profit; and
thus stay the tide of ruin and bankruptcy which
threatens to sweep over this country. l am no
alarmist and if my suggestions are notheeded now,
they will be appreciated by and by. Mark what |
say. Hereafter create fewer corporations and
hold those that are in existence to strict csmpli
snce with the law. And in future, hold the stock
holders of the company individually liable for the
debts of the corporation, has already been done
in several States, to wit Rhode Island, New
York, Maryland South Carolina and Massachu-
sets.
Do not bestow all your thoughts on Johnson
and Gentry as to who shall be Governor Whether
they knoaO-aothings by nature, habit, or indo-
lence it's matter of no concern. For . Cover
nor under system is a mere cypher. 1t Is
true, he has to see that the laws are executed 80
might school boy. But lack we'll to those who
present themselves as candidates for seats in the
Legislature. To discharge the duties of legisa-
tor, in a manner worthy Of great people, a man
must have ability, intelligence, and bushes. habits
If the candidate be destitute of such qualifications
and is merely man of wit, fancy and fun, leave
him at home he would be as much out Of place
in legislative hall as bear would be in q Chza
shop Exercise, then, your judgments, not your
feelings; vote not for your brsiness friend, be-
cause he ID friend mel her vote for the one idea
and dis,ipated demagogue, merely because he is
tull OF glee, and can anu.e you in idle hour.
Exclude from your consideration entire y the Her.
the loaier and the unfsithful. But vote to sd-
vance your own interest and the interest of your
country. These are general and wholesome rules;
and he who is not willing to be governed by them,
or rules similar, is not worthy to be cassed in the
rank. Of freemen: but is prepared for the yoke
and the burthen and is ready to be driven about
whithersoever it pleaseth the will OF bis master.
You may think use plain language; be it so |
a n, and hsye No mara intar