Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-05-17
A Few Plain Facts and a Few Plain
Questions.

Col. NETHERLASD and his organs betray The
most utter and entire ignorance Of the subject Of
Banking in their arguments against the reservation
of power to the people, through their representa-
tives, TO change, modify or abolish the charters
Of Banking corporations "Whepevsr the public good
requires it. Col. NETHERLAND hae actually assert
ed, and his organs have repeated it, that ne honest
Of sense would ever invest dollar in Banks on
any such conditions In this assertion he displays
both recklessness and ignorance The charter OF the
shelbyville Bank, contains clause, providing that
the Legislature shall have power to amend or re-
peal its charter whenever they think 1t necessary
for the public good. Now, EDMUND COOPER, Esq
is President Of that bank and owns S24, 900 worth
of its stock; WIN. S. JET, Esq, Of shelbyville,
has SIS 600 invested in that bank; Z. WATERHousE,
of Cleveland, has invested $4,000, and I. NJ.
CALDWELL $4,000. These gentlemen and the re-
naming stockholders in the bank intelligent
and as honest as Col. NETHERLAND himself, and
perhaps as able to attend to their interests as
he is The stockholders have never sustained any
injury from this reservation of power by the Legs
lsture 10 amend repeal their charter.
In addition to this, the Constitution of New York
provides that no bsnk shall ever be chartered with
out rsservng the right in the Legislature to change
or abolish it whenever the Legislature thinks best
Every bank in New York, the great commercial
State of this Union, is chartered under that prOvi
sion The capitalists ofNew York have never been
thought destitute of intelligence, andyet they have
invested over hundred millions Of money in banks
organized under system which Col. NETHERLAND
says, will deter every honest and sensible man from
taking stock in them. Certainly such sagscity as
the KnOW-Notbing Opposition candidate has dis
played in this matter, should be rewarded by his
elevation to the 6rst office in the STATED
The banks in New York are the best regulated
and most prosperous Institutions of the kind in the
United States. In all the States where the banks
rendered responsible to the Legislature for their
good conduct, the interests of the people better
protected, and the condition of the banks more
healthy and sound than in those States where they
are made independent of, and superior to the will
of the people.
But Col. NETHERLANDS banking theory is per-
fectly consistent with the Federal creed of himself
and his party. They have always been in favor Of
building up Independent and irresponsible corpora
tons over the heads of the people. They have al
ways advocated the creation Of privileged classes
They have always favored wealth and capitalize the
injury and oppression Of the masses. 1t is per-
fectly consistent for the man who voted to exempt
the rich mans pleasure carriage and the shaVer's
capital from taxation; who voted against ex-
empting the farmers horse and pillow, and
the mechanics tools, from execution and sale
it is perfectly consistent for such q man to
vote against holding stockholders in banks person
ally liable for the debts of the institution, as Col
NETHBRLAED did, and to render them by their char
tiers independent sovereignties above the reach Of
the peoples representatives.
We should like for Col. NETHERLAED and his or
gans to tell us why the General Assembly Of the
State may not as properly exercise supervision
these wealthy banking corporations, as over the
other great interests of the State The Legislature
has the power to take away from the humblest citi
zen Of the State any rights which he enjoys under
the acts of former legislatures Why should it not
retain the power to abridge modify or abolish the
extraordinary privileges granted to an Opulent and
powerful banking company, when tboSe privileges
are used to the injury and oppression Of the people!
The Legislature has the power to regulate the bust
and trade of the country in all other depart
ments. Why should it not exercise the same power
over the business of banking? Are bankers better
than merchants farmers traders, or mechanics that
they alone should be plsced above the power OF the
people and their Representatives. Does wealth
confer such dignity and power in this Republican
land, that it must raise its pOssessors above the
reach of Legislatures and create dignity to whose
dominion the people must bow? Col NETHERLAED
and his party seem to think They are contend
ing for principle which would render one class Of
citizens superior to the rest and endOw them with
prerOgatives and powers dangerous alike TO the in
look to it,