Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-28
TUEsDAr MORNING. JUNE ss, 1859.

out Of their own Mouths do we Condemn
Them.
CorpOrationss la their aggregate capacity, will,
upon their joint responsibility, frequently commit
acts which, as individuals, they would blush to
4, justly John HethsrlaRd, IN 1888.
The Law Of self-preservatiOn applies to them,
1CorporatiouF as well as to in iividesls, and when
their existence depended upon bleeding they would
net fuch from the opening Of their veins any more
than q sick man in a fl Of apopiexy. Their in
stinets would impel them to use the money TO pro-
long their duration, aud long as they could com
mand the required SUM they would feel at liberty to
abuse thsr CHARTER and exceed their privileges with
y immunity .-RashVile BaHnsT, Aareh 2S 1859.
Such are the well considered and canddly ex-
pressed opinions Of Col. NErHERLASD and one Of
his leading organs, on the nature and character Of
Banks. For once in our lives we cordially concur
with them, and if il were necessary, could fortify
their statements with volumes Of proof, which no
ingenuity could answer sOphistry evade. But,
believing there none who viii call these truisms
into question: we content ourselves with the profit
able reflections they suggest.
If there is that in the very nature Of corpora
ton which SO unhingss the moral responsibility Of
those composing it as to induce them to commit acts
which, as Individuals they would blush to justify;
If corporations by virtue Of their association, are
removed from the influence Of those wholesome
restraints which st all times attend the private in
6ividuAl; if, unlike the balance VI society, they
have no other motive to shape and control their &C
tion, but the single feeling Of svarice, We submit
the question if ii is not alarming to contemplate
their rapid increase and accumulation Of power in
the various States of this Union and if it should
not be the settled policy of the people, whose rights
and interests are thus endangered, to prohibit their
creation in all cases where not manifesy necessary
for the public good
We submit further if, in view Of these conceded
facts so clearly stated by Col NEITHER LAND is also
true as asserted by the Banner that the instincts
of corporations impel them to "use their money
to prolong their duration" and that they will
-'bleed as freely" for such purpose as would
sick man in fit OF apoplexy," and feel at liber
~ TO abuse their charter and exceed their privileges
with impupity" if it is not duty CT the first and
highest Importance with the people to limit the priv
ileges Of these bodies to the feWest number and
serve the power at all times to change, modify, or
abolish them, whenever they cease to answer the
purposes for which they were created and are found
using their selfish power and corrupting Influences
for purposes detrimental TO the public veal, such
as contemplated by the high authorities from whom
we have quotedi
The Union and Planters Banks, owned in chief
by foreign capitalists, and having no sympathy or
interest in common with our people, have entered
this canvass in advance of the expiration of their
charters, and Sre endeaVOring to secure the cleo
ton Of q Governor and Legislature who will grant
them another lease to their peculiar and special
far farm nf hath
are using their money to prOlOng their existence
whether they are "bleeding freely" in aid Of the
party which has espoused their cause in this can
vass-are questions which may be determined by
remembering those "instinets" which we are told
by the Banner are common to corporations as to
individuals. But, by whatever appliances they are
ct work whether foul or fair-it is no less impor-
tSnt that the public should understand what it is
they SEEKING.
They are seeking the enactment Of those same
charters under which the Union Bank committed
the seandalous "lraud" on the State to which Col.
NETFERLARB referred, when, member Of an IL
vestigstDg committee, he reported to the legisls
ture that it was conduct which could only be ex-
Plsined ''by the Wslsstablished fact that corpora
tiOns in their aggregate capacity will frequently
commit acts which, as individuals, they would blush
to tustvy." They are seeking the re-snsCtment of
these same privileges under which they have ex-
tOrted from the industry Of our State as high as
eight per cent money loaned, Notwithstanding the
farmer and mechanic are expressly prohibited un-
der penalty Of Law from contracting or collecting
higher rate than SIR. They seeking the re-ep-
actmsnt Of those corporate powers under which, in
the language Of Gov. Polk, "during a period of
suspension they often doing their most profit
able business" They are seeking 6 re-enactment
Of those provisions by which they have been enabled
70 issue their paper at points remote from the places
where made payable. They are seeking the re-en-
sctment Of that charter under which the Union
Bank was enabled TO sell itself to the Citizsps.
Bank and Bank Of America to uphold their credit
at time ehen they unable to uphold Il them
selves and thus to palm of their circulation on the
people, Whe have since had to shave il to the brok
srs at heavy discount, while the Union Bank was
securely resting upon private securities. They are
seeking the re-ensetment Of those privileges under
which they claim the right to suspend at pleasure
and refuse 10 redeem their Issue, and, taking ad-
vantage Of their oWn wrong, sell their exchange at
IN exhorbitant per cent TO the people who COM
PEELED to have 1t. They are seeking to prOlOng for
another term Of thirty years those Vested rights"
under which they have put the Courts at defiance,
and held themselves above the power that created
them, repudisting the law of the Legislature
usurpstiOn Of power which they would tramps under
their feet And al Of this they are seeking WhOuths
reservation of power IN the people to check their
abuses whenever they shall become intOlersbls In
their expressions
Taking the admissions OF Col EETHERLAND and
the Banner and then considering what it is that the
banks through their agents. are seeking to accom-
psh in this canvass and It will be seen that the
ssue IL nothing less than struggle for sovereignty