Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-15
coMlUNfeATED



The Editor OF the Banner IN an article on mr.
GAxFrs Bill, seems to think it wholly unavailable
unless it has some provision authorizing all persons
to take out licenses OF charters under its provisions,
and the reason for this conclusion is that another
Legislature may repeal any of the provisions OF
MS Bill, and thus render nugatory its restrictions
Now 1t seems to me that this criticism on the bill re-
suits from a total misrepresentation Of the design.
understand that it Is the design of Mr.. CAN'T to pass
MS BIN and then vote for any acts Of incorporation
,f Banks which be may deem necessary for the IN
crest of the state making such corporations SUB
,sct TO its provisions. He does not wish 'la' uie
legislature should adjourn and leave to any
,ther authority, the power OF deciding whether
ank should be created, and if So where it should
be located. &c. This. he apprehends to be more
,rorerlv a ouestion for Legislative decision. When
ersons apply to the Legislature for charter, and
if Is desired by particular secon OF tn State, ad
vocated by their Representatives, and urged by
men of known capital and industry, there is some
aarantee that the object Of the parties is honest
that Bank is desirable at the place sought and that
lis operations may be beneficial Bat Wien the
process of incorporation is placed in the hands OF
ministerial officer, all these guarantees are aban-
doned, the gates are thrown vide open to gamblers
and sharpers. who may. by the exercise OF lhgenu-
itv and chicanery to some extent ayoad the force
of any restrictions that human foresight can device
If charters of interpretations are granted by tins
legislature AMI all subjected to tie provisions Of
general law. similar to that proposed by Mr. CAN'T
Il is certainly true that if in the opinion of sue
ceedinr Legislature, they should be deemed UNJUST
or oppressive in their character they r'ay be re
nealed But this is true Of all legisation-and !
this fact could operate to prevent the enactment Q
Il a legislative code for Banks we do not see why
: would not as well stop legislation on all other maj
Il tors of general character The true object Of
y Legislator when dealing with subjects Ike Bank
:. Railroads Towns, &c. is to adopt the best genera
rules he can devise for their government at the TIM
! he acts. If time -and experience should show th'
notifications. or even an entire repeal Of his act
necessary this is only evidence Of human tAli5l
itv but does not constitute the shadow OF an ohJe
ZION against his measure at the time Of its adopuo
III After careful perusa Of the Bill of Mr.. GAM
y it seems to me thatis provisions are fair and Ju
to stockholders Of Banks, and conveniently safe al
udicious for the interest Of the people OF our Stat
We and if it should be passed. and charters OF incorpor
he tons granted and accepted by stockholders it mi
Mt LONG be continued as basis for future improveme
N. and development of our financial system
of 1t cannot be sought desired by the sockholde
he of anv Bank, that the Legislature should be pl
or vented from granting new charters for Banks whe
he ever it is deemed best for the interest of the Sta
but it does seem to me that capital once inyest'
in has right to demand that the Legislature shot
~ exercise its discretion every occasion, wheI
ms new charter is asked and either grant or refuse
les as they may think best This course is furth
Ill more in consonance with the provisions Of our &c
IA stuton and the interest Of the people The Con
nx tuition authorizes the Legislature to grant acts OF
as corporation, and does not contemplate any dele
to ton of this power to ministerial officers. As he
III tofore suggested the judgment of the LegislatU
t. as TO the honesty of the parties seeking incorpO
ere ton and the necessities of the people where it Is
hat he located are as much matters for legislative
use sderation as any other.
The people are also much interested in not il
ate inc circulation so varied in its character as
o. no common person can keep the idea where B'
&C is located or what is reputation They are fun
not er interested that the business Of Banking sho
We not be so overdone to drive safe, sound and
It'll ous institutions out Of the field leaving the fin
the cal affairs of the State in the hands of reckless
lta- visionary spectators. A