Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1859-03-26
BEGTSLATUE CHANGE Of INCOH-
pom aEunE


Tie sixth resolution adopted by the Demo
cratic STATE CoaTeuton, which assemblies at
Nashville recently, has been objected to BY
some Of the Opposition newspapers, on the
ground that il shows a different face on the
subject Of banking and currency, from hat ez-
hibited by the resolution that Immediately pre-
cedes M. The sixth resolution is as follows:
Raoluod, That il is essential 70 the welfare
q the State, that in an charters Of nc0rpors-
ton, granted BY the Legislature. that the
power should be Teservedm all eases 70 change,
modify o. abolish those PJivsts and privileged
interpretations az the public good shall de-
mand.
charter Of Incorporation is a legislative
act which confers certain rights and franchises
upcn a body corporate, in return for benefits or
advantages a~ecruing to the STATE OF citizens,
and to which are generally annexed particular
conditions OF restrictions, for the protection
Of the rights Of the Pable al large. The con
dltoHs OF restiotons Of the charter might not
BE- always enforced By sach remedies or pen
alties az are adequate 10 secure compliance
with them, and might be omitted IN the terms
Of the charter. And iHasmaeh as the rights
intended 10 De- protected belong 70 that class
which the State. as a sovereign power, snno,
part from without abandoning its high fune-
tons, il is Important that the Legislature
should reserve to Itself the power 90 enforce
ths Observance Of these restrictions BY such
notifications OF changes, and even By the
sbolioB Of the charter, If Necessary, as a
sound discretion may dictate. This ressrys-
ton. however, should Be limited to its object
and speei6c5 in the charter keeping in view
that such object is 70 enforce the observance
Of public rights, guarsntee.ng compliance with
the restrictions Of The charter.
As an example Of this limitation Of Iegisla-
I've restriction, il mar be observed thai it is
now universally consideucd hat no bank can
issue q safe and convertible currency, and
ought 10 BE- upheld BY the Legislature, that
does not redeem its notes al its counters, with
geld and silver. Il Is certain that the Begisla-
tme VIII hereafter require an banks in tie
STATE to observe his restriction, ard, in order
10 enforce 81. ought % reserve the right Go an
nul he charter Of ans bank thar may fail or
refuse TO strictly comply with It, and an other
duties prescribed 10 the charter for DE p1otse-
don Of noteholisu and the security Of public
rights.
This We conceive 90 BE- a fair and intelligent
constrzction Of the sixth resolution, and was
he true iatent Of The Convention when adopa-
ing IL. such an interprstation hsrmoui.es4
ugdly with the fah resolution reserying TO
the Legislature the sovereign right 10 protect
the rights and interests OF the people, and, at
the same time, ~guaran.eeing TO The corporation
ths enjoyment Of 40 de franchises secured to
81. SO long rs H aiheres to the conditions and
restrictions of its charter, and derriving It Of
these franchises only when it sets at defiance
the terms of the contract and intrenches upon
the rights Of the citizens. No corporation
should enjag is franchises an hour after it
ceases to respect the terms Of is contract with
the state, ana it's charter should BE- annuHed
as soon as n demonstrated that it has thus
dsaed and violated the law which gives 1t
existence
Should the remedy be found insufficient, o-
the penalties inadequate to prevent abuses Of
the privileges OF violations OF the conditions of
she charter, g win certainly become the duty
Of the Legislature 90 change and strengthen
these remedies and penalties, and this IS one
ofu specific objects Of ressrrug TIE right 20
change, modify or abolish Incorporation
Uhe sovereignty or The Legislature over The
subject Of currency ought never 20 be suueu-
dered D. The legislature but We are not sur
pHsed that The Opposition should cavl at i.
since -hay have never distinguished themselves
By their advocacy either Of he nights and SOW
ereignty Of the States or Of the people. The
object Of the reservation is TO prevent abuses
Of the PruleEes granted, and there has surely
been cause 10 exhibit Jealousy and watchful-
ness toward corporations which have 30 ofen
and 20 grossly abused their franchises IN every