Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-19

proposition upon the ground that the establishment
E will not be Of public utility.
81 should presume that the manufacture Of an ar
3ticle Of such universal utility would be- by intell
8gent men, considered public benefit. If By thil
&coupany iron could be furnished for public works
Sin Tennessee, or to supply In part, the great
demand, submit, sir that if by this operation the
the vast amount Of capital thas would otherwise be
%taksn from our State. could be expended ct home
FOR the same material, il such operation would net
@be ofinealculabls benefit TO the State generally
n appeal to representatives to look to the public
good for once aud discard aay party dogma that in
Sany way conflicts with the great interest OF the
Estate. Let rs soar above such contemptibls things
5ss party preudioes, and look steadily TO the devsl
opnent of the resources Of great State and the
prosperity OF our people
q The operations Of banks Is altogether Different
sfrom such corporation ss the one under consider
sation. While the liabilities of the iron company
must necessarily be In the INN sdiats vicinity where
ihe raw materisI is manufactured, the issues Of q
bank are commensurate with the State, and in that
case bsnk failure affects ell parts Of the State to
"a greater or less degree--ane here there is some
spropfiety in making the stock holders in such
ean Institution liable ia their individual prop
9erty foF the issues Of the bank. But should
the iron manufacturing company in the county OF.
Hamilton fail, the loss, If any, would fs upon the
citizens OF that county. II Ihen the parties who
are most likely 10 sustain such loss prefer the char
ser without the restrictions, Why will gentlemen
tpersist in forcing them to the charter, contrary
go their wish? lhave great confidence in she good.
tJo5guent and sound discretion Of the citizens of
Hamilton county, and have no doubt they are as|
sconpatent to judge Of their own interest, a. The
members Of this General Assembly.
desired. Mr. Spskker, to discuss that part Of the
amendment that reserves to the Legislature the
power to repeal the charter but my cough distressesI
nae so much that am compelled to yield the floor,
with the earnest appeal that our mountain bound
valley OF East Tennessee may not be crippled in her
growing enterprise snd energy, 10 develop the vss
resources Of our towering mountains and beautiful
svalss
Mr.. TREWHITT thought that gentlemen could
vote for this measure without compromising the
principles laid down in the Democrats party in the
least. If this is corporation for the pubic good
it ought to be chartered without attaching any Of
these restrictions to it. The question is II it is
for the public good ought. We to charter il? d
desired to convince every gentleman thu floor tia
JIG was for the public good and that charter untrsm
lmeled should be grsnisd 10 the company now de-
sirng it. He regretted an indisposition which
prevented him from meeting the arguments Of gen
ulemsn as be Otherwise would at length.
Mr.. BUTLER thought msu looked for indiVid-
uGl liability from the stockholders of any nc3rpo-
rated company. He lives in q county that has
fourteen iron works aud for want Of capital in !
the history Of all iron works he is acq .ainted with,
there was thirty per cent Of failures But ii you
put the proposed restrictions corporation charters
no man with capital can be found who would touch
them. 1t would be . dead letter on the statute
book. He regarded corporations as g public bsne
fit. for where they put money in one stockholders
pocket they benefited thsgreat interest Of the State
four fold,
Mr.. FORD obtained the door, bat gave way for
the adjournment.
Aud then
On motion, the House adjourned till tomorrow
morning 9 o'clock -