Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-12

stances Of reservations Of right to repeal Town and
Bridge charters pages Of private acts 218, 249,
26O, 26e, 27s, 26S.
Canal charters repealable $50, 81.
Charitable Associations repealsbls 800, SIS, and
sI6.
Bible Society s2s, 1885, s2s.
Benevolent Associations, Orphan Asylum, 1888,
P. $50, Hartford.
Insane Asylum, S42, 8l5, Hartford.
Churches snd Towns, $50.
Society for Pr0pagatiDg Christian knowledge,
$40.
Wharf Companies, 44S, 552.
Reinsurance Companies, 1910, 1919, 1925, 1880,
1885,
1t is uniform in Manufacturing Companies from
1914 down.
So Railroad Charters. pages 1901, 1907, lOl4,
I0l9.
So in Mining Companies.
So much for these peiyale acts. In the acts
of 1858, not single charter was passed. which was
not spbj set to medication or repeal
The State has adopted TIE system of Free Bank
ngcrested by general laws repeslsble This State re-
UNCONSTITUTIONAL liability security with fixed amount
Of specie to be kept This State has therefore repu
dated the whole system of vested rights The Cen.
nscicut Legislature does not enter into special
contracts with any association she creates and thus
subject herself to be ARA gned before the Supreme
| Court Of the CRitsd States whenever che passes 8
law that any petty and%rauduleDi corporation may
Objse. to. This State retains its sovereignty and
creates no Independent sovereignty within her
limits.
KRSTucKY.-Sse Acts of 1856 Turnpike char
terrePealsble, page SO. Paduosh Railroad charter
right to repeal reserved, page % Mining Comps-
mics p. II, also 81 Turnpike Companies Geo go
lSl, 1856 GAG, 263. Masonic Lodges, 1S5, IA, l89,
Louisville Canal Company 25l. Miaiug,and Mem
ufscturing 276 Deposit Bank right reserved, 357
Insurance Company of Louisville, right reserved
S6s.
Such are some Of the provisions of the acts of 1856
f, Acts Of 1858. We fad the Legislature of this
session exhibits fixed principle of action Whilst
large portion Of the Charters are declared laws
and subj eet repeal others are left 10 be consider
ed contracts, ani this diversity Of policy is 10 be
found in acts incorporating individuals for the same
general purpose. This State VIII, in a few yesr.,
be driven, in defense Of tbs interests Of the people
( to place the whole corporate wealth Of the State
under the control Of the Legislature, am on the
| same footing Of ether properly in the Stlte. Sac
has made q beginning, like the State Of Tennessee
in the creation of the Bank of SlelbyvIlle.
| AARYLAND.-This State has notrun into the ex.
cesses that most of the States have in regard TO
excessive paper issues. Yet, it has had enough Of
abuses in corporations to compel The people in self
defence, to assemble in convention, and withdraw
from the Legislature the power to grant the extra
ordinary exemF tiOns and privileges which had held
before 10 the lats constitution, of 1851 it is pro-
vided that the Legislature should grant or renew
! any banking corp rasicn, except upon the H.
ton that stockholders and directors shall be liable
to the am,unt of their respective shares in such
bank for all it de;t and liabilities upon note, bill,
otherwise, and upon the further con ition that,
DO director or other officer should borrow money
from the bank, and that the books AMI papers Of
said bank should be Open to Legislative iuspec-
ton.
Section AZ is as follows:
"COrpors,icns may be formed under general
laws, but shall net be created By special set exoept
for municipal purposes, and in cases where in the
judgment of the Legislature, the object of the cor
poration cannot be attained under gel eral laws
All laws and special acts passed pursuans t. this
section may be altered, from time TO time or re-
pealed; provided, nCthi0g herein c1niained shall
be construed to alter, amend, ch9nge in any par
tculsr the section in relation to banks
These provisions show that the State of Mary
land had been hsrrsssed by nsovept banks They
therefore, took away from the Legislature the Tow
er to exempt individuals entirely from personal !
responsibility, but required what they regarded as
sufficient responsibility secare the debts Of the
corporation. They will be scOurged into the nsess-
sity Of requiring securiyas so many other States /
have dene.
have not found time or any necessity for look
ing further into the special legislation of Maryland,
than the. special acts of 1853, oh. 441, page 081,
and the acts of the last session of 1858, as these
acts exhibit the settled policy of the people Of the
State.
The act Of 1853 rechartsred nineteen banks, to
continue in existence till 1880, "upon the eondi-
ton that the stockholders and directors Of each Of
said corporations, shall be liable to the amount Of
their respective shares Of stock in such corpora
lion for al its Debts and liabilities upon bill, note
er Otherwise and upon the further condition that
10 director or other officer shall borrow any money
rom said corporation, and upon this further con-
alteration, that this act and every other part of it
nay be altered from time to tme or repealed by
he Legislature.
Thus II appears that nineteen banks are OF this
ime subject to the power Of the Legislature of Ma
ylaDd 1t appears that there were twenty-five
,anks in the State in 1889, and how the Others are
have not examined There can be no doubt, how, /
yer, that they are in accordance with the act of
500, unless they were chartered at period be-
ore the present policy of the State was adopted
Acts of 1883 Act to incorporate the Annapolis. !
oal Company; right to repeal reserved, page Ill
rviLg College; right reserved, II. Baltimore Steam
ompaDy; do So, 81 Fire Insurance Company
S; right reserved. Railroad Cha u.s. right e
tier or amend reserved. Fire II 3; right re-
,rved, 90. The Maryland Club, g promote sOcia y
ltercourse and hospitality; right to repeal charter
,seryed, I2s C9lumbia Railroad Company; right