Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-08
case i'm Point.

On Tuesday last, Mr.. RICHARDSON, gentleman OF |
experience and ability, offered an amendment in the
Senate providing among other things, that mo bank
bill shall be issued by any Bank which is not paya-
BILE where it is issued" The author of this amend
ment is one of the leaders of the Opposition party
in the present Legislature, and, we believe, took
ground in his canvass against reserving power in
the Legislature to change modify abolish charters
ofincorpOratiOn whenever the public good requires.
And vet as faithful representative Of the people,
he finds it necessary for the protection of the inter
ests of his constituents, to offer amendment to
the charter of existing banks, which, according to
the doctrine of his party, the banks may accept
or reject at their pleasure.
The last Democratic Legislature passed law en-
bracing the same provision Mr.. RICHARDSON'S
amendment. The Union and Planters Banks refused
TO accept that provision as amendment to their
charters. They do not acknowledge the authority
Of the Legislature to impose any additional restrc-
tons npon them, and so far as they concerned,
the law has been dead letter.
Now, although Mr.. RICHARDSON and majority Of
his party doubtless regard the counter note restric
ton necessary for The convenience and security Of
the people, they cannot according to their own doc
trine enforceit His constituents must continue to
suffer and he has no power &c relieve them And
why not? Simply because the Legislature in grant
ing charters to the principal stock Banks in the
State, did not reserve the power to change modify
or abolish their charters And yet Mr.. RICHARDSON
and his party would perpetuate this system Of char
tiers, which places banking corporations beynd le-
gisative control They would again grant to these
institutions certain corporate rights and privileges
which cannot be modified or abridged however in
furious or oppressive they may become to the peO-
Pile They would again create sovereignties in the
midst of the State which the people or their repre-
sentatives have no power to regulate or control
No Legislature has foresight enough to provide
against every possible contingency which may arise
IN the future No bank charter can be devised so
perfect that the future and necessities of the
country may not require it to be amended The
guards and restrictions which seem best adapted to
protect the people from injury end oppression, may
prove entirely insufficient for that purpose, and in
the rapid growth and development of our country
sn the rapidly changing wants and requirements OF
the commercial world, it is impossible to adopt any
financial system-any system of bank charters
which will not need some alteration within the space
of twenty years due respeetfor ourselves and for
posterity, then requires that should not deprive
future Legislatures of the power to regulate the
banking system of the State the last and present
Legislature have attempted to regulate it. Let us
learn lesson from the experience of the last anC
present Legislatures and not again be guilty Of th'
folly of placing corporationsIwth all the formidable
powers and prerogatives which they enjoy, beyond
the control of the peoples Representatives.