Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-12
TENNEssEE LEGISLATURES.
HOUSE OF REPRESENTATIVES,.
THOBsDAv. November 10, 1853.
AFTERNOON SESSION.
TEEEEssEE 1ROa COMPANY

HOUSE OF REPRESENTATIVES,.
! THORsDAv. November 10, 1853.
AFTERNOON SESSION.
TEEEEssEE IROs COMPANY
The SPEAKER announced the order of business
to be the consideration Of Senator Minnis' bill rs.
g. to incorporate the Tennessee Iron Company, with
amendment of the Committee on interpretations.
Mr.. FORD offered an amendment as follows;
Provided, That the individual property Of each
stockhoder be liable for the debts Of the said in
corporsed company, but as between themselves
theirj liability to be in proportion to the amount of
stock taken by each Ct them, and this liability to
the creditors of said company TO continue for the
term of four months alter public notice of any trans
fer of stock; PrOVided further, That the power Is
hereby reserved to the people through the Legitls-
ture to amend or repeal the charter wren deemed
expedient for the public good to do SO.
Mr.. TREWHLTT said Mr. Speaker, desire the
bill passed in this House in the shape it passed in
the Senate, and 1 oppose the amendments offered
| to it by the Committee on Interpretations in this
! House, and the amendment offered by the Repre-
| sentative from DeKab, Mr.. Ford because regard
their adoption sntamOunt to defeat Of the bill
| in this House, thing should much regret to see.
The object of this bill is 10 establish corporation
| upon such bass 0s will enable us to develop the
great iron and coal wealth in Of the grand d.
visions Of our State, and retain thereby in our
| midst millions of dollars which ara constantly be-
4
chase of iron, &c., in New York, Europe, some
other foreign Government or State, to purchase
iron, &c.; to complete our great system Of internal
| improvements, now in course Of construction and
perfection. AS to that part Of the amendment pro-
posed by the Representative FROM DeKalb to make
each stockholder liable to the extent Of his whole
stock do not oppose that; qualified individual lia
| bility have always approved; but TO make each
liable for ell ever did oppose, and shall Op-
pose. Such restriction is unequal and unjust.
But the principles contained in the other pro-
posed amendment, reservlng TO the Legislature the
power Of repeating, altering or changing the chsr
ter st will and pleasure hate and sbhor Il is .
proposition to change the principles upon which
corporate frsnchiSes have been granted in every
well organized government for the last five centu-
ries ; it is principle of monarchy and despohSm
oloaked under the and sanctity of democracy.
Go back wish me into the history of Eogiand, and
then cay if such proposition had been two huu-
dre1 years ego submitted TO British parliament,
that is that the King should have power - alter,
amend, or repeal charter, would it not have
been received with scorn and contempt, and in
such spirit been kicked out Of the House Of Gem
mons; yet such high power is insisted upon in
Tennessee Legislature under the cloak of Demoe-
rsoy II is power that despot or q king would
not ask of his subjects. When the Legislature
grants charter of that Sort it is in the nature of
q contract-and she and the iucorpOrators are as
individual contractors. Suppose that two persons
were contracting for the sale aud purchase of any
commodity of trade, and the vendor should wish TO
engr6ft upon the contract provso that one or
two years years thereafter he should have the right
to vscste the contract, resume his property. &c.
would the contracting purchaser repel such prop
osition with seorn aud contemptf Certainly he
would and upon the same principle, my eonstitu-
ents, who ask this charter, would act in this case
believe and think sense of honor would die
tate such course Such a reservation Of powers
is un worthy of an abiding place n Republican
GonfederQeV I heliRva sir N honest nd
sible set of men would ever invest for the public
good, their capital, under any such charter. The
bill should pass this House as it came from The SEN
ate. II is nothing more than liberal aud fair to de-
velop the wealth and resources of East Tennessee,
which is now locked up and hidden in the earth.
The other Grand Divisions of the State have used
and consumed millions Of dollars out Of the Tress
ury, in the development of their resources, whilst
East Tennessee has had but little, and her
are yet undeveloped. l cannot see the propriety Of
Of adopting tae awendmests, and hope this House
will vote them down.
In reply to Mr.. johnson. from Greene
Mr.. TREWHITT said: Mr.. Speaker, l am glad
to see tbs gentleman from Greene Mr. John
son, aVow his sentiments this floor upon
the subject of internal improvements and cor
porations connected Herewith. He has referred
to the constitutional power OF this House to grant
charters of incorporation and denies the power ex-
cept for railroad purposes aud such like improve
ments. This is extreme doctrine. How, sir,
can railroad be completed and put in operation
without iron and rolling power &c.? 1t cannot be
done. To accomplish such Objects manufacturing
establishments Of this sort are as essential as .
charter to grade the railroad, &c., &C. The gen.
tleman admits however, that when the public good
demands an incorporated company, that the charter
can then be consiutionaly granted; but he insists
that in those cases the individual liability clause
and the reserved power to repeal should be incor-
uersted in the charter Such doctrine is subVersye
to the interests of the people of Tennessee and
think the gentleman from Greene is assuming high
power when he undertakes to soar aloft aud aboGe
the wisdom of those venerable patriots Of Tennes-
see who framed our constitution and conferred the
power to grant charters to incorporated companies
to enable them 10 develop the resources of our State
and which provision they engraited with q full
knowledge of what the laws were in relation to
such companies. But the gentleman may be ex-
cusabe upon the ground that this is age Of rro-
| eress and there are now many Young Americans
| The charter asked for is one of great public
utility, aud should not be bound and fettered. If
| the gentleman will remember the locality Of this
company is on the banks of the Tennessee river in
the heart and center Of the iron and coal regions of
East Tennessee he will remember that from Chat
tsuooga north slong the Waldins Ridge and Cumber
land Mountains, for two hundred miles in and along
every ravine and gorge of those mountains, they
are impregnated with immense and inexhaustable
beds of iron ore and coal, locked up and hidden
| for the want Of source Of development, even to
the pleasant mountains hilA ard valleys of his own
county. Not stopping here if the gentleman will 20
with me south, down the Lookout and Sand noun
sins he will find continuation of those vast hidden
treasures of wealth, for hundreds Of miles-all of
which would would be developed and concentrated
at this manufacturing establishment, if we, but as
liberal men will pass this bill, and thereby retain
in our State millions of dollars that would otherwise
60 out and in addition thereto would realize to the
| State, by the development of her resources mil
| lions of dollars.
have sir, always been in favor of domestic ecou-
omy and home manufactures, and instead Of relying
on foreign states and governments, let Us msnufac
ture our own iron and dig out of our coal beds our
own coal, an article much in demand at home aud
abroad l appeal 10 this House to pass this bill
il came from the other end of the capital it there
received the sanction Of that great, talented, and
conservative body, and let US initiate their exam
pie.
In reply to Mr.. CAN'T, Mr.. TREWHITT said: Mr.
/ Speaker am glad to the frsnkness of the gen.
| tlemsn from Maury (Mr. Glntt.) But can say to
him that upcn this occasion it is unnecessary for
me to refer to NJ. Kent's commentaries on the leg
isla ure of the State Of New York the subject Of
corporations. That history is known to me; New
York is old Stale and she never did impose these
restrictions until after the resources of her State
had been developed, and the remaining charters to
| corporations we're for their private interest," and
not principally for The public coed. In sll such
states, | think such restrictions right. But the
gentleman from maury, am sorry 10 IeAfh' has
failed to draw the distinction between State alter
its resources all developed and just in its
infancy, and its great mineral wealth and resources
yer to be developed. And | challenge any gentle
man upon thi floor 10 point to aoy State or gov
ernment that has imposed any such restrictions
upon charters until after the public good had been
accomplished; there IL not one that can DO IT. Since
the change in New York policy has been made,
there have been charters but for private inter-
est primarily, in all such cases and States am in
faVor Of stringent restrictions well as Governor
Harris or any else but when the public good is