Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-08

II
fore expressly declare to Mr. BERDwEr1 and his SUE
cessors that they viii pass any such statutes, and
that itshod become manifest TO the people Of Mas
sachusetts that the Bankers Magazine is right when
it states that the general banking law of New
York. Louisiana, and other States, requiring Sc
curity has been eminently successful and that no
system is safe that does not require security to be
denasited and that Governor Morgan and the cuper-
intendent of Banking in New York are right an de-
caring that security most valuable and necessary
feature in all banks then. and in that event the Leg
isature of Massachusetts could say, as doubtless
they will say to said BIRDwEIL and associates, that
We the Legislature of Massachusetts. being satisfied
from the experience in the late crisis that the BANK
er's Magazine Governor MORGAN, of New York, ana
Mr.. Cooks Superintendent, right, and that no
system is safe without deposit of security Tor the
redemption of your notes, do order that you, BIRD
WELL. and associates, do in the course OF one year,
denost in the hands Of the treasurer Of the State
security for the redemption of notes, as we are sat
isfed that you can convert your effects and ran
away at any time leaving nothing to pay your debts
And as evidence that they will say the last Bos
ton Eceling Gazette says:
.sTbe Injunction put upon the Bass River Bank
shows what rascality has been carried on for a
! long time"
Upon which the Boston Post of the LIST November
says:
EVERY case lie the Bass River makes us feel
| more deeply the proprety of having every bank
bill in the State secured by some sound property en-
trey independent of the institution that creates IT,
both as regards the property and the care OF IL
Every bill ought to be secured by properly ID the
hands of the government
They can say they have become satisfied that our
distinguished and We'll beloved servant, EgwART
EVERETT, was right when he expressed the idea that
it would be well for the people of Massachusetts, t.
withdraw from the banking corporations the RICH
to issue notes, and leave them to deal in deposits
and exchange alone therefore, we do command
the said BIRDwEIL and associates to withdraw, Il
three years, the notes issued.
But, lest Mr. BIRDwEIL and associates should fee
: alarmed lest the moboeratc tendencies of the lie
gislature should assault the aforesaid BIRDwEL
and associates in their corporate functions, and witt
E out information, in the nature Of qao l9qrTsat'
seize by repeal his corporate privileges, discharg
his debtors and thus commit outrage on them, tn
said BRDBEIL and associates like unto burning dow
> his house and destroying his cattle; and lest tn
said Legislature by virtue of the repeating pOwel
a should commit sort of grand larceny, by gettn
in their hands their cash the death of their corp
rate capacity, the Legislature of Massachusetts say
to said BRDwELL and associates that than fiy
IS hundred years ago some English Barons, sword I
. hand forced King John to stpulate as follows: Tn;
% 'no freeman shall be taken, OF imprisoned, or di
seized of his freehold liberties, privileges, or on
lawed or exiled, or in any manner destroyed or d
20 privedof his life liberty property but by the Jud
n ment of his peers or by the law of the land; tn
, this was now the law in Massachusetts; that Il
n law of the land was a public statute of the con
: monweaIth of Massachusetts, and that the said BIR
At WELL and his associates and successors could nC
10 therefore be exiled outlawed, taken or mprisone
: disseized of his freehold, liberties privileges
" deprived of his life, liberty or property,
,e And thereupon Mr.. BmDwETL became and was sa
r. isiied and entered on his business of dealing in
re posts, exchanges and loaning his notes. M
10 And so the Legislature at the last session began
bank code which they begin to lay down ertain gre
land marks by which all Banks in Tennessee should
regulated without mentioning any bank whatever,
legislatng for or against "any individual" person
Is ..nhabitant y or bank They attempted to say VIII
y the size of the notes should be, where they shou
N be piad, &c. 3d. fg.a aasa-E So Sass.
That act fell as it were dead born from the han
IA of the General Assembly. ..-. ---r.
on And now the Legislature must decide wheth
at they will say that the Banks of Tennessee hereoo
Il created should be subject all public statutes pas
tn ed relative to banks ard banking, whether tn
nd will tie up the hands of succeeding legislator
at under the belief that they far enough in
IL the Deep dark mysterious future, to know exact
n how they ought to stand twenty years and that
rs they do not tie up the hands of all the succee
ing Legislatures, such succeeding Legislator
IT, will disregard the obligations of the constitute
ct break up the corporate rights and destroy the pre-
its erty of all banking corporations in the State.