Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-22
"WEDNESDAY MORNING, JUNE as, 1859.
A Case In Point.

The Opposition press assign as one ground Of
hostility 10 the doctrine advocated by the Demo-
cratic party Of reservipg the power in the people
IN amend or abolish privileged charters whenever
thew are used to the public detrment, that 1t would
only result in opening the vaults Of the Banks to
the buying up OF public men and the corruption OF
our legislstors, "whenever there was the slightest
manifestation of a desire to change, modify or
shalisb their charters" The Nashville Banner, it
will be remembered gravsly argued after this fash
ion some tin,e since. Among other things 1t said
sIneorpOrated companies usually control large
arms Of money The object of an incorporation
il 10 concentrate capital Let such company be
placed at the mercy Of the Legislature, as contem-
plated By this resolution lin the Democratic plat
FORM and what would be the result! whenever
there was the slightest manifestation OF desire
TO change modify abolish the incorporation, its
members would not hesitate to open their vaults
and put their capital into active circulation among
members of the Legislature.
ENTHUSIASTICALLY Banking Corpora
tions-could well afford TO expend from ten to twenty
thousand dollars every session Of the Legislature
Their capital is large and their profits abundant
Many Legislature has been bought BY less than
half the smallest Of the sums named. quart
of Whiskey and basket of champagne have often
changed the fate of q bill in the Legislature.
0No one can doubt that the skillful use Of such
sums es corporations can command, would secure
them from all unfriendly legislation. The Law Of
self-preservstOn applies TO them as we'll as to in
dIyiduals and s0keH their existence depended upon
bleeding they RcUsd not finch from opening their UsinS
any more than sick in a it Of GpOpieZy Their
fastinets troHId ipsL them TO the money 10 TOtong
their dsra6oz and long they could command the
required sum fhey ooUld feel at liberty to abuse their
charter and exceed their PriUileges sOih mPuaatg"
While we question the Banners accuracy in the
low estimate it places upon the moral honesty Of
our Tennessee Legislators, are satisfied that it
speaks adyisedly for the Banks We doubt not the
Bonner spoke truly in saying that these Banking
Corporations would not hesitate to open their vaults
and put their capital into active circulation when
ever necessary to prevent an abridgement Of their
exclusive privileges, or TO prolong their existence
Possibly the writer Of the article had Gaze in
point The Democratic party have had the bold
ness to make war upon these institutions for the
outrages they have committed against the people
At the last session of tue Legislature 3 law was
passed to restrict their privileges. Against this
salHtsry measure the Opposition members recorded
their almost unanimous vote. May 1t not have
been that the Banks. in this instance, used their
money freely? Msy it not have been that several
quarts Of Whskey and many baskets of champagne
were used to this cad? Undoubtedly 80, If there Is
any force in the argument of their present organ
Again: We are in the midst Of an exciting can
vass ia which the Eeslthiest banks in the State
are prominent parties. Their capitals large and
their profits abundant" 1t is principally owned
by foreign stockholders, who have ne feeling
in common with our people, and look with single
eve to the heaviest profits. They can "Wen afford
TO expend from ten to twenty thousand dollars, as
we are assured by the Banner, whenever Necessary
"aud when their existence depended upon bleed
ing" we are further assured, "they will not finch
from the opening of their vsiRs, any more than a
sick man in fit of apOpexy." This is not the only
assurance we have had that these foreign stock
holders are willing to "bleed freely" in order to
secure q Legislature in the next election hat viii
renew their charters Whether the BdHIsr is cogui-
can't Of the fact not, We will not pretend to say,
but we doubt not they bleeding freely" in
this canvass. Most unquestionably they are II The
logic Of our opponents is to be relied upon. Other
wise they have done both the banks, and leading
feature il the Democratic platform, injustice
Col NErHERLAND, in the early history Of the
Union Bank, was commissioned a representative
of the people with the important duty of inVesti-
eating certain charges, Of dishonorable character,
against that institution. He reported the charges
as alleged to be true, and added: Such conduct,
between ndisdusls, would be stigmatzed as fraud
ulent and can only be explained in the present in
stance by the well-eslabHshed fact, that corpora
lions in their aggregate capacity will, upon their
Joint responsibility, frequently commit acts which,
as individuals, they would blush to justify" Col.
NErHERLAHD Is now the peculiar friend and sdvO-
cate of this same bank, csnvassing the State for
Governor, urging its recharter If we could give
full weight to the logic of his organs so remarkable
transition might be accounted for upon the hypo-
thesis that Col. NETHERIAND has been subsidized
by the banks Without intending any dscourtesy
% him. We are free to say that have but few
gentlemen in legislative bodies whom did not es-
TEEN his equals in fairness and honesty. We think
we do him more than justice to say that he is
fair type of the character of men generally found
in such assemblies. If, therefore, the banks can so
well afford to bleed, and willing to 'bleed,
whenever it is necessary prOlong their existence
Col NBTHERLAND has necessarily rendered himself
the subject of suspicion by becoming champion of
an institution which at former period of his public
life, he detected in seaudslOus abuse Of its pow
ers, and which abuse he characterised conduct
which, as individuals its stockholders would 'blush
10 justify"
Be al of this as it may it is evident from the
testimony Of Col. NEtHERLASD ana MS organs thHt
there is something in the very nature Of bank
charter tending to aliases and corruption. We are
grsvely told that it Is needless for the people to
retain the power to restrict abolish these ineor
porations whenever they abuse their privileges and
fail to answer the good for which the public intend
ed them for the reason that their capital is large
SAd their profits abundant" and they viii corrupt
and buy up the honOred representatives Of the peo
pie. Such an argument, while J. is unjust to the
moral worth of our public men, is truthful por-
trOiture Of Of the greatest evils incident to &C
Cumusted power and capital in the hands of a few
men, under irresponsible and irrepealsble charters.
And It is sufficient Of itself TO awaken in the minds
Of the people serious reflections the increasing
danger from these multiplied interpretations, and the
Importance Of restricting their creation to purposes
strictly Of public necessity and, in every instance
ofreserVingtO themselves the power to abste them,
whenever, instead Of public blessing, tksy prove
to be SBblic curse.