Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-05-08

SUNDAY MORNING, MAY 8, 1859.
How Col. NetherIand protects the People
from Injury and Oppression.
One of the most important issues between Gov.
HARRIS and Col. NETHEELAND, in this canvass, is
with reference to the reservation of power to the
people through their Representatives TO change,
modify or abolish, all charters of incorporation
granted by the Legislature, whenever the public
good may require it. In conformity with the DEM
Ocratic platform, Gov. HAMS contends that the
General Assembly should charser no bank or other
institution without reservipg the right to modify
repeal such charter when used TO the injury and
oppression Of the people. He holds that power
should be built up in the State which the people
cannot regulate and control, or abolish entirely,
when it becomes necessary to their welfare to do
He is opposed to the creation of & sovereignty with
in the limits of a State, above the reach of the
State government, and beyond the control of the
peoples representatives
Thsse wealthy corporations clothed with peculiar
privileges, and armed with the power Of cOncens
trated capital may exercise arbitrary aud despotic
control the business commerce and property of
the country, unless restrained by legislative SUPER
vision They hare exercised their power in this State
in disregard of the public good, and to the serious
damage of the people. They have rendered all the
great interests of the State sbservient to their win
and have made the labOring and producing classes
tributary tie their profit When disaster came upon.
the country in consequence Of the policy parsued
by the Banks themselves, they closed their vaults
refused to relieve the disasters they had Great
ed and left the people to sink beneath the burden
Of deprecated currency without raising hand TO
save them. TIE Legislature could apply no effect
ual remedy Cor the power Of supervision over Banks
had not been reserved in their charters. Now, Gov.
HARRIS unwilling for this state Of things to con-
tinue. He would guard the people against the pos
sibility of such tyranny on the part Of Banks, by
reserving the power to change, modify, abolish
their charters whenever they operate injuriousy to
the country.
Col NETHERLABD takes ground against the reser-
walton of the power to amend or repeal Bank Char
ters The less and distress which the people have
suffered from the unrestrained power of Banks, con-
vey no warning to him for the future. The appeal
of suffering peoIa is not SO eloquent in his ears
as the arrogant and selfish demands, of wealthy
capitalists. Col. NETHERLASD is willing to extend
TO these incorporated companies privileges and pow
ers which are denied TO other citizens of the State,
and will not even consent that the representatives
of the people shall retain the power to guard their
constituents from the oppressive and tyranical exer
else of these chartered rights.
But, Col. NETHEnLAND and his party say they
would throw proper restrictions " around Bank
Charters so that they cannot Cypress the people
Col NETHBRLAND and his organs do not tell us what
those restrictions are by which they would protect
~ Rat
may learn from his votes as representative, and
from his former course in the Legislature how we'll
he has succeeded in guarding the interests of the
country by The imposition Of restrictions in Bank
Charters.
In the Legislature of 1872, Col. NETHERLAND
who was a member of that body, had a chance to
show the people how well he would guard their
interests in granting bank charters He then had
an opportunity of imposing such restrictions as
would afford protection and security to the country.
We find him accordingly, voting for the charter of
the Citizens Bank of Nashville and Memphis. That
charter, of course, contained such restrictions as
rendered it safe and reliable, for it received Col
NETHERLANDS support. We leave the unfortunate
note holders who have in their pockets the
worthless currency Of the Citizens Bank, to decide
how well Col. NETHERLAND has protected their in
terest in granting this charter. We ask the men
who have been compelled TO sell the paper of the
Citizens Bank at twenty twenty five cents in the
dollar how they like the operation of Col. NETHERN
LANDS restrictions for their protection and Sc
curly.
Again: Col NETHERLAND voted against Mr. Bull
LENS amendment, making the individual property
of the stockholders Of the Farmers Bank of East
~. ~ IoIg 90 ba Ron
journal page 1921 He voted against Mr.. KIM
BALLS amendment, making the property of the
Stockholders in Chattanooga Bank, liable for its
debts. JOur. page 1927
Thus VIC find Col N voting against individual
liability of Stockholders in Banks, as separate
and distinct proposition. lie opposes measure by
which the owners Of Bank Stock may be held liable
in their estates herradesmen are for the debts
they may incur in the course of their business.
Under this policy bankers may and speculate to
any extent reap a rich harvest Of profits from their
customers, pocket their dividends, buy lands OF
f,roes and accumulate untold wealth in seasons of
prosperity but when crisis comes upon the coun-
try they may ail-refuse 10 redeem their eireulH~
lion, retire in dignifed opulence ana leave tAe note
holder TO look to the assets Of broken Bank for
The payment Of the debt which they honestly owe
him. Other classes of business men are not SINH
Iarly favored When merchants associate them
selves together as partners in trade, their indi-
yidual property is liable for all their debts. In
every employment of life, farming, mechanical
and manufacturing, the individual engaged in such
employment is bound to pay his debts to the full
extent of his estate
But, Col NETHERIAND not only voted to give these
f,of snuf 1v
making money, which they enjoy under their char
ter, but he voted TO exempt their individual pro-
perty from execution, sale for the payment
Of the debts which such companies have incurred.
Now we ind this same JOHN NETHERLAKD, who
was making this unfair discrimination in favor of
wealthy stockholders in banks, voting to allow The