Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-05-19
In want Of Information.

Col. NETHERLAND and his organs are sadly in
want Of Information one o. the most important
questions Of State policy that enters into the pres
ent After asserting in their platform that
they are in favor Of well regulated system Of
Banking they plsny Indicate that they are totally
ignorant what well regulated system Of Banking
is. They have evidently never investigated the
subject sufficiently to know the condition of BANK
ing institutions in other States and consequently
cannot properly judge of the beneficial effects which
will result and have resulted from the imposition of
such restrictions as the Democratic platform pro-
poses. In asserting that Intelligent capitalists
would never take stock in Banks where the Legisla-
ture has power to amend or repeal their charters
whenever the public good demands, the Opposition
leaders display an amount of ignorance Of the
workings CT this system in own and other States
which will 60 far to convince the people that the
delicate and important financial interests of the
State cannot safely be entrusted to the custody Of
this party. Right here in Tennessee, under Col
NETHERLANDS very nose, banks are in prosperous
and healthy operation under charters embracing
this principle which he says must be Immediately
fatal to the existence of Banks. In New York and
many other States, the principle has been in
LIOuuoeu liltO uiA1AiDidA Win
benefit both to the Banks and to the people.
The Nashville Banner, in its issue of yesterday,
instead of going to the Constitution of New York; to
which we have referred in previous articles this
subject, copies a note from a Bank Cashier in New
York, from which our neighbor suspects that there
is some mistake in our statement. We would
suggest to the Banner that our information is de-
rived from the Constitution Of New York, which
is somewhat moro reliable than the assertion of
Bank Cashier We never make a statement of facts
without first consulting the very best authorities
which are accessible to US. a similar course would
prevent our neighbOr from falling into such fire.
Quent errors.
The Constitution of New York (Article viii, Sec
ton II provides that "Corporatons may be formed
under general laws but shall not be created by
special act except for municipal purposes and in
cases where, in the Judgment of the Legislature,
the objects of the corporation cannot be attained
under general laws. All general laws and special
acts passed pursuant to this section, mag be altered
from tials 10 time, or repealed"
The Constitution of Psnnsylvanis ARTICLE I, Sec
ton 25 provides that No corporate body shall be
hereafter created, renewed, or extended with bank
ing or dscountiug privileges, without six months
previous public notice of the intended application
for the same, in such shall be prescribed
by law. Nor shall any charter for the purposes
aforesaid be granted for longer period than twenty
years, and every such charter shall contain clause
reserving to the Legislature the power to alter, re-
woke, or annul the game whenever in their opinion
it may be injurious to the citizens of the common
wealth, in such manner, however, that no injustice
shall be done to the corporations"
These States New York and Pennsylvania have
more than a million and quarter of money invest
cd in banking corporations chartered with the con-
sutional provision that the Legislature shall have
power to alter repeal their charters The Bank
ing system is well Tor better regulated in these
States as any others in the Union.
There are similar provisions in the Constitutions
Of many of the other States, to which we would
respectfully refer the Banner, for its and Col
NETHERLANDS instruction.