Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-07-09

sns f.ssa i q t.ss s.sas ..
f41
-sAa ifAi n te w.u Fah /.
fosss On shs fimsy ssgunznts Of the Opposition
aserei 20 sessrsation of power to the Lessisttrs
tseAtnss nsdify q abels6 Bank charters The
Nashville Psirpt makes an ashasiag ats.n7s Is rys-
rs ssf. FIIrasREs Reaaias ana his escape tho
s7sstof testimony which il car neither eontrovsrt
nof question. We rsfublish the letter. Restsb-
Hshesths fact hat the great State ef Esw
York, aftsr long experience has fourd it necessary
for tie protection the people. ia rsssrvs the paw-
er t. change, modify Or asaish banking corp5ra
lions, and that this poser has never been abused,
50 far IS Mr.. FILLMoiiE has heard, during nine
teen years-ihs periol which has elapsed since the
establishment Of thissyslsm in New York: z
BrTEA1o n. Y, Maya. 1859.
A g. MEBRlTJ. ESQ III Dear Sir. Your letter
d the l1th has just come 70 hand, snd in reply 70
your several Inquiries, respectfully state that in
1890 the statute LAWS ia this State we're revised,
and 10 this revision itW declared in substance
that al acts Of incorporation thereafter granted by
The legislature should be subject to modification or
repeal Ct ths pleasure Of The Legislature This pro-
vision Of the Revised Statutes vas BY reference,
incorporated into aud formed part Of all bank
sttution Of lez5 aft-s, See l. } limits the poRer
OF tia legislature toereste corporations to specis
cases. sud thea declares that tAu general laws AMI
special sats. passed pursuant 90 his section may
be altered from time 10 time, or repealed"
Most Of the lsnk chariere granted by the Legis
latu-e base expired. and have not been renewed,
and our bank generally are doing business under
the General Baking Law.
haVs never sheerl any cOmplaint that the re-
served power Of the Legislature over the bank char
lers has been abused
believe this answers al yourinqniries
Respectfully yours,
The Patrios attempts u evade the force Of these
facts BY publishing disjointsd portions of Mr. Fiji
soRE's letter, and placing its own forced and un-
warranted construction upon them. II says, that
e thstaeOry lof rsssrving power to the Legislature
to change, modify or abolish banking cOrporatiOns
odd MT GnsEsr IN practice" Mr.. FILLMoRE says it
did He says that in $780, it was provided by stat
ute thos all acts Of Incorporation thereafter granted
BY the Legislature should be subject to mOdi6ea-
ton or repeal at the pleasure of the Legisla
ture" This policy so far from being abandoned, as
alleged By the Patriot, was, according to Mr. FIT
MORE, incorporated into thenew Constitution Of
New York of ls4s, which provides, Art. viii, Sec.
~ that
"Corporations NAY be formed under general
laws; but shall not be created by special act ex-
cept for municipal purposes and in cases where in
he 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 time 20 time
PsGlsd"
The policy Of reserving power to amend or repeal
acts Of incorporation, which had been tested from
1880 to 1885, vac found so beneficial in its opera
ton that the principle was embodied in the State
Constitution, go that nov every general and special
act Of incorporation in New FORK " may be altered
from tine to time or repealed" MR. FLLxoRn
says, Ik6us nspar heard any complaint that the re-
sUsS Forsr Of ths Legislature Bank charters has
been abused
The Pariot says "the application Of the principle
failed" How has the principle failed Ithss been
adopted into the Constitution of New York and there
is not Bank in the State which is not opersing I'M
der il. Tho sane power to alter and amend acts
Of incorporation which existed under the statutes OF
the State previous to 1896 nov exists by constitu
tioual provision. Tas statement Of Mr. FILLMORE
that this power has never been abused is sustained
BY the history Of banking institutions in New York.
Pennsylvania and msuy other States where the
power is reserved to the Legislature to alter amend
repeal acts Of incorporation whenever the public
good demands it.