Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-11

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MIcHIeAS.-Tke CoiistitusiOn Of this State pro-
yidss that corporations shall lot ha created by spe-
cial act but may be BY gsneraisaus, ana that sush
general lAws may be altered orFspealsd; that bank
ing laws must be submitted to The people and ra4i-
fed By majority Of the voers that the ofEisers
asd stockholders shall be individually liable for all
the debts contracted during the time they were
stockholders and officers; that the notes issued
shall be registered, and security given By deposit
Of public seeurities that nete-aolders shall be en-
titled preference in case Of the insolvency Of any
bank; thas the stockholders Of all corporations shall
be Individually liable for work snd labor performed
for them.
There are other stringent provisions in this con-
stitusiOn. showing thai the people of Michigan had
fall appreciation of the evils and abuses which
had arisen out Of corporations They had wit
messed the great struggle that hal taken place in
Ohio with these bodies, and their course has indi
Gated, in the most unuistakabls and solemn FORM
their judgment in regard to that struggle.
CoSEEcrIcUr.-This State seems to have been the
frsttO adopt the policy ofrefusing to part with its
control over corporations In 1872, bank was char
tered, in which no power to repeal ii was reserved
In 1875 the charter amended and IL was declared
repealebls; ia 1885, the charter of the NorWich
bank was declared rspealable. In 1875 the charter
Of the Academy Of Arts and Seierces was made re-
pealsbls. All charters for schools and agricultural
societies, at the same session, were made laws ard
not contracts. So, in 1902, Academy charters were
made repeaabls laws and rot contracts In 1924,
Bank charters we're made laws and not contracts
So, in 1880, Bank Charter vas made repealable
So, in 1881, two Bank Charters were made laws ana
not contract. So, in 1882, q, and 4, charters
were made laws and not contracts.
The provisions in all these charters are as follows;
"This act, any part thereof, msy be repealed or
anhulled, at the will of the Legislature For in
stances Of reservations of right to repeal Town and
Bridge charters pages Of private acts ZIG, 2I9,
26O, 2O6, 276 268.
Canal charters repealAble 800, 31l.
Charitable Associations repealable 500, 3l5, and
si5.
Bible Society s2s, 1883, 329.
Benevolent Associations. Orphan Asylum, 1888,
p. $780, Hartford.
Insane Asylum. S42, sl5. HartfOrd
Churches and Towns, $50.
Society for PrOpagating Christian KuOWlsdgs
SAG.
Wharf Companies, 44s, $50.
FireInsurance Companies, 1910, 1919, 1926, 1880,
1t is uniform in Manufacturing Companies from
| 1914 down.
So Railroad Charters, pages 1901, 1907, 1914,
1919
So in Mining Companies.
! SO much for these peivate acts. In the acts
Of 1855, not single charter was passed. which was
not subject to modification or repeal
The Slate has adopted the system of Free Bank
ngreated BY general laws repealabIe This State re-
Observation-Disclosures security, with fixed amount
of specie 10 be kept This State has therefore repu
dated the whole system Ofvested rights. The Con-
necicut Legislature does not enter into special
contracts with any association she creates and thus
subject herself to be arragned before the Supreme
Court Of the United States whenever che passes q
law that any petty and fraudulent corporation may
object to. This State retsins It's sovereignty and
creates no Independent sovereignty within her
limits.
/ KENTEoKY.-see Acts Of 1855 Turnpike char
ter repealable, page So PAducsh Railroad charter,
% - AS0SA'SNs mining NOnIpa-
MES p. IL, also 81. Turnpike Companies, see 80,
lal, 185, 246, 1868 Masonic Lodges, 1876, IA, ls9,
Louisville CanaI Company 25l. Mining ana Man
ufacturing 276. Deposit Bank, right reserved 357.
Insurance Company Of Louisville, right reserved,
sos.
Such are some Of the provisions of the acts of 1856
Acts Of 1858. We fnd the Legislature of this
session exhibits fixed principle of action Whilst
large portion of the Charters are declared laws
and subj to repeal others are left to be consider
ed contracts, and this diversity of policy is to be
found in acts incorporating individuals for the same
general purpose. This State will, in a few years,
be driven in defense Of the interests of the PEOPLE
to place the whole corporate wealth of the State
under the control of the legislature ana on the
same footing Of other property in the tIte. She
has made beginning, like the State Of Tennessee
in the creation of the Bank of Shelbyville.
MARyLAND.-This State has not run into the cx-
oesses that most of the States have in regard to
excessive paper issues. Yet, it has had enough of
abuses in corporations to compel the people in self
defence, to assemble in convention, and withdraw
from the Legislature the power to grant the extra
ordinary exemptions and privileges which it had held
BeIore IN Inc IAbS COnbtluIloH OF 1901, II IS pro-
Vided that the Legislature should not grant or renew
any banking corp ration, except upon the ccndi-
ton that stockholders and directors shall be liable
to the amount of their respective shares in such
bank for all It's dettJ and liabilities upon note bill
otherwise, and upon the further con lition that
DO director or other officer should borrow money
from the bank, and that the books and papers OF !
said bank should be open to Legislative inspee- /
ton.
Section A. is &c follows
'Corpora.iOns may be formed under general /
laws, but shall not be crested by special act except
for municipal purposes and in cases where, il the
judgment of the Legislature, the object Of the cor
porstion cannot be attained under general laws
All laws and special acts passed pursuant 10 this
section may he altered, from time to time, CT re-
pesed provided, nothing herein contained shall
be construed TO alter, amend, change in any par
tieulsr the section in relation to banks"
These provisions show that the State of Mary
land had been haTrsssed BY insolvent banks. They
therefore, took away from the Legislature the POW
er to exempt Individuals entirely from personal
responsibility, but requirei what they regarded
sufficient responsibility to secare the debts of the
corporation They will be scourged into the neces-
sity Of requiring securiiyas SO many other States
have dane.