Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-06-07
aEPEAL4HLE CHARTERS.

Let. That the President and Fellows Of that
institution, in their corporate capacity and their
successors. should exercise and epjoy for ever all
the franchises they then exercised and enjoyed
3D. That gifts, gratis aud devisees OF lands, &C.,
made at sundry tines we're confined TO them Tor
ever.
3D. That it being necessary, in This new consita-
ton of goVeromeLt, to ascertain who shall be sue
eessors to the Governor, DePuty-GjTern9r Council,
aud Magistrates il IS declared that the Governor,
Lieutenant Governor, Council and Senate shall be
their successors, who, with the President, and GER
tain ministers, declared the oVeTseers.
These provisions have, however, the following
clause added:
'.Prorided That nothing herein shAll be construed
to prevent the Legislature from making such alter
atoms in the government Of said University as shall
be conducive to its advantage and to the interest OF
the Republic Of Letters in as fuli manner as might
have been done by the late Province Of Masssehu-
sets B9y.p
Now this corporation was founded on private gifts
grants aud deyisees, and was not exclusively pdb-
lie foundation, to which the King Of England would
have bsen the visitor but private corporation, in
which, (secording to the Dartmouth easel the per-
sons makingthe grants the original preprieors of
the charter should have controlled in all time to
come the government of the institution Judge STORY
expressed the opinion that if the principle &C
ced to, that the Legislature Of New Hampshire
should place certain public officers on the list Of
Oserseers of the New Hampshire College, the most
disastrous consequences to literary and charitable
foundations would ensue Yetin has own State and
county we behold the great nstitH ion subjected to
that very government which he go much dreaded;
and subjected to what he called /" the capricous in
reference of the Legislature, " but what must be
called, by those who have an abiding confidence in
the capacity Of for self-government and in the
success of free institutions, the enlightened super
vision of the representatives of the popular will.
The revised statutes Of Massachusetts, adopted 30
far back as 1896, psge 1885, CD. "A, in the general
act authorising the creation of corporations, DON
tains the following section:
every act of incorporation passed since 1lth
March, 1881, or which may be hereafter passed.
shall at ell times, be subject to amendment, slers
ton or repeal, at the pleasure Of the legislature
provided that no act Of Incorporation shall be re-
pesled unless there be violation Of its charter
or other default, when such charter shall contain
express provision limiting the duration of the
same"
If there be no limitation to the time of its du-
ration the charter may be repealed at the pleasure
Of the Legislstere if there be fixed time ct which
the charter shall expire, then it shall not be re-
psaei, except for some violation Of its charter or
for some other defaut
Mr.. BURKE. in his speech on the East India Com
pany, chartered, trading monopoly, said: "To
whom, then, would make the East India Company
accountable? Why, to Parliament. 10 be sure; to
Parliament, from whom their trust was derived; to
Parliament, whlcS is alone capable OF comprehend
ing the magnitude Of its object and its abuse, and
alone capable Of an effeetual remedy. The very
charter which is held out to exclude Parliament
from correcting malversatiOn with regard to the
high trust vested in the company is the very thing
which gives title and imposes duty on Us to in
terfero with effect whenever power AMI authority,
originally derived from Ourselves, are perverted
from their purpose, and become instruments Of
wrong and violence"
As to manufacturing corporations, the revised
statutes declare that the charter Of any corporation
that may be established under the section au,horiz
ing them, d" nay be revoked repealed the will
Of the Legislature, for any cause lchich they mag
deem sufficient "-Section So All corporations are
to continue for three years after order Of dissOlu
tIon, to close their concerns
The 36th section, on banking corporations, pro-
vidss that they shall be subject to repeal, as pro-
Vided in the general act Of corporations, unless il
otherwise specially provided
These provisions show the general policy of this
State; but to ascertain how far this policy had !
been carried out in the special grants made the SEES
sion acts of several years have been glanced over.
In 1854, fifteen banks we're chartered to sill Of
which was appended special clause declaring that
the charter should be subject to all the restrictions
in the existing Law inregard to banks and also sub
Jet to al the laws which might in future be passed
in regard to banks and banking Certainly this is
sound principle, which subjects every bank in the
State to all general laws which might be passed. in
'sgsrd to that subject; safe and sound for the
banks, and safe and sound for the community Il
nables the Legislature to correct all existing abuses
o remedy dangerous tendencies and excuses, at the
anne time it places each Individual bank under the
HELD of the general law.
During year 1854, there we're i've Railroad char
ers granted, with the following clause: The ex-
stence Of said corporation is limited to fifty years,
ut the Legislature may, nevertheless, at any time,
epesl this act or restrict or limit the powers
ranted. "-SsSsioH Acts Of 1854, page 357.
So in 1885, there we're six Banks chartered, and I
NO in 1857, all rsserVing the right to subject them
such laws as might be passed from time to time {
that State, in regard to banks and banking and c
sclSring them subject to the existing bank code. c
The creation OF twenty three banks in three t
versl sessions should be regarded as sufficient, I
ken in connection with the general regulations of 1
e Revised Laws, to show that it is the settled poll
Of that State TO have law suits with corpora
ons as to their right to enact such laws, from i,
ne to time IS the Legislature may think necessary !,
r the public good. O
Mr.. SERGEANT, of Cambridge, in the convention v
sembled to amend the constitution of that Stats, IL
id, on the proposition to prohibit the creation of "a
operations by special act the success of corpora Ii
ms has depended in great measure, on the fact G
at the Legislature held wise controlling power
er any special act they granted he believed the pr
'ment they yielded up that power they placed the re
erest of the Commonwealth in jeopardy uOl. DC
Debates, page 55. W.
he Secretary Of State reported the property Of the
ople Of the State to be of the value Of 5000 0OO lei
D; Of which it was stated, without contradiction.
1t S4OO 900 was in thecontro of corporations vi
III might Mr.. SERGEANT say, that when the Lee 40
lsture placed that astounding amount Of proper -
in the hands of corporations, resting on contract
beyond legislative control, that The interests of
o. il