Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-11-12

suspended, ana the following Senate bills were
real and passed The FIRST reading:
s. %, to better provide for the payment OF w.t.
misses in certain eases
100. 10 au,eod the criminal laws of this State
Senator Eewmsn's, So to pay County Court
Clerks for taking ofoeIs onds under the small OIL
Tense Law.
Senator Richardson's, 50. to charter the Eagle
willie mud Chapel Hill Turnpike Company
Senator Hildrelh's 60. 10 give grand jrries dis
oretionarv power 10 max. presentments for swear
ing IIatroduced New. l, and described on page
Il2 of the LeqisLattUs Union and AmerieGn.
Senator Trimble. go, TO pay the expenses OF
fS264 SOY Of Che investigation Of the sfirs OF the
Comptrolier and Secretary CT State by special COM
mitee Of the last General Assembly
Senator Boyd, 40. &c rpofaie the Uaiied Syn
oil Of The Pfesbyterisn Church IN the United States
Senator Richardson ~, 10 authorise the Banks to
paw out the notes of each other.
Senator Bradford, 10, 10 amend section 5,222 OF
the Code.
TENNESSEE IRON COMPANY.
The SPEAKER stated the order to be the con-
alteration of The unfinished business of yesterday,
being Senator Minnis' bill s. TO incorporate the
Tennessee Iron Company, the question bling upon
Mr. Williams' amendment to the Committee on In
corporations amendment.
Mr. GUY Mr. Speaker As a member OF the
COMMITTEES on Interpretations; as the mover OF the
forth 40 much of denunciation from the Other side
from the House. and particularly from The gentleman
of Hamilton. MIR TreWhitt whose most direful
xrah seems TO have been Awakened against that
amendment il is but dse 10 myself, that | should
explain The motives taat actuated. and she princ-
pies that impeIled me, as one Of that committee TO
nursue The course which did. | have evtr waite h.
I'd with paiaful interest the tendency of the age,
which has been TOO much to load down the statute
books Of eur country with acts Of interpretations,
com, ri ng 20 Ners immunies and privileges o well
a. exymp IONS the corporation no ejoyed by
The private CITIZEN. Thus pervertng the power OF
the government, instructed by The people for
common protection. and common 6eHet-to the use CT
the priYlledged few, and the oppression Of the
many The very thing which in my judgement was
in ended to he prevented by the trainers OF your
C institution when they said ''the Legislature shall
h ave no power to Suspend any general law for the
benefit Of any particular individual, nor to pass any
law for the benefit of individuals inconsistent with
The general laws of the land; 10 pass any law,
granting TO any individual or individuals, rights
privileges, imDunites exemptions, other than
such as msy be- by the same law extended to any
member of the community Who.msy be able to bring
himself within the provisions of such law; ProriG-
3D. alSsys the Legislature shall have power to grant
such charters Of corporation as they may deem ex
peditnt for the public good, now sir with my oath
to support the constitution Of the State of Tennes-
see still warm and lingering upon my lips, | did
not shins, that could vote for the hill at ALL
d,d Conceive that could, consistent with duty,
sit silently BY and let the bill pass without opposi
tion and proposed the amendment with the view
of multiplying the act, which KNEW i: would have
the eff ct CT doing the only object was to relieve
the corporations from great responsibility fOe the
d. BITS of the concern.
But the Representative from Hamilton, (NIr.
Trewhitt,) Gays this is narrow, contracted policy,
the effect Of which would be to lookup in the noun
tain fastness Of East Tennessee the Unreasonable
AMI undeveloped resources of htr mineral great.
ne believe, SIR, that do not underrate toe
claims of East Tennessee, or the value Of her min
productions, and if thought The effect of our
policy would be anything like the picture so thri.
ingy painted by that gentleman, could then with
stu tihsadon vote for the bill without the amend
ment. as in that case it would come within the
specifications of the constitution. But will remiu0
my friend upon the other side Of the Hall that it is
IT. And while he has astoundsd us with this art
ling ereaton, he has utterly failed TO explain Its
operation. And when gentleman of his shreWd- |
AMI tact fails TO give reason for his position,
you may safely presume it is for the want Of one.
aud not because be supposes himself to be fortified
by an impregnable chin Of facts that self evil
dent TO all. My friend from Stewart, who sits Cd
my left informs me that in his county there are |
seventeen "Iron Manufacturing Companies" all |
of whom are driving prof able and thriving bu-
sness, and not of which has applied to this
Legislature, or any other, for charter. Aud il /
Stewart county can successfully manufacture and |
boat her coal, as she does do, from East Tennessee
then it certAinly that that highly favor
ed region, Astounding alike in us coal AMI its min
erals, of which you heard so much yesterday even
ing, could equally prosper without this special leg
sl4iol. And for this reason, together With tbe
fac. that in nearly every single ipstauce
Whtre there has been failure in this manufactur
ng business shat failure has oeor:red under an act
If incorporation. AMI if srch has been the fatality
If the law heretofore, it may continue 10 be in The
utuTei and you'd not cripple the enterprise and
esou c2s ofEast Tennessee by such system.
These are my views upon this subject, and ex-
yet t. act up to them while | have the honor to
!od seat upon this hoJr. And [ shall sairk no |
that attaches 10 them.
Mr. Marlin did not consider We had the least
light to pass any act OF private incorporation IN
ess it would rebound TO the public good and such
lie believed to be the with interpretations 70; I
tanks, Railroads and Iron Companies. Is it right
necessary for the public good that the ind vid1al
liability clause should be lacked on to these bills
very m'n trading with companies should know
hetber the Stockholders are individually liable or
ct. The provisions Of the amendment to this bill
lake each stakeholder liable for the debts of tie |
hole concern. Why, no sensible man would jeop-
I'd his property by taking stock in any such in
1rporatiOn. II is said there are many iron compa
les going without charters, but that is in
ortioa of the country where they spare the cap
Il to carry it and this is not the in the
seon where it is proposed TO erect this iron man
factory.
Nj CHEATHAM opposed che withdrawal clause
chewing that MN, -t,Dths of the people he repre-
,nted were with him on this question,
MIR. CAN'T said that individual gain was tia OBJ
ct of stockholders in private corporations, and l
dividual liability should be applied. In Railroad
rpora rs or Others where the public good is =
'imary, it is policy not to apply this principle. v
hen you come to the class of banks and others,
here the public are accommodated to q certain
ltent then it should be left to a sound Legislative
scr, ton.
10 granting charters to corporations, hold these
iucIples to be correct:
l. Where the corporation as sOl,}y fer the public :
cd, individual liability should not be applied 10 G
e corporation. 7
2, Where the primary object of the corporation is
ivGte gain, and the public good secondary an
Htal individual liability should be applied to the
operations
8. When the objeot of the corporatiol is exclusive
for PriOafs gain, no charter should be granted.
I. Where the primary object of The corporation is
e public good, ana the individual benefit secondary
en- it should be matter of sound discretion how
r individual liability should be applied to the cor
ratoTs, or whether it should be applied at all.
D. believe, as a general proposition, it is right,
granting charters, TO reserve the power of repeal
what shape this power should 5e reserved will Of
urse be dictated by the character of the corpora
n, viewed in connection with SOaRd policy AID the
bic aUelfare.
MIR. MARTIN. If he were satisfied bill was in
duced here solely for the benefit of the incorpo-
ors, no would vote against it.
Mr.. EWING should vote against the smendr emit ID
the bill The effect of attaching the liability
use upon our charters will be to drive all bust
IS carried on by incorporations into the hands of
esponsible persons. He was opposed to the
sage OF all corporation acts which we're not for
public good
Mr. WILLIAMS, of Hickman, obtained the floor,
gave way for the recess.
Md thel- 3
10 motion the house took recess till o'cocks. &c
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