Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-03-26
STATE CENTRAL COMMITTEE.
SATURDAY MORNING, MARCH 90, 1853.


The Federal Policy.
The Banner has now fully commi,l,d itself to the
policy of placing insOrporated companies beyond
the control of the peoples representatives from
whom they derive their existence. Such was al
ways the doctrine of the Federal party, and We
are not asopishei at its announcement through the
columns Of lis orgaDs Advocates OF corporate mo-
nopolies and friends of exclusive privileges, ex
tended to a favored few, but depied to the many,
the opponents of democracy have constantly sought
10 build up in the midst Of republic some pow
er which should be superior to the power of the
people. and above the reach of legislative re-
stra No herilitary aristOcracy being tolerated
BY our constitution the enemies Of popular govern
meni have insiduOusly Attempted to engJaft upon
our State and Federal policy system of monied
corporations, by means ef which concentrate ed cap
ilal might obtain the same ascendsney in this c5un
try which the Sristoora'is classes enjoy in Great
Britain. The people, according their theory, be-
ing incapable of self governmtnt they desire to
steal away from the people the attributes Of their
sovereignty and subject them TO the dominion of
men whose wealth and posi- ion give them the right
t. govern.
Hence, the federal party, under whatever name
they are acting, constantly advocate the policy
granting privileges to companies of associated cap
italists, and exempring Them by their charters of
Incorporation frOu any interference on the part of
tie legislature which crea them. They argue that
the people aud their representatives are neither wise
nor honest enough, TO De entrusted with the power
of regulating these Institutions They persuade
the Legislature to invest corpora ion with the
functioa Of controlling Lhe aances Of the country,
and reserve 70 right Supervise It's acts for fear
such corporation should corrupt the Legislature.
Here is the doctrine announced by one Of the
leading organs of the Opposition in this State.
=. 1t will be apparent to shy rejecting man." says
the Banner, % who gives the sutjvct a moments con
sheraton, that if The Legislature is allowed
troll incorporated companies regular system of
bribery and corruption VII be Instituted in this
State"
The Legislature, to whom the people have dele
gated portion of their sovereignty, and who are
authorized to execute The peoples will, must give
away to banking institutions, The prerOgaIiyes Of
theiI constituents, aud retain 70 power to with
draw, modify, restrain them, les. gOrsootb, these
same banking instiu ions might bride the Legisa-
tsre. Such is the banners argument, and such We
presume is the OOctriLes of ils TASTY.
We ask our readers TO pause sud consider this
argument for momen Il is direct blow ct our
system Of popular government. 1t would take away
from the Legislature of the State, the right TO cons
troll its ius,i utioas It conveys the dooriUe that
the people NUT not dare 10 abriIge the privileges
or supervise the acts of these monster monOPOIies,
for fear hey may corrupt their representatives If
that be true, baukrI 2 corporation is a perpetual
and absolute despotsm erected over the heads OF The
people. You caunoi liuit restrain it, for it can
at any time pun chase tie privilege of violating its
charter. You cannot abolish il, for its money con-
trolls the Legislature. You nay not recall the
power with Which you have invested it, for the re-
presentatIves whom sou have elected are its hire
lngs ard its slaves Yvu yourselves its slaves,
ifihe BdnRers argument is correct You ave sold into
eternal and hopeless bondage to sOulless, irres>
ponsible corporation. The Liberties Of the PEOPLE
are already lost, aud the hopes CT The Federal party
already accomplished
But we have a better opinion of the men who
compose our Legislature than our contemporaS
~. We telieve they be safely trusted
with the power to regulate the institutions
of the State. We DO not consider thSm the mean
and mereenary uiscresns, which The Banner would
make them. If they are, there is an end of repre-
sentative government, aLd The TeOple must resume
tie powers which they have entrusted TO their Legis'
lature.
In other States legislatures have exercised the
right Of altering and amending the charters Of their
Banks and without any of the evil consequences
which our conis temporary apprehends. As we stated
q few days ago he Principe which is embraced in
the seventh sect,0n OF the Democratic platform is
incorporated into the constitution of New York In
that STATE the legislature cannot grant any charter
of incorporation without reservng the Igbt TO mod
lily or repeal It. TIE BaHRc says the New York
legislature is cOrruPt ana yet New Yvk has uo-dsy
the best regulated Banks in the United States. if
this principle, which the Banner thinks danger
GUS has not operated to the jury of the people of
New York with their yenal Legislature, what have
we to dre-d from it If Tennessee?
But the Banner thinks the Supreme Court can
impose all necessary restraints upon the Banks.
Win cur contemporary tell us what the Supreme
Court of this Safe did relieve the people during
the late suspension Has it exac!ed a frfeiture Of
charter from the Banks which refused TO Iedeeu
their circulation Has it fOrc,d them to take up !
their notes when presented at their counters? Has
it compelled them TO comply wi h the wholesome
restraints which the legislature imposed upon them?
Has it compelled them to accept The cynditous on
which the legislature cvnsenled TO legaiizs the sus>
pension? Wan the Banner soy that the Supreme /
Court has done all or any of ihese thiIgsf If not
the Supreme Court cannot relieve the PeOi lie from /
the abuses Of banks.
We insis. then that it is necessary for the pro
lection Of the people that the Legislature should
retain tie power of modifying repea ing the
charters OF incorporated Companies and the Demo
,rsiic party acted wsey in iDoIrp9rsting that piiu
,pe in their platform. The friends of rauiu
ent AID oppressive banking system will Of oouree
esist the principle.