The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-12-14
CITY NEW
BANK OF TENNESSEE.
Tan the Charter be Aunulle.
Important Legal Opinion.

81 the request Of q number Of members o.
.a Lsgslaturs, the FOL owing legal opinion
a-srrepzred and read for the information o.
usI Use.
d. .ass OF tho bill 30 declare a forfeiture
#ta. charter If the Bank Of Tennessee, the
LIS .tgal question which may seem emit
4 % confederation, is, whether the Legis-
-ra has the power 10 declare such Tor
rl-s. or whether in the particular case
s.euted. Court or competent jurisdiation
.-8s5F proper proceeding had Tor that pur-
Use, clone possesses the power 10 declare
.uab 1-siture.
Lhst oIutiou ofthis question depends upon
be- s-t whether the Bank Of Tennessee
fsr-1lIc or privfta corporation. II Of the
.--as character, the Legislature has clear
he power from time 10 time, and 90 wall,
st-r, amend, enlarge, Eb-idge, or BY
t appeal, abolish the original act Of
ration. This, however, is not the
# with private corporations. OF these,
r-sture can be declared only by tho
r-.s OF che country, under proper judi
rr1ceadiug, instituted for tunt purpose.
la reason Tor this distiEctiOn Is very
ss-.v sud lOrcIblv stated by Chancellor
j ..-t u bis Commentaries, aud is well sup
-,ai bv the authorities by him referred
He saws. 81 public corporation, insu-
.al for pErp0-es connected with the ad-
t-atI8u of Government. may be con
"a BY The Legislature, because fuch a
agun is not contract within the
-r.sa OF the Constitution Of The United
Is. 10 tn9so public corporations there
'si.ly but one party, ana The trustees or
Tau8Fs Of the corporation are merely
s.a5s tor the public A private corpora
vie her civil OF eleemosynary,ls con
] between the government ana the cor
aI1n; and the Legislature cannot re-
a. impair or alter the rights aud priv
fa conferred by the charter, against the
cent snd without the default Of the cor
l.0r. judicislly Rscertained Eui declar-
Woe ? Kent's en-. lee ., 81 edi-
7 + 500, and authority there cited
Eugu,h ego--Nide Woodsari (,
iassl1u 3ls
a5 be- corpora ions are OF two kinds;
ss which are political Or municipal in
character, such ss cities, counties,
rli. &c.i the objec Z of which are for the
eminent of the State. or portion
-sal Second, such as 8re founded tor
r, though not for political or auu.ci-
gIrpdses, and he t-t0ls interest ~ tck.ct
H.4 10 The Government, such for exam
'sa hama, ihe whole stock Of which
-gz 90 the Government" lis In every
sr public sud not private corpora
Such have been the repeated judicial
sus Of the Supreme Court OF the
led Stats, aud Of macy Of the State
-a
tinruth College IS. Woodward;
.sl,Jn. 6ss, GA; wheaton, s0z. Nc
SCI; I Hawks, so.
yuE these principally, or rather
ilus 70 the present ease, there can, 10
.'.lsd, be no doubt that the Bank OF
lessee Is public and lot d private cor
a..l. lt was created by the State IN
-sauce OF its own natural objects and
Every dollar Of lis capital, as well as
s,s belonged 10 the Stale. The cor
-.,s were but nominElly vested with
-f-i.cys. They have no beneficial inter
s-alsver, aud are At most, bus naked
re-. holding alone for the State, and
ssrsss How, then, can 10 be main
g. vth a shadow Of FEASIBILITY that
than puhFc corporation.
-f eng 60, accol ding 20 the principle
'--iy announced, tho Legislature have
De power % declare q forfeiture.
rHos. @. SAITH,
HoRACE H. HAEEIsoN.