Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-05-17


MORE USUKPATION.
In our local columns we reprint pro-
clamatiOn Of the Governor, ordering the
stockholders OF the Nashville and North
western railroad to meet on certain
day at Waverly, to elect a new Board of
Directors. lie assumes TO issue this
order by virtue Of law. There is no law
on the statute books authorizing it. The
law provides that where railroad hav-
ing outstanding bonds Endorsed by the
State, failing to pay the interest on such
bonds, the stockholders may be required
to displace the directory and elect a new
one But this road has no Endorsed
bonds IL has received State aid and
the law in such case authorizes the GOy~
ernor 70 appoint a Receiver inicase of
failure TO pay interest The Governor
has already done this for the Northwest
ern road, and in so doing fulfilled the
law and exhausted his power His pros
clamation Is, therefore, naked usurpa..
ton, without any authority whatever
The stockholders may or may not meet
under this summons; but if they do, they
can with propriety elect the same Board,
and thus vindicate the rights secured to
them by their charter, and rebuke a
Usurpati0n which is without justification,
either in law or in fact 1t is time that
somebody should assert their laW-given
rights in this State-otherwise the peo>
pie have no rights which the Governor
and his satellites are bound to respect
We hope the stockholders Of the North
western road will set an example of indie
pendenee in this matter, that will be a
check to the Radical scheme to take pos
session Of all the railroads in the State
for party and plundering purposes.
by section 9th and 18th of the charter
Of the Nashville and Northwestern road,
the power to call meetings of the stockN
holders is expressly and solely vested in
the Board Of Directors and under by
law, the President has power to call
meetings Of the Board There is no line
Of any statute, and no scrap Of any pre-.
cedent in the history and management Of
chartered stock companies, which war
rants this bold usurpation by the Gov
ernOr The power to assemble the stock
holders is enc Of the chartered rights Of
the company The Governor has no au-
thority 10 convene them, or dispense
them The laws protective of the States
rights and interests are plain Under
them, the Governor is empowered to do
certain things in certain contingencies.
In attempting to cocrce the adoption Of
his policy by proclamation to stock
holders, he has wholly transccnded the
limit of his authority
What, we would ask, is the use Of
Legislature, if its laws are to be set
aside by the ipse dirt Of one official |
" hhb oNNhaAAI WI nAtGNlbl - AitEt III - |
charter it may grant, if its provisions can
be trampled on with impunity and its
guarantees spOilated at the will of one
man ? When is stop to be put to this
reckless and high-handed course Tn.
der such a state of things, the State gov
eminent is an autOcracy merely. All
stocks, all rights, all property is held at |
the pleasure of willful and imPerious
ruler, such a one too as we will not de-
scribe, for this article is not intended as
"A personal attack 1t is meant rather as
a protest against vicious course of ac-
ton, that has had too long q license to
trihe with the property of the people,
and that must be checked before every
railroad corporation is Frustrated at the
Capitol, and made the prey of political
cOmorantA