Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1871-11-30

old Constitution. Section 9 is a
follows:
"The Legislature shall have th
right to vest such powers in tn
courts of justice, in regard to Ii
cal and private affairs as may b
deemed expedient."
1t is assumed that this section
conferred upon the Legislature tn,
power to visit the courts with au
thority to create and amend char
Iters. If the trainers of the Con
stitution were not willing to trus
the power to the Legislature t.
create corporations, or to amend
charters already granted, they
certainly never intended. to leave
SO important aquestion to the dis.
cretion of a court or chancellor.
Again, if section 9; has any con
nection with section s; it canDot
be argued that the Legislature
had a righs to confer upon the
courts the right to mend and alter
or diminish and increase the pow
Iers of corporations already created.
The latter part of section s reads
as follows: "No corporation shall
be- created or lis powers increased
or diminished by special laws; but
the General Assembly shall pro-
vide by general laws for the or.
ganization of all corporations here
after created, which laws may at
any time be altered or repealed" I"
SO as not to divest rights which
have become vested. There is
nothing said here in relation to
amendments, except to declare
that the powers of corporations
shall not be increased or dimin-
ished by special laws. If there is
any power anywhere to create cor
porations, it is in the Legislature,
and must be exercised in a general
way, so that any person or per-
sons NAV avail themselves of the
benefits of the law. The power
to organize corporations might be
imposed upon a court, but the
court could neither give nor with
hold rights or powers which the
general law withholds or grants.
The law of 1870 does not de-
clare what amendments may or
may not be made it is discretion
ary with the Chancellor; be would
become under that act a law-ma-
ker; one Chancellor might do what
is asked for in this bill and anoth-
er might refuse.
For these reasons capitalists
under the advice of some of the
best lawyers in the State and
refuse to lend money to
a corporation whose right to bor-
row depends on the laws to which
[ have alluded. They say that
they will not lend money to a
company whose powers depend
fDr legal existence upon decree
of a court, presided over by, it may
be, railroad judge but if the
Legislature, by general law, will.
in pursuance of the constitutional
authority, amend all railroad char
ters in the manner proposed by
this bill, they will gladly seek an
investment for their money, and
help to develop the resources of
the State.
1t is insisted that the bill will
facilitate the creation of monopo-
lies, and that monopolies and per-
petuities are contrary to the spirit
of free institutions. Ideny that
this bill is in aid of monopolies
its provisions are too broad, gene
raj and impartial. If passed, it
will, instead of giving an exclu-
sive right to any railroad compa-
ny now existing, enable the Mem
phis and Charleston road to open
another line of trade and travel
from one side of the State to the
other. The people of Lincoln,
Franklin, Coffee, Warren, Overton,
and other counties will be furnish
ed new outlets for their produce
they will secure cheaper rates
Of freight, their property will be
increased in value, and the little
roads which have heretofore been
a burden to the State, will so in
crease the value of taxable prop
erty along the lines that they will
indirectly become source of rev.
enue.