The Montgomery advertiser., 1901-08-18

insert the words subject nevertneiess to amendment, alteration or repeal at the will of the Legislature. ana then strike out the same words where they occur in the third line. Afr. Rillans-~That was the idenucah suggestion made, by my friend rom Lauderdale. That will not cover 1t, hecause. as the gentleman from Macon hasdemonstrated to you, you nave got eIiai lower to amend your general laws, without 1t being given in this Con- stitution. The point is this: You nave a general law, and a corporation IS or ganized under that law today. ana to- morrow you have the right to amend that law, but your corporations nave obtained under it before you amend IL rights which you cannot take away by amending 1t. Let us suppose gen eral law is passed which gives to ai' banks under this general banking law
 in Alabama the right to take per cent. interest. Each bank under tnat has got twenty year contract With the State. unless there is something | giving the State the right to interfere
 with ie by general or special legisla- pQfon. It has got contract with the Estate whereby 1t can obtain per cent. interest. Money is not worth per cent. interest M'oAlabama, and 1t Is very | 1s6sSfHeytlfaf in a few years the Legis- fAttfe9 VIII make the rate Of interest 6'per cent. doubt not they ought to do1t today, and If were in the Leg islature today should surely vote for 1t. but how would vote in the Legis- lature does not concern you. Now if bank is incorporated under this gen. eral law giving 1t the right to charge
 per cent. interest, if the Legislature passes a law two days after that
 charter is granted fixing per cent. as the legal rate of interest every bank | organized under that law prior to the time they amended it, by making 1t per cent would be beyond the pow CT of the Legislature of Alabama or the courts to interfere with it's charging per cent.
 Mir. Harrision-But If the right as | suggested by the delegate from Madison is conferred of repeating that general 1 law. doesn't that carry with it the right to repeal that particular charter. and although you say that the legislat ture law. it wouldn't have the right, if the charter was obtained under that gem eral law. unless 1t was reserved. Doesn't 1t accomplish the whole thing.
 I want us to try to get together. I think the proposed amendment of the delegate from Madison would still re- serve the right to repeal that charter. When you reserve the right to repeal, | alter or amend a general law, you re- serve the right under that to change | the charter.
 1 MT. Pillans-How does that protect us in regard to the special acts? Every | special charter in Alabama. when you pass this. Is getting out from under | the control of the legislature. even by | a general law if 1t Is an amendment. You don't want to release them.
 hence I will answer the gentleman and say while we do want to get to the
 same plane, I do not understand. and | I hass tried to make 1t clear why I
 did not understand. how the repeal of the law that Is provided for the or ganization of banies for twenty years. after the bank is organized, changes
 the existing state of It's incorporation. Five or more gentlemen, l have for
 gotten the number, may organize a
 banking concern now and under the general law existing today. you would
 have a contract with Alabama, which
 is irrepealaEle unless by the terms of
 the Constitution of 1875. that you are going to strike down. And what are
 you going to put in place of 1t? You
 are going to put a meAgre provision
 that you can change your general laws
 any time you please.
 Does that repeal the charter of the
 bank organized yesterday under it?
 Certainly not.
 | That is the reason I object to what
 has been accepted by the Committee,
 as I take 1t unadvisedly.
 | Mir. Watts-I do not see the dihcalty
 in this section which my friend from
 Madison sees. The language in refer
 ence to amendment or appeal evidently | refers to the general law. l think the
 word amendment" Is necessary in
 there because if there was nothing
 said about amendment or repeal, my
 fl lend from Mobile would be right.
 notwithstanding the legislature has the
 right to repeal would it enact, but
 when the Constitution says that you
 may enact and you may repeal and
 docs not say anything about your
 right to amend. a very serious ques- | ton arises as to whether or not the Courts would construe the inclusion of | the word repeal to exclude the power
 of amendment. Therefore I think it
 advisable to put in the amendment
 suggested by my friend. MT. Boone,
 from Mobile.
 MT. O'Neal CLauderdale)-How would
 it answer your objection to strike out
 the words subject nevertheless to I
 will of the legislature" where 1t occurs,
 and add at the end of the section t&e
 following: Provided. however, that
 the legislature may at its will amend.
 alter or repeal any such general law"
 Mir. Watts-I think the sense would
 not be changed with that at all. l
 think it ought to be fixed so as to
 leave no question about its meaning.
 and think that is the way it is now.
 Mr. Cobb-I want to ask this ques-
 ton: If you are right in your con-
 struction that the word repeal there | refers to a repeal of the general law
 where have you got the right in the
 legislature to repeal a special charter.
 MT. Watts-You have not.
 | MT. Cobb-That is, above all things,
 what you want in this law.
 MT. Watts-I was about to address 1 myself to that. MT. Pillans is essen-
 tially right in the position he takes. | Mir. Walker (Madison)-To meet the
 point suggested by the gentleman from
 Mobile. would suggest to you the
 addition at the end of the section the
 following: The charter of any cor
 poration shall be subject to amend
 ment or appeal under the general law" | MT Watts-Yes, I think so. l don't
 know whether that would fill the bill | or not. but the gentleman from Mobile,
 MT. Pillans. is eminent1y correct Tn the
 point which he makes that this law
 would not affect any charter which had
 been granted under the general law.
 although the general law was after
 wards repealed. because the amend l kNrk ha