Year: 1860

Ae1dAeu ears III we NAY clOtha them with vested


slghts and chartered privileges too sacred for leo


lslatYe interference during their legal eissnce f,


given and stated period, then why NAV we not ey


tend that time so as 70 embrace thenext half1zeu


centuries, and at least fifteen generations of men


II we may arrogate and construe to ourselves, the


power TO deprive posteriy Of the right Of express.


sion and legislation on this subject for the fir,a


specified IN the b then certainly there is nothing


IN the Constitution to prevent our doing so for the


longest possible time, so We fix date however re-


mote, when their charters viii expire b lmita-


ton; and [ Gubmit to the friends Of this bin and
/ TO the House to say, in all fairness and candor.
! Il a charter running for five hundred years
would not be much perpetuitv in 50 far az in
! tervening legislation and intervening posterity


are concerned. rs If 1t extended without limitation


for all time to come And to the same extent would


not charter for fifteen years be to cur successors
during the interim equally perpetuity, inasmuch


as they could not legisate upon or assume any con
troll over themf So It appears to me, at least and


believing the Constitution intended to prohibit
tllllg-sn eYli-and not merely name. i wound in


obedience thereto retain legislative authority and
supervision over them and let them become bv in
dorsement much the act Of that session Of the
General Assembly that approved by silence or fnac-
ron as the one that enacted them, lust as an our
laws CT general nature are. If for instance we
pass revenue law at cur present session. that law
IS subject to alteration or repeal by the next and
each succeeding sitting, and if it should work ou-
preston 70 the people, is Inadequate to the re-



prOFlnee and duty Of the Legislature at once 10
make such alterations and amendments as have been
shown by trial % be necessary 70 remedy the evil
But, if the law should operate successfully and
meet alike the approving Judgment Of the people
and the lust demands Of the Governments and Is
therefore allowed to remain upon the statute books


it becomes much the decd of the session so per
mitting asserting, If i had been formally en-
acted by that session and in this way the theory Of
sefgOyernment becomes IN practice living and
,,Ns-r, ,1ar. ~.
competency, cur part 20 contract for ourselves
has been charged by members on the other side
of the house, as an objection to the Repeal
Power in q former discussion upon this floor it
simply admits and asserts, 70 the contrary. this
very competency, not only as far as we are con
cerned, but in so far posterty itself is concerned
and The difference between their position ard ours
IS that while would only claim so much intelli-
gence and legal competency as we are willing to
cOncede others, they would arrOgate and assume
for themselves competency which they would de-
ny to pOsterity.


One other point now, sir, and I win have done
with this branch Of my subject Il is in answer TO
the argument Of my friend, the junior represents
tive from the county Of Shelby, opposition to the
tWenty-ninth section Of Mr. Gdrtts bank bill when
upon its final passage in the House whose funda-
mental and radical error is 70 be found in the fact
that he mistakes entirely the premises upon which /
we act; he proceeds upon the idea that we are not
only the people, but the government. and that we /





individual would have TO sell traet of land for I
which he had a tide in fee simple, while in fact
ours is only life estate IN the government and as
our Official term is limited by the Constitution to
two years, can only be said to live for that 4
length OF time, and this, SIR is the distinction to
which invite the attention of the gentleman. This
government and its powers are more the right
and property of the present generation than they
were of the past genenratOn, or the generation yet
to come. Ii is 4 blessing descending from our an
IN hq ninad anil
By the councils of wisdom, priceless legacy, to
all future pOsterity. But TO continue In order 10
give force and plausibility TO his argument. he
presented us as contracting with these banks for
he use Of their capital and as a return for which
we confer certain powers, privileges, immumtcs
md exceptions, and, by way Of illustration he sup
lOses case that bears no analogy whatever to the
lont question. ! do not know, sir that / secOl.
eet his figure Of illustration, and viii furnish one
Il my own, which VIII embOdy the idea--n it does
lot hope he VIII correct Ine-fOF instance he pic
ures to your imagination . man selling a tract OF
and, for which he gets in hand lis cash value and
fter the trade has been made in general terms. he
ays to the purchaser in arranging the details mot
it is greatly to my interest and con-
enIence at present 10 make this trade yet, I must
eserye, upon the face of the deed, the power 70
evoke or annul the bargain, whenever il may be
o my interest, or the interest Of my sue
essor, so to do and says he what kind
f a contract is this that binds one party TO the
greement and not the otheryf answer, that such
contract would be a limited one, conditioned upon
uch contingencies that man. in his proper senses,
would accept the terms but if he did. the obligas
ion should and would be binding in the eyes of the
lw. Such, at least, is my opinion Of the legal
uestiOn. Then, says he, would drive out the
aptal Of these banks, because we have no right 10
uppose that they would submit to terms OF such |
inequality. |, sir, have not argued for the expul-
ion Of their capital do / ask them to submit to
srms Of inequality-It is equality that / ask-it is
nat for which labor; and since there is nothing to
Ompel the cOrpOrat0rs to continue the bargain one
our longer than their selfish interest-since
ley may at any moment withdraw their capital |
nd retire from the field after having driven 0ut
nd subyerted the constitutional currency. as 6
leaper and counterfeit article viii supplant the
enuine or more COSTLY would leave the Legisla
equally free to consult the best interests Of the
tate. would not mauaele her and leave the
lnks free to go their way; but, if gentlemen insist
putting her in chains, then let them forge fetters
y the banks If she must stand 20 bad bargain !
hen it is made then compel them 10 do the same;
nd if you can't do that, then, IN the name cf COM
ION sense, reason, justice and equity lin the name
{ the people of Tennessee, 1 beseech you, DO not
,ek TO bind the State, buteave the parties contract
g, upon footing of perfect equality This is all
e ask, and say to the gentleman if he and those
18th whom he is acting refuse then it is them, and 7
Dc Us, who would impose terms of inequality. II 7
them and not us, who would violate the Obliga- Q
on and sanctity of contract They would build up G
ld establish a banking oligarchy that would over
iadOw the government, and that would rule over
nd grind the people with the OppressOr's power, L
henever cupidity and avarice, the willing hand
aids of lust and crime, would lend their potential
.Yor While we would MAINTAIN the sovereign a
luality Of the people, and arm them not only
ith the means Of self-protection, but with
e authority to mould and shape these soul
IS institutions for the best good Of the country;
I'd in doing this we introduce no new and untried
lperiment, unsancuoned by the science and philOs
lhy of sound government, but would simply apply ,
much needed measure of reform, the wisdom Of
hich is suggested by the bitter experience of the
lSt and demonstrated alike by successful operation
many of the older States Of the Union, whose ag-
cultural manufacturing and commercial interests 4
,e not less varied than or inferior to our own. Il


FC0ncluded t0-n0gTOiUl