Year: 1860

alter oiate IL has been said that capitalist
5 to regulation by law. believe. air tbat there
% as much integrity and stability in the Legislator
~ oi tennessee as in the Legislature Of Virginia
90 pennsylvania, or eny other State which retains Ii
90 power TO regulate annul the charter Of ncorpor
W ! e1ons' appeal 20 the Representative from Bed


lord to say whether the owners Of Bank or Shelby.


vile have any fear Of injustice from the Legisia


iGre of this State


- Men want no entrenchment, sir, behind which Il


lodge themselves, if they intend to conform to tht


puonc interest in the management Of institutions
:, Whleh have 50 extensive bearing The business Of


the Fhole country. The retention Of this power
III has not reduced tae Eumber OF banks in any State
ss IN which It has been adopted, old or new The
statement that it would expel ospSl from the State


Is eoniTadicted by he experience OF half the States


IN the Union, and nearly half the banks. l an ua-


wiling sir to surrender al legal control ever banks
s. or hfeen years, want the banking system Of Ten
" nesses subject to such improvements as experience
may dictate.


re We have art or science within the whole
s Of human knowledge which is perfect, and none so


perfect but Whatmay be improved, if the mind that


restless principle Of man, Is left free to opsrate


and l regret to find men upon this floor who are 80


blind to what regard as the rights Of the people


ard of public good, close the doors against all


experience in banking systems for fifteen years. It


is not consistent with the principles OF the consti


tuition, which declares that all power is inherent in
the people; that is, cannot be taken from them. If


it could for fifteen, then for fifty, then foe hun


dred years Incorporate these banks and place


them beyond the power OF any law the Legislature


might pass and you close the doors OF this Capitol


against our successors We undertake. 20 far as


the banks are concerned 10 tie the hands OF Legis


lature after Legislature. We slam the doors Of this


Capitol in the face Of the people, and destroy all
! the power of the baot-box over one department OF


legislative power for fifteen years; no matter what


mischief may be done by an oversight Of ours, 1t
r. e 30 .Hnr- 81


feel that have the righ. 10 declare tha. the


people of the State should not have the right 10 vote


as to close the doors against legislative control


this subject Il destroys the elective franchise and


suneEde.s all legislative power on this subject.
| The Legislau ure has no power vote this sub
ject the next session. and the people no longer


the right toSote foU fifteen years this subject.


Ifeel that would be stripping my constituents Of


the right to defend themselves through the baotbJT


of any wrongs which by my ignorance sudinezPeri-


ence and others by their power, might intiiet upon


them by thus shutting out the rights Of future Leg


islaures to legisate on this subject. The cdrrency


is the most important Of all subjects 10 the people
The banks increase and decrease the currency at


pleasure as before said; cannot consent to leave


my constituents for fifteen years without the power
of remedy or reform l intend sir 10 return the |
burtheu of legislative power to my constituents IN
impaired by any act of mine. ! consider hat man


who is ready to deprive his constituents Of the |
power to protect themselves against The mischief Of


his acts under the impression that he knows just /
what right and what ought to be done, and thar he


ought TO leave those who after him no right to


avail themselves of the benefit of experience, as


most unsafe legisai to say the least Of it. The
wisest men who have ever lived, those who
doubt their own wisdom, and hold their actions


always open TO the lesson Of experience which
every yesr every month, yea sir every day evolve:


l have not sufficient confidence 10 the cor
rsctues. Of my opinions on the subject Of
banking, that, l am willing to say to the next
Legislature which may assemble within these
halls, you shall not change what have done,
what [ do, shall not be touched for fifteen
years. IT. Mr. Speaker, could lock down the
Wis, a OF time for fifteen years and see, hear and
know every change that could happen in this chang
ing and prosperous country; If we could see what
surrounding States were going to do on the subject
Of currency; if we could see by possibility, what
the Federal Government might do II We could see
AID know all the fraudulent means AMI contrivances
which could be devised to evade the intentions Of
this legislature if we could see ell these tlings,
and know all that coulI and would happen, then sir
il might be wise aad proper to pass laws TO stand
for that time if we felt secure that our judgment
was better than the judgment Of the balance Of the
human family But, il has not been the decree Of
Providence to invest with such foresight or such
exalted wisdom that should legi5late for future
generations. The million Of people who made the
Constitution under which We now sit here have the
power to assemble IN convention and abolish |
the whole fabric Of the government. They have /
the power TO put out Of oce any otcer Ia the State
They have the power to reconstruct the whole sys
TEN of Government Such Is the power which the {
Constitution declares is inherent in the people and
cannot be alieuaed or taken from them. All lsgis ,
Iative power is given to the Legislature and
by them be given away The right to regulate the !
currency is as much legislative privilege and right
as the right 10 legslate about public roads or dead
mems estate; yes, sir 1t is legislative power and Is
inherent in the people and ty them declared to the
Il said ia
wrong to trust the power the currency with the
Legislature That the Legislature cannot be trust
ed That the people will dsstryy the banks and :
will destroy themselves I


NJ. Speaker, your liberty, your property, your :
life as well as mine and of every other Of the mil
lien Of people Of Tennessee, held under and by
virture of general laws passed by the Legislature
under the constitution, all subject TO modification n
and repeal by the Legislature, and in no govern h
ment in the vide rarge of nations they half
secure Sir, the principles of that sacred bill of
rights appended to our Constitution, which is the !
shield of our liberty will be the shield Of the rights
Of interpretations Their real estate, their metallic
money their securities, their chairs, their tables
and books these power on earth can rob them OF,
thew have VESTED right TO them which will stand till
Justice is exinguished They stand with open char
ters on the same platform hat you and and million
of others stand in state in regard 10 life Liberty
and property If the eastern stockholders Of the TWO
large mOnOpohes who nov control the money affairs =
OF the state are QOL WlilDS W lGJ llA6E ArlhLiC
money and real estate be governed by the same >
laws as our eizens-if they are not willing to ex /
ercise trade under the operations of the same gen
eraI laws and constitutional power BY which your
life your liberty, your property, and mine, and 4
million others are secured then l shall glory in .
their earliest expulsion from the State. SI-, cur
rency is nothing but partial representation Of be
annual products of the State and their place will :
ne instantly supplied. Sir stand ready to sup .
port and sustain to the last syllable Of recorded
time all the vested rights Of any bank in the State
to real estate vested rights to all evidences Of debt
executed to them and every Other speses of prop
erty but sir, the country has been duped lOug 4
enough with this cry OF Uested rights, and many h
believe it will abolish all paper currency 10 retain
Legislative control What is this vested right? II
Is vested right to be above laE; it IS Z
a vested right for eastern stockholders to assem-
bic together in an eastern city, and say they don't
inteId 10 submit TO the laws of the State passed
cording to the forms Of the constitution, and spp
cable to oil the banks IN the State IL : vested
right for Is or 80 years TO disregard the wishes
and judgment of the people Of the State, 10 +
matter how often or how sOemnly expressed, .
in accordance with the forms of the constitution.


Mr. Speaker, we are constantly met with the v
pument about Ue5ed rights Under this banner wrongs
and frauds, and expressions inuumerabe have, for
centuries, been hesped upon The people. The "a Z
credness attached to the vested rights Of property s
has been transferred to The vested right Of power,
dominion, and exclusive privilege. The sacred &
livery of angels has been stolen to the devil
with Sir, we have heard Of the divine and vested !
right Of kings, boo ed and spurTed to ride mankind.
We have read Of the vested rights CT churches
tablished by law, to tJhes and gIebes exacted from
property and from disseRtient majority? We have !
read cf the vested rights of mobiles estates 20 :
be enlailed through succeeding centuries We have
seen great East India Company, under the plea ,
Of vested right, Warr.ng with sgsinst the
power which created it, and with the ether plum
dering millions We read of a period in the
annals of English history when a large por,ioa 3
of the offices were held as freehold estates with
vested riglt to the possession for life descending by
inheritance, transmitted by will, We have seen
on the page of history tn iuheritOrs Of all these
sacred rested rights deesining against the Vulgar
pOPUace, the brutal mob, the gHOraat and dpyaUed
ra66le. These the sereOtyped phrase # the en-
emies of popular liberty in the old world Aud
in the United S.Ges we have at earlier period of
our history it grsvely asserted that there ex
listed freehold esIa;es in Offices aud that if the
public good demanded the abolition of the Office
the cii3er had vested right TO his salary for life