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upon the liberality and intelligence of those bodies.
The annexed bill, it will be scen has four principal objects. 1st, to define and assert the right of this Legislature in regard to corporations. In the course of their investigation, This committe have made reference to two decisions of ihe Supreme Court of the United States, bearing on this subject viz: the celebrated Dartmouth college, case 4, Wheaton's reports page 627 ctc, and the case in first Peter's reports, 514, of the Bank of Providence. These cases establish the position, that this Council have the power to impose taxes on these Banks, clearly in all cases where there is no express prohibition in the charter, and where the exemption is without consideration, the right is equally unimpeachable. Not only in regard to taxation has the Council a right to operate on the Banks, but by any general law, it may regulate and control them for the public welfare, even in matters forbidden by the terms of the charter. No Legislature has a right to grant away and divest all future Legislatures of its general power of Legislation, for the public good, and in the language of a distinguished statesman, “if it does, such grant may be resumed by its successors.
2d. The amount of the taxes. The committee believe one-half per cent on the capital of those Banks trading on the plighted faith and guarantee of the Territory, (except the Union Bank of Florida,) and all surplus profits is not more than equivalent for the lucrative privilege of banking. No Bank should be permitted to declare a dividend of more than ten per cent per annum. All profits over that amount should be carried to a safety or surplus fund to be added to the capital stock of the Bank for security in case of losses. Banks trading on the credit of the Territory, and its plighted faith and guarantee, should pay more than others.
3d. The total extinction of all dormant charters, and also those forfeited by unsuser has been considered an object of consequence and also the aiding of the creditors of the latter in recovering their debts.
4th. The securing the soundness of the Banks in the Territory by making them shew full reports of their condition, at stated periods under penalties, by compelling all branches and agencies to pay specie, by prohibiting the establishment of all agencies or branches without express legislative authority, and other regulations has also been considered, and the committee, in the bill reported, have had such matters in view. All of which is respectfully submitted.
E. J. WOOD, Chairman Com. on Banks