I think it proper to call your attention to the power assumed by
Territorial legislatures to authorize the issue of bonds by corporate
companies on the guaranty of the Territory. Congress passed a law in
1836 providing that no act of a Territorial legislature incorporating
banks should have the force of law until approved by Congress, but acts
of a very exceptionable character previously passed by the legislature
of Florida were suffered to remain in force, by virtue of which bonds
may be issued to a very large amount by those institutions upon the
faith of the Territory. A resolution, intending to be a joint one,
passed the Senate at the same session, expressing the sense of Congress
that the laws in question ought not to be permitted to remain in force
unless amended in many material respects; but it failed in the House of
Representatives for want of time, and the desired amendments have not
been made. The interests involved are of great importance, and the
subject deserves your early and careful attention.
Pages:
631
632
633
634
635
636
637
638
639
640
641
642
643
644
645
646
647
648
649
650
651
652
653
654
655