An act concerning fines, forfeitures, and penalties.

An act making a certain appropriation, to be paid out of the Territorial treasury.

An act concerning divorces.

An act to incorporate the Clinton River Navigation Company. An act concerning depositions.

An act securing to mechanics and others, payment for their labor and materials, in erecting any house, mill, or other building, within the city of Detroit or county of Brown.

An act to incorporate the Stockholders of the Bank of Monroe. The "bill relative to the city of Detroit," was then taken up in committee of the whole.

Mr. McDonell withdrew the amendment submitted by him this day, as the 51st section of the bill.

Mr. Lawrence moved that the bill be amended by inserting the words, "if such owner or owners shall consent to take such lots," after the words, "value assessed," in the 13th line of the 14th section; and the motion was agreed to.

On motion of Mr. Lawrence, the bill was further amended by inserting the words, "by the consent of such owner or owners," after the words, "lot or lots," in the 4th line of the 15th section.

On motion of Mr. Lawrence, the bill was further amended by inserting the words, "with the approbation and consent of the Governor of this Territory," after the words, " said city," in the 14th line of the 16th section.

The bill, as amended, was then, on motion of Mr. Forsyth, ordered to be engrossed and read a third time on Friday next.

Mr. McDonell asked leave to bring in a bill to tax billiard tables." On motion, leave was given, and Messrs. McDonell and Irwin were appointed a committee to prepare said bill.

Mr. Forsyth asked leave to bring in "a bill concerning Auctioneers.". On motion, leave was given, and Messrs. Forsyth and Irwin were appointed a committee to prepare said bill.

The "bill to provide for the inspection of Provisions, Fish, and Whiskey," was reported without amendment from the committee to whom said bill was recommitted, and was considered in committee of the whole; and, on motion, the further consideration was postponed until Monday next.

Mr. McDonell gave notice that he should at a future day ask leave to bring in " a bill to regulate blacks and mulattoes, and to punish the kidnapping of such persons."

Mr. Moseley, from the committee on the Judiciary, reported without amendment, "a bill to restrain hawkers, pedlars and petty chapmen, from selling without license." Said bill was considered in committee of the whole, and was then ordered to be engrossed and read third time on Friday next.

Mr. Irwin, from the select committee to prepare 66 a bill regula ting the fees of Judges of Frobate," reported said bill, which was read twice and laid on the table.

The report made yesterday, on the petition of J. Rice and others, relative to the act incorporating the Stockholders of the Detroit Banking and Insurance Company, was then taken up, and, on motion, said report was accepted.

On motion of Mr. Burt, the Council then adjourned.

THURSDAY, March 29, 1827.

Prayer by the Rev. Mr. Coston.

Mr. Stockton, from the committee on the Militia, reported "a bill to amend an act entitled "an act to organise the Militia," which was read twice and recommitted.

Mr. Lawrence, from the committee on the Judiciary, to whom was referred the petition of sundry inhabitants of the county of Wayne, praying for an alteration in the laws for the collection of debis, &c. stated that the object of the petitioners was embraced in a bill now before the Council.

Mr. Lawrence, from the committee on the Judiciary, to whom was referred the petition of Joseph Campau and others, praying for the repeal of the "act for the limitation of suits on penal statutes, criminal prosecutions, and actions at law," &c. made a report adverse to the prayer of the petitioners; and the petition was, on mọtion, laid on the table.

Mr. Forsyth, from the committee to prepare a bill concerning Auctioneers," reported the same; and said bill was read twice and laid on the table.

The report of the committee on the Judiciary, and the report of the committee to superintend printing, relative to the printing of the Township laws in pamphlet form, were taken up, and again laid

on the table.

The following Message, together with the "act to incorporate the Stockholders of the Detroit Banking and Insurance Company," was received from the Governor of the Territory, by the hands of Mr. Ch. C. Trowbridge:

MESSAGE.

To the Legislative Council:

I return, without my signature, the bill entitled "an act to incorporate the Stockholders of the Detroit Banking and Insurance Com pany."

Without entering into any general considerations, respecting the system of banking operations, it will not be doubted, that when a corporation is created, vested with important pecuniary privileges, proper securities should be provided, that the public will not be injured, either by the use or the abuse of the powers thus granted. We must resort to the experience of other legislatures, to determine what these securities shall be, and their views will be found in the various charters, which have been granted in the different States

of the Union. As our monied institutions have successively fallen, either by the imprudence or frauds of their directors, the necessity of more rigid provisions in the acts of incorporation, has been felt and obeyed. There has been a gradual change in the public opinion upon this subject, and it will be a fortunate change, if improvi dence should be checked, either in loaning or borrowing, and if the interests of the community shall be so guarded, that the shocks in our circulating medium may be hereafter avoided.

That the Legislative Council intend to secure the rights of their constituents, there is no doubt, and I may add with truth, that so long as the directors named in the bill should continue in office, their character and standing in life would furnish an ample guarantee, that neither the interests of the institution, nor of the public, would be compromitted, were the charter itself without any of the usual safeguards. But laws must be framed with a view to their permanent operation, and not to the personal characters of those who are to administer them, or upon whom they are immediately to operate.

In considering this bill I perceive several provisions, which appear to me susceptible of amendment; but in the exercise of the duty which devolves upon me, of approving or disapproving the bills passed by the Council, I do not conceive it my duty to enter into any of the ordinary questions of expediency, which furnish most of the subjects of legislative discussion. The Council are the immediate representatives of the people, and may be safely presumed to be acquainted with the feelings of their constituents upon these topics. But on all questions, involving constitutional doubts, or affecting permanently and seriously the interests of the Territory, I feel myself called upon by the obligation of duty, to withhold my sanction to a measure, unless I am satisfied of its constitutionality and utility.

There appear to me to be four objections to this bill, which render it improper that it should become a law in its present form.

1st. There is no limitation, within which the bank must com mence its operations. It is usual, and certainly proper in all charters of incorporation, to prescribe some definite period, within which the object shall be accomplished, or the privileges become void. By this bill, important rights are granted to individuals, and the consideration which the public are to receive, is the facility afforded to the community, by the operations of the institution. The charter is framed and granted, with a view to the existing state of things, and it therefore ought not to be retained during the whole term of its operation, to be used or rejected, as subsequent events may appear to require. The public would thus be deprived of the anticipated advantages, and the retention of the charter in the hands of individuals might prevent the establishment of a similar institution by others.

But besides, this company is required by the 25th section, te sul

scribe four thousand dollars to the stock of the Steam Mill Company. This is a wise and liberal provision, and one in which the public have a deep interest. But it is hoped and expected, that the project of erecting a Steam Mill, will be carried into immediate effect; and if the subscription of the banking company is to aid this project, it must be applied without delay. If therefore, the Steam Mill should commence, before the commencement of the banking operations, this provision would be useless; or if the bank should be long delayed, the other measure might be defeated.

2d. The 26th section of this bill provides, "that no person or copartnership within this Territory, shall hold more than one hundred and fifty shares of the stock of said first mentioned company," and the 11th section provides, that no stockholder, unless actually resident within the United States, shall vote at elections or on any other occasion by proxy; thus clearly implying, that foreigners may hold stock in this bank.

It therefore follows, that while a citizen of this Territory is restricted to one hundred and fifty shares, a person from Canada, or a citizen of any of the States, may subscribe to any amount. Cere tainly, this is a very unusual, if not an unconstitutional prohibition. This bill creates privileges, and our own citizens are at least as well entitled to them, as the citizens of the States, and far better than foreigners. If this provision was introduced to bring capital from other places, here, it is useless, if not injurious. To limit the amount of stock to be taken in the Territory, is to presuppose that there is unemployed capital in the Territory, which would seek this investment. If there be not, the limitation is useless, and if there be, it is better that it should be thus employed, and the profits retained here, than that it should be idle, and a considerable amount of interest annually sent from the Territory.

3d. The 21st section authorises the company "to employ any portion of their capital, which may belong or accrue to them, in the purchase of public or other stocks or in other monied transactions or operations not inconsistent with the laws of this Territory, or the constitution of the United States."

The peculiar phraseology adopted here, would permit the corporation to engage in monied transactions or operations, inconsistent with the laws of the United States. This objection is decisive to the section, but there are other considerations connected with this general grant of power, which render it inexpedient, and I think dangerous.

Should the time arrive, during the existence of this company, when its capital could not be employed in those operations, which come within the sphere of its banking and insuring powers, two modes present themselves of giving a proper direction to their unemployed funds. One is, by a distribution among the stockholders, of all that may not be required for the general purposes of the corporation ; and the other, by an application for additional powers, to'

the Legislature of the Territory. It is certainly safer to wait, until there is a prospect of this result, than it is to grant extensive powers, whose operation cannot be foreseen. Those who may succeed us in the duty of legislation, will be more competent than we can now be, to determine what new privileges future exigencies may require, and this question may be safely committed to them.

Besides, this section confers immediate vested rights, and whatever may be now done by the corporation, may be done at any time during the existence of the charter. Great changes may occur in the situation and public policy of the Territory, before the expiration of this law. What it may be proper to omit now, it may be hereafter necessary to prohibit, and it is certainly inexpedient to place this subject beyond the control of the existing legislature, merely to provide for a contingency which may never happen; and which, if it does happen, can be as well provided for then as now. I am inclined to think, that this general authority would give to the company the power of establishing branches in every part of the Territory. This is certainly a power, which should be reserved for the Legislature only.

4th. The 22d section vests in the company a general right of insurance, and the only restriction upon this right is, that fifty thou sand dollars shall be paid in before it can be exercised, and that this fund shall be kept separate from the banking capital.

This power to "make all kinds of insurance," is too general in its terms for the public interest. It extends to fire, and to the hazards of the ocean and lakes. To life insurance, and to lottery tickets. And in fact, to every risk which the wildest spirit of adventure may prompt the parties to encounter. I have examined some of the insurance laws in the various States, but I cannot find one with powers as extensive as this. I confess, I am not able to foresee the full consequences of such a grant, but it is apparent, it may be applied to the promotion of objects, which every dictate of sound policy calls upon the Legislature to repress, rather than to encou rage.

I think the company should be restricted to insurance against fire, or against the ordinary casualties of land and water transportation, or against both. And after this general limitation, such further securities should be provided as are usually found in the various Statutes, incorporating similar institutions.

With these changes in the features of the bill, I would cooperate in giving it effect. Whether they shall be made, or the bill shall fail, I submit to the decision of the Council.

The act to incorporate the Stockholders of the Bank of Monroe, not being liable to any of these objections, has been approved. LEW. CASS.

Detroit, March 29, 1827.

On motion, the Message and the act returned to the Council therewith, were referred to the select committee by whom said act had been reported.