Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1815-10-18

rules, thst il wo,ld soon became npos,iie for mer-
cantiie 20 know what principles would govern
in any Individual case.
This rigorous adherence 10 certain rules, this OBJ
strate resistance of every change attempted by in
diviluas, IS manifested indeed, by the law on many
other sub)eets Thus il is that the cre.tion of per-
pe'uiues is prohibited, and however anxious may be
the wish OF private persons TO give that character
TO tieirpi opertv, they esnuot BE- in,lu ged. Thus
too no agreeFacnt between morts.er and mortsa-
see, tho eSpresy inserted in the taortgagc, de-
prize the former OF his equitable right or.eJeInp,i-
on Idl Such provision would ae inyai
principle oil the law would prevail, notv
the agreement Of the parties 20 the confirm,
here The principle Of the pagtae's liability ,rg-
vans over The private agreement, because i, is an
20 TO preserve this land marx OF mercantile
law unmoved. lest the momentaus matter of com
mereisi liability should eventually become involved
in cnnfnsion or obscu;ity.
There appear to me to be some other consders-
tons, which shew t'r rropriety OF adherng rigdly
Z this principle, and strenuolsiy resisting every
modification OF lit were admitted, that
an express undertaking pay out CT Joint funds
y limited responsibility, it wodd lead in sll cases OF
failure to intricate Investigations which it is more
wise to avoid by an uubsndius adherence to the rule
L hay 1 lii down.
LIT us suppose, Cor instance, the Bark of Wheel
ing issues not,s amounting to $1,000, payable out
ot the lsint funds orly-At the time OF such issue
tie fluids must be soloeft or o,sa'os'H.
lfsolgent 1T At the time Of the issue there be
sufficient fun. 20 meet tie notes when demanded,
which fund is Afterwards lssscned or impaired by
the Banker's misnanageme,.t, would not the part
neTs. upon every prineipIe oil justice, b. held per-
sonaly responsible, for .y0si:ne that fund, which
had been thas specifically bound for the payment
u on the contrary, the funds be not solvent -
Would not the Cbancery hold all the members OF
The Institution personally responsible, to refund
sum winch had been received without considera-
ton Would it notresard as a palpable fraud,
the issue OF paper payable only out OF fund which
the bankers must have known to have been nsolvert
when the liability was created l--And if go, would
they not hold each individual personally bound to
refund the unlawful gain
il may be added, indeed, that ifthe Joint funds
were alone liable, the dividends aerruhig would in
stant'y form part Of tie fund ard that in the event
oftae deficiency OF principal stock, each stoekhod
CT would be compelled TO refund all the dividends
he may ever have received.
II these crude suggestions have any weight, they
altuTd ample reason for adhelins to the principle
oi unlimited responsibility IN the Partners. The in
staut depart from il, every litigsted case would
involve pcrplexed and intricate Enquiries into the
state OF Bank accounts tn discern whether the
claimant might be entitled to recover the amount of
his claim on theprincples before suggested.
Leaving however, to men learned ia the law to
settle any doabts which MAJ hang around these sub
lccts, may venture 10 suggest that The LegiSia-
hiie o PIiglHid nil cur The Cofdgdn Knot, and put
mend 10 the d,cusson forever. The same remark
apphtS un, WIN equaI force, Ia othtf points bel lie
discussed, on which doubts have been supposed TO
exist and which will he removed by the magic of
single section of a Legislative act
If, for instance, the liability OF individuals beyond
the JOINT funds be doubtful, how readily may the
General Assembly fix this responsibility by Legisla
tive provision.
Ifitbe not clear that unchartered Banks cannot
sue, how will it be for the Virginia Legislature
Ike that Of Pennsylvania, 10 pass a law, expressly
prohibiting them from maintaining actions on notes
discounted by them, whatever may be- their form
The probability of such provision viii be discussed
hereafter.
1.-THE clumsy scheme OF hills of exchange should
be regarded evasion of the law now existing,
can its ingenious protector calculate the Legisla-
tive body failing so pass amending act for the
express purpose of including them
If the new continuance of taking the discounted
notes tn sie President onh, accompanied by seal,
should avoid the embarrassments likely to exist in
suits sgai7s; Bank Customers, who suppose that
telegsatnre will permit these Illegal associations to
avail themselves of s1ei dsingenuous shifts, such
unbecoming subtietcsin support of fragrant viola
ticn of the Law ?
have dwelt the longer on l,is subject because
however well understood by the intelligent and
well-inforfned, there are many honest and we'll
meaning men who may incur similar hazards with
out being Of th-r danger.
In tie next paper shall turn attention to
a subject of more general interest.
4 DIsINTEREsTED CITIZEN