Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-05-15

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| Mr.. S,orrs, who commended that it was high
" proper that the Government should nave
some check through Which i, might become,
at all times, acquainted with Inc number ana
amount Of certificates issued. The counter
signa,ure Of the Secretary Of The Treasury was
the only provision cont aimed in the bill 10 ef-
| Cect ,his object. There was not the least dam
ger that capitalists, who were proverbialiy as
| tute and careful on the subject oil security,
would be misled bv the signature OF the oeere-
tarv. so as TO believe that the United States
were responsible. Every prudent man would
acouaint himself with the provisions "i the act
of incorporation, before lie invested his iuncs.
After brief IT ply from Mr.. Wright OF New
York,
Mr.. Burgess opposed the amendment, and re-
ferred to the universal practice of verifying all
bank notes, bonds, deeds, and other lnstru"
mrnts, by the signature Of witness This
was countcr-signature, as much as that OF the
| Secretary would be, and man Of ordinary
sense or information, would dream that wis
ness was rendered responsible by his signature.
Mr. Stewart now demanded the previous
question; bu, his motion was not sustained.
Mr.. Mitchell OF Tenn advocated the amend
mcnt. He thought that counlersigning the
cer,fc a,es, though no one could pretend that
it m ade The Secretary personally liable, would
We, be in the nature Of holding out Of false CO.
iors, and the effect would be TO emDarrass Con-
press by demands for indemnify, should any
failure take place. The certificates would, OF
course, be signed by The Mayor, as the head OF
the Corporations; but hs had no idea OF COM
Delline The Secretary Of the Treasury to act as
It's scrivener, and put his name along side OF
tina, of Joe Gales If they wished their ter'i-
fca,es counter signed, let them appoint some
of their own officers to do it. MIR. NJ. then
moved 10 amend the bill: by inserting, Gin SUBJ
stance) instead of the Secretary OF The lreasu'
nv, the Clerks or Recorders CT the Corpol alloDs
OF Washington, Georgetown, and Alexandra.
The Chair suggested that this amendment,
might be moved after the question of striking
f out should have teen decided; whereupon, Mr.
Mitchell consented for the present, TO with,
: draw it,
Mr.. Wright, of New York, farther urged
, the objections be had before advanced, as 10
, the probability of deception abroad-rcpro>
bated the idea of a common responsibility a
mong the Corporations, and therefore denied
the necessity OF having all their certificates
alike, or of having common Treasury.
! Mr.. Mercer replied, and con,ended for the
suficiency of the real estate Of the three cities
ficulty, the interest of their loans. He deridef
, the idea, that the astute monPy-leadcrs o
{ Leaden-hall street, in London, Or olWali stree,
in New York, would BE- misled by the sigma
lure of The Secretary of the Treasury; nor die
r he think that the Secretary Of the Treasury
? would be in the least degraded by hIviog his
name appended 10 these Ger itca'es Of stoo k
, even though i, should b. placed by the side o
, that Of MIR. Gales, OF whom he spoke III FIAT
{ terng and friendly terms. 1t was nol consid'
S cred beneath The dignity of the Secretary o
, State to sign the passports OF travellers
going abroad; and why should the Secretar,
! Of h. Treasury, who did no, oulrank Roman
! qusstor, Be held too digni6ed parsonage IL
I prevent, by his signature, the commission o
fraud and forgrry?, 1t was true that the Cor
, porations would be severalIy responsible, bu
: it WAS also true hat they would have to rrpor
10 one common Treasury, and that might as
well be the treasury OF the United States as
any other.
? Mr.. Livingston conceded in par, with III,
t views expressed by Mr. Wright, Of N. Y as tt
the practical efrc, # hat provision Of the bill
: which requires that the certlh ates Of siocl
shall be 'councIsgned" by the Secretary 0
{ the Treasury. That term was usually EN-
n ployed where two parties signed the same in
: SlTulneht unutT the same Out d.
! checks upon each other. He, Therefore, sag
gested the proprie,y Of substituting the WORD
: "atested" for it.
Mr.. Ward now consented 10 Withdraw hi.
e amendment.
: Mr.. Sprsgue, concurIing in the idea tina
O some false impression might be produced IN
V less The form Of the certificate should be guard
d ed moved the following amendment:
t After the word Treasury, in 9TH line, 4th sec
v tion Of the bill, insert
!. "Every such certificate Of stock which shall
n be issued by said corporation, shall express OF
the face Of H. that said corporation is, alone re
e sponsible for the payment of the same"
IS Mr.. Stewart inquired, whether the gentle
man intended to say, that The corporation shoult
{, give no other security than their own?
r. Mr.. Sprague replied in the negative, but de
" MED that such would be the effect of his a.
y mendmen,. The Corporations were alone re-
re sponsible, bu: they might give as much cola
\. ,era security as they chose. What should b,