Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-27

ourht not to expect to dictate the erms on which thew
to be granted No such disposition had been evince
in the present instance The B reported iron, the
Committee certainly met the views of those for whose
benefit asked: but, lille they would discai any
design TO dictate Terms they, least, have the right to
expect simple affirmative or negative response to their
application, aud they would prefer its rejection TO the
passage OF BILL which, while purported TO attsiu was
well not intended The object in view
Mr. N. said that every application for charter should
stand OH its individual merits He was not disposed 10
srant charters unfortunately, to all who might apply
'c' mem. lie could reason Why merc ane firms
should be incorporated Tor the purpose prosecuting any
ordinary branch OF commerce., why companies should
De incorporated for any other purpose IL experience had
proved that the object TO be attained, needed such "a
entity But when enterprise Of great public utility is
to he accomplished. requiring large amount Of capital
and In which. for the want Of Lserprize means
individual would be dspossk1o take large in
teresi, charters should be granted enable the united
means OF many to effect that which otherwise
be attained II not unircqueny happens, that public
spirit alone 10 the ruling motive with large majority Of
those who become members OF joint stock company and
subscribe suen sums thereto as they would be willing
give away rather than the object in view should de-
eaed Ia all such cases. sound policy would dictate that
charters should be granted Mr. X. said, that ours was
moreover an agricultural comm unity. We had but IL
n'onied men among us. Our planters aud farmers were
unabie except by sale of their property and a change
OF her pursuits, TO Introduce manufactures extensively
INTO the country, unless they permitted by
incorporated companies, to unite their spare funds and
the management OF the business to those Ia whose skill
and integrity they could safely confide.
The gentleman from Isle OF Wight, (sad Mr.. r. y has
dwell good deal OH the danger to which those liable
who deal with incorporated companies, and against
the proposed amendment was designed guard. But
he could not concur with him in his views on this subject
on the contrary so lar his observ had extended
ne wasincned to believe that chartered companies were
generally better entitled credit than private or
individuals engaged in commerce manufactures. How
frequently did II occur that engaged trade courv.
ed 10 carry OH large business and obtain credit
while, the truth were known, they were utterly bank
rup! Such likely be the case with an ncorpo
rated company, whose transactions known many
Oh us members, as 10 make impossible keep any
gross Encouragement OF its affairs, material depreca.
ton OF Its stock An incorporated company, unlike indi
viduals In trade, have known capital of lis own 10
operate uron,-heir capital be paid up-and il IS
well known. that the trading capital of an extensive cotton
or IRON mandatory constitutes but small proportion OF its
SOCK anu that much the larger proportion OF its stock
consists OF real estateo land buildings, and machinery
all visible to the public eye,and affording the very
~ no creditor OF an incorporated company in the
its insolvency, could justly complain that its members
were not individually liable for its debts. Every man ia
the community, capable Of acting himself should be
presumed TO know the terms on which such companies
are incorporated; and he who bargains with his eyes OPEN
must take the consequences.
Prejudice has also been excited (saiJ Mr. R) against
these companies by calling them onOpoiies epilhe
which he thought they did not deserve He had always
regarded monopoly to be an exclusive Priuege-which,
however, had not yet been asked for by any company
and ought not and he hoped would be granted in
THIS Stale The grant OF charters by Legislature, had
never been regarded to operate similar grants
for like purposes, in all time come IT, however il
shall be the pleasure OF the Legislature TO grant no more
charters or (what is equivalent hereto feer the
as 10 render them worthless then indeed would the char
ers already granted become exclusive pruilegesa con-
sequence well worthy of the ration Of all who are
opposed TO nonopolies
Mr. r. said, in reply to objections which had bee urg-
ed against some OF the details Of the BILL that il contained
no principle or provision, which had been allowed in
Charters already granted Ii indeed, true that the
company had not yet been actually organized-but he
had been authorized say that there was every reason
to believe, that the stock would be taken should the CHAR
Ter he granted Ii certainly by the
indv dnas named in the BILL TO commence operations
alone Inc magnitude OF the enterprise forbade such
tered company for the purpose. Mr. r. urged the i'm.
porance OF encouraging domestic manufactures among
u.s. especially those OF iron cotton and WOOL aud depre-
Gated the consequences which would ensue should the
amendment be adopted and principle established which
would equally operate against every species OF manuac
lures, and every description Of internal pro
posea 70 DC carried on by incorporated companies
MIR. Niche said, he was inpelled by a sense of duty
alone 10 take part in the present dscussonnot that he
Tell any personal interest in the bill before the House. but
because The principle which the proposed
contained, which also sought engrailed upon
bill OF which he was the patron, and indeed upon ali bills
OF ike nature-a principle, which, adopted be de-
sructive oil all corporations, and would like a mdew
OH The hopes OF this young people just rising into exist
ence He could not see the danger apprehended by the
gentleman from Isle of Wight (ar. H to flow from cor
poraons In what did il consist! Was it in the priyi-
leee oil bearing name-o suing and being sued-or of
making bye-iaws for the better government of its con.
Germs! Was in any OF. the incidents Of
or was rather TO be found in something growing out Of
anu no. necessarily connected with them in powern
monopoly! Neither OF which sought by any of the
companies now asking for incorporation from the Legsa.
ture-neher OF which conferred by their proposed
charters Without power monopoly there was no dan.
ger all else that could be conferred by the act of incor-
poraion, facility Tor the conduct of business
and the privilege TO many individuals OF uniting their ell
foris Tor common and beneficial purpose In this point
oil view, incorporation was OF the first importance every
young people, who are generally poor whose efforts
unaided by union OF capital would be unavaing TO the
accomplishment Of any great purpose The want of ex
peence Too, aud the newness OF many of the schemes
which II was the interest OF the public TO promote would
generally deter single individuals from engaging in
when their whole fortune was 10 be eoparized But the
Just Tor Individual property not TO be bound The gentle
man from Ric:nond City had fully answered that argu-
ment. Why should dealers ask greater security than
against private individuals who happen fail? When
credit gwen 10 corporation the the corpo.
ration and not the pockets OF the stockholders are
Tor payment And upon what principle OF Justice is tina,
The Creditor should have better security lie equred
when The debt contracted There better rea-
for than there would be for charging the debts Of
one natural person the pockets of another. The OBJ
lection was sperious, but would bear
The stockholders and the corporation were perfectly dis
iinct persons; and there could be justice in
ting their property. Nor how fraud could be
apprehended The act Of Incorporation was public the
resources O The company be than those of
an individual could be. Men, therefore, would deal with
open eyes, and IL injury resulted 10 them, by extending
credit they had nothing TO but their own olly
Mr. Niche then adverted TO the bill under his own
pa'ronage-ncorpoating the Augusta Springs Company
which had attracted the particular annadyeron of The
gentleman from Isle of Wight He said il was bill of
humble petensons-but in proportion as il was humble
so was innocent and divesed Of every power to inct
Injury OH the community Ii contained one e AZURE which
should silence all opposition ii proposed the
estate winch covered into PERSONAL thereby render
ing more accessible to the claims Of creditors; the pro-
lection OF whose rights seemed the especial object Of the
proposed amendment He concluded by reInarkpg that
"e oPPosuoh onered 10 The spirit OF enterprise and i'm.