Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1833-12-21


whom IL was advocated, as the Senate was not now in
session. and therefore final action could had upon IT,
Mr. Cunningham said that the considera that the
gentleman from Hanover had made up his mind on
the subject he should not oppose the motion The friends
OF the bill were so fully convinced Of its merits that they
could have no objection 10 pospoDement, which would
enable any gentleman to Investigate il fully.
MI, Roane said perhaps it would be better to fix day
on which the bill should be taken up He therefore
o'e' mat 1t be si the table, and made the order Of
the day, for the 81 Of January
Mr. o'ns said he considered IL essential, that the bill
men wished information the subject he could not
sonaby oppose short delay Hs had thought however,
that the subject having been fully year, the
House would have been prepared upon at once.
Mr. Sims asked il the gentleman last up opposed the
postponoen II so, the best means OF deciding the mat
ier would be by moving the previous question.
Mr. ats remarked, that the principles OF the bill
the h that which passed this House last year.
aud he presumed they were generally understood But
the House fl to postpone to the 2d January, tho
friends Of the bill must submit.
The question was then pu, upoa the posponement of
Ayes 62. Noes as
fREDEnic :,s ORPHAN Asylum
Female Orphan Asylum was read a third time
Mr. Hocman opposed the bill Its passage, and moved
10 lay IL OH the table.
Mr. Stevenson of Spoitsylvana supported the bill, and
remarked that the ladies' who applied Tor this charter had
expended considerable sums Of money, In causing the
erection OF building, and in other respects The bill
passed
The bill for the incorporation Of the Mill bank Mining
Mr. Sims saId that the applicants had consented TO
several amendments. which, If adopted would induce him
to Cease any opposition TO the projects.
These amendments read and severally agree TO.
III was not in the power Of the Reporter TO obtain the
amendments and the debate which place upon them,
is therefore necessarily postponed]
Several other amendmens were adopted and a desal-
tory debate took place upon hem in which Messrs Dab
ney, Ball, Stevenson, Niche, Marshall ColstoD, Gilmer
Sims and Barbour TO, part.
On motion OF Mr. Glmer the bill was laid the table;
but called up again motion at mt period
tn ntinra inf
Messrs. Hollemsn aud Cou aud motion Of Mr.. Gil
er the bill and amendments were laid ON the table and
ordered 10 be printed.
The bill TO orporae the Union Mining Company was
then taken up on its second reading and Mr. Marshall
ed various amendmcnts 70 make conform TO the previous
bil'-which were agreed to- wheD motion OF Mr..
Niche the bill was laid on the table.
SIDNEY MANUFACTURING COMPANY.
On motion Of Mr. Colson, the bill incorporate the
Sidney Manufacturing Company taken up, and being
OH its passage Mr. c. moved 10 fill blank in the clause
should be taken by persons other than the cor
porators named in the bill, with the hirds-
thus requiring that that proportion OF the shares should
be subscribed Ter Ivy others than the applicants the
corporation, before the company shall be allowed go
into operation.
Mr. O. said that the 1ooseness of the present system of
granting corporate powers object OF considerable
importance. This state OF things had been caused by the
caeessness OF the Legislature, but particularly by
the careessness Of the charnen OF committees who were
in the habit OF allowing the clerks draw the bills ac
cordng the precedent OF the previous session and in
this abuses had grown up IN those charters which
would not have bappensd had reference been had in the
drafting of the bills 10 the old system. The former plan
open books aud when the subscription the stock
made, apply for corporate powers and such plan
fair and equitable TO all parties The first application
for an incorporation OF this kind from Wheeling. A
number OF lemen had associated Themselves together
for the purpose OF carrying the business
They asked for incorporation al first, but binding that
the business beyond their capital and that they
embarrassed by the divisions OF property, occasoned by
the deaths Of stockholders, &c they asked for Of
ncorpOi aon and they asked for increase of their
capital stock, grained From that time the powers
O ia
believed from the fact that the Chairman OF the Commit
tees suffered bills drawn by the clerks from the pre-
cedens each preceding session, be reported without
going back to the old plan by which these companies
restricted The committee ordered bills to be drawn
by clerk and il he stated 10 the Chairman that they were
ding the form bills passed the previous esson
this taken satisfactory without further
inquiry. He hoped the time had to put stop
such system And he pleased that occurred
in which the gentleman interested, Tor whom he
felt not only the warnest friendship; but with whom
he neced by the ties of reIalionship-In such
he could be supposed have any improper motive
for the he proposed 10 take The individuals ncor
poraed by this bill declared TO be the owners of the
property and power which il proposed that
the works should be carried and that fact of
the grounds which their claim TO be incorporated was
founded The fact that they owned the property cal
cua,ed to give them preponderancy in the company
which he thought il possible, ought TO be prevented He
could not foresee what amount OF stock be sold but
suppo.ng that there should be but fourth disposed
of TO other individuals the original corporaors would
have the undoubied ro OF the affairs of the Company
He hoped, therefore, that the House would agree the
motion lie had made for filling the blank prohibiting the
Company from going into operation until twothrds OF the
stock should have been taken by other persons than the
Of the properly who applied Tor the act Of ncorpo
ration.
Mr. Rutherford sail, that if the Company to be
burihened by this requsion, il would cause great de-
lay and difficulty in getting il into operation whereas
a smaller number might 60 on with the business
iii the stock gradually taken The desire of the
corpoaors TO have the stock taken by other per-
sons; but they could not insure that IL would be done i'm
given time, and the company might be subjected
great Inconvenience He hoped therefore, that the blank
would be filed with a smaller number.
Mr. Colson said he sorry to be forced TO act
spicuous part this question; but he deemed il his du
ty to do Ii the company should 60 into operation
" of the stock there would be security that the
iory would remain in their hands perpeiualy The
evil which the gentleman from Richmond anlcipat-
ed, seemed 10 Mr.. c. of less importance than lie
supposed The subscription to the stock would be pro.
ge,s ve, and while This provision would prevent
iniv duas from retaining the control OF the hole,
there would be difficulty in making arrangement
for instance that the person named in the bill should put
into the company but one.,hird Of his water right and
other property, and as the subscription filled up he
could add the remainder Ii not necessary that all
the stock should be subscribed once, and therefore the
property the corporaors could be put in progressively
Mr. Rutherford said lie presumed that the object Of the
ReDtlemsn TO prevent this company from becoming
corporation sole; but Mr. RS opinion that the
dency Of such associations directly The contrary He
could cite the instance OF Messrs Cunningham Ander-
son in this Ciywho originally engaged in their bu
siness had since been incorporated, and they
did probably own than third OF the stock.
10 the nature OF things the stock belong TO the original
corporstors would become iessaDd Of their objects
coming forward for the incorporation OF this company,