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

could never attain. The gentleman from I,lo of Wi,bt
had asked whether the Cotton Mandatory Of this city did
not succeed when owned by unncorporated indiv
Mr. Nj replied that had succeeded; but after having
gone on about twelve month"; they came forward and
asked ihe to grant them charter the ground
that they wished to extend the business and conduct il
upon larger scale than their private capital would enable
, 'vuo- ~ 'e circumstances attended the case
now before the Rouse The individuals who ask this char.
ter OF incorporation. have for some time carried ON GER
tain branches oil manufactures .iviere island m the
James River. The water power al this mimi AZ a. i'm
mense. and gives facilities Tor the extension the
to various objects, and TO amount FAR exceeding the
means Of the applicants. They had already gone ~ the
full extent OF their capital; and to enable them In ,n
The capacities OF their property fully into action
they asked TO be allowed to associate with them
other ockholders under of ncorpora To A.
feet the object they have in ve an enormous
must be incurred in the outset,-to make a canal pur.
chase machinery, and erect buildings This expenditure
would absorb capital of and thew re NO,
willing engage in it too largely what did they ask
the Legislature TO do in granting t. They
ask Tor the creation OF new person. in the form corpora
ion capable Of holding and property Ind,yi.
duas might die, aud the division OF the would be
difficult If impossible. Besides, in large association
there person and the stock could not conye
niehy be transferred. Ii was but right then that they
should ask for corporate that they might sue for
their own projections; and was but Justice to the public
that they should be liable to be sued 10 the
OF OF the affairs the COMPANY being
hidden from the pubc-it could not be doubted, that
public knew the condition OF these incorporated
Tar better than they could know the business an indvi
dual IL was matter OF notorety, how far they were
responsibe-how FAR they might be trusted Every body
could see the property. Mr. NJ could not refrain from
saying, that the remarks OF the gentleman from Isle of
wight seemed to apply 10 case which before
The Legislature. They were applicable an incorpora-
ton oil merchants, for the ordinary purposes OF trade
which would be alike mpoitic and unnecessary The oh.
lection which the gentleman had urged was OF itself
suihcien against such an application They
In which II would be impossible TO distinguish between
the individuals aud the corporation. Mr. Nj. said
he considered that In all applications for
eaeh member OF the Legislature ought 10 ask hmsel
these Questions the objects OF This company likely
10 produce public beneht-o promote the useful arts
or 10 bring into action the natural advantages which
abound In State -ani If So can these objects be
more fully accomplished by the combined exerions and
eapitai OF men associated ia chartered company, than by
the puny and dsointed efforts Of individually IL these
questions be answered arnayey, there can exist no
reason why the charter should be granted. The COM
pany now under consideration, objects eminent
useful and experience has demonstrated the propreiy
oil enabling TO go into operation under the sanction
law; NO reason can be assigned for embarrassing the
stockholders with condition that would amount TO vir
ua deeasance OF the charter which does not apply with
equai iorce 10 turnpike companies, and Banking instu
IONS In the iormer, extensive contracts for labor
materials are made with individuals, who rely on the
faith and resources OF the company In the case Of
the event OF failure, its hume rous credors-al those
who hold its noes-embracng the whole community.
Every one must perceive that turnpike company or
Bank, could into operation with charter With
condition like that which this ryder proposes one
share oil its stock would be subscribed In ions
like that which is asked, when failure occurs the
loss falls upon the stockholders and upon the public
Prudent men calculate the chances OF failure OF profit
before they embark their capital and they determine to
what extent they will adventure it, If they be res
ponsibe beyond that ascertaned amount The inco
poratlon would be nuly. Hence the petitioners ask
the terms common TO all acts OF Grhe RYDER
Yves then rejected by and formerly stated