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

I'M be charrreJ.
as men oil capital would not purchase their stock such
terms As Mr. e. had remarked the other lay he was
not ike the gentleman from Isle Of Wight, opposed all
corpors,ioDs But there remark which that
tlensn made with which he mir most heartily con.
CURED: he agreed with him that every Dug
10 D. taken That these corporations should fall into the
hamis OF dishonest men, Who nigh, make improper
use oil their rights and privileges lie knew that il was
not now in order TO offer amendment to the bill; but he
wo;n read by way Of argument proposition TO- amend.
w"ien ne would at proper time offer, aud which he
ho"gh would on that head meet the views Of the gentle
ihan from Isle Of Wight.
Mr. O. here read an ame ent which he offered Oh
subsequent day. relative to the proportion Of stock be
snbcribed before the company should 20 into
This amendment, he observed. would have tendency to
prevent the OF things TO which the slid
ed IL IL should be adopted, there could be fear that
companies should fall into the hands individuals who
would abuse their privilege. In order TO profit by their
bankruptcy. He did no, utenl 20 into the merits OF the
present application: but IL the ryder OF the gentleman
failed, he would then to the bill ia such man
ner, as II possible to prevent abuse.
MIR. Holleman remarked that the gentleman from Rich.
noid had eudeavored TO shew that there dan
TO the public from the operations OF these than
properly snd responsibility o iniv could AS
known those OF corporations But Mr. H. asked the gen.
ueman from Richmond. whether from the manner in which
business was generally conducted in a commercial
community, there was much difficulty in know.
ing The extent OF their in the of corpora
Hons IL was true, that merchants traded upon false capt.
tai occasionally hut in general the condition bu-
sness was well known. These corporations were under no
necessity Of showing their books You may go TO their
v,, mass Of ,,.,a,I So ". rh; ,nnery al WORK, anu
property is capital profits, cannot be known And
~, H.. va ' ons W P,esen' mem from saying ihat
their pockets and declaring their and buildings
the whole Of their capital stock II was not so with
sness. hu, ,hsv yc,,t iii ~ n,, aou's rom MS om-
creditors could take them from hm-but you cannot 20
TO the rockets of these 49,, - ~
them the Sums r.ceiveJ from hs;r ns,; " ''Su t
debts of the corporation As to The hin be;no on "o f
former bills he could not says but he thought that the
TO the number of shares held bv iIem bu, sccoin -,
scale lie was convinced IL ought 10 he so in orsr .,
give the smaller sockhoders voice in tho ,n,n.no.n,
of the business But an sucI nrov;s;on ,vas ,s." =;
this bill This was The sams nr;ncinis ,vh;nh aw;,a
in our government in which the vote of the man oG
wealth. power and talent was worth no more than thai Of
the poorest citizen But in these comnan.s If an ;n;;
dual originally incorporated might sell ont Of
the shares and retained the rems;nIer In HE o,yn -.
he having the majority of votes womb con,roI Tho
nv and might turn its operaons ,o his own
would be as well TO give the charter 10 one man ~ ;v
10 him Indirectly such IN control the ,sso.;,i
He could not perceive the of nng Tho ona
rations of these companes IN so m ,ny oh;c,s sc ~
ling together entirely differen nj brancbes NJ hi
ms cotton and IRON Ii was we'll known tb,, The coon go
ufactory now in successful oneraon in ,h;. ., % M
tabished by Individual canita since that i'm; Tho 49,,
ners had asked for the facilities of an az, If noo,at;
TO exonerate themselves if necessarv Insrhas NO, J
spnedlyO from the obliga,;ons ,I H. noa ~ .'
part Of The country from which Mr. n cas IN. .n ,o
fscture of iron was carried IN hv ;n;,;,i' w., ~
success was evident from tho f,c, ,h, % &C - %
was but another name for A veal INV man WIZ he,
large capital, with the prvileoes of corror,
tion required to carry ON that business, IT,
from Augusta seemed in Me;cni, =, CT te"e'nan
tons which Mr. Fl enter, ain o., In
He asked whether il was in tha ,nm.p T, w.
the mere name was nohing Ifit conI.rr.J 60 t;i;I;
it would be no hngbut lies j.; ,h Jaen.es
MES possess 10 hro,v off , oso0t e he comPa
actions and refuse IN nav tIeir is, 49, - "e uans-
companv NAV hav. beeo mismsnaJ n Eve NE
pose that such was the intention of tbese ann;.,p
tor thev yera bonor,hI. -.
D.. - -. 'I '"e"' out security ought 10
NC haa against DINERS who may hereafter
oil A CHI
IT, I u''y oas"' 10 DC given against what may be-
.'e senue"ah rom augusta requires considerable
d. tos. =. 49, 'ha' corporation anu The indivi-
NJ II I 'po'"o. q, eh"iey us ihct. IL was True,
hn, 4, Us 49, , VIC. .ney were ho' me same IN law;
,ran.s., =. W u's.."su us" oe'"eeh mem I'D business
SvniJ p ua eSter n!o contract with him, it
,a.,nas ft 'as" y, mag IA ION 10 adinh the cor
-. H., - 'e"o"' "h.e" ne might afterwards
"., wa. nc as "e agent oil 'n' corporation was
.,o' "o sa'ne person VINO hau mace ms contract
oueh aisuheuoh would scarcely be allowed TO have
a"y "s's"" In some OF me powers oil corpora ions
;I,;, ''"'J ~ ahce''y IN perceiving the
T""y VI ,pe stocHhouers anu the association
"o 'oh' 'or instance, could lake the funds oil
VIC a put mem ih me pocketsoi The stockhod-
t; anu 'usough III law 'ney are separate and dis.
.n", n f. 80 a.' VIC ,"'"e; me gehuemah believed
- ." ii, $3.50 re'"'su w give Wese companies
IT,, p It ,H Ia. .one''en o" uem aohght and mil
snrs,d 49,, ,h IT, Ill, "'' Ia'u ur. H. u would no!
~, - spo oe.uP,eu ny nose INDIVIDUALS who desired
r., 1 49, 49, anu mere ''s enec's would cease.
s, pass 'ese I"ws-gve 10 nese companies unlimlt-
darkness would spread over the face os The nhoI
inunity while these overgrown corporaons would 5u
in the bright sunshine of their nrosnerv Sir
said Mr. there is danger 10 he annre From as,
associations Thew are not bound TO do what Honesty and
fair dealing reoure of every o,t.r ,,a ,rh,, .. =.