Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-07
CHARTERS AND CORPORATIONS

From al article We have recently pcrused in the Jolly
number Of ,l" Edinburgh Review. it appears that Great
Britain is as much contaminated with The sPecuiaihs
Inunia as any portion Of Union. There however,
H., u.o;cls lur making fortunes in lwinkIhg are con-
fined 10 the formation Of improvement companies anu
int stock banks, Tic stocks OF which may ue Fnii"ea
rpon lie unwary public as splendid p:Ses Tor tic at
taiu.ncnl Of frianc. Every portion ct the Kingdoms
is filled with projects i2r rail ways which snail open
4 .rcut means Of transportation from every !r" y"d'
and ty the extent If eIr opeall"s iriiuer lie pro-
its oi he stuck :nconcclVa'iy great: me s"cevSs
~ ,:,r L;vetroul aud Manchester Railway gave the
first iuE,u!se 20 these schemes and aEGu1h ihe Gl'
ydruds upon that railway, which Is r:""eu!y the
:e; ,rv;::ap:e that can he constructed III tie
kugdun, Ivy no means considerable, yet they scI7
ed 10 excite the puhc Alteration, anu Tx II upon lie
new piurs Tor acquiring wealth More lately. tie all
ticpalcd success Of the London aud Birmingham ha
way has added stimulus to the pubic lever, anI
Increased the rage which was beginning to PREVAIL
From the prospects Of that Railway, The premium! OIL
shares cse 10 moderately high rate, AMI jobhcrs ans
spycu!alvrs Lct slow IN reTccYing lie advantage
which mi. ,!! lie made oi IT, !tccord!hgy, " 'Ae HOS
extraordinary accounts vi the sFlrEoid advantage;
which would result from he gcEcra establishment u
rui roads were spread throughout tile country, and hr
irsL incredible plcGctius made rs to the rccun!arj
uyaiaors hc would result 10 I'll concerned III them
Tie consequence was, that shares began 10 advance %lli
pica, Iad.ly, and Tic OF the original holders
Some Of whom realized HANDSOME advance upon them
encouraged others to venture largely, until within las
last six months tie specuatlons III railroad stocks, at
the pre- tor the lOnatIOn OF railroads. lar eScccu
any Species Of speculation adoat in cur wildly sccuiat
ing country.
The rage is not however confined entirely TO The ior
nation Of companies for the establishment Of rail roads
there are also others for the establishment OF JOINT STOCK
banks which becoming equally numerous, and threat
en- by their dangerous multiplicity prove rinous ,o
the Interests Of the community. More llan one nun
bred and four companies, with pretended capital OF
t7 ESQ 500 established in Manchester and Liver
pool alone, during the carly part vi The present year
o,In IL
mons during the last session. that he had made regis
ter oil the various joint stuck companies created at that
tue in existence RId under project IN various ps5ts
oil tie kingdom, sud that the Number Amounted to be-
twrcn three and four bundled, with cnp!ia 0f near
j. two hundred millions s:ellig or nearly thousand
millions vi dollars, about twenty times the capital oil the
Eani Of Eng land. There companies established Tor
almost every mag Unable purpose and Tor purposes III
which ru,iing but individual labor and wealth could
have .uled for success a company in cur Slate with
banking privileges, lot !hc purpose Of supplying the city
with " stcIs fish al cheap rate and in ample sup
v; was much rIdicu.ed but England there arc joni
stock companies for The manufacture OF needles, pms
SOAP. lufrem,!ne, &c. Tor supplying communities with
Goals for Ike las Il bees and he manufacture OF 81.
gar hcrcrcn, for lie prosecution OF whae fisheries and
for c construction Ui works OF lite!Nal improvement
in Tie East India colonies.
One company is said 10 exist with capital OF S3,OOO,-
Geo. with the privilege Of increasing lis capital to five
miinns Tor dd!ng and forming settlements IN lie South
East Coast Of Africa.
10 INC usSpIlH!Cul,
10 tie grand arch OF these airy taLrIcations, there
companies for llc,Jurui Of e dcud!! yes, reader do
not laugh, alter has gone the hounds OF schenes
OF uI Sorts strip him of his hardeatned gains while
living there companies W no 10 profit by perform
ing last service for hin after he is dead In Manchcs-
alone SIX companies Tor the burying OF the dead hare
been formed
The shares in the larger proportion of these ComPa-
mics, exceeding y small, being generally mol more
than El0, ond exceeding f3O; and II Is generally
understood HAT not than five ten per ccnt Of
these shares be called for that any Individual
who can raise Zen twenty shi!lings may become u
stakeholder Such, moreover are the prevailing regu'
alons Of these institutions, that they advance largely
upon all shares taken, and thereby induce persons III
doubtful desperate circumstances t. become suGscrb
ers Tor the purpose Of sustaining their credit when with
US il would br matter OF establishment how such rotten
creations could inspire sufficient confidence in the public
mind 10 commence business at all. le,when iii known
thai the individual subscribers TO the companies are ell
ishls 10. the whole transactions of the associations The
reason appears plain Many Of them WILL no doubt re-
ncia.y he persons OF property and standing, and while
their names appended tile public yield their conf
dcncc Tie method Of proceeding in scnIe Of these in