Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-10-26

sienholme, and tho other 10 prevent sny
such judgments from bsing given in fu'
ture. Here are copies Of the two acte:
First oct, TO annxl iAr judgment.
"Whe:eas. verde, end Judgment ~as
had 10 tho Easter Term Of The Kings
Bench, whereby Sir John WoIt,enhol,ne,
knight and Adven,rrer in the East Indie
Company, was icund liable to coinmis.
sion OF bankrupt ouly for, and by reason
of. share which he had in the joint stock
of ssM company; Nov. &c. BE il enac
ted that the said judgment is rcversed, an
nllled, vacated. and FOR nough, held, !"
&c.
Second aci, to prerent such Judgments in
future.
"That whereas divers noblemen and
gentlemen. and persons Of quality no ways
bred up 10 trade. do often put in grea
stocks OF money into The East india and
Guinea company: Be it enac,ed. that no
. persons adventurers for putting in money
or merchandise into the said como.nies,
or for vpn,uring or managing the fishing
trade, called the royal fishing trade, shall
bs repuied or taken TO be merchant or
trader within any statutes for banhup's." !"
Thus, and for these reasons, were char.
tered companies and their members ex
empted from The bankrupt penalties under
the dissolute reign Of Charles the Second.
II was not the power Of the corporations
at that time f'r lhe Bank Of England
was not then chartered, and tho East In .
d,a Company had not then conquered In
dia - which oceasioned this exemption, -
but it was to favor the dignified chs ~ G.
tsvs who engaged in the trade--noblcmen.
gentlemen, and persons Of quslity. Bu
afierwards, when the Bank Of England
had become almost the Government, Of
England, and when the East India Com
pany had acquired the dcminions Of th.
Great MoguI, an act Of Parliament had
expressly declared thai no member Of any
incorporated company, chauered BY &C, Of
Pati ament, should be lisbe 10 become
bankrupt. This aci WAS passed in The
reign Of George the Fourth. when The
Wellington ministry was IN power, and
when liberal principles sud human rights
were Oh the las, gasp. SO much for these
corporation exemptions in EngIn-d; and
if the Senator from Massat husetts finds
any thing in suck instances worthy Of i'm
itation, lei him stand forth and procaini'.
But, sii, am no, yet done with my an.
ANaf 10 this question, Go such laws ordin'
arlly extend TO corporations at aIll ] an
swer, mos, decidedly. that they do! that
they apply IN England to all the corpora
tions, excep. those especially excepted by
The act Of George the Fourth; and these
ere few in number. though great in power;
powerful, but lew nothing but units to
-nlyriads. compared 10 those which a,e no,
excepted. The words Of that act are:---
"Membor Of, or subscriber 10 any incor-
pcra,ed, CONNER ciul or trading compauie-
established by charter oct Of Parliament y
These words cut of OF once he many ten
thousand corpora,icDs in the British EN-
pire existing by prescription, or, inco,po'
rated by letters pnten! fnm the King, and
then they Gu, off oil those chartered v,en
by act Of Parliament, which are not com
mercial or trading in the r nature. Thi'
saves but few out of the hund,eds o
thousands Of corporations which abound
in England, Sco,l,.' d. Wales and lreiand
IL saves, or rather confrms, tho exenp'
ton Of the Bank Of England. which i, 4
trader IL money. and il confirms. also, The
exemption Of the Eas, India Company
wh;chis. in contemplation Of law, at leNs,
commercial company, and i, saves o,
exempis few others deriving charters o.
Incorporation from Pa'liamrni; hut i
leayes sIojeci 10 the law ,he whole wilder
ness OF CO, poraiions, OF witch ihera ar,
thousands in I.oudon alone, which deriv
from prescription, or letters pa,en'; ant
II also leaves subject 10 the same laws al
the corporations created by charter &C, q
Parliament. which aro net commercial o,
trading. The words OF the act are yer,
peculiar; "charter act Of Parlianen,;'' S
tha, corporations by general law, ~ilh
cut speeia, charter act, are not include
In the exemption. This answer, adde
TO what has bsen previously said, must b
=, y sufficient reply 10 the Senator's questio
wht,he! bankrupt laws ordinarily ex,ra
to corporationsl Sir, out of the myria
of corporations in Great Britain, the bank
- gupt law extends 10 The whole, exoer
Aorio half 9czvn. or dozen.
So much for The exemption Of thes
corporations in Eng'aod; now for cur A
merica. We never had but one bankrui
l,wjn the United States, aud that for IN
short period of three or four yeats
was passed under the administration .
= the elder Mr.. Adams, and repealed nude