Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1838-01-27
LEGISLATURE OF MIssIssIPPI


Mr.. Augustus in the Chair, on the Bill authorlsng
Limited Partnerships.
Dir. TUcKER Of LUwndes, offered an amend.
msnt 10 he second section. making special part
ners liable Coz The whole amount Of the debts oil
the 6rr. Mr.. Walker of De Soto was in favor
Of ihe'geneal features Of The Bill and being con-
vinced the amendment offered by the gentleman
Coz L0wndes, would defeat its object, he hoped it
would not prevail. A new Ella had commenced,
and every inducement should be held out for cap
italisis 10 make investments, and unite with the
cnlorprising, in giving facilities TO those who cul-
iivais the soil. Dir. TUCKER was willing to give
due weight TO the objections urged against the
amendment, but the ground taken by the Senator
from De Soto, met his disapWobatiOn. The in.
ducements that had been held out within the last
I've years, for those who had no capital, or inter-
ests in common with the community in which they
located, had been III part the cause Of Cur prcsen;
embarnssments. Look at tho partnerships in
New Orleans, heir extended operations and the
great revulsion that had lately taken place in
consequence Of extension Of business not warrant
cd by their means. The same might occur in
this STATE; and il was his desire TO avert the evil
protect tho producing classes, rather than to hold
out inducements for them to engage in speculation.
Mr.. Hadicy, Of Kinds, thought it would close,
rather than open the door, 10 frauds. The bill
was specially guarded. II would be unjust to en-
act more than was first paid in when that amount
was expressly understood; as il would be in the
nature Of q contract between the firm and such
persons as might transact business with them II
was asserted We had been prosperous without the
passage Of similar bills. This might apply 10 the
construction Of canals, Rail Roads, &C., but, when
in operation, no one doubted their utility. Tune
had been. when man with $500 capital would
obtain credit at the north to the amount Of 5, 10,
or 10000 dollars. Should partnerships be formed
under the provisions of this bill. when credit was
sought, they would ask to sec the papers, and in
that manner become acquainted with the resi- ons.
bilty Of the firm, and credi. would be based upon
the amount invested. The country was on the
eve Of great commercial revolution. There
were extensive scapons at the north, but nature
had thrown mountains between us. The hand of
art had accomplished much in removing those
barriers, and tho South had contributed some
$4,000 in effecting improvements, in place Of ta-
king advantage Of what nature had given us, in
altering our coasts, making roads, etc. We have
seen tho tendency of capital 10 the north, but
should a different policy be pursued, the day
was not far distant, when the capital would return
and seek an investment here.
Mr.. MARSHALL Of Komper, thought the public
mind fcyerish, and there was disposition evinced
10 have something new. lie saw no improperly
IN letting this bill have its course. When part
nerships were formed, the public would have &C.
casion, and the door would BIO thrown open TO
them, to enquire as to tho ability of the firm to
meet engagements, so that confidence would be
limited 10 the amount invested.
The question was then taken, and the amend
inent rejectcd--aycs 6,--Noes, 30; after which
the committee oso and reported.
The question beng on the motion to ogrec
with the report Of the committee Of tho whole, MI.
JAcKER offered an amendment, making the u
meunt FIRST invested. and the profits accruing
thereon, liable for the debts Of the firm. lie was
DESTROYS Of protecting the people at large from
,.ht kn
and he was opposed to the withdrawal Of capital
until the whole concern was closed. One year
the profits might be large and the dividends great,
the next, tho concern might fail, and there would
be but limited amount left TO meet the ext
gcncy.
Mr.. ERRAR, Of Wilkinson, thought the Bill
perfect. II rendered the amount first invested
and upon which The confidence Of the public was
based, liable for the debts. Capitalists should be
allowed their dividends. the same as Banks, or
they would seek instruments elsewhere. Ho ho-
ped the amount would be rejected.
Mr.. Maury Of Claiborne hoped il would pre-.
vail. He was opposed to the withdrawal Of cap
itai until the final close. The parties could not
then incur greater responsibility than the amount
paid in, and they should not be permitted to enjoy
the profits Of one year where the public lost the
next Mr.. NJ. thought the country offered in.
ducements enough for the Investment of capital
without allowing adventures TO hold stocks, en-
bark in wild spoculancns, and when disasters fol-
;ow, give them up and let the people suffer.
Mr. GRAYsoN of Yazso, said the bill required
publication Of names and the amount invested,
when partnership was formed, and il should be
considered in the light of a contract with those
who choose TO transact business with them. Peo-