True American. [volume] (New Orleans [La.]) 1835-18??, 1839-07-25

CoMIAN1.
WoRTHlNGToN G. SNETHEN.
Continued from otr lnStJ
TWAS determined about this time apply to parla.
ent for act Of incorporation but the resolution was
not carried into effect in consequence Of projects
cens on loot. Even to the present time the company
have no charter protecting the individual liability of the
stock holders. This circumstance goes very far to
show that the stock in hands Of real capitalists and
that they lmve the utmost confidence in the profitable
| natun, Of the concern.
| Tho time had now come for Mr. Smiths friends in n
York to act In Dec. 1885, we find Nlcssrs Wadswo,b
and Smith and several other gentlemen in the field pro-
curing sgn-rs to memorial to the Legislature of the
State Of New York praying for the gran, Of charter
authorship the formation of company for the purpose
! Of establishing line Of Steam ships between England
and the United States. Due notice giving in the
public prints that such application would he nude
me memorial nu,neronsly and respectfully signed was
placed in the hands of of the city representatives
| in the House Of Assembly.
In the year 1885, the fang ed doc trine Of oppo
si'on to every thing in the shape of monopoly sprang
up The charering of companies by the legislature
was looked upon rs yranca invasion Of the people,
rights "A this was the prevailing feeling of the Assam
bly, in 1885, the memorial not hut return.
|
accordance with their prayer could be got through the
! House.
TO attempt the formation of company for public
purpose without charter useless. The custom o
the United States is always for The of
prscee the organization of the corpora,ors Not 50
in Great BRIAN. What to be done then, The
petitioners who drsrsrous of cooperating will, the
jealous Smi, and laird and their active a.sociaes in
London were compelled abandon the design for ii me
Tfegranling fthe prayer of petitioners in 1896 would
have been followed long this by the construction OF
American steam ships. Nay, might have had the
honor OF first eros ing the Atlantic BY stean had the
New York Legislature been truly alive the interests Of
the State.
Nothing further deini,ively done in London frsn,
the time that shares were allotted in January up to the
month Of May 1886. Two meetings Of the direction
held Immediately prior to the 18th of May had under
discussion the proposition Of still further extending the
powers Of the cempan. and increasing the capital to
El,OOOOOO.
In one of his lett rs to Wadsworh and SmitI, of n
York dated 18th OF May. MIR, Smith says:-Scyersl
gentlemen in town from Liverpool and Cork
DESTROYS of uniting with company and establishing
II line of steamships from Liverpool to New York as
well IS from London, touci out and in ut Cork The
proposition seems to shape itself into comcly aspect
| we, OF course contemplate to get the Manchester
reds and Sheffield interest, well as that of Birmng.
ham and other places of commercial importance. 1t
| IL proposed to augment the capital to one million of
pounds sterling in 10000 shares of 100 each How far
we shall be able to accomplish this great object it is
impossible to say, but can the Board of Direc-
tors will sit in London only, that, if successful wa shall
ultimately combine the great commercial interest Of
Great britain IN grand transatlantic steam Mani
cation Company.
This design was worthy of the man who opposed BY
nearly oil his frie"ds could 70 far ahead lin 1892
as to suggest an undertaking then deemed chmerca
Throughout the whole Of his alours in this cause ",
Ind that Mr. Smith was fny appraised of the magnitude
| and importance Of his project.
The scheme had experienced and up to this time still
experienced the unmitigaed opposition Of III, packe
snip interest both in London g. Liverpool Mr. JOSEPH
RIM
stanfly urges on Mr. Smith and the Direction the fulfill
'y OF expecting support from those merchants interested
IN the line OF smiling Packets to New York His at-u
ment was, that this all come in ultimately for
Shippers oil goods must and will send by the most
speedy conveyance just as they then shipped by the pac
kets in preference To transient vessels
he hopes OF the company were about this fine prro,
~ raised IN Consequence of the successful trip of one
- ''S
Me steamed all the ray distance of 2uOO nautical
miles III y days and hours. This experimental evi.
dence was not to be rebuttcd. The doctrines Of Mr.
Smith were so far verified.
The eyes oflhe Company however were turned with
some anxiety to New York. They had been appraised of
tue unexpected failure of the project 10 get charter
from the Legislature OF the State and they began to
that the duty must now deveope holly upon their
n uI,nra Of
undertaking of establishing line of steam ships to NJ
York. They consoled themselves however with the re-
acction that if the New Workers chose to let them 90
a"ead unasssted' they would have the opportunity of
the whole OF the carrying and passenger
Grade between England and the United States
tn the uf the summer of I13f tho ro,,,
determined to accede to the very liberal proporsi,ons
of the Cork and Liverpool gcnrcmeu A ,hiyd vyo..
pfe'"s was therefore issued, under the most favorable
auspices There was now fear of failure Cou.cix
nus OF the great ilnportan,c Of The PROMISED dsir
high stand was t'ken The new direction was commas.
ed Of men who would not ier in their cou,sc, TL,
interests Of Cork Liverpool and Dublin was represent
cd by able and rnerp, sing mIcn. Nj Mnct;r,ro, l,;
was now rallied 10 the responsible post of the
% the Company. His labors IN assisting To pc, mn ,h
h'rd prospectus had BEEN observed by the direction and
'npetors in the old comnan, aud tcv very u,o,,u,v
extended I" im this high poof of their roii,cn-e in his
'eal experience aud exraolinn,y industry.
The shares for the additional 5000 were pronoscd
Or with the utmost enthusiasm. The directors cxer
'sed great care in aotting ,hares only 10 those whom
hey supposed were bon" fdc capitalists and did NOT +
invest tor the mere purpose of speculnon consid.
rabc number of the shares however were scrv.J hv
he company for further exigencies I,
Things went on s.nou,hlv as could he wish It
d. MI Lard became the active man in the business Il
nus relieving IN great measure, Mr. Smith from the
fduous 'o t" which he had been suircI for 50 many
ears still Mr. >. contributed his efficient aid on nil il
ccasions TO forward the views and interests oft, com Il
any. On all lauds, there was II spirit-.,irrinp ze,,
'mced by The whole board Of Direction The Iabors ii
tile Chairman. Mr.. Isaac Soy, and Colonel As a.
nwall tue American Consul General a,c not 10 he Gr il
't'en. But ii would he invidous to disnguSb-olI d
manifested the greae interest in the success of The Ii
Lene. e,
Tn the 10Th of October, 1885, the Directors of the
'mpany concluded the contract with Messrs Cur,;n,,
Dung Geo, for the building OF ther FIRST srr.usu,p
he was to measure
100 tons burhsn,
900 feet keel
$50 ieet between perpendiculara, III
40 feet between beam, ed
q feet hold. ,h
he price for her hail coppered mosrs spars. &c., III
s fixed at f26,5C0. She have rh,ee decks and W
Try thing also in proportion. Nj
he contract for the engines ecc ted on the JI PIT