, 1840-12-26

ton of a republican government, and which
carried out 10 their legitimate results, would
be condemned by all, they should not be
brought into existence by the Legislature
That this is true of the charters OF these
companies is obvious. They are based up
on the same principles, and liable to the same
objections as the charters of most OF the
banks OF the Union, though to 4 less degree.
They are the less palpable for the reason
that their power to do mischief is more limit
ed, and the instances of their violation OF law
less frequent. The man who has stock in
one of these institutions has privileges (small
though they beg that his neighbor has not, and
which he would not possess but for the act
Of the Legislature. lie may make contracts
to any amount, and if successful, he may
make a heavy profit, and if unsuccessful, he
is only found to pay TO the amount OF his
stock. He is in fact playing the game OF
'heads ] win, and tails you lose" He in
vests a small portion Of his capital in specu-
l~ations OF this description. and upon this he
may make excessive profits, while the other
contracting party has no recourse in the
event of sustaining a loss of the property
insured except upon the amount Of stock he
may hold, though his property may be worth
millions. He may make a great deal and
runs the risk Of loosing comparatively moth
ing.
1t is no valid answer. to the objection we
urge against these institutions. that the stock
holders frequently suffer heavy losses, and
that their profits are not greater than in 9TH
er departments of business. The principle
is the same and the objection is as well ioun-
ded as though their profits enabled them 10
double their capital invested every SIX
months. It's operation in the case under
consideration NAV he harmless aad indIiltr
ent, vet If II lie permitted IN Insurance Com
panies. il Will lead TO the most disastrous re-
suits. and 10 the creation OF artificial todIes
ior the transaction vi every kind oi business.
If these associations are actually indiSpensa-
bic, and necessary for the advancement "i
commerce., let them be created with 4 due
regard to the rights Of others. LIT not the
Legislature by lis act place the stakeholder
in 4 better condition rs i member of one OF
these companies, than he would be as a cltl-
zen. lie should have the same restraints
should be the same as a corporator and as
an individual. His property should be made
liable for the debts OF the company, and no
immunity should be granted to him that is not
common 10 every other citizen OF the State.
To the sam species OF Legislature be-
longs the ball for the creation of limited part
nerships which was defeated in the last Lc-
gislatu!e. and which Mr.. Cow of ST. LOUIS
has introduced during the present session.
Such a bill is the natural offspring of the
system of special legislation, which has at
tanned such 4 strong foothoid in America,
and which has grown out ot 4 misconceptlon
Of the powers Of the Legislature. as well as a
disregard of the principle of free trade and
equal rights. 1t is Of 4 piece with the no.
tons of that class OF politicians who seem 10
think that one half OF mankind are born to
be the slaves Of the other half.
We do not stop to inquire whether this
course Of legislation tends TO advance com
merce. promote trade, and operates for the
general good of the whole. No act of ty-
rannv. however fragrant, no violation Of the
constitution however palpab!e. NJ legislation
however exclusive and partial in It's charac-
ter. has ever been known but its advocates
had this plea in their mouths. To the politi-
clan whose principles have stood the test of
time. this is a matter Of no Importance
To compromise with principle is 10 abandon
it and TO deviate from the path which ii tea
ches him to follow, is TO enter Il boundlesS
field Of error and uncertainty.
~ We observe notices of several bills in
,roduced into the legislature for the reform
of existing laws. Could our representatives
do the people a more acceptable service than
to repeal that portion Of tie administration
law which requires every demand against a