Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-12-19


such concerns and who were wiling 10 FISK the
amount of their stock but VINO would not be wiling
to risk their whole fortunes IN such institutions
Creditors knowing tins fact. would be- careful how they
trusted such corporations II tie individual response
bili,y did not apply and would BE vigIlant in their
transactions with them He entered into 4 COMPARE
son. far Is regards the failure Of individuals and
firms and corporations 70 show that IS much loss has
b. Sustained in The one a ia tie other In the
case of the ill before Us, i would REQUIRE hiy iaoa-
sand dollars to commence with. IL enan.rei where
were tie Individuals Tat would be wiling ~ Tl~h
partnership 20 this amount lie proceeded to show,
that individuals without the bounds Of the State Who
would be willing 10 rsk their FIVE and ten thousand
dollars in corporations. without having disposition
70 remove the State would be unwilling To rl>S al
they possessed should misfortune oyeriahc the enter
prise IN which they were willing TO engage.
Mr.. Nardeyecr highly gratifed. that he had
given the gentleman the opportunity # setting him.
self right before the country and this House lie ac-
lodged that he had done wrong N voting for the
internal Improvement bill Of l-:6, and had told
lis people: and they had forgiven him. and lie had
been pleased 10 see the gentleman come forward Ike
the prodeal son, and make acknoN Judgments. lie
enters into a detail Of the acts Of our Fund Commits
misSioners. and acknowledges bis errors. Had our
Fund Commissioners complied with the law. the coun-
try would hare IT nothng-tlat law expressly SAYS
tat bonds shall be sold except for gold and silver
or specie paving Bank notes. lie spoke Of gentle
men. engaged Fund commissioners. being elevated
! by the Legislature and people Of Indiana. II the
Fund Comias toner's Of Indiana had TO be elevated by
his constituents they would be elevated between the
heavens and the earth Ie aCknov lodged his errors
in voting for the internal Improvement bill and had
been forgiven BY his constituents and he came here
to make all the reparation he could by guarding the
rights Of the people IN our future action. Without
the individual liability principle there would be IN
ducemcns for corporations to % largely IN debt. and
the same disastrous results that haze oycraken Ind-
br. ait-
tary restraint They take advantage of the innocent
and unsUspcious. at time when they are least suS-
pecting II, and then this ideal beng called CORPORA
ton. might in a moment be ds>p1ted into ihin air.
and the honest and least informed portion If
nifty be the sufferers. lie could not why ten ou-
sand dollars IN capital in the hands of one lndiyidu-
al should not be much protected by tie laws Of
State. as two hundred thousand dollars in the hands
of twenty indiv duals He proceeded TO show the
abuses of concentrated capital. unrestricted in other
countries which went to prove that The mas Of the
people were the sulicrers-a particularly the laborng
portion f community.
Mr. Stapp explained In regard to the question
whether State bonds should have been sold cred.t.
or at discount, that question decided before he
became fnnd commissioner. lie was doubtful whe-
tlcr fund commissioners had any such power; indeed
he III ught they had 10 sach power. 81 far as hypo
thecating bonds at II on the dollar sustain
the credit of the State. Is concerned. he confessed that
he had no power 10 do SO; he Plead guilty: bat be
was advised. all hazards he had done by
highly respected citizens Of Indiana. Interested in tie
prosperity Of the State The Legislature on report
ing what ne had done. sustained him in his act~ tut
refused to give further power afterwards
Mr. i,h in Wow of the speeches Of the gentleman
who had ust taken their seals, and. he did not know
why the RIGHT hand Of fellowship Of the wing party
IN MD not NOV. be extended To- the Hon NJ ltoi $al,5
who has iully ynlicatcd himself before tins House,
and who stands on the floor Of this body fily sustained
by the wing party Of jefferson COUNT ric> Of con-
sent. consent. by Mr. Bradley and other wings He
fully settled M, lis ;sfrs itl Ike The last
session. H. then went INTO history oi past legsia
tve action I'm .eSpoct 10 the question HOW b, fore the
House. far ifStitu1 of learning
ccrncd end manufacturing establishments, he was OPP
posed to the individual responsibility principle: but
decided IN respect 10 Banking Institutions.
He dened that hc Democratic party 81 called, We're
any entitled to tie apPellatio of Democrats than
TIE wings.
TweA o'clock having arrived The House took re-
cc-s.
AFTERNOON SESSION.
Mr. Rieh resumed hi, remarks ON the pcndinr qucs-
ion. lie brought forward the remark Of the Cover
nor, that the greater part OF Tie two hundred millions
OF State inde btedncss - the ni'od States from
foreign countries IN The shape OF goods. conclu
sve proof hat Ne should protect manufacturing g.
Establishments. He then entered into argument IN
favor Of the tariff policy. connected with ilcorpora
tion> for manufacturing establishments. ard deScri-
Henry Clay. the great embodiment Of wing principles
and the Colossus If human liberty. was "A king de-
ieatld and occupied prouder position than any mon
arch of the earth. He next IN argument Of con-
siderable length, compared the Democratic party. IL
the present instance. ra;iosnake that h>cs before
II strikes lie said. dat tie principle, conieadtd ior
f carried out. would priye the loor widow from
ionne a church and receiving is bcne its. for under
the individual responsibility principle the SINS of the
whole aggregation would visit on every indy idual
In reference 10 Banks, under hi> present views. he
would - for ;ho individual responsibility primer lie
thai Banks from the fact of Their ISSUING money.
would be capa.lc Of doing more injury Creditors 70
manufacturing establishments had bel'er opportunities
OF Judging OF the sovcncy OF such establishments dian
Banks
Mr. Jones of Fountain. having been alluded 10 by
the gentleman from Jennings, (AIr Ric) IN coii4ec-
ton with vote given by INN bill of the last SOS
sion Of the Legislature. incorporating tie first l'resbg
tcrian church Of Decatur. iie felt t. b. bis du'y
was his privilege, to make few remarks IN ju~iii-
cation of his upon that sutherland 20 add hS
views to what had already been said the question
by the gentleman from Jennings. said Nr !. proposed.
1t is true, IN addition 10 the exacon made # the
trustees in their individual capacIiy-tsa each
Der OF said church. should be held individually re-
srOn, lie for all contracts entered nto by tic corpora
ton. 20 the amount Of their private fortunes " and he
voted for ii together with - cnty three other MEMBERS
and The gentleman from jennings voted against his
own amendment As 10 who acted the most consistent
AZ legislator In ia matter, Mr. !. vas willing the
public should decide he voted far ne amendment
rider for the purpose Of def, atine the b believing
a ne did. that tic company asked too much power
not that he actually IN Favor If the amendment
but his intention WAS ouf ierod-l Icrod-dcfcat the