, 1844-12-14

| uFP.
To be convinced Of the insignif-
"ance of our State legislation. md If
the importance Of that of TIE UnrIed
States over our p%ecuniarv interests.
Fl us look no farther thin 10 the rev.
rnuss collected from and paid by the
people of the State Ia each of the
rwo governments, and The difference
in the expense Of collecting thent.-
For example, our ordinary State rev.
clue may be set down at one hun
dred thousand dollars annually. and
the expense to the people of collect
INC It, at a small per cent. on that
sum. The amount of revenue paid
by The people of orr State to the
United States annually, is eight hun
dred thousand dollars. The expense
of collecting this. through the effect
OF the tariff on our western country,
may ne set down at eight hundred
thousand dollars more. The amount
paid to home manufactures for their
fabrics, owe aud above what would
be paid for similar fabrics. if import
ed from foreign countries and not
taxed higher than for revenue purpo
Se>. NAV he estimated ~ ci.ht hun
bred thousand dollars more. The
los >u>t med bv the depreciation IN
prizes. and The actuaI want Of a mar
krt tor much OF our produce. N con-
sequence Of being deprived of loreign
markets I" a great extent, anI con
lined to a limited and glutied home
market. may be estimated at eight
hundred thousand dollars more.
These are not given rs accurate
estimates. but by way of illustration;
yet II not below. they are not far a.
b"ve the actual results: and if lhere
hs any thing like truth in them. the
taxing power welded bv the United
States. when changed from
and perverted Ia a protective power.
hec"mes an ummen,e engine and ex-
ercI>"s an enormous influence over
our interests, and taxes us ut a rurn-
our rate. TO enrich manufactures in
other sections Of the Union. This is
one oi the means praciiced of taking
from the many and giving To the few
-o' taking from the poor and depos-
ting with the rich-an expensive
system OF plumber, the cost Of which
falls upon the plundered. This sub
lert merits investigation on the part
of the Legislature.
In our questions Of State policy,
the subject Of granting acts Of incor-
p"rati"n has become prnminent.-
When a factory of any description is
abol 1t to be erected. an Improvement
10 be undertaken. a bank to be esrab-
IIshed, AN insurance company created,
or when any other experiment is on
tempIaied, it is not unusual for a COM
Pany TO apply for an act Of incorro-
ration FOR the purpose. Under this
act, II the experiment proves
ini, and the corporation realizes i'm.
mense profits. all these profits are di,
vided among the stockholders. and
the whole affair goes on swimminglv.
But II the'experiment is Improbable
IN itself. or If from accident, or bad
management, or design. it proves nm
successful. and fails with large debts
outstanding, the loss falls upon the
creditors, and the storkhnldrrs.
though worth millions at home. 90
free. II an experiment proves sue
ces>iul for nineteen wears. and the
stockholders divide immense profits
during that period of time. and grow
rich as lords in doing so, and in the
twentieth and last year of its exis,
ience, from accident, or bad manage
ment, or design. the experiment fails,
with large debts outstanding, the loss
falls upon the creditors; and the
stockholders, with nineteen Years of
accumulated profits on hand, 60 free
again.
A large portion of the people have
lorg %contendcd, that this practice of
granting acts OF Incorporation. har-
monies badly with justice and equi-
~. and equal rights and eqnal priviIe-
ges and good policy. In our State.
the public attention has been awake
to the importance of this subject. and
public prejudice has been operating
strongly against its injustice. Unequal
ity and inexpediencv. Like all those
practices. which imperceptiblv ex-
tract evenu from the people, its
general tendency is to enrich The few.
and impoveri>h the many; and this
practice is. therefore, r%epugnan' TO
the character ar spirit Of our lnsli
tutions.
TO refuse. however, 20 grant sny
act Of incorporation. might be 90 NJ
too tar. Cases may exist where the