Democratic banner., 1845-08-09
10 the wound, vii prevent any seri-
Gus consequence occurring, and il
TACT nj once neulraIize the poison.
From the Dover n. H. Gazette.
INDIVIDUAL LIABILITY.

INDIVIDUAL LIABILITY.
lntjmstions are heing given out IN
the wing corporation papers that the
Legislature now in session will be
likely 10 abandon, or materially mod.
NJ. that provision Of die revised
statute which renders the stockho,d-
ers OF corporations personally .;gE,e
10 pay their corporate debit, and
there is no doubt that Il strong effort
will be made. by corporation inlu-
cnce, both Of our own State and
from Massachusetts. backed BY all
tie federal Iavyyecsin the Legislature
to remove this saiutarv restriction
upon paper money, banking. and 9th
er sPccuiatng operations Of a~ssocia-
ted wealth. We trust, however.
that the principle will be neither Z.
banGon"d n0r modified. unless so:ne
other security, equally eilicacious,
can be substituted to preserve the
people from the thousand tricks
which chicanery and fraud are e~er
dcyising Il rob them Of their hard
earned gains. We have s. often ex-
pressed our views Of the Justice and
utility Of the individual liability law.
that we deem it unnecessary to Ell.
orr remarks atthe time.
but will just call the attention Of our
readers to the following paragraph
from the money article Of the
New Yerk Herald. Of May Goth
These money articles OF the Herald
the reputation of being writ
ten by one Of the best informed men
Of the country on banking opera
and iinancil! matters in cen,r-
al:
Tie person., liability law, pa :
ed at a recent session 10 the Lccis!o- .
,ure Of New Hampshire, is likely to
prove 4 source Of trouble and great
disadvantage to the incorporated
companies O. that State. Several
in the State are closing up their
business. and rs fast as the charters
n others expire they wti 20 into l.
l%uidauon. Incorporated companies.
Intending to do n Just and legitimate
business, have very l,tlie 10 tear from
he personal liability law. It is ONLY
hose institutions that wish TO ex,eui
heir operations. and upon a nominal
to do as much business and
let out as large Il circulation rs their
:rcdrt will permit. that are effected
" any additional responsibility this
may put upon the s,ockhuIle,s.
'hc citizens OF New Hampshire, or
ny other Stale, having ihiS law W
N their statute books, need not feel
he least alarm. There will be plen. !
y of banking Institutions glad to De-
,usiness under this restriction, aaA
that do continue must be con !
sound and safe cOnce;rs.-- I
here is 70 good reason why part
ers IN banks, and other incorDora,- ;
d companies, should not be person l
Iiy liable a much as partners ~ pr :
ate mercantile houses. They haze '
rlvileges enough without having the ,
over to throw upon the market J
ieir promises 10 pay 10 large g. D
and not he held responsible n
the public Ter their redemption.- u
he introduction OF this clause Ia II
law regulating Incorporated com II
and in the charters of these Il
ompanies, will compel them TO pur- /
lie a more legitimate business than II
Iev have heretofore, and TO institute B
ore minute investigations into lheir |
)cratIaus than usual. Is makes il =
acesS iry Tor stockholders to look "
closely after their own inter- a
is. and by frequent examination j.
tisiy themselves that the business eC
the institutions, with which they II
e individually responsible. are not NJ
waiting from a legitmaie line of nj
'eratloGs. or endangering in anv M
ny the credit derived from the put- "
;. This personal liability cause in /
p charters Of banking institutions. Il
II do more towards keeping the dc
nks IN a solvent condition, and di
IRE uniform IN their operations, than of
the laws requiring monthly or WI
returns, the Legislature ed
ght perfect" lin
-- in