Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1845-06-19
INDIVIDUAL LIABILITY.

The Richmond Enquirer is hi nhly delighted with the
Message of Gov. Steele of New Hampshire 10 the Lee
gIsature OF that State, in which told is embudpd
the very essence Of true democracy. Among he doc
tTines maintained in the Message this-hai IN all acts
OF Incorporation, the individual corpoators shall be held
liable for the debts Of the corporaton not only 10 til. x
terf OF their stuck, but in their private estates. Does
the Enquirer endorse This doctrine If So why has il
not heretofore insisted upon It's adoption the nulllari
Gus acts OF incorporation granted by the Legislature Of
Virginia II II had done so, and eded in its efforts
II is very certain that there would net at this moment
hevt been single chartered company of any kind in the
State The fact, that the adoption of this rev nrinci
pie oil the Progress i've Democracy would strike dea
blow at all these institutions which, however suscep
Bile OF abuse they may be, the sources of SO much
public benefit by the aggregation Of the surplus means
OF number of persons in the prosecution of great enter
prizes to which the resources Of single individual are
adequate, would be TO a conclusive argument against
lis ADOPTION there were not STRONGER oronpd of
opposition TO it, founded in its manifest Injustice For
example A., b aud propose to form conpanv f,r
manufacturing purposes for making road or canal
OF io any other purpose, under conviction of us public
utiity as well as with the hope of personal emolunen.
aud they appeal TO the community generally to aid them
III The enterprise They procure charter and succeed
IN inducing F., F and G TO subscribe, with themselves
Tor the requisite number of shares. A, b and G. how
ever invest their all, while f, and have thousands
OF dollars otherwise emp loyed Let US suppose that
a, Is and y have 20 shares EACH while f. f and G
have bat 5 each Should the enterprise prove unsuc,
cessi" and not only the capital be sunk but large debts
incurred, The result would be that the largest soekhu-
ders, who had lost their all by the venture being unable
10 pay any portion OF the deficiency the entire loss would
tall on the smallest, who had other resources besides tho
sum invested ia The Company 1t is obvious that with
snch possible contingency staring them in the face no
banking or other institution could ever succeed In pd
eng individuals to invest their money We have seen
already the effect Of the adoption of this principle by IN.
Pennsylvania Legislature the refusal of the ar ls,o
'ank to accept of renewal of its recently expired char
ter and such must be the inevitable effect whenever and
wherever 1t may be tried The question is, therefore,
shall there be any chartered companies at alll or shall
they all be stricken from exslence7 For, once say ha,
no charter shall be granted in which this principle is moi
embodied, and il Is equivalent To saying that Won will
grant no charter at all. Is the Enquirer then I'VE re,
peat The question: IN favor Of his doc ne of the pro-
eress'Se democracy Is it in favor of doctrine which
VIII enable rch capitalists munopolize every species
oi business which requires large Investments and which
throws insumoun'able obstacles in the way those who
win smaller means, might nevertheless iCpermied In
"a'e Just charters, by consolidating their neans com
pete win the Money Kings Of the couorry 2