The New York herald., 1846-03-10
Corporations and Individual Liability.

frauds they have practiced on the public In
every part of the country have induced feeling in
legislators and citizens that if properly carried out,
will have very beneficial effect. The opinion is
becoming general among all classes, that no set of
men ought 10 receive charter for any purpose,
without what is called the individual liability clause
being included in it. That is, in the incorpo.
ration should become insolvent, the stockholders.
directors, and every concerned, should be liable,
in their individual capacity, to make up any deh-
cheney that the assets OF the company should fail to
make good.
In our State Legislature, on Thursday last, Mr. Hard
introduced resolution, that il was inc xpedient for
the Legislature, in granting charters to companies,
for. manufacturing purposes, to insert clause OF
this description. The resolution, after some little
debate, was laid the table, with the intention Of
Its being taken up and acted upon in few days.
AS this subject is 1ow before the Legislature and
the action that may be taken upon it will undoubt-
edly form precedent for the guidance OF future
legislatures, we think this an appropriate time for
the press to express its opinions. The subject in-
wolves consequences of great magnitude, and any
light that can be thrown On it ID very desirable
We claim, as an independent journal, the right to
give an unpreJudiced opinion, and we will do it in
few words We consider it inexpedient in the
fret place for the representatives of the people,
confer on any set OF men exclusive privileges, whe-
ther they are to issue paper money, spin cotton
But il such privileges be granted, then think on
the principles Of justice and equity the parties in
terested, IN receiving those privileges, should be
liable in their individual as well as in their corpo-
rate capacity, for all debts contracted by the corpo-
ration.
The principle Of incorporating companies has
been SO interviewer with system, that it will be
long time before it will be eradicated; and we
must, if we can't rid ourselves altogether OF the
evil, modify IT as much as we can, and de-
prive it of its worst features The absence Of
this individual liability cause in our banking
system has worked ruin upon thousands, both in
this country and IN England The property of the
widow and the orphan has been squandered by a
merciess set of bank directors and thousands have
been reduced from affluence to poverty in conse-
quence of it. AT a moderate estimate, the immense
sum Of five hundred millions of dollars has been
wasted by moneyed institutions in the most extrava
CANT speculations, great part Of which would have
been saved if the principle Of individual liability
was engrafed their charters. Its blghting influ.
ence can be seen in almost every state OF the union,
and in no place better than in the western States.
The States Of Ohio and Michigan suffer to this day
from the evils OF their wild cat banks and their
shinpasters
II 1t is desirable to have this feature introduced
into charters incorporating moneyed lnstiuuons, it
applies as well to manufacturing companies Ii spe-
cal privileges are to be conferred on indivldua
should be done without risk to the public. Ia. 3D.
ject of them is Individual gain to the persons cou
nratto
not be individual risk If private indi-
vldual issues promises to pay or engages IN
manufacturing operations, the whole of his
individual property is liable for his debts,
and why should not the property of the indivduals
composing chartered company be liable in the
same manner? On the principle of justice and fair
dealing, the same rules ought TO apply IN both cases.
There is another view, in which we think it advisa-
BILE to have this provision incorporated in the char
tiers of all companies It would efectually restrain
all desire to extend their operations beyond egiti-
mate. and reasonable limit. 1t would repress that
desire to risk their resources which has caused SO
much injury in former times
These are few Of our reasons for having the in
dlviduals Of every corporate company liable for
the debts it may incur We hope the press general
y will take up the subject. and give their views SO
that the Legislature may fully award the opinion of
the pobic on the question.
INTENTIONS TO MARRY-We observe in the Bos-
ton papers Of late the publication of long lists of
'Intentions of Marriage" This arises, we UNDER
stand, from law OF the State of Massachusetts re-
quiring parties about to enter into this important
contract, to publish before the ceremony shall be
performed, their names and intentions Such laws,
in this country especially, we look upon as at least
inudicious, tending to load with difficulties and
trammels matter which meets with too many I'M
pedlments from the very constitution OF civilized
society. Many sensitive minds from fear of having
their names thus placarded, or from the possibility
that circumstances may lead them to change their
minds or from the repugnance to publicity, exposing
them to the foolish ests Of acquaintances, (oo COM
mon on such occasions) may be absolutely driven
from their desire to enter into such con.
tract so desirable to be encouraged on every
account. Yet, perhaps, this law is not so bad
as that which some States have enacted, in which
apparently for no other purpose than to create
tees for certain clerks of courts and others, a
license is required TO be taken out at the cost of
dollar Tor permission to marry! man might.
with just as much right and reason, be required by
law to take out license to buy new coat, or for
any other natural and lawful purpose or business
We do not expect to see all unjust, oppressive, or
foolish laws removed, but we confess we should
not be sorry to see it done; especially in the matter
Of marriage, in which, we think, young people
ought to receive every encouragement, and from
which all restraints, operating either on the mind,
the feelings, or the purse, ought to be removed.
man naturally fears and hesitates at marriage-ior
who can forsee how it will end! To add, therefore,
to natural fear and hesitation, by artificial fears and
difficulties created by law, is to say the least very
much to be deprecated.
FROM ST.. DoauNeo.-From Capt Grifi thr of the
schooner II. Laurance, who was taken off that YES
sci in sinking condition, by Capt. Burgess, Of the
ship Cabot at this port, we are indebted for late
number of the Ell Dominicano.
H. De iA SasI~ l.