Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-04-04
From the New Era.
NEW CONSTITUTION Corporations

From TIE view Ira.
NEW CONSTITUTIONAL Corporations.
A radical change has been made by the
provisions of the New Constitution in re.
lation TO the creation of corporations. I'm.
der the Old Constitution the creation of
was properly left to the sound
discretion of the Legislature. If the inter-
ests of the State and public opinion called
for corporations, the Legislature had power
TO bring them into existence and also full
power TO prescribe and limit their powers,
duties. immunities and liabilities; and to
provide whatever checks, safe. guards, re.
strainis and conditions the public interests
might from time to time require. All this
was proper; because the creation of cor
pora,ions is a legitimate subject of ordinary
legislation, and the people, ten, twenty or
forty years after this time. will be just as
competent to Judge whether they will be
willing TO grant corporations or not, as we
are. e .si w.
The people of Missouri should be lef,
free TO act through their representatives
on this subject, and if the wants and opin-
ions of the people call for the creation of
corporations, they should have them; and
the legislative power should not be crippled
and manacled so that it cannot create such
institutions if demanded by the public in
,erests and popular will. The Legislature
in granting acts of incorporation should
use wise and sound discretion, and should
have an eye TO the public good the power
to create corporations, like any other legis.
la,ive power, may possibly be abused, Blu,
that does not constitute sound argument
against its existence. The abuses Of legis.
lative power are incident to free and
popular governments; but that should no,
lead to the prohibition Of legislative power
for the public good. .t"
Corporations are peculiarly useful in o
Republic; for they afford safe means by
which the free citizens Of the country may
associate, and by their united means and
liable objects which could not possibly be
accomplished by individual exertions. Ir
new country, where the rate of interest
is high and capital scarce, it is peculiarly
necessary 10 have corporations with liberia
powers, because in no other way can many
useful public enterprises be carried on. Ir
country which has all its public improve
ments yet to be made, il is specially desi
rable that there should be a convenient lega
mode in which individuals can safely asso
ciate together to make such Improvement
as public spirited community may desire
These corporate institutions are desirable
rather as means of accomplishing publ,
works and making improvements that con
Germ the whole community than as mean
of private speculation.
In the West we need mills to grind ou
grain and manufacture our -four, factorie
to work up the wool of the country, exten
sive establishments to promote the opera
tons of mining and smelling the rich min
erals of the State, and render them produc
tive and available. We also need cottol
factories and many establishments to suppl,
those articles for which we annually SEM
millions of dollars TO Europe and TO e,he
States. We also need turnpikes, railroads
locks and dams, and other improvements Il
facilitate the transportation of the produc
tons of the country to market. These ar
desirable objects to the whole community
Such improvements render labor more prot
liable; they increase the nett profits of az
ricultural produce, and enhance the valu
of real estate; they have beneficial infu
ence on the whole community, and ar
such improvements as interest the masse:
and are not particularly necessary to an
one individual more than to another. The
, are generally beyond the available mean
Of single individual, but still may be sue
cessfuly accomplished by company c
individuals, if they can have proper corpor
ate powers. There are very few individ
uals who wish to invest their whole prop
] erty in such enterprises, or to make ther
, the business of their lives: but there ar
many individuals who would be very will
ing TO invest few hundred or thousan
dollars in that business. if they could do s
in safety. The farmer does not desire t
sell his farm and stock, and inves, it in
turnpike company; but in order to aid
y furnishing good road to market, and I
S enhance the value of his land, he may
willing to subscribe hundred or lhol
:. sand dollars to the stock of q company fr
= that purpose, provided he can do so will
. out endangering the rest of his properi,
He is willing to risk that much princip'
and interest on the success of the ente
e prise; but he would be foolish to put h
e whole property and estate to hazard, by ii
!, subscription of a few shares of stock.
= thrifty mechanic, who has liberalily ar
J. public spirit, and feels an interest in tt
:, general prosperity Of the country, won
- take pleasure in lending his aid to such Ell
q terprises, by subscribing few shares {
: stock; but he would be generally admitte
IS to be mad if he should do so when h
r knew that hy. subscribing for few share