New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-09-08
General Corporation Law.

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General Corporation Law.
Association. combination. union Of means, tai
ents sinews 10 the prosecution OF industrial enter
pr;... /. Grand and bene6cent feature Of the age
we live ina sign and condition of Progress If
no Railroad could have been constructed until some
individual hsd been found able and willing TO incur
the whole expense and risk, the world would have
doubtless been put back or held back at least cen
tury Bet while no could be found willing to
risk millions there were many who gladly invested
hundreds or even thousands. and 90 the good work
went on. And although the success and profita
bleness OF X ailroads aud Canals il no longer mat
ter Of hazard uncertainty, yet even 20 this day
no internal improvement Of great extent or utility
has been constructed ct the cost Of single ind
vidusl. Only by an aggregation OF the resources
OF MANY persons or even Of an entire community
can such works to any considerable extent be pros
cuted Where one man. whether Of large or mod
crate means can be induced 70 risk all he has upon
the fortunes Of gigantic enterprise there are thou
sands willing TO risk ten thousand, five thousand
1--WE hundred or fifty dollars, and by the union Of
these severslly inconsidersble investments many
work OF great public utility is gradually pushed TO
q completion
In the case Of Railroads and Canals there now
few who insist on making the stockholders liable
each 20 the extent Of his entire property. Tvs was
formerly dem snded in New Hampshire and some
other quarters by the most unressoning and acrid
Jacobini.rn. but public opinion overruled it. Yet
now the spirit so signslly discounted with regard
TO Railroads has taken a new position in the face Of
all other corporations or business companies, and
demands that Hey shall be subjected to conditions
which il no longer seeks 10 impose on Railroads -
Clsnoring against chartered privileges and sspe
ciai legislation it is itself intent on n measure
whose success will make Of certain individuals and
corporations favored class enjoying privileges in
deed since they are denied tn all others
We on the other hand, would give to none pri
vileges; we would concede and confirm rights tn
ALL And, believing that il is most emphatically
iast and bene6cent that companies and those who
deal with them should be permitted to agree as to
the extent and nature OF their liabilities to each
other-believing that where forty men contribute,
in specific sums of hundred to twenty thousand
dollars each, paidup capital of fifty to Eve hun
dred thousand dollars. and fairly advertise the
whole world that they are responsible 10 the ex-
tent Of such capital and farther, the law should
hold them to an honest fulhlment of their agree
ment and no more--belicviug that new employ
ments would be introduced, new works started,
more labor employed, more wages paid and more
wealth created. under General Corpora ton Law
than can be hoped for in thee absence of tive
mean TO urge the subject upon the public attention
until such law shall have been pissed.
We do not think The Tribune can be Justly or
even plsusibly accused Of fsvor.Ag the Rich as
class though insist Justice for them for all,
and would resist the oppression OF the few by the
many as resolu.ely as thai of the weak by the
strong. Now look q. This Liability matter in the
light of fairness aud common sense Here We will
.av are twenty men intent ~-tahlishrss fs-o-
Wcras IN the Wild mountalnregion on the northeast
ofour State They expend on the enterprise all the
money they eau scrape together-a very common
cssesnd find at last that they have miscalculated
that, on account of unforeseen expenses in open.
ing roads building bridges &c. they must have
$50, 900 more add to the 500 900 they have al.
ready expended, or the enterprise will { all They
60 u heavy capitalist and say, To, est $50 600
: in our company, and we will make a good bust.
ness Of it" Yes, gentlemen. says the capitalist,
Il will put in the $4,000 you need on equal
terms but il | am 10 se held liable for the
joint debts. present and future, to tie extent
OF o. 900 600 or 5000 900, while you having 10
property bu, hat invested here, can only be made
responsible to the extent of 500 900 in all-in
other words, if, while my profits can be but fifty
per cent OF yours, my risk Is to be ten or even
fifty times yours | do oos think the lay fair and
equs.- and deoae 70 20 in. Now. who does OF
feel that this objection is fair aud iorcbe and 1hat
the capitalists fully justified in his decision - And
you do not spite him at all by your individual liza.
biIity. He can invest his money well snoug IL and
prosecute his business advantsgeoGsly wit nout q
company or corporation Butmen Of enterprise and
Of moderate means are often ens led 10 do tn rough
company what they could mo- do at ALI without it,
they ofen need the heir OF rich men to insure sue
eess. They are IVA" i. willing to obtain this ON th'
basis OF ,'nise' and defined Liabiity-oi hqua
Chances as' equal Risks in proportion 10 in'es'
nen" - verally-sll parties Interested as'ee :
this: out certain outsiders say No nsha" NOT
S.vou wsu, IT, but the contrary. And very COZ
,r.rv II seems to be, to our apprehension
All ths law needed on the subject might be es
pressed in forty lines. IL should not specify Ma
,,sc,or;n.,. nor be confined TO any business wha
ever. 1t should simply provide that ComPan!
fairly advertising the world that ITS paid up esp''
~.. q certain amount and that It's stockhoide
xerslish,e 10 that extent only. should be held Q
the law responsible TO make good 'Aat "'Ioun
or in other words to fulfil their engagement
and no more. Should they divide their capital
any par, OF it. make them refund 1t should th'
attempt to chest in any way make them smart
il and hold each participant IN the fraud resPon'
bic % the last iarthing but II they act IN go
faith. hold them To their promise and nothing iar'
err Itseems impossible that the public should nj
upon fair discussion concur in this view.
The Free Academy.
Tl< Ttbsa< violently clanorra ior establishment
ana an ITS service labored ssduoasly p0pul
nv.,oaice AGAINST the Colleges aud higher institutions
r. CITY Yet has been VOTED lhf Trtblas Is
t,nnsly seeking 10 excite against popular odiun
are ALI and petty Jealousy Of those who have
r.rss 40 a. 10 emnaTfass and retAro it. organization
rn,.s ,oo. unyise aud uuiast Now that IL settled Oh
We are 10 have such institution let - strive y mas
rooA oae Now that the people have Npied Tie u'on
-. 4 IN ugl : u