The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1847-02-27

frcanenhy useless and ruinous'
Butt, is sometimes argued thst by cor
pora,e privileges men OF small means NAV
engage in a large business, by aggTega"ug
their capital, and by this legal device man
having one hundred, five hundred or 'hou'
sand dollars, may become coal operator
banker or al ron.mas'er.
The thousands Of our ci,izens who have
os, their money by becoming shsrehO'urrs
IN coroors,lons demonstrate the fallacy and
l(olly OF this argument. S.aAll shareho'd'
ers 10 corporations ere the mere instruments
Of The wealthy propr'e'ors, they have NJ"
effective view in the management oi silairs
| They are powerless helpless and dependent
A few large share holders manage 'he IN
s,ilu,on and direct i, for evil or Tor good'
and thus instead of dGusing The benefits oI
profi,soIe business, and limiting the pow
et ard influence Of individual wealth, this
power aud influence are greatly increased
The principal shareholders mol only man
age their own money, but they work viii
the augmented power, derived fro II ID,
means Of Their nelghbors. The bill before
me provides tina, the company may 60 mi"
ope,alion when ffy Thousand dollars oi 'h'
stock are paid 10. A few principal share
holders, who own iweniy-slx THOUSAND
Idollars Of the stock may as each share IL
en,ilIed to ore vote assume the direction
,nd those who have paid in the remaining
twenty -fuur thousand dollars must patent
ly submit Thus one or perhaps Two u
three men, with capital OF tweCly-sA
Thousand dollars, secure The control Of hii!
thousand dollars, and the power whici
wealth always cun(ers IL multiplied not BY
,he natural course Of things but by lega
{, rivarces aud ,he very argument by
" hich those special privileges are attempt
led TO be sustained is found upon examins'
Iion TO he adverse 10 the end for which il it
advanced.
This bill contains one extraordinary iea
ture. BY tbe se, ,enlh section II Is proVid'
ed the tockhohders shall be individually h
liable when the corporation is insolven, no
|,n pay all their just debts but only 'hes'
lue 10 an enumerated cIsse OF cTedltot'
iwhIe the claims Of others are excluded IRON
the benefits oi this security. The prefer
renee thus given limits Ihe liability not It
,hs honesty and merit Of The claim hu. II
|the profession or business Of the claimant
lnovel in It's terms and unreasonable in it,
lappics,ion, as to find no sanction in tn
plain principles Of common jusnce. Be
sides, this section presents sHtng temp
,a,ion TO he managers Of falling corpora
dcn, to apply the funds they can comman
to the payment of those creditors who hav
claims by the law, upon The indlvidu6
estates Of the soukholders; and 10 thro'
the loss upon those creditors from whor
this seculuy is withheld. This provlslo
ldemonsuales the Inconsistency and lnju;
i hIice which are lnseparably connected vii
i, every deviation from tho plain and na'ur
= principles of righI, .hai hold every aal lii
-; Ible TO pay all his honest debs, and have 4
sslutary fleet OF checking extravaganza 9T
:, lmskiuC men careful and cautious In lhC
,,en,erprises aud business operations.
oil ! have already adverOd 10 achievement
is of individual enterprise which ls me
a. srongly illdsualed by the extensive a
o.Isuccessful manufacture Of Iron ihoughu
d. he Stale. By granting special prlVlleg
m 10 some, great injustice is done 10 ulht
10 engaged in carrying on the same husiOe
vel u pom lhis subject remarked in the mi
,ldlsage upon the Lancaster Manulaclurl
ks Company, in ls<5, aggregate corpor
Nh, wealth, employed in any branch Of indus
re which has already sngaged the en,erpr
@ all and capital OF individuals either is or is 4
Tho more advantageous and profitable than
mo dividusl investments devoted 10 tho sa
Gu object ri it's no, more profitable, IN
VS., can be no reason founded in Stale pol
SO which will sanction ils sdop,ion. If i
dis more profitable, then il is made so by
icisl privileges, conferred by the governu
his. ION sone and denied TO others, a prime
en- ywhieh HoIa M aanh1iocr in ,ha nnivI