New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-01-13
COrpOrute Liability.

formation and management Of Corporations and
defining the legal liability of Stockholders therein.
To whatever Committee this duty may be conhded
its execution will prove one Of the most memorable
acts OF the Session The importance of the subject
will Justify a brief recurrence toit.
The great danger is that the Committee or who
ever undertakes the framing Of the act will spin
ter it up with too many devices, and precautions
and restrictions instead Of settling first the pr'nc
PIES involved in the question and proceeding to
give effect TO those principles Should tins latter
course be pursued, we apprehend that the details
Of the bill will will be considerably abridged by IT,
In our view, the Legislature has primarily to in
quire, What do The Stockholders ~ Corporation
PROMISE 10 do and then hold them TO fulfil to the
extent Of their ability, that promise. II, Tor in.
stance, hundred persons subscribe from 800 to
$1,000 eacb-say in all slO0,0OO-to construct a
bridge. n church n factory. turnpike or any
thing else putting forth certain articles OF ossocia
ton and agreeing abide by them, it is the duty
Of the State to hold them to an honest compliance
with the mutual pledges therein made II, for in
stance, they agree TO be individually liable whether
TO limited extent over and above their respective
investments or unimitedly to wbosoevor shall
choose TO become their creditors let the Law hold
them to that If, on the other hand, they plainly
say, Capital 100000. all paid in--Stockholders
responsible to the extent Of their several invest
ments and no farther cannot see why the
Law should interfere farther than to take care that
they really hare paid up as stipulated, and have
not dishonesty withdrawn their capital by un-
iustifiable stock loans or dividends Hold them to
perform faithfully what they have cosenanted to
the uttermost but when they have done this. by
what right shall the Law pursue them farther
On what ground shall it assume to nullify their
actual contract and put another IN its stead We
cannot imagine
We know it is said Corporations often TAIL while
their stockholders remain wealthy, aud the poor
are losers thereby But has any one ever attempt
ed to draw q comparison between the losses by
corporations and the losses by individuals Has
any ever compared the promptness of payment by
the one and the other According to the results OF
our inquiries, Corporations are far surer pay than
individuals, taken in the average pay more
promptly, and far less in barter and truck We
would not object TO n section making the stock
holders in each company personally responsible for
the debts of that Company to its manual laborers
for this though inconsistent with sound principle,
would have the good effect Of impeling every com
psny to square accounts with its wcrkmen every
fortnight at farthest Yet the Just rule OF holding
every one his bargains and nothing more, is bet
ter on the whole
The issue OF mere promises to circulate as Cur
rency is an entirely different matter and should be
legislated for under different head Here, too, the
stockholder should be held to fulfil his agreement
and nothing more but the State should take care
that ample security for every note 80 issued Is de
posted in its own strong box, and that the sound
ness Of the Currency does not depend on the sol
vency and honesty Of any man or company bow
ever respectable or apparently wealthy
CAPrAIS TUCKER OF THE "PoNTiAc We ask
that the public will suspend their judgment in rcla
ton TO the conduct Of Captain Tucker Of the ship
b - Pontiac" an account of which appeared in Monday
mornings Tribune. There L. understand, quite
another view Of the than that given by the Co
rir des Eias Uss We only need now to say thai,
Cap, Tucker and his Mate this uocn, stretched
on bed Of extreme llness-tho consequence Of the
hardship and anxiety which they both suffered the
voyage Of the Pontiac Both delrious from fever
and have been for days OF course Cap, Tucker IL
incapable Of making any defence or 20 rcbut the
charges mndc AGAINST Nun ~ soo1so DC fcuctncfIco
however In the meantime. that the passage Of The
Pontiac" nearly seventy dsys-thai half the
m and Of duty the whole ume-ihst Of The Of
Gers also Incapable Of scrvice,hs the namber Of
passengers between and three hnpdrcd ard that
large portion Of hes> ~eSe put board The P0n,lsc IN
wretchcd and hishy condition having been
shppsd from vessel which had returned 10 Liverpool
eens enable IN pursue her voyssethss the provisions
put beard for ihcse engrsnts BY the ehsrcrcr. ofs
chip barely sufei~nf Tor the voysse and fAsi
Captain ihan prudent n limiting ne co.t
sumption Of food-sDd that ass1J n H. Captain Aas
rescrted to severity nos saasasi mig board
smixrsns shps) may Re band hat the circumstance.
not Only jastiAed bat made sssela,oJ neessssyy and
hat he has only aose vhsi every good .a,1ns,er
and CAREFUL usss. Who asSsrstoed his Do..sion
should have done We hsypea n know nat s,tswsp-s
have been made 70 cxioTt nosey from Csyt Tscser
ssee his srrvs BY threats Of osoe n u rsfs<sl
end We have sen e effcr 70 him IN shieh orr 90
sasps himself Your fr,esd snd grssosssss" ofsrs
Cor certain sum 70 b. II ks me Csptsssl sysiee
Considering a. ihese elFeszassscee TIE gselis ., es
esshs 70 suspend Their }ssgxept an fa s,xeccf
" made On tn otn>r sd The whole sory fesg
osf " b nossss ser~ hen seossyrsey between
nAhetcns enixrsns an ~ fss.s~ gs hsrpses rhe
are A~sys prov hnS seos g. ssaisr snt skfgs n sesrth
cfsone ssch xsne A. Ma
~ LrIxssros WsLIs ssas a. AI.sey "a
psrs last nghs Ia advance Of ire Pose csee se6r.rv