The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-09
ALBANY, Feb, 7, iS4S.
cturing RII-Legis(dfice


The general bill to authorize the formation OF
corporarions for manufacturing, mining, mechan-
zeal, or chemical purposes, was considered by
the Senate this morning. The provision in this
bill in which the greatest interest felt, that
concerninu the liability OF stock holders The
IOh. 18th. 18th, 18th, 18th, and 23d sections of
the bill, as they passed the Assembly, read as
$40 All the stock. holders of any such company that
sh be hereafter incorporated under this act, shall be
made BY such oompsny until the whole amount of the
cspt Al stock fixed and limited by the company In man
ner aforesaid shall have been paid In, and certificate
shall been made and recorded prescribed
in the following section.
Sill The president and . majority Of the trustees,
within thirty days after the payment Of the last install
ment of the capital Stock fixed and limited by the
company shal make certificate stating the amount Of
the capital fxed and paid in which certificate shal
be signed by the president and majority
ofths trustees and they shall within tho said thirty
days. the in the office Of the county clerk
of the county wherein the business Of tbs said company
IL carried 49,
Si2 Every such company shall annually within twen-
ty days from the first day Of January make report
which be published in some newspaper publishedin
nus.SsS IN s ID tn~% Sy or Village then in
newspaper published nearest the place where the bust
moun Of ospsp :ud Of the proportion actually paid
In the amount Of its existing debts which report
s b. h sy $
dent or secretary Of said oomp.ny, snd aed in ito
cs Of The clark Of the county where the busns Of the
MES shall fail 90 to do ali tho trustees Of the company
shall be Jointly and ssveray liable for al the dsbts Of
traosrd before such report shall Be made.
Sls Kths trustees OF such company shall declare
any Dividend the payment Of which would render nsol
vent, which would diminish the amount ofts capital
the debts Of th. company existing and for ali that
shall thereafter contracted while shall respect
trustees shall object the declaring Of such dividend
the payment Of the same and shall ct any time be-
s With clerk Of
tbs company, and with the clerk OF the county, they
shall be sxemo OF from said liability: .,
der the provisions Of this act shall be jointly and
ally individually liable for all debts that may be due and
owing their laborers servants and apprentices for
services performed for such corporation.
saa If the indebtedness Of any such company shall at
of such company ssssntng thereto shall be
sonally and Individually liable for such excess to the
The following are the several substitutes which
the committee on manufactures of the Senate re-
ported for the corresponding sections OF the bill,
as it passed the House -
$40 All the stockholders of every company ipcorpo-
rated under this act shall be jointly and seversy ind
they are to an amount equal to the amount
of stock held them respectively fer all debts and
Of capital stock nxsd and limited by such company In
manner aforesaid shall have been paid In, and certi
hoste shall have be.n made and recorded as pre-
Si3 strike out all down to the word provided" and
insert II the trustees agents of any such company
eha declare pay any dividend when the company is
in,ovsnt any dividend which would render it insol
which would diminish the amount of Its capital
stock the trustees and agents who shall declare
pay and all the stockholders Who shall receive such di.
vdend any part thereof shall be jointly and severay
individually liable to tho creditors Of such company
paid
No amendment was offered to section Is, as
1t passed the House.
SOS strike out the word strustees,n and insert
sockholders" and also strike out the words assent
Mr. Clark, the chairman of the committee on
manufactures, who reported these amendments,
urged their adoption with great earnestness and
eioquence. This senator is wing of the libe-
raj school; he Is q practical whlg, and he ls
hostile TO the revolutionary tenets OF the vision
ments, Senator Clark confessed his apprehen-
slons that the system OF responsibility upon
which the other house proposed 10 create and
establish corporations among US, would be. pro-
ductive of disastrous results. He viewed it as
most dangerous system, and as one which he
could not bring himself to believe would meet
with the appreciation of this enlightened Senate.
He earnestly desired senators to reflect before
giving their votes for bill which authorised
corporators to contract debts to an illimitabe
amount, without giving any security for their
payment
/ am very sure that the honorable senator said
all that any man could have said to defeat the
bill /; but he was merely wasting his breath. The
amendments OF Senator Clark were voted down,
fused to allow the bill to be amended in the
least, not because, Gas icy confessed the amend.
rnents were not Just, but because they feared, If
the bill was altered, its passage through the
house would be haZarded. | am now satisfied
that the bill will pass with the no liability
clause.
In the senate, to-day. Mr. Fine offered the
following resolution, which lies over under the
Resolved (lfthe Assembly concur) That 1t be recon-
Inended to the canal W in their opinion
ho in,a
the locks of the state canals curing tho coming
OF navigation, from M. to 8 r. M, OF every Lords
day,
The heroic Mississippian, who won unfading
laurels upon the fields of Chapultepec and Mo-
lino del Key, was received at the capital this
evening, with military honors. The folio wing
is copy of the division order, issued by Msjor
General Cooper, of the third DIVISIONS
DIVISION ORDERS. I
Head Quarters, Albany, 9th Feb ls4S
Major General Quitmau, Of the volunteer service In
Mexico will arrive in this city Monday the 7th inst
His chivalric bearing In the field entities him to the
The field and staff officers will assemble in full uniform
to Join Major General Cooper and officers in receiving
This albany Republican Artillery,
The Emmett Guards,
The City Guards,
The Albany Burgesses Corps and
Are here by detailed for escort duty
Capt Cook, OF the artillery viii detail gunners to
FIRE "a Msjor Generals salute during his crossing III,
river, about r. NJ.
The above corps, with their officers in full
uniform, assembled at the Mansion House, in
Broadway, at hali-past hive o'clock. Several
thousand citizens also assembled at the above
point, determined to give the brave general a
cordial reception. Tne military bands attached
10 the above corps were on the ground at an
early hour, where they played number of mar
ta airs
The Housatonic train with the distinguished
guest on board, reached the depot at East AL
6any at o'clock =. M. Its arrival was signal
lied TO the thousands on the opposite side OF the
river by the discharge Of artillery and the deaf
ening huzzas of the committees of recep-
tion. General Qultman was Immediately es-
corted TO the ferry boat Boston," which was
nInWded q L. III MhIOI lre-