New-York daily tribune., 1849-10-25


tdv The Ciac,anati N0npue,i undertakes TO
discuss our ia.e srt.ce on the Individual Liability
Of Cofoorators. but very perverssly II honestly
suppresses the part insisted on by us that "e ~
is,iag laic Of our State (which the Working Mems
Convention conde nnedj ol,eady entorces indlVid-
usl Liability against Corpora.ors iar ss the pay
mtnt for Labor Is concerned. Labor hss now su
szel.,,r. hen on the Indiv5usl Property OF The
stockholders, which would not BE- improved but
eoervste by making such property liable 'or all 'ne
obligations Of the company.
Well,' says a Cohoes correspondent who
writes too many words for ms ideas 10 opposition
10 our view. what reason is there for this prefer
ence given to tho lsborerl There is this reason,
Cir the lsborer mus, eel hi' oAy oommodity-
other men may generally sell or hold as they see
ft The l.borer to whom work is offered must OIL
ten accept il or famsh so he cannot scruinse 700
critically the sovonoy Of the oifsref but he VINO
sells horse and wagon, pile OF lumber or al
most anything else may be sure oil selling 70 some
one else by slightly reducing his price Il any par
ticular customer won't pay him. Nay, no onSh'
not to sell on credit 20 gigantic corporation, but
sell for pay down, and the State ought not 70 en-
courage ts citizens to sell on credit 70 corporations
Of questionable solveucy. To profer them lieu
on tho private property of honest stockholders
would be en- encouragement to inflated credit ana
wholesale litigstion, whichwe could never consent
tO.-Hear The Nonpneil
"But saw. The Tsibune capitalists will not 'ubsonhe
,toch under such risks Then LEI them keer ihs stocks
At home This should safely Ihs I'ioV1s tat ne puonc
wOTk would not be OF ss'p greht uiii iiy or promises
70 pay need not fear bat Capital will bs f'fihcom
ilg 10 build IA
Here the per centage OF profit on an urde-tak-
ing is made the ~ esslre and test Of lis utility,
contrary to every mans daily experience. Three
Dar.hs Of the Railroads, Telegraph ines, &c &c.
are constructed by subscriptions that the subsorib
ers would much prefer not TO make, as matter OF
personal profit, bat which they dO make for the
sake OF the public benefit TO accrue from the COM
petion OF the works. The Erie Railroad, and We
presume mott Of the completed or progressing
Ohio Railroads, are cases IN point. Many works
of very great public utility have entailed severe
Losses on those with whose money they were con-
s.rucsed Not one Rairosd in ten thus far con-
structcd jn this country would have been II their
promise TO pay welr' bad been the sole or chief
ioducement TO subscription.
The Nonpneil talks OF the restricted Liability
principle as
The a,e sysem that has beggsed The worldthe sysie
oflegsang for the ch to ae OF tbs poor
of lhs capitalist against the lsborer' &c. nc
We have indeed lived TO very little purpose II
We csnno, afford to despse such substitutes for Ar
gament IS these. If the security to stockholders
against unforeseen and ruinous liabilities profiered
by the Limitation priacpe has not given to Labor
lby stimulating investmen.'l a dollar in extra
wages where it has deprived it Of cent by cor
porate bankruptcy, then we never knew anything
vhntever.