New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-01-06
Iud,v,duaI L,abiIiry of Corporntor-.


Corgyess IL the Legislature Of this District, and
has in former years passed few acts OF incorpo-
ration for strictly business purposes-among them
one incorporating steamboat or Jerry company
20 run steamboats, between this city, Geors et9wn
and Alexandra. This act having expired by Inn
itstion, a bill renewing 1t for a farther term OF
twenty years subject to the express power OF
Congress TO modify or repeal II, has been consid-
cred and passed ia the Senate, and today came up
for concurrence in the House, when Mr.. THOMAS
Loco Of Tenn, moved a section embodying the
principle OF individual Liability Of Stockholders to
the fullest extent According 70 this provision a
man who had taken share In the company as the
only payment he could get on bad debt-a widow
10 whom some well meaning relative should give
or bequeath share Of this stock 10 help her
feed and clothe her children-an orphan 70 whom
some shares Of this stock may have been leit Oy
deceased parent-any or all OF these might
be stripped Of their last shilling and buried hope
Iessly in debt by an insolvency OF the company
which they had no hand in causing, and no
power Of averting. A citizen taking single
share in the company, for the sake OF establishing
the ferry, when he would rather have 1t estao
hshed without his help if possible. might be
stripped in moment Of the hard-earnings Of lie
Of frugal industry by the failure OF this steamboat
company Nay, Mr. Thomass proposition was
even worse than this for it authorized any person
obtaing judgment and execution against the COM
pany, to levy upon and satisfy his demand from
the property OF any individual stakeholder and
thus a fraudulent confession OF judgment by the
managing officer Of the company, might involve IN
pecuniary ruin hundreds entirely innocent Of
wrong without giving them chance to be
heard in their own defence
The object Of such clause cannot be mistaken
1t is deliberate war upon the whole system Of
Associated Enterprise which is the glory OF our
age aud the mains pring Of our Industrial and So
cial Progress. Under such system OF Corporate
Liability, Rich and Poor will not combine their
means and efforts for mutual advantage, because
the terms are most unequal. Two neighbors, one
worth 8 900, the other 100000, are solicited to
take stock in Plank Road, Bridge or Steamboat
Company. which will greatly conduce to the pub.
lie advantage. They are willing to do 50 on lar
terms, but the weather. says, ask equal risks
for equal chances. II the enterprise succeeds,
Il make no more than you If 1t fails, lose
hundred times what you do. ] choose, there
fore to keep by myself or associate only with
sthose as rich as | am.'-And 80 works of great
public moment are doomed, or are prosecuted
only when the wealthy are ready 10 accomplish
them by private enterprise.
Attempts were made to modify this so as to
substitute what is known in New-Nork legisla-
ton as the Oriskany Clause, that is, liability
Of each stockholder to double the amount OF hs
stock-but this was defeated, and tile question
taken on the naked proposition OF Thomas, with
the following result
YES -Bsyy. Bedinser, Beale', Bingham, BLdssl
Bocoek Bowlin, Bridges BTodhead, W. q. Brown, G.
Brown, A @ Brown, r. Clsrs L CLARK, w R ".
COBB, coose Collins, Cummns, Daniel, Darling, p!ck-
Hsrmanson Harris, Henley. HUI, @. g. Houston, lnge,
Q ]. Inseson, I,r,a, Jamie.OD Jenkins, a Johnson
G i%S Lun m Meoowsn MeRsy, MeLsHe. MsSG,
TOO. Phelps Pisbury Richardson lRicbey, Robinson,
Roekhiu, Sawyer, Simpson, smart X; smith; sIanlon'
jacob Thompson, X A Thompson W. Thompson Thur.
wieh. Wiley Williams
Wings in Italics, 20 all the rest Loco Focos.
NAYS Abbott Adams. Barrow, Bsckmar. Bots, Boy.
don, Brady. Buckner, Burt Butler Cs6el, Candy Chsp
man, ChngmsO, Celsmer, coDser orsn,Soo, cn.eed'
Edwsrds, Emorse. A. Evans N Evans, Fareny, Fisher,
Tlournoy, Freddy, Fulton Gaines, Gdding, Gogsin,
Hser S'f HI.r SIs0 Holmes s W Houston HaSS%d
Hudson, Hunt J. lngersol u. 7 King, w. I Law
renee Lincoln. Mellvsise, Marsh Marvin, Morshesa
Petrie Pollock Preston, ]. Rockwell }. A. Rockwell,
kose, Root, Rum.eys 81 John, seaenes shspperd'
Sheriff. Sylvester G. b Smith T. Smith, sirohm. Taylor
4 w. Thompson. b, Thompsoo, Toombs, TVcK, Wan
Dyke, Ninton, Warren, White, wilson Wood"ad
Loeos italics, 81 all the rest Wings.
Thus most suicidal and unjust proposition
was defeated by barely t'oO majority. upon almost
clear party division VIII not the friends o
Associated Enterprise throughout the country
mark the division