New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-10-08

including its Nominations and ts Platform Of Prin-
ciples, appeared in our last paper. Most oil the
ideas embodied in the latter strike as iavorsoy-
in fact, many Of them have long since been com
mebded ia our columns, though we don't belong 70
Any special Working Mems party. But No. OF
the Principles we decidedly dissent from, and wish
to give our reasons. Here is the article
- We demand The insertion Of the personal liability
clause In the existing GeDsrsl AAsrFscTubfse Law, or
repeal Of The same
We have considerably discussed this matter Of
Personal Liability heretofore. bat will look At j,
once more. There is Railroad, Canal or line Of
Steamships wanted, and no one person can spare
the money to build IL Bat Thousand men can be
induced TO unite and DO IT, one putting in $4,000.
others 5000, $4,000, and 80 on. They frame
articles Of agreement and are made Corporation,
each one binding himself to risk the amount Of bis
subscription, and no more, in the enterprise. On
this basis, /: Is perfectly e9ual adven:ure-every
mans chances Of loss or gain being in direct ratio
10 the amount Of bis investment, u "a right. Bot
screw on the Individual Liability principle, and
now one mans chance to gam by the success Of
the undertaking may be ten times as great as AL
Others " bose chance 70 lose is ten times greater
than bis. That is 10 ssy, A. h. IS worth js,t
sl0 900 ana he puts 1t ali ntothe work while D. c.
who 10 worth slCO 900, takes only 81 600 OF stock
in the enterprise 40 if u succeeds, A Is. has ten
dollars dividend 10 c. D's one but II It fails dis
astroosly c. D.'s 100000 ofprivate property must
all 20 10 pay the debts Now we cannot see the
Justice or equality Of this. while " { see hop
grossly il conflicts with public policy BY deter
ring wealthy men from taking stock in works Of
great public utility. We have hard work now to
make tbi, class do their part in such works, but
put the Individual Liability at them and they
would ell bang of, and very Justly. We could
not ssk them TO do otherwise.
Now this business Of credting Corporations is
generally matter Of choice. They often come to
u. for Advertising, and if we choose We say Our
terms are cash. and they must put II down. But
suppose w saw fit TO credit any one Of them, we
credit not the individual stockholders, of whom
we know little or nothing, but the Company. We
understand precisely what sort oisocOrity 10 offer
cd us, and we accept it or reject it. Onw what
principle Of equity shall the Legislature set aside
our own contract and make another for Us Of quite
different character We admit that the Legs
lsture may do this, If public policy requires it, but
we cannot see the wisdom nor the justice Of 50
doing And from very considerable experience
we affirm that where Labor loses ono dollar by
trusting Corporations it loses fifty BY trusting to
Personal Liability. Look around among your
friends who have worked for chartered Companies
and those who have worked for individuals respec-
lively, and see If this be so or otherwise.
Now as to tn e interests Of Labor especially.
which this Convention assembled to guard end
uphold By tie lac os II IS see General Manu-
featuring Law, passed Feb. Il, 1881 the stock
holders 10 all corporations formed under it are
Jointly and severslly Individually liable for all
debts that may be due and ewing to oil their
ia6oyers servants and apprentices for services per
formed for the corporation. SO that Labor not
only cow has the security demanded, bat has il
exclusively TO itself Let company fail owing
million dollars, and you never could find indi-
vidual property OF stockholders to pay it with
but you nigh; very well find enough to pay the
twenty to fifty thousand a it that would be due
for Labor Better still the fear Of this lndividu
al Liability will very generally oonstrsin corpo
ratons to keep their Labor promptly and thor
oughly paid up, 10 that in case Of failure they may
not DO liable TO lose their private property. We
submit therefore, that the Convention, in endesv
oring to improve. the Laborers chance by extend
ing the Individual Liability Of Corporations, is
would Mt dig potatoes for every seventh eusbel
a. was offered bim-if he could Mt have every
tenth he would Mt dig at all.