The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-12-18

Michigan says he il incapable Of seeing the distinction
have endeavored to draw may not venture, perhaps.
10 say that the democratic instincts of which the senslor
from Arkansas Mr.. BoRLAsDl has spoken, and which
The senator from Michigan has recognised may have
this occasion, obscuTed his vision But, sir the disnc
ton is most obvious one. When you create banking
corporation, and give them the power OF issuing notes.
The representatives oil money, the Individuals who deal
with that corporation not solely the persons inter
esed That corporation is furnishing acculang medium
for the community That whole community has direct
and personal interest IN the conduct OF that institution
You may well, therefore, impose upon those who direct
the affairs OF that institution abIy which would be
improper il imposed upon corporation limited 70 enect
ing insurance against fre AS 10 this laier corporation
the persons alone interested the insured and The cor
poraion, They issue no paper 70 go Out mo me CON-
among The community generally. The insured goes to
the corporation asking 70 have policy upon MS
aad Wn The sposdgs 1y e. y1prh q
He knows wba, is his guarantee for the payment OF the
loss against which be proposes 70 insure be does not
choose 10 take that security, he does not effect the ns
rance and does not pay the premium, That il not the
case with regard 10 persons dealing with banks That Is
the answer also to the suggestion OF the senator from
Alabama, that are mol legisatDg for these one hun
bred and sixty -four persons In the town oil Georgetown.
but that all constituents may be interested in this mat
ter Well, sir they may be interested. Any man may
effect insurance wing has that species oil property which
this corporation is authorized to insure against losses by
fire. But il any of the constituents Of the senator
from Alabama OF my own constituents shall 40 to e-
feet an insurance with that company, and thus become
interested in The result he will have before him the kind
Of guarantee he will receive If he does not choose to
take H. he will not effect the insurance; II be Does he
has BY his own contract, limited the liability which they
M. EWING. i think the decision OF the question OF
the amendment decides also The question whether there
shall be shall not be an insurance company lam well
satisfied that individual will take stock in this com
pay il il be burdened with the condition contained in this
amsndmsn Those who subscribe 70 bank stock 90 i
There is not very strong probability that the whole
property OF any Individual will be swept away BY them
Il engaged IL where
blues exist, q few very wealthy individuals unite and
take the stock-one two. or three persons There is
never large number OF stockholders provision OF
that kind excludes all small stockholders. All those
who have nothing 70 spare except the little amount they
invest are excluded. No one wishing 70 invest Tor an
stock in any institution OF any kind which is burdened
with provision oil that kind. These joints COM
panies, them budened with that kind OF risk are, far
they moneyed institutions. under the control OF men
OF wealth--capalits Men Of ordinary property, and
that class OF indviiuaIs TO which have adverled are
absolutely excluded, They paftake nothing Of IL The
wealthy capitalist alone takes the benefit of the act of
incorporation and the capitalist will not touch it il there
is any danger OF his whole property being swept away
as in the case OF 6re Insurance company Nobody vii!
touch it, Nobody will incur such risk, for the sake OF
max ing some profit that his whole property will be
dangeed would be in such an institution as this
conhagration Of single night might sweep i all away
The widow and the orphan will not touch il the CAPT.
alist will not touch IT, Then the effect Of this amend
ment is to deny 10 these individuals the benefits OF such
an incorporation. OF the injury, whenever may Ue
They desire il. venture to say that the individuals in
Georgetown will insure their property against lire in this
company, or in some other company II this is swept
away they will seek another. II they cannot find it 10
their own District, they will find il in Virginia, Mary
land, Connecticut New York, or Massachusetts. They
will find it somewhere, and they will be insured The
effect then, of inserting this amendment is to deny them
an act OF incorporation, and to compel them to resort to
foreign corporations where they win find better guar
anse than This would have afforded them for the purpose
OF insurag their property against fire. shall therefore
vote against the amendment
The question being taken upon the amendment BY
yeas and nays, resultedyeas "a, nays 2oas follows
YEAS-Messrs. A,chison. Benton, Borland, Bradbury,
Glass; Chase Cemens Dlv, oil ppi, Dodge OF Wis
consin Dodge Of Iowa, Downs, Fetch. Footc, Hamlin
Hunter, Jopes, King, Norris, Shields, Sturgeon, Turoey
Underwood, Walker, and Whitconb-A
NAYS-Messrs. Badger Baldwin, Berhen, Butler.
Clarke Davis Of Massachusetts, Dayton, Ewing Mangum
Mason Miller Morton, Phelps. Pratt, Seward Smith,
Spruance, Upham, Wales, and WinthroP-20.
So the amendment to the amendment of the House oil
Representatives was agreed to. The amendment al
amended reads as follows:
eSEc 2 dnd be Il further enacted, &c, That the stock
holders said pany shall be individually liable for The
debts or liabilities of said corporation 10 amount equal
10 capital stock held by them respectively Provided
That such liability shall be confined 10 the sockhaders who
were when debts were contracted or liabilities In
CURED" #1E
The amendment Of the House was concurred in as
thus amen ded.