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

the difference between them which should enite the
10 facilities and advantages Al the hands Of ne govern
meDt (Which is. by theory equally the agent and
servant OF eaeh which are no! granted 10 the oher
The this question would in It's iull extent ex
to The citizen, and exinguish The last fickeng CLEAN Of
legislative determinations class Legislation deem
il sufficient for This occasion merely 10 allude TO il TO
mind this body OF the true principles involved, even IN
question small as the one now before MS Will add
10 this aluson, however the expression oi my own opn
ion. for what il may be worth, that while lam opposed
utterly and uncompromsngly opposed-io all such dis
crimnations on the side the other, it would be
much cononnableto principles OF equity, and far
more in the spirit OF humanity, lean the side oil the
single individual against the association.
To illustrate my vsw OF this matter. will state two
cases. and compare them. Holding all citizens 10 be
equal and all industrial pursuits in which they may think
proper 10 engage or invest their moneyed capital 10 be
equally entitled 10 the protection of the government,
will suppose an individual citizen. owning cash capital
OF y thousand dollars One-haf, or cenyfps housand dof-
s he lends out AZ interest," upon good security 30 con-
dlioned that he call il in and make use Of Il al any
s a ae oaner ana ns If G' s
implements, &C., for agricultural pursuits Alter short
experience, he finds that either from unpoptious sea
sons, bad management some equally potent cause, the
proceeds OF his farm do not meet its current expenses,
and, in order 10 keep II up, he. instead OF calling m
the other half Of his fortune. leaves that still At interest
and himself borrows money 10 exend in keeping up his
farm. further experience shows the proceeds OF the
farm still lurher in arrear OF It's expensesn word,
that the experiment has been failure, and 70 such an
extent that the farm ITSELF and everything upon IT, when
sold IN the Market falls short by many thousand dollars
Of pay ing the debt for money borrowed to keep Il up
What would be the condition of this individual citizen,
under the law and in MORALS in relation 10 his creditors
Because the farm and everything upon il had been sod
and the iu amount Of money had realized in the mar
would he be released from his moral obligation to pay
the balance which be still owed OF the borrowed money
Would the law exempt him frem that obligation or pro.
tect the other halt OF his forone the cash capital OF
hcsnus thousand dollars he had lent out at Interest," from
the just claim OF his credtor Certainly not He would
be responsible for the whole debt, and the law would
n he nf auy n ha AIMING n
session, enough 10 satisfy IL. 3ea
The other Isuppose is ths Ten individuals, each
casn eaR.a o. ,;ny As's"a aoa S M
thousand dollars each, making up joint fund of hun
ded thousand dolars This joint fund, this association in
vest (ke the Individual have before menuoned) in
farm, necessary fixtures implements, &c, for agricultural
pursuits; the remaining ten thousand dollars, or half his
fortune OF each OF these associated Individuals he re-
serves to HIMSELF and lends il al interest upon good Sc
curiiy The farming operations 20 for this assoca-
ton, in The OF the individual citizen have in
stanced and with the same result debt has been con-
tracted TO keep up the irm-the experiment proves
failure; the farm and everything upon it, when sold in
the Market falls short OF paying the debit What Is the
consequence 10 the association and the individuals COM
posing it Are they absolved from the responsibility
pay this debt Does the law exempt the remaining ten
thousand dollars which each yet in cash and has at
interest! Certainly not As in the case OF the ndivd-
ual czen, all The remaining property OF each individual
of the association is liable, and the law appoprates as
much OF II as may be sufficient for the payment OF the
debt And why is this sol Upon the we'll established
and sound rule OF law and morals, that in whatever pnr
suit shall engage, the successful result OF which
Is 70 De ms pro'h he s bound to the full extent o. ms
loss which may result from It's failure. VA aassts
But if these principles and rules apply 10 individual
OF an association in The pursuit Of agriculture why
should they equally apply TO individuals and assoca-
lions in every other pursuit. For myself, confess that
am unable TO conceive OF any sound and sufficient
reason for exception or discrimination and utterly unable
10 appreciate the validity of the many arguments have
heard attempted in favor OF their introduction.
In the particular before land speak not OF il
as particular association, or composed OF particular
individuals. for know nothing of il except what the bill
discoses) this exception. this Discrimination proposed
IN favor of fire insurance company What particular
claims has such an association over any other OF the
kind indeed over any individual citizen that may
choose 10 invest capital in any other branch of business
Under what higher law does this particular pursuit, OF
making profit upon capital by insurng houses against
ERE, ask for exemption from the liabilities aud obligations
which the law and good morals impose upon the property
and business OF all the other citizens OF The same commu
nityl have prejudice against companies for insu-
against fire. against any other kind OF compa
nies persons who olsw honest and useful pursuit
act that. of ali the forms Of associated capital n our
country, that which IA welded under tue name OF
q fre insurance companies" is held TO be the most
dividends. II the publications OF these companies
themselves TO be believed (and II not they are
criminal in making them) their profits range from IS
TO 30 per cenium per Is there any other busi
ness, whether conducted BY individuals or by assoca
tons. which pays well as this And II none, why do
the associations for carrying on ask or even desire pro-
against those losses, and from those liabilities and oblga
tions, which sometimes result from unpfopous turns IN
business and oener from bad management, but which
sound laws aud good morals impose upon every other
person In the community Through the whole range OF
the business pursuits Of country much question
whether the annual profits upon investment average five
per Indeed, do not believe they are 80 high
that In many parts OF the country am very sure they
do not exceed three per cenum And yet these pursuits,
the important ooBdeed the riiai onesneitber
ask receive any protection against loss or exemption
from responsibility in the management OF their business
repeat The question: then, What higher claim have such
companies these upon favor. Under what" higher
law" do they demand that shall By discriminating laws,
elevate them much above other members OF the same
community and oil so full the measure OF their pecuniay
profits Until these questions shall be answered 10 my
Can achievement cannot anticipated must,
from sense OF high moral and political duty, and as
measure of sound legislative discretion, oppose what
cannot otherwise regard than most exifavagant pre-
tension and unreasonable demand. shall vote for the
amendment o the House, which insures individual LA
biliy 80
6ca,on to the honorable senator IRON New York. and
others; and | ask 10 modify the amendment which
offered in the following manner;
Aad further enacted, That the shan be
Liable - tho OF tho capital stock held by them
Popdsd, That such liability shall be con-
n s,ockbodefs who were tuch when such debts
And would submit 10 the Senate that those who are
indsposed 10 this amendment in any iorm--of whom
confess am one-can attain their end BY voting Tor The
amendment 10 the amendment and then against the
amendment as amended thus rejecting the amendment OF
the House. g..
The question being taken on the amendment TO the