Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1850-12-07

vi hiISC'hch pOlcy, II structure that VIII Ell
ure to the benefit of posterity. The alb
sence of large capitalists, or the cneral
diffusion of wealth in the State, constitutes
ayalid reason for employing associated man
uiacturc on scale commensurate with the
exigcncy Of the times, but especially, to
guard against tic evils OF dependence on
communities, who friendship and social
support, we shall, perhaps, never again en-
10y. by encouraging men Of s'c"d rmcans
and of all pursuits, TO unite with their more
fortunate brethren in the laudable task of
physical amclontion, auspicious moral re
suits will cnsue between the parties; pre-
eminentIy conducive TO private and public
prosperity
Experience has disapproved The opinion,
That to the community greater injury was
70 be apprcbended from companies than in
dividuals, engaged in manufacturing pur-
suits. The death of the head and owner
ola mill is very certain to be the precursor
of its destruction. The property involved
experiences sudden depreciation, owing
to the skill and practical knowledge that
rendered it profitable. These consequcn-
ces seldom follow in the case ofioint Stock
companics, where The ordinary safe guards
have been provided. The deprivation of a
single mind may be keenly felt, but is rare
lyiweparable. If this, however, we're an
undetermined point, the high and patriotic
end in view cannot succeed but by The pow
er of concentrated means. In these days
of progress and reform, supposing the will
and ability to exist, isolated exertons are
too tardy and uncertain. The establish
nent, on scale sufficient 10 ensure sue
cess, of various branches of industry, will
require very large outlay. This the pco-,
pie are prepared to furnish, unless the Leg
i islature compel them to encounter risks
beyond The ordinary chances to which all
undertakings arc subject.
recommend the passage of general
law concerning charters Of incorporalionfor
agricultural, commercial, manufacturing,
and mechanical purposes, and the improve.
ment OF navigation, containing tho follow
ing, among other Fundamental provisions,
viz:-frst, that the capital of each compa-
ny shall be limited to a designated sum, TO
be subsequently, increased, if necessary,
/ by special act of the Legislature Sc
condly, that the members of the corpora
ton shall be liable, jointly and seyerally, in
payment of all debts and contracts made
by such corporation, to be compelled TO
make good the amount of capital stock sub
scribed; but that afterwards, they shall be
liable only as company; and, thirdly, that
on the application of company formed
for any Of the objects named, to the Sec
retary Of State forincorporation, e charter
shall be granted, it, in his opinion, and that
of the Attorney General, the requirements
of the law have been faithfully complied
with, Had such law existed one year
ago, two mills, one for the manufacture of
cotton goods, and the other for paper,
would have been added 10 the number SO
proftably worked in the State. Both pro.
jects, tits said, have since been abandoned,
and thefunds set apart for their prosecu.
ton have been otherwise appropriated.
! II may here be appropriately remarked,
that charter providing for payment by
the stockholders of the amount ef capital
to be raised at specified times, say, in one,
/ two, and three years, would not bring the
individual corporations, under obligations
to pay creditors in shorter time. Sub
stantally. the principle settled in the case
of the Executors of Haslett VS.. Wither-
! spoon was, that whatever by the terms of
the charter, the corporation had Undertaken
TO do, the Courts would, in behalf of fcredi-
tors, oblige the stockholders TO pelform. /,
Asaaxiiiary to the important public
scheme SO briefly brought to your atten-
/ ton, also suggest the expediency of re-
ducing the legal rate of interest," Rent for
the use of money, which is wisely permit
ted in all countries, is regulated by the
average rate Of profits. These mainly de-
pend on the price of labor. The profits of
capital before 174S, and between that year
and 1T77, cannot be ascertained. The
! principle reason alledged for the reduction
of the interest on moneys lent, from 10 to
per cent, in the former year, was the
| abatement OF she value of the farmei'y
property. produced by the war then raging
between France and Spain" and in the lat.
ter year, from s To- Z per cent that the for
eign trade had been much neglected, in
consequence ssof Che great interest and pro-
ftwhlch had beenmade Of moneya home"
and that it would render sIhe attainment of
money easy to the poor and Industrious"
The average rate of interest ON capital in
South Carolina for the last ten years has
scarcely equalled six per cent. II is nearly
certain that, in reference 20 agriculture, i
has been below that estimate. In proba-
bly, no State in the Union, where the pur-
suit of husbandry is so general and cngros-
sing, is there alarger investment in bonds,
stocks ant! other monied securities. The
result Of this state of things is, that money,
instead of being actively invested in new