The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-09-07

| il 80 happens that there is not another member
of the present House of Representatives who
| was member then, who stands In the same
| category with the member from lllinols-all
save himself and the two gentlemen we have
mentioned above, and who are not now mem
bers, having assented to the manifesto, and
sustained it by their votes.
The Union asks what we mean by "leglti-
mate offspring in the connexion in which we
used those words We showed very clearly at
the time what our meaning was. We meant
that the Democrats of the North, having sup
ported the annexation of Texas, which was
emnently Southern Democratic measure, and
thereby contributed to the acquisition of very
large extent of slave territory, found themselves
under the necessity, in order to save themselves
at home, as soon rs they saw that the Mexican
war would probably result in further acquisl-
ton of territory, of taking ground In advance,
that such territory, when acquired, should con
tlnue free territory.
Hence the introduction of the proviso by a
Northern Democrat, and its support, with three
exceptions, by all the Northern Democratic
members in House where that party had a
majority of about sixty! The deduction is a
Legitimate" one, therefore, that the Wllmot
proviso is the Legitimate offspring" that is,
that it grew out of, and naturally resulted from,
a course of policy which had originated with,
and was mainly indebted for its establishment
to, the Democratic party at the South
If the Union chooses TO call it the Legitimate
offspring of that policy we have no objection
General Laws for the Formation OF Corpo-
ratiOns.
The Michigan papers are publishing the new
constitution framed by the convention of that
State, and soon to be submitted to the people
for ratification or rejection. One of the provi-
sions is this:
"SEc |. Corporations may be formed under gen
eral laws, but shall not be created by especial act,
except for municipal purposes. All laws passed
pursuant to this section may be altered, amended,
or repealed
This provision is adopted from the revised
constitution Of New York, with the difference
that the latter admits the creation of corpora
tons by special act, g in cases where, in the
judgment of the legislature, the objects of the
corporation cannot be attained under general
laws" The policy Of New York, in relieving
its citizens. VINO may desire to associate them
selves for the prosecution of any legal business,
from the necessity Of applying To the Legislature
for permission 10 do SO, has found favor with
nearly every State which has remodelled its
constitution since the sitting of the New York
convention Since the New York constitution
took effect, the legislature of that State have
enacted general laws for the formation of corpo-
rations for most industrial and charitable pur-
poses, among others for the construction Of rail
roads, plank roads, manufacturing companies,
Sc, sc.
To be a corporation has ceased to be special
privilege, to be granted or withheld at the OPP
ton of the legislative body, and has become
the common right of every citizen, upon com
plance with uniform regulations. Individuals
who engage in works requiring associated capt.
tai are left free to determine for themselves
upon the probable proftableness of their invest
ment, and upon their ability to meet the compe-
tition of others, if their experiment shall prove
successful, and thus invite rivalry.
Now, this mode Of dealing with things is
that which accordS with genuine democracy and
with free trade. Both are opposed to monopo-
lies, and to restraints upon industry But this,
like almost every other practical reform, orgi-
mated not with the party which is loud in
empty professions of democracy and free
trade, but with the Wings. The first expert
ment in this direction was the General Bank
ing Law of New York. and this was the first
and immediate fruit Of the triumph which
brought an overwhelming majority Of Wings
to the legislature of New York in 1888.
The safety-fund system, which it has super
seeded, was one of the glores of Van Burenism,
and its machinery strong element in party
warfare. Having broken down the notion that
the business of banking must be a special fran
chise, il was easy and natural TO extend the
same facilities to every employment Of capital.
Indeed there was much more pausibility in
regarding that business, concerning as it did
the circulating medium, as a branch of the pre-
rogative in which the legislature succeeded the
British crown by right Of conquest, than any
other. If men might be suffered TO incorporate
themselves for that purpose. much more might
they for auy other. 1t was, therefore, an una
voidablo consequence Of the success Of the great
Wing measure of free banking, that the restric-
tons which prevented men from associating
themselves, with the legal conveniences apper-
tanning to a corporate character, should be swept
away at the next revision Of the organic law.
# was done with the general consent, and the
precedent is not only being followed throughout
the Union. but has extended to Canada.
The provisions of the proposed constitution
for Michigan, relating to banking, are the fol-
lowing:
osEc 2. No banking law or law for banking
purposes or amendments thereof, shall have effect
until the same shall, after its passage, be submit
ted 10 a vote Of the electors Of the State, at gen
cral election, and be approved by majority Of the
votes cast thereon at such election
"src g. The officers and stockholders Of every
corporation or association for banking purposes,
issuing bank notes paper credits 20 circulate as
money, shall be individually liable for all debts
contracted during the time Of their being officers
or stockholders Of such corporation or associa-