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


the exercise Of careful foresight. combined with
honest integrity Of purpose II there is fraud the
courts Of equity will make all the parties responsible not
merely for The amount contributed, but 10 their utmost
ability 10 make good the losses resulting from the fraud
II seems 10 me. therefore. Mr. President that the
amendment sent 10 US from the House OF representatives
corpoators but account OF lis not having proper and
Intelligent regard Tor the general interests oil the commu
nty-he interests proposed to be subseryed by me con-
tinuance OF this corporation The whole question, IN
my Judgment resolves itself into the nqury-should me
corporation be established at all II il ought establish
n ~ MAGq Ths ss eosd
is the only rule TO guide us IN this matter
With regard 10 the amendment, cannot understand
upon what principle il is founded. II this company s 10
be erected ordinary partnership for the transaction
OF business for their emolument, and to fall under
the rules Of such partnership then hey oughtall and
sherSby ae 10 pay Why DC you fix upon upon the amount
the party has contributed to the fund, in order TO grad
iae his additional liability II he has put in $4,000 he
Bile beyond that why limit the additional responsibility to
another $40, ,000l II seems 10 me that the amendment
proposed to the amendment OF the House of Representa-
tyes is supported by another principle. The parties
ought either 10 be treated corporaors in an establish
ment erected because il is important guarantee 10 the
transaction Of the general commercial business Of the
community, and therefore incorporated upon the usual
terms, you ought TO say: while give you corpo
rate capacity in order to continue in active operation your
association, to prevent the necessity OF stopping TO wind
up your affairs. in the case OF partnerships. we
will still hold you to an unlimited responsibility am
myself unable 10 why intermediate guard is 10 be
amendment, and hope the bill will receive the sanction
Of the Senate in its original FORM declining 70 concur with
the ams1d%en, snn M oI the House Of Rspressnatiyes
Carolina [Mr BADoERl has honored my remarks with a
somewhat elaborate notice. must fo-sle the Senate
In the irsi place repeat what said before none Of
my remarks had have any particular application TO this
Georgetown company know nothing of il, except from
MY honorable friend from North Carolina (Mr.
BADGERl asks the question, what would have been the
present condition OF country but for corporations
know the senator's habit Of pleasantly; and therefore,
notwithstanding the somewhat grave and emphatic man
ner in which he put this question. and then proceeded to
IL doubtless 10 his satisfaction and certainly
to the edfcaton Of all who heard him, feel authorized
his part And. in any view of it, cannot deem il neces
say at this age OF the world al any rate in this era Of
our own country, before this Senate, TO enter at any
leng, into either history OF corporations (moneyed
corporations mean of course) or the consequences
which have flowed from them. 'Bui do not hesitate
brief and TO the full pointed those in which he put
it, that had had any such corporations country
,ood hare been in far better condition than noo i This
is my opinion and in it have little doubtI have the
currence OF decided majority OF the people OF the Uni
ted States. If such be not the case, then confess myself
very poor interpreter OF the popular sentiment am
of opinion that many if not most OF the evils which have
upon and besel country and embarrass its
legislation, have resulted directly or indirectly from the
operations and influence OF moneyed corporations
| may pardoned. Too, trust II give expression to
this opleon with some emphasis, with feeling
for really il is net only opinion but sentiment, in
which my constituents fully participate, and have painful
cause TO cherish. My State, al her birth, was
cursed with coporaons and, from that day 10 this, she
has suffered in her business and her reputation from that
early curse, which, like original sin, has followed her.
or like the shirt OF Nessus has stuck to her, turn which
way she would, crushing her to the earth with almost
hopeless labor. parayzng her enterprise and posponng
an unfortunate period for her own good Il was il 1885,
when the mania for banks pervaded whole country,
and swep, like pestlence land moral and political
pesence it was) over the land Injected from the great
fountain of corruption, the very atmosphere
veyed the poisonous influence even 10 so remote aregon
as Arkansas C'the lar West then Evenin our con-
sution provision was made for two banks and almost
the first State legislature, seeking models in the then most
enlightened sections of the country, established what
The constitution permitted and certainly intended for i
all, doub the handwork oil the same financial
architects and political engineers The consequences
were, and speedily just what they had been elsewhere,
and what men, not carried away by mania, must have
Mr. BADGER The banks were badly managed
Mr.. BORLAND Il may have been go But | do not
believe IL in the financial ski OF TO have pro-
duced result very lar different from wha, actually
CURED In the then state Of the public mnd-bank mad
as have said-I believe il impossible. Bad
agement there doubtless was but then the work all
OF a piece. The system was radically wrong II wa. un-
sound in principle, and II was but y administered
Tnischicvous and runoas practices am gra,ihed IN being
able 10 say, however that with the bursting Of the hub
bic, which, filed with poisonous air had been blown TO
from the older and parent States people recovered
their Senses regard banks al least And, although
II may he long time before get entirely the e-
fccs OF pernicous, availed OF the first
OF re-estahshed TO guard against a
renee OF the evil Our constitution amended and
positively prohibits the existence OF any banks
within our limits
But my honorable friend says that my denuncation OF
corporations was too general and sweeping Because
corporations, says he, have resulted m evil, does
not follow that others should. / reply that by Illus
,raiion OF my opinions and feelings from natural history
In the great scheme OF the creation OF the occupants OF
the earth the general form and appearance has been
impressed upon all Of the serpent tribe and, II to pro-
tect and animals against the venom of aporiion OF
that eslent tribe, there TO have been implanted in
every heart an instructive aversion to the whole OF them
There are not apprehend many animals upon the face
OF the earthl doubt whether there be human being
upon seeing snake matter oil what kind that does
moi iee this nslincve aversion, and the impulse 10
destroy the reptile The natural instinct OF IL,
tanly, to bruise with his heel the serpenrs head.
Whether we derive this propensity from the primeval
ordinance in mans expulsion from Eden or not, we have
Il. Now, we know very well that, OF the numerous
family OF serpents there are comparatively very few
that are yenomous Naturasis have found but four OF
five, believe, in whole country. Indeed, we know
that majority OF these hdeous things not only
harmless to man, but serve, often useful purpose
exteminatng tribes OF smaller and more trou
bcsome reptiles and vermin. BE this however, as
may, this instructive aversion 10 the whole tribe contin
ues; and venture TO say that man, except perhaps
trained naturalist snake without feeling
the impulse 10 destroy H. will not except my friend
from North Carolina IRON this law OF human organization
for careful examination, the outlawed snake may be
allowed to 60 free and unhamed. II should be dscov
cred that he Is without fangs and harmless
We'll air Tho nat,,,aI ,stnctve aversion which we