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

Of any KuufanlIts
FIRE, and which has in lis charter the feature q personal
liability, in addition 70 the capital stock subscribed The
risks BY FIRE great that no individual UNDERWRITERS
agaus' them i is Necessary therefore, q call eaPl
country s full OF such insurance companies lney are
scattered all the country and they will be the
assursis against reirisks IN .hs District We adop
very correctly tells us that the STOCKHOLDERS OF this COM
pany will decline such charter II seems TO me, there
fore that j y better TO declare q once mat we will not
this charter, to renew upon the only terms
upon which Il be acceptable TO the Stockholders and
operate benehcially,
opinion which has been expressed by my friend from
Arkansas do mol share with him that unmtgated OPP
position which he TO express TO all corporations
On the conny Mr President j seems e me ina, hese
which is expressed iby the very common saying, Glye
dog bad name, and then kill him" has become the
habito denounce corporations as such, and % presume
that he name signifies monster entirely alien 10 hu
affections and human interests, and insensDle 10
the discharge Of human duties Now. sir, agree with
the honorable senator from Alabama that ihe only GUIDE
In considering question of this kind is to consider the
public good, the ultimate general welfare and The al
vancement Of the whole society. But would ask my
friend from Arkansas II the whole American people had
shared in his opposition TO corporations where We should
now have been in THE advance which this country has
made in the general object Of Improvement, in the de-
veopment OF lis interior resources, and N the whole en-
terpnse of most enerprisng population. Why, sir,
il is fact well known to all Of us that by the agency
of individual enterprise, acting through corporations,
everything has been done which has given this country
It's great movements in advance. Individual enterprise,
acting through corporations and acting Otherwise has
cut all canals, BUILT all railroads, encouraged and
supported commerce by insurance companies. from one
end of the Union to the other We all know that with
this agency individual enterprise would have been
absolutely incompetent, to accomplish these
great results for the country II is therefore, no depart
re the principle that the general good Is the object
be pursued in all legislation, to say that we must
not only have individual enterprise imboded
and acting through corporations. but on all suitable
I..ts, shAc fr.o
individual enterprise acting through such corporations
Now, sir, what is this matter OF corporation! II
stands distinguished from an ordinary coparnershlp IN
business but by two circumstances. An ordinary part
nershp according to the general principles OF law, makes
necessary that whenever partner dies the accounts
OF the partnership shall come to close and be settled
Therefore, Immediately, in the regular course OF things
from the death of partner, the partnership operations
have to cease the concern is to be wound up and It's
adjusted Therefore the ordinary partner
ship formed upon the principles OF the common law Is en-
rey inadequate to the prosecution OF those great pur-
poses connected with the public welfare which require
a continuing and subssiing body always in existence
for the purpose OF prosecuting them The hrst object
therefore. Of the creation OF corporation Is 70 give con-
tinuance to the partnershpto give il beng-to enable
il exist and 70 continue lis operations irrespective OF
the death Of the Individual members composing IT. That
is tho fist object
The second is to make il limited in regard to the
amount OF liability upon the individual members for the
debts or Liabilities of the general II is wisely
provided by the general law that when individuals asso
themselves for the prosecution oil any private bus
ness whatever may be the amount OF their contributions
thew shall each and all OF them stand responsible for the
total losses OF the business in which they engaged
That wise, Just, and necessary provision. III be-
longs then, the legislator TO determine what just
cases and when they exist 10 which the public n'ere:
nary partnerships, shall be either annued modied or
in regard to the prosecution OF particular
enterprise The whole question, then, resolves ITSELF IN
every instance, into an inquiry, from tue nature oil the
case according 10 the experience OF the country and OF
mankind. VIII this business, upon the whole, be most
transacted for the general good By giving to
the proposed partnership the character OF coporaonl
That is the whole OF IT, agree that il gentlemen were
come here and 10 say they are going TO associate them
selves in the ordinary business OF buying and selling
goods. and wish 10 have conferred upon them corporate
powers and corporate privileges, II would be request
founded upon no reason. The public good requires no
such thing We have found from public experience that
buying and selling adequately conducted; that the
market is sufficiently socked that enterprise is suft
cieny developed and all the purposes OF trade are
eectually accomplished, without the aid OF any such
Liabilities But all commercial countries have been obliged
TO resort to corporations 10 stimulate enterprise when for
the public good All countries have been obliged TO
sort them without the stringent provisions which have
been sought to be put upon this bill sent 10 from the
House OF Representatives look upon the whole case as
resolving itself into this inquiry Is the corporation which
my friend proposes continue by this bill one that is
important to the public interests Will il give an eff
cien aid 10 mercal enterprise Will II help forward
the general interests OF individuals II not You ought
no, to incorporate il ALL II il will, you should ncor
poraie it in the general form, without setting ou with
the manifestation OF that jealousy against its members
which This amendment seems 10 suppose.
Ii was said By the senator from Alabama tMr. Glenn
ENsl that according the statement made by the
Tor from Massachusetts,, lMr DATs,l these coporators
were afraid another, and therefore the pub
lie should be cautioned not to tru.t them hseems TO
that this is just and impartial statement of what
the senator from Massachusetts, said, anything which
can be lastly deduced from what he said. This Is the
case, sir Here ten, fifteen, twenty persons each
pf them having certain capitalism, hf,een or twenty
thousand doars-which they are willing TO invest and
OF this particular enterprise They have the
amount OF confidence 10 the individuals which we ord,-
narIy repose another But II argues great dis
trust TO the integrity and honor of another man 10
say, am willing TO a limited extent TO stake my prop
nriy upon his Judgment and dscretion but ! am not viii
that may hereafter acquire, and 10 bind myself that
will make good all losses which his mprudence or ndis-
rreon may occasion. This is not fair and just The
confidence between man and man must necessarily be
limited | have confidence in great many men have
fu and generous confidence in them But there lives
not that upon earth 10 whom would inifust the
,ower to dispose as he pcases OF everything have IL
argues nothing but this: While eonfde in ira and
Unite beings. conde IN them with just notifications
We may not suppose them 10 be wanting in integrity; but
We know that the most intelligent often wanting
judgment, and they may make mistakes IN the trans
actions Of business
Well, sir, no harm is done. Who Is hurt BY this
angemenl The corporation is established. There is
Individual liable beyond the sum contributed What the
corporation is appears upon the statute book No man
under any obligation 10 insure with them. Every man
nsurng his properly knows the corporation, the amount
II capital, aud knows the extent OF IFS liabilities IN case
II heavy losses He concludes 10 enter into the engage
TO pay the premium, and 10 trust 10 their response
,lty There no injury done 20 him, II the security he
otra