Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1851-01-17
The Disadvantages OF Private
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ticles from Hunts Merchants Magazine
in relation to corporations. Although
they have occupied a large portion of
our space, yet we think our readers will
concur with US in opinion that our room
could no, have been more probably en-
oloved. These articles are full of in
leresting information, and are marked by
an ability, an elegance of style, and
degree of candor rarely met with in the
of: hand discussions of the times.
The first of the series, giving the
"Legislative History of Corporations in
the State Of New York." furnished both
a truthful and gratifying Illustration OF
the "PaoaREss OF LIBERAL PRINCIPLES.
Commencing with the old and rotten
policy of bank charters, exclusive pri-
vilcgcs and special legislation, under
which monopolies the most dangerous,
frauds the most despicable, and abuses
the most shameful, sprung forth as the
spontaneous and inevitable results of the
system, the writer brings us down thro'
a series of changes, each one an i'm.
provement upon its predecessor, until he
arrives at the liberal and enlightened pol
icy which distinguishes the legislation OF
the present day, and which is browning
with wealth and unexampled prosperity
the Empire State Of the Union. First
in enterp7ise-Iirst in intelligence-first
in the adoption of liberal views, it is not
TO be wondered a, that New York has
always been first in wealth, first in in
fuence, and first in population. The
more nearly that other States shall ap-
proximate her views and adopt her poll
cy, the more certainly, in our humble
opinion, will they share her advantages,
and the sooner may they hope to become
her competitors in the great race for
wealth, character and numbers.
The second of the series treated Of
ths advantages of Corporations. y
The writer, we think, illustrated not on
| ly forcibly but conclusively, the benef-
cial results, both to communities and in
dnilaals, of corporations made tree TO
all by general laws, and confined to
legitimate pursuits. We would remark
in addition to what we have already said
OF this subject, that there is nothing in
The geographical position of New York
nothing in the character of her inter-
nal resources--to give her precedence
over any Of the Western States, provi-
ded the same liberal policy should obtain
among us, and result in the construction
Of roads Of all necessary descriptions
! xrh ,..,,h
each other at home, but with the sea
board itself. The very construction OF
these Improvements would bring capital
| and population among US, and their COM
pletiOn would ensure us constant flow
of both for all time to come. Hence
the urgent necessity, in our opinion, for
general law, and liberal one, aulhori-
zing and encouraging private corpora
tioGs. - ..
The third and and last OF Tie series,
/ on disadvantages of Private Corpora
tons" is now before the reader, thus
giving him full aud faithful view of
both sides of the question. We think
no intelligent mind can rise from an at
tentive perusal of the entire series with
out being thoroughly and honestly per-
suaded Of the sxpediency OF immediate
ly ENGRAVING upon our local policy a
general and practical system of imcor-
atoms. We have seen to what extent,
and for what purposes they may be made
useful. We have also seen in what
manner the abuses TO which they have
given rise in times past may be eilectu-
ally avoided, and in what manner the
abuses TO which they have given rise in
times past may be effectuaily avoided,
and in what manner the objections hi!her-
10 brought TO bear against them as mo-
nopolies may be remedied. The prlnci-
pal feature dwell upon in this review OF
the disadvantages OF private corpora
lions" seems to begin and end among
the Stockholders def.ci singularly
inherent in all corporations up TO the
present time, but one which, as expert
enee has developed it in the plainest
forlh, we may fairly presume future leg
islation will seek to correct.
We have before us then, as the expe-
rience of other States, the advantages OF
private corporations, of all which it is
our pri sllego. under our free Constitu-
ton, to avail ourselves to every useful
and practicable extent; whilst we also
have before us, from practical pen, all
the disadvantages incident to such a5so-
Citations, and all which it is easy to pro-
vide against by judicious legislation.
As State which is constantly and
rapidly increasing in population, and
Astounding in every resource calculated
10 build up great people and the most
important interests, il cannot be disguised
that we are utterly deficient in all the
facilities essential to the wants of trade
and The general prosperity of the peo-
pie. Fhat we shall be lelt'in this help
less, hopeless and hampered condition,
we trust is not the design of the present
legislature. That the masses will much
longer bow the neck 10 the yoke of ig-
norant prejudice, or submit to syste-
matte and wanton neglect Of their best
interests, is neither probable nor possible.
The time-serving should be shrewd
enough and the timid should be bold