Weekly national intelligencer., 1851-02-01


Mr.. CLAY. think, sir at the proper time, when am
in different situation, shall be able to prove 10 the Senate
that Missouri the creditor Of the General
upon the per cent fund to the amount OF one cent on
the contrary the General Government greatly The creditor OF
Missouri in reference to that fund Butt sir really came
the Senate to-day with reluctance having been con-
fined day or two by ndsposion and am rather too feeble
60 into discussion of the question at this time had no
idea that this bill to be taken up to-day and should
prefer though d. wish to occasion any delay, sucn
postponement will enable present to the Senate the
views which entertain. and think shall be able to show
that not one arhng due from this Government to Missouri
from the two per cent. fund.
Mr.. BENTON. will consent to a short postponement
of the BILL Let it lie upon the table until Tomorrow, when
will again call it up.
The bill was accordingly laid upon the table.
WASHINGTON GAS LIGHT COMPANY. .
On the motion OF Mr.. MASON, the Senate, as in Com
mee Of the Whole, proceeded to the consideration OF the
bill 10 INCORPORATE the Union Gas Light Company in the Dis
rc Of Columbia BY the bill is proposed TO constitute
James Gddings William H. Gunne, Edward Hail. Chris
topher r. Brown, Stansaus Murray, and David a. HAIL.
and their present and future associates body Potc and
corporate in the District Of Columbia by the name and style
the Union Gas Light Company with capital stock not
exceeding 100000 n shares of $780, The affairs OF the
corporation be managed by directors to be select
cd from among the stockholders and to be elected annually
but those gentlemen who named in the bill are to 90 the
directors for the first year. and they to choose president
Mr.. WALKER desire to amend the bill by adding
thereto the following provso II. e#
Provided That the holders Of stock in said company at
the time any debt or liability shall be incurred by said
pany shall each be Individually and severly liable for any
such debt liability to the amount Of stock they may SO
hold, or have held"
Mr.. HALE. Let the section be read as il will stand If
amended. t.... e
The SECRETARY read it accordingly a...
ssSec 12 find be further enacted That each Of the stock
holders the Union Company" shall be held liable
in his her individual capacity for all the debts and isbil
ties Of said company however contracted or to DC
sotha dahfa Iioh the
tribunal having jurisdiction OF the case: Prouded
That the holders," &c. .a..nt.tS.#@
Mr.. WALKER. The section appears to make some pro-
vision that point and therefore, II In my power will
withdraw the amendment.
Mr. HALE. desire to ask the chairman Of the commit
tee from which this bill reported this provision in
serted at the request Of the stockholders
Mr.. MASON. 1t will be recolected that we had re-
Gently bill before extending the charter Of of the in
corporaed companies Of this Distctthe Georgetown in
surance companyino which the House Of Representatives
put such provision, and the Senate refused to strike
out 1t for that reason that this provision was put into
the bill.
Mr. HALE am opposed to the principle Of that provi-
sion. think il is totally wrong, and whenever shall have
been tried il will be found to be The provision suggest
ed by the Senator from Wisconsin is far as Legislature
ought to CO. as far as the public safety requires we
should Co. 10 make each Individual stockholder liable to the
of his stock opposed to the principle Of making
individual stockholders personally responsible for the whole Of
the debts Of the corporation, and if the bill shall contain such
provision will vote against it.
Mr.. UNDERWOOD. III understand this bill as report
cd by the committee. it makes each individual stockhode
liable for all the debts contracted by the corporation without
regard his stock That is certainly wrong and is not
the principle which adopted in renewing the charter Of
the Potomac insurance company in this District The prn
cipe adopted then make the sockhoder liable for
the Of stock which he held As the Senator from
New Hampshire has stated that regarded guaranty
the public and unreasonable unjust to the stock
holder But this principle OF making them liable for the
debts Of the company would it me, be outrageous
applied to the interests Of solitary stockholder The
debts contracted by the institution may be thousands or hum
Of thousands and the stock held by one individual
be only one hundred or five hundred dollars. you make
him liable for the whole Of these debs without regard the
Of stock which he ho may operate to his perfect
prosaton and ruin forever do hope that we shall limit It
did in the Of the insurance company, to liability
in case of the failure of the institution to the stock which
each stockholder holds That far thought right go in
the other case and that far am willing to go now, and
hope hat the amendment will be modified to make such
be the operation in this
Mr.. MASON. fear the bill will be killed by kindness
therefore strike The whole Of the twelfth sec
ton and insert the amendment of The Senator from Wisconsin
Mr. UNDERWOOD. hope the Senator will strike out
the words or have held" The true amendment, in my
humble opinion make them liable for the stock held at
the time the debt is contracted That is the principle
which adopted by the Senate after dscusson but this
provision will operate in this way IT. sell my stock after
debt has been contracted to A. part OF that provision holds
responsible for the amount Of stock which he holds, and
me responsible for the amount Of stock which "have held
if construe Alright That certainly is wrong Will not
the Senator alter SO that will read the of stock
they may hold at the time the debt is contracted!
Mr. WALKER. That is the provision now.
Mr. UNDERWOOD. The provision it sanls is
wrong The stockholders to be held responsible for the
debts contracted but goes further and holds them response
e for the of stock they have held The holder OF
fifty shares at the time the debt contracted be held
liable the amount Of hundred shares which he has
previously held If you strike ont the words "or have
held" will be right move to amend the amendment in
that way. ". =, .... ..... .... s. e 81.
Mr. EWING. think the principle is all wrong ofmaking
stockhoder liable beyond the amount Of his stock 1t cpe
rates unavoraby under certain circumstances, and
way in which satisfied Senator desires it should ope
rate. Take this An individual dies who has other
property than his stock in such compiny The company
proves nsoven His heirs not bound to pay bis debts
if the individual property except property in such
corporation But If you should leave minor chilen you
bind those children for the full amount of the stock because
they inherit the stock from him and cannot help nherng it.
These who inherit the stock from their parent without
nherng any property, become liable in of the company
becoming insolven That wrong, and Aagranty wrong
and ought not to legislative provision that will
rate thus contrary to the pn pes Of the common law and
contrary to all jurisprudence. That 1t will operate is
beyond all question.
An Individual becomes entitled this property by inherit
he the owner and whenever be becomes the
he becomes liable for the debts Of the company
Mr. MASON. / hope debate will not be proracted. |
against this principle but Ia the deliberate judgment Of
the Senate that this principle should be incorporated into bills
Of this character therefore think hsd better acquesce
without debate. hope the question will be taken on the
amendment.
Mr.. CHASE Is there any amendmen. pending to the
amendment .,..... ..... !.
The PRESIDENT The question is on the amendment
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