Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1851-07-29

The CHAIR. There il nothing else IN thu report Of
the legislative committee now before the committee
Nv CAMDEN. l presume it would be proper tt
that The committee rise and that ahoald 60 in
w committee on some other subject.
Gr eOODE There Is q supplemental report from
hs legislative committee en- the subject Of temperatures
We can proceed to the consideration vi that
CORPORATIONS.
The sEcsrrAaY read the supplemental report from h
legislative committee as follows:
"Coroorations may be formed under general laws
+ shs not be created by special except for mum
;nl and banking purposes. All general luws and spe
I acts passed pursuant TO this section may be altered
from time TO time or repealed The term corporation
in this section mentioned shall be construed to neiud
ali associations and Joint stock companies except 10
banking purposes having AIRY of the powers ana PRIV
Iacs. Of corporations not possessed BY individuals
anerships and all corporation. shall have the RICH
TO Sue aud shall be sub to be sued IN all courts
ike cases rs natural persons
Mr. VAN WISkLE. l intend to oher substitute
for the report under consideration and Wish to aeon!
pany it with few remarks This report was mace ..
Ihe legislative committee a resolution which hat
tb honor to submit in Convention but Is hot PIecise
in accordance with the views entertain ZIP The sub
ct " leading object IS to prsveLt be hece"'llT ''
,al o. private Legislation. as iEr as csc5 a'ee' w
hermit Such my views, not only ID e GIN. =
of this character but in reference to eli mate:
wb;cb can be provided for BY general laws. a greai
,ortun of the time of the general assembly at ever
son il taken up in passing through the fIi. OF lrgls
atp laws granting orpoia:iou. for variety OF Fur
and those law. very frequently copies q .ach
Tier but nevertheless occupy much Of tie time Of the
mnitt. and Of both hnu.ss. 1t does moi appear 10
mo 10 I've at all necessary that every application Of Tie
lind shall come before the Legislature for regular and
separate action &c a.. ,o-,--,;,
"a. in authorizing the creation of corporations under
General laws: but il goes little further, aad make. ii
-c.l,. ~ LIT, m nQsa aIic layys -
inns in nv opinion a rd great facilities for many bu-
,e.s nurposes and their creation and existence should
therefore be permitted il not encouraged under pr"e;
equations when required BY the wants or tho cohv II.
.nce of the public. Considerable odium bus ATTACHED
~ them in the minds OF many persons, on account Of
their brng supposed to be nonopohss' or some'n5 o'
that nature. .,,,,
If IN. privileges t. ey confer upon individuals are
confined 10 the few, undoubtedly they may properly
Ie called nonnpoes b if any number oil individuals
who feel 30 disposed may associate themselves toget-
and By complying with such terms and conditions as
nav bs nnosed by general laws be ipso faco corpora
ton Ianprehend they will lose the character OF monoo
i;es and The objections made to them on that account
he obyi ted The proposed amendment provide. SIM
ply that they hal I've corporations. presume that term
iuiy includes the privilege OF a common sea! and
nam. by which they may and be sued, and the otter
distinctive features of such Institutions, and there i
therefore nothing in the amendment which will prevent
,be general assembly from making such regulations liz
reference 10 he liability Of stockholders, OF any 9TH
or OF those matters about which difference OF opinion
exists in the community, as they Ill their Wisdom shall
deem most eXPedlent
Nv amendment unlike the report of the committee, ,
provides. that corporations for banking purposes may
ne formed in the same way would have preferred
it it could have been SO, that the subject Of banking
should have been considered separately. arr howcr.
er in favor Of what /. called the free banking system
am in favor of permitting any number Of persons TO
associate Tor the purpose Ct dlng banking business,
with tie privilege Of Issuing bills TO circulate rs none!
if thew fr,t dcpvsi,c with SOME officer OF the Stale -
cent security for their prompt redemption As e'e nis
u fact constitute part # the CURRENCY in the sound
OF which the whole community is interested, ami o.
which tie interests Of all may lie affected believe
i matter which sh uid be regulated, and t" proper
extent controlled by the leg isative auth r:y and that
no uch bills should issued until abundant security
riren for heir redemption and also believe that Tree
conpetitiou in the business is the beet safeguard
against over issues but do not believe, upon ht
thrr hand that ii choose to deposit one hunnre OF
nr thousand dollars in this ilnt banking msiIt"n
"a. it i. N liter W.T. which the legislature cal ed upon
o interfere have therefore Included banking ihstt
ions among the corporations when may oe !" Ieu "'
:er general laws aud have provided that they shall! a!
ravs give security agaas loss frisng iron their ia
,r,. to redeem their bills. have, however, excluded
pnc ciassnf coruoratoE4 from The pr pIscd dIie'ins!'
ot because did no, think they m:sht lnrcr ether cir
uln,,ances De properly emb sced IN the same fo'' on
iut uiI account Of the peculiar situation III our hais
ii that kind have exc-pte'i corporations for the con
tru.ti,n o. internal Improvements. That subject !,
nbrac. 4 in tic section. passed by this morning IN
similar pr visions thought rect s.ary ioT lhtrr"a
improvements, they be mr. dGced when moe sec
ions are aga ur-e, Consideration hut in ths Present ST.
n ion Of ili.-s.c, wltn ;:vr ja.c-e- bet We II
leren. sections III tic State. ard Tears are cXlresc;
hat ", rks ali eady authorized may, by ma CT shor
he enpoyrdn turning trade IN iirectr''
IT.rru from thu rhch was originally ineno,h, sac
~ yho mn - ..IiL
n;ch, proper Ia leve .ha, subjec: to be disposed
n S0aIe ether way.
also differ from The report # the committee 10 pror
ling that cta. and ma: be incorporates y ge
al laws see NJ why "ae c':S or iowa 'hoc en-
ov ANY powers privileges shich are nc :" al
,.rs nor can pfrceiv. any good r,as n why cy OF
own, having sufficient population, sAo'l! not D" al
owed to determine for itself when the proper tlih'
rrrcs for il TO avail it-elf Of the benefits # munich
sal z. vernment and organization have however
avoided any interference win exlsAH% cE.:,=f-'
| am strongly inclined ~ the oPlriG. ,:!a "he r"
;siou of the kind have proposed, will v ~ e..
ua to shorten the tim s:cup ed in e5sla'o7 Nt'
.nnial sessions, even worn Ii led to sixty = *
Hans The best, AID nay nlcst sty he only "n!
~ attain that OBJ, Ct i 10 provide By gn"rul laws iort
II, snbrc,. which arc cal liable Of being usuly reSula
I'D in that way Looking TO the character OF the acs
,.-s. al every ses-inn Of general assembly, NJ
the number and bulk o. hose whLh nr'
lid private the subject, Of whirh may therefore, ~
he must part he Regulated DT Sehcldi 1--WE. "i'' "
,nher and buk Of lhnse which are called P"biir,
bnk that all esarv legislation may be transacted
N about on. third or one ha OF the time NJ" occ'
lied. AZ there Will be no pecui,r privileges graft
"a every bill which before he leg's.au'i'
,o,s, he Looked at in an enlarged ard state-man X
,oin, of view, aid when the general laws are 10 %
,nd or amended the fact thit every provision ~
rodc I'd is to operate equally in every portion OF Ia
commonwealth aud 10 be rule for every Corporate
" thr sam. character, will insure tina; attention an
isliberaton which i. essential TO produce wise an -
dicio,. legislation The proceedings OF the genera a.
abIy viii be more worthy the attention oi state>n:e;'
han the bargaining and logrolling in which 50 n.ueh
i'm. i. now spent and OF which SO much oil our iegisia
ION i The result and il cannot be doubted that great
sr number OF the accomplished statesmen OF The com
or,Yea,h will be found in the seats oil our !eSlsia
trust the committee will give the subject that con-
sheraton which its Importance demands have en-
H., yored TO explain briefly the object have IN Tie"'
I'D e that is appro, ell for the committee to de'cr
me whether the amendment now submit will ossta &C
The an endment was then read as follows:
srbe general assemLl shall pass general 10 u.s. Whefe-
h. any number of persons associated for mining manu-
curing banking, nsurng, or other purposes useiul
- IN, public, excepting the construction OF WORKS OIL
;,.rral Improvement may become corporation OF.
nannlyns with such terms ard conditions as may De
rehy prescribed ard special act incorporating
,,r,,n,r becuar privileges, - aur Joint STOCK or