The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1851-01-11


sua'lei or safer state Of Affairs after blnishing
gold and silver FROM circulation, and placing the
business relations IL the stale rpou foundation
which the frs, Hast cf a,ivcrsity NAV sweep
swayi From the very nature Of the principles
upon which banks are conducted, they will con
tinuc tn break, and the people will be swindled
,M there is less dapgcrcf loss to be apprehended
fro'n partial and limited circulation Of bank
paptr, even II sech circulation is inevitable. than
10 risk all. rs We have more than once done, up
80 domestic circulation SO that when the crisis
VYanes VIZ have no sure reserve Of gold and silver
90 fall back upon. To none do these considers,
tiOhs appeal with greater force, than those whose
Interests are agricultural
When this main sonrce of our wealth. beccmcs
paralyzcd BY deprecated paper circulation, u
general depression !. felt throughout all business
relations, from which il takes h,'ig tinrc "a re.
cover. In the absence Of ether s,r,ag yrasuus,
the future Is frau.ht with ten n,ary causes of AZ,
prehen-iun, to Justify experiments with specu-
ldtiye banking system, vt this tirc, With the
present excitement egor tie subject Of internal
improvements, and tie ready hopes which cluster
around banks to assist and promote thrsc great
enterprises, We NAV again find our expectations
blasted, by btukee hIpks and unfinished public
works Having expressed my opinions frankly,
bu, generally, urcn this subject, so deeply inn.
poriant to the people cf this state, it remains to
them to deal will, it as it may best promote
their present interest and future welfare
The restrictions which the 10th article Of the
Constitution imposes upon the power of the lcsis.
iattrc in granting special acts Of Incorporation. be
ing Of prudential AMI highly salutary character.
ought to BE- rigiily observed. The inconvenience
and, not unirequcnily, positive injuries which un.
guarded corporate powers inhict upon the com.
mon rights and privileges of the citizen by FRY
quent encrolchments may be mea.urably avoid.
ell. hereafter, BY adherny strictly to the spirit
Of ihese iudicious provisions. The history Of egs
lation proves that there are few duties To be per
formed of more delicate AMI difficult character,
than that of properly defining classifying, and
limiting, in each case, the powers and privileges
Of corporntions so rs to confne their action within
appropriate limits and prevent intrusion upon
those common rights, which ought to rcmnin free.
aui within the reach Of all Errors committed
in this respect, and the history Of our past lcgis
la,ion, shows that they have been but too com
mon, involve results not readily f,reSecn, and
cre,tes embarrassment not easily remeded.
The constitution virtually deprivcs the lrglsla-
t,ro Of the power to grant any special charter
Of Incorporation, except for municipal purpose.
where the object sought to be gained can be equal
ly well secured by the provisions Of general
law No subject then can be made the object Of
special charter under the constitution and
roini legislative discretion, except In specified
instances, unless it shall be made to appear that
it cannot become the subject Of u general law
Otherwise, the waolu force Of this salutarv con
stituinal inhibition will he lost, and it will re-
main lfcless encumGrance upon The constitution.
As there aIp few exceptions, where all the true
and legitimate ents of 4 well governed ard
well regulated state, may not be answered bv
permitting free competition to all lauiabIc AMI
useful occupations, SO there are very few which
require those privileges or exemptions which can
not be derived under general laws. There Is
found, also, in the same article a distinct refer
cnce to the liability Of corporations, but the right
TO determine the extent to which it shall be car
RED, Is reserved to the general assembly. There
seems to be no substantial ground. either in rea-
SIN or justice, for exempting individuals who III
vest their capital M corporate enterprises, for
the expected profit Of such investment, from the
liabilities incurred by such corporations. There
Just the same reason and propriety III eXoncra-
ting any individual from hi. common obligations
honestly assumed, rs the member If any ncorpo-
rationl who chooses this mode of investing his cr,-
ital, in preference to anuthcr. which might yield
linn less profit The exception of members Of
cnrpsrae bodies Is unjust. while 1t causes loss To-
many, through the caree-sness or msmanagc.
mcnt Of those, who, although the authors If it,
ESCAPE with impunlty from the consequence
which their folly or neglect has accustomed
In this connection, and from its intimate rcla-
tion to the highest prosperity of the state will
briefly advert to the subject Of internal improve
ments. The proraced agitation and the deep
interest which large portion of the people Of
this state manfrstly feel in this subject, has for
considerable time given it an asccnlency over al
most ill other legislative business. A very large
proportion of the time of each session, for some
wears, has been consumed in its considerations and
sometimes to the exclusion OF important public
measures. | should have felt gratfed II this
warmly agitatcd sectional question had been set
tied at the extra session of the Legislature when
al opportunity was presented 50 favorable Ia
its calm consideration, unnflucnced neither by
necessary haste, nor embarrassed BY variety of
pressing considerations. This was this more to be
desired on account of the shor,ness If the regular
session, and the disproporllonate share Of it con.
sumed upon this subject, and which may account
for much of tho time lost. which was Necessary
to the proper maturing Of laws. rs well as the APP
parent haste, and ohvions deisrts which dlstin.
guish others Yet the whole question remains o
pen, and we have reason to expect that t!e whols
matter will again come before the general ASSN.
bly,, characterized by new zeal and enrnestncss
As the executive Of the state, feel no inclination
to prefer the interests of one section ol the state
to another, or profess q prediction for one plan
or popular project above another; still regard
II duty, with due respect, Ia invite Your atten-
ton to the obvious proprie,y oftakng such action
upon this agtaiing question, as shall be calculated
To inlay the existing sectional stiifc which now
so greatly distracts n large portion of the state
Nothing is more strongly to be deprecated. OF
guarded against with stricter jealousy, as hostile
TO the high character aud true prosperity of the
state than the neglect to remove all Just cause of
grievance or complaint which are calculated to
cngsnder sectional antipa,hes and local dssen.
sion. Besides the manifest injustice of neglect.
time will only add strength to the causes which
gave them blrtll and the effects NAV be traced o.
yer long course Of cmbittercd legislation
Constituting one community, with an identity
OF general interests our legislation ought, as far
as practicable, to partake of that character which
would tend to encourage and promote alike the !
common interest. Whatever serves to Quicken
the energies stimulate industry, enlarge the ele.
ments Of production, and holds gu, promises Of |
greater reward, all tending to develope and pro.
mote the highes. prosperity Of the state, should
receive the most liberal legislative encourage.
ment. Ours is emneutly an agricultural state
The farming interest IL, and will long continue To