The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1851-05-27

Il NE Next Mssislatures
Y The two wears which nave elapsed since the last
session, have brought about great change in the
public nind The people begin to feel the blight
ing efiscss Of bad legislation. The works of inter
nal Improvement, essential to the prosperity 81
| the Snts, and the very existence of New Orleans,
cannot be commenced even, much less vigorously
prosecuted. While sosher States have enacted
laws suited 10 the neW ocndition Of affairs Lousi-
ana has been inactive, or worse than inactive.
The Constitution forbids the creation of special
corporations. and enJoins on the Legislature the
duty of passing general law. That law is so i'm
pesfs1ts contains many useless conditions-it so
iesup the hands of the parties. as to renderi alto
sether nugatory. The privilege Of allowing men
10 hazard certain amount of their fortunes in en-
terpriees Of great pifh and moment, leads to The
association of small means. until they swell into
large capital This is the true democratic prnci-
pie, which thus gives to the union Of the many, the
power which belongs TO one. 1t is only necessary
to guard against monopolies, to make the corpora
tion or limited partnership system, the true rule Of
action.
Why should not q thousand men, of small CAPT
tai, be allowed TO invest one hundred dollars each
in some manufacturing or commercial experiment
Such enterprises must be trusted to the judgment
of a few, and Il ia not reasonable to ask men to
trust their entire fortunes on the Judgment of an
other. Justice and sound policy both teach that
in partnership composed of numerous individuals,
the members should not be held responsible for a
sum beyond their interest. At this moment, it is
within our personal knowledge that large invest
ment has been prevented by the inability of the
parties to incorporate themselves, and thus foreign
capital and intelligence have been diverted from
New Orleans.
The Legislature, which is to be convened in
February next, will be required to pass law which
shaii De IN obedience to the Constitutional com
mand. The present law is a mockery.
But other duties will devolve on them. The ia
cit mortgages which hang over the landed inter-
ests Of the State, must be removed. Capitalist,
are unwilling to invest money in State wher,
every acre Of land is incumbered by secret liens
This evil is not directly felt in the country, excep
in the way Of usurous interest For it is but fai
that men who lend their money on doubtful securi
| ties, should charge the premium for the risk, il
addition to the interest for the use of their cash
In this city, however, every business man mus
have observed the great disadvantages arising fror
these secret mortgages. The community law mu.
be repealed. There is no reason in the law, whic
gives to the wife absolutely half of all tn
earnings Of the husband. The widow should b
provided for, as in the other States but the wi
does not earn one-half Of the fortune. The Law
as it now stands, creates most serious inconvel
fences in all the details Of commercial bushes
Should the wife die, the husband then holds on
half Of the property earned during the marriag
for the benefit Of her heirs If these heirs al