Weekly national intelligencer., 1851-02-01
principle Of the law. and trust the amendment will not


prevail.
Mr.. CHASE. hope it win prevail The Senate upon
former occasion manifested disposition extend the prnci-
pie OF individual liability to all stockholders It is objected
that extension that bard upon the stockholders that they
should be made individually liable r debts over the con-
lractng Of which they have CONTROL But that objection
does not extend to the directors The honorable
from Virginia seems to think that stockholders and directors
should be placed on the footing. Clearly not
to The sockholder has no direct mana of the
he entruss that mana to The directors
They have entire control of all its business the community
look to them TO be protected by restricting the amsunt Of
debts contracted to the capital of the association They have
night to look to them, and if the directors ccum-
sanced that they will not protect themselves is
right that the community who trust to them should have
remedy against them for debts which they improvdenty
or audneny contract whether the contracting
OF debts beyond the of capital is the result of mpro-
vence fraud Against either the director can guard and
ought to guard, and the community should be protected
against them, whether they improvideny audueny
In order to test the Of the Senate upon this question:
ask the yeas and nays the adoption Of the amendment to
the amendment.
The yeas and nays were ordered.
Mr. EWING. shall vote against the amendment offered
by my colleague for consider very unjust and exceeding
ly mpolc The effect of it will be that responsible and
prudent man would be the director of company
having such charter for it very well known that
director can always control every act Of the company, and
prudent man would trust bis properly to the Of himself
and three four Others who act with him. and who
amendment will be to throw the management of the company
into the hands Of irresponsible and imprudent men.
Mr. DAVIS, Of Mississippi. Il be remembered that
the directors be elected by the stockholders and the
stockholders would not be likely to con6de in any who
not responsible person. Such must be selected Each
director will know at eashe operation Of the institution and
it will be in his power retire from his position when they
organize such board will make il dangerous for him.
do not, therefore, that any harm will result from the
adoption Of the amendment.
Mr.. EWING. II takes two to make barrain The
stockholders may directors but the individuals selected
not bound to serve and will not under such resc
tions as these, if they are prudent men,
The question taken by yeas and nays the amend
ment to the amendment and resulted as follows: ..t
YEAS-Messrs. Atchison, Benton, Borand, Bradbury,
Bright Cass, Chase, Clemens Davis Of Mississippi Dckn-
Norris Rheu, Rusk soule, Sturgeon, Turney Walker,
and Whtcomb--23. E
NAYs-Me,.r. Badger, Baldwin, Bell Berrien. Clarke,
Green, Hale King, Mangum, Mason, Miller Morton Pearce,
Phelps Pratt Seward Sprance, Underwood Upham Wales,
and Winthrop-N.
So the amendment to the amendment was disagreed to-
The question then taken the amendment and it
agreed to. Il.
There being no further amendments offered the bill was
reported to the Senate amended . #.H
The amendment made in Committee of the Whole was
then concurred in and the bill ordered be engossed
for third reading .I"
STEAMBOAT INSPECTORS IN ARKANSAS.
were postponed, and the Senate, in Committee of the
Whole, took up Senate bill to confer the Judge of the
District Court of Arkansas power to appoint steamboat in
spectors. rs-y4f usa
The original title of the bill was GA bill to establish
port of entry and delivery Little Rock Arkansas but it
was reported back from the Committee Commerce with
amendments, and with amendment Of its title to
read "a bill supplementary to the several acts Of Congress
providing for the better security Of the lives Of passengers
board Of vessels propelled in whole in part by steam and
for other purposes" r. L ..e. ~. t. ..l
The amendment reported to strike out all after the
enacting clause and insert the following
Tha the authority vested in the Judges Of the District
Courts Of the United States within whose judicial districts
ports Of entry delivery may be established the navgble
waters lakes bays and Of the United States by the
Of seventh july eighteen hundred and thry-egh entitled
sengers board Of vessels propelled in whole in part by
seam and the act modify said act approved third March,
eighteen hundred and be aad the same hereby
States within whose Judicial district ports entry deli
very have been laws hereby
authorized and required upon application made by
or owning or in any way interested any
vessel propelled in whole or steam employed
any Of the bays, rivers lakes within the said judicial dis
ic whenever the Judge of the Dsr let Court aforesaid
shall be Of opinion that the security Of the property lives Of
person persons requires the same he shall appoint
tent make inspections Of such boats and vessels and the
boilers and machinery employed in the who shall not
be interested in the manufacture Of steam engines steamboat
boilers or other machinery belonging to steam vessels who
shall make the inspection and perform the duties c0ntempa-
said law shall receive the compensation for his
their services therein prescribed. .a.. ~ .-
See. 4rd be il further enacted That all certificates of
inspection Of the boilers and machinery Of the description re-
qured by the eighth section OF the act OF seventh july eigh
teen hundred and and issued in OF this
act shall be delivered to the Clerk OF the District Court OF
the United States for the Judicial district in which said
tcates shall have been issued and master owner OF
any steamboat vessel propelled in whole in part by
steam, who shall neglect refuse to deliver any certificate
aforesaid within thirty days after such vessel shall have be-
employed any judicial district aforesaid, he shall
incur fine penalty of hundred dollars to be sued for
recovered and distributed like other nes penalties and
foreres incurred under existing laws and any vessel OF
the description aforesaid that may be employed in carrying
goods and merchandise passengers without being
duly registered enrolled licensed and having certificate
OF inspection of the description before referred to- shall be-
subject penalties and disabilities imposed by ex-
isting laws" +;
The PRESIDENT. The question is on the adoption Of
the proposed amendment.
for the passage Of such law this 1t strikes me as rather
singular had thought that the great facilities for granting
these certificates of Inspection and the with which they
obtained, evil be complained Of and that
ought rather to restrict and limit if could than to extend
the facilities for obtaining them. And TO me to be
rather novel that district court of the United States should
have this power If it has this power in Arkansa do not
why must have at every landing place on the Mssis
sippi and Ohio rivers should dislike this, because
the facilities will then be such that boat cannot get
tfcaie at one place. it will get one at another. do not
suppose that the Senator from Arkansas has any such nten
ton, but fear that it might be used for such purposes
totally Of any object to be gained by this bill be-
almost all vessels which up to Arkansas and inter-
mediate places obtain certificates at New Orleans other
port Of entry
Mr.. BORLAND. can explain in few words the oh.
ect of the bill to the satisfaction of the Senator from Louis
Under the existing laws the judges Of the district courts
have appoint these within the districts