Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-01-09

To extend his power? l contend, when
he applies the name of the devil TO cons,i-
tuition, and lets him loose; he (Mr Fol-
som is responsible, and no. we who wish
to check his power and to stop his range
Of travel over the commonwealth.
Mr. Babbit cited section 18th, on diyi-
dends, and added: But the company NAV
break up before any dividend is declared
as the law requires. So that this section
| 10Th is no protection to the "poor" that
have done the work. So Of the 18th Sec
ton against fraud-suppose the company
breaks up, and the court winds up the cor
porasion, without individual liability,
where is the remedy in case of fraud or
deception? Now prove any individual
guilty of fraud? Each will say, it was
his intention to deal honestly; and God
only can scrutinize the intentions of men.
If any section can be introduced which
will guard the public against fraud here,
l will vote for it. And striking out this
clause exempting private property, hold
ing every individual liable for the debts
Of the company, will guard the public.
Mr. Folsom replied-That man who
enllghtens me in the least is my friend,
and has my eternal gratitude. If my friend
from Dubuque Mr. Gildea has done this,
he has my gratitude. undertake to saw,
that In all my observations, | have never
wandered from the democratic platform,
nor DO boast recent conversion to the
democratic faith. Ihave been reared in
1t: have never stepped over the bounds
OF the true faith. III have erred here
from the path ofthe democracy, then have
the honorable Commissioners of the Re-
vised Code, the Chief Justice, and even
the Governor himself Hon. S. Hemp
stead from Dubuque, wandered before
me, from the true faith. The act, also, of
l947 is similar to this section, and in
nearly the same words.
But what is corporation but associated
Wealth-a common stock fund? There
is good deal of t,cadd2e about corpora
tons, now and then. I have lived in 9TH
er states than Iowa. The same old idea
comes up every five years; yes, every
five years, for three and two are five. 1t
moves around in circle, and comes back
every ten years. The people ask it. All
vote for it. And yet every one gets new
idea, to 90 the rounds again. lremember
the Concord railroad in New Hampshire
the great question that agitated the
whole state was nothing less nor more,
than whether the road should go through
old man Ayre's meadow or over the hill.
The whole democracy was convulsed, and
two whig Senators were elected to Con-
gress. The corporation was settled at
last, and then, all went on as before. I
think am strict democrat, therefore;
and as we calSot pass any individual law
r0' u"y f'aTt.eusr. 'n,..s.
pass general statute. will not repeat
the argument but state facts. Farmers,
mechanics and laborers are the stockhold-
ers. They take little interest in the man
agement of the funds. They put it in for
the general good. They leave it to the
company. Now, that is not company,
or corporation neither, which makes pri-
va'e property holden, strictly speaking;
but it is a partnership. IF it be true, that
l. as democrat, stand alone, will try TO
get additional light.
Mr. ALLESDER-I DO not expect to add
any new light to what has already been
said. but "a boich can teach mechanic
something The gentleman's Mr. Fol-
SONS argument would sustain banking
under the constitution, if carried out; but
the constitution absolutely forbids it. Yet
now, we undertake TO do what the consii-
tuition prohibits. In case corporation is
not made liable, in the event Of fire or be-
| ing burned out, how are laborers safe
e. la,,c~ o,rrhf With f,,ple to
them? And SO of mills, or any other
company work, they cannot be touched
till completed, and meanwhile they may be
destroyed by fire or flood. AS o"poor
stockholders when take in partner,
| must see what sort of a man get, as |
am bound for his debts. So in Joint stock
companies, each shareholder is supposed
to look to the character Of the company he
Joins. An instance I may mention in
Ohio, the .Sandy and Beaver Canal Com
pany," which failed, and the stockholders
lost ALL | had rather, therefore, insert
section making individual property liable
for the debts of the company. am sorry
to see our democrats going of the demo-
cratic platform.
Here the House adjourned.
Friday p. .M.-The matter was resum-
ed, section 9th, above was stricken out by
a considerable majority, and the following
substitute on motion of Mr. Flint, was
then offered for insertion in its place. The
section proposed in lieu of the 9th above,
as reported from the revised code, and
urged by Mr. Flint, which finally passed
is as follows:
! Sec. 8. Such corporation shall not ex-
empt the private property of its members
from any liability to corporate debts, but
each stakeholder in such corporation
shall be individually liable for all the debts
of the incorporation" l."
The Reporter being ont did not hear
all of Mr. Flint's remarks.
Mr. FLINT concluded-If I have any
private property, or, as long as have any,
| let the law take hold of it. Just so, if "a
company has property, le. each individn-
ais properly be holden, or else do not
wish TO Join it. If it is an honest company
it will do so. If dishonest, then we wish
to keep dishonesty out.
Mr. FOLSOM One word more and am
done-I have long been intimate with my
| kr,,h,r fr,,n Nanpllo anf: learned murh