The mountain sentinel. [volume] (Ebensburg, Pa.) 1844-1853, 1853-01-13

that the WISDOM OF congress Cdu ueNlSe, "ithii
any reasonable limit, can counteract It's lnhuen
ces. 1t greatly enhances the nominal prices o
goods and commodities in this, above what the.
will bear in other countries, whilst at the san'
time, it retards rather than facilitates their pro
duction. 1t thus gives tie foreign producer th'
opportunity of manufacturing at the low rates
his own.c country, and selling at the inflated prl
ces of ours: for he receives his pay, not IN oul
deprecated paper but in gold and silver IL Is
this State of the currency more than any othei
feature in the policy Of this country tna' en,l
bles the foreign manufacturer to compete "lth'
fnot to undersell the American producer III oui
own markets"
has usually occupied much of the time OF
the General Assembly. This business will
doubles bs pressed upon your consider
ntion during the coming session. 1t IS right
and proper therefore, that should declare to
YOU fully and frankly, my views touching this
whole subject.
These artificial bodies are created by extend
ing to an association of individuals powers and
PRIVILEGES not enjoyed by the mass OF the people
under the general laws of the State. One I'M
portant class of these seems to result from pup
lie necessity and to have no object out the pro
motion of public convenience. Another, now
ever. seems to look solely to the private gain
of the narties interested. Among the former
NAV he classed corporations to facilitate the
construction of roads, bridges, canals. railways,
&C. the direct tendency of which IS to promote
the comfort and prosperity OF the people gener-
ally. To accomplish these ends, the assocla-
ton of capital under corporate powers lmpo-
eing only a limited liability on the corporators,
NAV be wisely encouraged. In reference to
such, the policy of the State seems TO be well
settled In the latter class may be placed all
kinds of corporations TO promote the ENDS OF IN
dividual gain, as connected with the ordinary
business enterprises of the country. with re-
gard to such, the legislation OF the Common
wealth has been extremely uncertain
I entertain the opinion that, as general rTie,
corporations of this character are not essential
20 the public weal-that whatever legislation
may seem necessary to facilitate the business of
mining and manufacturing and the various other
pursuits for which corporate powers are usual
ly sought should, as far as possible, be gener-
al in its character and be available alike TO all
There is, it seems to me, no evidence to be
found in the history of Commonwealth, or
in that of any other State, that these great in
terests are more successfully managed by spe-
cial corporations than by individuals or assocl-
ntioGs under general laws. Whilst III the eXpe-
rience of all, it is made very apparent that IN
diyidual efforts and experiments are much less
liable to entail injury upon society at large
That energy, independence, integrity and pu-
rity which usually characterize individual oper-
ations, not, as a general rule, so wen mann
tanned in the efforts of artificial bodies. Am
biton, pride and responsibility, the great incen-
tyes to action, seem, to some extent, to lose
their proper influence over individuals thus as
sociated together. Careless, ineffciency and
prodigality are too often the fruits of light IN
terest and limited responsibility on the part OF
those entrust ed with the management OF lncor-
porated companies.
But why should these special privileges be de-
sired ? Are they intended to shield the parties
interested from the full force of the loss where
unSuccpSStul i
how shall we grant such great advantages to
one citizen, and deny them to another? Equal
ity of rights to all is elementary principle OF
our government. If therefore, for mining,
manufacturing and other pursuits, corporate
powers are to be granted, how shall the Legis-
lature refuse similar privileges to the farmer,
the miller, the halter, and the shoemaker If
one class of citizens are to have the opportunity
of experimenting in their chosen business, or
only n limited liability for the losses, all can
Justly claim n like advantage. We should thus
be led step by step in the creation OF these aru-
fetal bodies until the field of personal enter
prise would be occupied by privileged classes
individual enterprise be completely Frustrated
beneath the power of concentrated wealth and
special privileges and the relative position of
the people rendered less equal than before this
system was commenced. We must notice, in
addition, the palpable injustice of its practical
operations as compared WITH those OF the indi-
the principle of limited liability of the stock
holders-its business is unwisely chosen, or un
skilfully managed and it results in failure and
loss. The stockholders, in such case, lose the
amount they may have paid in, and the remain
der of the loss falls upon innocent parties, who,
mised by its great nominal capital, have be-
come the creditors of TIE institution. An indi-
vidual engaged in a similar enterprise meets a
like fate, and the last item of his personal es
tate is sacrificed to pay the debts he has thus
incurred.
But it is said that capitalists will not invest
their means in hazardous enterprises, II requI-
red to bear more than limited liability l am
confident that you will agree with me, that this
reasoning in favor of special privileges has no
foundation in correct principle, and is not, there
fore, entitled to favorable consideration. In a
mere business point of view the position lsnot
sound one. If given enterprise be hazardous,
il is the less liable to competition and me more
lucrative, if successful. But if it be dan ger-
Gus business, and, therefore, likely to result un-
proftably, upon whom should the loss fall ?-I
Certainly it will not be contended that it should
be thrown upon innocent parties who have had
no agency in the business. 1t is surely more
Just and reasonable that those who to re
ccive the profits should bear the losses-that
those who enjoy the privileges should incur the
The Constitution never intend
ei to sustain any other policy. 1t never con-
templated acts of legislation to advance one
mans interest at the expense of another's.-i
Nor am | at all convinced that capitalists would
not invest their means under the individual liza
biiiiy principle 1t is bat short period since
it was extensively believed that banking capital
could not be concentrated, if the stockholders
were made liable in their individual estates for
the debts of the bank. short experience has