The Nevada journal., 1853-03-25

tO pOiicy that nus Dcen Hlscarue0 by |
every State but two in the Union. The
genius of our people will not abide ii. -
Most ofour business men are from States
where more generous policy is pursued,
where larger views Of the wants of trade
obtain, and where enterprise and legis-
lative encouragement go hand in hand
They will not put down e part Of their
capital for public work by a process
that teares a mortgage on the rest. They
are too business-like to step into an un-
dertaking to which they can see no end.
If they invest $4,000 they do not wish
to be compelled to follow j. up when
circumstances may make so doing dis
astrous to them, They will not invest.
1t is asked, if individuals of firms are
liable for partnership debts, why indivi-
duals ofcorporatiors should not be- The
answer is plain, The object Of the cor
poration is scme great public end, that
must benefit in its result the whole COM
munity by facilities to business, travel.
securing economy Of money and lime,l
4 &C., while the firm does contracted
business, for its own benefit and behoof
BY means only of q large combination Of
capital can a great enterprise be ear
ried through those whs embark mi
should have some peculiar encourage
ment to lead them to prosecute work
of State interest The income from
such work issslowly realized, and less
than the average from trade.
Again, a warning is held up of the
threes and convulsions of '37 in the
commercial world, resulting in bank
ruptcy," and we are informed of this IL
liability clause a5't IL
The provision is based upon the sad
experience Of the past in the older
States"
1t seems strange that those States
that suffered this I" sad experience did
not enact this safety clause. New York,
Massachusetts,, and Pennsylvania were
the most severe sufferers in those convul-
sions, yet neither adopted this sovereign
remedy-not State on tho Atlantic
seaboard did o-not one, If we mistake
not, on the Gulf--now has it.
1t is disingenuous or stupid to argue as
if enterprises of the nature Of The plank
road were the causes of that specula-
tion and convulsion, The heart of the
disease was in the abstracti of specie
from the country, by excessive imports,
causing vast issue of paper money,
without-specie basis. An hundred lith-
ograPh presses were vomiting currency
Of the actual value of spoiled paper. -
This cheap money inflated trade, but af.
ter period of unnatural excitment, left |
it broken and convulsed. 1t was not |
that speculation ran in aid of industry
and improvement, but laat fictitious
wealth a.lured to extravaganza Toob-
yiate this the laws Of those States now
either limit bank @ issaeg i,si Il certain pro.
'ip3srtion to available capital, or require q
Aepost Of State securities But no law
jealousy watching other corporate bod
les exists in the great commercial states
Of the Union. Incur rapidly advancing
country, with a population vastly increas-
Ing. new business unfolding, and swell
ling ije of wealth evolved by industry,
tbers is no danger Of giving too much
outlst to enterprise. @ !.t
W. pity that discernment that can
see nk difference between the effects
and liabilities Of banks without re-
spensdble basis, and rail or plank road
enterprises One sends out into the
conn iunity an hundred thousand promi-
Sos t,Apay, and these permeate society
in every part. If the hank fails its
asset very likely are not worth one per
cent. pn its debts. But road company
only contracts debts for its actual prop
crty. If it lets out section of the
road p the lowest responsible bidder,
when the section is completed it is worth
cost, md more. The materials, bridges,
busin IS, right of way, &C., of such
comp by are immensely valuable, and,
to say nothing of accruing tolls, are tre'
BILE sesurity for all debts over the cash
capitrA. How such an enterprise can
cause t'convulsionsn it is difficult to per.
ceive. If the road utterly fails the ma
teriah aare worth vast amount OF mon
ey to se turned to other uses, and cred
fiinrs clnnnt be very hadlv off But men