Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1853-01-13

"A In our deprecated paper out III Solu anu
q silver. 1t is this State of the currency
& more than any other feature in the policy
n of this country, that enables the foreign
4 manufacturer to compete with, If not to
Il undersell the American producer in our
4 own markets"
II Special legislation 10 create corporations
y b rs usually occupied much Of the lime OF
n the General Assembly. This business will
\ doubtless be pressed upon your consId-
craion during the coming session. 1t is
4 right and proper, therefore, that should
d, clare To you fully ard frankly my views
touching this whole subject.
These artificial bodies are created by ex
tending 10 an association of individuals
powers and privileges not enjoyed by the
mass of The people under the general laws
OF The State. One important class Of these
seems TO result from public necessity and
TO have no object but the promotion OF pub.
i lie convenience. Another, however, seems
10 look solely to the private gain of the
parties interested. Among the former may
be classed corporations TO facilitate the con-
stiuclion of roads, bridges, canals, rails
ways, &c, the direct tendency Of which
is 10 promote the comfort and prosperity Of
the people generally. To accomplish these
ends, tie association Of capital under cor
poraie powers, imposing only limited la
blity on the corporaors, may be wIselJ en-
couraged In reference 10 such, The poll
cy Of the State seems TO be we'll settled
In The latter class may be placed all kinds
ol corporations to promote The ends olin-
diviJual gain, as connected with the ordl-
uary business enterprises oGihe country
With regard to such, the Legislation of the
Commonwealth has been eXtremel y uncer-
certain.
! entertain the opinion that, as a general
rule, corporations of this character are not
essential 10 the public weal-tbat whatever
Legislation may seem necessary to facilitate
The business oil mining and manufacturing
and the various other pursuits for which
corporate powersare usually sought, should,
as Car as possible, be general in It's charac>
Ter and be available alike 10 aIl.-There is,
il seems 10 me, no evidence TO be found ia
The history ofour Commonwealth, or IN
that Of any other Stale, that these great
interests are more cessiully managed
by special corporations than by individuals
or associations under general laws Whilst
ia the experience OF all, il is made very ap-
parent hal individual efforts u experiments
are much less liable TO entail injury upon
society al large. That energy, indepen-
dcace, integrity and purity which usually
charac,erizes individual operations, arc not,
as a general rule, so well maintained in
the efforts OF artificial bodies. Ambition,
pride and responsibility, he Z. eat incentives
tn acliou, seem, 10 some extent, 10 lose their
proper influence over individuals thus as
sociacd together. Carelessncss, jnefliclcn-
cv and prodiealily are too eiten The fruits
OF lieh; interest and limited responsibility
on the part OF those entrusted with the
arrangement of incorporated companies.
But why should these special privileges
be desired? Are they Intended 10 shield
the parties interested from the foil fUrcO
of The loss where an enterprise may prove
unsuccessful! Ii so, how shall we grant
such great advantages to one citizen, and
denv Them 10 another ?-EquaIhy OF rights
10 all is an elementary principle OF OuI
government. If, therefore, for mining
manufacturing and ether pursuits, corpor-
ate powers are % be granted, how shall the
Legislature refuse similar privileges 10 The
farmer, The miller, the halter and the shoe
makes lr one class of citizens are tc
have the opportunity of experimenting in
their chosen business, on onl y IlUlled IL
ability for the losses, all can Justly claim a
like advantage. We should thus be lee
step by step in the creatioh Of these artih'
cia bodies, until The field Of personal en-
terprise would be occupied by privileged
clasSes-indlvidua enterprise be comrle'
tcIy prosuated beneath the power Of con
iracled wealth and special privileges, anC
The relative position OF The people rendered
less equal Than before this system was
commenced. We must notice, in addition
the paIpable injustice Of lis practical OPP
eraions as compared with those OF the III
dividual citizen. A corporation is organized
on The principle of a limited liability Of tht
stockhOlders-iis business is UnwiScly cho
sen, or unskiIlfulIy managed, and il result;
in faliure and loss. The stockholders, il
such case, lose The amount they may haze
paid in, and The remainder ol The loss fall!
upon Innocent pa,ties, who, mIsled by ii:
great nominal capital have become III,
creditors Of The institution. An indiyidua
engaged in a similar enterprise, meets ;
like fate, and the last item of his persona
estate is sacrificed to pay The debts he ha
thus incurred.
But it is said that capitalists will not in
vest their means in hazardous enterprises,
if required 10 bear more Han limited liza
bdity. am confident ;hat YOU will agre,
with me, that this reasoning in favor 0
special privileges has no foundation in cor