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


principle. Il is but short period since 1t
was extensively believed that banking cap
| ital could not be concentrated, if the stock
/ holders were made liable in their individual
estates for The debts of the bank. short
experience has dispeIIed this doub, and sefv.
en 10 demonstrate he wisdom and justice
of this policy. So it would be, | am con-
/ fdent, if his principle were extended 10 all
corporations designed to facilitate The ends of
private gain Capitalists who might be APP
prehensve that their private estates would
/ become involved for the current debts of
the corporation, can employ the simple and
easy remedy Of making no such debts -
! Let the contraction of a&ebt be forbidden
by the laws Of the institution. Let their
business be transacted on the cash system.
By this policy they wilI give the greater
efficiency 10 their operations and escape The
dreaded liability. Besides, il does not seem
reasonable that special legislation l3r The
oStensible purpose of concentrating capital,
should at The same time look 10 The crea.
ton of large debts. lG the incorporation
Of this principle should do no more than
lead to The adoption of the cash system, it
would be The means OF profit 10 the corps
rators and great good 10 the public.
If there be enterprises legitimate and
useful so complicated in their operations as
not TO come within the reach of general
laws, and it should be deemed proper to
extend to such the convenience OF a corpo-
rate seal, such corporation should always
be limited to a moderate existence and be
accompanied by the principles of individual
liability for all the debts of the association.
The convenience Of special legal organlza>
ton is all thes advantage that any association
of individuals should ask, and it is certainly
all that any proper enterprise can need
The salutary effect Of this policy would
doubtless be, that whilst it could not res
strain the association of capital for wise
and legitimate ends, it would save The Le>
sisIature The labor of considering unwise
and visionary schemes, and the public
from th5ir injurious co sequences.
In a message 10 The General Assembly
during its last session, | took occasion 10
refer 10 lhe growing inclination for special
legislation, and recommended the adoption
of some measures 10 remedy the evil. A
resolution was passed by that body author.
izing The Governor to appoint three COM
miSsoners 10 prepare general laws for the
consideration Of the Legislature, touching
various subjects therein named. Accord
ingly, in June last, appointed Hon. James
NJ. Porter, Edward A. Penniman, and J.
Ellis Bonham, ESquires, commissioners
under said resolution. These gentlemen
nave, for sorae time been devoing them.
selves 10 the performance oflhe duties thus
devolved upon them. The result OF their
labors shall be communicated 10 you at an
early period in your session.
rhe evils OF special legislation seems 10
have been a subject in The early history Of
the State. In the preamble 10 the law oI
I79I, intended to obviale the necessity for
special or private legislation, this complaint
is freely expressed. The volume Of laws
for that year numbered fifty. nine pages OF
small book in 1851, they count eleven
hundred oil large one. This evil was
then in lis inlancy-it is now fall grown
and should be corrected. This, in my o.
pinion, can only be done by the adoption ol
a few more general laws, and The rigid ad.
mnislration Of those already iu existence:
deem il right to say that | shall regard
the maintenance of this policy as a high
obligation 10 The people.
The law of 1871, and ITS several supple
menls. make provision for the creation and
amendment Of corporations for literary,
charitable, and religious purposes, and to
create beneficiary societies, ard rire engine
aud hose companies, through the instru-
) mentality of The Attorney General and The
Supreme Court. The act of The 9th oi
October, 1929, extended this power 10 The
courts Of The several counties. The acl!
OF 1886 and 1888 make provision for tht
association Of individuals, through The In
: strumentaIny Of the Attorney General anC
The Governor, for The purpose Of manuiac
turing iron from mineral coal. In addi
lion 10 these acts the general manufactur
ing law Of l849, and lis supplements, pro
vide for the creation Of corporations 70
the purpose OF manufacturing wollen, cot
: ton, fax, and silk goods, or for making i
ron, glass, salt. paper, lumber, oil from ro
sin, mineral paints, artificial slate, and 70
: printing and publishing.
The commissioners already named have
recommended The extension OF this law t
? The business Of mining coal, and 10 lh'
mining and smelling of iron, lead, copper
and other ores, and SO to alter its provision:
= as 10 render The liability Of The stockholder
! more extensive.-They also recommen,
The passage Of law giving the courts NOR
| general powers on the subject selling rea
eslale by parties acting in a representative
capacity, and another referring all claim
: against the Commonwealth 10 the courts
These things done, and more genera