Arkansas true Democrat., 1858-07-06
The Atlantic Telegraph Partnership.

C'eH'0a p gfe1t 1h H3p|y DY P'trEtgns,nt-
 The Unjtei Stot-s mpds snbserUient 10 Epg1a,ai
 -The -1ttof;c Telegraph erc1asoely Esy.sl-
 The Ansericmt aal C. De ,0,hAtchl--IIet0 of Ue
 Press.
 The fact that Parliament has granted new charter to the Atlantic Telegraph comiany, ~h!cn virtually ni. ;es it an exclu,,ve,v Erl;isn lerprse-coHiued tQ BGivah terr toly-cou- rolled by Bf.;lnA oaicjai,--and enlre.y sah, ,erv:ant 1o Br!nrh puipo>ra ahd interests IS creating at .rp .,llral thrpH 5nOut the Unj.ed States, for NaroU, important and suggestive reasous. Theouhirc, las Very properly at,rlc!- ed tne prompt attention oi the American Con- GresS.
 O. Tuesday, in the United States Senate, Senator Bl5ler reirortel bll repeating the act o Congress- granting subSjdy t. jn- Atlantic Telegraph company, on the ground that, iiAs- much as he prov of the ch.,rter passed hy Parliament have been perfected without the sanction nf the United $ ates, amt since the ap. lropriaton of S7oO0O per ann,un by thj, g,- vernmcnt, they are unj ust to the United States as a partner la the enterprise IS tn s,l1 cht-ecr renders the iantc Telegraph company sub ject to the rule and control of the British go- vcrumeut.
 The new charter referred to received the royal assent on 21th Julr, 1857. Our act of Cnngress for their benefit was appovcd March Sd, 1857. Sp that the company now claiming the benefit ot that ac; WAS not iu cx xistence when t passed. At that time the company Was d joint stock concern, organized under some gen eral act of Parliament, and although We have not that act, 1t is evident that its character and the conditions of i!s existence were eSsen- taliy altered by this special act, which contains important provisions applicable only to the company incorI orated.
 Now let Us look a lidle into the character of this creation of the British Parliament, which claims to fix itself on the treasury of the Unted States fer twenty-five years:
 AN. The company may, by a resolution passed with the assent of teo-thrds of the votes of the shareholders, voting personally or by proxy, at any general me.ins of the company, convened with notice of such object, from ime to time increase the capital of the company, SD the total amount of capital, includiug the original capital shall not exceed the sum of one million pounds steriins, aud, for that purpu>e, may from time to timc create a sufficient mum Der of additional shares of such nomiual amount. not being more than one thousand pounds or less han twenty pounds each, as they may lv
  dtional shares shall be allotted and issued by the board of directors io such persons, on such terms, ad subject to such coudi ions As may be prescribed by such resolution, or (if lot thereby prescribed) as the directors may in each case think fit.
 This section authorizes an increase of the capital of the company 10 one million Of pounds sterling, not confined to the amount necessary to be sold for the purpose of carryng out the enterprise, but to be allotted aud issucd by the board of directors to such persons, such terms and subject to such conditions as the directors may ill each case think ft.r-- Ot course they may issue and distribute it among the st"ckholder, gratuitously. without any Increase oi capital whatever
 he company was organised with capital of t3OoO0o which had been increased when our act oi Congress was passed to s350,0O0 and has since been increased to f500Oo0.
 The act of Congress promises them out of our treasury SIoOJ0 per year, until their net profits " shall De equal to a dividend of six per cent. per annum, and then not exceeding S5O,- OO0 for twenty-five years"
 Now, six per cent. on f350O00 is a very diff ferent sum from SIX per cent. on fl,0OO,OOO: and when the profits approach six per cent on the company's present capital, what is to pre- vent an arbitrary increase oi stock, as to keep the dividend below six per cent. and thus get S7O,C00 per aRunm out of the United States for the whole twenty-five years?
 Sections 8 to 37, inclusive, provide for the appointment of director by the Lords commis- siouers of the treasury, who shall not go out with the other directors, but be subject to mo- ton only by the Lords commissioners He may or may not hold stock in the company, as the Lords commissioners please; he IS entitled to be present and take part in the discussions of all meetings of the board, to see all the records, etc. Though he may not vote, he has veto upon any act of the beard, from which an ap- peal lies to the Lords commissioners Of the trea-