St. Mary's beacon., 1858-09-09

ErSt portion - the order Sready aIloxsea Aim
81 per share Equivalent to per cent ofcee4se
the said blank should be filed wIih The wcFas
''three per cent:' and he aecordsssly moved than
Il be 30 filed, which wss ssreed %.
Gen. BanrE moved 20 anena the order by
adding at tke end thereof the FoAo~ihg words
Ssso be maid eSniy in the event of the completion
'ef the Road !" which ~as aaop<ea.
The sama gentleman suggested a difficulty a.
70 subscriptions tn the capital Esock that might
Be made By ether Rafroad Coulsanses. He did
no. understand that the Agent would be enli-
tied TO per eenisse GA such subscriptions. aaa
It mighs be weh to make Shis plain in the
order.
Col. BowIs ihoughs that the language Of the
order sufficiently explained itselE The Agent
was to oe entitled 10 a per ceniaSe on all sub
scuptions ssobsained lsongA his insfrsRsksetis. -
Consequently, the only test CT his right 10 4
commission on aag subscription was his agency
IN obtaining u; ard his tvou6le wOald be worth
the same, no matter whether the subscriber were
company or aa individual. But, in a cask
where company or az individual should vold
SaEaly come forward and sniIscFi5e, was sach sub
ser 1fi0R 90 be considered as obtasRed tkfcagh
the instrumen;ality of the Agent!
Judge BARKER observed that the consideration
just mentioned, that the same compensation,
should be allowed for aid obtaining from eomoa-
Hfes "a, fon individuals. appeared sufficiently to
aass'er the frst query (Gen. BowIE's.) Certain
II the term cf the order entitled u agent per
sAge or al subscriptions oHtHined by hun, frNsn
whatever 6rsfFer; and Is conf fAmfes 4f Shey.sAos
scr6ea at all, would do so largely, the merit Of
the agent in that case would be only the greater.
And he thought il equally clear that all subscrip-
tions that shall be entered on the agents books
should yield per centage, Irrespective of their
being volunteered; for the reason that, as the en-
tire collecting power of the Commissioners was
te be remittcd te hm and Ro other books than
his 70 Le oyscneA> Il would be only q f,tiF pre-
sumption, beth ,ech,icniIy and equitahy, that
al Subscriptions which his books may disclose
had been obtained ''Ihrcush his instrumensali.
ty."
The order seeming % be sufficiently clear,
without further alteration, the conversation drop
ped and the 9iFestioa recurring upon the adoption
of the order as amended -
Judge BlRKER remarked that, even at a fts per
cent? compensation, fhc SsrcIIsat % be received
by the agent would be very large. in case the
entire capital stock were subscribed fUf> He in
quired whether !. would be polite to commit the
Company beforehand to such rate Of compen-
sation; and whether tina, course might not in-
jure the whole enterprise in the view of a portion
of the publicl
Gen. Bowie said that the agent appointed was
only the agent Of the Commissioners, and not Of
the Company. So soon as $50, 600 should he sub
scribed, the Company becomes an incorporate
DO4yS WftR n $NHS St$f ct our pOWcTS I'D ItSeH, Nv
the operation of the law. II can then act indie
penden,Iy in the premises, either raiiFyias eur
bargain with the agent, making II new one
fer itself, as ;he Judgment Of the directory might
determine.
Col Bow,E also concurred in this view, say
Iag the Board Of Commissioners only n tenn
pofarS body, instituted for temporary purpo-
ses. Its powers only went 30 a E.aited ex-
tent, and would deternliHe Upon Ire Organization
oF he tSalE
Judge Barker observed that he had not inten-
Ged to submit any proposition in the premises, u.s.
personally, he did not think the rate Of per cen
sage too great.
The order as amended was unanimously adopt
ed.
Col. Bowie said it would he necessary Cor the
Board under the charter, formally To authorize
an opening and exhibition of the subscription
books; and he therefore submitted the following
order ir that behalf:
"Or9ered, That books for the subs :riptions to
the capital stock Of this Company be aow opened
under the direction OF the said agent, RunERr
Bowie; and that they remain open from day to
day until the sum required by the amended char
ter for the organization Of the Company, or
more, be obtained F"
Which was adopted.
The same gentleman also submitted the follow
ing order:
"Ordered. That the agent have power To re-
ceive subscriptions to the stock, tn be paid in
materials or labor, provided the cash instalment
on each share so subscribed be paid as required
by law"
He thought the plan involved in this PROPOSE
ton Of great importance TO the success Of the en-
terprise, and carried along with it convincing
reasons which the principle It contained should
receiyevs an early recognition.
Gen. BowI6 thought that the adoption of any
such order would be premature. II vas not
= IL. a. L~1
thority to make any such arrangement, which
would rather fall within the proper duty of the
Company, wheE formed. would be entirely will.
ing, to the utmost extent possible, to receive
payment for stock subscriptions in the shape ot
materials or labor. IN every instance
in which such an arrangement would be
feasible; and it would thus greatly forward the
progress and popularity Of the enterprise. But
such action must be left for the Company
Co! Bowie said he would Withdraw the or
der, as the proprIeiy OF its present consideration
appeared to be doubted; being satisfied, for the
time, with having foreshadowed principle which
he hoped would be early acted on by the Com.
pany when formed.
| The order was accordingly withdrawn.
Col. THOMSON, Of Charles, suggested the ap
pointment of committee TO confe. with the gen.
tlsman who had been appointed agent, and TO as.
certain whether he would accept upon the terms
proposed. Which being agreed to, the CHAIE
named Messrs. BARKER and THOMPSON as the
committee.
/ The Committe, having retired for some time,
returned and reported that they had consulted with
| MIR. RoBGRr BowIE, the agent elect, who was
cont ente ed with the terms proposed, so far as thu
ollo vance of 81 on each share obtained was con
cerned; but he thought that the payment Of tn,
other three per cent, beng postponed by the or.
der until the ''compietiOn ofthe road, +" would un
reasonably delay his compensation. The com
mite said they were Of the same opinion, mas
| much as, under the arrangement adopted, MIR
Bo,E's per centage could not be paid, even m thu
event of the success OF the read until all othe
claims had been liquidaied; which would be hard
! lv fair towards one who would have been instru
mental IN obtaining the subscriptions by which
| the road was TO he built. They recommends
| an alteration in this particular.
/ Judse BARRgR then moved G reconsideration
Of the order, above rscited. appointing the Agen
and fixing his compensation; which being CARR
| ed.
The same gentleman moved 10 strike on
the concluding words Of said order ''to b,
na,d only in the event Of the completion Of th,
TOAD :" and to insert in lieu thereof the follow
ing: ",o be paid ss the subscriptions to thi
eaoi,,l stock shall be paid IN"
| L.s srmnt n.