, 1865-08-03
"The National Raukex., Express
Compnn7.'s


from the Buffalo Courier, July al
An Express Company has boon organized at
SyraeuEe under tha Eame Of the 'sNltional
bankeIs Express Company" with capital
Of $10, COX, ,0oo, divided INTO shares Of 3l0l, on
which tone per cent will be paid with The
be Epe99e ond a5 Re- ssn' hs ,sa s4 Of
Issued by tie officers Of this embryo company
soliciting subscriptions for stock, 1t is stated
that "the business Is at A1st to b. the carry
Ing Of money, coin, jewels, light articles Of
value, and public securities, and tho m4kiag
collections for banks. bankers and Others"
It Is unquestIonably for the public interest
company, as competition will necessarily re-
duce ths price Of exchange and 50 equ1lize
the value OF money. At present the express
companies are carrying currency On MI their
limits to New York nt rate which enables the
banks In this and Western cities to make
large profits by tho sale Of exchange. When
the new company goes Into operation busi-
premium not exceeding the Iate now paid By
the banks for. the transportation Of their
money. In this WY the business .Eubic will
be materially benefited
Again, the effect Of Ibis opposition On the
National Banks Themselves would be healthy.
They arc now rcaplng rich harvest out Of q
circulation Oh which no taxes arc paid, and
which, under the present systenl, they are
enabled to keep out for a long time. They
arc consequently. not ablged 10 keep illegal
tenders" on hand to any considerable amount
to redeem their OWL currency, and they arc
enabled to lend nearly all their available
means. Let the new express company be
put in operation, and the expense Of forward.
Ing money be eheapened, and tho currency
Of the National Banks would be brought 10
their counters for redemption, because TIE
premium on "1egal tenders" would be greater
than the cost of collection. Brokers and
others could do . paying business IN this
Eay, at No tisk whateEes. Th!a viii have a
tendency to keep the circulation Of the Ns-
tional Banks within reasonable limits: and
to prevent undue imitation Of the currency bY
them.
In In the circular to which VIC refer, 1t Is
| stated:
"The articles Of association are the ordinary
! Attlcles Of Joint stock companies, and such a.
others Of hke character. Tho indiviiasi iiabiit- M
y It subscribers 10 the stock, beyond th amount
held By Them, 10 limited, as IN Ill corporations
eaas S hs saet ,H Ct r. state al
This is an error. 4 Joint stock company
is q copart tnetehip, and its shareholders are.
| 20 far IS third PARTIES Are concerned. fnli.
vidually liable Tor af1 Its debte, without re-
| terence to the amount Of stock held by each,
The Lteialat1Ee* Of this State, has, indeed,
provided that all actions against any such
company. II consisting Of seven or mora
shareholders or associates, shall, In Tbs inst
instance be prosecuted against the President
| Or Treasurer Of the company, and that no
act1on for any sompany liability shall be
maintained against the shareholders, person.
| silly, until execution agnfnst the property Of
the company shall have been returned unsa It's.
fed. But after the return Of such executions,
the shareholders may be sued personally,
| and the measure Of their judfy1dna1 LA.
b1llty Ia precisely that Of the members Of any
| other firm upon q partnership debt. The
Leetslature has carefully avoided giving to
| joint stosk associations the partial fmmnnity
against personal liability enjoyed By Stock
holders IN corporat!ons-(yido lsws 1si9, ch.
25s. SIS. 1854, cb. ea5, So.
The present Express Companies are Joint
Stock Companies not Corpora atfons--2nd It
IL the fact that their stockholders are known
| to be Individually liable, that haa given the
public such upbounded confidence fn them.
It strikes Us that The National Dankers'
Express Company" would do we'll to organ
,za on the same basis. Iftheze we1o any
statute In this State, under which company
could be organized, with limited Individual
company to avail tlemsslyes Of it. The
public would hare little confidence In COM
psny with nominal capital Of SO, ,000, ,00o,
| only five per cent pah IN, and no Individual
liability Tor m amount greater than 5000.
II the public ara to b. benefited By eomIou-
| ton, It will be better that the compet-
ting Express Companies should atand upon
the 'aule footing.
+ He are 6urtrised to learn that the bankers
| In this city, who subscribed about S15, 600 to
the stock Of this projected company, with.
drew their Subscriptions, after days re-
Election, for reasons oest known to them-
selves.