The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-08-08
INC rxpress B~u.ine..-Tte Law Of Ii

ahIIity-FacCs for st ckhOldeTs.
Every business man and every traveller
has had occasion at some time, during
the last few yesrs, 70 be grateful for the
facilities afforded for the transportation of
property by the various express com
panies, whose routes extend all over the
United States. The express business, com
mencing with Henry Wells and Alvin
Adams, who, with sstchels in their hands,
carried on loot such packages as were
given to them, has o grown to such
magnitude that several hundred COM
psnies are required to supply the public
necessities. Various connecting lines
reach from the Aroosiook in the North
east, ser6ss the Isthmus; TO the Russisn
possessions On the Pacific COST; and these
long chains of routes are managed
with 3 fidelity and promptness which have
not only been equal TO the demands Of the
public, but which nav slsO created uni
ysrssl confidence, and are the wosdeF and
admiration OF Europe.
The formation of these companies nd
Gates the inclination Of the American char
scter to sVail itself of every opportunity
for advancement, which is crested by the
eveT-increasing wants Of commerce. 1t Is
always willing TO take the risk, provided
there is q fair probability that the risk will
psy. There is q risk ia the express bust
ness, which hiss been deemed in other
countries of sufficient importance to pre-
vent the formation Of express companies
That risk is the personal liability Of esch
member Of the company for any loss which
tee company msy sustain. The eompsn-
les are not corporations, but simply CO part
nerships with corporate privileges but
these do not exempt the parties from per-
sonRl ability.
Application has been msde several times
TO the Legislature Of this State for sn act
under which the express companies could
be incorporated and the enrporEtOrs oIon-
Grated from personal liability. This the
Legislature has always refused to do,
doubtless supposiug that greater care snd
caution would be used if the personal LA
bility remained. ALI that could be obtsin-
ed Wss an act prohibiting suits against q
partner until the return, unsatisisd, of an
execution sgsinst the company. 1t is
stated that in a financial Tevulsion which
occurred 3 few years sgo, one Of the prin-
cipal companies had this personal liability
clause rigidly enforced, and at the time
the burden was grievCus to be borne,
but the partners were abba to bear il,
and so the company weathered the storm.
Losses are not u~nfrequenL both from theft
and from fire. It is but 8 short time ago
that one of the companies Was robbed o
$50, 900 at Suspension Bridge, and smother
of a like amount at Montgomery, Ala, and
Sl25, 600 near Baltimore; and on 8
steamer which was burned q short time
ago, S25, 900 in Treasury notes were de-.
. royed.
These facts seem to have been over
by the authors Of q new express
compsny's prospectus, which has been put
IN circulation in the city and throughout
the country. In that prospectus it is
shat the individual liabilities of
subscribers to the stock, beyond the amount
held by them IS limited"
We have no objection to the formation
IF as many express companies ss tie pub
DO servics may require, but it seems to US
proper that those who are invited to be-
,ems partners in such companies should
understand that their DhoLe personal for
Hnes are liable for the debts and losses of
ne company, unless the company itself is
bile to psy the debts and make good the
osses-M 7. Times.