New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-02-06
THE FACT0RAGE ACT.


question in all its bearings, that the operation o
| the act will be of benefit to our people, and tina
the objections which have been urged to it, how
ever honestly entertained, will be proved by expe
rience to be more imaginary than real. The lead
ing idea of authorizing such corporations. as vii
plainly appear from the terms of the bill, is the
concentration of capital in our midst, so that the
planters of our State may have something to oper'
ate with, and be encouraged to put into cultiva-
| ton the once valuable but now valueless anu I'M
| productive lands of Louisiana. 1t is apparent TO
| all that capital il the great desideratum Ihe peo-
pie of the city do not feel this so sensiby as those
| in the interior. From circumstances which 1t Is
not now necessary to advert to, the planters
of the country are now, in great mea-
sure, absolutely without means to make
the rudest recommencement in their for
mer pursuits. If. our condition were
as it once was, they could get advances from the
factors in the city. But the city factors, already
in many cases, hodheavy obligations of the plant
ers which the latter are unable to meet, and the
factor is crippled in his earnest desire to help the
planter not only by the absence Of ready means,
but by certain well understood relations which
bind him to comparative inactivity until all the
trade transactions which took place previous to
the last three years of the war shall be finally
adjusted
Ifit be objected that capital from other portions
of the country would, under the provisions of this
act, come here and acquire preponderating inhu-
in affairs, the answer Is that there is, in
regard to the first proposition, an undoubted want
ofcaptal among our people; and the planter is more
sure to be benefited than injured by that competition
of capital which always springs from its abundance
In regard to the second proposition, there is no
danger of embarrassing complications when the
conditions of bargain are well understood before
hand, and the Legislature which is the creator of
the corporation stands always ready to intervene
for the protection of the citizen against any
attempt at undue severity of the creditor towards
the debtor. .M.
But there is, in reality, nothing restrict
i've in the provisions of the bill, and CAPT
talists at home may associate under it as well as
those from abroad. The planter is left to the
largest liberty in the premises. If he need CAPT
tai, he can procure it from wherever it can
be had, and wherever he can get it upon the best
terms. 1t is proposition really in the interest of
the planter, inasmuch as it is likely to increase
the available capital of the country and thus
enable him to raise the means whereby to make
his now untitled lands productive and it is pro-
position in the interest of the capitalist, who will
have an assurance of return of his money from
the valuable productions of the soil. 1t is an ex
tension of privileges all around, and an enlarge
ment of the capital of the country which the ne
cessities of our people now so urgently demand
without infringing in any respect upon the right
Of the planter to make his arrangements with cor
porations, or with individuals as before the war.
Commercial firms are, in fact, nothing but cor
porations, with the exception that their capitals
are not necessarily known to the public, and the
law does not exercise so vigilant watch over
their operations. The same objections which are
urged to the bill might with equal propriety, be
preferred against banks and other chartered inst-
buttons which are amenable to law, though the
transactions of individuals with them are purely
voluntary.
We may add that though some of the factors of
the city have expressed themselves as opposed to
the measure, others with whom we have con-
versed are equally as decided in approving it, be-
ieving that WHILE under the provisions of the act,
no harm can result to the people of the State,
very decided advantage may accrue from the in
PRODUCTION and dissemination of what is now SO
much needed-capital for our people to go to work
with, to restore Louisiana to her former condition
of agricultural and commercial prosperity.
With these Introductory remarks we submit the
text of the amended bill, as it now stands before
the Senate: @m
An act for the organization of corporations engage fac
tons. 0f~'N
SECTION l. Be it enacted by the Senate and
House Of Representatives Of the State Of Louisi-
ana, IN General assembly convened, That it
shall be lawful for any number of persons, not
less than six, on compliance with the provisions
following, to form themselves into and constitute
corporation for the purpose of engaging in a
factorage and commission business, or in agricul.
ture; but no corporation shall be organized under
this act with capital stock of less than $500 00O
nor shall any corporation so organized or author
ized commence business before $250,000 in cash
of its capital shall be actually paid in.
Sec. 2. Be it further enocted, etc., That the
said corporation shall have power and authority
first, to have and to enjoy succession of their
porate name, for the period expressed in their act
OF Incorporation not exceeding twenty five years :;
second, to contract, sue and be sued in their cor
porate name; third, to make and use corporate
seal; fourth, to hold, receive, purchase and con
Vey, under their corporate name, property, both
real and personal; fifth to name and appoint such
managers, directors and officers as their interest
and convenience may require sixth, to make and
establish such bylaws for the proper management
and regulation of the affairs Of the corporation as
may be necessary and proper.
SEC 3. Be 1t further enacted, ETC., That every
charter OF incorporation shall contain, first, the
name and title of the corporation and the place
chosen for it's domicil; second a description of
the purposes for which it is established the nature
of the business to be carried on, and the desgna-
ton of the officer on whom citations NAV he
served; third, the amount of the capital stock
the number of shares, the amount of each share,
and the time when and the manner in which nay.
ment on stock subscribed shall be made; fourth,
the mode in which the election of directors or
managers shall be conducted; fifth, the mode of
liquidation at the termination 9kpthe charter
SEC. A. Be ii further enacted, etc., That the
charters of corporations and yhe original sub
seriptions made for the purpose of organizing
them, shall be recorded in the Office of the Re
corder OF Mortgages, or other officer exercising
his functions, at the place selected for the domci
OF the corporation, and shall be published in
newspaper at its domicii once q week at least
for thirty days; but it shall not be necessary to
publish the names of the subscribers, and any
subscriber may present the charter and subscrip-
ton for record with the RecoiAer of Mortgages
Sec. 3. Be ii further enacted, etc., That it shall
be lawful for the stockholders of any corporation
at the general meeting convened for that purpose
to make any notifications, additions or changes in
their act of incorporation not contrary to the pro-
visions of this act, or substituting other objects
than those contemplated by the provisions Of the
first section of the same to dissolve it with the
assent of three of the entire stock and any
such modification, addition change or dissolution
shall be recorded as required by the preceding
section.
SEC. 6. Be it further enacted ETC., That they
shall forfeit their charter for insolvency, evidenced
by return of /" no property foundn on execu-