New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-02-02
VOLUME XIV.

the statement that the provisions of the Dill were
copied from the law Of l84S; and showed 1hat
there was difference between the terms OF Ihe
Constitution under which that law was enacted
and that of 1864. The terms of the former allowed
the formations of corporations under Geherai
laws - that of 1864 confines them TO general
laws" The gentleman also showed that the pro-
visions of the avs under the Constitution of lS45
| were much more stringent than the gentleman
| contendcd they need be under that of 1854, III
| enactng for instance, that corporations shall not
pursue more than one kind of business, shall not
possess power to discount bills to purchase real
estate. The gentleman in similar manner met
the other remarks of Mr. Kenner.
Mr.. Gordon moved to amend the bill so as to
make the capital not less than 100000 and the
other conditions on that basis
| Mr.. Foute said he was about to make motion
to lay the bill the table, as to take the sense
| of the Senate on it at once; but if members de-
sired to discuss it, he would not press the notion
Mr.. Egan would second the motion.
The question being put, the President said the
motion was lost
Mr.. Lapeyre would call for the yeas and nays
Mr.. Munday said the usual course was to en-
deavor tc perfect the bill, and leave the final strug
gle until it should be seen whether it could not be
to lay on the table would be withdrawn.
This was done.
Mr.. Gordons motion was then put and carried,
and the first section adopted as amended The
second, third and fourth sections were severally
adopted.
Mr.. Kenner proposed that the fifth section be
amended SO as to prohibit the corporations from
amending their charters contrary to the provisions
of the act.
Mr. Gordon said this was unnecessary.
The amendment, however, was agreed to.
Mr. Pafrey strongly opposed the giving of this
power at all to the corporations. He regarded ii
as most extraordinary and dangerous. If he could
control the question, he would have the clause
struck out. He would make motion to that
effect.
Mr. Foute said he would second it.
Mr.. Kenner said this privilege was granted under
the laws of l84S, and was always granted.
Mr.. Foute feared that nothing he could soy
would prevent the bill from passing but he
must nevertheless oppose this section. With this
provision in it the bill binds US to the money
changers of New England, without hope of cs
cape, and was calculated to strike out the life
blood of Louisiana. This question, he was salts
fed, was not yet understood. Members really
appeared to be shutting their eyes to it. He con
tended that the Constitution of 1864 prohibits tht
legislature from creating corporations cXccp
under general law, and that there was grea
danger in endcavoring to override that fact. Al
for capital, it will always seek that Investment il
which it could command the largest interest anC
it would go thither with or without a corporation
, Let the parties whom the bill intended It
bring hither, come and unite themselves unde
l our partnership laws. This act, if passed
might do good for the present, but the cat w0ult
= soon appear from under the meal. He illustrated
the danger of giving such monopOhes byretcrenc
to the Camden and AmbOy Railroad, which ha
grown to be a great political power. So Wou
y these under this scheme become, and the only dii
ference would be that while in the case cited tn
9 power welded was Of and among themselves, "
should have power welded over Us by MassachC
q setts If the friends of this bill wished it to be
use they should go for having convention called
f and for crasing the clause of the Constitution 0
1864 which renders it unconstitutional. Some Q
q the ablest lawyers Of the State, who have bee
consulted on the subject, have the gravest doubt
q whether the bill can become law, and capitalist
will not rely upon it under those circumstances.
;. Mr.. Poche spoke strongly in favor of the bill
n He thought the constitutonality of the bill full
established, and could not see the necessity
q to the Constitution of 1861 but as we were lvin
and legislating under it, we ought to see wh2
good we can do under it for the people. There
great necessity for capital, and if it becomes il
. evtabe that factors must sink, in order that it
, procured, it could not be helped, however much
~ might be regretted. They will not help us nov
1t matters not whence capital comes, we mu
IN have it or sink.
Mr. in al m
ID after first moving to postpone its further consider
10 ton till Monday next and finding the sense of IL
g Senate opposed to the motion, he urged the n
cessity of the BILL on the ground of the mperatiN
Mt demand for capital to the agricultural inte
mr. est of the State and said he cared not for tho
n, sand constitutions, as long that could be aCCOl
in plished He said that parties representing N
ID lions of capital, seeking investment, lcayiI
u.s. for want of some such protection as this b
o. contemplated He strongly depicted the power
n capital He suggested amendment to the bi
NJ providing that three-fourths of the whole sto
should be represented at meetings to change Il
nd charter.
nd Mr.. Palfrey objected to the section altogethe
on He wished to support the bill but could not do
with such provision this. Under this clau
tn the corporation could if they pleased, alter th'
,o charter for some other business than contemplat
a by the act. He moved to amend the section
If. inserting the condition of the change alowe
not contrary to the provisions of this act, a
he not going to subjects others than those conte
rst plated by the first section of the same.'
zee The amendments of Mr.. Scraggs and Mr.. p
frey were both accepted, and the section
~ amended was adopted.
om On motion of Mr.. Duvignead, the further d
err cusson of the bill was postponed for the purpc
ro- of going into executive session.
.bo EXECUTIVE SESSION.
The chamber having been cleared of strange
in the Senate went into executive session. The E
Of ting lasted but short time.
ADJOURNMENT
ii On resuming with open doors, the Senate
oIa journed to noon to-day, Friday, February
,nd 1866.
the House of Representative.
The House assembled at II M, Speaker Cage
ors the Chair, eighty members present.
eir Prayer by Rev. DR.. J. B. Walker.