New Orleans daily crescent., 1866-02-03
VOLUME XIV.

sfth section of the act for the organzatloh ol Io
porations to engage in factorage and comlli9s'oh
business or in agricultural operations was read
Mr. Mohan spoke very sarcasticay IN support
of the bill. He would vote for it, because II was
going to induce people who love us very nuch 10
bring capital to us, and who would no doubt sho"
their love for US by soon taking charge OF our
large waste plantations, and convert them lhIo
blooming potato patches and tourlshlng capoaSe
gardens. 1t was very true, he did not love these
people cvermuch; but then he could not help ad
miring the disinterested manner IN which they
came forward through their friends, to seek the
privileges of this bill. Reference had been made
to the Belleve Iron Works, and the failure of the
corporation that established it, to put down such
men as Leeds, Armstrong, Patterson. No doubt
that result was greatly to be deplored. Then,
again. it was stated in support of this unexception-
able measure, that many of our factors had grasp
on the plantations for money lent to the proprie-
tors before the war. What presumption, to be
sure, in these factors to think of asking for this
money! Why, change is what is wanted now, for
| variety IS the very spice of life
That doth give it all Its havor!"
These factors ought to have nothing to do with
the planters now. Besides, we are State OF
paupers now, and cannot possibly extrcate our
England capital. Why need anybody sympathize
with the venerable Senator for st. Mary, Mr.. Pal
frey if his mother bore him the soil of Louisi-
ana, or his fathers bones rest in it These good
capitalists will do it much better than we can AS
the Senator from Natchitoches, DR.. Scruggs, had
said, there could not be much doubt that every
body owed everything he had to New England
capital. Some people might think they had
labored for what they had but that mus1
be a mistake Still he could not get to be
so very fond of this New England capital anc
although he was going to support this BILL he had
one objection to it which might perhaps be though
worthy of consideration. 1t was that these gen
erous capitalists not required to contribute
anything in the way of taxation, for the benefit
Louisiana, Notwithstanding the great privileges
granted them, while factors are required to d.
, so through every member of a firm. AS to 1T
being said we had no capital here, he found tina
75S, ,745 bales of cotton had been received here
since the close of the war, and that they wer
worth sl5l JAS, 900. No doubt this corporation
would for time advance at lower rates than ou
: factors can afford at present, but when they ha
by that means ruined our commission merchant
7 and factors, they would make up for that. Thel
; it was that the grinding effects of the bill wou
be felt. In twenty years from now, Louisiana, n
n had no doubt under such measures as this, woul
: be cut up as he had said into potato patches an
It cabbage gardens, presided over by people of
y darken skin than he could boast.
Mr. Korner moved the adontion of the sectior
J, Mr. Eoan moved to strike ont the whole section
J. Afer same observations from Mr. Kenner to tn
If nprnort that the section conferred no new mowers
c hnt merely recited the existing law on the subiec
" Mr.. Wcoxon moved to lay Mr.. Egan's motto
If on the table which after having been temporaril
e withdrawn to allow Of brief discussion. was ca
d red hv vote Of eighteen to twelve, the ayes an
Is noes benp called.
t. The sixth section was then read and adopted
,e On the seventh section being read. Mr.. Duyi
% neaud offered a substitute, providing that ever
t. stockholdar shall he held liable in soco for tt
is contracts faults or losses of the corporation.
t. order he said to nut it on an equality with o,
g merchants and factors and with the great pr
is cinles that everywhere governed the commerci
world. The gentleman spoke strongly against II
s, dangers of monopolies and in support of CONNIE,
of ton AZ the life and soul of commercial busines
rs Canita, he said. is not our first want but labo
n IF this could be assured, capital would flow
Is abundantly. He thought this section, limiting IL
liabilities a most obnoyious one.
'r Mr., Gordon said this was striking at the We,
e of canital here. even if this section remaine
lie There wond he none of it were it altered as mr.
A. nosed. All our hanks insurance comnanies. raj
ID roods ond o+ber rndar,al,inoz xvare or;oinsT
startad with Nortber, canital and gradually q,
T. citizens got hold If them The limited lia bi
tn ,,r;noin1o nou nrevailo eyervvbera +bro,rbo
d Enrona ord 10 fannd 70 ,vork adr,iroh,v
Mr. Dnv;oneand defed the Senator from Orlean
&c or onv other Senator 10 chow him an instance q
d. isting in anv country of Furone of the incorno
20 aton of con,nonv for r,orcont;,o n,,rno,os m,
tho limitad ahtv nrincinle For other purnos
n, tbav MIGHT chow an abundance bn+ not ono r
s. tbot VIZ one of tbe causes of the Great Fren,
Of revolution, was the very policy of organizing &C
r. porations for mercantile purpose.
Mr.. Poche defended the Senate from the inn
W tation that they were inclined to disregard the
~ terests of factors.
h The question being put on Mr.. DuyigneauC
motion, it was lost by IA to l6.
y The seventh section was then adopted.
ID The eighth section having been read, Mr.. p
y frey moved to insert provision that the privile
H. granted by it, should be established contradict
rily with others having similar claims.
O. Mr.. Gordon moved to strike out the clause ali
gether, because the law gives to corporations
&c the privileges given to individuals and this sect