New Orleans daily crescent., 1866-02-01

He had become stockholder in some of them
and gone into court under the law. lie was to-day
being sued for 10000, as the President of one o
such companies, for services alleged to have been
rendered Suppose his lawyer were to put in the
plea of unconstitutonality, at this day, what
would be its fate? That law has been kept on the
books for twenty years, and now ii is challenged
| as unconstitutional! This law and the one the
table the gentleman showed, by reading section by
section, are almost identical. His reason for press
| ing this bill was that he desired to get capital
| here. The principal feature which distinguished
it from that of 1649 that it limited the liability
| OF the stockholders. Under the laws at present
existing, corporations to run towboats to the Ba-
| lie and steamboats, to Bayou Sara, to work salt
| mine in the Attakapas country, can be framed.
What is the force of the objection that corpora
tons infct injury Why should they not be
allowed to cultivate a plantation or to carry
on factorage? Is there any divinity
| that doth hedge factor? or put him beyond the
pale of competition? There had not been one
word said which would go to show the bill uncon-
sttutional. He knew he was addressing a body
of intelligent gentlemen, learned in the law, and
he would not say more than was necessary to the
point. He then referred to the objection that the
bill was in opposition to the settled policy Of the
State. The gentleman himself proposed that any
! necessary notifications of the policy of the
State as to mortgages, tacit mortgages, and mar
ried women, in order to bring capital here, should
be considered and yet the committee object to other
| measures that may modify the policy of the State.
What is settled policy to people who find them
selves in the condition we are now? We are in no
condition now to liken our laws to those of the
Medes and Persians. We cannot possibly 90 on
without changing the policy of the State. The
gentleman then referred to the objection that these
corporations would be monopoes, and refuted it
by showing that exclusive privileges were
glnven, and that as many corporations as chose
could compete under the bill. AS for the sup
posed advantages of such corporations over pri-
| vate individuals, the testimony the other way is
very strong. The Beleville iron works was car
ried on by corporation under the law he had re-
ferred to. Did that monopoly put down Leeds,
| and Patterson, and Armstrong, and others? Ger
tainy not. So that not only does this bill not
ate monopohes, but there is nothing to fear from
the corporations. The gentleman then paid very
high compliment to the factors of this city, as Lgk-
minded, industrious and prasewol thy equal to any
class Of people existing on Gods earth, and he al
luded to the numerous occasions on which he had
been spoken Of as a " city MEMBER for defending
tItll. I}ut Planters anu factors, tle IaLIeF ue
pendent on the former, are both down together
now. The object is to get up the former. Should
prosperity return to them, to whom would they go
to do their business but to those who would do it
best and cheapest? The gentleman continued to
speak in support of the bill at great length, and
and had not closed when O'Clock had arrived
Mr.. Egan, wishing the gentleman to have op
portunity to conclnlc his arguments at leisure,
suggested an adjournment.
Mr.. Kenner would accept the proposition,
although he did not expect to say much more on
the subject.
Mr.. Bruslc, from the Committee on Enrollments,
presented duly enrolled, the bill for the relief of
the sureties of A. J. Law, and the act to provide
for district and parish officers throughout the
State. He also announced tn Mr. Preaux had
been appointed Chief Enrolling Clerk.
Mir. Mohan said the office had been abolished.
The question was laid over.
Then the Senate adjourned to u NJ. tomorrow,
Thursday, February lst 1866.