The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-17

His history Is not SO entertaining, but
he Is an exceedingly distinguished and
able fellow. who takes great Interest IN
our affairs and those who have not
should certainly make his acquaintance.
The objective point OF these remarks
lis 10 present a connection embracing the
more important facts and principles per-
tanning to corporations. which. taken
together. may afford brief glimpse OF
the foundation and superstructure Of those
prod gious organizations OF commerce,
whose development has come TO both
tlattc- our pride as commercial people
and excite apprehension OF individual OPP
preston.
The corporation idea Is OF ancient
the second Roman king, Numa Pom
pilius. For the benefit of some who may
not remember Numa very well, Will
add that he dtd this original bit OF think
Ing about seven hundred years before the
birth Of Christ 1t came about In this
way: The subjects OF that astute mon
arch happened to be divided into two
hostile parties: namely, Romans and Sa-
bines. In order to unite them In peaceful
subsection. he adopted the policy of sub
division into different classes according
to their trades and manual occupations.
thus forming associations or guilds. COM
posed OF members drawn from both the
turbuIant factions.
This was the first corporation idea Of
which we have any record-the idea bring
Ing many wills to act with one accord
In pursuing common purpose.
Constantly, since that remote period.
coming on down through the ages. we
find on every hand the notion developing
In some form or other, although never
so extensively and effectively as In this
year OF our Lord. 1903. and In these
United States OF America.
The corporation mot the Ideal Is the
best II not the only satisfactory means
we know, that have been evolved In
enabling the multitude to perform with
one mind in promoting an object desired
BY all. And this is not all of advantage
/. has to offer.
BY far the most remarkable feature.
IN connection with corporations. and the
first thing to be understood. Is the fact
that CORPORATION Is a wholly fictitious
md imaginary being. created by the
majesty OF law. and baptized. as 1t were.
With name. in which name acts are
done for It and to It, Upon coming into
the world It is endowed by It's creator
With certain faculties and given certain
movers, duties and RESPONSIBILITIES. as
we'll as privileges. according to Its pur-
nose: Its functions being exercised
through the medium Of natural persons
authorized In pursuance OF law to trans
net its business. For example, 1t Is
given the power to contract; to acquire
and dispose Of pronerty: to sue and be
sued One OF Its happiest qualities Is
kind OF Immortality, being endowed with
Immunity from death commensurate with
the business It is designed to undertake.
The advantage which this gives corpo-
ration. over a mere collection of individ-
walls Is at once arnarent. Thus. for In
stance. It Is enabled to hold nroperty 10
q certain use indefinitely. without the
rernlexng intricacies and hazard OF per-
pftual chnvevances for the purpose OF
transmitting from hand to hand. Again,
such transactions ms life insurance, the
navrnent of annult'es. the execution OF
nrotra cited trusts. and many other under
takines of long Duration may be thereby
efelv carried out Persons who are dis
rosed to make approximations for any
useful purnose can never fully obtain
their object without an incorporating act
of the government, and, accord'nely 1t
has been generally the policy and custom.
especiolly In the United States. to In
corporate all associations which tend to
the public advantage. In relation to muni-
cipal government, commerce. literature,
charity and religion, The United States
Is a corporaton; sd are the various sepa-
rate States; also cities. towns, counties
likewise In general. are churches. coll
.'eees and charitable institutions. In fact
the device Of INCORPORATION Is employed
almost without execution In those cases
where perr,anency Is demanded All
these, as we'll as innumerahla CONNER
rial CORPORATIONS, are distinct though
artificial nersons.
The members OF corporation are not
the CORPORATION, although In meeting they
control 1t in great measure In their In
dIvldual capacity, they may contract with