Newspapers / The North-Carolina Star (Raleigh, … / March 31, 1841, edition 1 / Page 1
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- i 7 - THOMAS 1. LEMAY, EDITOE AND pBOrBIETOR." TXBMS. ,eecaieT.e, - thr.e aaUerl per bbbbb.--aal in iJniM. r t'orao.it rtidiaf srkbOBt lb Stala will be re airea la pay lha uu ameaat of the fear's sub- eeriplioa ie ad-aaee. RATES OF ADVERTISING. For eerjr square (not etceeding 18 liaes this Irp first msrrtioa, dollnrj each subsequent. Hitm, twents-five cents. Th si'vcriiaemeals el Clerks end Sher-ITi will be sbarge-l.i'j per neat, fcighertaarf de.lucHon ol 3J par eat will he ""I roaa ibej-egalar '- eesforedseriieeTsbyOiejear. C3" Uuen lha K.liiors Hurt be act-paid. I ii hi" jl TIIK eDWATtOS Ol Till. dr. 11 , .r -ZT -.i.kimlinu-nt hu bre remote flul'lm. .p..KH.. .r.l.t '"V" k" " ... I. ...... mi ttnull. IWlllMl. fttitl It Mount winri -y . ,w real- far the reee-Mam wad mslruetkia ol joung I .. M ....I 111 I liM Ml.Ull . aliad persons H ( a J r 'T'.. ! .1 .k. lh faailki-l for tea Ibabiiig. and the elirat at Ue edifice. Berth irfler- K4iHi reams lar ie aitpin, mmm . .I-...-1.I- mmmL.I....m lar tbuM TOURK BlHta mertont aba desire tu nritur caaniortio. I ue course ot iisiruiuii w."i" - i I ......... trr--pnvrulmt . hislor, aatural tail moral philotopUy, ate. . . :J ... --.i .i.m .j luaiia. I hut 'tine ma j ami ,... who desire mayeeanire a knowledge oilb ate -n ... 7: u Lnn-l-ilfv ol matte. and d iiihi i'w,n hiiii ... n . . . .. - n - - opiorm.urt ul pmctKt uponlhe pimio-lorle M or- gran. if i b iu nil! f i rlrct .p ioilrurael.1 which ha withe tu hr I'.rtKul.r 4trnlun it gie 10 pliyicl tdota ton !.: MaarH anl lailioa. hb lb- eol boakt aa- matirat iaMiarorBH, troiw $lMt P "" aaia. .fur li(a wba wttb lo lo! he lasunes l.i kavaibe ate ol pitoo-furle in Ibetr chanbat, or to rr fali-atniiiwal iHliiuciioat, $'il. t. " iorj will catcratUbiioriliuiHjr escaif pi lb Jb- i"'- ' ... .. .. :...:..... r.ilrt iceammoaMMB ntrju rnwrauw p' poiiimi. ' l it- nioM frtb! age far iattroetioalt bclwccB lbs lilt 1 Jil ran. J'he following (untlrmrB, are emMll with lh Wiridi"" ul lha liiiiMutiun nl nty be relrrretl lo: Pelf r C. Hro ikt, I homut II. I'crktua, ftAtt K Mti KJnnl llrookt; btinittl A K ). Jnhn l. Ki.kr. I Uumt W. Vrjr. Ji.hn llnmani, Jaaw: K u.n. itnluiit INnloul. Samaal 1-vuil. Sacl Mar, Uxim (ioiiilwin. Hoi at Miaa, KibctlC Uinlhrop. Kiir ptrrtxajiar iaformaiiim aililr .ilia Uarttlor, Dr. S. li. Il'iwa. Ilution, (o wlioni all. apulicaiioni ahnuM b malic. ' ai li ar.. ..mmamm rn'tW Ka muIimJ hill, (lader raeilieallrcaltatul lor Iba rceoTcr-uf (ight. . 4T a. mm Jl J. ' SKIV PIANOS FOIC OLD ONES. 1A Vl willing to la Kaoml.hanil I'unos nt rx--I..H.J lur nw OHt ami allow lil-Tr jiiitt't ol i. ..t..i ,n.i Miinaiilfr ili.m wnrllu mv nbieal.il nol: 4.1 ba laouer-iav llie irconil.hauil Vtauua,. aiul oul I iltvielure either lakt litem fel ihrir lullon, . r tell then lo lha betl atiantage tor their owner-, I hare u nn banil a beaaiuul attorlrueiil tf tu prrior fiano-Kortaa, raryinjm-yriea from -Sf' to ft'KKI. ' J'unte . wba 'aror jjib wilb .Iheir. .ordrrl. tlill bt ile.wil or bu pa ahall be required. . , . Xot . Book iod Piano Seller, I cler.burg.Va. Aokth Carolina I'owerlul in moral, in intellectual, and in physical resources the land of our .ires, and the home of our affection V0L.XXXH - . ' i , . i ' 3 - UALEIGII X. C WEDNESDAY, MARCH 31, 1S41. ftEGISLATLItk OF. 2VOKTII CAKOLlXA. .uif of Common, Junnttry iili, 1841. PI.OTKST. " Mr. If. C. Jones aiilmnUcil 1lic following Protest in be half of himself iinil the i-o-signors, viz: The itndersisirned submit the following ng, their prot.r$t io the nmendment offered by the Committee on Private Bills lo the bill to incorporate Little River Manufacturing Coinpnny, which said amendment wns adopted by the House, (the nn dersjaoed voiing'in the minority, The view which wft have taken of corporations ns instru ments applied to effect great public' works, or to aid mid as- stprtvate enterpnze, leads us to 1he coirelusion mat n tfls- miction mr;y wen bo drawn between such corporation as the public by common consent requires, and snch as only iinve n tendency to benefit the country by increwing individual wealth, and thereby augmenting, to n limited degree the tesources of the Stale. Ii: both, it is true pri vate capital must be tempted to leave its present employment,' b;it in tin' Twiner, as a larger amount is required, the temptti-i must Ikj greater than in tho tatter. J his cir- Although the whole State is much interested in this ques tion, yet the vesler" part is peculiarly go. Remote from navigable waters, and thereby obstructed in the prociinuiient "of articles of prima necessity, which are man ti fact urel a- broad, self-interest and the presence of Rbuudant water pow er'and raw material serve but to double! the stimulus. " The natural fntit of tho peculiar position of the western half of the Stat?, is already disclosing itself in facrories for the fabri cation of yan and cloth; while the local riches of its mines are lmcominr daily the subjects jf attention and industrious enterprise, through the operatiouat'coriiBined capital, united under the advantages of corporau? powers. Hut capital is" scarce;. and .wlieni H eststs,. f. is-fouud in small quantities, and dissonimated uulon'r many. Our policy .is-,- to collect it and gjve it an useful direction. In this way, the moderate and-equal fortunes of republican cilizena nro mado sntTicient to accomplish the grentest and most desirable objects able to compete tn pswor with the largest individual wealth and thtwto free the-country-fiom- its monopolizing lendencynnd domineering influences. Corporations are emphatically the offspring of liberal government, and the linudnHiids of (hearts, thesjciences and civilization. It is a remarkablo fact,.nnd wor. s a 77 3 5 5 S 3 State of North Carolina. Cumberland County. Court of Plrat, and Qiartcr Seion, December Term, "1840. iaba Dakrr.Jamet Baker, anth linker, Kliiabetli A an H.krr, Daniel Baker, John Uaker Sen. John Mcl'hatl anrf Marjr liia wtlo, aaba iaWy Sen. anil Johu Gailily Jr. rs. . Calhriae Daker, William llaker, Archibald Uaker, Mac Marphy, John M 'Launn, J r. I.uanhan ail littm ol .Mill4 Jaaa Murpb),aail llautrl k William Murithr Prtitim Jar PorUtim. J Reol Ettatt. It BtKaring la tlr aaliilaaliou ut the Iktutl, lhal Cat briii Uaker and William llaker are not itihabi land of litis Slaiei it b) orilereil bjr Ilia Court lha publmrtioa ba marie at lha Court Hihim iluor ai VateUetillt and alia in the Kiaia l.alt lor ilur apaae of ti( wctkt, nolif) ing I lie said aim retidenlt -peraenally-le ba and ajipear -ttffornhe Ttitnitn dl our mid Coaoljf at their tnl Unorl, la ba held lor mid Count at Kajellettill on lha lirtl .Monday ol March aexl, then and tlnrre In thew catite, it an) Ibe have, why prater of the Pelilinnert thiitild not be granted) iiiliei wiae it wdi ba lakea pru cmtletao and braid x ane tn i hem. . . . Wilnet, John McLaurio, Jr. Cleik of our tint Court al Office lha frat Mondar f laeeembrr A. I). 1840, and ol AmerMaa Independence 'lha ii-nih. JOHN McLAUKIN. Jr. Price ad. $5 6. S-i-im. '''..lit i - WAKIIENTOW HI ALE ACADEMY- The ernnl this liitinaitua will be retumetl on Mimila) the I Si h ol Jaiuiar nnl. TKIt VIS ol Tuition lor lite araueii of GtOmnnihtt Lower Kagliab Btanebe (III Si) llightr rin da including Mathemalie li 00 Ancient and Modern Laneuagra 30 00 llnaril ma; h had In respectable nrite faimliet al ,S per month. KOUKK T A. F.Zfcl.L. A M. frinclpal. Warreatnn. IVa. S 1 . KX IMt CT r'UOM RUI.F.S. ajit'letiti trom (tie eounlr aill hot b allowed lo bttrd al publt lloirla. No Siu.ltni will be permitted tn iU llie Itolelt, Klorrt, or Shop in llie villag, eacrpl on buainctl and b llie tecial leave ol the li inciial. Nu-Jkimfrtit who i known i. be ol irreeular hah ittv nr nl immoral char.cfert will heauffe'red lo rater the School, or, il ( jhh.I tn he ineorrigiule aller ad miioon, will he allowed to it ma in. tion iisualiv ...:.u u:i 1 1:' J ..J cuiiiaiHiicr, ...ineu wiui .i-g.ier put. uu,uhi .ur ... cor- th of 'M. cos,deration, at least, that tlie first use of a comora poration, introduces a very proper distinction between the .:' . ... .i . i. ..t .'.!... r ,i.m .. . . j. - . . limit i, iu nuicw iiic wcnn iium timiiin niiiii iiic li Mirths- privileges granted to d.fferen k.nd. of chnrU red xompnn.es.' ion$ of md we.t,,: R the m, lnteli?ent fei Lvcry corporation involves the idea of odd.iioni.1 privileges, er ns1onis)ecl ot ,he gigantic stride which has distinguished but jt is deceptive to affirm that every additional privilege ,s marhl9a nation, corporations are regarded as te pow exclusive, Avhen it is somuch-a matter of course as xv.lh us crfll insl.umej)t8 wlth icll demc-r;i?ic people olsmnU to grant corporate privileges to every association- of men mdividl1a fortnnes, have accomplished what elsewhere re which des.tes hem, in order to pursue aYiy branch of indus- ired thf nccnrnil.,ed weaUh of centuries and all the pt- try;-nna wnere iu bximtow ui u uo..u,.y u. r a.,e8 .... rr..- of Wfi(Itl an(J nonor ,0 eact M D ToqneviUe, the i Sinn tn withhnlii ihn like nnvileces Irorrt n rival comniinv.- - . -l r r " . ., , . . :, mosi uisiingiiisneu loremn ooserver oi our uisiimuous, nas Thcorporate privileges granted, can, in no view, be stud to iiUeiy piveuht0 ,ho world the result of his reflections, on the be exclusive. -.. 'interesting subject of corptwations.. In a. work'universally Nothing but n sense of the puinc interest, vyhlclns al- poptijar lor Us sound philosophy and liberal prmcinles,. he ways paratnout to private indulgences, ought to confer nn' Jjpgnij, BS follows -.. . . exclusive privilege on a compaiy. And nothing but n sense ,'t f met wjtll wn ki)ds of nssAciations j,,' Americn ' of of the same public interest ouht ever to exclude niiother which , coufesa l ,nd m pvio,ls IIOlilM1 nld j M,ve oleH ciHjy. from participating m J tustrat.on is easy and familiar. I'he wclHire of the State United States succeed in proposing n common object to the depends essentially on the quantity of Ms currency. llie ,,:, nf ,, -m ... mo,. nnA in .rii;n..k-.w 'i . l i .1 . f t. t i-AiiiniM ui il goto III.IUJ ""'"1 ill .iiiiii; uicm VUllllllifl qtiantity ophc. currency depends upon the amount of bank rj ,0 it - ,lflve 5ince lravelled"over Enland,1 ! a I I A 'riw. Ca..n,f a-.'a..rv IVinanfi-iT-d FOmtltlla 4lk- . . . . . ...... e II A 1JQ OIUIW 111( 91 IllCICiW. m l'ii"MII'w 11"' capital employed -.j. winiiu i iii .r,...su,D , w,.HU,,luaD '"IZlsocietiesmen do not neejLtoQjDbiritvuwdert-Mit profitableness of any particular pursuit of industry is erf,i ci,izen constitutes the head of a permanent and compul. established, capitalists, will venture without fear. Hut ,ane.:n.;nn -mnnsf-d of nil tlmo tvi, . a.L... uwi w .ijvib.i tiiii'it a, - ...www t t a v Ul Vi VI I'vlJUC III N fATHXlt-J PALMK.Ilor Millna, N.C , I wonld rMMiMcllull; MdnrinM4,ri Iftenot and the . !.. lit- be t-4-,U,lr .jha.to i(e,tf'-:i-','Hmi. ai-li alinotl cieluntel) ) Iu the piaelier nl llie law, and will ntteBil the Superior and County Com It ol Wake. iriig, IVraon and Caawl aoumiei. ami aim ihtKedi ral Court al Raleigh. He aill lercne claimt lor ci lleelioa tine in any pari of Notlh Car- rl ai, or the counliea ol I'MiBf Uauia and Halifax, Vumi. Ilutini at nl any kind enlriKtrd lo hit manaKeraei.t thall be laiililullj and diliglnltf , allee ded to. akraixcra I). V. Stone, F.tq., and Allied Jonet, Etn., Ra leigtt. N. C. I homal Clan-r, Kiaj , P. M., and Mai. Jamet M. falmer, llil harmi.h, X. C. Samuel Waikiaa, and Martin P. Huntington .Milton, i. v. . Milton, N. C Feb., S a. - 9 3w vTLlfAUlME CJjTlf g.:l4PEJtri. aft For Sale. a mu Uteri her anainut of earning 'o riuik,i, kit long eheriahed intenlina bf tenia ing in th Wen lT-ri for sale that ei altiahle K.tat.li.h Bienl. it) the city nl lt1rigll, knnan at the CITY IIO rKk. Having had" iertonl charge ot th Ho. htl lor aeeeral reart, llieaohtariber eamapi ak from bit awn knowledge at to the pf edow-i and a Ur ol lh property. To a pervan whn rt well at niel with II b'utinelt, iLe eeriainty of a proflt aulc itttaan f fcis metn-y w ill be earan rd . v It alwayt bat enmnuiniied, and, ftom ilt eligible titua-. linn, alaayt mutt-eorumand B mir propartloa ol anttom. lit advantages at a public hnie, Br toe aumrraiit lo be detailed in aa advertisement, bat ti a deaanwttralad lo any one in lined to porchaae, T'bctM-Mnr mli-. wbkh will be trery aeeofflmoda ob majrtekaeaa oaapplieatinn. . UAXIEC Mt'tt.tAY. Rale.-h, J, 97tt 4 N II. The mhwiher wilt altn sell a plantation i" atret of land, silaated within 9 1-9 miles at Kb, known at lha CHANT Ireeh. whouctf the Americans have faben some of their laws atid fVi-iitf rtf -tlioir'ii:trifii' 'hui it fifrtin1' tn mn thnl ilm V. . . : - Notrr if the State, after settling tho amottnt .of -;npitnl: n.e- pe 0't' aSociation was" by no means so constantly or adroitly cessnry lor tlw mitposes of currency, deem it good policy to nse(J fls j() ,hnt conntry rj,e English often perform grent invite individuals to take it, as n matter pf course shr? must t,imgs siny. where.,s ,l0 Americans form associations for refusa to allow its extension w.heu asked,' upon the mere the smallest undertakfngs. It is evident that the former peo ground that other individuals also desire to .invest their c-rp- pl(J co)sidcr nKSOciatioi us a povverful Wans of action; Lin ital hi like tnaouer. ". ' ' ths latter seem to regard it as the only means of action, j Corporations are mere creatures of legislative policy, and (1 Thus the most democratic country on the face of the should always he designed to effect some public-good. Not'eaP,h is in which ,neu havC) OIIr time) carried ,0 lhe unfrequently, however, when they are applied for, the en 'Hviest perfectin th art, of pursuing in common the 7bj.' nuiry of public good, is satisfied by the conviction that they of tf,cir common dcsires, ao4.have applied thts new science Will do no harm; so that, to some extent, they have, become to the rea,est nhmber of purposes. Is this the result of c instrnments to effect purposes as purely pnvate as the culti- cident; Qr Is there, in reality, any necessary connection be valuta of a farm, or the trade of merchandize. Phis con- tween ,he principe of associntion mid that of equality? sideration we heheve to be authority, for the opinion that AristoCintic coinmunities-alwavs contain, among a mul the sep-irate property of the corporators should be bound for tit,dc sons who by ,hentsel ves, are powerless, o small ,l,e,.b,S -he corPrnt,on8-an ,.P,nirt w',rch- ,f 11 was-number of wealthy and powerful citizenseach of whom can .v....Uw ... .r". . achieve great undertakings smgie nanded. In aristocratic icitrr, -V-llall the well in sucn, mis cxienaea iiaoimy.is u e ium usuy, u.r, .u hjm.or whom he makes snhserv ent to his doshrn " proportion, as the hazard of capital is small, so will be the These nro ,je sctimen,, o( our own enlightened slates hazard to the creditors of the corporations thus engaged. men nnd now the common opinion of the statesmen of En In nil those pursuits, as to which experience -may not have wl0 do ot hc8i,a4e t0 declare that corporations are the solvedthe question of profit, capitalists, except in limes of means , wifll we have scaled our mountains and control mad speculation, are very wary and distrustful; the hope of led 01Jr mnst ra id floodshv wiiicli we hove built up our .t-niii may temft some to the enterpnze, but the fear of loss citjes a,ld cd Jtir doiIjaill. Hitherto corporations hare wi warn more against, the doubtlul experiment; and few proved themselves to Ik; the lenef;,ctors of mankind; and this .will venture where their- entire fortune is made by law to ni )t 8eem fl s nririinient against altering their charac uepenu upon a cm.-.- as uuceriai.. m. issue nS ,s i.io - the slightest degree, lest we might injure their ac- stnke of a gamester upon the throw of Ins dice. As to cor- kt,owlediTcd Utility. We do not wish' to alter their original porMions whose pursuit is ; for 'the most part profitable, nnd charncterr but to preserve it-to restore it, -iv here it is lost. whose failure may generally be raced to mismanairement, We are ierefore wmx to engraft on this bill other orovis- il would be cruel to-visit their culpability, on tliose who, by jnns which jn onr opilli0n. beenmo necessary, because, ns tint very constitution of the artificial creature are excluded is tie e(ISC wilh almost nil human institutions desired for the from controlling its action; whose position as mere mem- of ne ,,ey have been, and are capa b?e ot bein-r. ber-. affords them little more opportunity to know their mhi- pg-ve-ted lo effect frauds, and to promote pure speculation! alionthati is afforded to the world nt large. Shall, then. ninixcd wit, any purple of industry. But, while we would such corporations exist without responsibility somewhere? ad; t lhese wh0ieSome restraints, which nre calculated to Such tolerance would, in many -cases, be cqimlly cruel to cnrb vlci(1113 propensities and check fraudulent speculation, the creditor. . ; we would avoid, with much carefulness, the imposition of I'o strike that mean whicli on the one rlM 'f"1 : Th following are our realms, in part, for Jrotesin a- from tue field of entcrpfiwtiTcn' ftimmmmrt rttr?o1& itoraswellnslheiiHiocentcorvoraUou,isndesideiatumwluch wljTO 0) priyate.bUISM was :adoptedi. b ber-d.Misttttof ifee n; very nature of a corporation requires that its function should 'corporate debts, to the amount of his stock subscribed, be performed by a few and its transactions are, for the most j , he first p,Ilce ,he ntnendment does not dete.mine part, withdrawn from the scrutiny of many of its members. whnt s,ockliolder is to be bound, whether the stockholder, rim circumstance, if no other existed would restra.r. men !nt ie ,imc of theConlrnc,iou of. ,r,e debt or 1C s,ockholde from venturing their whole estate, while they might be well a u,e limc of sujfi or nt ,he rendition of jlld.mpn,t or nt ,ho disposed to risk a part of - it. j issuing of execution, Now it is manifest, that no 6ne of lo bind -me separate property ot me corporators to nn these c.tn be selected withojit great injuctice iu many cases. nn 1 1 mited extent for corporate debts, in vol ves t he hnza rd of utter bankruptcy. If these remarks are true of corporations engaged in business, which is usually productive of profit, how self evident do they become when applied to companies which undertake untried enterprizes. The profits ot capi tal must depend on the skill with which labor is directed . . ,.l , T j: r t a a "-"-""" " " " and experience is the great producer of skill. The skill re-laccident of fire or flood, the corporate property is swept a rillinm T. BnlawobJ take a few Boarder. lj iha month or year. Ilia terms ire moderate. March 17, 1H4I. till. quired is not unfrequently the dear bought lesson of many disappointments and failures: if these disasters should ho at tended with the danger of utter poverty', men of moderate tonunes would seldom invest a farthing nnd the spirit of en terprise, checked where if. is most commonly found, would languish altogether; or be indulged (where only it could he safely indulged) by thovergrown wealth of rich capitalists, .i'ew men may every where be found who nre wiliing to risk the tenth part of their estate in m enterprize where no one of them would risk his all. If this be granted, the impor tant enquiry arises, is it promotive of the public welfare that associations of men should be onem'raged by the grant of corporaie powers ana immunities' ' 'I'he answer to this question must depend on the character of the pursuit in which stich corporations are engaged; if metr tendency is 10 improve uie tace or the country,- to facili tate commercial and agriculttiMl exchanges, to develope its resources, to impel its industry, to increase the production of the raw material or to manufacture it; the answer ii al ready given. Take the first him who is stockholder at the timo of con trading the debt:' It may be ihnf, at that time, the corpo ration was in a flourishing condition, well managed, and the debt may not have been the tytheof its means. The corpo-rato- sells out his share, and a year.nfler, through' misrnaiv ajrement whicfcJie has no power to prevent, or through the way. is it jusi mat nc snouid nn made to answer the debt Take the second the stockholder a, the lime of suit The suit may be pending for a great length of time, during which a bona fide transfer of stock may be made. When the Judgment is rendered, through the same cause-, the cor poration may have become j.hsol vent. Is.it inst that he Lshould be bound? If it js.intended thnt the amendiriertf shall apply only to the corporator w ho was a stockholder at the time of the rendition of judgment, or the isjhing of execution, then it will be easy for the corporator, who was such at the contraction of the debt, or at the institution of 'the suit, to avoid liability by assigning his interest to an insolvent man. ISitt the principle of the amendment is nnjust, not only to different corporations, but to individuals of .the same corpo rntiou. It is unjust to different corporations, because the se curity provided for creditors is a mere paper security. A, B, and C, are incorporated with the same readiness ns D, E, and F. The former, may be worth only the capital sub scribed; and the latter may be worth thousands besides. The former may be foreigners; and tli latter may be ci- C9 - s: m t . -, . r -j -r S.-- o o .z .- 55. K a. a 3 5 - S a- "S-i? S -5 If j " 3 s 2 ? - r i ' . - m, e. j- -s. :sr- s 5 - 4 s P 11 3 ?.- g C ? j? 5-:i3 - 3 3 o - B C-9o-.2ra,. "T . -a o. n a. . - m n Z3 . im . - 5 . i t -3 M ' 5 s .Sti -5 2 . 'rV Ci 5 - a. if o 2 -3 -! X 3 5 -.2 5 2 -2-S-s 5 S ??S-;-y,?3 2S3' a C- -' S 2 3 n X v.- ' S S-ia o n , - S 8 ?:5:i S -a 3- 2 v ? ' 33 O O a O ! S - m,3. L - a. 3.3 Ot J X '? - sis' B g :-r 1 13 V. o ai -. s 3 2 a 1 a. a 2 .0 - tr r.o . T r- S-EL w 5 4 1! o 5 o a. 2w- 2 ?-. 0-3 Ml M. A a -3 --5- c- O Ta m. !3 S cro 2 2 S w o.--j o s r. Bt-k- -I ,,i':5? H "il. J 3. s-5 ". a c w -C -i- 1 5 3 2 a- ; r"a aT B:3Ja-2 -..-.--.--,-&..- its tenants, or us orgtirrs. Jt a't csy of overgrown wealth and itiiineiisu"; ital, is hardly entertained by those who would forbid the division cf tho pit fits of capital, upon the pretence of securintf the creditor. Clear then it is thit thn profits cannot lie permitted to tictunu late, ina country where every corpom tion is limited iu the amount of its cap ital, bythe ftar of a rr.mitxi aristocracy. It has alieady lecn shown that tho general ffockholder cat.not be pursued in his present tstnte, without great in justice. W hct rerredy can be sufely ah- pltcu? . We would le willing to engraft upon tlje bill three main and principal it sir tints, w Inch, we would remark, do net alter the- true and ancient chartcter of corrorntions;litit only to prevent. their occasional tendency to thrjW off that responsibility which good faith rrquires them now, and always has required thcin to observe. Theihr c chief violations of gcod faith, by chartered companies, are, First. The stock.subsciilied is not paid in, as it should br: inconsequence of whteh, the -.artificial crcutirpe begins the world without manhood, weak ia strength, and is soon overburdened w itli dolrt. . Second. Drvideiids are dcclcred while itsdebls exist; and tliis serves the doub le purpose, of robbing the artificial crea- turo of its. only and exclusive rqsoiirces, . and, giving to it a false and deccptivo crtjdif. . . ' Third. Debts arc contracted bcvbnd the amount of the capital, whereby. even if thestck beJl paid in, and tho profits honestly . vppliod to the expenses in iiiu company, 11 may sun oecome.lu sofvertt. fi.y preventing .these violations, the artificial capitalist will present a fiiir comparison with the natural capitalist, . in me rtrsi pince, men, 111 companies of the character proposed to be chartered, I .41 '.I 1 ' i . let an me capital oe paiu in, and wnat is not paid be sec tired, by. all the stock holders: . . . Iu !the second .place, let no company . wend, I? ' at n HliHt s 3 S stus " s 1 "T' ft. a n (I ? O "t " S-g.1 5- K C O S5 4 ri W P - S S - - S s O t re g rL-3 9 rs- 1 2 o IIIs all 5ELg2'S 3o-f3 5 ft"8 5 3 i P - fo r 2 2, d. n -5 S n '9 5 ? S 3 5"ri O -ii 1 3 S a. o 3 a 2 3 a?- a. 5 S-S."5 3 ? CO S 2 S u "T 7! K IC Q - 7P-1ot2M,o 2 235a ". s' "J ? -t 5 r. 9 Il?fi111..1i:i's of such a character declnru a divic while there to a debt d tic from it. In The third pla'ceTiiiake Y1ie dent-ard .Directors, responsitjie fcr all dtbeyoiKl ;the aniontit of Capital paid iiipr wey sqcuraa.- :. - , : ...lly.ihe.first -pro vision, tire - artificial creato're oiar as creditors artr conciJW-" ed, will be'of frc growth, and of, such strength ns the Legislature intended !o detnTmd, and will commence its career, if not full handed, at least strongly baeked. ' By the second provision, it "will nev er "be roblied of Hs profits, While. they are necessary to fulfil its obligations; . By the third provision, excessive cred it will lie checked, and the creditor se cured from imposition by the personal danger of the impostor. It will be observed that these provis ions, to seme extent, and ns to some li abilities, involve the simple stockholder; but he is never made rcsponsiblej except when he acts in concert with . co-stock- Miiom7ln-VrdtcTtr company should keep with the public. The corporation - cannot begin busi ness without the consent of the individ ual memliers; and if they will set it a going before it has acqnired the requis ite ability, it is but just that they should be susety for that ability After the cor poration Is fully organized, it acts by its directory, and ns their officers nre, in 7 p -.3 o 3 o,2 8 -""S $&S-2-S ?5'35 ST 2 a rr r . a. " c ' - 3. 5 a a 5 o ' "3 3 2,- 2 - a 2 S r 3 2.3. 3 S STp'-a S S S- 6 s era S' a r m- y - sr -fit L -- '"e b S 2. " ., 5 2. 2 Li 5 a a 5 "3- s J --r -a al a- -- -. -a- li p a" S.t, ed1 s 12 s. a .-a - 3 3- a S. pi HwaPftrtao -- f (yi ? 5' 5. z-4 -"5 ft . 3 0 - 0 5 5- a a a s S P S. 3 . 5 3 I ?- i ft. rr Om A a3 a 2 ,3 Sa. S 5-5 -5--i 2a K' s? 5? c2-s-3a 5 a-a, n J A-. 3-t'os-,M.m a.a &2 '8 '2a'a"Sas o3.5S23 .a2o SSiS!"i3 Q. . i . ea ft o lB a u. Mfc ri r f m. . , m, r-. . . 5' 2. a 2 g3. 2 2 5- a 25 i J ? S 0 iI-afff 5S.!?.-;-g'i3:g.' 1'3a.-M P2i-2-' -r 3 5 a rf" I (3 7 e a a. "S St, ' S s g S. 2. g ff 1 S-5.3-S 3 - X ft.- . a(T irfli I Sf a a x 5 2 "3 -3 -a -2.2 sT 52. 3 aors2c.s,-.- r. J - .5 - 1. - ft . general, the only members particularly conusant of its condition, and as it as their duty to be informed minutely up on the subject of its indebtedness, it-is just that they, alone should be responsi ble for any contracts beyond the amount of the capital stock. And, in order to give publicity to the community, where individual stockholders may ceaseto bo personally responsible for the debts of the corporation certain mode of infor mation should fce provided, of early and easy ccces3 to all. . .. We were therefore ready, with amend ments, to meet these variousns(!S4Jait.. as, without these, this obnoxious feature solemnly and corucHyUpt HAMlfrfON 5r JONESrof w BARTHOLOMEW T. lyOORI?, of Halifax. DAVID REID, of Cumberland. aaa g 2 a. p oa a 3 iavii' ivimw, 01 t.umtierinna. 5 S'"!S E.5'? s'ft-5 o'sr FREDERICK J. IlirvL, of Bmnswick. S-'ST-iffS 'So ?S?i ?" ! 5 I GEORGE C. ME.NDEN LI ALL, of I 5 g-1 1 r S l tl. S II V Gtnlford. 2Mf -.. jf - 0.5 vs a a ol; JOSEPH P. CALDWELL, cf Iredell. !1 I S S -S f I f- O'lv-AViLLlAaiS, of Beaufort.- -' -3 a S-Srl S-a I slrS'ES S ELISHA P. MILLER, of Burke. ??s:? 7 t r i3 3 iJ r Jrr- 2) JOSEPH KEENER, of Haywood. I. BURNS, of Kowan. FRANCIS Wir.LlAMS; of Davie. ' JAMES IftiANNOCK, of Guilford. WILLIAM DOAK, of Guilford. SPENCE McCLENEHAN, of Chat- - ham. . ' A. B. McMILLAN, of Ashe. IIORRIBLK ATTr.JIPTTOJirLlIECE A JCSl .Six etli&hirnrd and intelligent mm, win hil t)ee;n f mpaniielavl a a petit jurv Ta.flfVlTe HClliitef fultc Oflke. nn Thuradaj, after , hrarinj; Hi testiinotiT, wltith waa rather teilioua, rr tiirnnl to the jury rin ro t agree uie the verdict, w.hii the firattliinj that jrrc tetl thr'r aatonihlisil vitinn m a bmnt. a! wait er, wild it glaaaas npun It, containinz a gin co'Wil.'wlH-bey puni-li, Ttttn ami Jerry, hnl lmp. Iml totlilyM anil a matrlt lea gcna'iv!! A mialit b" tiinpiiel. lha iaror w-r- lugldt inrrnnril at ilia inanlf. . a . a f 1 m 1. - anil - inteil that .In -wntil cwirrrn thrown ogt f the'wintlwt hut un takina; the eriid fber thiosht,"tly wall.w td the affront. . 1 ..V-.-jjjWat--tfla-iCsS ' "-fe-i', .w:.a!MSKa6?.
The North-Carolina Star (Raleigh, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
March 31, 1841, edition 1
1
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