Author: James Munroe and Company
Publisher: Forgotten Books
Published: 2016-10-16
Total Pages: 424
ISBN-13: 9781333958909
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Excerpt from The Christian Examiner and General Review, 1842, Vol. 31: Third Series, Volume XIII Had the legislatures of the various states stood still, after a refusal to lay the restraints which it was in their power to lay, they would be liable to complaint for negligence, though not perhaps for positive error. But the same authority, which let loose the banks on the community, without those bridles which legislative restriction could afford, emancipated them by the act of charter from the responsibility which rests on all.other proceedings of trade. Should a company of merchants go into business without the immunities of a charter, they would be liable to the full extent of their individual estate, for the debts which they collectively incurred. They would be prudent, therefore, in their movements, because their imprudence would be injurious not only to the community, but to themselves. Suppose that they joined themselves together for banking pur poses, they would become responsible both in a body and singly, for whatever notes they issued, for whatever deposites they received, for whatever accommodations they gave. Let a man of loose business principles march into the directors' chamber, or take his seat in the president's chair, - he would be restrained from the deviations into which his own wayward ness would lead. Him, by that magical gravitation which a sense of individual interest creates. Banking houses would be subject to the same regulations as those which hold good in establish ments for pursuing other branches of trade, and there would be no temptation to those who were intrusted with their man agement to squander their funds, since they would perceive that for the deficiency thus created, their private fortunes must answer. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
