Слике страница
PDF
ePub
[blocks in formation]

The stock of this company is now owned and held by 117 persons; of whom 112, holding nearly the whole amount, are inhabitants of Massachusetts.

The company now asks leave to add to its capital stock the sum of $450,000. The committee have thereupon reported to this house a bill, in accordance with the prayer of the petition, and for the following reasons:

The first question which the committee considered, was, whether such increase of capital stock could be granted with safety to the interests of the public. They are of opinion that it can be so granted, for the following reasons:

First. The company having hitherto, in the opinion of the committee, managed its affairs wisely and judiciously for its stockholders, a strong presumption arises that it will continue to do so. Assuming good faith and integrity in the managing agents of the company, its prosperity is the measure of the security of the public, including its creditors. Again; most of the stockholders being inhabitants of this Commonwealth, their prosperity, and all their interests, are almost entirely coincident with those of their fellow-citizens.

The committee are satisfied, from evidence offered to them: 1. That the capital stock of the company has been invested agreeably to law.

2. That the company has always paid its debts, both those for labor, and for all other things, promptly, and in full-even during the several seasons of pecuniary pressure and embarrassment which have occurred since its incorporation.

3. That its average annual dividends, since its incorpora

tion, have amounted to between ten and eleven per cent. of its stock.

Second. The committee are of opinion that the security of the public requires that there shall be a due proportion between capital and products; and that, inasmuch as the business of the company has recently been greatly increased, as hereinafter stated, a corresponding increase of capital will diminish the risk of loss to the public.

The second question which the committee considered, was, whether such increase is necessary and expedient for the stockholders of the company. They are of opinion that it is, for the reasons following, viz. :—

1. Because it is asked by the stockholders, who are most familiar with the details of their interests.

2. Because of the great and rapid growth of manufactures in this country since this company was incorporated, and since its capital stock was increased.

3. Because, within the past year, the company has erected new mills, and other buildings, which, with machinery, and other furniture, have cost a little more than $300,000, and has thereby increased its annual products by 125 per cent.; so that the annual value of those products is now about $1,500,000.

4. Because of the great costliness of wool,-the principal material used by the company,-which it is the usage of the company to buy directly from the farmer who grows it, for cash.

5. Because it is the usage of the company to pay the wages of those in its employ, (consisting, at present, of 730 males and 930 females,) every month, in cash, amounting, in a year, to more than $350,000.

6. Because the company, like others engaged in this branch of manufactures, sells its goods on credits of from six to eight months.

7. Because the experience of the company, before its recent enlargement of its business, proved the necessity that one half ($375,000) of its present capital should be floating, as distinguished from fixed capital; from which the committee conclude,

that the proposed increase of $450,000 of capital is not disproportionately larger than its recent increase, by 125 per cent. of its business.

CHARLES F. SMITH,

For the Committee.

HOUSE.....No. 13.

Commonwealth of Massachusetts.

Mr. Bryant, of Barre, moves to amend the report of the committee, on the subject of the war with Mexico, by striking out all after the word "report," and inserting the following:

The members of the legislature of Massachusetts unite in the expression of regret which every lover of his country, and every lover of humanity must feel, that a war exists between the United States and the republic of Mexico; and they deem it to be the duty of every citizen, by the testimony of his acts and declarations, to seek a return of the blessings of peace to our own and our sister nation.

The present war began "by the act of Mexico." Such was the declaration of congress, when, with an approach to unanimity almost unparalleled in the history of legislation, it placed at the disposal of the executive, the means of carrying on a war thus forced upon us. That approach to unanimity in the declaration indicates that it possessed that controlling truth which, on great occasions, often breaks down the divisions of party, and drowns the voice of faction.

A review of the past history of the relation of the two republics would, of itself, justify the steps which have been taken to redress our own wrongs, and provide against future aggression, by the punishment of the wrong-doer. Mexico had persisted in

outrages upon the liberties and property of our citizens, such as no government ought tamely to submit to; had wantonly forfeited all promises of redress; had shown towards our government and people the entire absence of any thing like good faith, whether implied by the obligations of common honesty and international law, or by the most solemn stipulations of treaty. That peace so long continued under such circumstances, while our government has always guarded with jealous care against the shadow of encroachment by the most powerful nations of the earth, most clearly proves that the weakness and not the merit of Mexico secured her from retributive justice. If our government was in fault, it was in carrying forbearance beyond that point where it ceases to be a virtue, and in encouraging, by leniency, the presumption of a "senseless" people, until a wanton attack upon our citizens left us no choice between peace and war. "No moral obligation requires a nation or an individual to submit to spoliation, oppression, or violence, without resistance. Neither nature nor religion, neither reason nor instinct, prohibits a resort to force for purposes of self-defence,to protect our country, our homes, and our kindred, or to secure that freedom and independence which are the rightful property of every human being."

The recognition of a state of war, by the properly constituted authorities of our national government, and the steps consequently taken to carry on that war, so as to secure the honor and interests of our country, seem to impose a plain and obvious duty upon every citizen. The power to declare and carry on war is wisely placed in the federal government of the Union; and when that government discharges the duty which such a power implies, it is a manifest duty resting upon every state, and upon every citizen, to uphold and sustain the government. There is nothing in the letter or spirit of our institutions that leaves any other course open. To recognize any other principle, is to subvert "law and order," and government itself. The citizen is bound to regard and obey the powers that be, until that undefinable limit when revolution becomes a right and a paramount duty. If the individual may disregard and defy the legislative act which declares war to exist, he may, with equal propriety, resist the law which regulates his inter

« ПретходнаНастави »