{"newspaper_name": "The New York herald.", "edition": "01", "page": "p3", "byline": ""}
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OF the strict adherence to this principle. nsw char
"rs with these conditions have been repeatedly
refused. and Is matter Of much doubt what
system wild be adopted. upon the expiration Of
tho present charters The individual liability clause
TO certain extent would be attended with many
advantsges and properly adapted and strictly adhered
TO- would prevent great deal Of dic ulty periodically
experienced In the financial and commercial world But
there Is possibility Of this feature being carried too far
or we might say Of its being improperly applied 30 tha
its existence would be attended with great deal Of mis-
chief Is something In the history Of incorporated
companies in this country, and there has boen so
much swindlng carried by the fnanciers Of the pre-
sent age and so many defalcatons, capitalists both
olimted and extended means have well grounded fears
ofbecomng involved in Of these modern financial
movements Every stockholdsr in any stock company
becomes personally responsible for tho amount Of his
stock that IT, he s interested that extent preserv.
ing and sustaining the credit Of any company In which
ne mas an investment, beyond this il diicu gene
raj thing to go We would suggest to the different legs
lsiures the policy Of passing laws compelling the Pres
dent and Directors Of every banking institution in the
dheent States, give such bonds will cover the LA
bites Of the banks the affairs Of which they regulate
and CONTROL and for any mismanagement Of which, thew
should be personally and individually responsible BY
placing the individual liability clause in this way where
its operation would be direct and to the purpose there
would be loss number Of bank explosions fewer deia
cations and better regulation Of banking institu
tons generally, than We have yet enjoyed.