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Early next morning the newsboy went around the cars, and chumming on a more extended principle became the order of the hour. It requires but a copartnery of two to manage beds; but washing and eating can be carried on most economically by a syndicate of three. I myself entered a little after sunrise into articles of agreement, and became one of the firm of Pennsylvania, Shakespeare, and Dubuque.
For it's in human nature to be prompt to change; and the employer, having always more in his power than his servant or agent, it seems to me a clear case, that in the course of a number of years, the master of the old servant is the obligated of the two; and therefore I say, in the first place, in your case there is no tie or claim, by which you may, in a moral sense, be called upon to submit to the dictates of your London correspondents; but there is a reason, in the nature of the thing and case, by which you may ask a favour from them So, the advice I would give you would be this: write an answer to their letter, and tell them that you have no objection to the taking in of a new partner, but you think it would be proper to revise all the copartnery, especially as you have, considering the manner in which you have advanced the business, been of opinion, that your share should be considerably enlarged."
But the constitution of joint-stock companies renders them in general, more tenacious of established rules than any private copartnery. Such companies, therefore, seem extremely well fitted for this trade. The principal banking companies in Europe, accordingly, are joint-stock companies, many of which manage their trade very successfully without any exclusive privilege.
The value of a share in a joint stock is always the price which it will bring in the market; and this may be either greater or less in any proportion, than the sum which its owner stands credited for in the stock of the company. Secondly, In a private copartnery, each partner is bound for the debts contracted by the company, to the whole extent of his fortune.
But a joint-stock company, consisting of a small number of proprietors, with a moderate capital, approaches very nearly to the nature of a private copartnery, and may be capable of nearly the same degree of vigilance and attention.
But a public bank, which is to support public credit, and, upon particular emergencies, to advance to government the whole produce of a tax, to the amount, perhaps, of several millions, a year or two before it comes in, requires a greater capital than can easily be collected into any private copartnery.
Local color and local pride, with one thing and another in the way of special incitement or inhibition, may come in to vary the run of things, or to blur or hinder a common understanding and mutual furtherance and copartnery in these matters of taste and intellect. Yet it is scarcely misleading to speak of the peoples of Christendom as one community in these respects.
When he found that food for his troops was not to be obtained from England, and that he must rely upon his own resources for feeding them, he forthwith commenced business as a corn merchant on a large scale, in copartnery with the British Minister at Lisbon. Commissariat bills were created, with which grain was bought in the ports of the Mediterranean and in South America.
Joint-stock companies, established either by royal charter, or by act of parliament, are different in several respects, not only from regulated companies, but from private copartneries. First, In a private copartnery, no partner without the consent of the company, can transfer his share to another person, or introduce a new member into the company.
It is of the substance of the case that those peoples who have been employed in the campaigns of the German-Imperial coalition are to come in on terms of impartial equality with those who have held the ground against them; to come under the jurisdiction, and prospectively into the copartnery, of the league of neutrals all on the presumption that the Imperial coalition will be brought to make peace on terms of unconditional surrender.
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