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Updated: July 26, 2025
In view of the great advantages which are allowed the corporators, not among the least of which is the authority contained in most of their charters to make loans to three times the amount of their capital, thereby often deriving three times as much interest on the same amount of money as any individual is permitted by law to receive, no sufficient apology can be urged for a long-continued suspension of specie payments.
He has been honored with the membership of the most of the learned societies of this country, and of many in Europe; was one of the original corporators of the National Academy of Sciences; was recently elected president of the American Association for the advancement of Science, and is now president of the New York Lyceum of Natural History. D. H. Beckwith.
The corporators, on being paid a small sum, consisting generally of a certain percentage on the amount for which the property is insured, promise to pay such amount if the property shall be destroyed by fire.
The corporators named in the second colony were Thomas Hankam, Raleigh Gilbert, William Parker, and George Popham, representing Bristol, Exeter, and Plymouth, and the west counties, who were authorized to make a settlement anywhere between the 38th and 4Sth degrees of latitude.
The corporators put in their entire fortunes. The city of San Francisco issued bonds in assistance of the work; the State and several counties also rendered material aid, but all combined was but a trifle compared to what was required.
The remaining lands will probably realize as much more, so that the seven hundred and four miles of railroad will actually cost the corporators nothing. There are eleven trunk and twenty branch and extension lines, which centre in Chicago, the earnings of nineteen of which, for the year 1859, were fifteen millions of dollars.
Every favor was extended to the proprietaries, nothing being neglected but the interests of the English sovereign and rights of the colonists. Imagination encouraged every extravagant hope, and Ashley Cooper, Earl of Shaftesbury, the most active and the most able of the corporators, was deputed by them to frame for the dawning states a perfect constitution, worthy to endure throughout all ages.
They would allow, for instance, American capitalists to come here and establish themselves as a British corporation in which all the corporators and all the directors were American, and so with every other nationality.
In view of the great advantages which are allowed the corporators, not among the least of which is the authority contained in most of their charters to make loans to three times the amount of their capital, thereby often deriving three times as much interest on the same amount of money as any individual is permitted by law to receive, no sufficient apology can be urged for a long-continued suspension of specie payments.
This Company was formed in 1711; its stock was at first about $30,000,000, subscribed by the public and handed over by the corporators to Government to meet certain troublesome public debts. In return, Government guaranteed the stockholders a dividend of six per cent., and gave the Company sundry permanent important duties and a monopoly of all trade to the South Pacific, or "South Sea."
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