business that under no possible emergency could any possible loss fall upon a single creditor. It has at all times been willing and desirous to have its charter modified in such a manner as to give the most ample and satisfactory security for the payment of all its debts. Acting, as it has, with the utmost good faith towards the public, it has been willing to place at their disposal a greater degree of security than was ever before offered by any monied institution in the country. When the committee was appointed at the last session, it was hoped that some modification of the charter could be mutually agreed on, which would have satisfied the public mind and have freed the company from the embarrassments and injuries attending a discussion of its powers and solvency at each session of the legislature. In this hope the company was disappointed. In consequence of the absence of one of the members of the committee. no modifications were proposed or agreed upon. The company was not prepared to expect a recommendation for an unconditional repeal of its charter, and I need not occupy. the time of the legislature in pointing out the injurious results which would flow from the adoption of that recommendation. To show the desire of the company to act in the utmost good faith to the public and the legislature, I submit, herewith, certain modifications in its charter which it is believed will remove all. the objections which have heretofore existed against it. If secu rity for its creditors be required, it is here offered. I offer these terms without consultation with the directors of the company-but should they be acceptable to the legislature, I have no doubt they would be readily assented to by the directors and stockholders, in the hope that so long as they confined themselves to their charter, they would be left in the quiet enjoyment of all their rights and privileges. Standing alone, as I do here, but a secondary officer in the company, it would be my wish that any action affecting the company should be deferred until I shall be enabled to confer with its president and directors. I do not desire this postponement for the purpose of embarrassing or preventing the action of the legislature, but that I may be able to protect the interests of the stockholders, and in the hope and belief that, after consultation with the directors, such terms and modifications of the charter may be agreed upon as will forev er satisfy the public and the legislature. The business of the company requires my presence at Milwaukee, and it is of material consequence to its interests that I should return at as early a day as possible. I would therefore respectfully request that the resolution now before the house, and all farther action in relation to the company, may be postponed until the 6th day of January next-that being, I think, as early a day as I shall be able to return to this place, I trust I shall not be considered as having trespassed on the rights and duties of the legislature in making this request, and, whatever the determination may be as to the final disposition of the company, I believe that a due regard will be paid to its rights and interests, and that the same facilities will be afforded by the legislature for the proper adjustment of all matters, that have heretofore been afforded it by the company for the proper understanding of its situation and affairs. ADEX 'R MITCHELL, Secretary. A BILL to amend an act to incorporate the Wisconsin Marine and Fire Insurance Company. Be it enacted by the Council and House of Representatives of the Territory of Wisconsin: Sec. 1. That, within one month after the passage of this act, it shall be the duty of the secretary of this company to file in the office of the secretary of the territory, a list of the stockholders of said company, together with their names and the number of shares by them respectively held; and from time to time, whenever any of the stockholders of said company shall sell or dispose of the shares by them held, it shall be the duty of said secretary to give notice of the same to the secretary of the territory, and also the name or names of the person or persons to whom such share shall have been sold, and the number of shares by such persons held respectively. Sec. 2. That the stockholders of said company shall be held jointly and severally liable in their individual and natural capacity for all debts and liabilities heretofore contracted or incurred by said company, not only for the time when such stockholders shail be interested in said company, but for six months after they shall have disposed of their stock and notice thereof shall be filed in the office of the secretary of the territory as herein required. Sec. 3. That if the said company, after the passage of this act, shall at any time for the space of ten days, fail, or refuse on demand made at their office during business hours, to redeem with gold or silver coin, the value of which is fixed by the laws of the United States, any check, certificate of deposite, or other 'evidence of debt, that has been issued, or shall hereafter be issued, by or on behalf of the said company, shall be deemed and taken as a forfeiture of the charter of said company, and all franchises, powers and privileges conferred by this act of incorporation. Sec. 4. The debts and liabilities of said company shall at no time exceed the amount of capital actually paid in, and should the debts or liabilities of said company at any time exceed that sum, it shall be considered a forfeiture of its charter, as provided in the second section of this act. Sec. 5. The secretary of said company shall, at the commencement of each annual session of the legislative assembly, lay before the same a statement of the situation, liabilities and resources of said company, verified by the oath of said secretary; and the affairs of said company shall be subject to examination by committee of the legislative assembly. Sec. 6. This act shall take effect from its passage; and the said company are required, within two months from said time, to filewith the secretary of the territory, its assent and approval, under its corporate seal, of all the provisions of this act. [SEE JOURNAL, PAGE 100.] REPORT Relating to the Communication of Moses M. Strong, late Fiscal Agent. THE Committee on territorial expenditures to whom was referred the communication of the Hon. Moses M. Strong, late fiscal agent, respectfully submit that they have considered the same and have unanimously agreed on the following report: 1st. That there is due from the said fiscal agent, the sum of two hundred dollars with interest from the 27th January, 1840. 2nd. That the error in the settlemant of the accounts of said agent, was made by the "select committee" to whom was referred the communication of Messrs. Collier & Pettus and the communication of said fiscal agent before named, (see house journal, 1839, 40; page 349.) And for the purpose of satisfying the members of this house-the people-and also to justify your committee in the conclusion they have arrived at, they submit he rewith two plans of a settlement, also a statement of the error committed by the "select committee" above referred to; each of which propositions prove conclusively to the minds of your committee the truth of the opinions above submitted. STATEMENT OF SETTLEMENT "A." Hon. Moses M. Strong, Fiscal Agent, W. T., 66 Dr. Dec. 1838. To money borrowed of Collier & Pettus, $15,000 00 $30,078 96 Of this sum of $30,078 96, the said agent has paid as follows, the voucher for each payment having been presented to your The above sum of $23,878 96 deducted from leaves a balance due from said agent of $200 00. STATEMENT OF SETTLEMENT "B." 447 44 361 50 $29.878 96 $30,070 93, Hon. Moses M. Strong, Fiscal Agent, W. T., Dr. 1828. Dec. To money received of Collier & Pettus, $15,000 00 Of this sum of $15,000 00 received by the said fiscal agent, he has disbursed the following sums of money, and for which disbursements vouchers were produced to your committee, to wit: The said sum of $14,359 24, deducted from the sum of $15,000 00 received by said agent from Collier & Pettus, will leave a balance in the hands of the agent (up to the time he received the sum of $15,000 00 from the treasury of the United States) of $640 76. To this sum of Add the sum of $15,000 00 rec'd from U. S. treas., Also add the sum of $78 96 for interest as per report of select committee, (house journal, 1840, 41, page 186.) $640 76 15,000 00 78.96 $15,719 72 Of which sum of $15,719 72, the said agent has disbursed the following sums, as per vouchers produced to your committee, viz: 1839. July 27, Paid to Collier & Pettus, $12,973 03 for excess 124 43 |