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effect at ranges of two thousand yards and upwards , but he has invented a percussion rifle-shell , which he considers the deadliest missile ever invented . One of its direct effects , he calculates , would be that a few good riflemen , armed with these weapons would annihilate the best field-battery in existence . But he proposes to rifle the cannon , and is sanguine enough to look forward to the attainment of ranges of ten miles . "We have no space to describe more fully the plans of Major Jacob . They are fully made out in the pamphlet to which we have referred .
What we think of far higher importance is the change of tactics implied by this development of the deadly musket , Major Jacob says truly that the change must be entire , so as to make our soldiers skilful workmen instead of pipe-cla } r ed automatons . He calls upon our military authorities to abolish corporal punishment ; to appeal to the highest and noblest faculties of man ; to
strive to develop instead oi striving to crush the powers of soul and body in our men ; and to fill the ranks of our private soldiers with the elite of our peasantry and yeoinanry . " Train and arm the men worthy of their noble nature , " he says , with much empliasis , " and 50 , 000 such soldiers would be a match for a world in arms . " At present the native qualities cf Englishmen are crushed down nearly to a level with the soldiers of the rest of
Europe , but under a wiser system those qualities would shine forth as they shone in the gfreat battles of lew against many , like Gressy and Agincourt , and Inkerman in modern days . The change that impends points to great individual skill capable of the most perfect action , either alone or in combination . " With open files and ranks , each man a skilful combatant , but still all acting in perfect concert—as would be easy with such brave , trusty , intelligent , and skilftil menthe } ' would sweep their enemies from the earth , themselves almost unseen . "
Major Jacob may have taken too sanguixie a view of the effect of his proposed arms ; but he cannot take too high a view of his proposed mode of treating the soldier . We have always contended for a higher , manlier training tor our troops . Soldiers should be the greatest and best of men as well as soldiers , as the greatest and best of men have often been the best soldiers . Quality would then make up for quantity , and no chief of northern or southern hordes could , by mere weight of numbers , make a show of bullying the world .
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THE LIMITED LIABILITY ACT . "We perfectly agree with those who consider the Limited Liability Bill , as it lias received the lioyal assent , a narrow and imperfect measure ; but nafrow and imperfect as it is , it is the part -which contains tho seed of all that such a measure , or a series of them , can produce ; and what is more , it contains quite enough to bring forth enterprises which will bIiow what can be dono b } r the principle , and justify an extension of it iu future enactments .
"When tho measure was first introduced , it was really embodied in two bills , one of which permits joint-stock undertakings , with a capital of not less than 20 , 000 / ., and slmroa of not less than 25 ? ., to bo carried on with a liability not exceeding tho subscribed capital of each shareholder ; the shareholders having a right to wind up tho concern aa soon as a certain proportion of tho capital should be expended , mid tho association being compelled in its name and in instruments issued by it to set forth its " limited * ' character . Those were tho chief provisions . Tho other bill permitted individuals to invest their money
in private undertakings , with a liability not exceeding the amount of capital thus invested . The bill alsoAproposed some other alterations respecting the rights of partners , or the liabilities of officers ; but this was the chief provision . Taking the two jointly , the measure has received very great modification ; but a few of the " amendments " will be sufficient to notice .
The subsidiary bill respecting individual partners has been deferred , partly because the effects of the measure upon existing arrangements and other statutes had not been clearly defined , explained , or understood ; and partly because , so long as it is necessary to regard the principle of Limited Liability as extended only to a certain class of undertakings , there were doubts whether it would be expedient to let individuals enter into unlimited commercial associations with an
individual limit of liability which the creditor might not suspect . In the one case , the character of the association would be perfectly understood . At present the Legislature was not prepared to grant the principle without a caution of express publicity ; and it may be conceded , that so long as partnerships exist , some of which may be limited
and others of which are unlimited by force of statute , it is desirable that the creditor should not be further confused . At no distant day , we believe , the principle of limited liability will be generally extended , and the creditor will have to shape his proceedings accordingly . We do not , therefore , regard the postponement of the subsidiary bill as a matter of much regret .
Another amendment tending to restrict the measure "was introduced in the House of Lords by Earl Grey . It is a proviso that no company shall have less than twenty-five members . This is an enactment , but it is not a law . It is one of those enactments so manifestly easy to evade , without the slightest risk of penalty , that it is the same as if the number of partners remained entirely free to the choice of promoters getting up the company . For 10 ? . apiece any number of shareholders can be procured to make up the given twentyfive ; and as the shares then would be worth
something , there can of course be a compensation for the money thus invested in creating , say a score of pageant shareholders . Not that we regard the proviso as perfectly harmless ; since it multiplies restrictions which are of no effect , and which only bring the authority of Parliament into contempt . Another amendment renders the directors personally responsible for any dividends which they may pay should the concern not be in a solvent condition at the time of payment : a proviso which makes the office of director one of grave responsibility as well as trust .
The largest modification wo owed to Lord Godkrich , and at a single blow it effected a vast extension of tho measure ; though it was partly counteracted in tho House of Lords . He struck out the original proviso that tho capital should not be less than 2 O , 0 OOZ ., and the amount of caclx share not less than 25 / . Thus an undertaking like tho People ' s Mill at Leeds , with its II . shares and 3500 shareholders , would have come within the statute . The Lords have made tho lowest amount of each share- 10 / ., which ,
coupled with the 25 shares , makes n lnimimum for capital of not less than 250 / . Still that ia not an insurmountable difficulty , even for working men . Three or four men experienced in some retail trade , who have saved tip their wages for tho purpose , niay put together their 100 Z . or 2001 . apieco , aud be a company of limited liability . Wo have , therefore , enough of the principle to work upon . If any members of tho
working class desire to establish trading associations , here is the statute that : enables them to de so ; and in Leeds , as well as ia other townsj they have the example of the profit and advantage to be derived . In some of our largest trades , which we shall not particularly specify for the moment , great capitalists have almost drawn to themselves the mass of the traffic , particularly in large towns . Men of moderate means have had no hope of competing with the weight of capital . Of one
proprietor we have heard , it said that he found it to his interest to admit his best men of business to the partnership for a limited period—we forget for how long , but say four or five years—the junior partner being under a bond to withdraw at the end of that period . The junior threw all his unwearied interest into "the efforts to secure the prosperity
of the gigantic concern , and was repaid by a fraction of its profits . The same great house of business had a constant succession of such junior partners , who were driven forth before their freshness could be worn out . Under the new act these -men would probably find it more to their interest to come together , and to trade for themselves . "We have heard it said that the head
of that house has subsequently fallen into a melancholy condition , believing that he shall " go into the Gazette : " at least he is already in that gazette whose records are the most melancholy—bankrupt in spirits . Such is the crowning triumph of a life devoted to the accumulation of gigantic gains , although not exclusively so devoted . There had , of course , been gigantic anxieties , and the owner of that have been
vast business would sometimes glad if his liabilities had been limited to his mammoth means . The measure , therefore , is sure to be worked ; and we believe that the principle is so sound as to establish itself in the confidence of the whole community as soon as it is seen in working ; while wC are sure that many of the dangers anticipated will never occur to frighten even the most anxious of creditors .
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THE PLAGUE OF RHETORIC Nothing can be more just , or more worthy the attention of Administrative Reformers , than the complaint that our Statesmen are chosen by rhetoric . This test lets many bad men into the offices of State , and keeps many good men out . It would have kept out the Duke of AVellington , had he been a civilian , though he was an admirable administrator . The chances are , perhaps , that it would keep out the best men of all . Rhetoric is not the
gift of the deepest minds , whether speculative or practical . Such minds , like Addison , have not much money in their pockets , but plenty at their bankers . They cannot play on the oratoric fiddle , but they can turn a small state into a great one . Of course a good argumentative speech , or a good statement , is a proof of ability . It shows clearness of head and command of the
subject more than a written dissertation . But is this the style of speaking most popular in the Houso of Commons ? Judging from the applause , it is not . Judging from the applause , the things most popular m tho Houso of Commons are personalities and claptrap : the claptrap being not that ol imagination ( which has rather gone by ) , imB that of prejudice . At all events , it is quite clear that a man may become the groat orator of tho House , and rise to tho head o a party by speeches totally devoid of ^ J * ^" gument , but judiciously ^ "P ^! ^ and flummery , with a strong P ^^^ J of the former People seem to iorget that
. [ i such o orV nTtA . a man who had spent s ifo in satire and pu . np hlotcermg must beat out and out a man wfxo has spent his
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ATOOTl 18 , 1855 . ] flBJLBAMB . # L
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Citation
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Leader (1850-1860), Aug. 18, 1855, page 791, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct2102/page/11/
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