IN SENATE,

April 6, 1833.

REMONSTRANCE

Of the New-York Chemical Manufacturing Company, against subjecting the Company to the Safety Fund laws.

TO THE LEGISLATURE OF THE STATE OF NEW-YORK.

The New-York Chemical Manufacturing Company having ob served by the public prints that the committee on banks in the Sénate have reported in favor of bringing this corporation under the provisions of "the act to create a fund for the benefit of the creditors of certain monied institutions," passed April 2d, 1829, would beg leave most respectfully to remonstrate against the passage of any act to subject them to the said law; and in support of their remonstrance, do represent as follows:

That in February, 1823, an act was passed to incorporate the Chemical Manufacturing Company, with a capital of one hundred thousand dollars; that books for subscription to the stock thereof were duly opened, but the stock was not subscribed for, and consequently did not go into operation during that year; but on the following year application was made to the Legislature by said company for banking privileges to be connected therewith, which were granted in April, 1824, and the the two acts constitute the charter of the New-York Chemical Manufacturing Company.

That by the provisions of said charter, they were bound to invest one hundred thousand dollars in a chemical manufactory, and also to keep, at all times, "thirty thousand dollars in active employment in the business of manufacturing chemicals," whether the same is productive of profit or loss.

That the provisions of the charter have been fully complied with, and they have gone on manufacturing chemicals of various kinds, though at a loss of ten thousand dollars a year, during the first seven years of their incorporation.

That in consequence of such losses, they have made no dividends for the last three years on any portion of their capital.

That the manufacturing of chemicals may be profitable this year, and next year it may subject the company to loss, because the value of such articles is controlled by the legislation of Congress and not by State legislation; and that the prosperity of this institution depends upon that of the manufacturers in general who consume its chemicals, and their prosperity is likewise dependent upon the general government.

That the last tariff passed by Congress has withdrawn, and will continue annually to withdraw, some portion of the protecting duties which have enabled the company recently to make chemicals at a profit at the present prices.

That the chemical factory has very essentially, ever since its establishment, aided other manufacturers, having enabled them to obtain chemicals on better terms than they did before, and this is the only establishment of the kind in this State of any magnitude; and as an evidence of the reduction of prices which it has been instrumental in effecting on some articles of general use, they would instance that of "oil of vitriol," which during the late war, and before any chemical establishments existed in this country, was sold at 40 cents per pound, and is now sold at four cents per pound, and a like reduction has taken place in most of the other chemicals used in the United States.

That the apparatus used in making chemicals is expensive, and requires frequently to be renewed, and being much subject to fires and explosions, the premium for insurance is exorbitant.

That this company has fulfilled the stipulations contained in its charter, which formed the contract between the Legislature and the stockholders at the time of its incorporation.

That although the Legislature has reserved the right to alter and amend the charter, &c. still it has been supposed that this right

would not be exercised unless there was fraud or mismanagement on the part of the company, which is not pretended.

But should the Legislature, notwithstanding this their remonstrance, determine to exercise the right to alter its charter by making them contributory to the safety fund, they would most respectfully ask the privilege of disposing of their chemical factory, or of discontinuing or lessening that branch of their business at any time when by the acts of Congress, or from any other cause, it shall be found to be attended with a loss, or when the company should think they can close up and sell the same at the least disadvantage to the stockholders, and without otherwise impairing their charter.

"

That this company being obliged to fulfil the conditions of its charter, is unable, without serious detriment to the interests of the stockholders, to pay any other taxes or contributions, such as the safety fund act contemplates.

New-York, April 4, 1833.

By order of the Board.

JOHN MASON,

President of the Chemical Manufacturing Comp'y.

ARCH. CRAIG, Cashier.