PARTNERSHIP IN COMMANDITE.


It is a general prejudice, that a subject like the law of partnership
is a matter for the legal profession only, or, at most, for the
consideration of capitalists embarked in partnership business. But it
is, in truth, a subject of great interest to the public at large, and
especially to that valuable portion of the community who possess
ability and character, and have a little property--but not much--at
stake in the soundness of our institutions. This class have, however,
of late begun to shew a visible interest in the subject--an interest
which, had it existed earlier, might have prevented any of the
anomalies of which we complain from increasing to their present
excess.

The political economists have ever admitted the great influence of
combined capital: they have pointed to many valuable operations, such
as gas-works, water-works, railways, &c. which can be performed by
combined capital, but are beyond the capacity of individual
capitalists. They have also admitted the efficacy of a division or
combination of labour; whether it be that of the mechanic, or of some
higher grade, such as the designer and projector. The views of the
older school of political economists would be in entire concurrence
with anything that would facilitate such combinations, where several
men with skill or money take their parts; as, for instance, where one
is the buyer of raw materials, another keeps the accounts, another
draws patterns, and another acts as salesman. On the other hand, some
novel speculators go so much farther, that they would revolutionise