. .
. From the middle of the fourteenth century we see societies
form by stock subscriptions; and up to the time of Law's
discomfiture, we see their number continually increase. . . .
What! we marvel at the mines, factories, patents, and newspapers
owned by stock companies! But two centuries ago such companies
owned islands, kingdoms, almost an entire hemisphere. We
proclaim it a miracle that hundreds of stock subscribers should
group themselves around an enterprise; but as long ago as the
fourteenth century the entire city of Florence was in similar
silent partnership with a few merchants, who pushed the genius of
enterprise as far as possible. Then, if our speculations
are bad, if we have been rash, imprudent, or credulous, we
torment the legislator with our cavilling complaints; we call
upon him for prohibitions and nullifications. In our mania for
regulating everything, EVEN THAT WHICH IS ALREADY CODIFIED; for
enchaining everything by texts reviewed, corrected, and added to;
for administering everything, even the chances and reverses of
commerce,--we cry out, in the midst of so many existing laws:
`There is still something to do!'"
M.
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