It is quite right that trading companies should not trade on false resources, and be able to laugh at their creditors by placing out of the reach of the law the funds with which they have speculated. Yet this can be done under the present system; and there is a class of men in the commercial world, banded together by peculiar ties and interests, who are said to accomplish it on a large and comprehensive scale. It is thus carried out: A penniless man starts in business, supplied with abundant capital by his friends: they may demand 6, 7, or 10 per cent. for the use of it; and if they manage, which they may, to avoid the residue of the law of usury, they are safe from the law of partnership. The new man, by his prompt payments and abundant command of capital, works himself into good credit. It is an understanding, that when he has been thus set afloat, the money advanced by his friends is to be gradually repaid. He is then left to swim or sink. If the former be his fate, it is well for all parties; if the latter, his friends will not be the sufferers: their capital is preserved, and they can play the same game over again, in some other place, with the hope of an equally happy result. The same modifications of the law which would free partnership of its terrors would be only naturally accompanied with safeguards to protect the public against such schemes as these. In France, America, and many other countries, there is a system of partnership, with limited responsibility, known by the name of 'Partnership in _Commandite_.' Even with us, limited responsibility is by no means unknown. It is, however, granted capriciously and unsystematically, without those checks and regulations which, if there were a general system, would be adopted to make it safe and effective. 'I wish,' said Mr Duncan, a solicitor, when examined before the Select Committee on the Law of Partnership, 'to draw the attention of the committee first to this simple fact--that all the railway, gas, and water and dock companies, and all the telegraph companies, as a matter of course, have limited liability. It is impossible to trace why they have got it, but they have got it as a habit, and for any extent of capital they desire. Whether a project be to make a railway from one small place to another, or to provide gas to supply any town, great or small, all those companies, as a matter of course, come to the legislature and ask for, and obtain, limited liability. They are commercial companies, and one cannot trace the reason why they should have limited liability a bit more than any other company--but it is so.'