“There has been a coolness between me and Lord Kemms for some time past,” interposed Mr. Raidsford, “originating in this very affair. Lord Kemms assured me he would have nothing to do with your Company; and when, after that assurance, I saw his name amongst the directors, I confess I felt both surprised and nettled.” “And pray, sir, if the question be not indiscreet, what interest was it of yours whether Lord Kemms became a director of our Company or not?” “It was no personal interest of mine,” answered the contractor; “but believing, as I do, such companies to be the curse of commerce—the very death of legitimate trade—when I am asked for my poor opinion, I do not hesitate about expressing it.” “You consider capital, then, which employs labour, which builds bridges, constructs railways, digs canals, sends out vessels, the death of legitimate trade?” inquired Mr. Stewart. “Capital, no,” was the reply; “companies, yes—at least, limited liability companies.” “And yet the idea of the man who brought in, and the majority which passed, the Limited Liability Act, was, that, so far from killing trade, it would foster and encourage commerce.” “So we may conclude, or else it would never have become law,” was the reply. “Trade has always been crippled for want of capital,” remarked Mr. Croft. “And trade always will be,” answered Mr. Raidsford; “it is in the nature of trade to find whatever capital it may have insufficient. In precise proportion to the extent of his business are a man’s outstanding debts; consequently, the larger his business is, the greater are the number of his debtors. His capital, in fact, goes into his books; and instead of so much in the bank, he has so many hundreds of people owing him money.” “The idea of limited liability was to enable a man to put a certain sum of money into a business, and have no further responsibility,” said Mr. Stewart. “Any man could have compassed the same object by _lending_ money into a business,” replied Mr. Raidsford; “since the usury laws were repealed, he might have taken what percentage he pleased, and run no more risk than he does under the Limited Liability Act; but the real mischief of the present system, to my mind, is, not that large capitalists are thereby enabled to advance money to small working men, but that the large capitalists are thereby enabled to combine together, and crush the small working men. Precisely as you are doing at present: you are ruining hundreds of respectable tradesmen, and when your crash comes, as come it will, those men will not be benefited thereby; they have lost their capital, small or great, as the case may be, and must content themselves with situations for the remainder of their lives.” “You are extremely kind to prophesy such a pleasant future for the Protector,” said Mr. Croft.