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VI. So far as the protection of industry simply covers the
The protection of security of the individual in his property and in

industry.               -f-j^ exercise of his calling, all that is needed is
non-interference and the cheap execution of the laws. But
there are many branches of industry which employ the capi-
tal of companies, and a government is bound to encourage,
under proper limitations, this most efficient principle of asso-
ciation, which is called by Prof. Von Holtzendorf " the fun-
damental characteristic of modern society." * The formation
of companies for all lawful, industrial purposes ought to be
entirely free, under such liabilities of the active members or
directors, and protection of the passive, or simple sharehold-
ers, as are found best for society and for the shareholders
themselves' against the directors. Incorporations of this kind
ought to be formed not in the way of privilege, but by a gen-
eral law. A limited liability of the shareholders seerjis most
just, as many of them cannot watch the conduct of the direc-
tors, nor judge of their honesty and discretion. The directors'
liability ought to go much farther. Associations of workmen,
co-operative unions, need no especial laws either for their
security or encouragement.
Encouragements of the industry put into the shape of new
applications and combinations of mechanical powers by means
of patent laws have been noticed already. If such new ideas
in material forms can be property from the beginning, and if,
as is admitted in all civilized countries, the idea itself is a per-
tinence to the individual, the question arises whether it is not
property for all time, and why do patent laws limit the dura- ^
tion of the right ? This also has been considered, so that here
it is enough to say that such a length of years ought to attach
to the protection afforded by government, as will be enough
to allow a man to reap an adequate gain for his labor bestowed
on the invention.
* Principien v. Politik., p. 272 (1869).