, 1870-06-30
TIE NEW CONSTITUTION AND PRIVATE
CORPORATIONS.

The provisions OF the proposed consntu-
bon relative 10 pf1Sate corporations anec',
more 11tally. our 1ndusff1ai and business
than ;llthe rest OF the const'tn-
ton combined They VIII etiect reforms
whose benefits will be telt o5 every pro-
ducer III the state, and ny in1iuons OF peo-
PIE beyond 1ts oot1naaHes' Occupying, ~
Illinois does, the central poslnon Oh she
continent, already secona only 70 New
York In its commerc1a1 importance anu
with even greater resources OF future de-
Felopment than New York, IN its ansxhaus-
fb1e coal mines, and IN being at the focus
OF an internal commerce that is rapidly out
stripping our foreign commerce, the re-
forms contained IN our new constitution
Will be followed " other states, aao VII
give tone to the future legislation OF the
Mississippi Valley ITSELF
CORPORATIONS GENERALLY
The elauso forbiddlne the creation OF col
portions by special Legislation, or any
change or amendment Of their charters by
special laws, and requiring the Legislature
to provide by general laws for their organ
ization- sweeps away in SIX lines the source
Of two-thirds OF all the corruptons which
have heretofore disgraced our Legislature,
and relieves all future Legislatures Of three
fourths Of their work Corporations formed
Tor ike purposes should be SUBJECT TO l1ke
conditions Ihls can never be SO long as
the Legislature IS empowered tor instance,
to give one company caaf1ef IN which
every stockhol6er Is liable for au the deots'
another company charter IN which each
stockholdcr is liable only for debts incurred
while he held stock; another IN which
Stockholders are liable for sl1 months after
they have sold their stock; another IN
which each is Liable only to an amount
equal to the par value OF his STOCK, and M
other IN. which his stock only Is liable; or
to give one an exemption from local taxes
and refuse it to another; to Limit one to
two Kinds OF business ano anothef 70 tnree
OF one, DC Ihe whole system OF spec1a1
charters Is one OF oSerreachane Enesse. ne
quality and piunoef. Notn1ng deserved
the oame OF u" ~mcn ooes no1 Apply
equally 10 al4 VINO comply VIII 1ts conu-
nons- Anything more speciai tnan tnS
cia1 legislation a pluri6us nnuua" comes
to mean the taxing of many to make ono
rich. Our neH constitution, in abolishing
tnls es'l' VIII save ana en1'cn LIS o'a9s
n,,.'o''s t1n OF oo''asS anno
around The state waiting for q demand to
pixe them va1oe. some are for railroads
Which the cz,porators cannot and viii not
build, but by holding their charters keep
others from building, vThe new constitu-
lion wipes ont forever ali such as have not
1,een mi in operation within ten days after
II +ales effe.t
Tha tb;rd r1apsa IN .4 Cornorat;oasn viii
x.,.- .,u,,-u,.+ +,.--a 1,rf,e,.t,,,r ne +be
-, at ..,.,.ho,1ar, t,r n;roct,,,a ~
-h;.1 +ba Eris B,;1unr ia a consn;cnons
- ;,t,,no,,. a-,,,,,,a Tho 1isto-, os tho
E-;o a.sa e,ar-s ,1,at the ,,,u,7a, of bav;no
s .1'a & 49, -o,,,os.ntoa :, .n-ot ~
=. r. s.~1s.~.a,,,t .asn1ts
y ~. " s,,,t go. % :. .;no-;E ~ o11
' - 80 ~ a.e n;,.,to-s
.1s. .' ~ Ns-.o.st-, ~ ~ .laso, n;-ao.
to-e =, +ta an,,;nt,ant If of1;ce,s s,,5 nm
F1e.n,;va Camn,;t,ee and 81 m nnt;1 At
1s.t 49,. - ao1,oa IS n,o;o-;,-r oo,.;st, of
t1rso ~ aa,sn1s cnr,d FTsE ana In1a vbo
o.4n npt thonssndfb na7t Of The stock
and vhose onnortuniies as thieves i'm
measurable outweigh their nominal inter
est az stockholders. Now, il the four
ninths of Erie stock actually held by the
opponents Of Fisk and Gould, prior to the