Litchfield enquirer., 1878-02-14
Bogus Corporations.

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 The Governors message exposing the num- Der andmethods of our bogus joint stock cor porations, is startling document He denoun- ces in the first place the formation of compa- nies by insolvents, with no capital, which are bankrupt with the first debt contracted. He also denounces the looseness of the present law which has allowed the formation of bogus corporations, particularly of non-residents for objects outside the state:
 Within the last three years there have been formed in this state no less than seventy-nine l joint stock companies; representing a nominal capital of more than $36, GOO, ,OOO not doing business here, and not intended for business here, composed wholly of non-residents, or, where not wholly so composed with only one or two nominal stockholders resident here; the greater part with no capital paid in, or, if oth- | erwise, paid in by worthless inventions and patent rights, and mining interests; few if any making the returns required by law; only one or two paying taxes here, and nearly all of them without an asset, place ofbusiness, office or officer of any kind within the jurisdiction of this state. These corporations are formed by the citizens of various states but more par l ticularly by citizens of Massachusetts, who come here to borrow corporate franchises for uses elsewhere, in fraud of their own laws and | in perversion of ours They are really extra territorial corporations, wearing Connecticut masks, and the greater part of them arc a standing libel, as it seems to me, on the good name of this state.
 Hethen proceedsto make some recommsnda- tions; radical, as he thinks, but wholesome; they are in substance as follows:
 That specified portion of the stockholders shall be residents; that the capital stock shall be paid in before business can begin; that corporations shall not directly or indirectly deal in their own stock that stockholders shall be personally liable for all claims for la- Dor; that no special charters shall be allowed for manufacturing, mechanical, trading, min ing or quarrying purposes; and that a con- mission be appointed to weed out the bogus corporations heretofore organize under Con- necticut laws. Two important recommends tions we give in the governors own words;
 That the purposes for which joint stock com panies may be formed be more strictly limited; and particularly that none be allowed for the purpose of building storage reservoirs, nor for issuing and trading in bonds, notes or other evidence of their own indebtedness, nor for traff1cking in inventions or patent rights I suggest this last limitation not only because patent rights are practically not an asset for for creditors, not being liable to execution but because ninety nine out of hundred are valu- less if not something worse, and are used by sharpers for knavish purposes, or by piratical lawyers for piratical litigation.
 That the law either allow or disallOw in ex- press terms the practice of paying for capital stock otherwise than in money; and, if the practice be allowed, that careful provision be made for actual moneys worth in property sit uated in this state, or at least situated some where.
 Here is pretty broad field for the refornier, and the sooner he begin work in it the better the public will be satisfied. At this point also we feel bound to suggest that our Republican legislature will have to travel good many miles day to keep pace with our Democratic Governor in the march of Reform.
 The faculty of Wisconsin University disa- gree with it's Visitors as to co-education. The visitors thought the girl students looked sick. The professors say, on the other hand, that the girls are fully equal to the boysin their stud ies that their average health is good, better indeed, than that of the boys; and that in short, co-education is 8 success Which is likely to be the better opinion, that of the fac ulty who see the students and hear their reel tations every day, or that of the committee of politicians, who take nasty look at the col lege once year, and who are no doubt preju- diced against co-education in advance? In Ex-Secretary Gideon Welles, the country loses an abler man than he was generally re- puted Early in the war, he got the name of 'the Rip Van Wrinkle of the Navy" more owing to his personal appearance than to any real lack of energy. Mir. Welles was an old Jacksonian Democrat, and for several years edited the Hartford Times but, on the repeal of the Nebraska bill, he joined the Re publican movement. After the war he went into opposition with Andrew Johnson. Since his retirement to private life, he has had sev- efal sharp eontroversies in the public prints about the events of the War, in which his old experience as journalist, and careful diary he used to keep, have stood him in good stead.
 The extracts from memorial of the promi- nent banking men of our principal Eastern cities, to be found on our first page deserve careful perusal. The most important DOT ton, it strikes us is that which shows the preparation France has been making for quarter of century for the demonetization of silver.
 The Pope is dead at last An amiable man in private life, his later career was bigoted and reactionary in the extreme, and it is to be hop ed that the Conclave soon to meet, will select wiser man for his successor.
 The Springfield Republicans now controlled by Samuel Bowles, son of the late proprietor, and one of the trustees given the management of the property of the deceased by his will.
 Senator Bruce (colored) has been thanked for his vote on the Silver bill by the Mississip- pi legislature. So it appears that negro who does wrong is respected and complimented in spite of his color!
 Turney, the defaulting teller of the Bank of North America had been in the service of the bank for 25 years.
 It was superior smartness that gave the Ka- nuoka their nice little pile of $5 800, 600 in the Fishery arbitration, say the papers We are indebted to Hon. Mr. Warner of this District, for public documents. New Preston.
 The past week the ice men have been busy filling thcir ice-houses, bottling up, as it were, the quintessenee of zero to cool the parched lips of the nineties, next summer Ice on the lake is nearly twelve inches in thickness and of excellent quality.