The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1889-02-15
TaNlng Corporations.

The joint stock companies engaged
in manufacturing and trading in Penn
sylvsnia are making a desperate effOr
20 defeat the provisions OF the new
Revenue bill proposing to impose
small tax upon their shares. In hi
/ tes.im Ony before the Committee OF
/ Ways aud Means, Auditor General Nc
| Camant shows that this tax Is bott
/ equitable and necessary.
! The Auditor General treats as an sb
| surd.ty the preGense that q three mil
tax upon the shares OF joint stock com
| psnIes would drive manufacturers from
! the State but IL it should possibly re-
sult in diminishing the number of these
I corporations n private business nc
/ harm would be done. There is enough
| Individual energy, enterprise and capi
tai 10 cope with every department OF
| private industry in the State. Joint
stock companies in manufacturing and
in buying and selling commodities are
invited by ;he State into domain which
dos not legirimately belong them.
These artificial persons, without soul
or marrow, engaged in private business
are the sworn enemies of workingmen.
They do not hold the relations with
woTkiDgmen which should exist be-
tween the employer and the emp'oyed.
The owner of the shares and the earners
OF the dividends in corporation shop.
factory or miEe are unknown to ench
9th T, aud are not uni ed by the slight
est tie OF human sympathy. This class
OF corporations are the first to Ieduce
and The last To raise the rate OF wages.
There Is no doub. that their Intrusion
upon fed of employment that be.
lnnOS nrnnArlU n Yn.Iftyf9fZI
and capital has contrIhu ed more than
all other Causes to the depression of
wages and the systematic degradation
OF labor.
The Act of 1874 authorized the incor>
ppratiou of iuiuu stock company to carry
on any manufacture or trade. from
digging coal 10 selling corsets. ought to
be repealed, so that the propagation OF he
brood NAV Cease in PENNSYLVANIA Ex
perlence hes shown that these artificial
persons have nothing like the duration
or lie. prosperity aud success OF privA e
nrms engaged IN the same business
The other day private business firm
In Philadelphia wounC up its affairs
after an existence since 1875. Whit
joint stock company in manu- &C, uring
aud trade can show such vitality ? In
very large pOr'iO of these companies
the shares gradually fall Into the hands
OF few individuals, and the business
Is nomtnally maintained under the cor
porate title. In another and by no
means incOnsideTabs portion the
money Invested in them has been utter
ly lost, for the reason that, as a rule.
join stock companies are not conuetsd
with the economy. prudence and care
which individuals devote to the man
sgement OF their business affairs.
As il is manifest that these corpora
tions In private business are no longer
necessary, if they ever were, for the
development OF the industries and re-
sources Of the State. il is the duty of
he legislature TO arrest their growth
IN view Of the grave evils which they
inh'ct upon the community. But so
long as they may be permitted ia exist
their shares are legitimate Chject Of
taxation and public revenue. II they
shuu be unable 10 paw the small tax
proposed in the new Y venue bill indi-
vidual energy and capi' al would eagerly
occupy every indus rial field which they
might be compelled TO aOandOn. On
The other hand, the exemption o. these
artificial crea'ur-s Of the Safe from
taxation encourages them at the expense
of individual indls- ". enterprise and
capital. Phild. Record.