The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-06-26
Kentucky,s Constitution.

continued.
Kentucky's Constitution.
The people of Kentucky are becoming
greatly agtated over the discussion OF the
proposed new constitution. The instru-
ment was adopted by the convention, but
it must be ratified by popular vote, and
this vote will be taken in August.
While some of the new provisions
would prove highly advantageous to the
State there are many others which seem to
have emanated from convention OF the
Farmers Alliance if not from conclaye
of Chicago Anarchists and, on The whole,
the. adoption of the instrument, as it
stands, would result in great injury to the
industrial interests Of the State, and
indeed to the entire South.
Here is one very absurd provision:
SEC. l9S.-No corporations in existence at
the time of the adoption of this Constitution
shall have the benefit of the future legislation
without first filing in the office OF the Secre-
tary of State an acceptance of the provisions
of this Constitution.
Now there are other provisions Of the
constitution which involve the sacrifice Of
vested rights, and as they are plainly in
conflict with the constitution of the Uni
ted States and therefore can not be en-
forced, the clause quoted seems to be a
kind of Matchmaking device, by which
the corporations are warned that unless
they surrender their rights under the
constitution of the United States, they
are to be punished by denial on the
part of the Kentucky Legislature to grant
them privileges or afford them the protec-
ton accorded to the other corporations
that may accede to the base bargain.
The injustice and invalidity of such a
provision are too palpable to admit of SER
ious discussion, yet it is hardly more alb
surd than several others, among which is
the following:
SEC. 20l.-No corporation shall issue stock
or bonds except for an equivalent in money
or labor done, or property actually received
value than the market price at the time sad
labor was done or property was delivered, and
all fictitious increase of stock or indebtedness
shall be void.
The chief absurdity of this clause con-
sists in the difficulty of determining what
is the market price Of the labor that may
be paid for bonds, and The market price Of
the bonds which may never have been
put on the market. Much of the service
rendered by lawyers and projectors to
new corporations is done before the point
of Issuing either stock or bonds has been
reached, and one mans services are often
worth ten times as much as another man.
services. To deny the incorporators
and officers n new company OF the
power of making 9 contract and fixing
the value Of such services at once, would
not only deprive both the agent or SER
want and the corporation Of a right to
make contract which is not injurious to
others, but it would open the door to end
less litigation, and degree OF uncertain
ty would result which would be fatal to a
large number of enterprises that might
prove of the greatest value TO the State
at large as we'll as TO individuals owning
property which they wish to develop.
But the fundamental objection to such
provisions is the infringement they in
yolye of mans natural right to make
his own contracts SO long as they do not
conflict with the rights of others or the
public good. They constitute one of the
worst features Of parental government
and are inconsistent with the very essence
of our free institutions. The theory of
the monarchies of Europe la that the cit
izen always remains child; that the
government must always look after him
as parent does afterhis infant offspring,
and that he must do nothing for himself
that the government can do~fcr him. This
system renders the citizen dependent; it
impairs mis- interest in his own business;
it dwarfs his individual resources and
causes him to rely for almost everything
upon legislative wisdom and inspirations.
On the other hand the theory under which
this nation has developed more rapidly
and, within q hundred years. has become
the most powerful in the world, is that
the government must Interfere with the
citizen MS little as possible. II must pros
tect him abroad, pass general laws de6n-
ing his rights where they are antagonized
by corporations or individuals; but SO far
as his business is concerned 1t should not
interfere With him, but leave him 70
make his own basgains and, SO long as ne
is not the victim of palpable fraud, take
s the consequences I.
Our theory slc,l teaches sell reliance
sl,ils tue Earopean theory teaches dapsn-
I dence. Oar tleory both aharpeas and
bspaasns the citixea's intelligence; II
dsgelpps his manhood; II ineslcatea, in