Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1892-01-14
Prlvate OorporAtions.

tho supervision OF the insgrancs business Of
the state.
In my Judgment such department should
be established and given supervision not only
over the insurance business OF tho state pue
over all private corporations organized for pc
cuniary proht aud not under .he supervision
OF some other department OF the state.
Our Incorporation laws are too loosely
drawn, They authorize the formation OF COR
porate bodies without practical restrictions Of
any kind; permit the adoption OF provisions
| exempting the private property Of stookhold-
| ers from liability for corporate debts, aud fur
| nlsh no adequate protection against fraudul
lent use OF the privileges conferred by the
| statutes.
In my Judgment these laws should be so
amended as to require corporations hereafter
formed before entering upon the transaction
| of business Of any kind other than their own
| organization, 10 submit their articles OF In:
| corporation TO some department OF the state
! for its approval, and furnish detSiled states
ment Of It's capital stock subscribed for and
! by whom; what part Is paid up and how paid,
| aud II paid by the transfer OF property 20 the
| corporation Il should be made the duty OF tho
| department having charge OF such matter TO
ascertain and ok the cash value OF the pro
pcrty SO transferred, and thcreupon, having
approved the form Of the articles Of incsrpora-
| ton aud determined the amuuat Of paid up
| capital stock, TO issue It's certificate, II In
the Judgment Of the department the corpora
ton SHOULD be authorized % engage ip the
business contemplated, reclting the amount Of
capital stock In good faith subscribed for the
amount actually paid Ia cash or It's e1uiya'
lent, and authorizing the transaction OF bust
meas from and after the date Of such certihc'
ate,
They should be further amended so mto
| require OF all corporations heretofore organ
| lied or hereafter TO be orlNniEed, including
| foreign corporations having general agencies
| established and doing businesf within the
| state, an annual statement, verified by the
| oath Of some officer, and made In such form
| Us the department ehould from time ~ time
designate for the purpose OF clearly and dis.
| tlnctly showing the financial standing of such
| corporations' and the department should bc
| authorized ON Its own motion 10 mako exam
| nations and wind UP the business OF any cor
poration whenever the safety OF the public
| requires II.
| A failure TO mako the statement or submit
| to the examination required should forfeit the
| right OF the delinquent corporation TO transact
business within the state.
| A system Of fees for the work OF the pepart
| ment should be devised that viii Increase
rather than diminlsh the net revenues OF the
state,
| Commissions Refund Of Direct Tax.
The Twentieth general assembly passed q
| iolnt resolution OF which the following IN Ia
substance copy:
| BE 10 resolved by the general assembly OF
| the state Of Iowa that the governor be- nnd he
| IL hereby authorized and empowered To ap'
| point an agent on behalf OF the state, TO
| prosecute TO final decision the claim OF thli
state for refund Of the tax paid by the ttato
| of Iowa, under the provisions OF the act OF
congress Of August 8, 1851, and also for re-
fund OF interest ON money advanced by the
| state during tbs civil war; AMI that such
| agent shall be allowed such compensation MS
| shall be agreed upon between the governor
a hf,t .haIl no In eNpegI
| three per cent of the amount collected, To DO
naia only after tho recovery OF the cgim, In
| whole or IN part, and not 10 be paid oGSof any
| other fund; and provided, that the state shall
| not otherwise be liable Tor any expenses what
| ever attending the prosecution OF suc~ claim.
On the eleventh OF May after the passage Of
| this resolution Governor Sherman executed
and delivered 10 General belknap an instru'
ment in writing In substance az follows
| To all whom these presents shall Gomez
Know ye that rerosng special confidence In
| William w. Belknap, OF the county oil Lee,
| l. Buren, r. Sherman, governor OF Iowa, In
| the name and by the authority OF the people
! OF the state, do hereby appoint and commits
/ :. m him agent of the state To obtain refunds
sr,,,. the United States In accordance with
tatn, 80. ,lutlon No. 49, OF the Twentieth gen.
ccrai assc,ns.'v, with foes liked AZ per cent OF
aii yoa,oo ,n',s nr,, ,tmcnt General Bclknap,
| n. a. no, cia,mca cav. ed upon the work con
templatcd and continus>,o aet ~ agont ior
the state up 10 the tinieot us aoa.n S, "a,sn
occurred few months before ~ '.ssg, 4,
the act hereinafter referred TO. D. "s 49,, 49,,
| lifetime some progress was mado towarN> -
passage Of such act and on the second =,
| March 1891, an act OF congress, OF which The
| following arc the material portions FOR consid'
| Grafton here became u law
| Section /. IL shall be the duty OF the secre.
tary OF the treasury 10 credit 10 each state and
territory Of tho United States and the District
| OF Columbia n sum equal 10 all COLLECTIONS by
| set of or otherwise made from said states and
territories and the District OF Columbia OF
| from any Of the citizens or inhasltants thereof,
| or other persons, under the act OF congress
approved August 0, 1861 and tho amendatory
acts thereto.
Section g. That there ia hereby approprl-
ntcd out OF any money In the treasury not
otherwise appropriated such sum IA may be
| necessary 70 reimburse each state, terri
| tory and District Of Columbia for all money
found duo 10 them under the provisions oil
this act, and the treasurer OF the United States
| is hereby directed 10 pay the same 10 the gov
ernors OF the states, territories and TO the
| commissioners Of the District OF Columbia,
| but no money shall be paid 10 any state OF
territory until the Legislature thereof shall
| have accepted by resolution the sum herein
| appropriated and the trusts imposed IN full
satisfaction OF all claims against tho United
States on account Of the levy and collection
| OF said tax, and shall have authorized the
| governor 10 receive said money for tho use
and purposes aforesaid; provided, that where
| the sums or any part thereof credited 10 any
| state, territory or the District OF Columbia,
| have been collected by the United States from
the citizens or Inhabitants thereof or any other
| person either dsectly or by sale OF prop.
| erty, such sum shall be held IN trust by such
| state, territory or District OF Columbia Tor the
| benefit OF those persons or Inhabitants from
| ata1 hall Lara ran.
rcsentatiyes; and provided further, that no
| part Of the money collected from individuals
and TO be held In trust as aforesaid shall be re-
| tanned by the United States as seton against
any Indebtedness alleged TO exist against tho
state, territory or District OF Columbia In
| which such tax was collected; and, provided
further that no part of the money hereby APP
| propriated shall be paid out by the governor
| Of any state or territory, or any other person,
10 any attorney or agent under any contract
for services now existing or heretofore made
between the representative OF any state or ter
ritory and any attorney or agent.
Upon the passage OF a resolution such as Is
required by the third Scction OF the act afore'
said this state will be entitled TO sum csti-
mated at 1881, 274.S0.
| Two parties now claim the commissions
stipulated for In the instrument appointing
General Beknap agent for the state.
| First-The widow of the General who
claims that upon the death Of her husband she
| took up the work OF the state where he left II
and aided In bringing his work to a successful
| close, and
Second.-The administrator OF General
Belknap's estate who claims that the services
contemplated by his appointment had been
substantially performed before his death and
| that therefore the claim for compensation
| accrues 10 his estate.
| IL is undoubtedly for the best interest OF the
state that the legislature adopt the resolution
| required by the act Of congress.
| Under the provisions Of this act the governor
| cannot use any portion Of the money refunded
| 10 pay any person for the services rendered by
| General Belknap.
II this be done the money must be appropri-
ated by the legislature and the party TO whom
It is to be paid shoula be designated In the bill
making the appropriation.
! Considt ring the facts In the case from q
| purely legal standpoint do not think claim
| for the compensation stipulated In the instru.
| ment by which General Belknap was appointed
| could be maintained IN court OF law II the
state could be made a party to such suit.
| Whether or not the equity Of this claim is such
as to require at your hands an appropriation
| TO pay IL and II SO TO whom II should be paid
| arc questions addressed to your discretion, and
| xvbtch saeuna IN mo yOfl alone shOull decide.