The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1893-07-14
TENNESSEE STATE NEWS.
Gov. rurney on the Insurance Question.

statement from Gov. Turney, explain.
ing his position on the insurance mat
ter, and his reasons for not calling the
Legislature together in special session.
were brought from Winchester by his
son and made public today. The Gov
ernor says;
WINCHESTER. Tenn, July 6, 1893.
To the Commercial Club and 0thersi
In reply to the many applications and
the reasons therefor for call of an ex-
ira session of the Legislature, | am
constrained. after fnost careful ihves-
tigation, to announce that I would not,
in my opinion of the law and facts pre-
sented, be justified in that course. /
do not think any of the causes of alarm
set forth have any foundation in fact,
The complaint that by the statute OF
1891 and the decision - the Supreme
Court concerning it, foreign corpora
tions are made domestic corporations,
comes, think, of reading of the act
without a full comprehension of its
purposes. The caption of the act shows
that the Legislature was dealing alone
with foreign corporations, and had no
reference whatever to domestic corpora
tions. Having made such caption it
was, by the terms of the constitution,
strictly confined to it in any legislation
it might make. / call special attention
purposes to foreign corporations, and
the Legislature could not go beyond
it, whereas If the subject matter had
been simply Corporations" in general
terms it might have dealt with domestic
as we'll as foreign. The restriction was
purposely used. The use of the term
foreign corporations is carefully kept
up throughout the act, and no express
sion is employed from which 1t can be
even remotely inferred that any regu-
1ation of domestic corporations was in
tended. Under the provisions of our
constitution, If there had been an at
tempt to create domestic corporation,
or to convert foreign into domestic
corporation, so much of the act would
probably have been nullity. and, con-
sequently, unattended by any of the
dangers suggested.
It is true, section provides ''that
when corporation complies with the
provisions of this act 1t shall be to all
ihtents and purposes domestic corpora.
tion, and may sue and be sued in the
courts of this State, and subject to the
jurisdiction of the courts in this State
Just as though 1t were created Under the
laws OF this State." Precisely the same
fesu1ts as Contemplated by this seetigt,
would have followed il the section had
been omitted entirely, the other section
having conferred Fights. The general
law OF the State would enforce remedies.
The language of the section cited
which gives the alarm is ut shall thsfl
be to all intents and purposes domestic
corporation" This seems to have been
read in tbs abstract and the conclusion
d QUICK oiie 70 get correct titidef-
stahdilg The seeti8n fnHst be read and
understood as whole. This, thihhI
makes it clear that foreign corporations
have the same protection under the law,
and are liable for the breaches and in
the saine manner and in the same COURTS
as domestic corporations, nothing more,
nothing less:
It is said that IL foreign corporations
avail themselves of this law and become
domestic, they transfer their domicile
in whole or in part from their nstivs
State, violate the terms of their chaF-
ters and forfeit them. 1t must be re-
membered that it is the foreign charter
that gives such Gotipafiies status in
this State, or rather the right to ask
this State to be permitted to do business
within its borders; and if the foreign
charter Is taken away. It's predicate, the
right to do business in Tennessee; falls:
The latter is in no sense charter ex%
cept as it stands on the foreign charter,
and the terms prescribed by the State
for .he exercise 5f Its right under that
charter. There is nothing in the law
authorizing taxation on property not
lin She State and subject to it's jurisdie-
tion. The State has no Fight to go be-
yond its borders and place tax upon
property. It Is interests within the
State that under these supplementary
requirements of our law may be taxed.
Properties atid interests In other States
are subject to taxation in those States,
but not here. Companies that file their
charters and otherwise comply with the
law may withdraw at any time without
condition.
/ have felt the responsibility resting
upon me because of the conditions thht
suggested call of the Legislature. /
have tried to fight them. 1 have COM
cluded that there is no solid foundation
for the alarm. If am mistaken still
must exercise my best judgment in the
interest of the State. While under
stand some very able lawyers, for whose
opinions I have the highest respect,
differ from me, have seen nothing from
them. / have reached conclusion en-
tirely satisfactory TO my mind. To call
an extra session with my decided con-
victions would set precedent by which
the State might at any time be put to
expense by business panic without foun-
dation. may not have reviewed the
whole ground in this announcement,
but have in my Investigations, and
conclude it to be my duty TO respectfully
refuse TO call the Legislature in extra
ordinary session.
P. TURNEY, Governor.
MiseeiianeoHss