The record-union., 1893-01-23

III ldNOf OF NlOe LiroS.
In conclusion will say: Let this road
question (which is of equal importance
with the water question: be kept before
this Legislature until some action be
taken. L. A. G. NICHOLS.
"Lfmfted Corporations"
EDS. RECORD UNION: Having thor
oughly Investigated the several corpora
ton laws of the States of louisiana Ala
bama and California, while organizing
companies in each, and becoming familiar
with many others-Oregon, Washington,
Illinois, Georgia, etc. find California
lacks one progressive feature, and is and
has been for long time been losing thou
sands Of dollars annually in fees sent to
other States for these advantages, but
many time more that would come here
under safe, advantageous opportunities
and generous laws to promote enterprise,
besides employment and prosperity that
would result. We want genuine Dusi-
ness, not gambling wild cat and specula-
ton. 4 few of the advantages explained
will set the people to thinking l hope,
and thought and study will tend to open
immediate action. In Louisiana The
same mode that can be complied
with in the others is minutely de-
fined and this will suit with
the California law without change best,
and be easily understood As the word
limited" must be used in all its docu-
ments and transactions of business, it
1t cannot be mistaken or be different one
from another; is best adapted for private
business and manufacturing, and pro-
vides that no stock jobbing can be carried
on with it.
No stock paid up is liable for debts or
assessments, and unpaid stock only for
the unpaid balance due and not beyond
the agreed purchase price.
The directors are responsible for their
misdeeds. The corporation cannot COM
mence business until capital is secured,
and the capital and property is their
assets. A corporation is good for credit
the same as an individual, to the amount
of their assets and credit ability or repu-
tation. At present in California a large
portion of the stock can be issued to
worthless trustee and fioated on exchange
without any responsibility, instead of the
law, as represented, to make corporations
pay their debts-used to assess the Mi
nority out of all or more than they have
in it.
Under this "limitedn law capitalist
can invest what he chooses to help start
an industry without wanting TO control
the business and without fear of loss or
debts, and thus he makes it possible to
start business that will enable the work
ing man to invest his earnings without
fear of assessments or loss of his stock
and furnish him employment at the same
time, and may be able to start something
for himself in time; such things are done
In other States.
The people here have been "biting off
their noses to spite their faces" The
public, Barnum said, like to be hum
bugged," and say, ''often humbu them
selves"
AS for the ramie industry, give us
honest, sensible laws and encouragement
or your own good, and capital can be in
crested easily enough.
Make it as safe to invest capital in busi-
ness as in savings bank, and business
will profit first and then the savings bank
four-fold afterward. Let us have some-
thing for the people.
Let the people guard all interests alike,
capital as well as everything else. We
are all capitalists, or ought to be, if saw
ing and industrious. Don't be afraid
some one will get rich at home, nor pre-
fer that some one makes all the money in
some other country. When you are
working against youself and your
neighbor, your State or country is the
loser, for some one is Fleeing you both.
This Limited law'' will be worth mill
ions TO this State; you want capital and
business, especially manufacturing. This
will admit it. Two men can go to pros
pering Alabama, Oregon or Washington
from anywhere and form a company or
do it, for that matter, without going there
at all, Do you want it here, or will you
longer shut out capital2
Fifty-seven millions of dollars worth
of worsted wool and wooden goods, $20,-
100000 of silk, and millions of ramie
goods are shipped annually to this coun-
try, which can be replaced with ramie
grown here, and better and cheaper Is
haf worth fruiOry ~
now make it.
But you must not be deceived by gaudy
showings. ''All is not gold that gilt
ters." Plain, sensible things for bust
ness. The farmer can grow his ramie
much easier than flax, it being perennial
and furnishes several crops year like
alfalfa with only once planting, costing
no more to plant than an orchard and
worth much more, bearing crops to pay
long before trees begin to bear-oranges
especially. 1t is not perisbable; is valu-
able, at least Sl20 per ton; can be shipped
anywhere in the world; breaks or decor
ticates when first cut as easily as fax;
after setting needs no hacking; makes
several times as much per acre; worth
more. The fiber is short when un-
gummed, which is the difficult part, to be
be done in the factory. The farmer does
not have to bother with that at ALL All
long samples are practically worthless,
bleached. 1t is easily cleaned long. That
has been done in this country twenty
years ago without ungumming. The
dry process is not practical, profitable
or sensible, nor is the ''wet bleaching pro-
cess" They have been tried time and time
again for years by novices, and doomed
for private aggrandiZement, or ignorance
only. No man of sense or proper judg-
ment would dare to present them after
so many failures, and the people have be-
gun to realize the subject. Why pay
man for misrepresenting an industry and
working only for himself and the reduc-
ton of the price of the product to three
cents, when it is we'll worth six cents, and
then leaves good margin for profits to in
terest capital in manufacturing, and still
reduce the price of goods TO the people,
soon, TO half or one-fourth present prices.
If factory can be started to use the
product here and guaranteed you six
cents pound for five or ten years-that
is virtually giving two and one-half cents
bounty over and above others, even loose
epresentations-and that PHI do. That
is the otter made last year, and l make
it yet, and will. The Samoan Govern
ment offers TO furnish me with | 900 tons
year delivered here, on my offer to the
State of California. Will the people ac-
cept it hero and encourage such a vast OPP
portunity, or will they drive it out of
your Golden State and keep back enter
prise? S. II. SLAUGHT.
Sacramento, Jan. %, 1898.
Neglected Streets.
EDS. RECoRD-UNIoN 1t is really too