The people's journal. (Pickens, S.C.) 1891-1903, 1896-01-23

organization can be had, rs it iS de-
sirable that all matters connected with
charters should issue from his Office.
| CORPORATIONS.
Tho term corporation as included in
this Article OF toe constitution in
lcludes all associat IONS OF Joint stock
companies having powers and p"ivi-
leges not possessed by individuals or
partnerships, and excludes municipal
corporations already treated OF. You
are required to pass general law for
tho incorporation of railroads, tclc-
graph and other transporting and
Transmitting companies. The sim
plest plan, in my Judgment, would be
to leave the requirements now existing
as to obtaining a charter from the
General Assembly and make them
applicable to tho Secretary Of State,
and require the petitions setting forth
tho route with IL map to DO filled with
the Secretary OF State, and empower
him to issue such charters upon the
further condition that certain
amount of work must be performed,
and road built and equipped within
two years after chartor ID gained,
otherwise tho same to bo null and
void and forfeited. All industrial
charters (other than railroad chartcrs)
are now issued by tho Secretary OF
State. and if my suggestions moot
with your approval he will be required
to issue municipal, railroad and all
other charters.
1t will, therefore, bo advisable for
you to fix scale uf ices to be chargcd
graduated t,ucO' ing to the amount OF
capital stock ihvo,vrl in the indus
trial charter or to the Importance and
magnitude Of the municipality char
| IA n
State charges uniform fee Of only six
dollars for all industrial charters, q
charter where the capital stock is a
half million dollars costing no more
than one whore the capital stock is
only one hundred dollars. This 100 is
imposed to cover only the actual cost
OF recording, filing and indcXing first
the declaration and subsequently the
return, and writing, recording, indcX-
ing and issuing first tho commission
and subsequently tic charter, ncccs-
sarily done in each case where char
ter issues The fee is hardly adequate
compensate for tho cost OF record
books and blanks nor for the necessary
examination and scrutiny OF tho dc
claratiOn and return.
| Again, while foreign insurance com
panies are required 70 pay an annual
license of ono hundrcd dollars for
doing business in this State, an assO-
citation OF individuals living in another
State may take out for six dollNrs q
charter to do any insurance business
in this State, and while theirres.Gencc
and assets arc without the State may
thereafter do an insurance business in
this State without q license fec.
Therefore, ] suggeat that tho Sccre-
tary OF State be required to collect
: and turn into the State Treasury pre-
} scribed fees for charters, the minimum
Of which shall bo ten dollars, anu
gradually increasing 30 rs to beal
. some relation to the amount OF capita
stock inv olvod and to tho magnitude q
the municipality chartered. Under oul
: charter laws, on the 25th OF February
1893, q charter was issued from the
Secretary OF State to the Atlas Fire
Insurance Company. Tho incorpora'
tors arc all citizens Of Indiana, Wis
place Of business was sct forth to he
Columbia, South Carolina. Since the
issuing Of the charter nothing has
been heard from the company except
some inquiries from sOmo people Of
another State as to their standing.
This company evidently organized
under our charter Jaws on account OF
tho facility and economy with which
[ they could obtain q charter, and pos
sibly with tho intention OF never
opening an Office in COluinDi.. or doing
business in our Stale. There may be
other companies doing the sam" thing,
and 1T certainly IS possible under eX.
| listing laws for any unreliable company
to obtain a charter from this State and
| impose upon the citizens OF another
State. 1t will be readily seen how this
privilege may be abused Wy wildcat
companies and charter spcculatOrs, If
the necessary restrictions arc not
thrown around it. The pocketbook is
the tcnderest point with such schcm
ers, and if an enterprise is worth
having the small fee charged will be
no hindrancc. The statute now Of
forco against trusts, combinations,
contracts, and agreements against the
public welfare is strong enough FOR all
purposes.
The provisions of this Article OF the
constitution should be Incorporated in
your general Act for the convenience
OF the officers who execute it. This
Article will require Immediate alton
ton, otherwise the progress OF the
State may be impcdcd.
FINANCE AND TAXATION.
1t is your duty ~ provide gGnrrN
system OF the sscssmcnt OF property
for taxation, and this assessment shall
be taken by all municipalities and
subdivisions Of The State as thoir basis
for taxation. You aro authorized to
impose a graduated tax upon incomes
and q license on occupations and bust
moss. 1t is further made your duty to
pass laws making cmbcHzlcment Of
public funds q felony. punishable by
fine and imprisonment proportioncd to
the amount of tho deficiency or ON
bczzlements, and for the forfeiture of
the Office of tho person found guilty OF
such an offcnse. The Legislation under
this Article, with the exception of the
punishment for embozzlcmcnt, may be
continued until your next session
except such as will hereafter be called
to your attention.
| EDUCATION.
Tho people arc to be congratulated
upon the liberal manner In which the
constitution has provided for the com
mon schools OF tho State. 1t Is incum
bent upon you to provide tho muchin
fx..- 4 .