The times. (Owosso, Mich.) 1882-1897, 1897-01-15

limited 10 81. 800 900 in capital stock,
and are required to pay in nothing. II
mining company is in successful OPP
GRAFTON this is probably a small amount
with which to do business. and they
should either pay a franchise fee upon
their capital and surplus. or the
authorized capital should be increased
to S10,000,000. which is not too much to
successfully carry on mining operations
under modern conditions. In my judy
ment no company should be permitted
to organize without some property. and
some money paid in. 1t is also desira-
BILE that some amendments be made to
the law requiring corporations to re-
port.
They now report the amount of their
capital stock, the amount paid in and
the amount of assets and debts but
they are not required to show what
their assets consist of. or whether the
business of the corporation is conduct
ed upon credit of the company or by
indorsers. The experience of the past
two or three years has demonstrated
that there is little use to regulate
banks in regard to loans to corpora
tions as far as the character of their
indorsers and the relations which the
concerned. The law prohibits banks
from loaning more than 10 per cent. of
their capital stock to any one firm or
corporation, but the law is evaded by
making the papers in different form,
but with the same responsibility. The
corporation makes the paper and some
member OF the corporation indorses it,
and in another instance some member
sc he nlyAt. nd hA ha-
comes the indorser. I realize the en-
forcement of this legal provision would
sometimes be little embarrassing and
might reduce the amount of business.
but. in the end. cannot but think that
would be healthful one for the people
in general, as we'll as for the banks
and business interests.
The act of the legislature two years
ago. authorizing the secretary of state
to make examination of the affairs of
building and loan associations under
certain circumstances was a step in the
right direction, but it was believed then
and proven now to be wholly inade-
quate for the purpose for which it was
intended. These associations are the
most complicated of any of the corpora
tons authorized by law so far as ex-
animation is concerned. The stockhold-
ers and those in interest are many of
them poor people. who know nothing
whatever about their management or
care. Tt seems quite as necessary that
they should have an annual examina-
tion. and be placed under the supervis-
ion of some competent state officer. as
that banks should be; and 1 would rec
ommend that he law be amended so as
to require at least an annual examina-
tion by some competent state author
ity, and such examinations as in the
opinion of such state authority are
deemed necessary. A small amount
Should be levied on each to cover the ex-
pense of examination, and something
additional for the support of the state
government generally.
There is even greater need that mu-
tual benefit and fraternal associa lions
should be placed under state supervis-
ion, than there is that they should be
required to make an annual report. The
majority of them purport to do a bust
ness which requires the most conscien-
tious, honorable and painstaking ad-
ministration Of affairs, as they conduct
a life insurance business in addition to
their fraternal and social features
They should also contribute enough to
pay expenses Of examination and some
thing besides.
The condition Of the Michigan Ma
tional guard has materially improved
during the past two years. the gov
ernor says He commends its action
during the strike at Ishpeming. The
naval guard has also shown itself to
be worthy Of the support it has re-
ceved from the state The governor
then refers to the judiciary as fol-
lows:
The Judiciary.
Among the numerous plans proposed
by the legislature of 1893 for the re-
lief of the supreme court the one pay
ing the judges an increased salary and
requiring them to reside at Lansing
and give their whole time to the work,
was adopted. This plan has resulted in
bringing and keeping the work of the
supreme court up to date. and has ac-
complished all that was expected of it;
but the great number of cases coming
to this court is unmistakable evidence
that some further measures of relief
should be taken in the not distant flu
ture. 1t seems to me the most practical
plan would be to limit the amount in
controversy that may be appealed. In
making this suggestion I am not UNI
mindful of the usual argument that it
would deprive poor litigant of justice,
and that many times cases involving
but small amounts are quite as impor-
tant on principle as those larger; but
when the whole matter is taken into
consideration, 1t is safe to say that FIVE
poor men are deprived Of justice by
reason of their cases being appealed
from court to court at an expense
which they are unable to bear, where
one is deprived of justice by being pre-
vented from having his case appealed
TO a higher court.
The state board Of health has been in
existence for twenty-four years. It's
work has been along lines Of proven
ton. and the amount Of good IT has ac-
complished cannot be computed.
The $1,000 appropriated by the last
legislature for each Of the years 1896
So has all been expended, and Institutes
held practically in all the counties Of
the state. That they have been popu-
lar Is shown by the increased demand
-