The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-01-16
s..tl.,le. nelatlng to oorpor.,lon,.

The value or statistics 10 the state re-
lating TO corporations Is incalculable Bur
they are valueless IL they do not extend
far enough to afford the legislature abso-
the correct deductions upon which the
regulation of corporations is based. The
day of absolute reliance upon competi-
ton, especially between transportation
lines, is PASSED and the day of the trust
and the combine is here, and the legislature
pie of the state and the encroac hments OF
| the trusts and combines. To hide success
fully is to swindle successfully. The peo-
pie are entitled to all of the facts in rela-
ton to the creations Of their representa-
tivos and all of the facts relating thereto
should be gathered by the state and placed
the state free Of techncalities. lnforma-
ton is education and private publications.
like private schools, have private purposes.
If II is the duty of the state TO educate
children, 1t is likewise the duty of the state
to inform the people.
/. If, for example of the Importance OF such
| statistics, IL Is required to know to-day
the earning capacity OF any given railroad
in Michigan upon which TO base a maxi
mum rate of fare IL cannot be obtained
from the public reports of the state. SUR
prising as 1t is, because the number of
| passengers other than employees hauled
| on passes is not shown in such reports. Yet
passes are being regularly n;,y written by rail-
| United States representatives and for 9TH
er public servants whose good viii is val
! shippers as also certain classes OF So
called influential people. inclusive OF GER
tain newsbpapST Rgbishers; Obtain a nj passes Uses
! the amount OF money expended by rail-
roads for the maintenance Of lobbyists at
| not show their earning capacity by any
means: and passes and the money main
tenance OF lobbyists are not all the lack
which would show conelusively that bad
management growing out OF the eY-
running the railroads and checking the de-
velopmsnt OF the earning capacity of the
and rolling stock and actual cost OF opera
ton are not clearly known and set forth.
AS for freight rates, they are at the option
OF the companies either to raise to ex-
orbitant figures for occasions OF specula-
ton in the stock market or to reduce to
figures intended 10 ruin. a competitor or
favor the monopolistic designs Of II ship
per. and the ordinary statistician must
fail in following the changes.
Coercion of Electors.
AS a guard against coercion OF voters:
provision for the safeguard of the ballot:
an additional assurance of the indepen-
dence OF the voter and the purity OF cleo
tons | would recommend that a penalty
be provided by an act OF the legislature
severe enough 10 prevent corporations OF n
public character exerting undue influence
In elections.
Fish Propagation.
recommend that the legislature. at its
coming session. pass such laws as may be
the fisheries and maintain their benefits
for future generations. An act should be
passed enlarSing the meSheS or the nets
and imposing a severe penalty for the
taking OF small fish; close season should
be made to protect the spawning fish. and
similar to the one now in force In Canada.
and income derived from such licenses
mus must not only maintain the fish eommis
as at present established. and its enlarge
ment in the future TO its fullest PossiblIi-
ties. but at the some time provide q sub
stantial revenue for the state.
banking Department.
While / believe that most OF our state
banks are well managed. and in good con-
dition, still othe lessons taught by the fall
not be UNDECIDED or forgotten. and i feel
that ! cannot too strongly urge attention
From the report of the commissioner on
Sapa,ns e. la had sher are now
companies in existence in our state with
liability to depositors of ss5.oOo,Ooo.
by the first annual report and over twice
the liability to depositors.
ba. strain bs OF the past three
ties OF those charged with the administra-
ton, Of banks. and has developed somo
the period mentioned a number Of banks
have failed In the city of Lansing alone
nearly $4,000 OF depositors' money The
cause OF these. and in fact nearly all hank
failures, may be distinctly traced to the ex-
cesetve loans made to the officers Of those
banks and to the various business concerns
In which these officers are interested 1t
is hardly necessary to add that most OF
law or by evading IL.
1t seems to be a fact that too few bank
them find IL easier, at least when times are
good, to leave the management of the bank
Something certainly should be done that
Will make bank directors mora familiar
with the affairs OF the bank and thus pre-
morally. and should be legally. RESPONSE
Die: The Quarterly reports, which are now
required to be made to the commissioner,
oath should contain statement that they
assets OF the bank and that from such ex-
animation they personally know that the
STATEN na signed e by them (, true in sub
ligatory upon each bank TO require from Its
cashier or treasurer such a bond as shall
Whenever cashier or treasurer shall.
without authority shown upon the records
OF the bank. discount or cash any nego-
should be regarded and treated as an un-
lawful use OF the money in the bank ard
piete record Of the actions OF the board OF
DIRECTORS relative TO loans and discounts
should be kept which record should. be
Eether too much red tape " in the en- manner Of
getting q receiver under the present law.
are often made BY some fortunate specu.
lative enterprise, the temptation TO mako
unsafe and inegitimate investments with
depositors' money is often too great to DO
overcome: Severe punishment should be
meted out to those officers and managers OF
banks who are thus led to betray their
trusts. business prosperity depends upon
sound banking. Without II we must al
ways expect to pay a higher rate OF inter-
est than our business Will warrant.
What ! have said relative to banks ap-
plies with equal force to building and loan
associations, Savings banks, pure ana
simple, with no capital stock-the de-
positors standing in the relation OF share
holders to the extent of their deposits and
proht sharers pro rata--are not obliged to
earn money for shareholders and depos-
TORS, too. They are enabled to make very
Investments. As there Is no
Incentive to make great profits, such insti-
tutions are obviously In the interest of de-
positors. to whom a reasonable dividend
can be paid I recommend that our gem
eral banking laws be amended to admit
Of such societies for savings in Michigan.
Inheritance and Income Taxes
I am In favor Of an Inheritance tax and
an income tax. earnestly hope you may
see your way clear to provide for them