The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-01-09


| railroads than passengers who travel
/ through the state from outside points. A
two cents per- MILE over the Now Hs York ce sna
trail and subsequently, finding Il neces-
sary 10 go 10 Jackson pays a local fare OF
three cents per mile on the Michigan Gen.
| tral. which Is part OF the same general line
OF road owned by the New York Central
people.
What Is true OF determinations by rail-
roads I'm favor OF through passengers as
against local passengers. and OF dscrlm-
nations by the state I'm favor OF one rail-
road as against another In the matter OF
maximum passenger rates, Is true as TO dis
EXAMINATIONS by railroads IN favor OF
terminals as against local stations In the
same state All OF these inequalities OF
charges are within the power or partly
within w,uh, the power Of the legislature OF
ton, In my firm belief, would prove 10 be
for the benefit OF the railroad companies
therefore recommend that the legislature
take Into consideration the question OF
passenger fares at two cents per mile for
Michigan.
The Referendum.
The referring OF important acts OF the
legislature TO a popular vote for final ndop-
ton by the people IL the extension OF the
weli-known principle underlying the prac-
tice in this state of referring proposed
changes OF the constitution. and In certain
local cases. matters OF extraordinary ex-
penditure involving the issue OF bonds, to
the vote OF the people. am not prepared TO
state how far opinion favorable TO the ex-
tension OF this method of legislation has
apenvainted With the opinion ~ t b nao 1in
OF the city of Detroit which Is favorable 10
It's extension TO the granting OF street rail-
check upon corrupt public officials in
cities
Trusts and Combinations.
There IL growing up In this country a
system OF trusts and combinations which
IN becoming more and more impudent and
extortionate. Its Influence is felt in the
home OF every citizen. The necessities OF
life are made instruments or oppression I'm
the hands OF those who reap rich reward
from the weak and the helpless. Such
trusts and combinations destroy COMPETE
ton and throw thousands OF worthy peo-
pie out OF employment. For this reason the
consuming power of the people Is destroyed
and the producing power TO Just that extent
is affected: Such combinations are Illegal
upon the broad grounds OF public policy,
but wholesome laws should be enacted
against them. / do not propose to suggest
the form OF the laws nor the penalties for
their violation. but they cannot be too
strong. In the presence OF "A threatened
destruction OF individualism and the break
ing OF the spirit OF independent effort, 10
is high time that the makers OF the laws
should be the peoples representatives,
whose names are upon. the roll OF your
houses and not members OF a third house
who infest the halls of legislation for evil
purposes.
boon selected as the Held for the operation
OF n company controlling vast amounts OF
wealth TO obtain possession OF the mineral
resources of the state. and IN connection
Herewith 10 control the shipping interests
OF the great lakes. Prices VIII be reduced
at first OF course, but in the end the people
Will be made TO suffer. Heretofore the
waterways OF the state have been instru-
mental I'm keeping down freight charges on ,
railroads, but n the shipping interests pass
into the control OF one gigantic company,
IL needs but one more step 20 stop compctl- |
ton between the railways and vessel men
IL upon investigation / find that we are |
rlrs xtFffI a. \
shall In some future message communi- |
cate with you upon that subject
State Should Control
We should be extremely jealous OF the |
reputation OF our business Interests. All |
Investments should be given such guaran- |
tee OF safety by law as 10 inspire conf |
dence In those who deal with us. Capitol |
should be encouraged 10 invest In the de- |
velopment OF our varied resources. In |
vestments made within the state should be |
governed and protected by wise laws and |
not be disturbed by frequent changes IN
taxation should be equally distributed. |
all property bearing its just share. The |
issuing OF stocks and bonds should be 50
regulated that when the investor seeks |
for proper security he viii find that the |
state has guarded him In his Investment |
against the purchase OF artificial values /
by way OF watered stocks and bonds. Leg |
islatlon on this subject need not be untried |
or experimental; In fact, II doubtless would
be wise TO adopt I'm some measure the laws
OF older states IL precedent can there be |
found. IL rs I'm your power TO materially |
aid owners OF corporate property In Michi-
gan I'm dlsposing OF their securities II you
will pass such laws as Will protect the In
weston therein by making the sale OF Sc
terest All legislation OF this character
should commend itself TO sound business
discretion
Under the laws that now exist manu-
featuring and other corporations arc per-
mitted 10 do business after having paid in
ten per cent. OF the authorized capital.
without the residue being subscribed for,
and upon this payment OF ten per cent,
and upon the strength OF the authorized
with the corporation, and pos |
sibly TO some extent the fair prospects OF
the business. large credit has been OBJ
taned by the corporation, In some cases
many times larger than the actual capital |
paid In. The practical workings OF this
law are unsatisfactory TO creditors, be-
cause In many instances the creditor, after |
the corporation has failed to be success
full, has been found 10 be the largest In
the creditors OF corporations Of this char
actcr | recommend that you increase the
Of the stoskheelder by max max
rs are incurred beyond the amount OF cap
ltal actually paid I'm, at least up 10 the
amount OF the authorized capital OF the
In other words, when a cor
poration obtains authority TO do business
with a certain amount OF capital, that cap
Ital should exist I'm good faith for the Sc
curity OF the creditor.
In the case OF banking corporations.
much greater liability OF the stockholders |
exists under the law, with very salts
factory results TO the creditors OF the
banks and TO the people generally. In THIS
connection A. would be well to consider
such supervision OF corporations by cor
poration commissioner. whose duty II shall
be 10 ascertain what the exact available
assets OF a corporation are before IL Is per- |
nitted 10 enjoy corporate privileges and
enter upon the business for which II Is
created
Great care should be used In preventing
bodies from coming into exist
'nce on values that are artificial The price
for which It's first Issue OF stock shall be
,old might safely be fixed by law as an adj |
ltional safeguard against deception. Ac-
curato and detailed reports OF the exact |
or tho corporation and the value |
,f its assets should be made at stated
periods. and statements made by them In
hat behalf should be carefully examined |
md scrutlnzcd by competent authority,
md II II Is found that, Notwithstanding the |
ialue placed upon the assets OF the cor
,oration by itself, Il Is a matter or fact
10 should be prohibited from do
ng business In short, deem Il as im-
)ortant that all corporations dealing with |