The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-01-16

| Central and Lake Shore ROADS are perUil
| ted TO charge local fare or three cent
per mile. II Is also commonly known tina
: passengers travelling from station 70 sta
lion In Michigan are charged more by IN
railroads than passengers VINO traVe
through the state from outside points.
passenger arriving In Detroit having par
two cents per mile over the New YORK zen
trail and subsequently finding II neces
sary to 20 to Jackson pays local rare
three cents per mile on the Michigan Cen
trial. which Is part OF the same Seneral mn
| OF road owned by the New York Contra
people.
roads IN favor OF through passsen Ter, q, a
against local passengers, ana OF dlscrim
nations by the state In favor OF one rail-.
road as against another IN the matter OF
maximum passenger rates, Is true as TO ais.
examinations by railroads in favor OF
terminals as against local stations IN IN,
same state All of these inequalities OF
within the power OF the legislature OF
Michigan TO correct. And their correc-
ton, in my firm belief, would prove to be
for the benefit of the railroad companies
as well as for the people OF the state
| therefore recommend that the legislature
| take into consideration the question OF
| passenger fares at two cents per mic Tor
| Michigan.
The Referendum.
The referring OF important acts Of the
| legislature to popular vote for anal adop-
| ton by the people is the extension OF the
well-lSnown principle underlying the prac,,
| changes OF the constitution and in certain
| local cases. matters of extraordinary eX-
pendture 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
penetrated the state generally, but am
acquainted with the opinion OF the people
| of the city of Detroit, which Is favorable 10
| its extension to the granting of street rail-
| way and other quasi-public franchises as
| a check upon corrupt public officials In
cities.
Trusts and Combinations.
There is growing up in this country a
system of trusts and combinations which
Is becoming more and more tmpudent and
eXtortionate. Its influence Is felt IN the
home OF every citizen. The necessities OF
life are made Instruments OF oppression IN
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 he 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 q threatened
destruction OF individualsm and the break
Ing OF the spirit OF independent effort ID
Is high time that the makers of the laws
should be the peoples representatives,
whose names are upon the TOH Oh your
houses. and not members of a third house
who infest the halls OF legislation Tor evil
purposes.
been selected as the field for the operation
of a company controlling vast amounts OF
wealth to obtain possession of the mineral
resources of the state. and IN connection
Herewith to control the shipping interests
of the great lakes. Prices will be reduced
at first, of course, but in the end the people
will be made to suffer. Heretofore the
vu,o taru nf ha of q IN an OF
mental In keeping down freight charges on ,
railroads, but II the shipping interests pass
into the control of one gigantic company.
II needs but one more step TO stop COMPETE
ton between the railways and vessel men
II upon Investigation / find that We are
seriously threatened with this danger, /
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 to inspire conf. |
dence in those who deal with US. Capital |
should be encouraged to invest In the de- |
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 |
the laws that govern them. The burden of |
taxation should be equally distributed, |
all property bearing its Just share. The |
issuing of stocks and bonds should be SO /
regulated that when the investor seeks |
for proper security he will find that the
state has guarded him In his investment /
against the purchase Of artificial values /
by way Of watered stocks and bonds. Leg
islation on this subject need not be untried
or experimental; in fact, 1t doubtless would
be wise to adopt In some measure the laws |
Of older states IL precedent can there be
found. 1t rs In your power to materially
aid owners OF corporate property In Michi-
gan in disposing Of their securities II you
will pass such laws as will protect the in
vestor therein by making the sale Of Sc
n ri n GAQ0 n q mr. a q ru n M ~
terest: All legislation Of this character
should commend Itself to sound business
Under the laws that now exist manu-
featuring and other corporations are per-
nitted to 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,
Ind upon the strength of the authorized
capital, and the fair standing Of the men
sibly to some extent the fair prospects of
the business, large credit has been OBJ
aimed by the corporation, In some cases
many times larger than the actual capital
paid In. The practical workings of this
aw are unsatisfactory to creditors, be- |
cause in many instances the creditor, after
he corporation has failed to be success
'ul, has been found to be the largest in
,estor In the venture. In order to protect |
he creditors Of corporations of this char
lcter L recommend that you increase the |
responsibility of the stockholder by max
ng him individually liable for such debts
Is are incurred beyond the amount or cap |
tai actually paid In, at least up to the |
mount Of the authorized capital of the
corporation. In other words, when a cor |
,oration obtains authority to do business
With a certain amount of capital, that cap |
tai should exist In good faith for the Sc
'urity of the creditor.
In the case OF banking corporations,
much greater liability OF the stockholders |
xists under the law. with very salts
actory results to the creditors of the |
banks and to the people generally. In this |
II would be we'll to consider
uch supervision OF corporations by a cor
,oration commissioner, whose duty II shall |
70 to ascertain what the exact available
lssets of a corporation are before II Is per- |
nitted to enjoy corporate privileges and
inter upon the business for which 1t is
reated.
Great care should be used in preventing
corporate bodies from coming Into exist
nee on values that are artificial. The price |
or which its first issue of stock shall be
old might safely be fixed by law as an ad-
litional safeguard against deception. Ac-
'urate and detailed reports of the exact
ondition of the corporation and the value
Il its assets should be made at stated |
,eriods. and statements made by them in
hat behalf should be carefully examined
md scrutinized by competent authority, |
alue placed upon the assets of the cor
II should be prohibited from do
ng business. In short, / deem II as i'm
,ortant that all corporations dealing with
he public should be under the supervision
n a competent state official as that rail-
va va and banks should he under the st,r,er- |