The Wellington enterprise. [volume] (Wellington, Ohio) 1899-1900, 1899-09-27

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and property Of our own citizens, the lives
and property OF the inhabitants thereof,
and the lives and property of the citizens Of
other nations living therein. 1t is time for
congress to determine what course to take,
when peace and order have been restored,
and all have acknowledged the sovereignty
Of the Unitd States.
have opinions as to what congress should
do, but they are Of no more importance
than those Of any other citizen, and re-
frain at this time from OBTAINING you with
them.
CaptiouS Democratic Opposition.
have hastily sketched the events Of the
last year and one.half, because It is con
cernlng these things that those now in con-
troll Of the Democratic party raise the false
cry OF imperialism" have done 1t be-
cause want you to know how little foun-
dhtion there Is for this disturbance. II the
government had done other than what It
has done, these gentlemen would have de-
nounced 1t with still greater vehemence,
but with right upon their side. In the exI.
gencies OF a political campaign they are
always ready to denounce a Republican ad-
ministratlon, whether II has been right or
wrong. When these necessities have passed
away, they will acknowledge. az they have
done since the civil war, that everything
accomplished was for the best interests OF
our country. Then they will point out vii.
liam Mckinley as they now do Abraham
Lincoln. as patriot and statesman, and
plead with the future generations Of Re.
publicans to follow the teachings and advice
OF Mckinley as they now ask us to never
forget the example Of the immortal Lin
cola.
Trusts and Combinations.
Within the last few years many of the
business men OF this country have consoll-
dated their great interests into corporations
and combinations which are popularlS
known as trusts" The men who conduc.
our manufactures, trade and commerce, are
generally Intelligent, far-seelng citizens,
with patriotism equal to that OF any other
class OF citizens. l am very 10th TO be.
lieve that these men would knowingly do
anything that will be detrimental TO the
country or to their fellow~cItlzens. 1t is
true, however that there are things con-
neeted with these new organizations which
require regulation by law, In order to pre-.
vent evils which may arise. These eyils
have been denounced by both the Republican
and Democratic parties In Ohio in state
convention. So far the two parties stand
upon an equality. In another respect the
Republican party has an advantage, in the
fact that the Seventy third general assem-
bly, passed a stringent law well calculated
to prevent evils, and that an attorney gen.
eral elected by the Republican party has
been dligent In his efforts to enforce the
law.
New and Wise Legislation Required,
Undoubtedly new and careful and wise
legislation will be required both upon the
part of congress and state legislatures to
regulate and prevent evils which may eman.
ate from large corporations. Such leglsIa.
tion we can safely intrust to the men Of the
heVubffcsn party. In all time past they
have shown themselves more capable thai
the men placed in congress and in our fegis-
latures by the Democratic party.
On the 2oth of July. 1897. had the honor
OF delivering an address before the State
Bar Association Of Ohio, In which | dis.
eusssd 10 some extent the laws Of Ohio reg
ulatiRe corporations. l then said:
"Corpora1ons may be created In Ohio for
any purpose for which individuals may law
fully Associate themselves. except for carry.
ing on professional business. These bodies.
except Insurance companies. railroad com
panies, building and loan associations and
certain banking companies, are practically
under no restraint by the sinte and make
no reports to her officers. Large mining,
manufacturing, commercial and other enter.
prises are carried on by and through them
Because they are created by the state. ana
possess certificates bearing the imprint Of
her seal, people are led to believe that they
are safer to do business with, and are
more entitled to credit than are private part
nerships and individuals. In very many
cases they are less worthy Of confidence.
They are authorized by tie state TO do busi-
ness before one dollar OF the capital stock
has been paid. In regard to these artificial
beings OF her creation, the state owes q
duty to the public. Before she gives them
her approval and permits them to do buSi-
ness, she ought to require that very large
per cent of, IL not all. their capital stock
be paid in money and invested In the busi.
ness they propose TO transact. There is no
trouble In this being done. This IL demon,
strated in the case Of insurance companies.
No one Of them can proceed until the state
knows that the capital stock is paid In and
how 1t is Invested.
The Regulation of Corporations In Ohio.
'I contend that the state should 20 fur
Ak.u
annual reports 10 be filed with and be in
spected by some responsible officer. This
report should show, among other things,
how much Of the capital stock has been
paid, how the money is invested, what the
assets are, the amount Of liabilities, and the
names Of the stockholders. In fact, there
should be such a record Of every corpora
ton, that the public may know at all times
whether 1t is worthy of credit and conf
dence. Corporations have advantages which
have been given TO them by the state. In
return for these benefits they should be
willing that their transactions be an open
book, so that we may know what they are
and who they are This much they owe
the state. This much the state ought to re-
quire from them. because they are her crea-
lures and she has given them her approval.
II these regulations had existed In the past,
our commonwealth would have been strewn
with fewer corporate ruins and her people
would not mourn the loss Of so many mill
lions OF dollars invested In worthless con-
Germs, bearing the commission Of the state
10 do business. Such regulations would be
10 the advantage Of sound companies aud a
protection against irresponsible ones"