The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1900-01-04

times tnveigle unwary investors, and the
holders or trust funds. Into Investing money
In worthless securities. Every unconstitu-
tional law causes the people to lose con.
fidence In the wisdom of the fundamental
law of the State, which confidence is nee
essary to their .contentment. All members
of the General Assembly, whether attorneys
or laymen, should set their faces like flint
against legislation of this character, TO mat
ter how strong may be the pressure and
how urgent may be the plea that 1t Is only
matter limited In Its Importance.
Every year the amount and magnitude of
the business being done by corporations or
ganZed under the laws of Ohio are rapidly
increasing. Under our present laws, cor
porations may he created for any purpose
for which individuals may lawfully associate
themselves, except for carrying on profes.
siOnal business. These artificial persons
cept insurance companies, railroad compa-
nles, building and loan associations and GER
tain banking companies. are practically un,
der no restraint by the State, and make 10
reports to her officers. Large mining, manu-
featuring, commercial and other enterprises
are carried on by and through them. BE-
cause they are created by the State ana
possess certificates bearing the impress oil
her seal, people are led to believe that they
are safer TO do business with and are more
entitled TO credit than are private partner
ships and individuals. In very many cases
they are less worthy of confidence. They
are authorized by the state to do business
before one dollar of the capital stocks has
been paid. This Is an unfortunate condi
tion of affairs. The State, before she gives
mits them to do business, ought to require
that all their capital stock be paid In money
and invested In the business they purpose to
transact. She ought TO make sure or this
fact by reports made to some competent Of
ficer. We should go further and require
these companies to make annual reports to
be filed with and be inspected by the officer
Indicated above. This report should show,
among other things. how much Of the capt.
tai stock has been paid, how the money Is
invested, what the aseStS are, the amount of
linhilttipS and the names OF the StOcknOlu-
ers. In fact, there should be such record
OF every corporation that the people may
know at all times whether 1t Is worthy or
credit and confidence. l believe that with
some such regulations as / have indicated
Ohio corporations would be placed upon
solid financial basis
As a condition precedent to foreign cor
poratlOns doing business In Ohio, the Gen
eral Assembly may make proper regula-
tions for their control. They should be re.
qured to make to the proper officer as com
pete disclosures In regard to their financial
condition and business rs l have suggested
in connection with domestic corporations
Wise regulations will do much toward ward
ing off the evils which 1t Is feared will come
from the very extensive business now being
done by large corporations in this State.
During the last fifteen years many laws
have been enacted In this State calculated
to improve the condition of the laboring
classes. These laws have been OF great
benefit to the people, but are by no means
perfect. There Will undoubtedly be other
legislation of this character proposed this
year, and l trust ana DelleNe I0at III Will
celye at the hands of the General Assembly
the most careful consideration.
1t has been provided that an Ohio centen,
NAL shall be held at Toledo in the near fu.
ture. 1t Is my desire that this celebration
of the Tooth anniversary of the admission
of Ohio into the Union shall be made as
successful as possible. and join with Gov.
Bushnell In asking this General Assembly TO
appropriate the sum of SJ0O00o, to be eA
pei.ded In such manner as may be pre-
scribed by you.
In his last message to the General As
complete history of the patriotic part main
Our National Guard cannot be given too
with which they came to the assistance
of the President when he called for troops
to engage In a foreign war. 1t became the
duty of Gov. Bushnell and those associated
with him to assemble these volunteer sol
diers and to place them In a condition to
enter the service of the United States. III
the discharge of this duty the Governor dis
played most admirable qualities. and for
the patriotic work done by him In the spring
and summer of 1898 he should ever be held
in grateful remembrance by the people of
Ohio. | desire also to publicly thank Gov.
Bushnell for the kindness he has shown in
making my induction into the office Of Gov
ernor the most pleasant possible.
In closing this address, l wish to express
for the people Of Ohio the feryent desire
that in the years to come the public peace
will not be disturbed, the laws will be
obeyed, and their prosperity and happiness
will be promoted.