The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-25
PASSED BY THE HOUSE
SENATOR FORAKER's PORTO RICO
EMERGENCY RESOLUTION,
With the Committee Amendments
Placing Restrictions on the
Granting Of Franchises.

WASHINGTON. April 24.-The House to-
day. Mr.. Hill. of Connecticut. alone OBJ
jecting, adopted the Foraker emergency
resolution TO continue the present officers in
Porto Rico in office until the appropriations
are made under the civil government act
as amended by the committee on insular
affairs. The amendments require that all
franchises shall be approved by the Presi-
dent before they become operative and
place certain restrictions on chartered cor
porations. such as the issuing of stock or
bonds. except for cash. and inhibiting real
estate corporations or the holding of real
estate by corporations. except such as is
necessary to carry out the purposes for
which they are created.
After the speaker had overruled Mr..
Hills point of order Mr. Cooper took the
floor i'm support of the amended resolution.
He explained that the amendments were
to correct serious and patent defects in
the civil government law These defects,
he said, had attracted the attention of the
country and the press. Under the act the
Governor and the Council would have sole
control over franchises. He read edi-
torial from New York Republican news
paper severely condemning the failure OF
Congress to safeguard franchises and con-
tending that the duty to correct the mis-
take clear. The editorial INDUCED in
some vigorous remarks about the influence
of corporations, which he read with great
emphasis, looking the while at Mr. Hill.
Mr.. Cooper said the proposition to give TO a
council of eleven appointed by the Presi-
dent, only five of whom may be residents
of Porto Rico, the absolute disposition OF
the property rights of the island was
against all public policy. The franchises
to be granted were TO be the most valuable
property in the island in the future Mr..
Cooper dwelt upon the necessity OF re-
straining corporations and of regulating
them by prohibiting them from issuing
stock or bonds. except for cash.
Mr. Hill said he was opposed to the two
amendments, the first on political and the
second on economic grounds. IL would be
far safer and better. he thought to leave
this subject TO the people OF Porto Rico
and the able officers who would be sent
there by the President. Mr.. Hill declared
that he had no interest. past, present or
remote, in any enterprise in Porto Rico.
He had been there and HAD seen all ne
desired to see. Mr.. Hill thought the amend
ment which would prohibit banks of issue
in the island was too drastic the span
ish bank now enjoyed that privilege. Per-
haps IL should be taken away. but IL should
be done by adjustment, not by law Mr..
Hill denounced the senseless insinuations
against corporations desiring TO do business
Mr. Cooper, in closing the debate, said
that one of the Republican members OF his
committee had informed him that he had
been approached by a capitalist, VINO had
stated that a company was being formed
to buy up all the mortgage on the island
The amended resolution was agreed 10
without division. and the House then re-
sumed consideration of the postoffice APP
preparation bill. About twenty pages or
the bill were disposed of, the only substan-
tial amendment adopted being one TO give
extra compensation to letter carriers VINO
work in excess Of forty-eight hours week.