The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-22
a LESSON FROM TEXAS.

The New York Evening Post Tecen'iF
printed two interesting items Of news
from Texas. One is from Austin ana
says that although the State treasury mas
proiited materially. by the penalties en-
acted, from the brewing companies iof
violation OF the antitrust law, IL WI
lose naturally considerable sum IN az
other way. 1t is understood that 'he
three foreign brewcries which foc1eltso
their permits to do business in Texas WI!
not seek a renewal of their permits, but
Will hereafter do only an interstate pus-
ircss i'll Texas. The State will therefore
lose the revenue from the franchise tax
hitherto paid by these companies we
are further told that Of the seven 60
nestle brewing companies whose CHAR
icrs were forfeited, only two have flled
new charters.
The other item is from Galveston ali'
saws that this has been notable year
for corporate growth in Texas. The mum
her of domestic charters and amendments
thereto flied is 1.33iiSS, the aggregate CAPT
tai represented being s277,oSS.oOo. In 1888
and in 1900 the nunibe. of charters l'ica
averaged about $50 ana the capital rep
resented in each was about S2SoOV'ooo'
The excess is largely due 20 the cSplota-
ton of the oi! fields. but there was an IN
crease in almost all lines OF industry.
This significant statement, however is
added: AN interesting fact disclosed by
The exhibit OF charters filed monthly IS
that the bulk of them were presented
before the fever of trust hunting gre"
intense, After July, the number fell off
about one-half."
Hero is an effect of hostile legislation
TO corporations which we commend to the
attention Of the members Of the Constl-
tlItional Convention of Virginia. Capital
will not naturally seek investment IN
communities where such legislation eS-
lists. As Major James II. Dooley pointed
ont in his admirable speech before the
CORPORATION Committee the other day, It
il; The spirit of such legislation that
scarcs investors. Outsiders naturally
suppose that the laws of any community
are fairly reprcsentive Of the sentiment
OF The community and capital is not apt
TO 70 where it is unwelcome and where
if is ant 10 find antagonism rather than
encouragement
Let US keep constantly in mind the fact
tilat the States OF the Union are now
il. competition with one another and II
the corporation laws OF some States are
liberal and the laws Of other States are
llarsh and exacting it is not hard TO de-
termine which States viii set the great
cst. amount of outside capital seeking in
vcstnlent. We think that one OF the
rrcst serious blows that could be struck
1T the progress and industrial develop
,ncnt of Virginia would be to ensraIt
rpon our organic law any provision which
would indicate q disposition on the part
OF the people OF Virginia to fight cor
rcrations 1t was pointed out by all the
gentlemen who addressed The Corpora
ton Committee last Thursday that p:ac-
tical)y all the development III their seTe-
RI! communities had been through cor
pora5ions.
The corporation IS the embodiment of
the idea OF organization, and organiza-
ton is the handmaiden of civilization.
When We fight the corporate idea. Ne
fight civilization and progress and it is
10 be hoped that Virginia will not take
any such stand as this in an age in which
organization IS the predominant charac-
tcristic.