The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-07-02

doie VI any YET neld. The addresses, all
delivered by men of extraordinary abli-
1ty and culture, have been of an un-
usually high degree of ability. power
and force, showing thought, study and
research and perfect knowledge of the
subjects discussed. The time a pass
ed very pleasantly to the members and
n occasion has been of vast benefit
to them, both socially and profession
ally.
Wilmington has deeply appreciated
the honor Of entertaining the distin-
guished visitors, and their being here
mas proved a source Of great pleasure
to all and it is very sincerely hoped
that the Bar Association will again
meet with us.
Yesterday mornings session was call
ed to order at 10 o'clock by President
Stedman.
snort business session was held and
then the president introduced Hon.
James II. Pou. of the Raleigh Bar, who
delivered the following address,:
ADDRESS OF J.. H. POU.
L desire to call your attention to two
tendencies which seem to be growing
IN our tax laws which, in my opinion
threaten the future prosperity of the
state.
The first Of these is the manner of
taxing private corporations.
The development OF the state de-
Ponds upon hardly any one agency so
much as upon its private corporations
1t is probable that our state has no
such great commercial future as some
OF her sister states. The construction
OF the great lines OF transportation has
created trade centers beyond our bord-
ers. and there is no early prospect
that those lines Of transportation will
De changed to our advantage. In agri-
culture, we are at a DISADVANTAGE in
competing with either the northwest or
n far south. They have natural ad-
vantageS over US which are difficult to
overcome. There is no prospect that
our state VIII in the near future become
pre-eminently great, either in
or in agriculture.
But there remains one department OF
business N which we need fear no riv-
airy and from which we cannot be
driven except by our own acts. This
department is an industrial one. 1t is
in the conversion of the raw material,
particularly cotton and wood. into fin
ished products. In this department we
49, -~N AAS "ON
ment has been almost entirely through
the medium of private corporations. 1t
is, in fact, impracticable in any other way
The amount OF capital required is be-
yond the ability of many single indi-
viduals to furnish; and a partnership,
embracing even a very few emberS
is impracticable. The continuance OF
the business would depend upon the
continued living of all the members:
and the partnership might be dissolved
in many other ways than by death.
Besides this. few men of fortune would
be willing to risk their solvency and
their estate in a venture, as would be
necessary in a partnership, but they are
willing to risk a limited sum as stock
in a corporation. No great business
could be run with no greater certainty
OF its continuance than would be fur
nished by a partnership. The vehicle.
by which modern business must be
conducted and by which manufacturing
must especially be conducted, is that or
the private corporation. In this way
the savings of a large number Of people
are combined into a working capital
of great power whereas divided these
sums would be impOtent. When once
formed. it is no longer dependant upon
the lives of the stockholders or upon
the whims of the wners The dissat-
isfed stakeholder may sell his stock,
but he cannot dissolve the business.
I'VE may Law down these PROPOSE
tons: First. North Cardinals future
greatness will be an industrial one
secc I'D. it will be worked out principal
ly by means of private corporations;
third. that greatness will be promoted
or retarded in proportion as the state
deals kindly or harshly with private
corporations
THAI prosperity may be not only de-
layed. but it is possible for harsh and
unjust legislation to destroy it. Even
i'm the industries mentioned. while our
state is favorably situate. it has by no
means a monopoly. Other states haVe
welI-nigh all the advantages in that
field which we possess: and we are not
in q position to dictate, even II we
would. harsh terms to those whom we
invite to assist in creating these IN
dustries. Harsh OF oppressive leSlSla-
ton would be considered notice to men
engaged in these industries that they
had better locate their mills IN othei
states.
Il have seen recently. a tendency u
discriminate against the private cor.
poration. I desire to speak a wore
against that discrimination L am no
here to defend public corporations, sucr
as railroads, nor municipal corpora
tons, such as street cars n water
works. They exercise the power o.
oIlllCHI OILld AIN ~
the functions of government. They
have received something of benefit from
the state and occupy a position dlffer'
ent from the private corporation.
Il shall speak of the corporation
which receive nothing from the state
except a charter. granting them tn
privilege to do. in a corporate capacity
such acts as any citizen may perform
without charter. This class of corpor
ations neither exercises any franchise
nor does their business give them {
legal or practical monopoly. l submit
that, being the means of efectlng niue
good for the state and being capapi
of working no mischief, enjoying no ex
elusive privilege and exercising no rlgh
any citizen cannot exercise. there is III
justification for taxing its property %.
any other rule than that by Whlch III
property of the citizen is taxed, excep
the charter tax and a reasonable an
nuaI tax to cover cost Of supervision
ETC..
80 s1r0o dc M .