The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-20
SHOULD NOT BE
IN ORGANIC Law
Able Speeches Against
Corporation Ordinance
KEEP CAPITAL OUT
Fact That Investors Would Not CONS
Emphasized.
WOULD HURT OUR OWN PEOPLE
Outsiders Gould Withdraw Their Money,
but virginlans Would Have to Suffer.
Instances Where Great Harm Wouid
Result-Prominen Men from
All Sections at the
Meeting.
WOULD HURT OUR OWN PEOPLE

Committee OF the Constitutional Conver-
preme Court of Appeals yesterday af-
ternoon and was largely attended By
representative business men from many
sections of the State.
There was scarcely standing room iu
the chamber, so great was the interest
manifested in the arguments 10 be made
before tho committee in opposition to
the proposed ordinance on corporations
to be Incorporated in the Constitution
Bankers, manufacturers. railroad and
other corporation attorneys, delegates
from city boards of trade. Industrial and
development interests, merchants ana
brokers, apitaiStS-these constituted a
large proportion of those present The
wealth. energy. enterprise, capital ana
progressive clement of Virginia to the
amount OF millions of dollars, and in
cornputa ule in extent of experience and
practical knowledge of the laws OF trade
and finance, were represented in the
earnest throug of conservative business
men.
Arguments were made by Messrs.
James II, Dooley and John Z. Branch, OF
Richmond; Walter Taylor. of Norfo!k;
Charles Hall Davis. OF Petersburg; ar
thur a. Phlegar, Of Christiansburg, and
J. D. HorsefS, of LEHchhurg.
MAJOR DOOLEYtS SPEECH.
Major Dooley, q member of the Board
Of Directors of the Seaooard Air Line,
and one OF the most widely KNOWN tlnan-
ciers, of Richmond, raade the leading
speech. He discussed ctlch OF the twelve
sections relating to the corporation COM
mission and its jlIrisdiction over corpora
tions generally. as distinguished from
railroad supervision and control. He
took the position that it was unsafe 10
engraft any legislative acts into a Con-
stitution for the reason that all Such
were experimental and II preJudiced 10
the States best interests. as shown oS
experience. the damage could not be re-
medied without an expensive ana long
DELAYED process of calling another con-
yentior. He proceeded to- show how tha
various provisions proposed by the COM
u,ttee anc, honestly intended to help
corporations, as well as the State. Woutd
oDerate in actual practice. lie SaEe
many illustrations of the developments
and organization OF great INDUSTRIES iti
the State. the manner OF securing eap'-
raj from financial CentcrS TO back tio
initial enterprise. and the absolute neces-
sity of being able to guarantee 1feedotl1
from oppressive laws to secure even at'
tentfon from those sources. tte Sho"eh
how the strengthened provisions OF 'h'
proposed ordinance would not oi!ly pi1
vent the formation of great corporations
bv home capital in the future nut "oui'A
endauger the successful operation OIL thoae
already established; would cause eaplsai
10 leave the State and put q STOP 10 ei''
enourag gIug influx OF forelsu investments"
and loans now coming into virginia
| WITH APPREHENSION AND AI--hfSst-
| Colonel TAYLOR, president of the Marine
| Bank of Norfolk, said that business nisu
| generally viewed with apprehension di'0
| oIarm the proposed ordinance on cor
| rorations Not only wars its PROVISIONS
| dangerous even for q Legislature 10
| consider, but to place them III the Sot'-
| stitutioIl, that probably cotli' h'iI
| changed. in twenty-five years. welisd
rrovs disastrous. Constitutions. he said.
should he brief and concise. dealing oriy
with general, fundamental principles.
unon which the Legislature should ns
! left free to build such laws as tie con-
| ditious and needs of tbs. people requlrco
| from time to time. The present Solsstt-
! tuition had not d word about corpora
! tjone and the legislature had shown isA
| capacity and desire to regulate as "stt
| IS develope all legitimate enterprises
| and 70 foster the industries once set pAt
| foot. He said corporations had been tho
|
| of Vircinio since the war, referring I"
! the greet enterprises particularly "rouhh
| Norfolk, which could never nave oesI'
launched and carried 10 q successful! corl-
| cJ1sion If the proposed ordinance mad
| heer even on the statute book, mtich ieSs
| in tho Constitution No other State had
| s,tam,tad to place such stringent laws
in the Constitution. the idea BENG 10
create corporations under generai laws.
| tr+ RI govern and control them through
| tho legislature He said nothing on
earth was as timid as capital. anC Il
wouII simply be impossible to attract
| ,oreipn CAPITAL TO Virginia either Tor
loans or investment liz corporate enter
-r;ses II the proposed ordinance Was
| placed in the organic law.
WOULD STOP INVESTMENTS.
Mr.. C. II. Dovis, president OF me Bust
ness Mems Association Of Petsrspt.rS.
! discussed proposed investments IN tn.lc
| city that would be entirely stopped Il
| ,ha PROPOSITIONS of the committee Wefc
/ eJopteG The recognition alone il the Cen
/ stitution il the power OF the Lasisiaturs
| to discriminate against foreign capital
| would efIectualIy drive it from the STATE
| .4r.d destroy hope OF Inducing more TO
/ come
! Judge Horsely. of ayncilburs. ssfe1nes,
! for several corporations. s$s!a INA. see
I ton tg:o. giving the Corporation Conf
| mission the power 10 say "nat was stas
| value OF the: propc sed stock ci Coz
| -,or,tior and the amount OF bonds TO b.
! issued consned strictly To the ratio af
! fy.o tn one, was rot only giving te;fs
! body autocratic power, ,hstt was rsfiti'r-
! irc men Ut sf.a6n wear salary 70 sfo
! what no man had yet hecia able to CO.
! It was utterly impossible ter values 10
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