Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-03-21

MAINE LEGISLATURE.
Continued from page 81
aIRE

pubilc IL Il limit were eStaDl1SneQ ana
a definite bonus We're provided and set
apart by statute for promoters, than
that they should secure the lions share
as is too often the case under the
present law.
Ouas-public corporations are created
by the people. They perform a public
service 4 service that the State might
properly perform for itself Where then
can we find any reason or excuse for
misleading the public in the issuing of
stocks and bonds. an act that would
be a lasting disgrace if done by the
State itself?
These corporations should never be
permitted to do what the State itself
could not do with propriety. They are
under obligations to the people for
their existence and support. and the
people are certainly entitled to eff
Gent service at the lowest rates con-
sistent with a fair profit. Are they
getting those rates? They do not know
nor is there any way of finding out
under the present law.
1t is an astonishing fact that one
fifth of the wealth of this country is
invested in railroad securities. In this
State during the past year the hold
our savings banks alone. have in
creased by more than $4,000, 900. More
than ever before. then. does the safety
Of such investments become a matter
of vital Importance to the $4,000 peo-
nile of our State. who have funds in our
savings banks. more than ever before
does it effect the State itself which
looks TO these same savings banks for
s450O00 of its annual revenue. The
very law that permits quasi public
corporations to place their stock and
bonds on the market should reveal to
the Would-be purchaser of the same
the actual value thereby represented.
We have long recognized the wisdom
of the law providing for the eXamina-
ton and publicity of the affairs of
banks and insurance companies. 1t
was not the purpose of this bill to turn
the search light of publicity upon the
affairs Of quasi public corporations,
only so far rs relates to future trans
actions. 1t is not surprising that they
object to an expose of their past rec
ord If the rule publicity should be
applied the people of the State would
hold up their hands in holy horror at
permitted upon their own resources by
the disqualification of these cor
poratOns.
Enact this measure into law and /
will provide for that degree of publ
city which viii afford the people flu
ture protection and will make impossi-
bic the greatest evil incident TO trust
and monopolies. 1t is time, even in
ba nf Maine that investors
should know something of the actual
assets of the corporations whose stocks
and bonds are offered in the markets.
1t is time that the people who pay
tribute to these corporations should
know how great that tribute must be
in order to return a fair profit on the
capital invested. 1t is time that leg
islatures should better understand the
real conditions of these corporations
that they may placesthereon their just
and equitable portion of taxation.
1t may be urged that the people are
not asking for such a law-that there
are no demands or petitions for such
protection. | answer that it hasn't
been generally discussed and the peo
pie know but little about its provisions
l feel, however, that there is asdemand
for legislation of this nature. that
there is a very strong sentiment I'm
favor of just such restriction upon our
great corporations as this bill pro-
yides. Very few with whom l have
spoken concerning it have denied but
that it was just and right, and that
some time it should be enacted into
law. I am pleased to say. too. that
many of the strongest and best men,
all over the State, have given the prin-
ciple and the substance of the meas
ure their hearty approval.
There is another reason, too, why
such a law should at once be put up
' on our statutes. For the past year or
two, the platform of every political
party in the State or the nation mas
emphatically declared against the evils
of trusts and monOpolies. Here, then,
is an evil-and the greatest evil in
cldent to these great corporations
that may be corrected. 1t is growing
evil. growing in frequency, growing IN
amount. growing in the adherence
with which it is regarded by the pub
lie. VIII the Legislature of Maine
stand by the principles of those plat
forms and declare. by the passage of a
corrective measure like this. that those
platforms We're not myths-Were not
illusions-were not symbols of fragrant
hypocrisy?
Mr. President, l fully appreciate
the difficulty of getting legislation of
this nature past the watchful attor-
neys of the corporations. Already a
bill is well on it's way, making even
more liberal our corporation laws.
Some day, however as suggested yes
terday. by the senator from Somerset
some day. the people will awake from
their lethargy, will demand and will
receive justice, even at the hands of a
Maine Legislature.
Mr.. Staples of Knox also spoke in favor
of the acceptance of the report.
Mr.. White of Androscoggin said that ht
desired to make a personal explanation
inasmuch as he did not find himself il
harmony with the committee before W ale:
the matter was considered, but instead o
filing a minority report he had reserved
to himself the right if he saw fit to ex
plain his position.
Mr.. Burleigh of AroostoOk stated tina
if the proposed bill had been in force a