The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-03-07
.OLIPHANT
RECALLS A
HOUSE BILL
Discovery Made That It Or
ganizes a Real Trust
IT PASSED UNANIMOUSLY
Interesting Document Read
Before the House.

Guthrie, o. T., March Representative
Olpbant today introduced a resolution
recalling from the council House BIZ No.
167, whira passed the house in the early
days Of the session The bill provides
for the organization Of a trust company
and 50 innocent did it APPEAR on its face
that it slipped through the house without
debate and by a unanimous vote Re
Gently attention has been called to alleged
Objectionable provisions Of the bill, hence
the demand for its recall. Under the rules
! Oliphants resolution was laid over. The
attention Of the members was re-drected
/ to the bill by the following communica-
I ton:
! House bill No. 1877 should not be per-
I mitted to become a law in this territory
/ it provides for a trust OF greater pow
ers, more far-reaching and varied Ian
those of the Standard Oil company. I'm
der this bill single corporation is au-
thorized 10 engage in any and all bust
ness carried on in the territory, except
cultivation Of the soil, mercantile busi-
ness, manufacturing and rairoading.
Tt is permitted to do a banking bust
ness, receive money on deposit, paying
I interest therefor, loaning it out and re-
ceiying interest therefor; doing gen
eral loan business upon both real and
chatJel security: permitted to engage in
the insurance business; to act as d guar
anty company, making bonds for all nlI-
nicipal officers, for all persons occupy
ing positions Of trust, all bonds required
in legal proceedings. to act az trustee,
to act as agent for idiots, insane persons.
married women. and common drunkaIds;
to act as receivers, executors, admins
traitors and guardians; buy and sell
bonds and warrants Of this territory ana
of any state in the union; TO do an alb
stract business. and in connection
herewith to guarantee titles and to en-
sage in many other branches of business
too numerous to mention herein
With all these powers it proposes that
no corporation shall be organized under
this bill when it becomes "A law with less
than two hundred thousand capital, one
hundred thousand of which must be paid
in before commencing business. This
provision effectualy bars the organiza-
ton of local corporations In the terri
tory for the purpose of competing with
tais gigantic trust in any Of the branch
es of business enumerated I'm this Lii.
to secure a capital stock OF two hundred
thousand dollars, one hundred thousand
paid in, It is apparent, Therefore, that
this bin is intended to become a great
monopoly, mouODoiizlng AL the business
Ina all the numerous branches mentioned
i'm this act, to the exclusion Of the or
ganization of all other corporations of
like character.
1t has been argued that It is a good
-. -. Ill
capital into the territory. It might bring
into the territory subscriptions of for
eign capital sufficient 10 create a cor
porati0n under this law but the or
ganization of one such trust as this
biz contemplates wou d effectually bar
all other corporations Of like character
from coming into this territory, and 1T
must be understood that though a cor
porstion with two hundred thousand dol
lars capital stock may be organized IN
der this bill, that the capital stock would
be owned by nonresident individuals and
foreign corporations, and the only prop
ertv belonging to this gigantic trust that
would exist in the territory for purposes
of taxation would be their office furni-
tire. including their safe, etc, amount
ing to a few hundred dollars.
Whereas If the passage Of this bin
is defeated and local corporations are
permitted 10 organize IN TINS territory
with capital stock owned by persons re-
siding in the territory. all OF the capital
stock Of said local corporations VIII be
here in the territory for the purposes of
assessment and taxation It VIII there
fore be seen that ell the talk e0out this
bill bringing foreign capital into the ter
rftory is delusive and deceptive, and that
the only purpose of the bill is to create
a trust with foreign nonresident capital
that cannot be taxed here for any pur-
pose to do all the business Of the terri
tory. and thus create a great monopoly, /
preventing any competition in any o. the
branches of business enumerated in this
bill
No person Who does not believe in the
Organization of gigantic trusts which
would drive out OF existence Az cOmpeti-
ton in the business in which such trus
are engaged. should for moment think
Of voting for The passage az this bill Ii
IS the most complex. destructive and
vicious piece OF legislation that was ever
offered in the territory Of OSla h0ma
In addition to all the vicious features I
on this bin mentioned above. Tn re IS
nothing ir this bin guaranteeing the
public against frauds to be committed
10y this gigantic corporation In one place
the bin provides that IL shall be sub (
ject to an examination bv the bank sx-
eminer Of the territory. but Il carefully +