The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1902-01-16
OHIO SOLONS. MEET.
LEGISLATURE CONvENES IN Bl.
ENNIAL SESSION.
Hanna Men Control the House, While
Foraker Forces Rule the senate
Gov. Nash Favors Tax Reform and
Better Laws Agaiust Corporations.

Columbus correspondence:
The Ohio Legislature convened Monday
| IN biennial session. Both branches elect
ed the officers nominated at the Republi-
:an caucuses Saturday evening. McKin-
non being Speaker of the House and Ar
cher president pro TEN. of the Senate
Ihe forenoon was spent in the usual
routine Of drawing seats. taking the oath
of office. etc. The quiet proceedings in
balloting for presiding officers. clerks and
sergeant-at-arms, etc, were in marked
contrast to the exciting scenes of the
week in the contest between the Foraker
and the Hanna men for the control of the
organization of both branches of the Gen
eral Assembly.
Notwithstanding the talk of fusion with
the minorities. the Foraker candidates in
the Senate and the Hanna candidates in
the House were elected with their re-
spective full party votes. and there was
no indication of bolting or even of dis
affection.
AT noon the annual message of Gov.
Nash was read in both the Senate and the
House. 1t was noted for its recommended
tiOns Of new system of taxation under
which all taxes for State purposes are
to be raised from corporations, fran
chises, the liquor traffic, etc, and all di-
rect taxation for county. municipal or
other purposes is to be left to the coun-
ties. 1t is system of home rule in
local taxes.
The Governor recommended that a
change be made in the way in which
Io hnr 10 A..
the change would involve the expendi-
ture Of large sums, and trusted the Legis-
lature would not embark in such an en-
terprise before satisfied that the public
good requires it and the State can afford
to spend the money. He called atten-
tion to the invitation to Ohio to take
part in and make an exhibit at the Louis
lana Purchase Exposition. saying it
would be discreditable to Ohio not to be
properly represented.
Recommends Publicity.
Gov. Nash said this about corporations
During the last two years much has
been said upon how corporations should
be regulated and how evils which arise
from the misuse of corporate franchises
may he minimized, or overcome entirely.
Many have thought that publicity is the
only sure remedy. Because they are ere
ated by the State and possess certificates
bearing the impress of her seal people
are led to believe that corporations are
safer to do business with and are better
entitled to credit than are private part
nerships and individuals. In many cases
they are less worthy of confidence.
Corporations are authorized by the
State to do business before one dollar
Of capital stock has been paid This is
an unfortunate condition of affairs.
The State, before it gives these cor
pOratiOns its approval, and permits
them to do business, ought to require
that all their capital stock be paid in
money and invested in the business they
propose to transact. 1t ought to make
sure of this fact by a report made to a
competent officer.
'We should go farther and require
these companies to make annual reports,
to be filed with and be inspected by this
officer. These reports should show, among
other things, how much of the capital
stock has been paid, how the money is
invested, what the assets are, the amount
Of liabilities and the names of the stock
holders. In fact. there should be such
record of every corporation that the
people may know at all times whether
it is worthy of credit and confidence. l
believe with some such regulations Ohio
corporations would be placed upon solid
financial basis.
''The publicity which would be given
by such action could not by any possi-
bility injure really worthy and sound
corporation. 1t would protect the public
against unworthy and failing corpora
tion. As matters stand, the Secretary of
State knows nothing about corporation
after it leaves his office with a charter
from the State He cannot even tell how
many Of the 10000 or more corporations
chartered by the State during the last
fifty years are dead, or how many are
still living. The State creates the thing,
authorizes it to do business, sends it out
in the cold, and knows nothing more
about it forever"