The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-06
TWO notable
Addresses made
Continued from First Page.)

otherwise directly amenabie to the laws
Of the State regulating the management
Of corporations and imposing penalties
for their violation.
EXACT EQUALITY.
ut should be the legislative policy OF
the State to. encourage the formation OF
domestic corporations under general laws.
placing all the corporations of the Same
class upon q footing OF exact equality.
And tha method OF obtaining a charter
or certificate Of Incorporation should be
simple and inexpensive.
ITO impose heavy tax on the charter
or certificate Of Incorporation at the time
it IS obtained, IS mistake. A Judge OF
the Court OF Appeals of the State of New
York, In thoughtful address on the
Evolution of the Corporation made not
long since refers to the legislative policy
of his State ON this subject. and says
that some years ago a very high tncor-
poration tax was required, the result OF
which was to drive citizens of that State
into neighhoring States to obtain char
ters, under which the corporate business
was transacted in New York Just as ii
the charter had been obtained there.
Thus the State in which the corporate
business was done deprived itself OF a
very valuable source of taxation, and had
to increase the taxes on land and other
subjects to obtain the requisite revenue
lNIRE.ASE -OE KEW u
"Still more recent and more liberal leg
islation upon the subject has created an
increase OF revenue. which will render
the absolute wiping out of general
State tax a possibility of the near ftr-
ture In other words. a large tax mas
driven corporatio from the State and
reduce our revenue, while a small or
liberal tax has kept our corporations at
home, thus reducing the general tax bur
den.
..The piau outlined in our new Constt-
tuition for the taxation of corporate privi-
leSes and franchises upon the taking out
OF the charter or certificate and after
wards. appears to be both reasonable and
wise
II is very important That the capitai
stoclS of a Joint stock company. incorpo-
7ated fo. the transaction OF business of
a private character, should not be too
large. and the statutory regulations Tor
the consolidation of two or more sucn
companies should be definite and strict.
It Is only the great corporations ana az
erecations of corporations that are oan-
serous to- the public interest. Amongst
other evils incident to large corporations
ie that of Watering the stock. The larger
the CAPITAL stock of 4 corporation the
greater is the OPP astuntty and also the
ten ptation to increase.
But to be really valuable they must be
con Instructed and maintained on solid
foundations.
VALUABLE PRIVILEGE
For any number of individuals to be al
Ic,vad RI associate themselves together for
the conduct Of an important business en-
terrrise 1pon capital. large n itself,
but made up of comparatively small con-
tributions from each one, without iahil-
ity beyond the actual input or sum agreed
TO be contributed the profits and losses
f,-- tt,a IyY
ton to the amount of stock held by them
resnectiveiv. is a very valuable privilege
In return for theas privileges, which
are conferred upon the association by
grant or charter constituting 1t 6 corpo-
ration the association owes TO all tEe
peopl, of the state important duties
The business OF a corporation must. of
necessity he managed by a board of di-
rectors CIR other managing body or SIM
liar character
II is essential to their interests that
the MANAGEMENT be conducted with dill
gence and with the utmost honesty anc
fidelity. IN order to insure this the man
aging board and other officials and agents
should be held to a rigid accountability
and in all cases of intentional misconduct
or Of :, serious neglect they. should be VS.
tied with certain punishment.
a minority of the stockholders should
also have the right to compel tbs winding
m of an insolvent or failing corporation,
In no emergency or crisis in politics or
war in which cur proud Old Common
wealth has heen called on to take action
has she ever proved unequal TO the coca
sion. And as class. the lawyers have
heen always conspicuous in UNFOLDING her
hands and in maintaining her homer ard
renown.
ALI. FOR VIRGINIA.
And now in the work of recastinG her
tiDy, TO oI jI1Sr 20 "a
Constitution, which we would fain hope
is to naug7lrate a new era of prosperity
for the State, and especially in the work
of providing more reliable and efficient
agencies and Observation-Disclosures for the de-
veioprient Of the material interests of the
State and for enabling her to make the
most out of present industrial conditions
aud commercial methods. are the lawyers
20 be laggards? On the contrary. judg-
ing the future by the past, may they not
be relied on to lead the new departure.
both in the halls of legislation and out
side of ther2 In order for us to lead the
State into the highways of prosperity.
modern Industrial methods must be pro-,
vided by law and must be put into active
operation Let our motto be: "All for
Virginia."
The Hebrew psalmist. in contemplating
Jerusalem the center alike of the poiit-
zeal and religious life of his people, gave
utterance to the overlooking fullness of
his heart when he cried out:
If forget thee. o Jerusalem. let my
right hand forget her cunning.
II do not remember thee. let my
tongue cleave to the roof of my mouth.
if I prefer not Jerusalem above my chief
joy
I am sure there is no son of our dear
cid mother Virginia. here present who
cannot apply these words to her with all
the loving admiration and patriotic fe-vnr
which animated tine psalmist when he
spoke them OF Jerusalem
THE ARRIVALS
The arrivals last night and to-day have
been: Hon. John D. Horseley. Mrs. John
D, Horselew. Mr.. and Mrs. Frank p
Christian, L -nchburg: A. w. Patterson
James Lewis Anderson. Daniel Grinnan
Mr.. and Mrs. Ben. r. CrumpS Governor A.
]. Montague. S. S. 2. Patteson. a. w
Patterson. ]. G. Pollard. John c. Win
ston, Lieutenant-Gove joseph E. VIII
lard. Richmond: T. NJ. Haas. John 8. Har-
ris. Harrisonburg; Mr.. and Mrs. E. Will
h,,r TackSon WaShiupton@ n