Evening star., 1902-01-06
Gov. Nash Makes Strong Reoommen-
dations as to Corporations.
STATE SHOULD SUPERVISE THEM
Public Interest Demands Publicity
as to Their Affairs.
LEGISLATURE ORG NIZES

COLUMBUS, Ohio. January 6.-The Ohio
legislature convened at 10 am. today in
biennial session. Both branches elected
the officers nominated at the republican
caucuses last Saturday evening. The fore
noon was spent in the usual routine OF
drawing seats, taking the oath of office &c.
The quiet proceedings in balloting for
presiding officers clerks and sergeant-at-
arms, &c, was in marked contrast from the
exciting scenes of the past week in the con-
test between the Foraker and the Hanna
republicans for the control of the organiza-
tion of both branches of the general assem-
bly,.
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 respec-
tive full party votes and there was no in
dication of bOlting even of disaffection.
AT noon the annual message of Gov. Nash
was read In both the senate and the house
1t was noted for its recommendations of a
new system of taxation under which all
taxes for state purposes are to be raised
from corporations, franchises the liquor
traffic, &c, and all direct taxation for
county, municipal or other purposes is to
be left 10 the counties. 1t is a system OF
home rule in local taxes.
Question of Taxing Corporations.
sage says: During the last two years
much has been said upon the question as to
how corporations should be regulated and
as to how evils which arise from the misuse
OF corporate franchises may be minimized
or entirely overcome. Many have thought
that publicity is the only sure remedy.
Because they are created by the state
end possess certificates bearing the impress
OF her seal. people are led 10 believe that
they are safer to do business with and are
more entitled TO credit, than are private
partnerships and individuals. In Very many
cases they are less worthy of confidence
They are authorized by the state to do bus
mess before one dollar of capital stock has
been paid This is an unfortunate condition
OF affairs The state. before she gives these
corporations her 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.
report made to some competent officer. We
should go further, and require these COM
panies TO make annual reports, to be fled
with and be inspected by this officer. This
report should snow. among other things how
much of the capital stock has been paid
now the money is invested, what the assets
are. the amount OF liabilities and the names
OF the stockholders. In fact, there should
be such record of every corporation that
the people may know at all times whether
II IS worthy of credit and confidence L be-
poratlo1s would be placed upon solid
financial basis.
Deserving Concerns Would Not BE
Hurt.
The publicity which would be given by
such action could not by any possibility
injure really worthy and sound corpora
tion. 1t would protect the public against
unworthy and falling corporations As mat
tiers now stand, the secretary of state
knows nothing about a corporation after
II leaves his office with d charter from the
state.
lie cannot even tell how many of the
4OoOo or more corporations chartered by
the state during the last fifty wears are
now dead, nor how many are still living
The state creates the thing authorizes If
TO do business, sends it out in the cold, and
KNOWS nothing more about il forever IT
Is high time that change should be
made
1he governor recommended thar a
change be made in the way in which con-
Elct labor is at present employed in Ohio
pht SAID that the change would involve the
expenditure of large sums of money and
trusted the legislature would not embark
In such an enterprise until satisfied that
the public good requires it and the state
could afford to spend the money. He
called attention to the invitation extended
10 ONO to take part in and make an ex-
hlDlt at the St. Louis Louisiana purchase
exposition. saying ii would be discredit-
able TO Ohio not to be properly represented