The Scranton chronicle. (Scranton, Miss.) 1897-19??, 1902-01-11
NASH ON CORPORATIONS.
The Governor of Ohio Gives His
Views on Corporations In His
Annual Message.
THEIR AFFAIRS SHOULD ALL Be PUBLIC.
PubIicIt, Would Not InJurc HeaIIY
worthy aud sound Corporation,
and Would Protect the Public
Against Unworthy and Failing
Corporations.

Columbus. O.. Jan 6.-The Ohio leg
Both branches elected the officers
nominated at the republican caucus
Saturday evening. At noon the an-
nual message of Gov. Nash was read
in both the senate and the house. II
was noted for its recommendation ef
a new system OF taxation, under
which all tnNes for state purposes are
to be raised from corporations. fran.
chises. the liquor traffic. etc, and di-
rect taxation for county municipal
or other purposes are to be left 10
the counties 1t is "a system of home
rule IN local taxes. GOV. Nash has
this 10 say about corporations:
During the last two years much
has been said on the question as to
how corporations should be regulat-
ed and rs 10 how evils which arise
from the misuse of corporatin fran.
chises may be mintmi1ed or entirely
overcome. Many have thought that
publicity Is the only sure remedy.
Because they are created BY the
state. and POSSESS certificates bear
! ing the impress of her seal people
are led IL believe that they are suffer
10 do business with and are more en-
titled to recognition than are part
nerships and individuals. In very
many eases they are less worthy Of
confidence. They are authorized by
the state 10 do business 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
90 require TINT all their capital stock
be paid in money and invested in the
business they propose to transact
They ought TO make sure Of this fact
by report made TO some competent
officer. We should go further and re
quire these companies to make an
nual reports, TO be filed with and bi
inspected by this Office. This repor
should show, among other things
how much of the capital stock hni
been paid, how the money is invested
what the assets are, the amount u
liabilities and the names Of the stock
holders. In fact, there should b.
such record of every corporation
that the people may know at al
times whether il is worthy of credi
and confidence. believe with som,
such regulations, Ohio corporations
would be placed upon a solid finaneia
basis.
The publicity which would he Civ
en- by such action could not, by ans
possibility. iniure really worthy and
sound corporation. IL would protect
the public against unworthy and fail
ing corporations. As matters now
stand. the secretary of state lxnows
nothing about "A corporation after il
leaves his Office with charter from
the state. lie can not even tell hoH
many of the 10000 or more corpora
tions chartered by the state during
the last so years are now dead, noI
how many are still living. The state
creates the thing, authorizes it 10 dc
business, sends il out in the cold. and
knows nothing more about If forever
1t is high time that a change should
be made"
The governor called attention II
the invitation extended to Ohio to
take part in and make an exhibit al
the St Louis Louisiana Purchase ex
position. saying it would be discredit
able to Ohio not to be properly rep
resenfed