The Van Buren press., 1902-01-11
MASH ON CORPORATIONS.
The Governor Of Ohio Gives HIS
Views on Corporations In His
Annual Message.
THEIR AFFAIRS SHOULD ALL Be PUBLIC
Publicity Would Not Injure n he"ii'
wor,bv and sound Corporation.
and Would Protect the f""'''
Against Unworthy and FaiiihS
Corporations.


islature convened in biennial session.
Both branches elected the ofhcers
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. IL
was noted for it's recommendations 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 d.
rect taxation for county, municipal
or other purposes are to be left to
the counties. 1t is system OF home
rule in local taxes. Gov Nash has
this TO say about corporations:
During the last two years much
has been said on the Question as to
how corporations should be regulat-
ed and as to how evils which arise
from the misuse of corporatin fran
chises may be minimized 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 to believe that they are safer
TO do business with and are more en-
titled to recognition than are part
nerships and individuals. In very
many cases they are less worthy OF
confidence. They 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 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
They ought to make sure of this fact
by report made to some competent
officer. We should go further and re-
uuire these companies to make an
nual reports, to be fled with and be
inspected by this Office. This report
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 a record of every corporation
that the people may know at all
times whether il Is worthy of credit
and confidence. / believe with some
such regulations, Ohio corporations
would be placed upon solid financial
basis.
"rhe publicity which would be Civ
EN- by such action could not, by any
possibility, injure really worthy and
sound corporation. 1t would protect
the public against unworthy and fail
Ing corporations. AS matters now
stand, the secretary of state knows
nothing about corporation after II
leaves his Office with a charter from
the state He can not even tell how
many Of the 10000 or more corpora
tions chartered by the state during
the last so years are now dead, nol
how many are still living. The state
creates the thing, authorizes it to dc
business, sends IL out in the cold, and
knows nothing more about 1t forever
1t is high time that change should
be made
The governor called attention &c
the invitation extended TO Ohio tC
take part in and make an exhibit NJ
the St. Louis Louisiana Purchase cx'
position, saying II would be discredit'
able to Ohio not to bo properly rep
resented.