The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-01-06
HOME RULE TAXES
Coz. Nash, of Ohio, in His An
nual Message
Advocates a New System of
Raising Revenue.
\ BLOW AT TRUSTS.
Holds That State Is RESPONSE
BILE For Behavior
OF the Corporations to Which
1t Grants Charters.

Columbus, O., Jan. 6.-The Ohio legis-
lature convened today in biennial ses-
sion. Both branches elected the Off
GERS nominated at the Republican eau
cuses last Saturday evening.
At noon the annual message of Gov
ernor Nash was read in both the senate
and the house. 1t was noted for its
recommended tions of a new system of
taxation, under which all taxes for
state purposes are to be raised from
corporations, franchises, the liquor traf-
fic, etc, and all direct taxation for
county, municipal or other purposes are
to be left to the counties. 1t is a SyS-
tenn of home rule in local taxes.
He said this about corporations:
During the last two years much has
been said upon the question as to how
to how evils which arise from the
misuse of corporate franchises may lie
minimized, or entirely overcome. Many
have thought that publicity is the only
sure remedy.
Because they are created by the
state and possess certificates bearing
the impress of her seal, people are led
to believe that they are safer to do bus
mess 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
business before one dollar of capital
stock has been paid. This is an un-
fortunate condition of affairs. The
state before she gives these corpora
tions 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 pro
pose to transact. She ought to make
sure of this fact by a report made to
some competent officer We should go
further and require these companies to
make annual reports to be filed with
nd he irS ed nv
port 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 name of the stockholders. In
fact there should be such a record of
every corporation, that the people may
know at all times whether it is worthy
of credit and confidence. believe that
with some such regula tions Ohio COR
porations would be placed upon a solid
financial basis
1.-The publicity which would be given
by such action could not by any possi-
biity injure a really worthy and sound
corporation. 1t would protect the pub
lie against unworthy and failing corpo-
retary of state knows nothing about d
corporation after it leaves his Office
with a charter from the state. He can
not even tell how many of the 10000 or
more corporations chartered by the
state during the last fifty years are now
dead, nor how many are still living. The
state creates the thing, authorizes it 10
do business, sends it out in the cold
and knows nothing about it forever. 1t
is high time that a change should De
made''
The governor recommended that a
change be made in the manner in which
convict labor is at present employed in
Ohio, but said that the change would
involve the expenditure of large sums
of money, and trusted that the legisla-
ture would not embark in such an en-
terprise until satisfied that the public
good requires it and the state could
afford to spend the money.
He called attention to the invitation
extended to Ohio to take part in and
make an exhibit at the St. Louis Louis
lana Purchase exposition, saying it
would be discreditable in Ohio not to be
properly represented.