The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-09-21

borne it's full share, and part of the bur-
dens that should have fallen elsewhere.
Our citizenship is conservative but
progressive; we invite capital; our laws
are just and favorable; the courts are
impartial; the press is friendly, and each
part of the State is vieing with the other
in extending hospitality to investment,
The eagnerness with which our people
welcome capital. giving building sites,
rights of way voting bonds, subscribing
to bonds and offering other inducements
to corporations is an eloquent denial of
the too hippant charge that we would
repel capital and impose upon corpora
tons In instances where hostility is
shown the corporation itself is to blame
The policy of the Democratic party is
to give capital absolute protection, but
let it understand that it comes to foster
not to destroy.
While we make every effort to promote
industrial growth and attract investment
to develop our resources, yet, should a
corporation disregard the peoples
rights and our States welfare We
then would curb their greed and check
their rapacity for we swear eternal hos
tility to those monopolies and unrighte-
Gus combinations, unrestrained by moral
or civil law, and protected by high Re-
publican tariff, which rob the people OF
the profits of their labor
In view of the misunderstanding and
Misrepresentation in certain quarters OF
our present corporation law l will briefly
mention some of its most important fea-
lures.
The last Legislature revised the cor
poration laws of North Carolina and to-
day we have one of the most satisfactory
corporation codes in the Union; this fact
is recognized by other States, the Secre-
tary of State having frequent calls from
many States for copies of this law which
is highly commended for its liberality,
its justice and comprehensiveness
The purpose of this law is to properly
regulate corporations, allowing them the
largest liberty, but at the same time
providing such safe guards as the public
welfare may require.
Under this law the organization taxes
are the same as paid by corporations in
the State of New Jersey, which State it
is believed is not unfriendly to corpora
tons
Under our old laws there was an organ
| ization tax of twenty-five dollars paid TO
the Clerk of the Court of the county
where the corporation was formed. re-
gardless of the amount of the capitaliza-
| ton of the company. Now there is
| charged tax of twenty cents for each
one thousand dollars of capital stock au-
thorized, but in no case is the tax less
than twenty-five dollars. This prevents
! fictitious capitalization as was often the
case under the old system. Benevolent,
| religious, educational or charitable asso-
Citations or companies without capital
| stock are relieved from this tax.
! All companies are now required to
make annual reports showing the names
/ of directors and officers, agent upon
whom process can be served, place OF
/ business, character of business, author
| lied capital amount of capital stock &C
tually issued, and whether paid in cash
or property. This cannot be objected to
by solvent corporations, is protection
(, against fraud or imposition and supplies
a source of information to those persons
! who have a right to know and which
knowledge could not be obtained under
| the old system. These reports are the