The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-01-01
A Lesson From Texas.

The New York Evening Post recent
ly printed two interesting items Of
news from Texas. One is from Austin
and says that although the State treas
ury has profted materially, by the
penalties enacted, from the brewing
companies for vioalt;on of the anti
trust law, it will lose naturally a con-
siderable sum in another way. It is
understood that the three foreign
breweries which forfeited their per-
mits to do business IN Texas will not
seek a renewal of their permits, but
will hereafter do only an interstate
business in Texas. The State will
therefore lose the revenue from the
franchise tax hitherto paid by these
companies. We are further told that
of the seven domestic brewing compa-
MES whose charters were forfeited,
only two have filed new charters.
The other item is from Galveston
and says that this has been notable
year for corporate growth in Texas.
The number of domestic charters and
amendments thereto filed is l, 343, the
aggregate capital represented being
S277, ,088, 600. In 1899 and in 1900 the
number of charters filed averaged
about $50 and the capital represented
in each was about s2S, 100000. The
excess is largely due to the exploita-
tion of the oil fields, but there was an
increase in almost all lines of indus
try.
This significant statement, however,
is added: " An interesting fact dis
closed by the exhibit Of charters filed
monthly is that the bulk of them were
presented before the fever of trust
hunting grew intense. After July, the
number fell off about one-half -
Here is an effect Of hostile legisla-
tion to corporations which we COM
mend to the attention of the members
of the Constitutional Convention of
Virginia. Capital will not naturally
seek investment in communities where
such legislation exists. AS Major
James H. Dooley pointed out in his
admirable speech before the Corpora
tion Committee the other day, it is
/ the spirit Of such legislation that
scares investors. Outsiders naturally
suppose that the laws of any commu
nifty are fairly representive Of the SEN
timent of the community and capital
is not apt to go where it is unwelcome
and where it is apt to find antagonism
rather than encouragement.
Let US keep constantly in mind the
fact that the States of the Union are
now in competition with one another
and if the corporation laws of some
States are liberal and the laws of 9TH
er States are harsh and exacting it is
not hard to determine which States
will get the greatest amount of out
side capital seeking investment.
We think that one of the most seri-
Gus blows that could be struck at the
progress and industrial development of
Virginia would be to engraft upon our
organic law any provision which would
indicate disposition on the part of
the people of Virginia to fight corpora
tions. It was pointed out by all the
gentlemen who addressed the Corpora
tion Committee last Thursday that
practically all the development in
their several communities had been
through corporations.
The corporation is the embodiment
of the idea of organization, and organ
ization is the handmaiden of civiliza-
tion. When we fight the corporate
idea we fight civilization and pro-
gress and it is to be hoped that Vir-
ginia will not take any such stand as
this in an age in which organization
is the predominant characteristic
Richmond Times.