Mexico weekly ledger., 1902-01-09
REMEDY FOR THE TRUSTS.
The Governor of Ohio says That
Capital Stock should be Cash
and That all Of it Should
be Invested.

COLUMBUS, o., Jan. Gov. Nash
submitted this annual message to the
Legislature to-day and in 1t said this
about corporations:
During the last two years much has
been said on the question as to how
corporations should be regulated and
as to how evils which arise from the
misuse Of corporate franchises 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 bearing
the impress Of her seal, people are led
TO believe that they are safer TO do
business with and are more entitled to
recognition than are partnerships and
individuals. In very many cases they
are less worthy Of confidence. They
are authorized by the state to do BUSH
ness 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 a report
made to some competent officer. We
should go further and require these
companies to make annual reports, to
be filed 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 stockholders. In fact, there
should be such a record OF every cor
poration that the people may know at
all times whether 1t is worthy of cred
1t and confidence. / believe with
some such regulations, Ohio corpora
lions would be placed upon a solid
financial basis.
The publicity which would be given
by such action could not, by any pos
sibility, injure a 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 a corporation after it leaves his
office with a charter from the state.
He cannot wen tell how many of the
10000 or o corporations chartered
by the state during the last so years
are now dead, nor how many are still
living. The state creates the thing,
authorizes it to do business, sends it
out in the cold, and knows nothing
more about it forever. 1t is high time
that a change should be made.
The governor recommended that a
change be made in the way 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 the legislature
would not embark in such an enter
prise until satisfied that the public
good requires it and the state could
afford to spend the nancy.
He called attention to the invita-
tion extended to Ohio to take part in
and make an exhibit at the st. Louis
Purchase Exposition, say
it would diScreditable to Ohio not
10 be properly represented.
The Ohio legislature convened to-
day in biennial session. Both branches
elected the officers nominated at the
caucus last Saturday even
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