The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1902-03-14
TUB TRUTHS.

federal law. along the lines Of The No.
tiOnal banking act, not abrfjefng n.
powers of the state 60 create ro-77--
atoms. but giving the option 90 e0r1-.
atoms, whose business is national
extent, relating 20 trade with for-r
countries or between states. % l-
ganize under national laws guarauts-
ing protection against conflicting ssa
legislation and political enactmerts
Such an act should be based upon
public demand for cleaner Legislation
and purer politics, and providing.
First-It should be optional as IA
the case of the national banking aa
leaving corporations free To organic
under state acts if they chose.
Second-It should deny the name 'aa-
tiOnaI" to any but national corpoa-
tons. compelling other corporations
who assume that title to change g.
Third-NatiOnaI corporations should
have freedom from state supervisor
and should be subject To- taxation .T
the state only to the amount of piaf
ertv actually in the state, and td-s
upon the same basis as an individual
II 7
should be subject to national super
vision and examination and should -s-
quire at least private publicity, W0l-
probably also require a degree Of pub
lie publicity
Fifth-It should be protected from
state attack to the same extent tia.
the national banks are, viz, il should
not be subject TO attachment or Oi1e
provisional limitations which prevail
in any state against nOn-resldents. TIA.
is to say. being a United States c0rp5-
ration. it should be a citizen of t-
United States. and a citizen of eah
state. 10 the extent that 1T has d.
rights Of citizens as 10 attacks il ls
courts.
Assume National Character
Discussing the practical advantages
of such a measure, Mr.. Dill said %
conclusion. Would corporations s72
themselves Of the opportunity 70 l.
ganfze under a national law Yes ia
their tendency today is to- assume q
national character. This is shown
the designations United Stats
American. Federal National ana
even International There is tz1
dency TO publicity, at least 10 .p.iI1-
publicity, on the part of the osIa
class of corporations, such as l
United States Steel corporation. ID
National Biscuit and Others, as ma.
ter of self preservation
The tendency In each case IS TO pup
fish more and more the details 10 9l-
that the good corporations and O.
sound organizations may show ll-.
selves TO be in position where 90
others dare not follow them Do mahl
public statements. They proceed up.
the theory that the man six feet 's
can wade through a stream OF SUI.
depth that a man five feet hIs1 Na-
be drowned in the crossing and %
great corporations are quite "l-ls .
drown in the stream OF publicity p
other corporations who are io-o.--
IN their wake and attempting 10 JUDI
tate their standing and position
NO great corporation can 1' "
upon the market without HHal-..
syndicate. No matter how great
how strong is that syndicate 30 A-
90 TO the banks for money The pans
viii not peFpetUally advance L-.
upon underwritings or other s-'-I'-.
So the syndicate ultimately gets 10 T.
public. The bankers. knowing 30"
would insist that the huanal=I5 '.-
ize their company unl- mar .
which would inspire the creates. Fl..-
confidence In order that the pun
would ultimately invest
Then. too. the law should lase
requirement that present r1m5lIs Pr.
might become national .lua.Ha'...'
upon a theory similar % that 9y r-.
state banks are entitled Co.. become =
tiOuaI banks. This would BIZ a+a-.
of By the sound corporations Tor .-.
own good, not only for 1E3te---
against imitators and those mol q.
to follow them, but also as Hio.-
tion against the diverse and l1e9..s -
ent laws Of the various states
tendency of the states is 10 a---
more and more foreign raIr'fa- ~
and. therefore. the great ."-.'. ~.
would avail themselves 0t ne H-.'N-
Of becoming United States .--
ton. and thereby being corpora
foreign 20 no state. thereby
to themselves the privileges end -
muuities Of citizens Of every
The point OF the whole matter
that they would secure To- t1-Ia7-
uniformity Of legislation through.
the length and breadth of me ----
States Texas and other sI6-
drive insurance companies H-. OF 90
territories. but they csnou- --itl =
tional banks out, because the -a.-l
bank derives its existence lraH. y.
er higher than that OF state ..za
organization. No corporation -.-az
in interstate commerce no corp
desiring 10 do business -lrous-,-- =
length and breadth Of Il-
could afford to be other Than ID
tiOnaI organization
1T would not be- long l-f1.. -
vesting public would draw M
sharply between state created '.-'
cations assuming 10 DO Hl=
tiOnai in extent. and truly rat'-.a-
poratiJns. In a word. the
combination must be IH it- --
national organize ton iu order I'D
pretend TO carry out rle e -.-
theories upon which it IS 14s--. 5'.
q law which creates real ua --I-.a.
porati0ns and all others would 49,
imitators and be so known 10 me
Iie. The public would refuse U
The stock Of such an 0rga MA --- 81
the same principle thar if would -7
TO take a counterfeit bi.-