The mirror. (Stillwater, Minn.) 1894-1925, 1903-04-09
Property Rights.
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was duly discharged of his debts.
When asked his reason for such step
at his age and condition, he said his
conscience troubled him. His dying
words were, "Thank God can die
happy. I don't owe man dollar"
The true purpose of a bankrupt law
should be to prevent preferences to
creditors and cause just distribution
of the bankrupt estate. These condi-
tions were fully met by our state in
solvency law, which allowed man to
declare himself an insolvent, or al
lowed his creditors to petition that he
be decreed an insolvent by the court.
But under our state insolvency law
creditors have the option of filing their
claims against the estate and receiving
their pro rata of the dividends there
from, and thus discharge the debt; or
of refusing to file their claims and
still retain valid claim against the
debtor not affected by the insolvency
proceedings. This option does not
exist in national bankrupt proceedings.
File or not file your claim, and it is
discharged in either case. Thereby
the credit system Of our country has
been seriously injured creditors by
the millions have been cheated out of
their claims. Dishonesty has been fos-
tered by law, and dead beats have been
created, encouraged and protected.
Yes, God knows it has served its pur-
pose! This law has not met with the
approval of the legal fraternity, nor
has it been source Of revenue to law
yers.
FRANCHISES.
Returning to our first principle, "the
right of man to enjoy the peaceable
possession Of his own property" there
occurs to us another gross infringement
upon this right, in the powers of fran
chise and eminent domain. These pow
Eers are exercised chiefly by corporations,
and it does not require much political
doctering for corporation to obtain,
free of charge, franchises that are often
worth millions of dollars. 1t has be-
come the custom for states, cities and
towns to grant these franchises, and in
many cases surplused with a large bo-
nus, as an inducement to different
enterprises to locate there; feeling that
they will be q material benefit to the
community. So long as this system is
followed to any great extent, it be-
comes necessary that it be universally
followed; that each municipality may
meet the competition thus established.
But as the benefit to the community is
only in proportion to the success of the
enterprise, and if the conditions are
such that the people are demanding
such an enterprise, are there not CAPT.
tslists seeking for opportunity to in
vest their money in such enterprises
that are in demand and would be will
ing to pay we'll for the privilege of such
franchisess Many such enterprises
cannot locate elsewhere, in case they do
not receive proper encouragement in
one place, such as light, gas and water
companies, street and overland railway
companies. Mistakes are often made
through undue haste to locate such
enterprises before the time is ripe
whereas few years of waiting would
have enhanced the value Of such fran.
chises enormously. 1t is often with
much chagrin that a city realizes that
but few years ago it gave away q
street railway franchise which today is
worth millions.
One of many striking examples OF
such cases within our own state, is that
of which is best known to US as the old
St. Paul & Duluth railroad, now the
Northern Pacific, by virtue of that bless
ed merger deal. If we as individuals
disobey the law, we soon find ourselves
making binding twine. Corporations
go about it differently. They give 9
promise to the state, and the state does
not wake up to the worthlessness Of
such promise until it is too late. "At
consistency, thou art jewell" But ir
this instance we see this company giver