Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-01-21

dcel! No, "A.
Addrers the Courier Printing Co.. OF
tumwa. Iowa
Entered AZ second c,sss matter oc-
tober II. 1905. at the postotice. ottum-
wa, Iowa. under the Act Of Congress Of
March 8, 1878.
NEW JERSEY AND TRUSTS.
IN New Jersey, the state which has
been made famous by reason Of It's
yearly crop Of mosquitoes and more
recently by its becoming the legal
home OF a greater number Of orpor
tions than any other state in the union.
there is no feeling OF shame for the
part the commonwealth is taking in
the work Of collecting the riches of the
country in the hands of a few and no
indication that the citizens Of New
Jersey will let the whispering Of con.
science cause them to abolish the pres.
ent incorporation laws. Yesterday Ed.
ward 2. Stokes, the new governor OF
New Jersey, was inaugurated at, Tren.
ton and in the course of his address
ne laid much stress upon the policy
ne suggests tor the state with regard
e the incorporation Of big concerns.
In he course Of his remarks he said:
The financial condition Of the state
OF New Jersey Is well known. At the
close OF the last fiscal year the balance
q the treasury amounted to $780,
1888. The ordinary receipts for the
same year amounted to $4,302, $40. 81,
Of which nearly IS per cent or $3,351,-
643.69 came from railroads and the
business companies domiciled in our
state. OF the entire income Of the
government not a penny was contrib.
uted directly by the people, yet all Of
It was expended for their benefit and
In their interest.
"The state is caring for the blind,
the feeble-minded and the insane, sup.
porting our prisons and reformatories,
educating the younger generations, de-
veloping q magnificent road system
embracing quite one-third of the
macadam or state roads of the United
Statesl maintaining the state gov
eminent and courts Of Justice, all Of
which would be at the direct expense
Of our citizens as tax payers, except
for our present fiscal policy"
II this policy is to be contin-
ued We must preserve the present re-
sources Of revenue as we'll as add new
ones.
We cannot maintain our
II we destroy their source. We tax the
business companies that incorporate in
Dur state. A policy Of taxation.ts not
consistent with a policy of destruction.
You cannot tax that which you have
destroyed or driven from you.
The Interpretations In one state for
ten months of last year show an active
capital Of 11,255,5 800; In another
state $251,971,620; in another, $685.
553. 700; in New Jersey, $313,569 $50.
Our state is, therefore, by no means
attracting all of the great moneyed in
terests seeking articles of incorpora-
ton. The recommendations of the de-
partment OF commerce and labor for
the regulation Of state corporations by
the national government are by many
regarded as the preliminary steps to.
national Incorporation, anticipating
that capital will seek Incorporation I'M
der federal law rather than deal with
forty-1ye Independent states.
"All these elements seem to threaten
the revenues of New Jersey"
Evidently Governor Stokes can see
nothing wrong with New Jerseys sys-
tenn Of Incorporation except that it
needs an Improvement so that the
goose that lays the golden egg shall
not be killed. New Jersey to judge
from Mr.. Stokes address, is in the bust
ness for the money that a be OBJ
tanned. II trusts are to exist, New
Jersey may as well reap the benefit
as any other state. seems to be the
sentiment. And, If the governor is
right and tells the whole truth. his
position is a good ane, for he declared
In his address that other states. which
have not a good reputation for caring
we'll for the investments within their
territory but have laws more lax than
are New Jerseys, have fallen behind
New Jersey in the amount of capitaliza-
ton OF the corporations given the right
to exist during the past year. The
essay on corporations and ~incorporat-
ing them is that the laws of the COM
monwealth OF New Jersey should be
made over. If necessary, SO that they
will be suitable to the so-called trusts.
In conclusion he says:
THE revenues of our state, her ma
terial welfare, her good name, and the
interests of thousands of stockholders
and investors in business corporations
now chartered under her laws, the pro-
lection Of the public in its rights, the
safeguarding Of corporate interests and
vested, rights, demand constant and
careful review Of its acts Of incorpora-
ton.
"rt has been the policy Of this state
In the past and should be in the fu-
ture to remodel and amend the corpor-
alton laws whenever necessary to meet
new situations without doing violence
to the established rights.
IF u enactments fail to give either
to the public or to investors sufficient
protection, let us make them efficient.
Il In any respect they are weak, let
US make them strong. If they are bur
densome, let us tighten the load. If
experience shows that any part Of our
enactnents is wrong let US make them
right. II abuses have crept in, let us
eradicate them. Our legislation must