The Monticellonian., 1907-01-17

sions of corporations to singieness of pur- pos. as at the common law.
 I would suggest that the legislature pass a law prohibiting a man or corporation or other association of persons. who OVID stock In one corporation engaged in the manufacture of any article of trade. from owning stock in like corporation engaged tn the manufacture or the producing Tor the markets a like product. because II tends to suppress competition at ali points where the products of the two corporations could be sold in the same market. Also a corpora ton should not be allowed to engage in any business except that provided for by It's charter. and no corporation ought to be al lowed to own stock h another corporation. want to call your attention 10 the fact that at common law corpora ton could not own land except so much as was absolutely necessary for Its eerpo- rate purpose, but under our law they can become landed aristocrats. the landed aris- toeraey of this country. Therefore. ask you 10 pass law absolutely prohibiting corporation from owning any land except such as k absolutely necessary for Its cor porate purpose merely. I do not mean to take from corporations the lands they already have. but 10 prevent further ac. QutSitiOn Dt ianhS bN iHth tAN'pt A'' purely corporate purposes.
 ALIEN OWNERSHIP OF LAND.
 One of the most important subjects to which I can cail your attention, gentlemen, is the ownership of the landed interests of our State.
 As resume and recapitnlation of thls subject gentlemen, insist that 1t Is your duty, first. 10 absolutely prohibit by law any non resident or non resident corpora tion from hereafter owning one foot Of land in Arkansas except for corporate pur. poses Second submit amendment to the Constitution by which -oceupa- tion tax may be placed upon all land which Is not actually occupied by Its owner. Third pass a law to prohibit land grabbing Fourth. so amend the Constitution AS to absolutely exempt the homestead from taxa. tion except for road purposes, and make II impossible for the owner to eneumber It with any kind of lien except for improve ments or the purchase money Give to every man the opportunity to acquire q home. and exempt that from any kind of liability other than those which l have suggested
 PROBABLE DEFICIT.
 A great deal has been recently said by the Arkansas Gazette as 1o probable defi- 1 cit in the general revenues of this State on . July 1st 1907 In criticism of speeches l made by me in the recent campaign l The general revenue fund is the fund ia 1 which il k insisted That there will appear 1 a deficit of S1o6,0 on the first of next l July. As l do not expect to exercise the 1 powers of the Governors office after this day. | shall not be responsible for the 1 course U events after this time; but l haxr this 10 say that if any deficiency Is l made 10 appear in the general revenue l fund of the State on the 1st of July or aI any other time. it will he the result of 1 carelesSness and mismauagement, not tq l employ stronger term. When l recon
 mendrd T reduction in the general revenue 1 tax g5ite levy I knew exactly what l was 1 dong neither acted in ignorance oi l the 11-ue condition of the finances Of the 1 State nor with reckless disregard oi l the claims of her honest creditors. l knew l thAt 1T the assessing officers of the Statt 1 did tffer duty. as had traed ta de mine 1 in The mater of assessinE the railroads l there would be largely increased taxinl basis from which in raise funds to supply l in some degree the reduced amount result | ing rum the smaller rafe levied. Then 4 toak notice of the fact that many nf th, l murr recent appropriations were for thu ! erection 6f permanent srite buildings l with would not be made again for many ] years ta come In addition te this
 
 cha1a cter which do moi constitute a perma 1 neut charge against fhe general revenue fund = Now. gentlemen. there is n, 1 occasion aor "a defieienry the 1st of nex July. or III any other time; nor Is there l fhe Slightest excuse for seeking at th,
 hands Of fiiis legislature an increase il | ihe tax rftc back to the old Ya3te repealet i hw her last legislature TN,e tax ough rsr 10 be increased If fairly tested. ant i il appears fia tine amount of money raised
 ny existing ieHies will not meat all tn,
 present liabilities provided for by law 1 then it will be the part of wisdom foi my successor tD ,do what l did over
 the several items of liability and ,gctermine 1 where in the iighr of present day neeess1
 ties. the same can ,be reduced without i'm pairing the effectiveness Of the State gov
 ernment.
 desire ;o cail .Your attention to the l further fact that when I assumed the l duties of the Governu'.s office on the Isth
 day Of January, 1901. we had in the State
 treasury to thr credit of the general rev enue fund money turisad over to my ad
 ministiation by my predecessor-S22 :, i21 as. which K but S3u 5s609 in excess of the amount have hand now. Now gentlemen. taking into consideration that within the last two years we have spent uFon public buildings of permanent char acs..r Sl7soO0, which will not again be a tax upon the general revenwe fund ard but for the erection of these buildings this npneT would have been in the treasury to the credit of this fund. l feel that l can truly sly that l have turned over 10 my successor larger amount of ready cash and peisnanent Improvements than was turned over to me, and at the same time taxation upon the people of the State has been reduecd. And assuming that tue ex- penses of fhis legislature and ordinary run ming expenses of the State government will not exceed what has been usual and GUS tomary heretofore. with wise and econemi- cal administration of public affairs. see no reason for alarm about the question of a deficit in our public revenue: at least. numbers of turning oyer to my successor as much cash in the general revenue fund as was turned over to mo. and I also turn over to you these splendid permanent, i'm. proyements, which you will not again be called upon to make and if you cannot run the State government with this splen- dld showing without having deficit on the 1st day of July of the present year. then the responsibility rests with you and not with me.
 CONCLUSION
 In conclusion. I feel that 1t Is not i'm proper for me to say that I am proud of the condition of our State: that I am proud of her achievements and the history which she has made since I have had the honor to be your chief executive The du- ties that I have assumed as such have been arduaus and at many timaS sepmad erraato