The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1908-06-11

porate acts and functions. -, ,--
present time there Is much freak lsgis-
lation against corporations By many
states, and. while this will not last. 1t
will bring with it and leave behind It
disorder and loss.
What a wonderful advantage would
result IL the legitimate businesses Of
the country everywhere were control
led by and subject to one legislative
body enacting stringent and elective.
but not transient and contradictory
Incorporation laws, instead OF having
this work done by the Legislatures Of
46 states. To many business men IL
seems as IL a new era in business
would dawn II the federal govern
ment could thus control corporations
by stable and uniform laws that will
encourage and protect all legitimate
industries, and thus force the promo
ter to quit. the swindler to withdraw
or go to jail, and give some measure
of protection to the poor deluded In
vestor who sees in an advertisement
or prospectus the competence which
he fears he will not be able to secure
by daily toll.
II is the Federal government that
the dishonest promoter fears and not
the state governments. The enact
ment of Federal laws for the incorpor-
alton and regulation Of mOnopolistic
and competitive corporations would
serve as models for the. states ARd the
attempt to formulate and enact such
laws would develop An educational
discussion OF great value.
Business men believe 1t is wiser
and safer for the Federal government
to permit no corporation to engage In
interstate commerce which Is not in
corporated under federal laws. In its
attempt to control interstate COM
merce. If the Federal government
should merely license the state cor
poratiOns. q double Jurisdiction would
arise which would bring about conflict
between federal and state govern
ments and would aggraVate rather
than soften the jealousy between the
two jurisdictions.
The first Federal incorporation law
should be made simple. making the
first step short but firm between the
idea of state and that OF national In
corporation. Wisdom and experience
will suggest in the course Of time the
additions to the law which may be
found necessary. There should be one
law for the Incorporation Of monOpO-
lies and another for the incorporation
of competitive businesses, and each
law should be administered by = CO.
ordinate branch of the executive gov
ernment. The incorporation and reg
ulatory laws should identify all trans
actions by their generic character. not
by their size. the amount OF capital
employed or the number Of persons
associated in making the transaction
or the form Of its organization.
One of the great business bodies Of
the country declared recently In .
series Of resolutions that one Of the
most important factors for the stabu-
ity and prosperity Of business aHalrS
In the country in the future is the fed
eral corporation of all interstate COM
merce corporations. AS a result, cor
porations of public and semi-public
character, the stocks of which are list
ed on the exchanges for sale, will be
SO justly conducted that workmen and
citizens OF small means and the people
generally will find investments in
them at least as safe and profitable
as the individual enterprises which
are being superseded by such corpora
tions. II the congress should 60 NO
further, 1t was the judgment Of this
association that all railroad and other
transportation companies engaged In
interstate commerce should be COM
PEELED to incorporate under federal
laws.