The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-04-22
BUSINESS AND
THE GOVERNMENT.
SUBJECT OF coRTELYou AT
CHAMBER OF COMMERCE
BANQUET AT SYRACUSE.
LIFE OF CORPORATION
Is Owed to Government-la after Can
DO Many Thinss on Moment to
Benefit PubIc--Provide
Tariff investigation.

Syracuse, N Y, April 2l.-Secre-
tary of the Treasury Cortelyou was
the guest of honor and principal
speaker at a banquet Of the Chamber
of Commerce this evening, his subject
being Government and Business.
Nearly three hundred business men
of the city and invited friends sur
rounded the tables and gave Cortel-
you an enthusiastic reception. In his
address, he said in part:
Corporations for conducting any en-
terprise or managing any business are
OF course differently situated from in,
dlviduals doing the same thing In
dividuals owe nothing to the state for
their individuality. Before the state
or any earthly form of government
began the individual was, and he
would be here, We're all government
to be overthrown. That individuality
is incapable of annihilation." A cor
poration on the other hand, owes its
life TO the government which brings
il into existence. Ii has only such
powers as that government chooses
to confer upon it. These powers may
be broad or they may be very limited,
The statutes granting or providing for
such corporations have in many in
stances reserved to the state the right
to alter or repeal the charters and
abolish the corporations. Under these
reservations much legislation has been
enacted for the protection of the pub
lie interests 1t would appear to be in
any case the right of the legislature to
exercise reasonable supervision over
tine creatures OF the government. This
is especially true as to corporations
that are endowed by the legislature
with the right to exercise the power
OF eminent domain. Most of the first
railroad enterprises that We're pro-
jeeted in this country were begun by
the state on the theory that only the
sovereign authority could exercise the
right of eminent domain. And that
theory underlies the railroad lcgsla
tion of the states today the corpora
tion thus endowed with such powe.'
being considered the agent of the SOW
ereign although it was several |
years before all the states accepted |
the theory; one state for a long time
insisting that a railroad corporation |
must pay to the owner of land his |
price for the same when il was wanted |
for the purpose of the corporation.
The grants of land made by the !
general government to the several |
states for the purpose of aiding i'm the |
construction of railroads were usually |
turned over to corporations to do the
desired work; and so anxious were the |
people to get the iron horse to their
doors that such safeguards as the op.
portunity readily afforded for the bet
ter protection of the public We're not |
erected. Some of the states have
by reason of availing themselves of
later opportunity, somewhat remedied
the oversight. while some in their zeal
have gone too far But the failure 60
attend to the matter when proper pro
vision might have been made makes
more difficult the supervision which
the sovereign power ought to be able
TO exercise over its creations.
Because of the many controversies
that have arisen between grantor and
grantee all over the land. In the case
of franchises for public works of util.
ity. giving rise to almost constant liti
cation. in many eases to corruption,
just such as our theorist declare
would be attendant upon works done
by government directly, and in the ma
jority of instances to a disregard of
the rights of the public, supervision
in greater or less degree. has become
necessity. and the establishment of
this supervision is in the line of a due
regard for the public welfare.
And let me say. too. that along the
line of its fostering care over business
interests. government can at the mo
ment do several things that will be of
large benefit to the country II can
give us such legislation as will fortify
us against financial disturbance and
furnish MS with supply of currency
hNFAHhtN tNi int htfuS VI bui buNAtfoN |
community in all sections and at all
seasons of the year. believe this viii
he done. So that with a temporary
device. If nothing further can he had :
at this time. and with provision for a
competent commission to study and re
port upon the question. we shall make
progress toward wise solution of
this vastly important problem.
II can give us also such legisla
ton. through the simple measure now
before the congress. as will encourage
the upbuilding of our merchant ma
rinc. so especially essential tn our
interests in Central aud F,
South America and in the Pacific 4,
coast
(Concluded on Sixth Paze.) IL