The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-04-22
Subject of COrtelyOu at Ban
quet at Syracuse.
Government Can DO Many Things ON
Moment TO Benefit Public
Tarin Investigation.
LIFE OF a CORPORATION,

| Syracuse, y. Y. April 22.-Scpre-
tary of the Treasury Cortclyou was
the guest of honor. and principal
speaker at banquet of the chamber
lof commerce last evening, his subject
being Government and Business. -
Nearly three hundred business men
of the city and invited friends sur
rounded the tables ana gave Cortel-
YOU an enthusiastic reception. In his
address, he said in part:
Corporations for conducting any
enterprise or managing any business
are of course differently situated from
Individuals 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. were all government
to be overthrow. That individuality
Is incapable of annihilation.' A cor
poration on the other hand. owes its
life TO the government which brings
t. into existence. II has only such
powers as that government choos y
10 confer upon f. 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 rhe state the right
10 alter or repeal the charters and
abolish the corporations. Under these
reservations much legislation has been
enacted for the protection OF the pub
he interests. IL would appear to be in
Iany case the right OF the legislature 10
exercise a reasonable supervision over
the 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 were pro
liected in this country We're begun by
the state on the theory thar only the
sovereign authority could exercise the
right OF eminent domain. Aud that
Theory underlies the railroad legisla-
ton Of the states today, the corpora,
ltion thus endowed with such pow or
being considered the agent OF the SOW
Icre.gn: although e. was several
years before all the states accepted
the theory. one state for long time
insisting that a railroad corporation
must pay to the owner OF land his
Ipr!ce for the same when o. was wanted
for the purpose of the corporation.
The grants OF land made by tho
General government 10 the several
srates for the purpose OF aiding On the
constructor OF railroads were usually
turned over 10 corporations to do the
ldes.red work: and 50 anxious were the
lptople 20 get the iron horse to their
ldoors that such safeguards as the OPP
lpostunlty readily Afforded for the bet
ter protection Of the public were not
lerCcted Some OF the states have
by reason OF ayailing themselves OF
later opportunity, somewhat romedied
the oversight. while some In their zeal
have gone too far. But tho fai,ure "a
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
r. exercise over its creation.
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 It'll
CATION. in many eases TO corruption.
! just such as our theorist declared
would be attendant upon works done
/ b. government directly and in the ma
jority Of instances 10 a disregard Of
the rights OF the public, supervision,
Ia greater or less degree has become
a necessity, and the establishment of
this supervision is In the line OF 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-
me1t do several things that will be Of
large benefit to the country. II can
give MS such legislation as will fortify
as against financial disturbance and
furnish us with a supply OF currency
adequate for the needs of our business
community In all sections and. n al
seasons OF the year. believe this will
be done. So that with a temporary
device. II nothing further can be had
at this time, and with provision for
Iccmpetept commission to study and re
port upon the question, we shall make
progress toward a wise solution of
this easily 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
rine, so especially essential to our
Iccmmercial interests in Central and
South America and in the Pacific
coast.