Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1908-08-28

it will not be believed for a moment
that the conGress of the United States
or the executive officers of the govern.
ment would ever prostitute them
selves to the enactment OF such loose
many of the states No sane business
man believes that there will ever
again in the Federal government be
too much laxity in the control and
management OF corporations.
1t may seem paraaoXical, but 1t is
true, that the corporations will escape
severe and probably unfair future con.
trNl by insisting upon thorough and
sensible present control of their cor
porGte acts and functions. At the
present tiue there is much freak legis-
lat!on against corporations by many
states. and, while this viii not last, it
will bring with ii and leave behind it
disorder and loss.
What a wonderful advantage would
result If the legitimate businesses of
the country everywhere were control
led by and subject to one legislative
body enacting stringent and effective,
but not transient and contradictory
incorporation laws, instead of having
this work done by the legislatures of
46 states. To many business men II
seems as II a new era in business
would dawn If the federal govern
meut could thus control corporations
by stable and uniform laws that will
ourage 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
yes ;or who sees in an advertisement
or prospectus the competence which
he fears he will not be able to secure
by saily 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-
atioF and regulation of monopolistic
and competitive corporations would
serve IS models for the states and the
attempt to formulate and enact such
discussion of great value.
Business men believe it is wiser
and safer for the Federal government
to peinit no corporation to engage in
interstate commerce which is not in
corporato1 under federal laws In its
atteni~rt to control interstate COM
merca if the Federal government
ch i,N OF
poratitns, double jurisdiction would
arise Which would bring about conflict
between federal and state govern
ments and would aggrayate rather
than s'cten the jealousy between the
two ju isdictions.
The first Federal Incorporation law
should ne made simple, making the
first st'p short but firm between the
idea o. state and that of national In
corporf ton. Wisdom and experience
will suggest in the course of time the
additio IS to the law which may be
found Iircessary. There should be one
law fol the Incorporation Of monopo.
lies ana another for the Incorporation
of con ;ctitive businesses, and each
law sh ruld be administered by co.
ordinat. branch of the executive gov
ernme.t The incorporation and reg
ulatory Saws should identify all trans
actions by their generic character, not
by the't size, the amount Of capital
employed or the number of persons
associa I'D in making the transaction
or the form of its organization.
One - the great business bodies of
the co'ntry declared recently in
series t'e resolutions that one of the
most Important factors for the stabil-
ity and prosperity Of business affairs
In the o'rntgy in the future Is the fed
eral col Dcration of all interstate com
merce corporations. Az a result, cor
poratioPs of & public and semi-public
character, the stocks of which are list
ed on tee exchanges for sale. will be
so justly conducted that workruen and
citizens Of small means and the people
general y will find inVe tnents In
them az least rs safe and profitable
as the Individual enterprises which
are being superseded by such corpora
tions. II the congress should go 10
further it was the Judgment of this
association that all railroad and other
transportation rompaM1 engaged in
interstate commerce should be COM
PEELED to incorporate under federal
laws.