Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1909-07-13

were exceedingly limited over the
:Oreisn corporations In its borders.
the better judgment OF the case has
begun TO prevail and has been made
conclusive by certain decisions OF the
supreme Court.
He cited decision OF the Supreme
Court In which the constitutionality
Of an act had been upheld under
which an Insurance company seek
ing 10 do business In Kentucky was
prohibited from removing any sui;
from the State courts to- the Federal
courts without the consent OF the
other party To- the suit, under penalty
Of having its license to do business
revoked by the State which had
granted IL.
Stringent regulations against the
evil tendency OF the trust system,
as enacted In Arkansas. where the
penalty was exclusion from the State,
have also been upheld, and indeed,
as we have already said. the only
upon the resulatiye power
OF the State is that 1t shall not take
property without due process OF law.
In tho course OF his address, the
attorney general made practical
suggestion OF one means by which
corporations might be kept within
duo bounds, and we have 40 doubt
that IL Will attract widespread at
tention throughout the country. He
advocated law that no foreign cor
poration should be licensed to do
business in state IL fifty per ceat.
Cor upward) OF it's capital stock was
owned or held by any other corpora
tion, domestic or foreign, and that
IL, at any time. after obtaining such
a license more than City per cent.
OF the capital stock Of such corpora
ton should be acquired by aonther
corporation, the license should be
ipso factO. vacated.
In the light OF past experience
there can be no doubt that this would
prove an effective restraint upon the
holding companies under the form
OF which the great corporate interests
OF tne country are built up I'm de
Nance OF tho law. Az Mr. Wicker
sham himself says. the device OF
holding corporations Is the oaly thing
which has made possible the rapid
growth OF the great trusts and
he has outlined would go far towards
their destruction.
Whatever may be the explanation.
The railroads AID other corporations
have abandoned the spirit OF rebel
lion and defiance with which they
met the soundest and most conserva-
tive State regulations for a time. A
rapid succession OF Supreme Court
decisions making clear the powers
or the States In the premises may
have served to discourage arbitrary
resistance. But II ia well enough in
this period of tranquility, while there
are no special cases view, for the
railroads and all other corporations
TO get well I'm mind the full force
and extent OF those decisions. estab-
fishing In unmlstakable terms the
fact that sovereign corporations to do
business within their borders. and
Il they violate those restrictions may
be expelled entirely from the State
Most important OF all, the decision In
the case brought up from Kentucky,
confirming the conaitutioaality OF
restrictions which prevent foreign
corporations from removing their
suits without consent from the State
courts should be well impressed upon
the minds OF all possible litigants
among the defiant corporations be-
fore they undertake another trial Of
strength with State authorities under
whose license they do business.
The suggestion made by the at
torney general in restraint OF the
holding companies will be remem-
bered, and we have no doubt will be-
come effective in some OF the States
before long.