Lower coast gazette., 1910-02-12

ho;ng content with one and not wanting an >
rnoro r required all the tact OF Aaron burr u !
eocura his famous charter for the Mammalian :
Comnanv the right to supply the CITY OF NE"
Jor; with water and to employ any surplus cap
;+o1 that # might have in any direction not IN,
compatible with the Constitution OF the S'aee 81
New York, nor with the Constitution u VIC
Ir,;+ed States of America. This once doAe' 'he
water supply for New York became a SECONDARY
consideration, although it had It's attention. anu
tho surplus capital was instantly turnlsheo anu
tho Rank Of the Manhattan Company became
- of Tho most prosperous of New YORK CN!'
ol+bo,oh it's charter was furnished by TINS SUD-
terfuge. We only quote this tact 10 sho" Nv"
r~e]uctant the people Of former days were III
their consideration Of corporations. c
In fart il was only about the end OF the lllS1
oorturv Of the American Republic that the cry
for limited liability in almost every direc1'o" Nc,
qan to develop, Pennsylvania had JUST pas9e'
o now law and New Workers. not familiar |''
tho matter. were astonished when at the 'ei'-
tennlal Exposition in Philadelphia 10 see way
ons. stage coaches and many pubic ull'Vy ST.
vices labeled in such a way as to Indicate tne
limited liability, just as now in all states o. ue
un;on where such laws have been passed., "n''"
as 2 rule, require the word limited" 10 oe S'a',
od in the title and to used on the stationery OIL
tho oornoratioas thus made. AS a matter Oh
fact. it has only been during the laSV t".n:S
wears that one could ST. TT a corporation at an III
Louisiana for any purpose other than agrlcoltul-
81 or manufacturing In our state during Vhe
last twenty years they have been extremely
nroqressive and now under our more lecen
laws we no longer require the usage ol t"'
word s1imjted" in the organization OF corpor
/ tons.
y Our easy incorporation laws and the organ
=. 7.+;on Of these great corporations has resulle
-. IN doing away with those provisions put IN gu
:. ORIGINAL organic law with great care to proven
the organization of corporations WIN 'n'''e''s
= con;+a)s Under our state law the lite OF a COZ
rorot;on is limited to ninety-nine years. y
~ thar npriod of time covers at least three gene
-, atoms of active citizens, it would seem as 1hoog
%, # we're conceived as the limit in order TO COW
~ the same control of property in its transm'ss''
to msterity in about the same way 1ha' ~
x Centralized under our organic law. The PRAGUE
no ,os,,t has been to defeat the very condltlo
that were insisted upon by the fathers ol !
10 government and to permit by various oe''e
ia within the law the retention of immense prop
y, =" tv interests within the membership OF s1n'
families, as we see has been done IN ne" IL
p ~. with the Astor estate, where the land noldl1
CT oro MANY Of them, nearly one hundred anu Il
voars old and, as has been done with the VI
III derbilt family and with the Gould tan'lly oy :
~" hitting the sale Of the stock OF the1F VAIL
cornorations only under given charter COZ
ans TONS the corporation itself having the I
al right of purchase. Pierpont Morgan now q
'me - these wonderful possibilities Of the concen
arm t;on Of capital and it's practical perpetuatlon
n,sctica))v the same hands in the organlza
'"s of his great Steel Trust. :.
ana Thus, one by one, we perceive that the III
fo'S of the people are being taken away from
manv and delivered into the hands OF the
WIN so far as property is concerned. Our pc
o'u don't seem to have that good, OLD tashloneo
1ha' servatism that the people Of England have
not that sturdy determination to MAINTAIN
S IN r;ohts Of the people that the English had v
OF thev made King John grant them M
,arm Charta," and when they secured the rlgh
nave trial by Jury. An Englishman's life and
we we erty are not in the hands Of a combination
tna' above him and out of his reach, but are la
then w nnnas of hs oo,als the RIGHT Of a
VI bv Jury being granted in most cases.
t re- Ny July "~
and 80, 49,.
~ The Rice Situation.