Bisbee daily review., 1910-10-26
FOR THE HONOR OF ARIZONA.


 fairminded and honest to pass in si- lence some of the cheap partisan criticism of the small organs, like the Douglas Dispatch, directed at the good ideas proposed in the constitu- tional convention. The Republican has the following to say about the Ellinwood incorporation provision:
 The Ellinwood proposition for the regulation of corporations is attacked by the Arizona Gazette as "a bad measure" and calculated to drive all capital out of the new state" The charge is not specific. No reason is given why capital should be driven out. For an explanation of the un- worthiness of the measure, the Ga zette refers to the Douglas Dispatch.
 Other newspapers, democratic and republican, have referred to the prop osition as drastic" It is so in the sense that the laws against mur- der, forgery and fraud in all it's forms are drastic, for this proposi- tion is plainly less intended for the regulation of legitimate enterprise than it is for the prohibition within the new state of Arizona of illegiti- mate enterprise. fake corporations.
 As a regulator of corporations the will probably not come up to the radical views of those who have been clamoring for the regula- ton and control of corporations. There will be much more drastic" measures than this as to legitimate before the convention adjourns.
 The Dispatch labors under two er- TOTS with respect to the proposition
 Tt does not dfiferentiate between the legitimate corporation and the wildcat concern" As a regulation there could be no such diff ferentiation, for who should say whether a corporation at its incep- ton is legitimate or "wiidcat?" But the Ellinwood measure makes the wildcat company an impossibility in this terhtcry It excludes also which might or might not turn out to be wildcat" It guar antees legitimacy and in that re- spect it should receive the approv- al of all right thinking men.
 Says the Dispatch: Tt makes the liable for the corporate debts and for the unpaid capital stock"
 It does nothing of the sort, though if it did stockholders would exercise greater care. According to section II, stockholders are liable for the debts of the company to the extent of the par value of their stock, sub scribed and unpaid They are also liable individually for all labor per formed for the corporation. No labor ing man and no other honest man will criticise the proposition on &C., count of this section.
 As to the driving out of capital, that is the merest moonshine. The present lax laws of the territory, a statutory invitation to fraudulent corporations, have never brought a dollar of capital into the territory beyond the ss0,00o annually which they pay for the privilege of plum dering the unsuspecting investors throughout the world. This is a small sum in comparison with the millions of which widows and or. Dhans have been mulcted, for these wildcat companies prey chiefly upon the poor.
 The money received for the Ii. cense is tainted and should be dis pensed with. It Is a small recon- pense for the disgrace into which the name of Arizona has been dragged.
 Instead of inviting capital into the territory, our loose corporation laws have scared it away. The wide Iy advertised legalization of fraud has prevented many an investment in legitimate enterprise. to the dis. advanfaee of tho small rnina ourner