The Clio messenger. (Clio, Mich.) 1907-current, 1913-01-03


should be largely increased. especially
on extremely large fortunes. and the
proceeds be placed In the general fund
for state purposes. A second source
OF revenue might come from q grad
uated income tax like our sister state
Of Wisconsin is now trying. The cor
porate-excess tax plan of Massachu-
sets as recommended by the commit
tee of inquiry into taxation at the
last session of the legislature Is still
, another method Of raising the neces-
. sary state revenue.
While l do not recommend any of
these plans specifically. ! do recom-
mend the separation of state and local
taxes and ask your, honorable body to
carefully examine all the methods
above suSges- ed and such others as
may occur to you, and hope that by
some Of these methods or combina-
ton of them, the legislature can ifind
some way of raising the necessary rev.
enue SO that a separ ion of state and
local taxes may be brought about.
Public Utilities Commission.
We now have a railroad commission
which Is given the power to fix rates
and regulate the practices of rail
roads, telephones and power com
panies. would recommend the en-
largement of the powers of this COM
mission to cover all public utility cor
porations of this state, Furthermore,
as there can be no intelligent fixing
of charges without knowledge of the
real value Of the properties, ! would
recommend that the commission be
authorized TO make physical valuation
of all such properties that they may
deem advisable. that the rates fixed
may return reasonable dividends on
actual cash investment.
Licensing the Sale Of Stocks
and Bonds.
During the past twenty-eight years
have received numerous letters from
men and women, who have accumu-
lated little money asking my advice
in relation to an investment In stocks
and bonds of foreign corporations and
public utilities corporations. They
had become enthusiastic over
scheme whereby they hoped Ito get
rich quick" through these purchases.
My experience is doubtless the exper.,
fence Of every member Of the legisla-
ture. The sale OF these stocks runs
into hundreds Of thousands Of dollars
annually. 1t is hardly fair to expect
the people of Michigan or Of any
other state to have any adequate
knowledge concerning the real value
of these stocks. ! suggest the enact.
ment of law similar to the Kansas
aw whereby our people will be pro.
,ected from this kind Of fraud. In
o her words. prohibit the sale OF
stocks and bonds Of any company un.
til said company has been first invea-
tigated and approved by the Railway
Commission.
Banking Regulation.
Experience proves that the welfare
: of the people in their relation to bank-
ing institutions cannot be too care.
J fully guarded State banks and na.
tional banks are subject to state and
! national supervision. In spite of this
! supervision there is feeling that
further steps should be taken to Sc.
cure deposi.ors. While would not
recommend extreme legislation for the
/ further prote oticn OF the deposition,
: do believe that this subject should re
ceive careful consideration at the
hands of the Legislature. can see no
reason why private banks should aoi
+, have state SUI ervislon and be eGlired
on call to fl.e statements, Under n
circumstances rca.;, cay, leg =,
so as 20 imperil the prcgre3s ard d..
ve,opmeRt CT small banks .Th2re ar,
communities where lag needs Ct the
people make tie smaii bank5 a ncoes
siy. The interests CT thc People ID
these villages, however, si.su.d be IS
carefully spa.6gd az ere he Interests
{: LIE rcc3lc in the lager ci,ies.
! The ~. II Lsad
Tra.a-';ro.
The ToTrcns. system f'ag .rst inuo
drced in Australia III 1853 l.: =.
! Robert Torrens, whose name il Leafs.
Ii worked .. Wen II ,lces Ella tx. It
spread to all civilized a lntdes, in
| Guiding Canada, and is 10 force every.
where excepting Ia the Cn..el s,atcs
however. several states haze recently
ADOPTED it Including Massachusetts.
Oregon and Ohio. 1t has been in folte
in Cook county, Illinois, for about Is
years ard is rapidly making its way
, in public favor. Its workings can ca
lily be examined at Windsor, as 1t has
/, been in force there for many years.
suggest that che legislature make the
Torrens s.stem mandatory on the ad.
ministraton of every estate and to reg
lister the land of the estate under tho
Torrens system. This would absolute
ly abolish the abstract MONOPOLY and
prevent the unreasonable delays which
obtain In many cases,