The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1913-01-02

| for state purposes. A second source
Of revenue might come from a grad
uated income tax like our sister state
Of Wisconsin is now trying. The cor.
porate excess tax plan of Massachus.
etts as recommended by the commit.
tee OF inquiry into taxation at the last
session of the Legislature Is still an
ether method OF raising the necessary
state revenue.
While | do not recommend any of
Of these plans specifically. do recon-
mend the separation of state and local
taxes and ask your honorable body to
carefully examine all the methods
above suggested and such others as
may occur to you and ! hope that by
some of these methods or a combina-
ton of them, the Legislature can find
some way of raising the necessary rev.
enue so that "a separation 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 compa-
MES. | would recommend the enlarge
ment of the powers of this commits
sion to cover all public utility corpor-
atoms of the 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 tSocks and
Bonds.
During the past twenty-eight years
have received numerous letters from
men and women, who have accumu-
lated a little money asking my advice
IT. 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 LcGis-
lature. The sale of these stocks suns
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 enactment Of a
law similar to the Kansas law whereby
our people will be protected from this
kind of fraud. In other words. pro-
hibit the sale of stocks and bonds Of
any company until said company has
been first investigated 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 carefully
guarded State banks and national
banks are subject to state and ma
tional supervision. In spite of this
supervision there is a feeling that
further steps should be taken to Sc
cure depositors. While would not
extreme legislation for the
further protection of the depositor. ]
do believe that this subject should
receive careful consideration at the
hands of the Legislature. can see no
reason why private banks should not
have state supervision and be required
on CALL to file statements. Under no
would say legislate SO
as to imperil the progress and devel-
opment of small banks. There are COM
munities where the needs of the peo-
pie make the small banks a necess-
ity. The interests of the people In
these villages, however, should be as
carefully guarded as are the interests
Of the people in the larger cities.
The Torrens System Of Land Trans.
fers.
The Torrens System was first in
troduced in Australia in 1858 by Sir
Robert Torrens. whose name it bears.
II worked so well in Australia that it
spread to all civilized countries. in
Guiding Canada and is In force every
where excepting in the United States;
however, several states have recently
it, including Massachusetts.
Oregon and Ohio. 1t has been in force
in Cook County, Illinois, for about fif-
teen years and is rapidly making it's
way in public favor. Its workings can
easily be examined at Windsor as it
has been In force there for many
years. suggest that the Legislature
make the Torrens System mandatory
on the administration of every estate
and to register the land of the estate
under the Torrens System. This would
absolutely abolish the abstract monop-
ely and prevent the unreasonable de-
lays which obtain In many cases.