The Duluth rip-saw. [volume] (Duluth, Minn.) 1917-19??, 1919-08-09
S0-CALLED Blue SKY LAWS
INSULT TO INTELLIGENCE
Common Law Organization of Business Undertakings Pro
tects Capitalist, Inventor and Promoter IN
Their Sacred Constitutional Rights

Out of $4,000 patents granted, 1876
are being junked, so to speak, and will
die with the patentee. under the
statutory corporation form of doing
business.
Many states have passed restrictive
laws against the sale Of securities,
thereby driving 90 per cent Of the pro-
motors out of business. There rarely
is such thing as a rich inventor or
one personally able to finance the de-
velopment and application Of his own
patent. As consequence, the great
majority Of inventors must consult a
lawyer and then a banker, thereby
getting tightly bound up in a one.
sided agreement or, otherwise, part
with the product Of his brain at forced
sale.
The railroad, steamboat, flying ma
chine, submarine, telegraph, telephone,
sewing machine and similar inventions
that marked an era in human civiliza.
tion and progress were put on the mar
ket and brought to success by the
promoter. When you retard the pro-
moter, you retard progress and the de-
velopment of new business. When you
strangle. the promoter, you strange
progress and the development Of new
business.
Kansas, a farming state, then with
no heavy manufacturing interests,
passed a so-called Blue Sky law. That
action has been followed by many
other states. The original Kansas
Blue Sky law has been adopted body
and breeches. with variations and ad-
ditions, by industrial states with
scarcely any farm lands, the conse.
quence being a halt in the progress.
Improvement and increase of mills,
factories, mines, tools and equipments,
because of inability to secure capital,
through promotions, for development
and advancement Of business and in.
dustries. t.-.
IF the Kansas brand Of Blue Sky
law, passed by an aggregation Of be.
whiskered agriculturists, had been in
effect so or 100 years ago, you still
would wear handmade home-spuns and
walk on your way to work. You would
read your weekly paper by the light
of tallow candle. The rural stiffness
would be unbroken by shrek of the
locomotive, the wheeze of a steamboat,
the honk Of an automobile, the jingle
of the telephone bell or the brilliancy
Of the electric light. After an era
of usefulness, the lawful, legitimate
corporation has suffered from a quick
and prostrating malady.
The Blue Sky law is an insult to in.
telligence in that it attempts to deprive
the investor Of the right and priv.
lege of exercising his will and per.
sonal Judgment. There are laws against
obtaining money under false pre-
lenses larceny and other INSCRIPTIONS
methods. It is not necessary to hobble
progress and pen up the inventor in
order to protect the investor. There
is ample law for protection and places
to care for those not competent to
safely do business.
Thanks to the wisdom Of the men
who gave us a constitution, defining
human rights, legislators cannot. even
in the state Of Kansas, pass a law
that will legally impair the obligation
of contract. Therein, such men as
Washington. Jefferson, Adams and
Monroe laid the foundation for the
Declaration Of Trust and put it be-
|yend the power Of federal, state OF