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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Aug. 1, 1913)
W "V llWPPW' 1 r:vr'"5FTy1' ffjgn1 The Commoner 12 VOL. 13, XO. 28 ' 4,-yyyiwprTrity Pfm J ft i tf Its Vfi a' d. i tho plan proposed, a copy of all con tracts, bonds, or instruments '.j bo inado or sold, tho namo and loca tion of tho lnvostmont company, and an itemized account of its actual financial condition, tho amount of its property and its liabilities, and any other information that tho bank commissioner may require. In dealing with "foroign" corpora tions thai is, those organized out Bido tho state of Kansas such com panies are required to file consent that actions may bo begun against thorn, in tho proper court of any county, by tho service of process on the flecrotary of state, and that such Borvico shall bo as binding as if be gun against tho company itself. It is tho bank commissioner's duty to examine all statements iljod by cor porations or agonts, and, if he finds the company or person solvent, and that tho proposed plans and con tracts provide for a fair and equitable business transaction, that "in his Judgment promises a fair re turn on the stocks, bonds, and other securities by it offered for sale," he is required to issue a statement to tho effect that tho company in ques tion has complied with tho law and is entitled to do business in the state Without his recognition, as provided in tho law, an investing company can not do business in the state, and agents of such a company are guilty of a misdemeanor and upon convic tion may be fined for each offense not less than $100 nor more than $5,000, or imprisoned for not less than ninety days, or both fined and imprisoned. Once having been licensed, as it woro, by tho bank commissioner, in vestment companies must file with the commissioner semi-annual state ments of their financial condition, and such other information as he may require, or their right to do business in tho state is forfeited. Tho commissioner exercises over Post Toasties r for Lunch Appetizing and whole some these hot Summer days. No cooking no hot kitchen. Ready to eat direct from the package fresh, crisp and dainty. Serve with cream and sugar and sometimes fresh berries or fruit. Post Toasties are thin bits of Indian Corn, toasted to a gol.en brown. Acceptable at any meal Post Toasties x So'd by Grocers everywhere these investment companies much tho same kind of supervision that he exercises over state banks. Tho facts connected with the en forcement of this law in Kansas are illuminating. During the first eighteen "months of tho law's opera tion more than 1,500 companies ap plied for permission to do business in the state. It soon developed that 75 per cent of these applicants were mining, oil, and gas companies, which had no stocks of value to issue, and in which there could be no possible return for money in vested by the gullible public. In other words, they were fraudulent concerns. Half of the remaining 25 per cont were found to be companies organized on a highly speculative basis, and offering no investment op portunities worthy of serious con sideration. Less than 100 of the 1,500 applicants received certificates of good character. Many withdrew their applications before they were passed upon. The commissioner has recently declared that the law has al ready saved the people of Kansas 'more money than it took to run the entire state government since the law was passed. During the present year the Kansas law has been amended to in clude companies selling land. It is made incumbent upon such com panies to show that the land offered for sale is capable of development, and that improvements advertised by the companies have actually been made. lteputable investment brokers are now licensed by the state, being re quired merely to make a monthly re port of their sales and to declare the sort of stocks and securities they have for sale. Most of the states that have adopted "blue-sky" laws during the current year have fol lowed the Kansas statute with com paratively slight changes. It is a matter of interest that Oregon's "blue-sky" law failed of popular ratification at the last general elec tion. - The Investment Bankers' associa tion of America has expressed its dis approval of any measure compelling an examination and approval of each security before it may be offered for sale. The argument advanced is that such a requirement "will inevit ably tend to narrow the number of dealers seeking to do business and the number of sound securities in which the citizens of the enacting state may invest." The investment bankers propose that some state officer have the right to issue an order to a dealer not to offer for sale in' the state securities which seem not to be offered in good faith. Any dealer receiving such an order would then have an appeal to tho state courts. Electoral Reform Tho usual complement of bills generally classed as "progressive" measures wore made laws during the legislative sessions of the year. There were, it is true, fewer direct-primary bills than in former years, for the excellent reason that the direct pri mary had already become a part of the electoral machinery of a majority of the states whose legislatures have been in session since Janury 1. At this writing, New York .and Pennsyl vania are still wrestling with the problem and tho outcome in nnnar. tain. Ohio, on the other hand, adopted a state-wide primary law applying to tho nomination of all candidates for office. The initiative, referendum, and recall have been submitted by several legislatures to popular vote, and within a few months tho voters of Michigan and Minnesota will have an opportunity to decide whether or not they wish to incorporate these fea tures in tho fundamental laws of their respective states. The senate of Minnesota, having had experience with what is known as the non-partisan ballot in primary elections, has gone a step farther and provided for the non-partisan nomination of members of the legis lature. The conviction seems to be rapidly gaining ground in this coun try that the old-fashioned method of party nominations has not conduced altogether to efficiency in public office. The constitutional conven tion of the state of Ohio in 1912 was made up of the delegates chosen on a non-partisan basis and the example of the Buckeye state Is likely to be followed by others in the near fu ture. Meanwhile, the nation-wide movement for the commission gov ernment of cities has gone steadily forward, and the Kansas proposition for a commission to supersede the state legislature has not only been taken seriously in Kansas, but has met with unexpected approval in other states. In local government the so-called "city manager" system as introduced in Sumter, North Caro lina, has attracted much attention, but has not yot had a sufficient test to justify any general conclusions. By action" of the Illinois legisla ture, last month, that state becomes the first east of the Mississippi rher to extend widely the franchise to women. This action could bo taken by the legislature only with refer ence to such officers as are not cre ated by tho state constitution. The suffrage cannot be extended with respect to the governor, members of tho state legislature, members of congress, or United States senators, without a constitutional amendment. It happens, however, that presiden tial electors and various local offi cials are outside of the purview of the state constitution and hence the legislature was able to grant women the suffrage as to such officers. BRYAN'S LECTURES Since Bryan has determined to give a few Chautauqua lectures for money, he has once more become a chief subject of discussion. The matter may be looked at from many different angles. First, if he makes good at it and keeps things running as secretary of state, no harm is done, and it appears that he does. It seems, in other words, that -Mr. Bryan still has a capacity for work which amazes the average man. Just being a little old secretary of state with trouble enough in Japan and Mexico to keep four average men awake nights, hardly gives Mr. Bryan exercise. To keep from getting too fat at his job, he has given two or three lectures a week and made a trip to California, besides keeping up his paper, The Commoner, and acting as leader in the democratic tiartv. But he still finds time hanging heavy on his hands. Also he finds that he needs the money. So he goes to work. We recommend Mr. Bryan's plan to the young and rising generation. In a nut shell it is this: When in need of money, go to work. No mat ter if you already hove a "position" and a small salary still if you need the money, go to work. Even if the weather is hot and you are in no im mediate danger of starving, still if you really need the money, try the plan of the great secretary of state go to work. Fairbury (Neb.) Journal. its own mfrwl nnri fi. n . , ;;: . " Uliu iuwi k nn. senate on the tariff bill is ot erranh will r.rarfit ua . ' Th nniin :, Tlon so"so: -.. .voxs ut ueoate in REPUBLICAN COMMON SENSE To speak for tho historic republi can party in the United States the right of tho New York Tribune will hardly be questioned. Among Amer ican newspapers its expressions are tho essence of republican orthodoxy. The timo, when oxtremo partisanship fettered newspapers,' has happily passed and tho Tribune, not less than many a democratic journal, speaks fn nnilnnofnn1 tri.. v uuuioi.u.iiu, jiiven tho ni-nni..! statesmen seldom care to go on dis cussing a situation which has been closed and its effects discounted bv everybody else. "The country has made up its mind that the Underwood-Wilson tariff bill will go on the statute book The voters for some years past have wanted to make an experiment with downward tariff revision. A republi can congress had a chance i.i 1909 to do the work, but its leaders es pecially those in the senate were not wide-awake enough to make use of their opportunities. The country then turned to the democratic party and authorized it to go ahead. The pending bill may be injurious in some respects (every tariff bill must in jure some interests), but the voters are reconciled to it and are willing to take its risks. The elections to fill recent vacancies in the house of representatives have failed to indi cate any popular hostility to the work of the democrats. "Under the circumstances, dilatory opposition in the senate would be a great mistake. The opponents of the measure should make their record by offering amendments and letting them come promptly to a vote." What the Tribune suys is simply the utterance" of a broad patriotism more solicitous for the contentment and prosperity of the country than for the transient interest of a party. Twenty, or even teiM years ago no such advice could have been hoped for from a newspaper professing party allegiance and it is not less sig nificant of a nobler and more per ceiving journalism than it is proof of the Tribune's independence. The Columbia (S. C.) State. CRITICISM NATURAL It is only natural that Mr. Bryan's acts should be criticised, because he has a noble army of enemies who camp continually on his trail look ing for blunders. It was to be ex pected that there would be a wild outcry over his statement relative to his living expenses. A more diplo matic man than Mr. Bryan would have avoided this unpleasantness. But Mr. Bryan spoke out with his usual frankness. Again and again no has spoken out when 'from the stand point of the ordinary politician silence would have been better. But this very frankness has been his greatest safeguard. People have realized the sincerity of a man will ing to speak his thought right out, even when it was not a diplomatic thing to do. Mr. Bryan is a poor concealer. And, in the long run. this is a trait that injures no man unless he is utterly a fool. The attempt to discredit wr. Bryan will hardly succeed, it urn not succeed in the past when there was wide bitterness against him, u. will not succeed now that he has wo a high place in the sentiments of ms countrymen. . n It is quite the fad to make fi m oi his peace plans. Yet it is the tesu mony of the wisest men the worm over that his efforts in this direction have achieved results, and his critics may as well realize that in his i whole career he has done nothing of greater worth than to inaugurate his scaen for universal peace. It Promises to become one of the achievements this administration. , Mr. Bryan may or may not DJ great secretary of state, f ""kg sition is secure so long as his en emw have no better ammunition tna sneers for his idealism and abuse . i his frank, candid, undiplomatic open ness of speech relative w - t affairs.-r-St. Paul (Minn.) DiBpatc (rep.) . "V kb.4. tUUi au3gf Mtl