“Ordered that the men employed by the receivers in the operation of the road and the conduct of its business shall be paid their monthly wages not later than the 15th of the month following their accrual. If the earnings of the road are not sufficient to pay the wages of the men as herein directed, the receivers are hereby authorized and required to borrow from time to time, as occasion may require, a sufficient sum of money for that purpose. The obligations of the receivers for money borrowed for this purpose specified in this order shall constitute a lien on the property of the trust prior and superior to all other liens thereon.” Under the powers inherent in every sovereignty, government may regulate the conduct of its citizens toward each other, and, when necessary for the public good, the manner in which each shall use his own property. Formerly, corporations having special privileges were created by special acts, which the courts construed to be contracts between the granting power and the corporators which, once granted, could not be repealed or varied by the granting power. This granting of charters to favored individuals, conferring upon them privileges not possessed by the general public, became obnoxious to public sentiment, and, as a consequence, general laws have been passed in this and many other States, under which any three persons may become incorporated for any private purpose. This has become a worse evil than the old system of granting special charters. Under the general law enacted in this State twenty years ago. I am informed, 27,200 corporations have been created. Irresponsible persons are often induced, for a small consideration, to form corporations with a proposed capital of millions; to subscribe for the whole stock except a share or two, and, for a fancied, imaginary or worthless consideration, to issue to themselves fully paid up stock, which is subsequently transferred to the real parties in interest, who expect thereby to escape personal liability if the concern is a failure, and to pocket the profits if a success. Business of all sorts is now to a great extent carried on in the name of corporations, in order that the proprietors may escape personal responsibility. How can the individual, who is personally responsible for his contracts, successfully compete with a corporation run by persons who incur no such responsibility? Doing business in a corporate name not only paralyzes individual effort, but leads to a concentration of capital—the great evil of our time. The remedy for this growing state of things would be to restrict the formation of corporations to such as are formed for public purposes, or such as the public have an interest in. Seventy-eight per cent. of the great fortunes of the United States are said to be derived from permanent monopoly privileges which ought never to have been granted.