cash, and prohibiting the issue of bonds in excess of the amount of the capital of the corporation paid in cash, would tend to relieve the public from excessive charges and preserve the interests of those who have become owners in good faith and for value of the shares or bonds of corporations, and would remove one of the causes of financial disturbance and depression in business. No attempt would be made to affect vested interests or stocks and bonds already issued, but the statute should be applicable only to future issues."

In the next year, 1887, Governor Hill recommended the adoption of an act limiting and restricting the power of corporations in the issues of stocks and bonds, and said in connection therewith this: "The manner in which corporations under existing laws are permitted to issue and place upon the market stocks and bonds representing little or no valuable consideration or equivalent in value actually paid in and which, although not legally, are yet in effect a fraud upon the corporations as well as an imposition upon the purchasers and the public, presents a crying abuse and loudly calls for legislative interference." The next year Governor Hill renewed his appeal for legislation limiting and restricting the powers of corporations in their issue of stocks and bonds and said that "Some check should be placed upon corporations in this respect and seems to be urgently required. The existing laws are defective and inadequate to properly protect the public and to guard against the issue of stock and bonds representing little or no valuable consideration and which are essentially, though perhaps not technically, fraudulent or fictitious in their character. Nearly all the monstrous fraudulent transactions of corporations in recent years are traceable to this source, and the time is opportune to render their repetition impossible." In January, 1889, Governor Hill became more specific and direct in his recommendation to the Legislature and advocated the creating of a State commission, and I now quote from his words, "which shall include supervisory powers over gas, telegraph, electric light and telephone companies." That was in 1889. In 1890, Governor Hill expressly renewed his recommendations to the Legislature for the enactment of a measure limiting, regulating and further restricting the powers of corporations in the issuing of stocks and bonds, and here I quote, "A measure creating a State commission which shall include supervisory powers over gas, telegraph, electric light and telephone companies." In his last message to the Legislature, in 1891, Governor Hill said: "Certain recommendations contained in my previous messages may appropriately he renewed at this time." And then I quote a paragraph, "A measure creating a State commission which shall include supervisory powers over gas,