Minority Representation

mere is pena mg in tlie Michigan legislatnre a bilí providiug for tlie represeiitation of mlnorldes In corporations, on the curaulativt-Jplan Every stockholder s to liave the right to vote, in pergon or by proxy, the iniinber ot' shares of stock owned by him tor as maiiy persons as there may be directora to bis elected, or to cunuilate such votes upo sucli candidates as he may please. Undur tuis provisión, with cqual effort and skitl on both t-i. c-, the tvjiirsriitatioii in the board will correspond asclosely as possible to th; reía tivc tiength of different interest. The iniDority will tlien have, ; they have not now, tlie right to be present at uieetlugt of the directora, to examine tlie books, to know what ig béinjr done In the couip;iny, and to be heard in opposition to uny ¦neasure which tbey consider adverse to their interests. A similar proTislou was put uto the constitución ot Illinoisin 1870, aud has worked wt'll ever lince) was iiK'orporated in the cmistiiutions of West Virginia in 1872, Pennylvania in 1833, and Missouri in 1870 and has been ot inarkeU service in ill thote States. This measure is opposed only on the grouud that it is desired by the minori ties in certuin important corpoiations for Huir own defenoe. But tliis does not ceem to be a reason tor rejectliiíf, but rather a reason for adopting it. Even in political muiters, the tendeiicy of progress lias been toward greater deteuce and recognition ot tlie rights of minontics, wliile in a business Corporation it isa well-underslood principel that each individual stockholder has rifthts of which he cunnot be lawtully depried by tlie action of t majority. llut the defeuce of those rights thioiifih the courU is atall times difiicult, costiy and attemled with (ielay, and, moreover, the injury to the Corporation resiilliug trom litialiou and exposure of its opeiations is often so serloua that niinorilies endure gieat injustlce rnther than rewrt to such a reinedy. In all parts of the counlry the abuse of corpoiate power has become a fruitful soutce of liiiancial and industiial ditliculties. It is reasoí able to btll eve that the ailoption of the measure pending in Michigan, by preveuting such abuses, and giving minuritics power to piotest against them In season, and if nicil be to defend their righta uy timely legal proceedings, would prove iucalcul.ibly benefícial to business interests and would promote the welfare ot the etatc.