FOREIGNERS TO HOLD REAL ESTATE
On motion, by Mr. SPANN the bill [H. R. 23] tp authorize foreign Manufacturing and Mining Companies to purchase and hold real estate in this State, being read the third time--
Mr. WILSON explained its provisions, and said it is desired in his district and elsewhere.
Mr. LANGDON moved to refer the bill to a Committee, with instructions to amend so that corporations shall proceed and continue to develop and manufacture within one year after purchase.
Mr. SPANN--There is not a State in the West but has such a provision on the statute book as is proposed in this bill, and why should Indiana behind hand in this matter?
Mr. COMSTOCK thought it to the material interest of the State to encourage the investment of foreign capital for legitimate use in this State, and it would be very impolitic to have the bill recommitted, which might insure its defeat.
Mr. LANGDON would use his influence at all times to encourage the bringing in and investment of foreign capital in this State, but he opposed allowing the investment of foreign capital so as to tie up property that otherwise might be made available by others. The bill can be amended and reported back in ten minutes.
Mr. CHAPMAN considered the matter of delay to be of trivial importance, but these corporations are only so in theory. They are not made up of men belonging to a hostile government; and the dangers are imaginary rather than real, and he could see no reason why the bill should not pass as it comes from the House.
The motion to refer was rejected by-yeas, 21; nays, 23; as follows:
Yeas--Messrs. Bischowski, Compton, Davidson, Howard, Hutchinson, Keiser, Kramer, Langdon, Lockridge, Marvin, Owen, Poindexter, Rahm, Ristine, Smith, Urmston, Voyles, White, Wood and Yancey--21.
Nays--Messrs. Bell, Benz, Briscoe, Brown, Bundy, Chapman, Comstock, Garragus, Graham, Grubbs, Henry, Hostetter, Macartney, Major, Menzies, Sayre, Shaffer, Spann, Traylor, Van Vorhis, Viehe, Wilson and Woollen--23.
Mr. BELL as a general principle opposing allowing corporations, especially foreign corporations, from holding real estate other than necessary to their legitimate business of manufacturing, but with the restrictions in this bill he should vote for it.
Mr. WOOD favored the general features of the bill, but as it allows foreign corporations to come in for the purpose of preventing competition in their own business by buying up coal mines and clay beds, thus building up gigantic monopolies, he opposed the bill.
The bill passed by--yeas, 33; nays, 9.
