The evening times., 1899-01-17
VOORHEES, TAKES THE
Oath OF OFFICE
Inaugurated as Governor of
New Jersey Today.
IndorseS Non-Partisaa Management
of State Institutions.
Importance of Dealing, With Ques-
tions Concerning Corporations
Capitalized in the State.

Trenton, n. J.. Jan. 17.-Foster n.
voorhees, was today inaugurated governor
of the State of New Jersey.
After having taken the oath of Office the
governor. addressing the members of both
houses Of the legislature. declared that he
would endeayor to observe the oath he had
taken both in letter and spirit, saying that
he was not unmindful of the obligations
TO devote his services to the common good
OF ALL
He also said in part:
Il have no apology to offer for being
partisan. Under a republican form o.
government, parties will of necessity
arise. A people, free to learn and free t0
think for themselves. can only find i'll or
ganization the instrument TO enforce their
wishes respecting government Parties
are not TO be considered as uDmixed evils.
Their existence is an evidence Of active
interest in public affairs. But govern
ments do not exist merely for the sake Cf
parties. With public power comes the
duty to exercise il for the pubic good.
Viewed from selfish standpoint. / be-
lieye that they best serve a party who, in
the conduct OF their Office, pay heed to the
interests Of the greatest numbsr.
The policy so recently begun, of man
aging our State institutions upon a non
partisan basis, has, during the short time
Of trial. demonstrated the wisdom of those
who favored it. 1t has received the en-
phatic approval Of the public and cannot
new be abandoned without injury to the
public service. In these days, when indie
pendence of thought characterizes the av-
erage voter, when party allegiance is
quickly shifted, when those who prefer
good government TO success Of party, can,
14..E- gsrr1-
election. higher considerations than those
purely partisan must influence the law
maker ii he would win public confidence
and fayCr for himself and those whom he
represents.
The governor called attention TO the
growing surplus in the treasury, saying
that so prolific are the States sources OF
revenue that its annual income during the
last fiscal year amounted TO more than
s. 000. 600, exclusive of the proceeds of the
school tax.
He referred TO the largely increasing val
ne Of franchises possessed and exercised by
corporations who render public services for
pay. Ample proof of this value is to be
found in the vast increase in the amount Of
interest bearing securities and stock is
sued by them.
Corporations which supply public neces-
in recent years at many times the cost of
their property and vastly in excess of what
IL would cost TO reconstruct them.
1T is admitted that the public have de-
rived great benefit from the growth of
these corporations in the way of b ter
service and lower rates, but this benefit,
il is estimated, is less than il might have
been if obligations had not been unneces-
sariiy incurred to pay interest on tolds
issued "a ba ad -, .
the franchises enjoyed. IL is not the poll
cy OF these companies TO pay large diyi-
dends on their stock but rather to find
reasons from time to time for incre ases
of their bonds. These are Gstensibly dis
tributed among small investors and there
by such transactions are rendered more
secure. If the charges are true and there
are good reasons why past proceedings of
this kind cannot be undone, il is all tie
more important that they should be regu-
lated in the future.
We all fully realize the importance Of
dealing with this matter in a conservative
spirit. The prosperity OF a state depends
largely on the security which il gives to
The capital invested therein. Those o5ri-
cations, however, which are ISSUED for thu
estimated value Of a franchise do MT
properly represent capital, if that value IS
based upon receipts from excessive
Popular discomfort has led to much tIn-
wise and injurious legislation on this sub
Ject in other States. In some of the States
maximum rates have been arbitrarily liked
by statute. but this is a crude method of
dealing with the problem. and often unfair
in its application TO the differing coudi-
Jions Of various localities. rate thu is
reasonable in one place may be unr
able in another. In other States, cou..-fs-
sions have been authorized by law TO fix
rates after a semi-judicial investigation OF
conditions in each particular case.
Experience has shown. however, that it
is difficult TO confine such legislation and
proceedings within rational bounds Such
Legislation draws into our courts ques-
tions that are not properly OF a judicial
character, and il would be unfortunate in
deed if this State should be compelled to
enact laws OF the kind referred 10 in order
to find a remedy for the alleged evil. If
legislation is TO be enacted it should be
only after a full invest fga1ion into all of
the facts and should be free from the OBJ
jectienable features which l have men
toned.
In conclusion, the governor paid a trib-
ute to the zeal and patriotism shown by
the citizens of New Jersey. whose soldiers
and sailors, he said, whether on land or
sea, SO demeaned themselves that honor
and credit came to the State.