The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-18
rooRnrrs INTERRUPTED.
New Jerseys Large Surplus Increase-Local
Corporations,

TRENTON, N. j., Jan. 17.-With simple cere-
mony nnd little display Foster NJ. Voorhees,
was at noon to-day ipaugurated as Governor
OF New Jersey. The Legislature was in ses-
! sion upon the stage OF Taylor Opcra House,
where the formal exercises were held, ana
with its members we're many prominent Jer-
seymen OF both parties.
The Rev. DIR. Francis J.. Patton. Presidents
Of Princeton University, delivered the opening
prayer to-day. and after Chief Justice Magic
had administered the oath Of office Acting Cow
ernor Watkins delivered to Gov. Voorhees, the
great seal OF the State. At this time a salute
OF seventeen guns was fred from the river
bank back OF the Capitol.
After Gov. Voorhees, had formally accepted
the great seal he was introduced BY Acting
Governor Watkins to President of the Senate
Deed. who in turn formally presented the new
Governor to the Senate and Assembly.
Gov. Voorhees, then gave his inaugural Rd.
dress. He said in part:
II wish to direct attention TO the grow
ing surplus in the treasury. So prolific are
the States sources of revenue that its annual
income during the last fiscal year amounted to
more Than S%2,O0O,O0O. exclusive Of the pro-
ceeds of the school tax. There il little likeli-
hood of further demands for large extraor-
eXcept in one or two instances. If economy
be D%racticed and the income RECEIVED by the
nJuIe SHOWS no uUDfeCluDle lHlIlnE OIL, lHO
State fund is not likely to decrease. 1t 10
more likely to assume proportions which viii
be Jar larger than the needs of the state re-
duire. Its existence will prove a constant in-
qucement to extravaganza or unwise .expen-
diture. The funds should be maintained ae
such an amount as prudence and a due regard
10 the demands thereon, which may be reason
ably anticipaIed; may suggest. Any sum ia
excess thereof should he wisely disposed of in
relieving the burdens OF local taxation.
There is another subject to which reference
can be appropriately made at this time, iorit
is one In the prOppr solution OF which the puh-
lie at large are greatly interested. / refer TO
the great and increasing value OF franchises
possessed and exercised by corporations who
render public services for pay. Annie proof
of this value is to be found in The vast increase
in the amount of interest bearing securities
and STOCK issued by them. Corporations which
supply public necessities in this State have
been capitalized in recent years at many times
the cost of their property. and vastly in excess
Is admitted that the public have derived great
benefit from the growth of these corporations
in the way of better service and lower rates,
might have been If obligations had not been
unnecessarily incurred to pay interest on
Of the Franchises Sc enjoyed / It IS not the policy
Of these companies 70 pay large dividends on
their stock. but rather to find reasons from
bonds. These are often widely distributed
among small investors. and thereby such
,ro are rendered more secure. II
sons why past proceedings of this kind cannot
be undone, it is all the more important that
they should be regulated in the future.
Popular discomfort has led to much unwise
and injurious Legislation on this subject in
other States. We should profit by the mis-
Just and effective remedy, If one be needed
After the benediction had been, pronounced
gural party entered coaches and was taken to
lunch. Gov. Voorhees, held 4ublic receptions
in the afternoon and evening. After the in
auguration the Legislature adjourned for the
week.