New-York tribune., 1903-01-14
MURPHY ON TRUSTS.
The Goue,nor Emphasizes the Rights
of Corporations

The first annual message OF Governor MURPHY
to the New-Jersey legislature is one OF the must
interesting State papers submitted to that oooy
in many years. In dealing with the rela tons OF
New-Jersey TO the trust question he said:
The legislation of this State for the last thirty
years has been so wise and has so won the con-
fidence of the public, that corporations TO the
number of many thousands have taken doFdn. y.
tage OF it's laws to incorporate under thein. ~ ~
is the impression of some VINO are Ignorant VI
the facts that the corpora ton laws of New
Jersey are especially liberal and that corpora, ,
tions organized under them have unusual ana an
perhaps unwise powers. This is not So Inc
New Jersey law recognizes the right OF prop
erty to protection It recognizes, as We'll the
right of the people to equal protectlohr II al
lows no oppression of the people by the cor POI d.
ton It allows no unjust assault upon the COZ :
poration by the people to be effective 1t care
fully and justly guards the interest OF ootn:
Corporatons that want TO do a dlshonesC
business have hard time of it under the New
Jersey law. Corporations that desire TO Goa.
duct their business honest men conduct
theirs are protected as fully and completely as
is any individual in the State, but not, more:
New-Jersey has justly won the commence OF
the country because its laws protect alike ant
with equal Justice, the rights of the people and
the rights of property. The result of this con.
fdence has been that so great a number OF
corporations have organized under her laws
that the fees and taxes from this source are
sufficient to pay the annual expenses cf the
State. to pay 3 large proportion OF the cost
of our public education and to leave manu-
some surplus besides. Other States, enVlous OF
our prosperity, have copied our laws. reduced
our fees and solicited our business. Their sue
cess has not been important. Our revenues from
this source continue to increase. The inference
is fair that it is because of the greater con-
fidence the country has in that pubIc Sehtl-
ment back of laws that makes our laws
secure.
In the last ten years the corporations organ
ized under our beneficent laws have paid the
State the large sum of S13,00O,O0O, and for the
last three years the payments have AVERAGED
81, ,227, ,346 These corporations represent every
conceivable industry. Their eapltalzatlon Is
many billions end the number of stockholders
is hundreds of thousands if not millions. we
have taken their money and sold them the
charter under which they do their business
We continue to take their money each year IN
the shape of taxes for which we give them the
continued protection Of ouI laws. The state
has its obligations to these stockholders Let US
live I'D to them frankly and manfully, and not
be ashamed of being honest.
l call your attention to the adv1sahlnty OF
passing law requiring litigants who seek 10
enjoin corporations or others in the state from
carrying out plans adopted by them TO give d
bond of indemnity to the party attacked, III
such sum as the Chancellor shall deem proper
in case it be finally determined that the apph-
cant for the injunction was not entitled TO the
writ I am informed such a law exists in New
York State. The matter is important, ana
hope the legislature will take such action as IN
Ierr, 1TIJCa