Perth Amboy evening news., 1913-01-14
GOVERNOR WILSON'S
LATEST MESSAGE
Continued from page II
M ore 70 BE Done.

But not all that waited TO be done
was done by the legislature OF 1911. II
was impossible that everything should
De accomplished in a single session
The rapidly changing circumstances OF
the time. moreover, both In the polit'
zeal and In the Industrial world, render
It necessary that n constant process OF
adjustment should go on. 1t IS my
duty to call your attention to the fur
Their changes in our law which seem to
be most Immediately necessary.
The corporation laws Of the state
VIGOROUSLY stand IN need Of altera-
ton. They are mauifestly inconsistent
with the policy OF the federal govern
ment and with the interests OF the
people In the all important matter OF
monopoly. to which the attention Of
the whole nation is now so earnestly
directed The laws of New Jersey as
they stand. so far from checking mo-
nopOly. actually encourage it. They
explicitly permit every corporation
formed in New Jersey, for example,
to purchase, hold, assign and dispose
of rs ii pleases the securities OF any
and all other corporations of this or
any other state and to exercise at
pleasure the full rights OF ownership
In them, including the right to vote as
stockholders. This is nothing less
than an explicit license of holding
companies. This is the very method
Of forming vast combinations and ere
ating monopoly, against which the
whole country has set it's face, and /
ana sure that the people Of New Jersey
do not dissent from the common judy
ment that our law must prevent these
things and prevent them very effec-
tually.
1t is our duty and our present op-
portunity to amend the statutes OF
the state in this matter not only, but
also In such q way as to provide I'M
responsible official supervision OF the
whole process of Incorporation and
provide, in addition, salutary checks
upon unwarranted and fictitious In
creases OF capital and the issuance of
securities not based upon actual bona
fde valuation. The honesty and
undness OF business alike depend
ION such safeguards. No legitimate
business will be injured or harmfully
restricted by them. These are mat
tiers which affect the honor and good
faith of the state. We should act
upon them at once and with clear pur-
pose.
Need Protection.
The people of the state are nj pres
ent, moreover, Mt the mercy Of invest
tnent companies of every kind. Securi
les of my and every sort can be sold
u New Jersey by irresponsible persons
and the purchasers must depend upon
.beir own Investigations to ascertain
whether they are bogus or based upon
good business. They should hare the
protection Of the law. Investment com
panies should be put under inspection
n regulation by the state, and no one
should be allowed to sell securities III
New Jersey without public license Is
sued from the department exercising
the rights OF inspection and regulation.
HSfY Jersey is very late indeed In sf-
l0rdfng her people this protection.
There is another matter that cries
out tor reform and has long cried oIt
for 1t. Why has no legislature ever
seriously and earnestly set Itself to
correct It? The dra wing Of grand
juries, and even upon occasion the
drawing OF petit juries. Is VIGOROUSLY
subject to political influence and CON
traI ", thIu etntn ~ who's nrnpaGlad
of Justice we are 30 proud and whose
honor we are In most cases SO quick to
defend against question OF SANDER.
This ran and should be remedied. You
can not neglect It without seeming IN
different to Justice and fair play In
matters which are matters of life and
death and reputation and honor and
which cut to the very quick OF human
rights. The free, prompt. unbiased nd
minIstratioD OF criminal Justice has
been time out of mind at the very cen
ter of the fight for individual right and
liberty. 1t is to be hoped that the com
mission now investigating the various
methods of governing this all impor-
-tant matter will presently submit a
borough and conclusive report.
As to Taxes.
Another matter no less central. no
less vital TO the rights and opportuni-
ties of individuals and communities,
Is the methcd by which taxes are as
sessed and collected. New Jersey has
suffered herself to drift into practices
In this fundamental matter VIII ch
might lead a critical outsider who
knew nothing Of the history and acct
Ge3ts of her legal development in this
case TO question both her fairness and
her public sense. Her arrang snlen;s
In respect of this. as of so many other
interests aud functions. are the result
Of mere patchwork and lack system
and conference altogether. 1t Is not
necessary 10 have both n hoard of ny
SCISSORS and n board of taxation aud
1t is Intellectual to have either IL they
nre to have no administrative control
over local assessors and collectors.
The most extraordinary variety alike
OF rule and of practice obtains IN the
different counties and communities of
the state. with this result mon MANY
others. that IN many localities small
property owners pay much heavier
taxes In proportion to their holdings
b a large property owners pay and
ura nracffcattv without rodraSs L,,r