The Penn's Grove record., 1914-04-03
The Legislature Nearing An End

The bill to tax bank stock at three
fourths of one per cent. Was passed by
the House Monday night, by a vote of
Al to IA, after a bitter fight. 1t passed
the Senate on Tuesday, Is to 3, and
was signed by Governor Fielder. One
half the tax goes to the municipality
and half to the county.
Bank stock used 20 be taxed at local
rates at a valuation procured by divid-
ing the amount of stock, surplus and
divided profits by the number of shares
after the valuation of the building was
deducted. About ten years ago the
Buck law was passed which allowed
the deduction of government bonds
and other non taxable securities, since
which little OF no tax has been paid on
bank stock.
The bill placing under the jurisdis-
tion of the Stale and not The school
district, the payment of teachers pen
sions passed the Senate. The necessity
of teaching 20 years in one place is re-
moved. MI. Pierce said it is estimated
that it will ultimately cost the state
$l,400, 900.
Governor Fielder has made passed
bills laws by signing these: Empower
ing local boards of heath to regulate
and license persons engaged i'll the sale
of milk; amends road improvement act
and authorized a borough 10 improve
a road or section, the cost to eventually
revert to the county.
On Wednesday the endeavor to get
the bill to consolidate the state boards
of assessors and eQualiZal ion of taxes
and transfer the engineering depart
ment of the former to the public utility
commission was tabled. The bills also
to consolidate the water companies and
oyster commissions failed of recogni-
ton. 1t indicated the death of further
economy and efficiency measures.
Resolutions were passed providing All
amendment to the constitution for
election of Assemblymen by districts.
Another adopted provides a less diff
cult manner of amending the Constiiu-
ton. The process now requires seven
years and must go thu two Legisla-
lures, advertising extensively and sub
mission to vote of Two Legislatures.
Under Senator HenneSsy's resolution
The amendment could Oe accomplished
III two years without so much red tape,
and would provide a plan for Il Consti-
tntional Convention, if one were DEEM
ed necessary.
Some of the bills passed in the Sen
ate this week were: Prohibiting mis-
leading statements i'll soliciting insur-
ance; permitting municipalities, uuder
a home rule provision, to adopt any
form OF government not i'll conflict
with the Constitution, regulating grade
crossing removal by permitting notice
Of publication to such removal; creating
a new Board of trustees fol- the STATE
Home for Girls, following the recent
probe into the institutions; permitting
the joint use OF telegraph poles by diff
ferent companies; permitting a referen-
dun in municipalities on fremen's
pay.
Governor Fielder has scored one vic
tory in his legislative program. He got
his inheritance tax bills through the
Legislature and has signed them, making
them laws. The Governor planned a tax
OH direct inheritance as one way of aid
ing in a direct state tax, and he estimates
that these new laws will add about $780,
COO to the annual income of the State,
The most important OF these new laws
is Assembly No. 1872. 1t taxes direct in
heritance at the following rates.: In
sums in excess of $1,000 and up to $50