Five Mile Beach weekly journal., 1914-03-13
Pierce Measure Passed After
Long Debate.
LIKE THE CALIFORNIA LAW
Following = Fight of More Than q
Dozen Years, the Ocean Grove Bor-
ough Bill Has Passed the Lesisla-
ture-FieIder's First Veto of Session.
Ispeclal correspondence.l

Trenton, n. j., March 11.-Following
a debate lasting more than two hours
the senate passed the bill by Senator
Pierce to place a tax of l per cent on
the stock of banks and trust companies.
The assessed valuation is to be deter
mined by dividing the aggregate OF
the capital, surplus and undivided
profit by the number of shares of stock
without n deduction whatever. Sena-
tor Pierce spoke at length on the meas
II and maintained that the banks and
trust companies have the advantage of
exemption. He asserted that the con-
dition Is a reproach to the state, as
banks receive the advantage of all pro-
lection and should bear part of the
expense. Other companies, he pointed
out, pay a franchise tax. but banks are
exempted by federal law. Even his
measure, he asserted. would place less
of a burden OF hanks than Is borne by
other companies. He admitted 1t would
In some respects mea practically a
double tax on the banks through an
assessment on their real estate, but the
condition would not be different from
that faced by other companies. Sena-
tor Smalley wanted the real estate of
the banks exempted, but Senator Pierce
replied that 1t is a sound banking prin-
ciple that real estate is a bad invest
ment for banks. Senator Smalley. he
thought, would place a premium on the
possession of property He again de-
clared that the bankers had failed to
cooperate in the drawing of a measure
that would be satisfactory to them and
wanted to escape all responsibility.
Senators McGinnis and Hennessy as
serted that while they did not approve
of the bill in its entirety 1t had the
support of Governor Fielder and SEEM
ed to be demanded by the public.
Therefore they would vote for it. Sena-
tor Read. Republican leader, replied
that the people were not anxious for
1t. as it was made a part of Senator
Pierce's platform when he was a
gubernatorial candidate. but did not
win him the election.
Vote Was IL to 8.
The vote on the bill was IL to g.
Senators Gaunt and Pierce voted in
the affirmative. with these Democrats
-Hennessy. Ackley. Egan, Martens,
Ramsay, Slocum. McGinnis, Smick.
Munson and Barber. All the negative
votes were those of Republicans and
included Read. Smalley. Edge. White,
Hutchinson and Mathis. Senators
Wheaton, Colgate and Rathbun did not
have fhpir namoa raoordod
The bill by Senator Mathis, which
would have increased the salary of
county school superintendent in the
larger counties and reduced the pay of
those In the smaller districts, was
voted down by the senate. President
Slocum maintained that the employees
Of the small counties have greater re-
sponsibilities. as they are not allowed
so many assistants.
Borough Bill Passed.
After a fight of more than a dozen
years the Ocean Grove borough bill
has been passed by the legislature. In
previous sessions the house has acted
afirmatively on the measure. but the
senate has been the stumbling block.
The official position of Senator Slocum
as president of the senate gave an i'm
petus to the, movement this year, and
he was able to line up the votes for it.
Some of the Democrats we're not anx-
ious for the bill. It is not to be per.
mitted to become effective without a
strong test, however. Governor Field
er has been appealed to by prominent
residents Of the grove and members of
the Camp Meeting association, which
now controls the ocean front at that
point. He has arranged to have a hear
ing at the statehouse at 2 o'clock Mon
day afternoo Many expect that the
governor will place his signature to
the bill. If he does the question will
be carried to the courts Immediately,
and the Rev. DIR. A. e. Ballard, head
Of the Camp Meeting association. ex-
poets to tie the issue up there for at
least six years. even though he does
not win out finally.
Charge Excessive Rates.
President Slocum went on the f1ooI
of the senate to get the bill through,
relinquishing his chair to Senator Edge
He asserted that while the Ocean
Grove Camp Meeting association has
nominal control of the land in question
three men actually govern affairs. They
charge excessive rates, he declared. for
utilities to which they are not entitled
and have more money in a hotel than
in religion. He asserted that a wing
Of the hotel had been deliberately built
across the proposed ocean boulevard
and the highway improvement prevent
ed. Senator Read replied for the Re
publicans that the state has entered
into a contract with the association In
granting a charter and should o alb
rogate it.
Fieider's First Veto.
The first veto Of the session by Gov
Arnor Eioldor oovorc horfco hill No O7R