and efficiency of their schools, in the amount spent upon them for each pupil, and in the burden of taxation for such expenditure; and I asked your predecessors to consider whether the State, having wisely done so much for the education of her children, as of vital consequence to her safety and prosperity, could not properly go farther, and strive for the equal education of all to a certain standard; and whether such equalization could not justly be based upon the fact that the interest of every locality in public education is not and ought not to be limited to the education of its own children. Something was done in this direction by chapter 177 of the Acts of 1891, which provided for a new distribution of the school fund, for the benefit of the poorer and more heavily taxed towns. I commend the subject to your careful consideration. With most gratifying unanimity the people of the Commonwealth have shown their devotion and loyalty to our public schools. us in the same spirit earnestly seek to promote their interests, to maintain them in their full vigor, and to extend their great field of usefulness. Let us keep out of them any spirit of intolerance, which cannot but work them harm. Above all, let us not seek to divide our people politically over this great and cherished institution, when they are and ought to be one in word and thought and act in their devotion to it.

THE WORLD'S COLUMBIAN EXPOSITION.

Let

Last year the Legislature appropriated $75,000 for a proper exhibit at the World's Columbian Exposition of the resources, products, and general development of the Commonwealth, and provided for the appointment of a board of five managers to have charge of this work. This board has since been appointed and organized, and

has begun its duties with commendable energy. In its opinion, and in the opinion of others familiar with the matter, the appropriation is not sufficient for such an exhibit as the Commonwealth ought to make, nor does it compare favorably with the appropriations of other States. I recommend that the appropriation be increased. I believe that all our people are determined that this exposition shall be an unqualified success, and are willing to do their full share to this end. It certainly is most important-more important than the question of expense-that Massachusetts should make such an exhibit of her products and resources, of her history and institutions, as shall give her there the proud pre-eminence which she holds throughout the Union.

RAPID TRANSIT.

The Legislature of 1891 created a commission to investigate the important problem of rapid transit for Boston and vicinity, and to consider the many questions connected with this subject. The results of its thorough investigation will be reported to you, and will demand your most careful consideration.

Senators and Representatives: We now begin our respective duties in the government of the Commonwealth. While realizing our responsibility, let us rise to our opportunity. The oath we have taken subordinates all fealty to party to fidelity to the State, and subjects every personal and class interest to the public. good. Steadfast to principle, true to conviction, however variant our opinions, let us in all measures be careful and candid in consideration, tolerant, cautious, and conservative in action, that in our legislation we may realize the aphorism of Lord Bacon, that "it be

the reformation that draweth on the change, and not the desire of change that pretendeth the reformation." A sense of responsibility to the people, an earnest desire to serve their interests and to merit and receive their confidence, will bring to the discharge of our duties the courage, fidelity, and unselfish purpose which make useful, honorable public servants. Let our only strife be how best to advance the interests of our Commonwealth, and to promote the prosperity and happiness of all her people. As loyally we cling to her, the blessed mother, and lovingly as her children take up her work, "with us as with our fathers, may God be;" and may He enable us to transmit our goodly heritage, enriched by faithful stewardship.

MESSAGE

VETOING AN ACT TO AUTHORIZE THE CONNECTICUT RIVER RAILROAD COMPANY TO INCREASE ITS CAPITAL STOCK.

EXECUTIVE DEPARTMENT, Boston, May 9, 1892.

TO THE HONORABLE HOUSE OF REPRESENTATIVES:

I

HEREWITH return, with my objections, a bill entitled "An Act to authorize the Connecticut River Railroad Company to increase its capital stock," which originated in your body.

The bill authorizes an increase of $2,420,000 of said stock, making the total authorized capital $5,000,000, or about double its present amount. In the absence of any restriction in the bill, this additional stock may and no doubt will be divided at its par value of $100among the stockholders of said company in proportion to their holdings. The present market value of the stock of this company, as fixed by recent sales, is about $235 a share; so that in effect this bill authorizes the distribution to its stockholders of new stock, nearly equal in amount to the present stock, at less than one half its present market value. The difference between its par and market value will be clear profit to each stockholder, and represents the proportion of new stock not necessary for the purposes of the company, and for which the company itself gets no benefit or return. Less than one half of this proposed increase of stock, if sold at this market value, would yield to

the company as much money as the whole increase so distributed to the stockholders. The bill, while in form an authorized increase of capital for the purposes of the company, practically gives the authority and sanction of the Commonwealth to the creation of more than double the amount of new capital, estimated at its market value, required for such purposes, and indirectly to the division of the balance among the stockholders as an enormous dividend.

Speaking in round numbers, the two and one-half millions of dollars of proposed new stock at present market value is worth over five and one-half millions of dollars. Of this last amount two and one half millions of dollars will go into the treasury of the company, and more than three millions of dollars into the pockets of the stockholders. To enable them to obtain this bonus, nearly one and one-half millions of dollars of unnecessary stock is added to the capital, the dividend upon which at ten per cent places an unnecessary burden of $150,000 each year upon the business of the railroad, that is, upon the public. Every pound of freight and every passenger carried by this company will contribute to meet this burden. Meanwhile, this unnecessary increase of capital adds nothing to the resources of the railroad, to the facilities for its use, or to the compensation of those who make such use practicable.

So far as this bill provides for any necessary increase of the capital stock of this company, I see no objection to it. But if in the mode of the increase and its distribution it creates an unnecessary amount of stock for the sole benefit of its stockholders, but which is to be a perpetual and needless burden upon the public, then I believe it to be my duty, before giving my approval to such a measure, carefully to consider whether the