Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-12-02


Railroad Legislation.
The onl, legislation affecting railroads, aside
from an amendment to the general railroad
law, passed at the late session. was an act to
tax The real estate Of railroads in this state.
The act authorizes the listers of the several
towns TO set in the grand list the real estate
Of railroads situated ia such towns Il also
authorizes them 90 asses. the road bed and
track at two thousand dollar, peer milo for
every milo Of the main lime col. 1'a track in
each town. This act is we iic,r in accor-
dance with a suggestion mad, 1y Gov.
Smith in his testimony before iu commit
tee. lie stated that the Central Vermont
road with its leased lines was taxed in New
York Massachusetts,. Connecticut, and New
Hampshire, and he saw no reason, as o cit.-
zen of the state, why the road shouIdn not also
pay taxes iu Vermont II the roads were
willing to be taxed there seemed to Ice no
reason why the legislature should object to
their taxation.
or course the legislature and the railroad
managers know what they are about, and it
is idle for us TO object TO q law after It's
passage But We nevertheless, are of the
opinion that the exemption Of railroads for
ten years after their construction and OPEN
ing for travel was the wiscst part of The bill
The principle of this exemption is. that
railroads being great public benefits, and
creators of public wealth. should be fostered
and encouraged, and not put under such LA
blities as 10 discourage their construction.
It is a question with us. whether this cy-
emption from taxes ought not to have been
granted 10 all railroads whose earnings are
not equal TO their expenditure aud are not
sufficient 10 pay dividend, to those who have
invested their money in them 1t is very
clear to MS that it will be many years be-
fore our Vermont roads will bee a good in
vestment and pay interest ON the cost of con-
struction. Already our towns have taxed
themselves heavily, and individuals also. to
build them. They are learning. slowly but
surely, that money put into the construction
of railroads is like money put into the con-
struciion of highways and bridges that lis
lost as a direct Investment, though it comes
back in indirect ways. BY bringing the
market nearer it enhances the value Of real
estate. and of all its products. In this way
railroads increase the general wealth Of the
community. even while they abstract large
sums in their construction and equipment,
and current expenses. They are the sources
and creators of wealth even while they are
poor and in constant distress for means to
meet the public demands And this will
be the case so long as our Vermont roads
traverse SO long distances through country
SO comparatively sparsely populated. We
ca ct furnish the business needlul TO keep
up the railroads and make them paying in.
vestments. Til we reach that point it ha,
always seemed to us that railroads should
not have an ounce of additional weight
thrown on them by taxation. When our
Vermont roads come to that point, aud are
able to pay dividends to tho, who have con.
structed them, we shall be in favor of taxa
ton. Til then, we think the principle OF
exemption should have extended the time
beyond ten years to the period thatisnec's
sary.
We have a great respect for railroads and
for the men who embark their lives and
fortunes in them They are great public
bepefactors, especially in a region like this
whore we have no large towns and cities OIL
crowded commercial population, but depenc
upon agriculture and the quick and cheal
transportation of its products for our wealth
We have to build, equip and run them a
great sacrifice. The constructors and man
ayers Of them have generally died poor men
aud the few who seem to become rich ar
constantly liable TO sweeping reverses, j
their fortunes are at all implicated in th
fortunes Of the roads. Their lives are spen
in the tremendous and often desperate al
tempt to carry the burden they haze under
taken. They are forced to constant an
wearing activity, to provide means to me,
the enormous expenses of their trusts. y
man who has ever had an inside view of tn
difficulties which manager Of such roads
ours has to encounter, would envy him h
position. Uneasy lies the head that wea
the crown Of railroad royalty.
1t was one of the excellent features
the late session, that the legislature did NJ
attempt any of those projects of railroa
reform which would have been sure to hay
plunged our roads into the bottomless pi
1t acted with great discretion and wisdo
in these matters, 1t did not Join the hi
and cry which has so senselessy been rails,
against them. And, aside from the tax
ton to which it subjected them, and
which it was invited by the railroad ma
ayers themselves, il acted toward them as
conscious of the inestimable advantage Il
railroads have been to the State, and of Il
difficulties and embarrassments under viii,
they lie in attempting to meet the publ
demands and at the same time meet tn,
current expenses.