New-York tribune., 1899-05-26
THE NEW FORD BILL.

The amended Ford bill was passed by both
houses Of the Legislature yesterday, thus secur-
ing beyond doubt the taxation of local fran
chises simultaneously the shares OF the local
traction companies advanced from two 10 four
points in price on the Stock Exchange. The
corporation attorneys who have been going into
Mysteries about "cOnhSCation," Socialism" "at-
tacks on the security OF investment" and 1.-The
crime Of wealth" are made to look n triie silly
by the coincidence. After all the shouting and
parade of bugaboos II appears that men whose
business it is to know values contemplate the
taxation of property In franchises with the
same calmness and confidence with which they
accept the taxation of property In bonds and
buildings. Doubtless the men who have long
escaped paying their fair share for the support
of the government that protected them and gave
them q chance 10 make money would have been
glad of continued exemption. That was only
human nature. But with the imposition of the
tax nobody sees them surrendering their fran
chises, tearing up their rails or even throwing
over their stocks AT a sacrifice They know too
we'll the value Of the franchises they hold to let
the bill which was going 10 drive away Capitar'
and discourage investment" interfere even for
day with their money making operations
IL
for the Governor over corporate opposition to
taxation on any terms and organization reluc-
tance to taxation in the form approved by him.
He has been master OF the situation al every
stage Of the proceedings In the regular session
he forced the trcksters and pettifoggers TO
agree 10 such franchise taxation as il was then
possible to secure. and then with unconventional
drectness he took advantage Of the first oppor-
l,l.
abuse in the application OF the bill. while retain
ing It's substance unimpared. II will be said
that he extorted the amendments from the Legis
lature. II SO. II was an extortion that bore tho
marks OF craftsmanship. for it is statesmanshiI
of decidedly practical sort that can use instru
ments placed in its hands TO secure so complete
ly a radical reform Doubtless the Governor
own ideas on taxation changed as he studied th'
subject He says so himself. But that is n
discredit to him. The people did not elect Mr.
Roosevelt Governor expecting him to be pro
fessor OF political economy. but expecting hin
10 be a courageous and alert guardian OF thei
interests quick TO grasp every successive oppor
tunity to benefit them, as he did in dealing WI
the original Ford bill, and then In modifying
TO meet objections which were only brough
against 1t after IT had passed
Those notifications have already been dis
cussed az length in The Tribune. They are a.
amendments OF expedency rather than Of prn
oiple One OF them. that providing for the dc
duction from the tax OF the gross amount OF an
rentals now paid for franchises. we have though
an uncalled-for concession as likely to promot
as to remove inequality Of taxation. This, how
ever. is one OF the questions OF detail connecte
with the law that can only be solved finally b
experience. and II the concession disarms oppC
sition and makes smoother the introduction O
the great reform II justi6es itself. The othe
new features are OF practical utility. II is wis
IN put the bill into effect so that franchises 4
all parts Of the State will pay their first tax i
the came fiscal year and not have some assesse
q year In advance Of others Doubtless muc
trouble Will be avoided also by the centralizs