The Providence news. (Providence [R.I.]) 1891-1906, 1903-04-08
kEARSARGE HOTEL,

won't have to. for such do not exist out
side of the ''bughouse," except in the
madnation OF your Woonsocket corre-
spondent. who like all descendants OF
Anamas inherits constitutional olIll-
Guilty which renders him incapable OF
distinguishing between the probable and
the improba ble between honor and turpi-
tude, between the false and the true
II your Woonsocket correspondent were
not afflicted with moral strabismus ana
had desired TO represent the single tax
fairly ne would have constructed his al
legory something after this fashion.
Scene: Two twentieth century land
pirates discussing the single tax.
snss that Henry nRs George
Second Pirate: 81 am inclined to think
IL may have some merit"
First Pirate: ''Why?"
Second Pirate: well. the larger por-
tion Of my property is In what Is called
personal property. only a very small por-
ton is in land, and think that under the
operation OF the single tax my taxes will
be very much less than they are at pres
ent."
First Pirate: what does your peh-.
sonal property consist OFF,
Second Pirate: principally OF stocks
and bonds Of railroads and other QUASI
public corporations. / have $1,000 OF OF
Providence. which pays me 5 per cent,
and on which / am taxed $3.50 or one
quarter of my income from That source.
i
OF this burden and so I'm greater or less
degree will be it's effect on my income
from the other securities that I own"
First Pirate: But in this view Of the
your investments will remain as at pres
ent?"
Second Pirate: "why. certainly"
First Pirate "ln this you greatly err.
In the purview of the single tax all fran
chises for the exclusive use of public
property granted 20 corporations for fur
nishing transportation, distributing gas.
electricity and -waIer-ara- -elassea as Hand
| and Mr.. Georges proposal Is that the fun
| annual value OF such privilege be taxed
into the public treasury, exactly as ne
! proposes that the fun annual value of
/ land proper shall be taxed into the public
/ treasury How much was your original
Investment I'm Union railroad stock7"
Second Pirate: 10000 in the stock OF the
! Providence and Pawtucket street railway
First Pirate; But | understood you tc
say that YOU held $4,000 OF Union rail-
| road stock"
Second Pirate: well you know that
there have been reorRanizations and
leases and mergers until my original In.
vestmont OF $4,000 I'm the Providence and
Pawtucket street Railway has grown e
100000 I'm stock OF the Union Railroad
company and the Rhode Island company
has obtained n lease OF the property o
the latter for 800 years guaranteeing
per cent dividend upon its stock so that
I Investment OF $4,000 or 30 per cent
First Pirate; Exactly. and what woulC
the single tax do 20 that investment
wouldn't do n thing See here per cen
on your original investment Of Sl0O
will give you an income OF 500 per year
The $500 that you are receiving I'm exces
OF this Is land or franchise value and vii
be taxed into the public treasury as sucl
The single tax will therefore cost YOU OF
the one item of Union Railroad stool
alone $500 Of your income OF 5000. instead
OF the $3.50 you now pay.
"Of course this result would be reache
not by taxing your stock but by taxini
the franchise or land value now appro
priated by the Rhode Island company In
20 the public treasury. This would de
stroy the ability OF the Rhode islam
company 90 pay the dividends that II ha
guaranteed YOU and IL would be oblge
TO default. Your 100000 Of Union railroa
stock would shrink 90 the value OF you
/ original investment on $1,000. DO yo
still think the scheme has merit7
Second Pirate: mo indeed. most Ger
tr-rg 1tUwurfFfTt- robbery n r.
scheme % exploit the provident an
thrifty for the benefit OF the improvider
, and shiftless; it II ! : Who II thl
Henry George anyhow
First Pirate. "IIe was the author z
; Progress and Poverty the most widel
read book of the nineteenth century"
Second Pirate Where is he now"
/. First pirate: He r. dead
second Pirate. Good. IL he were aliN
: he should be hanged"