Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-03-10

ronar,v and individual property! a
.,',,>,,,;on is merely "A combination of
individuals with corporate power and
,ha, ora man drops out the OrSahiza-
tion still continues, il is endless nut 1t
* made up of individuals. ana the
lnroperty that is invested IN corporate
stocks and bonds and property of diff
ferout kinds should be subjected to the
same rate of taxation as though it were
lowned by the individual himself.
| Take the Bangor X ArooStook rail-
road. We find that they issued their
stock. a large amount of it. How much
has il cost the stockholders OF the Ban
COR L. AroostOok railroad, and how
many Of them are there? There are t.
men. according: to their report of June
3Gth, that own over 400 miles of the
HanSor 4 Aroostook railroad. only /;
Stockholders; and pray tell me if you
believe that they are men who need
your fostering care and tender mercy
upon IL question OF taxation? DO You
believe that they are the poor men of
the State of Maine? Are these l. the
| widows and orphans of tn State OF
| Maine, or are they the rich men of the
| State who come here and ask you
practically to exempt them from tax
| alton? You must meet this question.
| and [ want you to meet ii fairly ANA
honestly. How much did they pay for
their stock The treasurer of that
| company told me that they pat into
that Bangor 4 Aroostook railroad 10
per cent. of the stock and the stock
| Was issued TO them, and that is every
dollar that the Stockholders ever Dut
| i,tn nd -
their earnings and from the tond issue.
What is their stock worth today! II is
worth $50 Il share. | so stated before
the committee. One of the members of
the House, mean the third House.
the morning that this bill VAS intro
duced into the House met ne
knew what the bin wi,s.-;tnd h" smil-
ingly met me and said, You have laid
ii china egg" In other words, the gem
ltlc,nan of the third House Immediately
informed me that there WAS no life in
the bill that there was no innate pow
or whereby the bill could ever become
an active living cre,1 urc. Gcl,tlcmcn 1t
is tor you to say to the people OF Name
| whether ii was Il china egg or whether
it is one that will act aud bring forth
life and bring into the treasury of the
State of Maine something with which
to meet the bills that we have got to
meet. They paid 10 per cent. for their
stock. and last year they issued div
i,iend of per cent, or i'll other words.
Il dividend of 30 per cent. on every COL
lar that they invested. Is that such an
| investment as cannot stand tax OF
seven or eight mills on the dollar? NO
but the bill don't tax them that lH-
der this bill the Bangor Il Aroostook
railroad. if they paid that other % per
cent. of the tax which rebates, then
they would not pay only one-slXth OF
= per cent. or about three mills on the
dollar according to the valuation of
their property. Is that Il hardship? If
it is, think that hardship ought to be
taken from their shoulders.
Another obj 'tion % the acceptan1 G
OF the minority report is that ii you
increase the rate of taxation they Will
Immediately Increase their rates upon
| their line. | propose to make the bald
statement that the cXac; opposite will
be the result, that ii viii reduce the
rates in freight and passenger traffic
in the State of Maine by taxing the
railroads somewhere near what they
ought TO pay. and l can prove it from
history. In 1901 the iaili Dads of the
state paid an increased taA by the ac-
ton of this legislature, end since 1901
their freight rates have diminished and
their passenger rates have diminished
throughout the State Why? The rail-
road interests uf the State of Maine
knew in 1901 that the people We're
aroused, that they were about to do
something. and they came in here aid
| l.
ing to do this What do You suppose
the foundation Cf this fight of the rail-
roads is against this tax upon their
property? 1t is not the pGltry sum that
they will pay into the treasury. 1t IS
the idea that the people of this great
state have taken it into their own
hands to say that these great corpora
tons do not run their Legislature ana
do not run the business affairs of the
State of Maine. That is the great prin-
ciple. and that IS Wha. fills up the lob
by of this State House today with the
railroad magnates. AMI their hired men
throughout III. State. And that is what
they want to do. they want to stiff
and keep the hands of the people OFF.
1t is not the tax by any means. | say
to you, Mr.. Speaker and gentlemen,
this is a proposition of the greatest i'm
| I.ortance to the stat. Of Maine. The
ninute you pass this ill and they un-
Gcrsiahd that the pc ple of the state
of Maine are to have a voice in this
question of th. nland2ent Mt of their
own affairs, when You PASS that bill
they will recognize Il: once the people $
power and authority. they will rccog-
nizc at once that the people are awake
to their own interests; and when they
realize that they VIII realize another
fact, that upon our statute books that
authority is given to the legislature
| if they undertake to increase their
rates on freight or on passenger traffic
| that ii is all i'll the bands of the I-egiS-
laturc. They want to keep your hands
OF. | say, ana that is tt" reason they
cCme around with these arguments ana
visit practically every member OF this
House and thy to influence him as best
they may against this bill
Now, Mr.. Speaker and gentlemen, /