764 Gubernatorial Messages 



way of bearing a just share of the burden of taxa- 

 tion; again, precisely as the owner of the grocery 

 or dry goods store bears his share, the difference 

 being that a railroad company, for instance, owes 

 infinitely more than the proprietor of a big business 

 establishment does, to the real estate itself. Of 

 course, this value differs greatly in different places. 

 Where population is dense, as in New York City, 

 the real estate along which the tracks are laid on 

 Broadway may be worth an immense amount for 

 every lineal foot, exactly as the real estate fronting 

 this portion of Broadway is worth an immense 

 amount for every lineal foot. In sparsely settled 

 districts, however, the value of the real estate of 

 the railroad will diminish greatly, just as the value of 

 the realty through which it runs diminishes. 



I am perfectly well aware that as Chief Justice 

 Marshall says : "The power of taxation is the power 

 of destruction." But this applies to every species of 

 property. If demagogues or ignorant enthusiasts 

 who are misled by demagogues could succeed in de- 

 stroying wealth, they would of course simply work 

 the ruin of the entire community ; and first of all, of 

 the unfortunates for whom they profess to feel an 

 especial interest. But the very existence of unrea- 

 soning hostility to wealth should make us all the 

 more careful in seeing that wealth does nothing to 

 justify such hostility. We are the true friends of 

 the men of means, we are the true friends of the 

 lawful corporate interests which do good work for 

 the community, when we insist that the man of 



