Gubernatorial Messages 775 



tion, and the amount thus added will increase stead- 

 ily year by year. The principle which this law estab- 

 lishes has come to stay. There will doubtless have 

 to be additional legislation from time to time to per- 

 fect the system as its shortcomings are made evident 

 in actual practice. But the corporations owning 

 valuable public franchises must pay their full and 

 proper share of the public burdens. 



The franchise tax law is framed with the intent 

 of securing exact and equal justice, no more and no 

 less. It is not in any way intended as a means for 

 persecuting or oppressing corporations. It is not 

 intended to cut down legitimate dividends; still less 

 to cut down wages or to prevent a just return for 

 the far-sighted business skill of some captain of in- 

 dustry who has been able to establish a public service 

 greatly to the advantage of the localities concerned, 

 where before his time men of less business capacity 

 had failed. But it is intended that property which 

 derives its value from the grant of a privilege by 

 the public, shall be taxed proportionately to the 

 value of the privilege granted. In enforcing this 

 law, much tact, patience, resolution and judgment 

 will be needed. All these qualities the State Board 

 of Tax Commissioners have thus far shown. Their 

 salaries are altogether inadequate, for the new law 

 has immensely increased not only their responsibili- 

 ties, but their work. They should be given not only 

 the needed increase for themselves, but also an ap- 

 propriation for an additional number of clerks and 

 experts. 



