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 The Green Bag)

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producing property and valued for purposes of taxation in proportion to earnings.* Yet to base charges to the public upon a capitalization based upon earnings would be to form a vicious circle of increased charges and increased capitalization without issue and without limit. There is no basis of property value in such a proceeding upon which a constitutional principle can impinge. The total cost of both tangible and in tangible property may be considered. In self-protection the corporation must • Opinion of Hon. Martin Saze, referee, in People ex rel. Brooklyn (etc.) R. R. Co. v. Tax Commis sioners, N. Y. Law Journal, March 5, 1907.

prove such value; a "physical valua tion" is its salvation. Public regula tion is really not a matter for litigation but only of bookkeeping. Every con sumer should have all the facts easily accessible upon which to base his appeal to a court against an unreasonable rate. Every intending investor should have the facts upon which true values are estimated. Only holders of bonds and stockholders already deceived by in flated values and insisting upon their right to tax future generations can object to an open book and a square deal between the public and its servants, the public service corporations.

New York, N. Y.

Theodore Roosevelt By Harry R. Blythe Iron is in his blood. He lives to fight, To yield not, fear not, nor retreat; Give him the giant odds that mean defeat— He still fights on! Whatever he deems right He guards with the reserve-corps of his might; Swiftly he strikes. His triumphs are complete; He has no flag of truce. The foe must meet Him face to face, or safety find in flight.

More men like him we need! Who dare to face The odds he craves, and give their very blood For sake of principle. The groping race Through such as he finds better brotherhood; There lives no foe that ever can erase The record of his battles for the good.