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The Green Bag

is not primarily the expression of in born feeling; it arises by logical neces sity; and it is an indispensable factor in his conception of life. If the occasion requires (and at such times he is both intellectually and morally fearless), the milk of human sympathy can turn into burning acid. He is a dangerous adver sary, but he does not contend with individuals; rather he contends for principles. Progress walks on the heads of individuals. The individual dies; the idea lives. Wigmore lives in two worlds and obeys the laws and conventions of each in its

turn. He functions on a higher plane than the average of humanity, and exemplifies the truth of the proposition that such personalities may be chosen instruments of a world-process and still remain human beings. The progress of the world is made by such entities. They are the forces which impel the mass and drive humanity on to its des tiny. Wigmore, therefore, is not to be understood alone in relation to his works. He is the embodiment of Idea. He is a force; and it may be repeated (since this is the leading motive of this sketch), he is an institution.

Taxation of "Guaranteed" Stock in Massachusetts BY SYDNEY R. WRIGHTINGTON, OF THE BOSTON BAR THE term guaranteed stock is not new. In the early days of cor porations it was frequently used to desig nate what we now call preferred stock, but as corporate forms became fixed the term was disused until recently it was revived to designate a curious kind of security, an illustration of which has been produced by the exigencies of public service financing in Massachu setts. To understand the nature of this instrument a word of explanation will be helpful. In Massachusetts, as in many other states, the system of double taxation, which taxes stock and bonds, as well as the tangible property they represent, is still compulsory under an ancient judicial interpretation of the state con stitution, which forbids the classifica tion of property for purposes of taxation, and other decisions that hold that stock and bonds are property, and must there fore be taxed like all other property.

By a curious exception to this rule of interpretation, the stock of domestic corporations may be constitutionally ex empt from taxation to avoid double taxation, since the corporation pays a franchise tax.1 This exemption has been granted by the Legislature.2 Bonds of domestic corporations, however, are not exempt (except so far as they represent mortgages of Massachusetts real estate). The demands of state and municipal revenue have compelled more and more rigid enforcement of the general law taxing intangible personal property, and the burden of this has fallen most heavily on those who have difficulty in conceal ing their holdings, namely, the trustees. Although held to the strictest accounta bility as to the character of their invest ments, they are being driven from the purchase of bonds to non-taxable stock of Massachusetts corporations, which in 'Opinion of the Justices. 196 Mass. 607. 611. "Acts of 1909, Chap. 490. Part III, Sec. 64.