valuable servant, the horse. These all are directly in favor of
obtaining the right franchise.

The three general ways of obtaining the same are a definite payment of
cash to the authorities, a guarantee of an annual payment of a certain
per cent. of the earnings, and lastly a combination of the two. For
the city or town the latter way is the safest, and the best, all
things considered. As electricity is mechanical, and as it can be
shown that it is the cheapest to construct and most economical, and
has three chances to operate, it stands by far the most likely to
obtain the franchise.

2d. Construction of buildings.

The governing factors under this head are the local land valuation and
tax. The system necessitating a spread eagle policy on the land
question will cost. What could be a more perfect illustration than the
horse railroad system? The motive power of the New York Central
Railroad between New York and Albany could be comfortably stowed in
the barns of some of the New York City street railways. What a
contrast! The real estate, buildings, and fixtures of the Third Ave.
line are valued at $1,524,000, and what buildings! Cattle sheds in the
metropolis of America. Surely they did not cost a tithe of this great
sum. What did? The land, a whole block and more. Henry George
advocates might find food for thought here. All this is true of the
other lines in every city in the Union. Enormous expenditures for
land. A good one half of their capital sunk in purchasing the
necessary room. Go where you will, a good fifty per cent. of the
capital is used for land for their stables. This obviously does not
include equipment.