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Editorial
November 20, 1899
Freeland Tribune
Freeland, Luzerne County, Pennsylvania
What is this article about?
This satirical editorial from the Philadelphia North American critiques how public franchises, deemed worthless when owned by the community, rapidly gain value upon privatization. It uses New York's East River bridges as an example, where the city gave away building rights cheaply but now must pay $200,000 to reclaim them for public projects.
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Full Text
"The Magic of Property."
From the Philadelphia North American.
It is curious how rapidly a franchise increases in value upon passing into private hands. Franchises owned by the public, as we all know, are worth nothing. Substantial citizens ask for them as gifts, and think that they are conferring a favor upon the community in accepting them. They are ferae naturae, which are not property until they are caught.
But the moment one of these public franchises, flung carelessly into the air, is grasped by a private owner, it becomes wealth. If another capitalist, who might have had it from the community for nothing, desires to obtain it from its new proprietor he has to pay a fortune for it. If the community wishes to get back its gift it finds that the thing it threw away has turned into gold.
Some years ago New York, feeling in a generous mood, scattered franchises for bridges across the East river to all comers. Eventually she wanted to build such a bridge herself. It cost her $200,000 to get permission to do so from the people to whom she had given the privilege of forbidding bridge construction at that point. Now she wants to build another, and it is thought it will cost her as much more to buy back the right to do it, although the franchise has only a trifle over a year to run.
And yet the people who vote in New York are all over twenty-one years old.
From the Philadelphia North American.
It is curious how rapidly a franchise increases in value upon passing into private hands. Franchises owned by the public, as we all know, are worth nothing. Substantial citizens ask for them as gifts, and think that they are conferring a favor upon the community in accepting them. They are ferae naturae, which are not property until they are caught.
But the moment one of these public franchises, flung carelessly into the air, is grasped by a private owner, it becomes wealth. If another capitalist, who might have had it from the community for nothing, desires to obtain it from its new proprietor he has to pay a fortune for it. If the community wishes to get back its gift it finds that the thing it threw away has turned into gold.
Some years ago New York, feeling in a generous mood, scattered franchises for bridges across the East river to all comers. Eventually she wanted to build such a bridge herself. It cost her $200,000 to get permission to do so from the people to whom she had given the privilege of forbidding bridge construction at that point. Now she wants to build another, and it is thought it will cost her as much more to buy back the right to do it, although the franchise has only a trifle over a year to run.
And yet the people who vote in New York are all over twenty-one years old.
What sub-type of article is it?
Satire
Infrastructure
Economic Policy
What keywords are associated?
Public Franchises
Privatization Value
East River Bridges
New York Giveaway
Economic Satire
What entities or persons were involved?
New York
Philadelphia North American
Editorial Details
Primary Topic
Value Increase Of Public Franchises In Private Hands
Stance / Tone
Satirical Critique Of Public Giveaway Of Valuable Franchises
Key Figures
New York
Philadelphia North American
Key Arguments
Public Franchises Are Worthless Until Captured By Private Owners
Privatized Franchises Become Highly Valuable Assets
New York Gave Away East River Bridge Franchises Cheaply
City Now Pays $200,000 To Reclaim One Franchise
Another Reclamation Expected To Cost Similarly Despite Short Remaining Term