When the Adams Express Company enriched its shareholders with a 200 per cent extra dividend in 1907, stress was laid upon the increase in taxation throughout the country. How ridiculous this is can be seen from the fact that the Adams Company paid only $145,184 in taxes in the entire fiscal year of 1909, and $202,234 in 1910, although its extra dividend alone amounted to $24,000,000. Profits on stock and bond speculation amounted to $418,979 in the year 1909, and $1,943,889 in 1910. The American Express Company, with its huge resources, paid but $283,951 in taxes in 1909. In the same year the volume of its banking business alone amounted to more than $250,000,000. In at least one important state, the express companies paid no taxes until a few years ago and in Indiana the companies had the audacity to tell the Tax Commissioner that they had little or no tangible property in that state. When Congress voted to put a tax of two cents on every express transaction to raise revenue for the Spanish War the companies made the shipper pay, and when the shippers objected fought the case to the highest courts. At this point the question naturally arises as to how the express companies have been able to carry on for so many years such a perfect system of extracting money from the public without being seriously molested. The answer involves a knowledge of the relations existing between the railroads and the express companies, and a knowledge of the complete monopoly which exists in the express business--a monopoly made possible only because of these very relations. In Pearson’s Magazine appeared two forcefully written articles by Mr. Allen L. Benson on the parcels post. The articles appeared in Pearson’s in February and March, 1911. In his February opening and closing Mr. Benson says some things to us and says them with a kindly bluntness which we should appreciate: Is it a pleasure to you to be treated as if you were a fool? Do you never tire of acting like an organ-grinder’s begging monkey? These questions are put to you in good faith. I have no desire to insult you. I know you are not a fool. I know you don’t like to beg. Yet here you are again, with your little red cap on and your little tin cup out, begging for a parcels post. Begging from those whom you should order. And the gentlemen from whom you beg treat you as if you were a fool. Perhaps you believe these statements are not so. I shall soon show you that they are so. But before we go down this interesting parcels-post road, let us hang a lantern to the wagon-tongue. You will understand the scenery better if you see it by the light of this particular lantern. Here it is: