This is a direct imputation of an improper motive, not only to Governor Pingree, but to Professor Adams. As stated elsewhere, the investigation was to determine whether the railroads were paying taxes on the same basis of valuation as other property in the State—an absolutely proper proceeding. Professor Adams was associated with the Michigan appraisal, but had no connection whatever with the "physical valuation," to which such objection is taken, and his appointment was made after the work of physical valuation had been fully outlined and was well under way. The opening statement is followed by a brief _résumé_ of the recommendations of the Interstate Commerce Commission and President Roosevelt, and of bills introduced in Congress, also by quotations from Bulletin 21, describing the methods of valuation used in Michigan and a showing that practically a similar basis was used in other States. Mr. Williams then summarizes his objections to the Michigan work: "(1) No allowance is made for discount on securities sold. "Discount is a partial capitalization of the commercial risk had in making the investment, and it increases or decreases in proportion to the probability of the earning power of money under existing conditions. Not only is this practice justified by long-established commercial usage, but also by judicial determination." The correctness of this position cannot be conceded on any grounds of economics or accountancy. It is answered conclusively in an article,[16] elsewhere referred to, as follows: