Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1883-10-11
JAY GoULD's TEsTIMoNY.-Las,

JAY GoULD's TEsTIMoNY.-Last
winter, the Senate appointed COM
mittee to investigate the cause of
| strikes /; to find out whether labor was
properly paid, and to examine
thoroughly into all subjects where
labor and capitol must work together.
This committee, of which Senator
Blair, of New Hampshire, is chair
man, have taken a great deal of testi-
moAy from all classes, in which the
personal history of each one, from
boyhood up, was given. The object
of this was largely to see whether
much capital was inherited, and the
result shows that not five per cent
was.
Jay Gould's testimony is about as
interesting reading as one gets hold of
nowadays. He left home at twelve
years of age !; was chore boy in a
store kept books evenings to pay for
attending school day times arose at
3 in the morning and studied
mathematics until 6 o'clock, so that
he could Learn surveying.
That is the pith of the story, and
as the beginning of all successful
mems career, is the point of the
whole. He bought up sixty miles of
railroad and became the president,
treasurer and superintendent went
to work and learned the railroad
business. Having been laborer
himself, his testimony is valuable
where their interests are concerned.
When asked if he thought labor got
its fair share of the accumulated
wealth Of capital, ne replied
Yes sir. Capitals profit is grow
ing smaller year by year. The man
ufacturers are working on the prin-
ciple of making greater quantity at
lower prices labor gets the benefit of
such an arrangement. [ think the
profit to the manufacturer here is less
than abroad, and the profit to labor
is greater. There is rather a surplus
of labor unplaced at this time. The
workers, however, soon place them
selves and seek homes in the new and
unsettled part of the country Land
grants to railroads have not been an
unmixed evil. The railroads have
settled the land, and increased the
value of the governments part Of
land. [ have myself discouraged
bonanza farms. [ like to sell small
farms. 1t is not to the interest Of
the railroad to sell land to land specu-
lators. The roads want the produce
to carry. 1t has been my experience
that men who are industrious will
succeed. You can most always find
something behind the failure of
man.
"What proportion of the Ameri-
can capitalists are self-made men 2"
NEARLY all. They have made
their own fortune. There has been
no system of inherited wealth among
capitalists in this country. [ don't
think there is any aristocracY Of
wealth here, nor will there be in the
future. The laws of this country
don't permit entailment of estates.
You will it to your children, and they
dlssipate it as much as you could
wish. Your hired man may be your
sons master in time. There is no
danger Of any great association of cor
porate wealth in the future endanger-
ing the liberty or happiness of the
people. The danger lies in the ac-
emulation of large bodies of unedu-
Gated laborers. We should develop
and extend the education of the
masses. Education is the protection
against the future harm. It would
benefit the labor more than anything
else"
"Wouldn't it be practical to estab-
fish in manufacturing business some
system of assurance whereby part of
the laborer's, and perhaps the profits
of capiatl, could be put into fund to
be used in the laborers old age, when
he is unemployed -
"The trouble about assurances
among laboring men is that it is a
good thing in theory but not in prac-
tice. The drones would be apt to get
hold of the money and spend it,
With the fund under the control of
employers the plan might work"
81 don't Think said Mr.. Gould,
in conclusion, "that there is any
future danger to be apprehended
l..