Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-09-07
Jay GOULD,s VIEWS.
statements TO tho senate Committee on
Labor ana Education.

| hhpor hnu Euucnt1Ons
NEW YORK, Sept. 5.-Jay Gould was
examined by the Senate committee on labor
and education. Gould that seven per cent
was fair simate of the earning power Of
the Western Uuion to-day. The stock of all
saie-paylng enterprises was being distributed
all over the country. This class of investors
held about SG0,0O0,0 900 of Western Union
stock, which is continually becoming scarce.
Within two years Gould thought theremaining
shares would be absorbed by inventors. He
was glad that this was 80 for il indicated a
prosperous condition of affairs. He did no.
mink there was as much water in the stock
as in that of many other companies. The
value of the Western Union was nearly
equal to its capitalization. A railroad like
The New York Central probably could not be
duplicated for its present Capitalization.
Gould stated tina. he did not think 1t posi-
Die ioI company to get an exclusive privil-
ego Tor III case of any railroad another could
be constructed alongside if there could be
found those who would put money into the
enterprise. Eventually, however, the strong
or roads would always swallow I'D the
weaker In all lines controlled by him in
the west the rates were regulated
by the State. la many cases com
petition reduced rates below the limits
liked by law. Gould declined to specify the
railroads whose capitalization was greatly in
excess OF the cost OF their construction. He
dld net believe in government interference as
the rates would almost always be regulated
by competition. The system of pooling had
undoubtedly saved great many corporations
from being injured seriously. It's effect was
merely to protect roads entering into a pool
from rulnous competition. The pool could
not Affect the rates very materially on ac-
count oil the various elements which entered
into The system. There were outlets BY way
of the Mississippi river, canals and the lakes
and Canada railroad routes for freight and |
with these the rates could never be maintain |
cd beyond certain point. He explained in |
a geneta way the pool system. Stock specu. |
lulion or speculation in food products might |
TO certain extent increase the price of food |
ipi short period, but supply and demand |
VIII always regulate those things and keep /
up the balance. lie thought there was |
nothing unfair in stock spectators.
lhc western Union paid more attention to |
us employees than any other company with |
winch the witness was connected The re- |
cent strike in his opinion was the result OF |
po lrcr class of employees. The better class
Df wolkmcn AS rule did not care so much
now many hours they worked as they were |
CONTINUALLY hoping for higher positions. The |
western Union paid its employees better than
lnyother company. Labor and capital il left |
to thems,lves.wo bring about a satisfactory
adjustment. lie thought labor got fair
share of the wealth (which was produced by
labor and capital The returns for capital in |
TINS country were continually growing less.
l he profits represented the returns of CAPT.
tai and all the rest with the exception of |
what goes to pay for raw materials is devoted
% labor.
There is a surplus of labor in this country
which is the cause of the present discomfort.
There has been large immigration and re-
Gently railroad building has been stopped and
hc market is overcrowded with laborers.
L. time these things will adjust themselves.
ms surplus labor is placing itself in the
west and northwest. Immigrants are rapidly
occupying government ami railroad lands in
he west. Witness did net believe in the
system OF giving land grants TO railroads and
-he government had wisely reserved every
.lternate section. lie did not know of any
and being sold by railroads 10 large tracts
20 private speculation.
lie thought every man who was sober and
uNuStiiouo hpuIu Inc majority
regarded their employers with
friendly feelings and any animosties and
that existed were fosiered and
Exaggerated by the societies to which many
aborcrs belonged. Gould declared that the
)ny safeguard to society was the education
]f the masses. lie did not know whether
rades unions and labor organizations were
beneficial or not. They had legitimate
leld when they were confined to mere benev-
1lent institutions, but when they rose beyond
his they were lost in great sea which they
'ould not control. Labor as everything else
vas governed by the law of supply aud de-
nand Witness did not believe there was
uch thing as exclusive privilege in this
country. 1t was not just to limit a mans
'apacty to acquire wealth. A young man
houlh be educated in such way that if he
ailed In one business he could turn to an
,lher.
jarrett, the ex-president of the Amalga-
mated iron and steel workers will be exam
ned tomorrow.