The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1883-09-06
LATEST TELEGRAMN
JAY GOULD.
The Autobiography of a Remark
able Man.

able Man.
New York, 5.-Senators Blair and
Call were waiting patiently for Jay
Gould to appear before them this
morning to testify as to the rela-
lions between capital and labor. A
large audience was in attendance.
AS Gould delayed his appearance
the committee heard statements
from George w. Weston, a lawyer
of this city, who appeared in oppo-
sition to the theories of Henry
George and Moody. Just as the
witness was beginning his testi-
mony Gould entered. Wes-
ton merely stated the ten
dency to monopolize land was
not so great now as it was about 100
years ago in this country. Gould
then took the stand. On being
sworn Senator Blair requested him
to give a history of his early life
and first business adventures, and
then go on and give the story of his
progress to his present condition.
Gould seemed to be somewhat stag
gered at the request, but turning
with smile towards the reporters
table began in a low voice: 81 was
born at Roxbury, Delaware county,
this State, May 9th, 1885. Ny pa
rents had a small farm and kept
twenty COWS, which l assisted in
tending. 1 attended school about
fifteen miles distant, and when l
was about IA years old obtained a
in a store in a neighboring
village. l was much interested in
and used TO get up at
8 o'clock in the morning and study
to 6, when the store was opened.
1 remained in the State for two
years, Wnen / made the acquaint-
ance of g surveyor who was
surveys in Ulster county.
He took me into his SER
vice at a salary of 500 a month.
l learned that my employers credit
was not very good, and 1 was to OBJ
tain no money for my work, until
the map was complete, so l made
sundials for the farmers at 81
apiece, to pay my running eXpen-
ses. / made surveys afterwards in
Delaware and Albany counties and
made in these contracts about $4,000.
I then went into the tanning bus
mess.
The first railroad with which I
had any connection was what is now
e portion of the Rensselaer, and
of which / was superin-
tendent. During the panic of 1857,
the stock went down very low and
was able to buy in large amount
of stock which after wards became
valuable and l made handsome
profit. The next road in which
Gould said he interested
was the Cleveland s. Pitts
burg, which he afterwards leased to
the Pennsylvania road, Gould then
rehearsed over his connection with
the Union Pacific railroad. AS he
had interested himself in it, and
the stock was falling, he made up
his mind to carry it through at any
cost. 1t was on the point of being
placed in the hands of receiver.
Afterwards, when the road became
a paying ore, and dividends were
declared regularly, there was a
great cry from the public that it
was Jay GOuld's road, as if that was
a dangerous thing. He said, how
ever, that he was engaged in selling
out his stock which was soon in the
hands of more than seven thousand
investors, representing the earnings
of many widows and orphans. This
ended his connection with the
Union Pacific and the stock was
now higher than when he
sold it. His next venture
was the building of Gould's rail-
road system in the south and west.
The opinion was that it would not
be a success. A uniform tariff
could be secured under private
enterprise as well as under a GoV~
supervision, and the West
ern Unions policy tended to accom-
plish this. In New York State
there is uniform system Of rates.
There could be no lasting compete
ton against the Western Union, on
account of its great facilities. When
there were powerful rivals, the
rates were not reduced, because the
competition was obliged to charge
the same rates as the Western Union
in order to live, Mr.. Gould said
that this had been his expert
a0ca. and if anv On0 thought
he could do better than
himself, he was certainly at
liberty to try. The value Of stock
IL q corporation depended upon its
earning power. There might be
water in the Western Union, but
the same could be said of all kinds
Of property which had increased IN
value. He thoughtI government
had a right to fix limit beyond
which the profits of the company
could go, so long as the rates were
not unreasonable, but it had no
right, under republican lnstltu-
lions, to take away private property
from its citizens without a just
compensation.
Senator Blair inquired whether
be could give an approximate value
of the Western Union company
Gould replied that this would De
as he was not IN a posi-
ton to give such an estimate. He
did not trouble himself with
details, but judged OF prop