The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1883-09-13

lldIhtI MOu1u D6 dDSOrDeQ Dy lQNeSU-
ors. He was glad this was so, for it
Indicated the prosperous condition of
affairs. He did not think there was
as much water in the stock of the
Western Union as in many other
companies. The value of Western
Union stock was very nearly equal
to its capitalization. He didn't think
it was possible for the company to
get an exclusive privilege, for as in
the case of railroads, another could be
constructed alongside. Eventually,
however, a stronger road would al
ways swallow up the weaker. In all
the lines controlled by him in the
West, rates for passengers and freight
were regulated by staCe statutes. In
many cases, however, competition re-
duced the rates below the limit fixed
by law. Mr.. Gould declined to specify
the railroad whose capitalization
was greatly in excess of the cost of
constructing, or real valre. He didn't
believe IN government interference,
as the rates would most always be
regulated by competition.
He explained in general way the
pool system as it is at present. "Do
you think the price of food is influ-
enced by stock speculation or specu-
lation in food productSP inquired Sem
ator Blair. at might to a certain ex-
tent increase the price for a short
period" replied Mr.. Gould. "But sup
ply and demand will Away regulate
these things and keep up balance"
He was not familiar with the method
of speculation in corn and wheat but
there was nothing unfair in stock
speculation. Each transaction repre-
scented sale and delivery and the in
tiuence of the transaction did not go
beyond the parties themselves. The
Western Union company, he thought,
paid more attention to It's employees
than any other company with which
he was connected. The recent strike
was the result of feeling of diSsatis-
faction on the part of the poorer class
of workmen. AS general rule they
didn't care how many hours they
worked, as they were continually hop
ing for a higher position in the ranks
1t was a fact that the Western Union
paid its employees better wages than
any other company. Labor and capt.
tai, if left to themselves, would bring
about a satisfactory adjustment.
There was always more OF less dissat-
isfaction, and there was no panacea
that would remove these feelings Of
discomfort.
Do you think labor gets It's fair
share of wealth, which is the product
OF labor and capital? asked Senator
Blair.
81 do" replied Mr.. Gould. Returns
for capital in this country are contin-
ually growing less. Profits represent
returns of capital, and all the rest,
with the exception of what goes to
pay for raw materials, is capital. In
my opinion there is surplus of labor
In this country. There has been
large immigration, and recently the
railroad building has been stopped,
and the market is overcroWded with
laborers. In time these things will
adjust themselves. This surplus of
labor is placing itself in the West and
Northwest. Immigrants are rapidly
occupying the govarsI -Lent and rail
road idHdS in the Il ~. He did not
believe IL 5te system Of giving land
gran: - railroads and the
governments had wisely reserved
government ial5! Esge occupied first,
because they ccdid Ne obtained
cheaper. Ii was to the interest of
railroads to get small farmers to take
these lands. and this was being rapid
ly done, He didn't know of any lands
being sold by railroads in large tracts
TO private spectators. 1t would be
contrary to their interest to do this.
1t was not done by any road controlled
by him. He thought that every man
who was sober and Industrious, could
succeed. MIR. Gould declared that the
only safeguard to society was educa-
tion of the masses. He didn't know
whether trade union and labor organ
ization were benefit or not. They had
a legitimate field when they were con-
fined to mere BENEVOLENT institutions,
but when they rose beyond this they
were lost in the great sea which they
cannot control. Labor, as everything
else, was governed by the law of sup
ply and demand.
AT this point Senator Blair said he
had finished his examination, and
Senator Call asked leave to put be-
fore the witness a few questions
which had been submitted by him in
regard to the amassing of wealth by
the exercise of corporate franchises.
Mr.. Gould, in answer to these, stated
he didn't believe there was any such
thing as an exclusive privilege in
this country. He believed the state
had a right to fix a limit Of rates and
could exercise it, but natural
facilities would. also create
a limit. 1t was not just to limit, in
any way, a mans capacity to acquire
wealth, and it certainly should not be.
A young man should be educated in
such a way that he could turn his
hand to more than one business, so
that if he failed in one education he
could turn to another. Mr.. Gould's
examination was closed at this point
and the hearing adjourned.