The Waco daily examiner. [volume] (Waco, Tex.) 187?-1888, 1883-09-06
LABOR AND EDUCATION.
-
HE KING OF MONOP0LlSTS BE
FORE THAT COMMITTEE.
Jay Gould Reviews his Career from
His Infancy up to the
Present Time.
ENrEEI ENCE IN TIM STOCK MAEkEr.
ENrrnENcE IN TIM STOCK MNnkgr

NEW ONK, september q Senators
Blair and Call waited patiently Tor Jay
Gould to appear before them this morn
ing t. testify aa To the relation between
capital and labor. \ lnrgc uudi 'uco was in
ut enhance As Gould delayed his ap-
. pcarance the committee heard the
statement of Cleo w. Weston, lawyer
. uf this city, who appeared IN opposition
to the theories uf Henry George and
Moody Just IA the witness was begin.
nug hiH testimony, Gould entered
Weston merely sad tue tendency to
nunopuli2e laud was not so bad now ns il
was one hundred years ugo IN this couu-
try. Gould then took the stand On
beng sworn, Senator Blair requested
hlm to give the history OF hls early life
aud the first business adventures, and
then to 70 on aud give the story OF hg
I progress to hie prcso + condition Gould
seemed somewhat staggered, but turn
/ ing with u smile toward the reporters
/ table began In u low 40 cc: II was horn
/ at RlNburg, Delaware county, tins sta e.
| NAV 81 1886. My parents had small
farm nud kept twenty COWS which rs.
sisted IN tending | attended school
about fifteen mlles distant When |
/ WINS about siNtccn years old | obtained
/ Il situation IN store IN u uclghbunng
| village was much Interested ia
mathematics, aud used 10 got up at
/ three o'clock IN the morning and study
/ to ak, when tho store wRg opened |
/ remained in tho store for two years.
when made the acquaintance of the
surveyor OF Munster county. aud
/ hc tuoN mo III his rvI'c ut u salary Of
$50 per month, learned thlt my ON
pluyers credit was not very good and
was not to obtain money for my work
. I
dlals TOR farmers at a 81 q piece to pa
my running eNpenscs. made a survey
afterwards, OF Delnwnro and Albany
counties, aud made IN those contracts
! about S5uN | then went into the tan
! nory business with Mr.. Pratt, aud
] finally entered partnership with Cha loa
4 NJ. lGupu, who q Immittcd suicide. The
/ frat rulrond with which | had any
/ conneC ion is wuHt X now y ,ttiun OF the
/ RenS7altr and Saratoga, Ut winch | was
/ superintendent. During the panic Oi 1859
| the stock went down very low sud was
/ able tn buy a large amount, which after
/ ward rose In value, and m ,do a liln lsomc
/ prulit. Tine next road IN which he inter
/ e-tcd himself was the Cleveland and
/ filshurg, which he leased to the nrnnsyl-
| wanna road. tiuul rohcursed his connection
| the Union PlCilic. He had Interested him.
/ sell In II, and when stock wts failing he
/ ma 'e up his mind to carry 1t through AT
any cost II was on the point OF being
/ placed Ia the hands OF receiver. Altrr-
wards when the rOHi hrrnmr n uuvinU
/ there WAS quite n cry from the public that
/ II wns Jay Goul's road, ~ il this Was u
/ dangerous ihlng
/ lie sHlu, however, TINT he wag then On
/ gagged IN selling ont HIS stock, which was
soon in the hands NJ more than 1000 in
vestOrs, representing the onruIugs "
muuy widows and orphans This ended
/ his connection with the Union Pacific,
I and the Htuck wng now higher than when
/ he sold IT. His next venture wHs the
building up Of the Gould railrond syHtcm
in tho south Hud west Ii
began with the purchase e the
Missouri Pacific from Commodore
| Garrison. Othrr roads were purchased
and connections made ~ different points
Gould said he hat. at this lime, passed a
point when money making WIS no object,
and his idea was, In carrying out the sys-
tenn, To merely see what could be- done by
IL cumhini tluu OF the lines spread through
ohio, Indiana, Michigan, MARY Land, Ar
kansas, the lndiuh territory, IcNls and
Mexico. There are Central connection,
nj Cincinnati, 81. Louis, Chic lgu
and New Orleans All construction
In this system was e. mplct"h
last year aud represented about 10000
miles OF road. Tine earning, OF the linos
when he took possession Of them were
about 100000 "a. month. IN" earning
Tor the past month We're 5000 600 IN
building up this system the southwest has
been opened up, aud the country thrown
open to civilization Mr. Could stated
that he WINS director In the Chicago nnd
Northwestern, Chicago ana Rock Island
delaware. I.aCkaWunuA and Western, n ~
. NAfk and Ne Ippi.tftI and al A.
smaller lines Incidental to his railroad
interest he had become largely interested
In the telegraph business OF this country
This was on account OF the Intimate
connection bctwoeu the two Industries
He was instrumental IN starting Tia,
Americans Union O m Ike II Il connecting
line with the Western Union, He fouu,
that it would be impossible TO accom-
pliAh this, owing to tho extent OF tin
b ltter's connections. He then turno,
his attention 10 getting control q
the Western Union by buying stock
= when IL was low Finding II paying
Investment lac had been constantly in
, crcnHiug his itorest His object IT
, securing control Of the Western Unio'
. was 20 make hlH friend, Gen. Eckort, tn
manager, AZ he had great confidence IL
his business ability. The railroad tnci
ItleH acquired by the Western UniOl ar,
r luvHlunb g, aud 1t ia ImpUdElbe to estl
b mate their value.
n Question -"Can you give MS yOur opir
ion ns to the prnc ticnbility Of govern
mcnt postal telegraph which would TAX
the pl ce " the present systemY
81 think the institutions Of this couu
try nre opposed to such thing IN that,
replied Mr. q uld. "relegraphic buai
meas, more than any other, re
quires to be managed 10y experts an
the dividends Of thu Western Uno
No are obtained because it does this bns
~ ness well Under the government syl
TEN the whole management Of tn 4
grrnt interests would be subject
chnngc,aud the particular political p r..
then in power" Mr.. Gould also tnougl
that the mail service wo Id be better "a
" cDmplished by private enterprise than /
se the government, He would not object
T. the government taking bold IT the tel
10 graph systcm Of the Wetern Union, "
~ would pay Tor II what il was worth on
fair apprulEement but IN h opinil
II would not b. a HuCCc
Uniform tariffs could 10 s, cured uud
II p lyate enterprise nA well rs Cover
On mcut supervision, aud The WeHte
Union policy tended 10 accomplish TIA
Ia New York state there II "A uuituI
system Of rates. There could be
LISTING competition against the Weste
~. Uulpn, ON account Of It's great fHclltlt
ne When there were powerful rivals /
rates were not reduced because I
~ competition wAs obliged Ia charge rat
ne ~ high as the Western Union IN ord
ms 10 live. This had been his eEpo
euce, and II anyone Thought he col
do better than himself he wa, certainly
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