The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-09-19
JAY GOULD'S VIEWS
On the Uppermost Topics of the
Present Time.
HE FEARS NO FINANCIAL PANIC.
biaine's Reciprocity Plan Approved en- Bush
ness Principles-He Thinks the INDIE
pendent Vote is Growing.

Especial to THE Observation-Disclosures Dispatch.J
NEW YORK, Sept 1S.-Jay Gould talked
with reporter yesterday afternoon on the
upper most topics of the day. The frst
question asked the fnancier was:
| How do you view the financial situa-
tionan
Il do not consider there has been any
financial stringency," said Mr. Gould. cat
no time has it been difficult to obtain
money at and per cent, on good col
lateral The trouble has been that the
borrowers have tried to effect loans on
ron-dividend paying securities. For that
reason whatever stringency has existed
was really confined to speculative quarters.
Ihere has been much money at all
times; the difficulty has been to
provide means for borrowing it.
There is money enough for all current
needs, not as much money is needed now
as formerly to do corresponding amount
OIL business, which is now transacted bv
means of checks. Formerly people mad 10
carry bags of gold and silver or big pockets
OF currency to make purchases. AT the
present rate OF expenditures by the gov
eminent the surplus will be exhausted in
10
current needs Will be in the treasury. I do
not regard with much favor the plan 10
make the banks repositories for the reason
tnat 1t would not be settled one During
a Republican administration the money
WouId be put In Republican banks. an0 dur
ing Democratic administration it would
be put IN Democratic banks. Security
would have to be furnished to the govern
ment, so tnat not only would the deposits
change, but also the Securityu
docs the new tariff tend to Interfere
with the prosperity of the country!'' asked
the reporter
Il do not think so. 1t is radical change
ana radical changes naturally unsettle
things for time. There are provisions in
the tariff which I IS an individual do nor
approve. l am a protectionist however.
beleye IN Imposing a tariff which shall
protect our industries, but still not be pro-
hibltory. In case of an infant industry il
should be fostered until it is able to stand
on It's own merits. and then at least a por-
lion OF the protection should be with
drawn"
''Do you believe that the country
should gravitate towards a lower tariff in
general!n
in a measure. do think internal taxes
should be reduced as fast and to as great
an extent as practicable"
How do you regard Blaine's plan of re-
ciprocity!"
Il look upon it as q logical proposition
1t, first CT all, possesses the merit of being
Dased on business principles It is a pro-
pOSltlon Such as one business man wOuld
make to another. The government to be
a staple one should be conducted on bust
ness principles as well as private enter
prise. Why should the sugar of Cuba and
other countries be admitted to the United
states Tree OF duty if we obtain no adyan-
tage Tor the concessions Why is it that
this country does not find larger sale for
It's cereals IN Europe? Tue reason is found
IN the speculative value put upon grain.
Inc value is advanced to point above the
market price of grain from other parts of
the world. The speculation is not confined
to produce exchanges. 1t extends. in a
way, at least, to the farmers, who raise the
grain. 1t is natural, Of course, that thew
should want to obtain prices for their pro
ducts. When they see prices going I'D
they hold back their grain. Spectators in
exchanges carry prices higher to draw the
gram, ana soon values are above the point
at which expectations can be maden
rs the present condition of the country
a healthy one?"
II consider it healthy. 1t looks to me "a
II long period of prosperity was before us.
The wheat crop this year is short bus
enough advance in the price of old Wheat
OF hand will be secured to make the differ
ence to the farmer. 1t is true there will not
be quite as much business for the railroads
to handle"
''Is it possible for general panic to occur
in this country!"
II see no way in which it could occur ex
cept by the overthrow of the government
and that l do not expect. There NAV be To-,
Cal commissions, but there can not be panics
of the old style. The system of transfers
by telegraph and cable makes il possible to
Obtain mOnpU almost inc IL.
there IS great need for it. People in the
money centres OF Europe watch our finan-
clal condition as we do theirs. If we need
money badly enough TO offer high rate Of
they Immediately lend to us.''
us there anything in our system of
government that interferes with the pro-
gresS OF our country!"
"No. We have a good government Tn
live under in peace and prosperity. What
ever faults may arise are corrected by the
people themselves. If the administration
does not suit the people they change it
SO strong is our country that change ia
with no internal COMMISSIONS.
After long series of Republican Presi-
dents the people elected Mr.. Cleveland
The change was peaceable and public af-
fairs was not interrupted. There were
many people who wanted to continue Mr..
Cleveland IN Office for second term as a
mark OF approval of his administration but
he was defeated. 4 Republican President
took his place and events continued in their
even course"
''Do you think the independent vote Of
the country is increasingly
1T undoubtedly is increasing and it will
continue to increase. As men accumulate
means they become more independent in
thought and action. and this Independence
nnds expression in their votes. The inde-
pendent vote changes the administrations
when they are rot good and therefore they
help the country's progress