The times. [volume] (Richmond, Va.) 1890-1903, 1891-02-11
GOULD ON THE SOUTH.
His Ideas About Railroads, Government
Telegraphs. and Currency.

Telegraphs, and Currency.
In an interview in Knoxville with Jay Gould
the latter said: The South is now develop
ing rapidly. and think will continue to do So
/ There is some Western business coming this
way The States behind the Mississippi river
are very fertile, and raise agricultural pro-
ducts cheaper than you-prObably cheaper
than I'm any part Of the Union. These pro
ducts. which YOU buy, can be brought direct.
and YOU may in turn sell manufactured pro-
ducts. There is "A great deal Of grain coming
South now. Kansas City may be- fairly taken
as the place from which Ia maintain compare
tive distances to the coast. Ny impression Is
that from that point 10 the coast. 10y way OF
the Missouri Pacific and the Terminal system.
and thence 10y water TO New York. Is about
the same as by Northern roads-the Union
Pacific 10 deliver 10 us and we 10 them at
Omaha or Kansas City. and We could turn II
over 90 the Central system at Kansas CITY or
Memphis.
DO You think the railroads Of the coun-
try Will eventually be under one manage
'No. il is too big an undertaking Own
ers Of some roads think they are worth more
than others. Then the stock of dividend
paving roads Is scattered. People have
different ideas and it Is hard TO get them to-
gcther."
What do you think of railroad regula-
tion- :"
IN some States where the commissioners
have worked i'm unison with the roads they
have done great good 10 the roads and the
State. In other case, It has been the reverse.
I'm Iowa. for instance. where destructive
policy was adopted, railway construction
which is the best railway commission 2"
The Massachusetts, commission
"Are rates lOwer,'
NO. they are higher. The Western rates
are the lowest in the world. The Central
Pacific has expensive fuel, and on that road
rates are higher"
What do YOU think Of Government control
of telegraphs:"
1T always costs more 70 do work for the
Government than for private parties. Polltl-
cal parties change. and those who are IN Office
knowing that il Is of uncertain tenure. do the
best they can Tor themselves. There Is always
a GOOD deal of red tape Work 10y Govern
ment tclcmaphs costs more than that by pri-
waite companies The English service Is the
best government system. On the continent
of Europe IL costs two or three times as much
% tele graph ~ with us, and II Is slower. The
Western Onion is the most efficient service IN
tho world"
DO YOU think cable rates will be lower?'
Il hardly think so. The cable companies
are not much more than earning interest on
the investment IL requires about s5.OOO.0O0.
To lay "a double cable line between New York
and Liverpool"
What do You think Of the quantity and
proper form of Cuueucy:'
"As 10 the suificlcncy of currency. we are
now increasing at the rate OF about -5.0OO,0O0
a month 10y the operation of the Silver bill.
We are beginning 10 feel II. and IN the course
of % few months will feel II much more
What created the strngency here was the
fact that people got scared and did not know
how far Congress might 20 toward free
coinage. and they boarded gold in safe deposit
vaults and savings institutions. Trust COM
panes began TO lay up supply OF gold very
much larger than M ordinary times. should
not wonder if 200 ,O0O,C 600 We're laid away. and
that made matters excessively close. Now,
that confidence Is restored. money has come
out. and You will notice that money IN New
York is drug. IL Is offered at or per
cent. any quantity of It. Under our modern
WAYS OF transacting commercial business most
of il is done by checks and bills Of exchange.
They don't use specie except 10 settle
balances. In old times they used to lug
around silver % pay debts. They still do
that in Mexico. While there | saw them cart
inc around silver 90 pay their debts Here We
draw q check and get II certified 10. Not even
currency figures IN the great masses of ex-
change Take your cotton crop. What a
small proportion Of that is ever handled
through gold or silver. II is all done with
checks and bills OF exchange. Mir. Inman who
does the largest cotton business. viii tell You
that he only takes enoughcuuency for pocket
money!
What do you consider a safe per capita Of
currency"
Il don't see how YOU regulate it per capita.
We have not reached that blessed state where
every man can have $40 in his pocket. Men
who employ thousands of men like those who
control railroads, must have more money"
IF II were left for you 10 say how much
money ought TO be in circulation, how would
you get at it,"
IF the total sums Of the transactions in
creased 5 10 10 per cent think the currency
ought 10 be increased a little in order to keep
up confidence"
What do you consider the :proper form of
money!"
Treasury notes based on gold and silver
are the best"