The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1891-02-18
JAY GOULD INTERVIEWED.
The Wizard of Wall Street Discusses
Current Topics.
THE SOUTH Is DEVEL 0PING RAPIDLY
AND WILL CONTINUE
TO DO so.
New York, N. Y, I
Feb. 6.

Jay Gould, in which Gould says -
"The South is now developing ra-
pidly, aud l think will continue to do
so. There is some western business
coming this way. The States behind
the Mississippi are very fertile and
raise agricultural products cheaper
than yon-probably cheaper than in
any part of the Union. These pro-
ducts which you buy can be brought
direct and you may in turn sell man
ufactured products. There is great
deal of grain coming South now.
Kansas City may be fairly taken as
the place from Which to maintain COM
parative distances to the coast My
impression is that from that point to
the coast by way of the Missouri Paci-
fic and the Terminal system, and
thence by water to New York, is
about the same as by northern roads
the Union Pacific to deliver to US
and we to them at Omaha or Kansas
City, and we could turn it over to
the Central system at Kansas City or
Memphis"
"Do you think the railroads of the
country will eventually be under one
management"
"No; it's too big an undertaking.
Owners of somo roads think they are
worth more than others. Then the
stock of dividend paying roads is
scattered. People have different ideas
and it is very hard to get them to
gether."
"What do you think of railroad
regulations ?"
Gin some States when the commits
sioners have worked in unison with
the roads they have done great good
to the roads and the State. In other
cases it has been the reverse. In
Iowa, for instance, where destructive
policy was adopted, railroad construc-
ton ceased"
'What do you think of government
control of telegraphs 7"
"It always costs more to do work
for the government than for private
parties. Political parties change and
those who are in office, knowing that
it is OF uncereain tenure, do the best
they can for themselves. There is
always good deal of red tape. Work
by government telegraphs costs more
than by private companies. The
English service is the best govern
ment system. On the continent of
Europe it costs two or three times as
much to telegraph as with US, and it
is much slower. The Western Union
is the most efficient service III the
world"
"Do you think cable rates will be
lower ?"
II hardly think so. The cable
companies are not much more than
earning interest on the investment. 1t
requires about 100000 to lay a
double cable line between New York
and Liverpool"
"What do you think of the quantity
and proper form of currency %
Gas to the suficicncy of currency,
we are now increasing at the rate of
abont 100000 month by the ope.
ration OF the silver bill. We are be.
ginning to feel it. and in the course of
a feaU months will feel it much more.
What created the stringency here was
the fact that people got scared and did
not know how far Congress might 60
toward free coinage, and they boarded
gold in safe deposit vaults and say.
ings institutions. Trust companies
began to lay up supply of gold very
much larger than in ordinary times. l
should not wonder if s1OO,oOO,oOO
were laid away and that made matters
excessively close. Now, that conf
dence is restored money has come out,
and you will notice that money is a
drug. 1t is offered at or 3 per cent.
any quantity Of it. Under our mod
ern way of transacting commercial
business most OF it is done by checks
and bills of exchange. They don't
use specie except to settle balances.
In old times they used to log around
silver to pay debts. They still do
that in Mexico. While there saw
them carting around silver to paw
their debts. Here We draw check