The prison mirror. [volume] (Stillwater, Minn.) 1887-1894, 1893-02-09
Jay Gould Versus the Public.

Jay tOuld versus the Public.
jay Gould and Socialism, is the
subject of an article by Professor Ar
thur I. Hadley, of Yale University, in
the current number of the Forum. The
chief fault which the author Of Rail
road Transportation" has to find with
the great manipulation of railroad stocks
is that he conducted business as
game instead of means of public serv-
ice; that he abused the power which
society gives to it's tinanciers of direct
ing capital and labor. Through this
disregard of the trust and responsible
ties which 60 with industrial power,
Professor Hadley charges that Mr..
Gould did more than any one else to
tempt popular movement in the di-
rectiOn of socialism.
MIR. GOULD'S METHODS.
Comparing MIR. GOuld's methods with
those of the late railway magnate's old
associate in speculation, Mr.. Fisk. Pro
fessOr Hadley says:
'SOme of them, like Fisk, simply de-
fled public opinion; they pleaded guilty
to the charge of financial immortality by
engaging in flagrant private immortality
also. A man like Fisk in the long run
probably did as much good as harm to
financial morals. His personal character
cast stigma on his financial operations,
his social Outlawry helped men to see
his business methods in their true light.
"Jay Gould was man of wholly
different sort. His was not the stuff of
which outlaws are made. His private
character was in strong contrast with
his financial schemes and methods. The
very differences which made him bet
ter man than Fisk perhaps enabled him
to do more harm to the business COM
munity by continuing his career for a
much longer period and meeting less
OutSpOken disapprOval. Such disapprOv
al as there was he neither attempted
to prOpitiate nor defy. The contrast
between Gould's public and private NOR
ality is not easy to explain. 1t may be
that his great financial power was at
tended with lack of normal moral deve-
opment that he suffered, in short,
from the obliquity of genius Or it may
be that he believed the common charge
that the American public valued success
in money getting too highly to be over
critical about the means by which it
was reached, and that he had only to
maintain for few years position at
the head of the financial world to secure
from society bill of indemnity for his
past OtfenSes.
THE PUBLIC JUDGMENT.
If so, he was mistaken The Amer
lean public proved better than its repu-
tatiOn. 1t never acquieSced in GOuld's
methods. 1t passed laws to prevent the
repetition of his worst Offenses 1t drew
the lines of financial legality closer as
the years went on. What he did in
Erie could not have been repeated in
Union Pacific half dozen years later
What he did in Union Pacific was worse
than he was allowed to do in Manhattan.
What he did in Manhattan could hardly
be repeated in the same form to-day.
Loose as are our financial methods even
now, they show tremendous advance
over the worst days of Erie and Kansas
Pacific. Nor was society ready to for
give and forget the fragrant violations
of business morals which had marked
the early days of Gould's career. The
newspaper comments of his life furnish
a sufficient refutatiOn of the charge
that America cares for nothing else in
comparison with success in the pursuit
of wealth. -RecieaC Of RecieaCs.