The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-13
welcome to Chicago" = Mayo


George B. Swift.
Abraham Lincoln"-A. ]. Beveridge,
of Indiana.
THE Grand Old Party'-Governor
Lippitt, of Rhode Island.
'1owa" They said she was Doubt
, ful'-Governor F. NJ. Drake. of Iowa.
THE New Old Dominion"-Governor
Atkinson, of West Virginia.
THE Farmer in Politics''-Governor
Mount. of Indiana.
Republican Wisconsin''-Governor
Schofield, of Wisconsin.
Illinois z. Masonr, SEN
ator-elect.
Municipal acknowledgements Ha-
zen S. Pingree, of Michigan.
Governor Pingree said:
assume that we all love to draw a
prize IN life. IN our private capacity we
hgure as l still assume, for a contract
with city and get il by paying the
price. This assumes that the city fathers
pocket is the price. OF course If the con-
tract is for a street railway. the rates of
rare must stand very high because If
t'-eV do not. our watered stock does not
20 of our hands easy. The game is to
Sow in our contract that we can pull
m,ltons out of the public. Then we can
get almost any amount of watered stock
INTO the hands of a gullible public. This,
OF course, is speculation and not business.
II Is kind of lottery system. We con-
denim II in public and resort TO ii in
private. Tom L. johnson, the street car
man. IN his private capacity confesses
himself a monopolist, but in his views
for the public good he is against monop-
olists. Possibly Mr.. Yerkes of Chicago
Is in this way both Drivate-spirited and
pubhc-spirited. Standard Oil has built
monopoly and college here in Chicago.
1 have heard that a monopoly has
built church. The Louisiana lottery
pad big bonuses to New Orleans and
walked hand in hand with charity, doing
ic
curious to observe that the law, the
pulpit and the roStrum are against the
sale of lottery ticket, but not against
the sale of a block of watered stock.
Speculation seems to have put on the
I,asl of business in the United States.
The apparent rights of speculation have
increased taxation. but such ri-hts are
more apparent than real. The excessive
rates OF fare and freight transportation
caused by speculation are slowly draining
the earnings of the country and are also
slowly Gripping transportation itself be-
cause excess reaclS.
We bestow d great deal on transporta-
ton and aid speculation. Over in Mich
iSan We have been talking some 20 years
o. equal taxation for all. Several gov
ernors have recommended that railroad
property be taxed locally, but nothing
has been done. although the farmers have
been paying nearly four times as much
as the transportation men in proportion
to values. The reason why nothing has
been done is that there have been repre-
sentatives of speculative interests in the
legislature.
Speculation interferes with business
h. taking a large number of rake offs
that are not earned Speculation is the
great antagonist of the economic laws
Any money taken by means of bonds that
does not represent money invested in
work is a fraud on business. Speculation
is the foe of business. Capital derived
from speculation is not economic capital.
The real business capital OF the country
is that accumulated in the savings banks.
Savings deposits are the deposits of
multitude of producers. When the factory
borrows of the savings banks it borrows
IS It were of its own employees Thus
the employees draw both wages and in
te~est from the factory. If the factory
borrows the capital of speculation it pays
no interest to its employees
The great market Of the United States
is in the vast number of the people who
consume the products of the country. If
consumption fails, business fails. If
consumption fails credit fails. The cap
ital taken by speculation contracts the
usefulness of a large part of the cur
rency OF the country.
When l say that true capital is the
earnings of the country do not say any
thing new. l only repeat in new words
what Lincoln said. What Lincoln said
You can find in his first annual message.
This can be found in the Congressional
Globe of 1S61-62. This is what he said:
Labor is prior to. and independent of,
capital 0dDlLbl Is OHlN lilt llISi VI
labor. and could never have existed if
labor had not first existed. Labor is the
superior of capital and deserves much
the higher consideration.
I do not know of a better way to keep
fresh the memory of the illuStriorS dead
than TO quote the words that pointed to
his worl--
If Lincoln's words are sacred. then the
work is sacred. Let US not live in the
mere fame of the words and work of
Lincoln. 1t is a nobler way to continue
that wo-l-.
The speakers were accorded a hearty
welcome.
Governor Hastings was expected to
be present and speak for Pennsylvania :
to the toast The Duties of Citizen
ship" but on account of the destruc-
ton of the Pennsylvania state house
he was compelled to send his regrets. |
r A Briggs, of North Dakota, |
responded to the toast, The Great /
This was the quadriennial entertain !
ment of the Republican governors of |
the United States. a year ago the |
club attained a national reputation by |
having for its guest of honor at the |
annual banquet William Mckinley, |
whose candidacy for president of the |
republic was formally launched on that |
occasion.
A memorable speech was made by |
the president-elect on Abraham Lin I
coin and the Republican party.