Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-02-18
THE MEMORY OF LINcoL N.

!
Banquet OF the Marquette Cub of Chi
cago-The Governors OF Several States
were Among the Guests-Gov. Ptngree of
Michigan Addresses the Assemblage ON
"Municlpal Re1ormn-Wascred Stocks
Etc.
| CmCAGo, Feb. 13-The memory of
| Abraham Lincoln was honored last
night by the Marquette club at its
banquet in the Auditorium hotel.
Over 500 guests sat down to the tables.
| The occasion was notable because of
the presence of the governors of
Michigan, Rhode Island, Iowa, West
| Virginia and Indiana. Gov. Tanner
of Illinois was unable to be present
and was represented by Lieut--Gov
| Northeete. Senator-elect Mason was
among the guests and received cor
dial greeting. President Dewitt of
| the Marquette club presided.
The toasts were:
Welcome to Illinois-Lieut.-Gov.
Northcote.
Welcome to Chicago-Mayor George
b. Swift.
Abraham Lincoln-A. ]. Beveridge,
of Indiana.
The Grand Old Party--Gov. Lippitt
! of Rhode Island.
Iowa; They Said She Was Doubt
ful-Gov. +. NJ. Drake of Iowa.
The New Old Dominion-Gov. At
kinson of West Virginia.
The Farmer in Politics-Gov. Mou MT
| of Indiana.
nlinois-Wm. E. Mason, senGsor-
elect.
Municipal Reform-Gov. Hazen S.
| Pingree of Michigan.
Gov. Pingree said:
assume that we all love to draw prize in
| life. In all our private capacity We figure, as
still assume, for q contract with the city,
| and get it by paying the price. This assumes
| that the city fathers pocket the price. OF
| course II the contract is for street railway,
| the rates OF fare must stand very high, because
| II they do not our watered stock does not 60 on
our hands easy. The game is to show In our
contract that We can pull millions out OF
the public. Then We can get almost any
| amount Of watered stock into the hands CT q
gullible public. This, Of course, Is specula-
ton and not business. It is q kind of lottery
| system. We condemn it in public and resort
to 1t in private. Tom l.. johnson, the street.
car man, in his private capacity confesses him
| self monopolist; but in his views for the pub
| lie good he is against monoplists POSSIBLY
Mr.. YerkeS, Of Chicago, is In this way both
| private spirited and public spirited. Stand
ard oil has built monopoly and college here
| in Chicago.
Ihave heard that a monopoly has built
church The Louisiana lottery paid big bon
uses to New Orleans and walked hand in
| hand with charity, doing good with other peo-
pies money. It is curious that the law, the
| public and the roStrum are against the sale of
a lottery ticket but not against the sale OF o
block of watered stock.
Speculation seems to have put on the mask
OF business in the United States. The appar-
| ent rights of speculation have increased taxa
| tioE, but such rights 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, because excess reacts.
We bestow q great deal on transportation
| and aid speculation. Over In Michigan We
have been talking some twenty years equal
taxation, and several governors have recon-
| mended that railroad property be taxed local
ly; 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 representatives
Of speculative interest in the legislature.
Speculation interferes with business by TAX
ing q large number Of rake-ofs that are
not earned. Speculation is the great
ANY money taken by means of bonds
that does not represent money invested In
work Is fraud business. Speculation is
the foe of business. Capital derived from
speculation Is not economic capital Inc real
business capital OF the country is that accu-
INFLATED in the savings banks. Savings de-
posits are the deposits of a multitude of pro-
ducers. When the factory borrows of the saw
ings banks it borrows. as it were OF its own
employees; thus the employees draw both wages
and interest from the factory. II the factory
borrows the capital of speculation, it pays no
interest to it's employees.
The great market OF the United States is the
vast number Of people who consume the prod
ucts of the country. II consumption fails.
business fails If earnings fall, consumption
fails When consumption fails. credit fails.
The capital taken by speculation contracts the
usefulness of large part of the currency of
the country.
When say that true capital is the earnings
of the country do not say anything new. I
only repeat in new words what Lincoln said.
What Lincoln said you can find In his first an
nuaI message. This can be found In the Con-
gresstonal Globe of 1s6I-1s62. This is what he
said: Labor is prior to, and independent OF
capital Capital is only thu first fruit of labor,
and could never have existed II labor had not
first existed. Labor is the superior OF capital
and deserves much higher consideration"
I do not know OF better way to keep fresh
the memory OF the illustrious dead than to
quote the words that pointed to his work. II
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, It is a nobleF
way to continue that work.
a REGAL GIFT