The San Francisco call., 1897-02-13


Republican Party" was not present.
To-nights banquet made more apparent
than ever Mark Hannas hold on the
working Republicans of Ohio. Every
reference, however remote. was cheered to
the echo. He sat at Governor Bushnell's
right during the banquet and they were
apparently the best of friends.
M1ROUETTE CLUE BANQUET.
Notable Gathering of Gorermors and a
Notable Speech.
CHICAGO, ILL, Feb. 12.-The memory
of A Abraham Lincoln was honored tonight
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
ernor Tanner Of Illinois was unable TO be
present and was represented by Lieuten-
ant-Governor Northcote. Senator-elect
Mason was among the guests and received
a cordial greeting. President Dewitt of
the Marquette Club presided.
The toasts were: "Welcome to Illinois,"
Lieutenant-Governor Northcote; "Wel-
come to Chicago" Mayor George Is. Swift;
y
Indiana; The Grand Old Party" Gov
ernor Llppett OF Rhode Island: "Iowa-
They Said She Was Doubtful" Governor
f. NJ. Drake of Iowa; "The New Old
Dominion" Governor Atkinson of West
Virginia; 1.-The Farmer in Politics." Gov
erDor Mount of Indiana; Republican
Wisconsin" Governor Schofeld of Wis
consin; illinois," William Z. Mason,
Senalor-eiect; Municipal Reform" Gov
ernor Hazen S. Pingree OF Michigan. The
speakers we're accorded hearty welcome
In response TO his toast Governor Pingree
said:
] assume that we all love to draw prize in
| life. In our private capacity we figure, as
still assume, for a contract with a City and get
1t by paying the price. TINS assumes that the
| city athers pocket the price. OF course if the
contract is for street railway the rates of fare
must stand very high because If they do not
our watered stock does not get off our hands
easily. 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 of gulltble public. This
| of course is speculation and not business. 1t
| is a kind OF lottery system We condemn il
| in public and resort 10 it in private. Tom l..
| johnson, the streetcar man, in his private
| capacity confesses himself a monopolist but
| in his views for the public good he is against
monopolists. Possibly Mr.. Yerkes OF Chicago
! is Ill this way both private and public spirited
Standard oil has built a monopoly and col
lege here IN Chicago.
have heard that a monopoly has built a
church The louisiana lottery paid big
bonuses to New Orleans and walked hand in
band with charity, doing good with other
I peoples money. 1t is curious TO observe that
the law, the pulpit and the rostrum are
against the sale of a lottery ticket, but not
against the sale of q block OF watered stock.
Speculation seems TO have put on the mask
OF business in the United States The apparent [
rights of speculation have increased taxation,
but such rights are more apparent than real.
| The excessive rates of fare and freight of
| traQSDOr .atlOn cauSel by snapulatiOD
slowly draining the earnings OF the country
and are also slowly Gripping transportation
itself, because excess reacts.
We beStow great deal on transportation
and aid speculation. Over in Michigan we
have been talking some twenty years on equal
taxation for all. Several Governors have rec
commended that railroad properly 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 moth
ing has been done is that there have been rep
resentatives of speculative interests in the
Legislature. Speculation Interferes with bust
ness by taking large number OF rakeoffs that
are not earned. Speculation is the great an
tagonist of the economic laws. Any money
taken by bonds that does not represent money
| invested Ill work is a fraud on business.
Speculation is the foe OF business Capital
derived from speculation is not economic capi-
tai. The real business capital of the country
is that accumulated in the savings banks.
Savings deposits are the deposits OF multi
| tude OF producers. When the factory borrows
| OF the savings banks II borrows, as ii were, OF
! It's own employees. Thus the employees draw
both wages and interest from the factory. If
| the factory borrows the capital of speculation
| it pays no interest to It's employees.
Inc great market of the United States is in
| the vast number of people who consume the
| products OF the country. If consumption fails
! bu-iness fails. III earnings fail consumption
! fails. When consumption falls credit fails.
! The capital taken by speculation contracts
the use of a large part of the currency of the
| country.
7
| 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 an
| nual message. This can be found in the Con
| gressional Globe of 1S61-1S62. This is what
! he said Labor is super. or 10 and independ-
ent OF capital. Capital is only the first fruit
| OF labor and could never have existed If labor
had not first existed. Labor is the superior of
capital and deserves much the higher consid-
Grafton"
do not know of a better way to keen fresh
the memory of the illustrious dead than TO
quote the words that POINTED to his work If
Lincoln's words are sacred then work is sacred.
Let us not 1--we In the mere lame OF the words
and work of Lincoln. 1t is q nobler way to
continue that work.
Governor Hastings was expected to be
present ana speak for Pennsylvania to the
toast, The Duties of Citizenship" but on
account of the destruction of the Pennsyi-
vania State House he was compelled to
send his regrets.
Il. a. briggs OF Nortn Oekota responded
to the toast, THE Great Northwest"
This was the guadrennial entertainm en- {
OF Republican Governors of the United
States. A year ago the club attained a
National reputation by having for it's
guest OF honor at the annual banquet Will
liam Mckinley, whose candidacy for
President of the Republic was formally
launched on that occasion. A memor-
able speech was made by the Presid ent-
elect on Abraham Lincoln and the Re.
publican party.