Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1907-04-29
ANDREW CARNEGIE
DOES NOT believe IN WALL
STREET METHODS.
Says He Never Made Dollar Gam
bling. He Calls SPECTATORS Para
sites. He GlOrieS in the Fact of
Being Poor Mans Son, and See
ing Both Sides of Life.

Andrew Carnegie made vigorous at
tack upon certain Wall street methods
in speech at dinner given in his hor-
or by the United States military tele-
graph corps lately. Mr.. Carnegie de-
clared he never made a dollar gamblir g
in stocks and added that it was time
business men declined to recognize men
who make money in Wall street and rem
der no value for it. ga few gamblers in
Wall street are in trouble" said Mr..
Carnegie. "1f man has sold stocks
short and they go down he is delighted.
But if they go the other way and he has
not the stocks to deliver, he thinks the
president has gone trife too far. 1t is
a good thing for the country that the
gamblers have come to grief. | wish
could invent a system or plan wher by
both sides of the stock gamblers would
come to grief. As business man can
say never made dollar gambling in
stocks and l would as soon sit down to
gamble with cards. Let me speak as a
plain business man. Wall street is not
all Of America. There are some places
in New York that are not Wall street.
Spectators are parasites feeding upon
value and creating none. 1t is time that
we business men should rise and decline
to recognize men who make money in
this way and render no value for it and
give nothing-or manufacture nothing
or exchange in no way for the value
they get. We have had five years of
wonderful prosperity. Today instead OF
charging $3.50. 900 for the Carnegie
Steel company, would ask $64O O0O, 900
fof it. But never kite went up but it
came down. Wall street is really in q
healthy condition. It is an eruption
that is coming out and not going in and
let us reicice and hope that tomorrow
prices will go down. Gentlemen, was
born to poverty. But would not change
with the richest mans son OF millions
born 10 life. What does he know of
father and mother, Of the boy whose
mother is nurse, seamstress, washerwo-
man, cook, angel, and saint-with no
servant between-the boy whose father
is his guide, philosopher and friend?
No teacher, except at school. Its in the
home that the boy gets his teaching. 1
am honest have lived both lives. There
are men who say that riches are corrupt.
ing but they only know one side of the
shield. have lived both. There is,
gentlemen, very little in wealth adding
to the sum OF human happiness. think
that wealth rather decreases happiness. !"
1t is true, as Mr.. Carnegie says, "Wall
street is not all OF America" 1t would
have been better for the American peo-
pie if Mr.. Carnegie had long ago spoken
frankly, yet his plain talk is bound to
have considerable effect for it will tend
to open eyes that have long been blind
ed. But while the American people are
curing themselves Of the habit that Wall
street is "all Of America" it will not do
iquity of the system which has made
Mr.. Carnegle's wealth possible.
In its issue Of May IS, 1902, the Chi
cago Tribune, republican, had an ususu-
ally interesting editorial entitled "The
Arrogance of Wealth." The Tribune
was considerably disturbed because An
drew Carnegie had offered to pay $780,
600, 900 for the Philippine islands provid-
ed only that he was permitted to assure
the Filpinos that they would he given
their independence. The Tribune said
that the steel magnate "has tried the
patience OF his friends severely in some
of his late bids for notoriety." The
thought that Mr.. Carnegie was
posing. 1t said he has "scat-
tered libraries broadly through the coun-
try, all Of which are to be called for him,
and every one OF them is a contribution
to the conscience fund.-" Then the Tri-
bune explained:
"Mr. Carnegie made his money in
inasHihCeiI way, out He ououiu hoN0i
forget that HE MADE IT TIIRoUH THE UNDUE
FAvoWrlsM OF the government OF the
United States. OWING TO THE DIsCRIMINA-
TIoN PRACTGCED IN HIS FAVOR By THE
TARIFF, he was enabled to amass a for
tune OF two hundred millions OF dollars
or more, MOST OF WHICH CAME OUT OF THE
POCKETS OF HIS CoUNTRYMEN THROUGH
THE OPERATION OF UNEQUAL LAWS. Much
has been said OF the benefit arising to
the workngmen from the establishment
of the Carnegie works. The benefcent
tariff system permitted the works to sur
vive and flourish, but there are some
people who have not forgotten the Home