“I think that it ought to pay what it is worth and no more. I think that the method that was provided in the law is a very just one, and I would be perfectly willing to let the government take it on those terms.” “What, in your opinion, is the Western Union property worth?” “Well, I judge of property myself by its net earning power; that is the only rule I have been able to get. If you show me a property that is paying no more than the taxes, I don’t want it. I want property that earns money. You might say that there is water in Western Union, and so there is. There is water in all this property along Broadway. This whole island was once bought for a few strings of beads. But now you will find this property valued by its earning power, by its rent power, and that is the way to value a railroad or a telegraph. So it is worth what it earns now, a capital that pays seven per cent.” “That would be $100,000,000?” “Yes, and it is worth much more than that, because there are a great many assets.” [Illustration: GOULD FAINTING AT DIRECTORS’ MEETING IN RUSSELL SAGE’S OFFICE.] CHAPTER XII. GOULD AND THE MANHATTAN ELEVATED. Jay Gould was not an originator of systems. Others with ideas secured charters, began railroads and other schemes, and then, when money was needed, Gould would step in and profit by their energies by purchase at low figures. This was never more forcibly illustrated than by his connection with the elevated railroad system of New York City. He had nothing to do with their construction. In fact, Gould’s name is unidentified with any great public undertaking original with himself. Other men planned and built. He grabbed. He did, it is true, start a telegraph company, and put up poles and wires, but it was only as a part of his plan to capture a system already constructed. So the elevated roads--the measurable solution of the problem of rapid transit in the metropolis and an inestimable boon to the city--are not due to the foresight, pluck and energy of Gould. Other men were the pioneers, but they were driven to the wall and forgotten, while he plucked the fruits of their labors.