History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
Field's fortune was heaped up in about the last twenty years of his
life. The celerity of its progress arose from the prolific variety and
nature of his possessions. To form even an approximate idea of how fast
wealth came in to him, it is necessary to picture millions of men, women
and children toiling day after day, year in and year out, getting a
little less than two parts of the value of what they produced, while
almost nine portions either went to him entirely or in part. But this
was not all. Add to these millions of workers the rest of the population
of the United States who had to buy from, or in some other way pay
tribute to, the many corporations in which Field held stock, and you get
some adequate conception of the innumerable influxions of gold which
poured into Field's coffers every minute, every second of the day,
whether he were awake or asleep; whether sick or well, whether traveling
or sitting stock still.
HIS INCOME: $500 TO $700 AN HOUR.
This one man had the legal power of taking over to himself, as his
inalienable property, his to enjoy, hoard, squander, bury, or throw in
the ocean, if his fancy so dictated, the revenue produced by the labor
of millions of beings as human as he, with the same born capacity for
eating, drinking, breathing, sleeping and dying. Many of his workers had
a better digestive apparatus which had to put up with inferior food,
and, at times, no food at all. He could eat no more than three meals a
day, but his daily income was enough to have afforded him ten thousand
sumptuous daily meals, with exquisite "trimmings," while periods came
when those who drudged for him were fortunate to have any meals at all.
Few of his workers received as much as $2 a day; Field's income was
estimated to be at the rate of about $500 to $700 an hour.
First--and of prime importance--was his wholesale and retail drygoods
business. This was, and is, a line of business in which frantic
competition survived long after the manufacturing field had passed over
into concentrated trust control. To keep apace with competitors and make
high profits, it was imperative not only to resort to shifts, expedients
and policies followed by competitors, but to improve upon, and surpass,
those methods if possible. Field at all times proved that it was
possible. No competing firm would pay a certain rate of wages but what
Field instantly outgeneraled it by cutting his workers' wages to a point
enabling him to make his goods as cheap or cheaper.
HIS EMPLOYEES' WRETCHED WAGES.
Public-domain text, read in full here on John Shaqi.
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