But let us probe a little deeper. It is evident that, in the course of all this exchanging of goods, some individuals get a larger share than other individuals. Our government collects an income tax, and thus we have statistics representing what people are willing to admit about the share they get. In 1917 it appeared that, speaking roughly, one family out of six had an income of over $1,000 a year, and one family out of twelve had an income of over $2,000. But there were 19,000 families which admitted incomes of over $50,000 a year, and 300 with over $1,000,000 a year. Now the families that get less than a thousand dollars a year obviously have to spend the greater part of their income upon their immediate living expenses. But the families that get $50,000 a year do not need to spend everything, and most of them take the greater part of their income and reinvest it--that is, they spend it upon the creating of new machinery of production, railroads, mills, factories, office buildings, the whole elaborate structure of capitalist industry. Exactly what proportion of the total product of industry is thus taken and reinvested no one can say; but this we know, our cities are growing at an enormous rate, our manufacturing power is increasing by leaps and bounds, we are perfecting processes which enable one man to do the work of a hundred men, which increase the product of one man's labor a hundredfold. All this goes on blindly, automatically; a Niagara of goods of all sorts is poured out, and we call it "prosperity." But then suddenly a strange and bewildering thing happens. All at once, and without warning, orders fall off, values begin to drop, business collapses, factories are shut down, and millions of men are thrown out of jobs. Merchants look at one another with blanched faces; each one has been counting on paying his bills with the profits he was going to make, and now his profits are gone, and he can't pay. The newspapers and magazines keep insisting that it can't be true, that business is going to revive next week, that prosperity is just ahead. But the factories stay shut, and the millions of men stay idle. This is the condition in which we find ourselves as I write this book. It has been happening regularly in our history every ten years or so, ever since America started; we have had a hundred years to reflect upon it and to probe into the causes of it, and such is business intelligence in the most enlightened country in the world, you may search the pages of our newspapers from the first column of millionaire divorce suits to the last column of "situations wanted," and nowhere can you find one word to explain this mysterious calamity of "hard times"--how it comes to happen to our social system, or what could be done to prevent it! To supply this deficiency in present day thinking is our next task. CHAPTER LVII HARD TIMES