The impending crisis : $b conditions resulting from the concentration of wealth in the United StatesBouroff, Basil A.
History
The impending crisis : $b conditions resulting from the concentration of wealth in the United States
Bouroff, Basil A.
Trusts, Industrial; United States -- Economic conditions; Wealth
The lower division of the table represents the same amounts of national
wealth, the same population, only individually considered; and both the
wealth and the population [SN: INDIVIDUALS.] were divided into eight
parts each, in order to carry out the proportions between numbers of the
individuals and the wealth they possessed. The result in this division
is that 7,827,782 individuals have had an average wealth of $7,269 each
man, woman and child, and 54,794,468 individuals had but $148 worth of
wealth to every head.[21] The difference between the worth of one person
of the one group, and one person of the other group, is $7,121 in favor
of the rich person. And that, again, one person of the wealthy class, on
an average, is worth more than 49 persons of the poor class.
But the most astounding fact is that we have over 54½-million
inhabitants of this poverty-stricken class, and we have only a [SN:
NUMBERS NEAREST TO THE TRUE ONES.] little more than 7½-million
inhabitants of the wealth-swollen class. So that, these 54½-million
individuals appear to be totally dependent upon the mercies and motions
of 7½-million persons who are steadily growing richer and decreasing in
numbers, while the poor are growing poorer and rapidly increasing in
numbers. For such has been the growth of economic slavery that the above
millions have to combat with.
Besides all this, we have seen the statistical conclusion that, “Less
than half the families in America are propertyless,” which certainly
[SN: THE PROPERTYLESS FAMILIES APPEAR LITTLE BETTER OFF.] means, that
these propertyless families must be found included among the 54-millions
of the poor. So that the present average wealth of these millions, which
is $148 per every head, was made of the wealth of the upper classes,
which average was not at all possessed by the poor. The economic
conditions of the poor must be still worse than Table III represents
them. But we shall find this out in the next chapter; while the
conclusion that, “1 per cent of the families hold more wealth than the
remaining 99 per cent of them,” nearly corresponds with the conclusion
of Mr. Shearman, as represented on pp. 12 and 13.
CHAPTER II.
STATISTICS OF WEALTH OWNERS.
In the preceding chapter, we have dealt with ready-made conclusions of
different statistical authorities, which, by the way of [SN: RESULTS OF
THE FIRST CHAPTER.] analysis, revealed to us, that 32,563,644
persons[22] of the population had on an average $99 worth of wealth,
according to Mr. G. Holmes; that 55,984,298 persons[23] had on an
average $209 worth of wealth, according to Mr. Thos. Shearman; and that
54,794,468 persons[24] out of 62,622,250 inhabitants, with
$65,037,091,197 worth of wealth, had on an average $148 worth of wealth
apiece, according to Dr. Spahr.
Public-domain text, read in full here on John Shaqi.
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