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 last historic table shows that the accumulation of wealth by the
nation has been phenomenal, and equal to the expense of labor [SN:
INCREASE OF WEALTH PHENOMENAL.] energy which was embodied by the people
into that wealth. And if the amount of wealth existing in 1890 had been
equally distributed among the people, every man, woman and child, would
have had more than $1,000 of it, or exactly $1,036 as the nominal per
capita distribution of it by Mr. Carroll D. Wright indicates.
Let us, however, see the actual distribution of wealth, as it was in
1890:
The United States, 1890[29]—1st Table.
---------------------+------------+------------------+------------
ESTATES.[30] | Number | Aggregates of | Average
| (of | wealth per class | wealth per
| families). | in dollars. | family.
---------------------+------------+------------------+------------
The wealthy classes, | | |
$50,000 and over | 125,000 | 33,000,000,000 | 264,000
| | |
The well-to-do | | |
classes, $50,000 | | |
to $5,000 | 1,375,000 | 23,000,000,000 | 16,000
| | |
The middle classes, | | |
$5,000 to $500 | 5,500,000 | 8,200,000,000 | 1,500
| | |
The poorer classes, | | |
under $500 | 5,500,000 | 800,000,000 | 150
---------------------+------------+------------------+------------
Totals | 12,500,000 | 65,000,000,000 | 5,200
---------------------+------------+------------------+------------
It is difficult to understand why this important table has been
published in round numbers almost throughout. It is, however, not at all
difficult to see that it represents an extremely unequal distribution of
the wealth among the American people.
And in order to restore the figures of this table so as to bring the
whole into accord with the last census, it is necessary to regard the
[SN: EXTREMES TO BE EQUALIZED.] size of each family at 4.93 members, as
the census represents them. In doing this, it is also necessary to
restore the round numbers, supplying all omissions in the aggregate
totals and in the wealth of the groups. Before giving a further
explanation, then, the restored table will appear as follows:
1st Restored Table.
Public-domain text, read in full here on John Shaqi.
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