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
Capital from an economic standpoint is that wealth which produces
farther wealth, or simply aids to create farther wealth. A needle is
capital, because it aids to [SN: CAPITAL THIRD FACTOR OF WEALTH.] make a
shirt that costs more than the material used for it. A sewing machine is
capital of more effective kind than the needle used by hand, because it
aids to produce more wealth than the tailor or the seamstress can
produce without it. A lathe is capital, because it not only shapes the
round forms of any material more accurately than [SN: MACHINERY, TOOLS,
ARTIFICIAL WEALTH.] the artizan would ever be able to make without it,
but it greatly saves his time on every piece of the work; thus saving
time it aids in producing more wealth. A factory, as a whole (including
the building and machinery), is capital, because all the machinery, all
tools and instruments used in it produce farther wealth from the raw
materials, and serve as sources of income to the owner of this property.
Under the care of the stock-raiser, cattle are capital, because they
grow and multiply; but the meat or beef is utility, because it may be
unproductively consumed.[50] Agricultural implements, as well as the
fertilizers, like guano, phosphates and many others are capital, because
they increase fertility and increase the produce of land, which makes a
greater income in favor of its owner. A thousand different machineries
and special instruments might be introduced here to show that each one
of them has been invented for the purpose of aiding to create more
wealth out of less wealth. And that all of them and every one, when used
by an owner of wealth, is a definite source of income and of profit to
him, because it aids his own skill and energy to obtain greater returns
in exchange for his labor and mind, than he can obtain without it.
But the most effective factor in aiding to produce more wealth and a
much greater income for an owner of wealth is the energy of steam or any
other mechanical force, applicable to various forms of labor [SN:
MECHANICAL FORCE; INCREASE OF STEAM.] and completely obedient to the
bidding of man. “Steam power has increased in the United States from
3½-millions, in 1860, to 17-millions horse power in 1895; while in Great
Britain and Ireland it has increased from 2½- to 13-millions; Germany
from ⅞- to 7⅔-millions, and in France from 1 to 5-millions horse-power.
The increase of this capital has been most manifest in manufactures,”
says Dr. Henderson.[51] But it should be remarked at once that no one of
the families worth below $5,000 could apply these millions of horsepower
of steam force upon their properties. This energy has all the time been
a profitable source of great income in favor of the families that made
the wealthiest group in the tables of statistics, whereas the others
have had but little crumbs of its increase of wealth. The mechanical
force, as every one knows, is in service of the capitalists.
Public-domain text, read in full here on John Shaqi.
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