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
“Bread-winners in 1870 engaged in supporting themselves were 12,505,923,
or 32.43 per cent” of the population. “The bread-winners in 1880 were
17,392,099, or 34.67 per cent of the total population” of that time.
“The bread-winners in 1890 were 22,735,661, or 36.31 per cent.” By
“bread-winners” he meant “wage earners, salary receivers ... or any one
who was engaged in gainful pursuit,” including “proprietors of whatever
grade or description, and all professional persons.”[68]
I must here make a diversion to examine this author’s argument.
For the purpose of proving that the poor, the producers of wealth, were
getting better off from 1870 to 1890 by their gainful pursuits, Mr.
Wright has placed in the [SN: MR. C. D. WRIGHT.] same class individuals
of incomparable description, and, by making averages upon equally
incomparable basis of their gains, logically arrived at the false
conclusion that the wages in general had risen during that period of
time. And hence, he added that “the rich are growing richer and the poor
are getting better off.” He thus arrived at the same nominal conclusion
at which Mr. Shearman has arrived in making nearly 56-millions of
individuals appear to be in possession of $209 each.[69] And it is
exactly in the same way Mr. Wright himself made the per capita wealth in
the United States, as a whole, amount to $1,036 for every inhabitant of
the nation. The rules of arithmetic are accurate in every calculation.
But the nominal distribution of wealth has never made the millions of
the people better off; and it has never altered the fact, that in 1890
we had nearly 34-millions of them without property; and we had a little
over 7-millions of other individuals owning more than 55½-billion
dollars worth of wealth.[70] Whereas, at the same time, there were more
than 27-millions of individuals whose aggregate wealth was only
$825-millions, which is but $30 to each person.[71]
This little diversion from our main thought once more testifies that the
increase of the 42-billion dollars worth of wealth which accrued from
1865 to 1890 did not in the least raise the wages of those producers of
the wealth who were compelled even to lose their own properties. On the
contrary, while the salaries and incomes of some professional persons
had decidedly increased, the wages in general had fallen, as we shall
see later on. Consequently, the tens of millions of the creators of that
wealth appeared to be all the worse off, as we have seen on pp. 85, 86.
Public-domain text, read in full here on John Shaqi.
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