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
Another item of similar losses is represented by the 350,000 miners
whose wages since 1890 have fallen “exceptionally low.”[143] So that it
would be perfectly safe to regard [SN: SPECIAL LOSSES OF THE MINERS.]
the average fall in their daily wages at 15 cents, and the labor year at
266 days, allowing again for a possible unemployment. This being so,
they have lost about $13,965,000 in one year. And as their average wages
did not really rise again during the period under consideration, they
must, therefore, have lost about $97,755,000 worth of their labor energy
in favor of the mining trusts and monopolies. While the profits of these
monopolies in 1890 amounted to $80,000,000,[143] when the total income
was $210,000,000 which we leave out of further consideration. [SN:
PROFITS OF THE MINING MONOPOLIES.] The $80,000,000 profits must
naturally have increased with these monopolies. But even if repeated as
they were in that year, they must have amounted to $560,000,000 during
the seven years. Considering the excess of selling price over the cost
of production here at the rate of 12.95 per cent, this amount of net
profits includes $72,520,000 worth of the public losses, of
unjustifiable extortion.
Beside all this, I find the telephone and telegraph monopolies[144] had
an increase of $229,624,566, and the railroad monopolies[144] of
$80,377,053 in their net earnings over and above the amount on pp. 101,
150. The same course is true of many other monopolies and combinations.
And as Henry B. Brown, Associate Justice of the United States Supreme
Court, in an address at the Yale Law School, June 24, 1895, said:
“If no student can light his lamp without paying to one company; if no
housekeeper can buy a pound of meat or of sugar without [SN: ALL
PRODUCTS ABSORBED BY COMBINATIONS.] swelling the receipts of two or
three all pervading trusts, what is to prevent the entire productive
industry of the country becoming ultimately absorbed by a hundred
gigantic corporations?”[145] The foregoing facts clearly show that the
corporations, whether under boards of trustees or under directors of
monopolies, with the principle of dividogenesure do, not only absorb the
entire mass of products of the people, but absorb even the wealth that
was formerly produced and now being gradually lost.
But let us now turn to the meaning of the increase of the population in
connection with the preceding facts and estimates for the seven years.
The table on the next page shows it.
Increase of Population.
Public-domain text, read in full here on John Shaqi.
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