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 whole increase of the wealth then has been lost in favor of the few.
But what does this over four billion dollars difference between the
total increase and the total net incomes of the monopolies and
combinations mean in view of the situation? Where does this over four
billion dollars’ worth of wealth come from?
This surplus amount of $4,282,283,387 of the net incomes certainly
cannot mean anything else than that the families, unconnected with
monopolies, trusts, and other combinations were quickly eating up [SN:
LOSS OF THE PREVIOUS WEALTH.] themselves. They not only have absolutely
lost all that they produced during the time of seven years, but have
also lost $4,282,283,387 worth of the wealth which they owned in 1890.
So that the aggregate of about $9,260,228,000 worth of wealth which was
owned by the 11,190,152 “families worth $5,000 and under”[160] in that
year, must have been greatly reduced by monopolies, trusts and
combinations. There cannot be any doubt, too, that hundreds of thousands
of the “families worth $5,000 and over”[160] have also suffered from the
same causes. Hence, the absolute loss of $4,282,283,387 worth of the
previously owned wealth must have been shared by all in favor of the
very few families whose undoubted prosperity has indeed been unusual.
For they have concentrated the enormous total of over $26,000,000,000
worth of the people’s wealth in seven years, and have thus made the
greatly increased population much poorer in 1897 than it was in the year
1890.
And this fact of growing poverty has not been unsuspected. For, if Mr.
W. H. Mallock, in trying to prove the contrary, admits “that the rich”
in England “do grow [SN: THE POOR GROW ABSOLUTELY POORER.] richer and
the poor grow relatively poorer, because their numbers increase,
although it seems that in the distribution of wealth a greater share (of
it) falls on their part.”[161] As for the United States, it was also
said that “since 1873 the poor have grown relatively, if not absolutely
poorer.”[162] The method used here for establishing this fact leaves no
doubt that the rich in both countries do grow absolutely richer and the
well-to-do and the poor in the United States do grow relatively and
absolutely poorer: accordingly, “the largest fortunes” in this country
“are increasing most rapidly,” says Dr. Charles R. Henderson.[163]
Public-domain text, read in full here on John Shaqi.
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