The Passing of the Idle RichMartin, Frederick Townsend
History
The Passing of the Idle Rich
Martin, Frederick Townsend
Rich people -- United States; United States -- Social conditions -- 1865-1918; Wealth -- United States
If actual desertion is thinning the ranks of the idle rich, there is
another and even greater cause which will tend in the future, as it is
tending to-day, to limit the number of this class. It lies much deeper
than the mere phenomenon of desertion. It is, in fact, nothing more nor
less than the removal of the means of making gigantic fortunes through
the exploitation of men.
I do not intend to dwell upon this phase of the passing of the idle
rich to any great extent, because its effects are necessarily slow.
Indeed, they will not be felt for many years to come. Yet I would point
out one or two phases of this question that seem to me to be intensely
interesting and vastly important. In the first place, the opportunities
for the making of gigantic fortunes are being limited more and more by
the world-embracing activities of those who already possess gigantic
wealth.
Let any man discover in the mountains of Mexico, in the forbidding
ridges of Alaska, or on the plains of the Yukon, great new deposits of
iron, or coal, or oil, and immediately, almost before the news of such
discovery has reached the world at large, a dozen secret agents rush to
investigate. They represent the Pearsons, of London; the Guggenheims or
Morgans, of New York; the Rockefellers or the Rothschilds, of New York
or Germany. They are the first in the field; they preëmpt, for fortunes
already far beyond competition, the opportunity of making a tremendous
fortune out of the new discovery.
Think of the raw materials of commerce--sugar, meat, oil, iron, coal,
copper, cotton, wheat, corn, lumber--is it not absolutely true that
in the manufacture and exploitation of this tremendous mass of the
raw material of wealth the possibility of amassing enormous fortunes
is almost hopelessly limited by the activities and the world-girdling
power of capitalist groups already far beyond the reach of competition?
The free land of America is gone. All these great staples that have
been in generations past the vehicles in which men have been carried
upon the road to lordly fortunes are already in the hands of a few
hundred families. This fact, sinister as it undoubtedly is in its
broader aspect upon the economic conditions of the country, must
certainly tend to eliminate more and more the possibility for the
creation of additional gigantic industrial fortunes in this country. In
so far as this is true it is a very important item indeed among the
forces that tend toward the elimination of the idle rich.
Public-domain text, read in full here on John Shaqi.
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