Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1869-03-26
How FORTUNES GROW.


+ IS astonishing how enormously large
fortunes have increased in this country
within the last few years When john
jacob Astor died, his wealth could not have
beeo estimated al more than ten millions,
and, as late as 1860, the wealth Of his son,
H'illam B. Astor, was not over. twenty mil
lions. Now we are told, it is ss great as
seventy five 70 a hundred millions. Stewart
the dry goods tycoon Of New York, was
barely millionaire ten years ago; now he Is
SAID to be worth twenty millions; and hun
dFeds OF prosperous business men in that
great city, who possessed large fortunes 10
1850 possess fortunes i've or ten times as
large now. New York exhibits, most stri-
kiogiy, this process Of enormous increase ia
private fortunes, but the same process is
presented in nearly all cities. Everywhere
prudent, careful and discreet rich men have
grown immensely richer, and we can present
ffnsn9 examples Of colossal wealth equal to
l1ose in Europe A hundred thousand dol
!. frs, ten years ago, was esteemed large for
tlsge, and million was a rare and conspicu-
,,sy agnrlA nf success Now fba former
10y aht Is esteemed tribe, and scores of
'e' can be pointed ont who possess the lat
-en' A commercial failure for half million
the once regarded as great disaster; now
ne fes that do not involve one to five mil
-fta scarcely attract attention.
ll2 nt there is another side to this matter
= !, be rapid growth of large fortunes doe,
IN truth, indicate a general prosperity
general improvement Of individual
lition. The aggregate wealth of the
airy has indeed increased, but not in a
ratio. The rate of increase has not
in over six per cent.-some writers esti-
No E it as low as four and half but iudi-
he'd lal fortunes have grown at the rate o,
The twenty and twenty-five per cent The
llti- sth has really been at the expense Of the
ing ses. The truth probably is, that the
lear condition Of things that makes the
rim richer, makes the poor poorer. Credi-
bat are rapidly growing wealthy, while deb
ser Z as general thing, are becoming more
mi amore embarrassed. During the war
to- financial system was an abnormal one.
has not been corrected since the war.
be currency is deprecated one, and the
on- of such a currency, first or last, fall ex-
ice tey upon the masses, and with pecu-
dis disastrous force upon those vino are ID
.oid The currency drifts irres;s,ibly t.
Icy, financial centres, increasing the fer
in of those who are already rich and
,blg ling those who are alreaGy poor. The
! a of this can be seen in almost any CON
Of ty, for the few examples of great indi-
30 Il prosperity are Offset By hundreds Of
are, nees of persons who, work they never
Ills, AID, are barely able to maintain them
The Is, The onl5 remedy for this state Of
sa Is lisa severe economy in publcexpendl-
)or- +, the strictost honesty in the revenue
III tm, reduction Of the public debt and
1tb restoration Of gold in place of paper
ey Colossal fortunes are no proof Of .
an lry's prosperity; they are the very re
i. Ee aud a condition that fsyors such euor
T Isi Jus accumulations is wrong that cannon
I'M soou be remedied That prosperity onI,
h. lealtbful and desirable that Is shared b,
ao, and which, instead of concentrating
1 eIf upon few, improves the condition Q
HE masses.