Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1869-09-24

all the wealth which the ninety. q Q brought
into business, as we'll as all they should have
realiz I'd by q far Investment of their mon
ey.
SO FAR there has been q vast development
of the int stock principle in this country
IL has b, en- applied to ali kinks Of enterprise !;
but, In those employments in which IL has
had its fullest development, 1t has become
so VIGOROUSLY corrupt, that | am inclined TO
believe that the future control of all indus
trial occupations will be far more likely to
centre 10 individual hands or firms. The
history gives an inklipg Of what great indus
trial enterprises are liabls to become under
the administration u joint stock companies.
The only management which eau be honest
and eff .ient, IN the long run, is that of TO-
dividuAls, OF ct most that Of firms composed
Of few partners. The use Of other peoples
money, without any real reslons bility, es-
pecially by sallrisd officers, has tendency
60 develop individual selashness 1T the ex
pense of the body Of the Stockholders I;
hence we see that the railroads are prseti.
cally passing iuto the hands Of individuals
Not only are the holders OF stock sacrificed
over and over again, but few even # the
directors are the only persons who acq iire
great wealth. IL will be the turn or the
hondh iers next; they, too, in al human
prObab lity, will lose the principal of their
Investments.
This tendency has become so universal in
all channels of trade, that prudent men are
beginning to doubt the propriety of invest
ing any money in joint-stock companies.
Already some of the large manufacturing
establishments are following the bad ex.
ample of the railroad monopolies, and it
requires only some exceptiona5le excitement,
like the famous petroleum bubble. TO show
that the great mass of the projectors of
companies are intent not upon developing
| the resources of the country as exploit
| ing" would-b shareholders and buyers Of
stock. confidently predict that the time
is not far distant when all joint stock COM
panies, including manufacturing establish
ments, life and fire insurance, banks, and
the like, will pass iuto individual hands at
| the expense of the shareholders. The his
| tory Of the railroad system foreshadows that
| Of all other joint stock enterprises. There
| is something in corporate management
essentially faulty, as it net only develops
individual selishness at the expense of the
other corporators, but offers peculiar iacil-
| ties for depriving the latter Of their prop
| erty.
At the same time, the necessities Of com
merce are so great, the variety of industrial
enterprises is so tempting, that have no
doubt that the next ten years will see an
enormous development of corporate manage
ement by the organization of Joint-stock
companies.
But insist that, no matter how promising
the various programmes Of these corpora
tons may be, the system Itself can have but
@ issue-the accret on Of vast wealth in Il e
hands of few persons, at the expense OF
the people who invest their savings in these
corporations.
| Another influence which will hel p to accu-
mulate larg. fortunes is the rising value of
lanl. We are not likely to be cursed in this
country with the reign of enormous land
monopolies, such as balm in Great Britain (;
the equal division Of property at the death
| Of the parent forbids that. But we must not
overlook the faot that the same causes,
| which have accumulated landed property
| in the hands of few persons there, are also
active among ourselves, in concentrating
lands in fewer and still fewer hands.
Fen or fifteen years ago our agricultural
papers were loudly demanding OF farmers
that they should DISPOSE of their surplus
lands, have fewer acres, but farm these
better. 1t was argued that good farm o;
a few acres was better than the poor farm
ing Of n great many, AMI there was great
|
enough" aud even ten rods enough, and the
drift of opinion seemed to be toward small
farms; but the dev .lopmeut of agricultural
science has brought about with the last
10 years q very tferent tendency. TIt
invel ton of lab, r-sayiug machinery a
rem ere large IA m the most prot tab q
To take advantage oil the recent and valual
inventions in labor saving machinery np
piled to agricultural pursuits, II is indeed
Necessary to have very large farms. The
improved plows, reapers, sewers, horse
hoes, ana all the equipment Of first clas'
modern farm require great extent o
acreage to be economical. Hence the tend
ency now, in ell parts Of the country, will
the exception, perhaps of the more northern
of the late slave States, is to the consolida
ton of small farms into great ones, If tb'
census should ever give the figures It VIII b'
curious to no how each decade will SHOW
a or tdually .enlareing average Of the size o
farms in nearly ali the Northern st ties.
venture to say, ii we can get the precis'
statement of the average number Of acre
Of land in each farm, in 1870, compared
with the same figures in 1866, we shall b.
ampEed at the vast accumulation Of land il
few hands. Within that time it has becom,
improbable tn be small farmer, except II
| tue ltnlneulute vicinity ol
The extension Of our railroads augment
this tendency womb rfuly. Proximity TO
commercial emporium has always hereto
fore, operated in favor Of the small farmer
; Located near this centre Of population, h
; obtained ready market for his garde
truck aud other products in the adjoining
: town; but the clamor in favor of pro rat
freight on all large railroads shows that tn
nearness TO the commercial centres does no
now operate in favor of the farmers in ad
ioining districts. The great farmer VIII
cultivates his one thousand TO five thOusant
acres in Illinois has an immense advantag
over the man who firms his fifty or sixt
acres within a hundred miles Of New Yor
city. The railroads have dOne away wit
the monopoly Of the nearby farmer, Will
the use Of labor-saving machinery gives I
the large farmer in Illinois an enOrmou
, advantage in all the great markets.
Now this Is not good tendency thes
accumulations OF great wealth in ie'
, hands, this growth of noble fortunes an
. princely houses, the swallowing up of III
. property of the middle, classes and sma
farmers, are an unwholesome drift of I
times but it is a real tendency, and "
4 must look it straight in the face, aud brin
/. the lights Of science and public opinion
"A
. luture Of this countr..
This accumulation Of wealth in fc
: hands, will not, however, be without II
Q compensations we shall have, within I'll
Z. next thirty years, an immense deyelopmer
!, OF literature aud art. 80 far it has bee
}, to the extreme diseredit Of our wealth
= classes that they have nothing for art an
s terature. In the rich Italian cities Of d
: middle ages, II was he recognized duty OF ii
merchant prince TO be a patron Of Arts an
$ artists. The rich New York Spectator sa
Z isles his highest ideal in patronizing hors'
i flesh and becoming a member Of ito "Jocke
u Club" The conception by our merchsn
i princes Of the duty which accompanies Il
j control Of great wealth has so far been col
J. temptible.
But while the rich are getting richer, vi
. the poor become pooreri On the whole,
| a.. L. 4