The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-07-14
Are Accumulated Riches a Dctriment
to the Community


Are Accumulated Riches a Dctriment
to the Community
Gen. BUTLER. in his Grafton at Ncwbury-
port on the Fourth Of July, amused his
hearers with n description Of certain rich
young men Of this city, who have no
other occupation than driving four-in-hand
coaches for their own enjoyment, character
izing them as representatives OF class
which, in his own language, fought to toe
squclchcd' He declared that II he could
have his way he would set these young
men to work driving omnibuscs, and he
laid down the general proposition that
every man ought TO be compelled 10y law to
engage in some regular employment. That
any one should live on the income Of his ac-
cumulated capital, or, as he puts ii. 10y
merely clipping coupons from bonds, he
Processes to regard as a wrong done to the
laborng class.
There IL no doubt that these sentiments
find responsive echo in thousands OF
hearts. 1t is the most natural thing in the
world for men who have Ia toll for mere
existence to regard those who live sumptu-
ously on their inherited or accumulated
advantage. That one man should have to
| dwell in "A tenement house while another III
habits Fifth avenue mansion: that one
should feed ON bread and potatoes while
another keeps French cook or dimes at
DELMoNIco's and that one must swcltcr IN
the city the whole summer long while
another bctakcs himself to his luxurious
villa at Newport, or his comfortable apart
mcnts at a waterinR-place hotel, are in
cqualitics which have an undcniablc APP
pearance of injustice. II is not surprising
that they should excite discomfort, and that
the proposition to remedy them by law
should be received with favor. Tho wonder
is rather that they are borne as patiently as
they are borne. and that the ownership of
riches Is as well respected as 1t is
This sentiment 81 the injustice and injury
done TO the lahoring man 10y the accumula-
tion Of wealth in the hands Of private owners,
finds expression in another form in n COM
muncation recently semitic The Sun for pub
LEGATION. # which the essential point Is this
81 understand that the ind, htedness Of the debtor
IN this country government corporate and individual
with the capital corporations. aggregates than
Si4nnt"tsn income interest ON which must he pro
duc,d hy labor which with he support u the idle cno,
crs that Income. resting like incubus upon enter
AMI industry hilAr decrease the
oi toll
Here the idea of Gen. BUTLER, that men
who live on the income Of their property are
a detrment to the community, Is put into its
most striking shape. The figures given may
not be strictly accurate, but they are near
enough for the purpose There is no doubt
that the amount of property in the country
owned by non-producere, and for the use N
which producers pay them money, amount
to many thousands of millions of dollars
This property is represented by evidences OF
debt and by shares in corporate companies
and it is apparently, as the writer We quote
from says, dn incubus upon enterprise. il
all debtors could bc relieved OF the burden
Of paying interest, aud If corporations wer,
not obliged to earn dividends for their stock
holders, ii seems almost an axiom that q
weight would he taken off the shoulders u
industry and letters from the activity al
trade. Abolish taxes and interest, reduc,
railroad transportation and the prices %
all manufactured goods to bare cost, and il
might be imagined that our commercial
troubles would come TO an end
suppose, however, we look at the matter
from another point of view. Accumulate,
wealth. to bc wealth at all, must have som'
b sort of commercial value Men do not pa,
= money for that which they do not think il
worth money. Nobody would rent n hous'
} if living in house were not better than liv
ing ont Of doors No traveller would pay
twenty dollars to be carried from New Yorl
to Chicago ii he could walk the distance il
the Same time. No merchant would borrow
money from Il bank on interest If he did no
} think he was going to use il so as to MAKE
more than he paid. Nor would nations
States, and cities sell bonds to raise none,
instead of raising it by taxation, if there
were not some advantage to DO gainc,
/ thereby, When, during the late war, the
United States created the $4,000, 100000 O
bonds for the payment Of the interest on
! which we are now taxed, it was because We
1 needed rifles, cannon, ammunition, clothing
} provisions, and other commodities, whicl
, we could get in no other way. We said t.
the people who had these things to sell
I'VE cannot pay you in gold and silver, bu
we will give you our promises TO pay gol,
and silver at future day, and will pay YOU
interest in the meanwhile" II was gooC
business for them, but it was not altogcthc
a bad business for us. They received TIN
bonds, but they parted with valuable prop
3 crty which they could have sold for MONEY
, TO some other customer The same thin
may be said Of every form Of debt. 1t rep
5 resonts something which had value whei
the transaction took place by which ii wa,
, created. So, too, the = ock of corporal,
companies represents ir5n, bricks, wood
2 machinery, and labor put together in tn,
shape Of railroads railroad cars and ma
clincry, manufa ctOreS, and other things @