Millheim Journal. [volume] (Millheim, Pa.) 1876-1984, 1880-12-09
American Incomes.

There is DO table OF the average dura-
ton of fortunes; but the statistics of
business failures in the country since
1866, show that the average yearly
failures ranged from in 163 in the
year 1871, to in in IS in 1873. How
mahy business men in thousand fail T.,
once or more, during their business
lifetime, cannot learn. The proper
tion used to be estimated, for New
England,a 81 per cent. That is proba-
bly, too high figure tor the business
of to-day, conducted as il is upon much
shorter credits than formerly. But
the proportion or traders who fail is
probably not lower than 70 per cent. of
the whole number. How many of our
people live upon their Invested means !?
In 1866 our income tax returns showed
I'll, 600 incomes of $500 per year and
ever, and six million incomes of less
than $500. But these were not incomes
from capital; they were mostly
earnings or wages. P.obabIy not one
in hundred of these smaller incomes,
and not over ten per cent. of the in
comes over $500, represented the inter-
est upon investments. in France, ten
years later, the census returned no less
than two millions OF people, renters,
who live entirely upon their invested
means. In 1877 seven and half mil
lions of the people-one-fifth of tie
population-were enrolled as rentes-
holders or savings-banks depositors :;
but 1t must be added that the savings
: banks do not often fail in France, and
that sooner or later they are apt to fail
with US. Most of these deposits are
small ones. But no less than two mil
lions of the French can say with Petra
arch, Pdrua sed dptG mihi. cit Is little
enough, but it will do tor me-" Thus,
in spite of the resources Of the country,
in spite of the almost universal search
for wealth, and in spite OF the fact that
we have a great many rich men at any
given time, we still do not have large
class of permanently rich men; we do
not even have, like the French, large
class of persons who have permanent
though small competence. The rich
Americans wealth is extremely vola-
tile; in nine cases out of ten it is "fairy
gold" The old landowners form tn 9
chief exception to the rule; especially
in our large cities, where the increase
of values has been great. But if our
class of permanently wealthy people is
small, 80 alse is our class of destitute
people. We are fortunate In having
few of the very rich or the very poor,
in having no such immense and harm
full inequality Of fortunes as we see in
modern England. Our ill fortune is
this, that our class of moderate COM
petences is also small, that SO few of
us, in spite of our opportunities and
our labors, have seized the good of
even a small assured competence. The
land is full of people who have not, on
the other hand, and who are not likely
to have, any assured competence, how
ever moderate, but who have nothing
to expect but labor to the end. That is,
indeed, the appointed human lot for
the majority In any community; but
need it be, in country of resources
like this, so nearly the universal lot?
Might not many of us avoid it by o
greater care for a moderate compet-
ence, a lessened ambition for fortunes?
About twe-thirds of pint of air is
inhaled al each breath in ordinary re-