The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1880-07-03
Big Fortunes -. Individual Wealth In
Ancient and Modern Times.

Ancient ana MOOern lfmcSs
Doubtless the laboring class at this
day in all civilized communities are bet
ter housed, fed, clad and paid than the
same class at any other time in the his
tory of the human race. Yet there never
was a time of greater dissatisfaction
among workingmen. During the mag
nificent reign of Louis XIV, there was
more extreme poverty in France than
there is now in all Europe, Ireland in
cluded. The condition of the emanci-
pated Russian serf is far better than that
Of the French or German peasant two
centuries ago; and within the historical
era there Is no record of a time when
fifty millions of the common people and
poor were SO comfortably situated as the
fifty millions who now inhabit the
United States.
But if the condition of the poor has
improved, the private fortunes of the
rich have so increased as to utterly con-
found all attempts at comparison with
the rich men of past ages. As rich as
CrGsus,' has stood for an adage these
twenty-three centuries. Yet Cr9sus was
king who devoted his whole energies
to the acquisition of gold, and there is
good reason to believe that we have not
less than half dozen men and women
in this State who are richer in gold and
its equivalents than this Lydian mon
arch. The richest man in Rome at the
time of Cesar was Crassus. His fortune
has been carefully estimated by several
historians, but never above $8,500,00
of our money. This is not much more
than William H. Vanderbilt's year.
ly income, and it is more than 3D.
100000 below the appraisement of
the fortune of the late William
S. O'Brien, of this city. The Aston
estate was valued ten years ago
at over $40, 900, 900. At moderate rate
of accretion-say five per cent.-it must
now amount to 100000, 900. The yearly
income at the same rate is $4,000, 900.
This is third more than the entire in
come OF the monarch of the British en-
pire, and good deal more than the en-
tire revenues of the English Government
twohundred and fifty years ago. It's as
serted that there are eight or ten En-
giish peers whose incomes each exceed
the allowances of Parliament to the
Queen, and yet the richest men in En-
gland are commoners. Half century
ago the reputed wealthiest man in Amer
lea was old Stephen Girard, of Philadel-
phia. His estate was appraised below
Sl5,000.000. There are probably now
one hundred private fortunes in the
United States each greater than Girard' s
and half dozen more twice as great.
In the purchasing power of money
the ancients had the advantage. A
dollar would buy more thousand years
ago than five will now. Forty years
back man who had 100000 was rated
as quite rich, and one of 100000 phe-
nomenal. The latter class were not as
numerous in this country as those of
S5,000,000 are now.
OF course there is not gold and silver
enough in the world to represent the
aggregate of these huge private fortunes;
nor 1.-THE of them. They are invested
in lands, houses. Government, railway,
bank, mining and other stocks. The
national bonds of England, France
and the United States cover near
ly ten thousand millions, and the
railway securities of the United
States alone cover nearly five thous-
and millions. The largest private
landed estates are held in Spanish
America, Mexico, Russia, England and
the United States, but the largest of all
in the latter country and by corpora
tons. 1t is thought, and justly, great
hardship to the common people of En-
gland and Scotland that the Duke of
Switzerland should own over 200, 600
acres. and many other prominent mobiles
more than 100000 acres each. But
there is one corporation in this country
that has been granted $4,000, 900 acres
and then $4,000, 900. and two others
represented by less than ten men, 25,-
900. 600 acres. At the time that Henry
VIII. confiscated the estates of the Ro-
they did not amount to tenth as many
acres as the grant of Congress to the
Northern Pacific Railroad; but they
were enough to lay the foundations of
the richest nobility in the world and
their revenues to-day can hardly be less
than $120, 100000. Reasoning from
history and analogy the most stupendous
private fortunes in the United States
during the next fifty years will be real
lied from these enormous land grants,
now hardly worth $3.50 per acre, but
hereafter as surely to be worth from
$50 to 800 as dollar is worth one hun
dred cents. A corporation whose land
gran. covers, say 20, 600, 900 acres, and
whose stock is to the extent of 90 per
cent. in the hands of, say ten persons.
if,'it can hold on to its lands for twenty
or thirty years free from taxes, will
have property in land worth any
where from 500. 000, 900 to %, 900, 000,-
900. or s36.UO0.000 to $3.50, 900. 600 for