Savannah morning news. [volume] (Savannah) 1868-1887, 1881-02-17
Distribution of wealth In Franco.


One of the fears of some economists
has been that the tendency of modern
civilization is to concentrate wealth in
the hands OF tle few, and that all the
agencies OF progress would only stimu.
late this drift. Whatever real ground
there may be for this apprehension,
France, one OF the richest and most saw
ing Of countries, presents condition
strikingly exceptional to this tendency
The annual savings of the French peo-
pie are now estimated at the enormous
sum of $500, ,000,0 900; while of foreign
securities they are now supposed to hold
some $4,000, 900, 900. But, while this
great saving is continually going on, it
would be mistake to suppose that this
vast amount is derived from a few
individuals. A Paris paper states
that large fortunes in France
are rare and are decreasing
every year in importance and in number.
The fortunes which come from specula-
ton are soon lost or squandered. Real
estate, unless in exceptional cases, is less
profitable in Europe than formerly. Only
the practical farmer, the real tiller, can
make agriculture profitable in Europe
at the present time. The interest of
money is not so large as before unless
e'pital is personally superintended in its
W rkings. FunctiOnaries and employees
OF all classes do not obtain higher COM
p snsatiOn than before, while social ext
g5ncies are crippling them. The profess
slonal walks of life are encountered, the
supply being always above the demand.
1t is in the continually increasing class
of small tradesmen, mechanics and the
vast 'undenominationap from which
the savings come. They are people
whose income is not absorbed in style.
and who always write down surplus,
not only yearly, but monthly. Not only
has the income of this class increased,
but the expenditures have almost re-
mained stationary; provided, of course
that only the necessaries of life are taken
into account. The daily earnings of an
artisan were about If. 75c. in 1919; now
these are three and FIVE times even that
amount. House rent is dearer, but more
comfortable. The price of bread is not
more now than fifty years ago. Con-
sumption, however, has enormously
increased per capita. The individual
annual Consumption of meat, which was
only II kiloS in 1919, had reached "A
kilos in 1877. The consumption of wine
had advanced from 60 liters in 1880 to
100 liters in 1865, while that of beer had
doubled. Clothing is very little dearer,
and many articles of cotton and wool
far cheaper. Even amusements are
cheaper; so is travelling. All these
causes and conditions give us 5000, 900
depositors in the French savings banks,
with an average deposit OF 800 francs.
What may be the effect of this distri-
button of wealth on the money market
and the investments of the future?
Syndicates and banks are formed to get
command of this money, and then pro-
duce tempting if not solid projects.
Were the III, 1000 subscribers to the
Panama Canal stock intelligent men
that is, people who tried to ascertain
whether they would ever get their money
again out of that canal2 How many
of them had the financial fair to in
quire, like a certain gentleman who
was asked to subscribe, care you
even quite sure that there is such
place as Panama3" But whatever this
multitude of small e&rners may do with
their savings, the fact appears to be be-
yond question that in France the national
earnings are not going near so largely
into the hands of a few great capitalists
as in some other countries, and especially
in the United States. Why this is so is
a matter that deserves explanation from
the structure Of French law and society.
In the meantime we must regard it as a
wholesome fact