The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-12-01
THE COMING DELUGE.
From The Hour, New York;

Sidney Dillon, one of Jay Gould's
partners, il about to build the costliest
aud most ornate private residence on
this continent. It is to be erected ut the
corner Of Fifth avenue and Seventy-sixth
street, and the house, with the grounds
surrounding it, will cover thirteen full
city lots, four Of which will be on Fifth
avenue. The erection of this ostenta-
tions dwelling, following SO closely upon
the completion Of the new and striking
residences Of the Vanderbilt family, will
draw the attention of the public to the
vast accumulation Of wealth in a few
hands in this country. In its early his
tory the very rich Of the United States
were few in number; the middle class
formed the bulk Of population, for the
number Of those who were SO very poor
as to he necessitous was less than per-
haps in any other country. This was
due to cheap land and the constant de-
mand for labor incident to q new COM
munity. But the material conditions Of
our national life are changing rapidly.
AZ great wealth in past generations was
owing to the monopolizing Of land by
the heads Of a few families, the trainers
Of the constitution thought that, when
they had abolished primogeniture and
divided the property Of the father equally
between the children, they had made
ample provision against the accumnla-
ton Of wealth in very few hands. But
fI,nv II
opments Of modern industry, nor dream
Of the effect Of the various mechanical
improvements Of the coming era.
The ownership Of land is no
longer necessary in order to possess
great wealth. Vast fortunes nre now
made IN banking. manufacturing and
commerce, but more particularly IN
railway enterprises. Hence, in spite Of
the spirit OF onr laws, the vast aggrega-
tons Of wealth are in the hands Of the
Vanderbilts, Goulds, billions, Belmonts,
Morgans and other noted persons, who
are not large landowners.
But it is evident that the vast accu-
mutation Of property in comparatively
few hands must be at the expense Of
other classes in the community. Peo-
pie Of moderate fortunes are becoming
fewer in number, while there has Of
necessity been an immense relative in
crease in the numbers Of the poorer
classes. The mechanical inventions
which give fortunes to the owners Of
practical patents throw out Of employ
ment tens Of thousands of workmen.
who, in their middle and old age, must
learn new industries in order to make q
living. The splendid buildings on Fifth
and Madison avenues represent the
losses made in business and speculation
by those who. during the last genera
ton, were in comfortable circumstances.
A. T. Stewart, by his competition,
ruined thousands Of merchants, and
when lie died he was said to have over
100 Of his former rivals among his en-
ploves.
The whole country is to-day passing
through the experience of the State OF
California. The discovery of bonanzas
Oh the Comstock lode gave that State .
period Of great apparent prosperity, but
the final result of the gambling spirit
created was to sift tMo-thirls Of the WIS.,
ible wealth Of the community into the
hands Of less than forty persons, whose
magnificent dwellings, in San Francisco
compare favorably with the highly or
nancnted and costly palaces of the VAN
derbilts in New York. As soon as the
people Of the West coast realized the
situation, Denis kcarney came to the
front, the two political parties were
broken to pieces and new constitution
was adopted. which aimed directly at
the grea corporations and the owners of
the wealth Of the State. Quite num-
Der Of these rich Calilornians have
migrated to New York in consequence
Of the adoption Of the new constitution.
But II the wealth Of the country east Of
the Sierra Nevadas il to he monopolized
by few bankers and railroad ma.nates.
will not the history Of California be re-
peated here? The reyulsion OF 1873
brought the powerful Republican party
to its knees and led to the formation of
Greenback party, which only few
years ago polled over 1900 votes in
this State. Since the revival of trade
the concentrating Of wealth into still
fewer hands has progressed with
extraordinary rapidiiy, and thought
full men cannot but be startled
when they think Of the possible chances
Of another great financial catastrophe.
Our men OF many millions, in their
eager pursuit of enormous fortunes,
have failed to recognize any interests
but their own. They corrupt the press,
they sub>rn the Judiciary, they pur-
chase legislators and Governors. They
do nothing for the church, Tor the state
or for the cause oil education. Ihei.
only recreation is horse-racing they do
not care to patronizc letters, and their