The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1889-11-19
HARRY TRACY SOUNDS THE
ALARM.
WAsH1NeroN. ID. d. Nov. Z. la|

Mr.. EDIToR:-Of late years we Ameri-
cans speak of millions of money as un-
concerned as our fathers did of hundreds;
we speak of it as a rule without stopping
to think what the words "worth a mil
lion" imply; with us a millionaire is
nothing but an ordinary citizen, and to
hear that a man has accumulated ten mil
lions in five to seven years creates very
little comment; and seven out of ten of
our leading citizens absolutely believe
that a man can honestly accumulate two
to five millions within FIVE co fifteen
years. This belief is one of the very
worst signs of the times, and a little re-
Election will, upon the result of such opln-
ions, make 1t apparent.
We all know that all wealth is the pro-
duction of labor no one will deny this.
Now the question is how long would it
take a laboring man if he saved up one
dollar per dag over all expenses to become
a millionaire? We know that eight out
of ten laboring men do not save fifty cents
per day for ten years, and we also know
that it is a matter Of impossibility for
them to do so under existing conditions.
It would take him over three thousand
gears. This shows how utterly impossible
it is for a laboring man to accumulate a
million dollars off his own labor. All
honest men know that it is dishonest to
speculate upon other peoples labor. Then
it naturally follows as a rule that those
who do accumulate a million dollars do
SO by dishonest means and at the expense
OF Others, which is simply the worst type
of slavery.
When we come to consider the vastneSs
of our wealth and the rapidity with
which it has been created, how rapidly it
is being congested into a few hands, and
the Czarish power it gives its possessors,
then we will begin to see the dangers that
surround us.
One hundred years ago we were the
poorest among the nations; now we can
buy and pay for the Russian and Turkish
empires, the kingdo Us IF Denmark and
Sweden, Norway and Italy, Australia,
Mexico, Central and South America
lands, mines, cities, palaces factories, ships,
fockS, herds, jewels, moneys, thrones,
scepters, diadems and all-the possessions
OF over one hundred aud fifty millions of
people and then have one billion dollars
to loan to England.
The startling fact also confronts us that
the great bulk of this fabulous wealth has
boen created within twenty-nine years;
in 1860 it was SIG, 600, 00O. 900. Our best
statisticians of the day place it now in
round numbers at $62, 600, 600, 900 a net
annual increase of $1,586, 2O6, 1913, or
$50, ,978 per week, or $2,1ll,380 for
every hour, day and night, for twenty
nine years, except Sunday. We search
history /. vain for anything approximate
ing a parallel. 1t is true this rapid az
emulation has dazzled us; it is dazzling
the world, while at the same time it is
also generating elements of destruction
that have become iminent and startling.
Let US see how this vast wealth is dis
tributed among the producers of it. For
this purpose we will cepdense our families
into three classes, as follows:
CLASS. FAMILIES. WEALTH. AVERAGE.
Rich, 235,31O $43,9 900, OaO 1000 1s6,567
Middle, 100000 $500, 900, goo $3.50
Producers, II, 565,OO0 Hits, 600 900 968
On this basis $4,000 families own now
over half the national wealth. Such con-
gestion is unprecedented and the middle
class, the sheet anchor of civil liberty, is
disappearing with the rapidity of a land
slide. No honest man who contemplates
this d%eplorable picture cannot help tremb-
ling for the future of our institutions.
The next question that will necessarily
present itself to the student is how has it
been possible for this great inequality
to be brought about with such rapidity in
a free country? Let us see: The manipu-
lation OF the public debt has been the
main and. generating cause. A glance
even at the following table will open the
eyes and point the moral to anyone seek
ing light upon this vital question:
We owed in 1865, 81 7s9, 200, 600
We have paid on
the principal, $1,osO,oOO,OOo
in inteT6 st, 2,462, 600, 900
Premiums pd bonds, 36,000,000
Total paid, S3,57S, 100000
We now owe $1,69 ,OOO, 900
If the debt had been contracted to have
been paid in lint cotton, it would have
taken in 1867, l,OO7,OOO 1000 pounds.
We have paid on
the principal 1,188,OOO, 900 lbs.
As interest, 2,225,OOO,0 600
AS premiums on
bonds, 5O,4OO,OOO
Total paid, 3,463, 400, 900 lbs.
We yet owe, 2,156,250 1000
If we were to pay
now-we would
be out 5,619,6 $50, 1000 lbs.
Deduct the mount due in 1867, 1907
OOO, 900 pounds, and we find that
4,612, 100000 pounds of the heecy staple
have been eaten up by interest and pre-
miums that are as useless as the third
wheel to a cart. This all comes from the
NAL adjustment Of our finances, that
scheme was planned in the outset to do
just what it has done-make the few rich
and the many poor. Nor is the half told;
the extravaganza and wholesale plunder