New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-07
THE WEALTH OF A FREE PEOPLE.

"'Tis an i'll bird that fouls its own nest'-but
has Mr.. Thomas G.Shearman any nest or nation
Dwelling in America, he is practically counsel
and agent for Great Britain. Yet his latest
charge against American civilization will be
copied and quoted in foreign lands as the adj
mission of an American. In an address on the
Pacific Coast, according to accounts teegraphed
Mr.. Sherman asserted that two-thirds of the
entire savings of this Nation yearly were ac-
cumuated by 100000 persons If this aSSer-
ton is true, the cheap demagogues outcly Of
plutocracy has more excuse, and yet not neces-
sarily more reason, for the working people could
save more than a thousand millions yearly if
they chose, while living in greater comfort than
is enjoyed by the workers of any other nation.
If they, in fact, see fit to expend their money in
useless drinking, or in any other unwise way, it
does not follow that the laws or institutions of
the country make the poor relatively poorer or
the rich relatively richer.
But Mr.. Shearman's reported statement is not
true, and it is 80 easy for man of his informa
ton to satisfy himself of its error that he can
not charitably be held guilty Of the assertion
on telegraphc reports alone. If there is in
this country any tendency whatever to dis
proporti onate concentration of wealth in the
hands Of few, that tendency is not as great IA
in other cOuntrjes, and the best evidence of
later days leads strongly to the belief that, in
this country at least, the accumulation Of wealth
is far more widely distributed than most per-
sons have hitherto supposed.
The increase in the gold value of farms in this
country from 1877 to 1880, according to cen
sus reports, was S32 90, 600, 900. Adding live
stock and equipments, the increase was about
500, 600, 900 yearly for that decade. But
that is half the estimated annual addition to the
Nations wealth during the same ten years.
which Mr.. Mulhall calls $500, 900, 600, and
others have recl1oned at smaller sum. But
this large addition to the Nations wealth was
divided among 100000 farmers, of whom
over two thirds own from 80 TO 500 acres each.
The returns make it most clear that much over
half Of the yearly addition to wealth by farm
ing is divided among more than 100000
people.
In 1880, year Of unusual prosperity, the
interest and dividends actually paid to all own
ers of railroad bonds and stocks and National
bank stocks, amounting to over S6.l0O,000.-
600, were about So 100000. But enough
is known of the distribution of these securities
to make it certain that no body Of 90, 900 per-
sons owns two thirds or even one-half of them.
Moreover, these persons were obliged to deduct
something for their living expenses out Of their
income from these and other investments If
it be supposed that half this income was saved
and added TO the Nations wealth, still only a
part of the remaining accumulation could have
gone to any small body Of rich men.
At the other extreme there are found savings
deposited in savings banks alone which amount
to about 81 400 900, 900, and are deposited by
3,84 900 persons. Not even Mr.. Sherman
will affirm that any large part Of these deposits