The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1891-03-03
THE COMING BILLIONAIREs.

~ CNtC AACNSVICC w O'O' NICCOtN'
THE COMING BILLIONAIRES.
There are now seventy American
estates that average $35, 900, 600 each,
not including Trinity Church, and good
reasons have been given for believing
that t~hree-fourths of the National
wealth is in the possession of fewer
than $50, 900 families. The evolution
of such enormous fortunes, absolutely
incOnceivable forty years ago as an
American possibility, naturally leads
us to look into the future, and ask how
far this concentration OF wealth may
g {, and whether the existing hundred
millionaire fOreshadOw the coming
Millionaire. Is he coming? When
will he come? What effect will his
coming have upon society? Unless
some great change takes place in our
financial or social system the Millionaire
is certainly coming, and at a rapid
pace.
The effect of such a concentration of
wealth upon public and private morals
may well be anticipated with concern;
it might possibly include the destruc-
ton of republican government. The
writer, however, fOrbears to speculate
on the possible evils-a tide is rising
which promises to sweep away the
system which alone makes possible
such unnatural and cOrrupting accu-
mutations. The Millionaire may never
come. Rapidly as he now seems to be
coming, the very speed at which he
visibly approaches may prevent him
from reaching us. For the Millionaire,
if he ever come, will not be the result
Of any inevitable natural law. He will
be simply the product of indirect taxa
ton. Maintain that system and he
will surely come, and that right speed
lily; abolish it, and he will never come
at all.
Local taxation is generally supposed
to be direct, and to a limited extent it
really is 50. Taxes upon banks. mort
cages, merchandise and houses are,
however, indirect, and I paid in pro-
portion to his expenses by the final real
taxpayer. The whole taxes. National
and local, are now $500, 900, 600, of
which at least $3.50, 600, 600 are indirect.
To these must be added the interest,
commissions and profits charged by
the first payer of these taxes upon the
increased price of the taxed articles,
and the increase of prices caused by a
tariff. These items range from $780,
600, 600 and have exceeded $500, 000,-
900. Nine-tenths of these annual levies
are paid by the poorer classes, and the
whole is absorbed by a very few of the
very rich. To say the least, the whole
cost of government, national and local,
falls upon those who live by the labor
of their hands. The substitution of
direct for indirect taxation would of
itself be worth to the middle and work
ing classes as a whole about $3.50, OOO,-
900 a year forever.
If this system continue, the coming
of the Millionaire on the n hand. and
a million paupers on the other, is of
course inevitable; but will he come?
All organized parties appear to be COM
mitted to the present system of indirect
taxation, and with the repeal of the
sugar duty, the platform of a tariff for
revenue only, is a dead issue. The
fatal defect in the Democratic pro-
gram of moderate tariff reform, is that
no tariff can be devised which will
suffice for the needs of the government
without including a tax upon sugar.
But the sugar tax has gone forever.
The deficiency which has now come,
and which will rapidly increase, can
no be supplied by any taxes or excuses
whatever. 1t must be filled up by
direct taxation. And when direct taxes
are nee introduced on a large scale,
and i'll a popular form, they will grad
Ually swallow up all others. The repeal
of the sugar duties, moreover, has given
a tremendous impetust to the reciprocity
movement, and this is certain to be
ultimately fatal to all protection. It
is true that it's advocates at present
carefully limit their proposition to the
American continent; but if it be found
profitable here, the dullest mind will
| begin to suspect that it may be equally
profitable to extend it to Europe.
Direct taxation on a large scale is
near at hand. The men who bought
and paid for the present Congress can
now choose what it's form shall be, and
a general income tax, Objectionable as
1t is, seems most likely to be adopted.
1t has already been proposed by Sena-
tor Plumb and Mr.. Mills, 1t is one of
the demands of the Farmers Alliances
everywhere. 1t will be very popular
N the West, because it will be collected
chiefly IN the East, and it will be pOpu-
lar among farmers in all sections, be
cause incomes under 81, 900 will be ex-
empted, and so scarcely any farmers
Will pay 1t. The protected manufac-
tuners and mine owners may have a
harvest for four years, but it will not
be so rich as they have imagined, be-
cause consumption will fall off. After
that time, the men of wealth who
bought the soldier vote by the promise
of enormous pensions, which they ex-
pected to saddle upon the poor, will
have the great pleasure of paying