The times. [volume] (Richmond, Va.) 1890-1903, 1891-11-27

It is very often said IN speaking Of ou- own
times more especially in CONNECTION with the
wealthy communities Of the North. that the
rich are growing richer and the poor poorer,
but there il considerable reason to doubt the
accuracy Of the whole expression.
q The rich are almost necessarily growing
richer. but this is modified by the fact that
the expansion OF individual wealth IS at
much slower rate now than was the case ten
or fifteen years ago. II is true that certain
men have accumulated enormous fortunes
within comparatively short period, aud
these fortunes are still growing in volume,
but this growth. while it Is comparatively
rapid from the enlarcnG prosperity of the
country and the great additions which for
tune makes t0 itself in the form Of increasing
interest. is nevertheless not as rapid as these
capitalists have experienced ia the past
The reason Of this IS applicable both 20 the
huge and the moderate fortunes of the North.
This reason is that the interest on capital in
that section IS falling OF. Where some years
AGO a man would not have been content with
less than per cent, he is low satisfied with
3. 4. and even 8. This reduction of interest
on capital is one of the best {, idelces OF the
substantial prosperity which comes with age
in great commercial community. We find
this state OF tlings in England today. where
there is a combination of al these conditions.
All ancient community,a community
Astounding in wealth and a community salts
fed with II comparatively small interest Gu
investments.
The North is being gradually forced to adopt
! the conservative financial methods of England
when 1t comes TO make Investments in its
own boundaries. As in England. 50 in the
Nothern States at this time. the opportunities
| for speculative investments have 70 be looked
! for elsewhere.
The protective tariff has undoubtedly done
much TO enrich large class at the North.
and 1t is s;ill adding TO the Rccumulations OF
that class. bat the rapidly with which these
sccumulations formerly grew is now very
much reduced by the strenuous competition
which the protective system encourages by
stimulating oveIproduction. Wherever tie
protective system allows the existence of
combination. there the profits are frequently
very great but even in the instance OF many
/ combinations the profits are cut down by tho
necessity of having to pay interest on stock
which represents establishments which have
been closed III order to increase the income
| Of the main establishments.
1t is perfectly accurate, therefore 10 say
that the mass OF Northern capitalists. the
manufacturers. owners Of railroads, financiers
| or what not are not now accommodating at the
rate which marked the growth Of their for
tunes ten years ago, for the simple reason
that the returns upon the investment Of
money are now so much smaller.
The other division OF the question is also
open to discussion. IL the rich are growing
richer more slowly now than formerly. the
poor, instead of growing poorer. are becom-
| Ing better oil every year. There are no work
ingmen in the world who enjoy as many COM
| forts as the American work;ngmen. Go ask
| the higher mechanics of the North. or even
| Richmond, who are above sixty years of age
to describe the difference between their style
/ OF life prior to 1850 and in the present day,
and they will most probably reply that they
| live now as very many VI their employers
| lived before the war.
The standard OF ease and comfort has risen
with the mechanic just asst has advanced with
the capitalist, and what the former now re-
CARDS as necessaries he formerly looked upon
asluxuries. This is the evil Of MS position. for
his tastes have kept step with his wages, and it
is doubtful whether be enjoys any moro real