Evening capital journal. (Salem, Or.) 1888-1893, 1891-01-09
FATELOFS FORTUNES.
It Doesn't Take Long TO Scatter
Them in America
There Are Not More Than Three Genera
tIons Between shirt-sleeves and Shirt
Sleeves A Common Fallacy
About Great Possessions.


Much apprehension is felt and often ex-
pressed concerning the concentration Of
enormous wealth in the hands Of few per-
sons, the idea being that sort Of plutocrat-
ic dynasty may be established which will
tend 10 destroy republican institutions in
time and to subvert the liberties Of the peo-
pie. The impression is quite general, says
the San Francisco Chronicle, that there is a
source Of great danger TO the Nation in
these gigantic fortunes, and some reform
ers have even gone so far as 10 proposethat
heredtabe wealth shall be limited by law,
the excess over a certain sum TO 20 not %
the rich mans legatees and devisees, but 10
the State This idea, however, has not been
received with general favor, for it antagon-
ICES the theory Of property, which seems too
deeply seated 20 be uprooted even by Henry
George and his followers.
The danger Of a dynasty Of plutocrats IS
rather imaginary than real. Large fortunes
become scattered in much less time than
might be imagined; or, 70 put 1t as 1t has
been already expressed by an American
writer, "there are not more than three gen
erations between shirt-sleeves and shirt
sleevesn This rise and fall Of fortune
could hardly be expressed more tersely and
epigrammatically, and at the same time
with more truth. The representative OF the
first generation takes of his coat and goes
10 work in his shirt-sleeves, and by un-
ceasing industry accumulates a competence.
To him succeeds his son, who lnherlts his
fathers industry, and has, superadded b
that industry, the gift OF mOney-mahng,
and he dies very rich. Then comes his son,
in whom the old stock shows marked signs
Of deterioration, and his life is given rather
70 spending money than 10 earning II, 50
that when he dies the fortune which he in
herited has vanished into thin air, and his
son has 10 pull off his coat and 60 10 work
IN his shirt-sleeves. as did the founder Of
the family before him.
his is reducing the case to the slimmest
possible terms, for it must be apparent that
with a family of sons and daughters the
acquired fortune viii be dissipated even
more speedily. Take few figures by way
Of further Illustration: Our imaginary rep
resentativs Of the second generation dies
worth. let US say, 100000, but he leaves
two sons aud two daughters. His fortune
ls then divided into four equal parts, giving
10000 to each child. Should each Of these
children have four children the share Of
each would be but Sl25,OOO, even II the
original fortune were 70 remain unimpaired;
but out Of sixteen children it is certain that
at least one-half would be imprOvident, es-
pecially il born TO fortune. So it IS safe
TO say that by the end Of the second genera
ton the fortune OF 100000 would have
dwindled TO 81 100000 and that a third gen
GRAFTON would see the money scattered far
and wide. "
America has presented thus far but two
exceptions to this rule, in the families Of
I a Al w. ls..k. k.sN q
time has not yet fully run to say with GER
tainty that they are exceptions. But even
II they prove 10 be they do not destroy the
| force OF the proposition as a general truth
that great fortunes can not be held together
for very long period, but will become
broken IN and scattered, returning to the
courtesy at the taOle, accom- panied by few
words. He did not understand English, but
| found that he spoke French in a curious
way. We struck up an acquaintance, and
before our coffee pots were empty we were
on confidential terms, which seemed to give
HIM great pleasure. He was stranger in
New York, to which place he had Just come,
and did not know any body IN the city.
"He grew so friendly that after break
! fast he Invited me 10 room which he had
taken the previous day He there told me
/
ice, and that during a leave Of absence he
had come TO New York, which he had been
anxious TO see. noticed a PAIR of Turk
ish trousers hanging on the wall. and
beside them a curved short sword OF
! peculiar form, aud destitute Of the reg
ulatlon hit or handle As l looked at
| It he said Take it down, draw out
the sctmiter, and yOu'll find thumb
ring by which IL can be used | did
as he directed, found the ring spoken Of,
grasped the weapon and began 10 handle IT,
While doing so | beut IL, and noticed that
instead OF spriuGlng back when the press
ure was taken on, II returned gradually
To its proper form, II had evidently been
forged from an untold number Of steel
rings welded together like old Damascus
blades. When asked about it he told
curious tale
"'Ono day he said, forty years ago.
when was IN the Caucasus under VOrouz-
on, a cloud OF Circassiau cavalry under
Schamyl suddenly came upon US in a pass
| A tClrCasslan with "a drawn scimiter gal
loped toward me, and | raised my sword To
guard my head, but he cut II In twain with
single stroke as he would have cut a car
rot At that moment his brain was pierced
by one OF our CalmuCk bullets and spraug
from my horse 10 get his sCimiter Next
morning Schamyl sent messenger TO our
camp to ask General Norouzotf for the body
ot his brother, who had been killed iu the
previous days night, aud he asked a so for
the Eotmiter, which, however, could not be
found. That Is 10. II had been an heirloom
IN tho family OF Schamy., the M1hammedan
prophet, was said 20 be seven hundred or
eight hundred years old, and had probably
been made IN tue Caucasus out Of Damas-
Gus steel