The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1892-06-16
MilliOnairiSm.

From the Washington Post
An esteemed contemporary, the New
York Tribune, has recently published
carefully prepared lists of the million
aires residing in several cities and differ
ent parts of the country, with the view
Of showing that wealth accumulates here
under and, indeed, because of what it
believes to be proper political conditions.
So far Us the inference is that our present
economic system favors the accumula-
ton Of wealth in comparatively few
hands, and produces its concentration
here and there in more of less longest
ed state, it is one which may be readily
allowed. But that this result is good
at large. is a proposition which may very
easily admit of grave doubt.
On lis face the list of millionaires is an
evidence of the withdrawal of a large
proportion of the wealth of the nation
of its earned capitai-from the free nor
NAL and legitimate channels of enter
prise and commerce to purposes of ex-
elusive and individual ACKNOWLEDGEMENT
and luxry. OF course, even these uses of
redundant wealth are not an unmixed
evil. On the contrary they are attended
with undeniable advantages and distinct
benefit to the large class of persons who
minister to that luxury. But from a
national point of view these accumula-
lions and the purposes which they often
serve, and which it is in their nature to
serve, may we'll cause apprehension and
distrust. This distrust will not be les
sened by the fact insisted on by the I3i-
bu1e, that the rise of the millionaire is
for the most part due to class legislation
under one guise Or another.
Under ordinary circumstances, in the
free exercise Of enterprise and trade, the
accumulation of wealth on the part of
some is a benefit to the whole commune
ty. 1t stands as an evidence of shrewd-
ness, thrift, skill, courage, and leaders
ship. 1t soon shows that its mission is
to lengthen the ladder by which it rose
and to develop the resources which it
has thus far explored Far from antag-
onizing the general interest or preying
ON the people. it shares in and promotes
the general welfare. Its blessing is wide
ly diffused. 1t grows by distributing
itself and BY touching into life thous-
and subservient activities
Men old enough to remember some
thing of the generation which preceded
this will readily call to mind Il time
which had few millionaires, but which
had some men of moderate wealth whose
capital was actively engaged in business
enterprises, in the success of which all
most every member of the community
felt a direct and genuine interest. They
will recall also that if there were few
milionaires in those days there was in
the whole country no class of men hope
lessly poor and destitute.
If cur contemporary considers we'll of
this matter it will find that it is not upon
the concentration. but the distribution
of wealth that the national welfare de-
ponds. It will find, further, that the
period of the rise of the exaggerated
and multitudinous millionaire is that
also Of the origin and growth of social
and industrial discomfort and of general
disbelief Of the business of present eco
monte conditions. 1t may likewise come
to accept the most automatic truth that
no condition Of wealth is beneficially
attained which is gained at the expense
or through the sacrifice, of the general
interests of the people.