The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-12-04

| nlm6eN alone IN inc BnOTC peTlOu Ot uDOu'
thirty years. yet he has transmitted to his
children a fortune ranking next only to the
Aston and VANDERBILT estates. though
both OF them were among the greatest III
| the world long before he had begun his
| Accommodations.
Tho old theory in this country was that n
fortune made In one generation would moi
| last beyond the second or third generation
! hut would Lc scattered or dissipated, ours
! Ing tho heirs rather than blessing them
| and oftcntimcs. II not usually, this idcn was
| slis' aimed in practice. The division and sub
| division OF the estate in tho process OF
| handling IL down. and the inheritance Oi
money by Ecirs who did not also Inherit the
capacity to keep it. resulted in the general
| distribution of the estate. The fortunes to
| which this theory applied. however, were
small as compared with the large estates OF
these days, including scores far less than
these three OF which We have spoken. For
merly most of the men distinguished for
their wealth. according to the estimate
Of the period, left fortunes which, when
divided up nmCng their heirs. gave each an
income that was large enough tocncourage
idle dissipation, but not enough to support
its demands. Hence came rNilnous on
croachmcnts on the inherited capital. The
great estates OF these days. representing
millions where tho others represented thou
sands. become sclf-perpetuating by reason
Of their very magnitude. Their incomes
alone nre as great as tho principal of tho
fortunes of tho earlier time. and nre large
enough to permit of even folly and
extravaganza in those who enjoy
them. so that the temptation TO impair
tho capital is no longer so active. They
breed rather the disposition to preserve the
goose which lays SO rich n golden egg. They
take on the character of an enduring insti-
tuition which commands tho best financial
ability in its management. and this charac-
ter Is stamped upon them by successive
testamentary restraints Not n single one
Of the many great fortunes inherited Of
recent years in this country has been dissi-
patcd, or is in tho way Of dissipation, SO far
as we can remember. Almost invariably the
heirs uro increasing its bulk instead of less
ening 1t.
Undoubtedly Mr.. GOULD took every pre-
caution to insure the preservation Of his
vast estate in its substantial integrity. His
sons also have exhibited the capacity for
financial management 10 Il ue&TeS 30
marked that its volume Is likely to go on
increasing during their lives as the Aston
and VANDERBILT fortunes have done stead
lily in the hands of the descendants of their
founders. Mr.. GoULD's own expenditures
required only an insignificant part OF his in
come. large as they were. and the combined
expenditures OF his children may he ten
times as great without taking the half OF it.
Hence the estate is probably destined to go
on accommodating rapidly by the sheer force
of its own momentum.
1t is the fashion of these days to talk OF
such great estates rs IN injury and a
danger to the public welfare. Have they
not this advantage. however. that thcy
are accommodations OF capital which must
necessarily be employed for the benefit of
the vast majority who have no aptitude for
accommodating fortunes of their own? They
must be put TO use in encouraging enter
prises beneficial to tho many or they are
worthless to their p0sscssors. They are
like the great capital aggregated in II bank
or trust company. Whether the money
is possessed by an individual estate or bv
corporation. what difference does it make
to the public2