The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-24

{ dollars or nine billions of dollars. 1t
institutes about one-fifth Of the entire
accumulated property of the United
States. Now the returns carefully tabu-
lated and made up to the first of January,
show that of this enormous sum of nine
thousand millions of dollars represented
by bond and stock, the bonds earned on
an average less than ~ per cent. per an
num-that is about the amount which
savings banks pay for money deposited
with them, where it is supposed to be
without risk. 1t is less than the amount
which money can be loaned at on bond
and mortgage on city property
II produces 4-l0 per cent, and
the stock produces one and seventy-seven
hundredths per cent. Now it is said that
the stock is watered, but squeeze all
the water out, squeeze two-thirds of it
out think that is a pretty big margin
to be squeezed out of stock, isn't it?
Squeeze out two-thirds of this and the
remainder will leave the actual money
put into the property as earning about
per cent. Railroad property represents
fifth of the capital of the United States
1t is receiving about per cent. upon the
squeezed stock and considerably less
upon the bonds taken tOgether-perhaps
~ per cent. upon the aggregate.
Now, is that an unreasonable compen-
and keep it where it can be used to carry
on these great enterprises? If a man is
to have nothing for his capital, what mo-
tive has he got TO save it? Remember
that if capital used in business was oblit-
Grated the world would simply perish in
a year. If you lock capital up, If you
lock up the accumulation of capital for
thirty days in New York city you have a
violent panic. Therefore, the first duty
Of u hon Of &c fO
the growth of capital, and the way to en-
courage it is to save some for himself and
not spend his time in grumbling at some
body else who is doing work that he
ought to do.
They say that some people have got too
much of this accumulation of capital. 1t
may be true, but the facts prove that the
masses are better off than they ever were
in any previous era of the world But
the grumblers say it may be true that a
larger percentage of the whole mass is in
"a condition of comfort than in any pre-
vious period of the world, and yet they
add: Look up there and you see a man
with hundred million dollars and look
down here at the bottom and you see a
seething mass of poverty, which turns
the stomach of the beholder"
This is also true; but there is a less per-
centage of this poverty and wretchedness
in this age of the world than has existed
in any previous age and although there
may be individual fortunes larger than
any previous age of the world, yet the ag-
gregate of the rich as compared with the
mass of those who are raised above the
condition of poverty is less than it ever
was in any other period of the world.
Now as to these very rich men and as to
this very poor class, this wretchedly poor
stratum, is there not a duty, is there
nothing indicated by such a picture as l
have suggested of this fringe at the top
OF the social sphere! This fringe OF social
wealth-and this stratum Of poverty,
of want. of utter hOpelessness at the bot
TOM
Yes. it is an ethical question; it is
moral question; it is question of con-
science: it is a question Of religion. These
very rich men have duties. This poor
and hopeless seething mass al the bottom
have rights. and the rich man VINO Is not
busy thinking how he may mitigate the
suffering Of that mass at the bottom ana
how he may lift it, is unworthy Of posses
sion of the fortune which has been put IN
his hands whether By accident or ~ IN
dujtry.