The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-16
Rtca MEN AND THEIR ADVANTAGE
Tn SOCIETY.

TO SOCiElhs
An editorial article in The Times some
two weeks back upon the advantages Of
rich men to a community has caused n
good deal Of comment. The article COM
menced thus:
The danger OF the day does not arise
from rich men. but from those who appre-
bend danger to the people at large from
men becoming rich. Accumulated capital
does the public no harm. but want OF ac-
cumulated capital kills every one.
This passage has been considerably
quoted and variously commented upon,
vet we repeat It as containing all the
clements OF sound political economy.
The average man has a vague idea that
when q man gets rich he accumulates a
vast store OF the money that we see in
every day business. but. in point OF fact,
the men who become rich in very rare
Instances have anything to do with money
and they never store away any Of it at
all. The riches Of q rich man consist OF
property that has been created by labor
or of n thifty business that he has built
lie may have created the property by his
own labor and with that Of men whom he
employed, or he may have acquired it by
purchase from others who had created
It by labor.
This. howeveris to be observed whore
prosperous man is building up his for
tune. when he buys the valuable pro-
perty he invests his profits in he transfers
10 another the money that he had made
and is investing, and the money IS not
lost, but goes back into the community
and passes from the person he pays it to
10 others that the latter passes 1t TO. It
IS hard 10 understand how this process
does any one any harm. The progressive
man receives the reward Ter his labor
that he IS fairly entitled TO, and he starts
the money OF The country again into cir
culation as soon as it has come into his
possession.
Populists and so-caled statesmen OF
the Henry George order will say in an
swer TO this form Of reasoning that those
who are getting rich win buy up all the
property that has been created by labor
and that there Will soon be none for the
great body OF the people to acquire.
But there is q complete answer to this
notion. in the first place, the accumula-
tions Of rich men rarely remain accumu-
lations. The Astors. and the Van
derbilts have shown some tendency
towards remaining rich. but the over
whelming majority Of those who get rich
would sec their fortunes dissipated and
rquandered within two or three genera
lions II Providence gave them the power
Of seeing into the future Parents &C
cumulato money by industry and self-de-
NAL. and IN q great majority Of cases their
children are spendthrifts and squander II.
They are raised in self-indulgence ana
they lack the qualities FOR making or
taking care OF money.
But the economic answer is this: Where
men are left to their natural freedom IN
the way Of preserving their fortunes they
reduce the price OF ell things because
they make more money selling things
cheap IMAM ~ E'AAiAb AitNlh NNttts +"+tN3
come from great sales at small profits
rather than from smaller sales at greater
profits As things cheaper men have
more money TO spend, and as they have
money 10 spend their appetites for va
riety grows. New industries must be
started to supply what tho new appotites
call for. and everything created IN these
new Industries f. new ana additional
wealth in new forms. An that IS ncces-
sary. therefore Tor the production OF all
tho wealth that man can need IS to leave
rnsn alone 10 work IN their own way, and
then wealth will inevitably keep pace
with tho needs OF mankind Wealth IS
nothing but those things that man de-
slres, created by labor. and the possibin.
ties In this direction are without limit.
The Georges and tho Populists
who think that there IS Fix
cd quantity OF wealth which win
always remain as much as we now
see Il and will never grow 10 be more,
would end all production OF new wealth
by the repressiye hand OF legislation,