The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1897-09-02

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colossal fortune which A. I. Stewart
toiled long life to secure? Scattered
to the winds, and but for the eXtraor-
binary qualities which he possessed as
man, his name would soon be forgot
ten. The millions which Jay Gould
piled up by his marvellous series OF
financial manlpulations are now finding
their way back to the people, and are
thrown out on broader field and with
freer hand than he ever dreamed Of
And so, excepting few estates, like
the Astor estate, which is principally
landed property, the great fortunes OF
the country are scattered, and IN two or
three generations disappear.
1t must be considered also, that a
great number of the largest fortunes
have been made by saving what before
was wasted by an actual creation OF
wealth. For example, it is estimated
that the value of properties which are
operated by electricity, amounts to
5000, 100000. This enormous capital
does not represent labor, but is largely
the returns which have resulted from
the discoveries of Edison, Bell, Gray
and others.
| So the fortune OF Mr.. Armour, the
Chicago packer, has been made largely
by saving what used to be thrown
away, until now every part of the
slaughtered animal is utilized and made
a mercantile commodity.
| One of the most important depart
ments of mandatory is now the
chemists laboratory, and untold wealth
has been created by their discoveries.
The aggregation of wealth plays an
important part in the development OF
our modern civilization. Without it,
the magnificent gifts and endowments
for colleges, art museums, hospitals.
lecture halls, statues, fountains and
parks would be impossible, and who can
estimate the loss which the community
would sustain if all of these were out Of
existence.
Then it would not be possible, either,
to carry on the immense business oper-
ations of the world without great ac-
emulation Of capital. Competition was
never more fierce than now, and it
covers not merely the margin OF the
profit, but the extent of the business.
The concern now that can do the larg-
est business on the smallest margin Of
| profit, is the one who will wipe out
smaller competitors, and win the day.
| This concentration of business Cheapens
the cost of production and thus opens a
larger market and makes it possible for
| the great mass of people to buy and
use in everyday life innumerable arti-
Giles of food, dress, furniture or orna
ment, which fifty years ago would never
have been dreamed of.
| The manufacturer of these articles in
turn employs labor, and far more than
makes up for whatever labor is dis
pensed with by labor saving machinery.
Thus our civilization is complex and
the interests of men of all classes are
intimately bound together. Capital
depends on labor and labor on capital,
and wonderful progress has been made
within the last twenty-five years in the
friendly and amicable adjustment of
differences between them. The selfish
ness of human nature, which belongs to
all classes alike, has not been elimi-
mated and never will be; but it is be-
coming more amenable to reason and
to rational public sentiment, which
favors justice and humanity.
In regard to the great trusts, which
threaten more and more to absorb
almost every line of business, they may
be the means of building immense pri-
vate fortunes, and yet they are not
an unmixed evil. The Standard oil
company, which is perhaps the great
est trust in the world, has saved to the
people ten dollars, where it has made
one for itself. Many of us can remem-
Der when kerosene first came into use,
that it sold for about 80 cents per gall
| lon. Now it sells for less than one
fourth of that price. Millions of dol
lars have been invested in pipe lines
and immense refining works, in order
to bring down the cost of production to
the lowest point, and the people have
received the largest share of the saw
ings. So of the great sugar trust, of
which so much has been said. We
can we'll recall the time when refined
white sugar sold from II to 15 cents
per pound. Ever since the trust has
been in existence, the price has stead
| lily lowered, until it is only about one
third as much as formerly. The great
Improvements made in handling and
refining sugar on an immense scale,
has given to the trust an enormous
aggregate profit, although the margin
of profit per pound was very small.
The sugar trust has thus saved to the
people hundreds of millions of dollars,
but at the same time has afforded a
large profit to the trust. The consoli-