The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-26
THE PER CAPITA DELUSI0N.
Some Sensible Remarks Concerning
the Building Up Of Fortunes.


New York Financier.
Not few good souls are worrying more
or less over the census figures dealing with
national wealth. They point with alarm
to the fact that while the sum total of our
resources is running close to $1,000 millions
Of dollars, or more than 81, 235 per capita of
population, the average man is not getting
his share of it. and that wealth is being
concentrated, as shown in the rapid rise OF
individual fortunes. Now, while the census
figures not to be disputed lightly, 1t is
still true that they are not to be taken lit
orally. To begin with, the totals are but
relative. They are better than guesses.
but they represent estimates Of varying
values. They stand, in a measure, for the
energy Of the American nation and repre-
sent the force of the people. rather than an
accumulation of dollars and cents. Terri
torially speaking the land of the United
States to-day is the land of dozen or
two dozen years ago, but vast amount of
force and brains has been expended in de-
veloping it. Every stroke of the pick, every
furrow turned by the pillow, every honest
effort directed toward the primary work
of making a living has added to national
wealth. The question is. has the individual
crement.
This question will be discussed from now
to the millennium without answer. The
argument is many sided that it is cap
able of endless Interpretation. 1t involves
the whole problem of human existence. If
we start on the assumption that intellect
Is not to be fettered, that man is free to
use his brain in an honest endeavor to
make the most of his opportunity, we ar
rive at point where the theory of an
l. &.tt1,, 90 Anl% In
abandoned. On the other hand, If we begin
by treating the Nation as a family, or by
subordinating the individual, 1T is plain that
some members of the family are not enjoy
ing the full fruits of progress. But this
position is absurd. The rights of all the
people are, of course, superior to the rights
BILE repression of talent, nor does it mean
that man is not privileged to exercise his
superior genius. so long as he does not
To illustrate, the man who goes into the
wilderness and plots railway is not a
sinner against society because in the course
of time his superior Judgment brings him
fortune through the opening of that ter
ritory to civilization. He has, it Is true,
reaped rich reward from the people who
settled along the line, but what of the peo-
pie who have been enabled to make homes
because he first paved his way? They have,
1t is to be presumed, bettered thir condi-
ton; they did not settle in a particular
locality with the idea of helping the rail-
road builder, but selfish as may have been
the idea which induced both primary move
ments, the result has been to the advantage
of both factors in the case. This is but
a theoretical argument, and possibly a
weak one at that, but 1t involves the be-
ginning at least of an understanding of
what is meant by national wealth. There
is no disputing the fact that individual
fortunes in the United States have in
creased with amazing rapidity in the last
two dozen years. The very fact that the
country has developed in that period as
never before, has made this an Inevitable
corollary incident of national progress but
the man who asserts that these great for
tunes are a menace must be skiIlful in
deed to prove his point. If the fortunes
made the laws, or in other words if the
people had no voice in their own govern
ment. the situation would be fraught with
alarm. but it is people protect them
selves, If they feel they are being victim
lied. That the parties of revolutionary
tendencies have never been successful i'm
late years is evidence that the average citi-
zen is not worrying much over the ques-
ton whether he is being robbed of his
share of the national increment or not.
To tell the truth, the optimism of the
average American exaggerates the size of
many individual fortunes. Very many i'm
mensely rich men there are, no doubt but
what they own and what people think they
own two different matters. And these
fortunes for the most part are not abso-
lutely intrinsic in value. They represent
the capitalization of industry and energy
which once withdrawn would cause shrink
ages beyond calculation. Take the stock
1
example. Only six or seven years ago these
securities were utterly valueless Yet to-
day they are both above par. Why? Sim
ply because bounteous crops and other IA
vorable circumstances have given the roads
an earning capacity The railway lines
have become rich. but for all that they are
hauling the surplus of the farmers cheaper
than ever before, and what they receive
for carriage is the merest drop in the
bucket compared with the increased wealth
of their patrons. Another dozen years may
repeat the history of the past decade but
IL can be argued that the destruction of
| individual fortunes thus brought about is a
| good thing for the country? The fortunes
already existing cannot will not be dissi-
pated by law; neither can they be checked
by a law which imposes on one class a re-
striction OF honest effort while opening the
avenue TO another. The man who is keen
enough to take advantage OF natural oppor-
tunity will succeed but his success makes
wealth possible TO others. The timid are
| frightened by the publication of figures
| dealing with the capitalization OF trusts.
etc.. but IL they stop to consider that these