The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-01
THE MILLIONAIRE SIDE OF 1T.

100 ciDf VT
Professor Sumner. of Yale University is
not the man one would think Of as being
likely to say a good word for, much less TO
champion the millionaire, yet he has done
so in very interesting article in a recent
issue of a periodical He explains that the
reason that joint stock companies embrace
more and more capital is due largely to the
fact that investors prefer to have their
money in the shares of large corporations
managed by the few men who have dis
played remarkable skill in the management
or extensive manufacturing and other bust
ness affairs. Such however, has been the
tendency of corporate affairs from the be-
ginning. In this conclusion Professor Sum
ner is sustained by the history Of COM
mercial events. Fifty years ago there were
many short and weak railway lines in the
country and not a through line controlled
by large company. The weak lines have
been consolidated under one management,
and the consolidation is not only advan-
tageous TO the owners but much more bene-
fetal 10 the public in better and cheaper
service THE concentration Of capital"
Professor Sumner says. sis necessarily rela-
tive to the task to be performed. We won
dered lately to see a corporation of bill
lion, but no man will wonder at such
corporation twenty-five years hence"
Professor Sumner refuses to be frightened
because a large number of people cry out
against the accumulation Of large fortunes,
but. looking at the matter as a thoughtful
investigator, he declares that mo man can
acquire a million without helping a million
men to increase their little fortunes all the
way down through the social scale" In
his opinion it is a mistake to suppose that
the fortunes concentrated into the hands
of few might otherwise have been dis
persed among the many. Indeed, the wealth
would not have been there to dispense ex-
cept for the conditions of which great for
tune making are an essential. Professor
Sumner expresses the opinion of many
thoughtful people when he says that cit
is an error that we fix our attention so
much upon the very rich and overlook the
prosperous mass, except so far as the great
successes stimulate others to emulation. -
He views the millionaire as a product of
natural selection, acting on the whole body
of men to pick out those WHO can meet the
requirements of certain work to be DONE
They are selected because wealth increases
under their hands-both their own wealth
and that intrusted to them. They may be
] fairly regarded as the naturally selected
agents of society for certain work. getting
high wages and living in luxury, "but the
bargain is good one for society"
Andrew Carnegie may not be regarded as
so fair a witness in behalf of the million
aire as is Professor Sumner, because he is
one of the accused; nevertheless, his facts
should have due weight. He says it is re-
markable fact that the masses of the peo-
pie in any country are prosperous and COM
Portable just in proportion as there are
millionaires. In Russia-outside the nobility
there are practically no millionaircs. and
the masses live near the point of starva-
| ton upon the meanest fare. In Great Brit
ain, the richest country in the world, save
one, there are more millionaires than in
all the rest of Europe, and Great Britain's
people are better off than those of any
|
his own class THE bees that make the
most honey and contribute most to the
hive even after they have gorged them
selves full"
To repudiate the depressing assumption
Of those who make use of the fact that
per cent. of the population of the United
| States owns 80 per cent. of the property of
] =,
the masses is becoming more and more
hopeless as the years pass, Mr.. John Gill
mer Speed presents a series of cheerful
statistics showing that the average condi-
ton of the American people has increased
at the same ratio that private fortunes
have enlarged. If the 500 900 OOO,O 900 of
wealth of the country were divided among
the 100000 families each would have
$3.50 AS it is, 1880 families have $50 900,
100000 of this wealth, or an average of
$685., 800 each. The 1887, 200 welI-to-do fami-
lies possess $4,000, 100000 of the wealth, or
an average of $1,000 to the family The
next class embraces 6,73.4O0 families, hold
ing S12.5OO,oOOOOO of the country's wealth. or
an average of $3.50 to family. The poor
est class, comprising 6.274.4OO families. has
$500 100000, or an average of $50 to each
family. This may seem an unequal divi-
sion, and there are doubtless many who
imagine that they could devise a plan for
dividing the country's wealth which would
insure a greater benefit to greater num-
Der, but when the whole matter is con-
sidered, does not one incline TO the opinion
of Mr.. Carnegie, sustained by his facts
that, but for the money-making capacity
of a few men, the country might not be
the most prosperous in the world?
THE TRAMP MENACE.