The journal. (Caldwell, Ohio) 1934-1961, 1956-11-08

for another four
years. The privilege OF making that
choice is priceless.
We can make the choice with
confidence that our next PreSl-
dent, whether Republican or
Democratic, will be a good man.
Honest and able men and women
are available for election to Con-
gress. The same is true Of state
and local offices.
whichever way the national elec-
ticn goes, it will make, at most,
only ripple in the great current
OF history that flows out of the
past and into the future. The basic
principles of democracy are safe,
either way.
There are certain fundamental
trends that surmount politics. One
OF those which has more long
time Importance than is generally
recognized, I call the Financial
Revolution" It's Importance is well
known to both Republican and
Democratic leaders.
In this country. as in many other
parts of the world, we are under
going q great financial revolution
comparable to the industrial rev.
oiution that began $50 years ago
and is continuing. Nothing else
has affected the living conditions
Of millions of people as greatly
as the industrial revolution.
The financial revolution in the
United States is, however, produc-
ing results which are second in
Importance only to the industrial
revolution. Every man, woman and
child is affected by it.
You have heard campaign talk
that one party favors big busi-
hess" and that the other is for
the little man" AS a matter OF
fact. it is the little men"-as
Stockholders--Who own and control
big. business in this country.
The us. will have gross ma
tional income Of about $500 bill
lion this year, but there are far
fewer milIiOnaircS than there were
in 1920, or in 1880, when national
income was only fraction OF that
amount. There are 10 times as
many people with incomes Of 5000
to $4,000 year.
During the past 80 years, the
income of very wealthy man has
been reduced more than 800 by
income taxes, but his obligations
have not been reduced. The re-
suit is that most of them are pay
ing part of their living costs out
of capital. The amassing of a great
fortune has become rare indeed.
A greater proportion of our
spendable income than ever before,
or in any other country, is dis
tributed among laboring people.
Their income has increased far
more rapidly than the costs Of
things they buy.
Wages of unskilled laborers, for
example, have increased from an
average of $304 per 8-hour day sc
years ago, to $1400 per day. Plum
bers' wages have increased from
SI024 to $24.48 per dav, and, pfaS.
terers from $1,000 TO $26.64. Yol
| could expand that list to, include
almost every group of workers.
The tremendously costly poitica
campaigns have been largely fl
nanced by small contributions
Unions affiliated with the AFL
| CIO asked their members to con
tribute 81 each to their politica
funds. They have membership
| of over Is million workers. On
| union spends over $3.50 million
year for welfare purposes alone
That is not critical of unions. !
| is evidence of the existence Of
financial revolution.
Recently, T attended churc
revival meeting in a predominant
laboring area of st. Louis. Th
evangelist raised about $4,000
without much effort. Later, at
] dinner in Tulsa, Okla, he raise
100000, of which $1,000,000 We
| payable Immediately, and the ba
| ance over the next two year
There was only one wealthy ma
| present.
| I then said to myself, "rhis
the result of the financial revolt
tion."