Note Return to text — HAS WEALTH A LIMITATION?

The Probate-Court records of the various States disclose the fact that millionaires are becoming more numerous, while the smaller property-owners are gradually sinking into the multitude of people possessing nothing. In a valuable article by Eltweed Pomeroy on “The Concentration of Wealth,”[2] some interesting figures and diagrams are given, proving from probate records the exact extent to which small fortunes have been crowded out or merged into enormous ones. These records are valuable because they are official. But while they prove the extent to which wealth is concentrated, they do not disclose the misery which that wealth is causing. For that, we must look to the conditions about us. And in doing so it is not necessary to be a philosopher in order to see the havoc which concentrated wealth has wrought in recent years. Every day, it has been declared, America is over four million dollars richer at night than in the morning. Who receives this wealth? Surely not those who toil; else they would not suffer so. They receive little of it. The national wealth, great as it is, slips through their fingers to be collected in the vast reservoirs of the moneyed aristocracy. They work, but it is the work of those who labor to produce, but who receive none of that which is produced.