THE MILLIONAIRE EVIL.

Lyttelton Times, Volume CV, Issue 12534, 22 June 1901, Page 3

THE MILLIONAIRE EVIL.

tO THE EDITOR. Sir, —I congratulate you on your excellent article on the unbounded accumulation, or madness for .gold, x by the millionaires, whose rapid growth and wrong directed power is fast becoming one of the greatest commercial dangers to be reckoned with in the near future. The powerful influence of accumulated Capital over Labour is so pronounced, so prominently perceptible, that, if not restricted, bids fair to create a great upheaval in the destiny of nations. Some people may think that the low rate of interest obtainable oh perfectly safe securities, so often cited by economists of the monied class as indisputable evidence' that the division of the proceeds of production, of various enterprises, is steadily, progressing in favour of Labour, and against the capitalist, in spite cf the gold monopoly. But this is a palpable fallacy, exposed by the Frenchman,-. Bastiat, long ago. A decreasing interest rate is really the sign of an immensely increased total tribute. In his fourth letter to Proudhon, Bastiat says : “ If the * rate of interest sinks from 5 to 4. from 4 to 3, from 3 to 2, this means the capital has increased from 100 to 200, from 200 to 400, from 400 to 800, and that the capitalist has an income increasing from 5 to,B, from 8 to 12. And so, indeed, it must he, r for it is notorious' that the production of gold; though considerably enhanced of late years, is but as a flea bite to the increase of interest, simple and compound.” If such , is the case, it appears to me .that the great problem to be solved, is, how. to prevent such unreasonable aggregation of unbounded wealth without seriously encroaching upon the ' individual liberty of the-subject! Under the present adopted system ,in commercial matters, arid under constitutional govetnment,. I see no better plan than was suggested_ by Mr Lahouchere many years ago. His method was -th allow anyone- to ■ accumulate £500,000, which, in all conscience, is enough for any man. Beyond that amount, if the owner thought proper, to still go on accumulating, then a heavy impost, by .way of taxation, on every' additional £IOOO, should be adopted as a, sort of check upon the ■ monopoly of wealth. _ Whether “ Labby’s ” system, or any superior method, will ever be adopted, time alone will prove. Another subject which requires consider-

ation is the tendency to monopolise an almost unlimited species of goods by the great syndicates, or well-to-do 'business houses, which, in many instances, is a. manifest injustice to a struggling tradesman who pursues one particular calling :!oiv a livelihood. If a law were passed compelling all who entered into business' to register that business ion the lines of production, and none other, then, if anyone thought proper to deal in other goods other than the staple trade registered, a ■ heavy embargo should bo placed upon the privilege of dealing in airlines of merchandise, except the one legally registered;—l * aim, etc., H.O.