The Rich Do Grow Richer.

New Zealand Mail, Issue 850, 15 June 1888, Page 9

The Rich Do Grow Richer.

Facts Which Show It is All Humbug to Say They Don’t.

Near the close of 1885 there died in New York city a oitizen of that place, who left to his children a fortune estimated at ]82,000,000d01, beside making a number of minor bequests. It will help 11s to form an idea of the magnitude of this sum if we consider that it would have sufficed to give a Christmas present of 140dol to every inhabitant of the city, or at the rate of 700dol to every family of five persons, supposing the population at that time to have been 1,300,000. A political committee of 100, appointed in the same city ’in October last, comprised eight members whose estimated wealth reached an aggregate of somewhat more than 300,000,000, and at least two. of the most colossal fortunes were unrepresented in this number. Estates rising into the tens ,of millions are to be found in various other cities, and taking the country through, one might designate twenty-five persons whose united wealth, according to current estimates, is not less than two-thirds of 1,000,000,000d01, or about 1 per cent of the total wealth of the United States, supposing this to have increased over fifty par cent since the censiiß of 1880. Were all the pro-

perty in the country held in equally large amounts, the whole would barely suffice for 2,500 ’proprietors ; or, supposing there to be families averaging four persons beside themselves, it would supply a population a trifle larger than that of the little town of Yonkers, as stated iu the last census.

There are no authentic statistics showing the distribution of property among different portions of our people; but whatever the facts may be,as to the comparative diffusion of such wealth as is held by the classes outside the circle of the extremely rich, it will hardly be disputed that the latter now hold a much larger proportion cf the total wealth of the country than was held by a like percentage of 1 the people twenty-five.or thirtyyears ago, for the proofs that this is the case lie upon the surface and thrust themselves upon general observation. Moreover, I see no reason to believe that the tendency to increasing accumulation at the tipper end of the possessory scale has reached or is approaching its-limit. A great fortuue, with ordinarily careful management, possesses an enormous power of accumulation. Even when invested in good securities, at a very moderate rate of interest, a fortuue that rises into the millions affords ample means of making yearly additions to the principal. If invested in real estate in any of. our growing ing cities it yields increasing income from decade to decade as the land advances in value, putting it in the power of the owner to lay aside an increasing surplus ; while, in the hands of the shrewd speculator, not over scrupulous in his dealings, its power of in crease may be still greater. In January, 1880, the New York Commercial Advertiser reported the rumored additions during the preceding year to ten or twelve of 4 the great fortunes identified with Wall-Btreet ’ at 50,000,000d0l. —The Forum.