This feeling of resentment must arise in a community which is deeply in debt, and is not prospering. The last census shows in Iowa a mortgage indebtedness equivalent to over five hundred dollars upon every head of a family.
Our wealthiest are beginning to have incomes of over $5,000,000 a year, and it is very plain from the concentration of this wealth that a few wealthy men who could easily form themselves into close and secret corporation, will in time outweigh the entire republic, as Mr. Shearman says that 250,000 families are already a three fourths financial majority.
It was thought that this was impossible in our republic because we had no law of _primogeniture_, but we have another kind of geniture that is very effective. Recent statistics have shown that the very wealthy inhabitants of Fifth Avenue, New York, have in one year but one eighteenth as many children as the same number of families in the poorer neighborhood of Cherry Hill. Thus poverty multiplies itself rapidly, while wealth concentrates and needs no primogeniture to hold it together, _because its numbers do not increase_; and a similar fact, but not so extreme, appears in the reference to our Back Bay region in our own statistics, and in the statistics of Philadelphia. Thus it seems that we are destined to have the richest aristocracy by far that the world has ever dreamed of.
We know that concentrated wealth is power--and that great power is always dangerous to its neighbors. Like the slumbering power of dynamite, we are unwilling to have it near us, no matter how well guarded. I hold, therefore, that a republic has a right to guard itself against such dangers as much as the city has a right to prohibit the establishment of powder magazines in the centre of its population.
The profound and prophetic mind of Abraham Lincoln presaged this, and he said: "I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of the war. God grant that my suspicion may prove groundless."