MILLIONAIRES.

Wairarapa Daily Times, Volume XIII, Issue 4286, 3 December 1892, Page 3

MILLIONAIRES.

[ihom tho Ago.) What is the function in modern society of the millionaire ? M r Astor, at bis drain disposed of £15,000,000 I £12,000,0000f which went tobis only son, the residuary legatee. We need not now enquire into the question of how far an individual should profit by tho "unearned increment" which promoted the fortunes of the late Mr Astor. What we are conc-rncd to know is whether the millionaire serves any üßef ul purpose in modern society It is quite apparent on the first blu»h that no man can earn by bis own creative powers such a sum as £15,0(10,000. Such an accumulation is necessarily the result of what is called ' speculation, 1 which means, we apprehend, the transfer into the pocket of ono man of th« profits of tho labour of a groat many men, Yet tho capitalist has his use in the present imperfect constitution of society. Realised property is after all, only, as Lord Salisbury once said, tho miserable remnant of unconstimed wealth. If wo could sum uphowmuch is 5 per cent ovory yeur on necessities,' or in other words obtain a statement of the aggregate earnings of humanity we would be struck by the comparatively contemptible part which the rose'rved capital plays, That there should be a reserve is obvious enough. Wo have plenty of instances in this country in which there has been a combination of rich resources and williug labour where both have been unavailing for want of the oapital to develop ono and utiliso the othor. Perhaps the weakest point in the Socialist programme is the absence of any provision ,for protecting accumulation. Our experience is that no Government am maintain a surplus, the tendency being rather to draw in advance upon future prospective earnings. Yet peoplo are scandalised by tho fact of ono man accumulating in his own hands £15,000,000 of money which could have been earned by his own exertions in only a very slight degree. It is true that he is compelled to employ his money in much tho same way as the Socialists Say the State should uso productive industry. If the millions yielded nothing the ow» uers would giadually go hack to the state of poverty from which they emerged. The main danger arising out of tho possession of enormous wealth by individuals is tho tendency of the possessors to indulge in such luxuries as would withdrew from reproductive industry a considerable section of the population. In the Middle Ages tho wealthy Baron sur« rounded himself with a horde of retainers who contributed in no wav to the wealth of country. Under modem conditions it is difficult lor a great capitalist tospeud very much upon himself, and tho bulk of his wealth is bound to go into the reproductive iund,