Kings of wealth vs. the American people

Table Of Contents

PAGI

FOREWORD 7

PROPOSED LAW OF LIMITED OWNERSHIP ii

Chapter I.— Unlimited Private Prop- Erty—a Premium On Greed

Dame Fortune and a Rag Picker. — Might of Greed. — Modern Banker and Marcus Crassus. — Valued In^ stitution of Private Property. — Rights of Men are Limited. — Property Rights are Unlimited. — Uncle Sara Unnatural Parent. — Grab-It-AU Monstrosities. —Premium on Greed. — Reign of Millionairism 15

Chapter Ii.— Nation's Wealth Limited, Private Property Unlimited

Wealth vs. Poverty.— Wealth Is Not Gold.— Millionaires Own Wealth, Not Currency. — National Wealth Is Limited. — Possibilities Are Limitless. — Wealth Is Limited by Purchasing Power of the People. — Prosperity Depends on Purchasing Power of the People. — Wealth of Robinson Crusoe. — Object Lesson from Crusoe's Island 51

Chapter Iii.— Unlimited Unearned Prof- Its, Unlimited Evil

Equitable Distribution. Basis of Prosperity. — Two Channels of Distribution of Wealth. — Profitable Factory of Master Gwynne. — Exploitation of Two Sets of Workers. — Should Profits Be Abolished? — Profits on Limited Private Property Are Justifiable. — Limited Inheritance Is Also Justifiable. — Necessary Evil Need Not Become Unlimited Evil. — American Bacchanalia of Profit-Gathering. — Profits of a Capitalist Are Always Unearned. — Workers Are Excluded from Participation in Profits. — Let Everyone Get What He Deserves 48

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Chapter Iv.— Private Monopoly, Foe To Civilization

Enigma of Progress and Poverty. — Marvels of Modern Production. — Production Cheaper, Prices Artificially Higher. — A Reactionary Force Stops Progress of Civilization. — Americans Are Paying Millions in Tribute. — Who Is the Enemy? — Ceaseless Flow of Tribute to Monopolists. — Trusts Are Advance Guards of Civilization. — The Souls of Trusts Are Guilty. — Monopolistic Shareholding Illustrated. — Tobacco, Railroad and Steel Kings. — Trust Owners Are XXth Century Machiavellis. — The Remarkable Beef Autocrat. — Cold Storage Trust Cornering Perishable Food. — Private Refrigerating Car Monopoly.-— Butter and Egg Board. — Milk Trust Taxing American Babies. — Prices Doubled and Trebled by the Trusts. — Modern Holocaust of Coffee. — Monopolized Railroads, Allies of Trusts. — Dry Goods Trust Denouncing Its Brethren. — Industrial Millionairism Is Undesirable 72

CHAPTER v.— UNEMPLOYMENT, QUESTION OF LIFE OR DEATH FOR MILLIONS

Unemployment Is Unknown Among Animals and Savaris. — Capital and Labor, Unnatural Twins. — Civilization Begets Unemployment. — Pilgrim Fathers, Vanguard of the Unemployed. — Artificial Overcrowding Causes Unemployment. — Does Machinery Create Unemployment? — Inventions Do Not Benefit Majority of the People. — Machines Benefit Their Owners.^ — Monopolized Machinery Is Harming the People. — Unemployment Must Increase Enormously. — Rockefeller's Remedy for Unemployment. — Napoleonic Solution of the Problem of Unemployment. — Demand for Bread and Games by Roman Unemployed. — Egyptian Pyramid Builders. — Summary of the Causes and the Remedy no

Chapter Vi.— Nature's Universal Law Of Limitation

Harmony of the Whole Is Ultimate Aim of Everything. — Law^ of Limitation Exemplified in Human Body. — Limited Ownership Preserved in a Family. — Beneficial Homestead Act. — Industrial Policy of Go-

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As-You-Please. — Limited Business Ownership, Industrial Homestead Act 138

Chapter Vii.— Limited Private Owner- Ship, The Remedy

Limited Ownership in Savings Banks. — Limited Ownership in Building and Loan Associations. — Mutual Benefit Organizations. — Giant Companies on Basis of Limited Shareholding. — Large Enterprises Without Aid of Millionaire Shareholders. — Nylic vs. Standard Oil. — Limited Ownership vs. Private Monopoly. — Limited Ownership, the Remedy. — Ballot Is the Only Weapon We Need 149

Chapter Viii.— Arguments Against And For Limited Private Ownership

How Would Law of Limited Ownership Benefit "Me"?— A Quarter Million Dollars Not Enough.— Principle of Limitation Is Un-American. — Limited Ownership Would Stifle Ambition and Curb Energy. — Millionaires and Capital Would Leave the Country. — The People Are Not Rich Enough to Purchase Property of Millionaires. — Enterprises of Millionaires Benefit the People. — Millionaires Are Employing Thousands of People. — Limited Ownership Law Will Be Evaded. — The Law Is Impracticable, and Will Be Ineffective. — Limited Ownership Indorsed by Prominent Men. — Unlimited Wealth vs. Unlimited Poverty. — Millionaires Wield Unlimited Power of Real Sovereigns. — The Final Appeal 168

Foreword

I am not a Socialist. I am an individualist, who believes in the right of individuals to own a comfortable though limited private property, without encroaching upon the great democratic principle, "The greatest good for the greatest number."

I believe that everything in modern society is as it should be, except the unlimited private ownership of property, which is the root of all evil and the chief cause that forces the whole nation to labor in the wrong direction, namely, toward "the greatest good for the smallest number," — for the kings of wealth and their heirs.

The American people are becoming restive. They obviously are weary of perennial tariff discussions, spectacular trust dissolutions, and other similar makeshifts which achieve next to nothing. They are entitled to, and are looking for, a radical economic measure, which will emancipate them from industrial tyranny. For want of something better, they are beginning to support the plausible yet somewhat vague theory of Socialism.

Although the unnatural privilege conferred upon individuals to own and derive unearned profits from

8 FOREWORD

unlimited private possessions is the primary cause of all evil in modern society, — yet the remedy proposed by Socialists is also unnatural, because it presents the other extreme. The unwise rule practiced by us is : "Private property shall be unlimited." The Socialistic remedy holds forth: "Private property shall be abolished." Meanwhile, the safe and sound middle course is ignored: "Private property need be neither unlimited nor abolished; it must be limited by law!"

Socialists believe that in order to remedy the inequitable distribution of our nation's wealth it is necessary to establish a gigantic governmental monopoly, which would own, manage and distribute everything. Such extreme centralization is expected to bring the millennium. Yet, assuming that it would do so, is it not evident that many hundreds of years must pass before such a giant reform can be realized? Meantime, what are the multitudes of steadily impoverished and unemployed Americans to do? Must they continue to suffer under the dominion of the Kings of Wealth and patiently wait until the Socialistic millennium descends to the earth from the visionary Socialistic clouds? A cheerless prospect.

I believe it is our duty not to supinely wait until So* cialistic evolution (more likely revolution) becomes a fact, but to enact laws which would bring immediate relief to wronged multitudes.

Without presenting any "looking backward" pictures of imaginary heaven on earth, I merely venture

FOREWORD 9

to appeal to the sense of justice of such J.^ United States as love fair play, and desire t-r ''^- press upon them the imperative necessity ot hmiting — not abolishing — the right of inarviuuaiS co accumulate private possessions, and of curbing thereby the present unlimited private gathering of unearned profits.

Let us not continue to remain blind to the evil that saps the life-blood of this nation. The institution of unlimited private ownership of property works great injustice to the majority of our population. This time-worn iniquity and relic of barbarism has no justification whatever; it should be endured no longer; it should be done away with, forever and ever. It should be limited by law.

While reasonably moderate private property has always been a blessing to mankind, in its unreasonably unlimited form it is its curse !

In order to prevent a possible misunderstanding, I wish to state here that I am far from being in favor of prohibiting combinations of private capital. In fact, I am convinced that under proper guidance great combinations are advance-guards of progress and civilization. But they are of real benefit to the "greatest number" only when they are owned by millions of shareholders (as are our mutual savings banks, building and loan associations, etc.) and NOT BY A FEW MULTIMILLIONAIRES, as they are owned at the present time. Then only the profits from them belong

10 FOREWORD

to millions, and not to a few privilegeci persons "on the inside." This subject is fully discussed in Chapters IV and yil of this work.

EDWARD N. OLLY.

Hasbrouck Heights, N. J., Dec. i, 1913.

(THE AMERICAN PEOPLE ,n

PROPOSED LAW OF LIMITED PRIVATE OWNERSHIP

Pursuant to the Fifth Article of the Constitution, Congress should submit the following amendment for ratification by the States:

Section i. In order to safeguard the interests of the majority, the individual private ownership of any property situated in the United States shall he limited to a certain definite iigure, the extent of which shall he prescribed hy Congress.

Section 2. The inheritance of such property and the acquisition of it through gift hy individuals shall also he limited, in like manner, to a certain definite iigure.