It is difficult to understand why this important table has been published in round numbers almost throughout. It is, however, not at all difficult to see that it represents an extremely unequal distribution of the wealth among the American people.
And in order to restore the figures of this table so as to bring the whole into accord with the last census, it is necessary to regard the |EXTREMES TO BE EQUALIZED.| size of each family at 4.93 members, as the census represents them. In doing this, it is also necessary to restore the round numbers, supplying all omissions in the aggregate totals and in the wealth of the groups. Before giving a further explanation, then, the restored table will appear as follows:
| Economic classes of families. | Number of families. | Aggregates of wealth per class in dollars. | Average wealth per family. |
|---|---|---|---|
| The wealthy classes, $50,000 and over | 126,750 | 33,000,000,000 | 260,355 |
| The well-to-do classes, $50,000 to $5,000 | 1,394,250 | 22,676,863,197 | 16,264 |
| The middle classes, $5,000 to $500 | 5,584,576 | 8,522,541,600 | 1,526 |
| The poorer classes, under $500 | 5,584,576 | 837,686,400 | 150 |
| Totals | 12,690,152 | 65,037,091,197 | 5,125 |
Now, this restoring has been made up by borrowing $323,136,803 from the wealth found in the 2d group; and again by adding $37,091,197 worth of wealth which was omitted in the round numbers of the total aggregate of wealth. These two amounts, consisting of $360,228,000 in the restored table, have on the basis of the original averages been distributed among the families of the 3d and the 4th groups. So that the 3d group of families appears to be richer by $322,541,600; while the 4th group by $37,686,400; and the 2d group appears to be poorer by $323,136,803 worth of wealth. Hence, we have made the 1st R. table represent the distribution of wealth by $360,228,000 more equal than the author of the original table has actually found it to exist.[[31]]
On the other hand, in restoring the numbers of family-members to the census average of 4.93, we |FAMILIES MADE EQUAL TO CENSUS.| add about 7 members to every 100 families of five members each, as Dr. Spahr represents them. This addition of 190,152 families to the whole renders the average-family and the total number of families in the United States exactly as they were given by the census in 1890.
But in restoring this table to the census status, we do not for a moment disregard its original value, as the most reliable work, nor do we think of making an argument, or anything of the kind, in favor of anybody, upon the ground of the surface restoration. No, there is a deeper sense and a deeper ground in the restored and the next table, and we have an abundance of other material for our purpose of showing the truth. Meanwhile, this restoring of the 1st table that had omissions, has been necessary for many reasons, and because it seemed to many thinkers as probably an extreme representation, though it was true to the facts. For these thinkers desired that the distribution of wealth should be more equal than it has really been.
And, further, holding a conservative position, it was necessary too to avoid a serious disturbance in the original averages of the family wealth found by Dr. Spahr, thus making the table comparable with another table, which is the most important one, because it indicates the tenants of farms and homes and the owners of mortgaged farms and homes.
Furthermore, the restored table may serve as a means of comparison of its classes of different worth with the corresponding classes in the following table, based upon the eleventh census facts. Accordingly, the next table represents the families of different worth which were classified upon the same economic bases as in the table of Dr. Spahr.
| Holders of Wealth. | Number. | Value in Dollars. |
|---|---|---|
| Tenants of farms and homes | 7,871,099 | 2,837,049,500 |
| Owners of mortgaged farms and homes worth less than $5,000 | 1,483,356 | 2,614,955,764 |
| Owners of free farms and Homes worth less than $5,000 | 3,078,077 | 10,946,616,952 |
| Owners of farms and homes worth $5,000 and over | 1,257,620 | 48,600,000,000 |
| Totals[[33]] | 13,690,152 | 64,998,622,216 |
We have read on pp. [11] and [12] that, when Mr. Shearman made his list of statistics of wealth distribution, “that his table was based on careful estimates of the wealth of |METHODS OF RESEARCH.| the very wealthy; while the wealth of the poorer classes was estimated on the bases of assessors’ returns;” just as the table of Dr. Spahr, p. [28], which represents the very wealthy families in the 1st group, the well-to-do in the 2d, and the poor families in the 3d and 4th groups. This arrangement and representation of the families evidently agrees with that of Mr. Shearman, and proves the fact that both distinguished authorities used the same or similar methods in studying the actual distribution of wealth, and in representing their conclusions to those that were anxious to know of the distribution.