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Updated: June 20, 2025
It was by reason of this transaction, as well as by other similar transactions, that one of the American multimillionaires obtained his original millions. This individual was Stephen B. Elkins, at present a powerful member of the United States Senate, and one of the ruling oligarchy of wealth.
To understand the intense scandal caused by what were considered his vagaries, it is only necessary to bear in mind the ultra-lofty position of a multimillionaire at a period when a man worth $250,000 was thought very rich. There were only a few millionaires in the United States, and still fewer multimillionaires. Longworth ranked next to John Jacob Astor.
There are pages on pages of titles of works any one of which would be a snug little property if turned into money at its catalogue price. Why will not our multimillionaires look over this catalogue of Mr. Quaritch, and detain some of its treasures on this side of the Atlantic for some of our public libraries?
Optimism and pessimism, contentment and envy, self-dependence and dependence upon the judgment of the world, joyfulness and despondency, are more decisive contrasts for the budget of happiness than the difference between fifteen dollars a week and fifteen dollars a minute. Some of my best friends have to live from hand to mouth, and some are multimillionaires.
In any case, says "X," "it is to the true interest of the multimillionaires themselves to join those who are free from envy in trying to remove the rapidly growing dissatisfaction with their continued possession of these vast sums of money."
"From the first set of tables, which was prepared in 1893 by a census official from the returns of the United States census, we find it estimated that out of sixty-two billions of wealth in the country a group of millionaires and multimillionaires, representing three one-hundredths of one per cent of the population, owned twelve billions, or one fifth.
Then they'll probably let a dozen of their subsidiary companies go smash, and Peter Phipps, Skinflint Martin and Rees will be multimillionaires. Incidentally, the whole of their enormous profits will have come from the working classes." "However visionary it is, I want to know about your scheme," she persisted. "I cannot make up my mind to bring you into it," he declared doubtfully.
To want and to get them were the same thing, with a Government in power representative of capitalism. The "poor settler" catspaw was again made use of. At the behest of the lumber corporations, or of adventurers or politicians who saw a facile way of becoming multimillionaires by the simple passage of an act, the "Stone and Timber Act" was passed in 1878 by Congress.
Never will the labor unions, who may be in possession of a few miserable millions, be able to fight against the economic power of the multimillionaires, who are always supported by the military force. Just as little is there a way out as is proposed by other Socialists, by getting possession of the majority of the Parliament.
As they descended in the swirl, other classes of rich men jutted into strong view. Chief among these nascent classes were the landowners of the cities, at first grabbling tradesmen and land speculators and finally rising to the crowning position of multimillionaires.
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