An Essay On the Present Distribution of Wealth in the United States

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162. Leroy- Beaulieu estimates the increase of wages in England between the 118 THE DISTRIBUTION OF INCOMES.
the fall of wages, next to tlie impoverishineiit of debtors, is the saddest result of the contraction of the currency that has followed the legislation against silver in 1873 and 1893.
middle of the century and 1875 as liigli as from 60 to 70 per cent.
Between 1875 and 1887 he admits a decline of from 10 to 20 or 23 per cent. "Repartition des Richesses," p. i42.
THE PSE8ENT SITUATION. 11
...9 CHAPTEE VI.
THE PKESENT SITUATIOIir. — DISTRIBUTIOlir OF INCOMES BY CLASSES.
The national income estimated in the preceding chapter was, of course, the income from property, superintendence, and labor combined.
Its aggregate was about one-sixth of ^^ snares the value of the property of the nation. ^^^ Labor.
In order to determine the relative shares of labor and capital, it is only necessary to remem- ber that the ordinary rate of interest is neither the low rate customary upon railway bonds instantly convertible into cash, nor the high rate custom- ary in active business.


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