The Present Economic Revolution in the United States

By Thomas Nixon Carver | Go to book overview

CHAPTER FOUR THE GROWING FINANCIAL POWER OF LABORERS

I

THERE are at least three kinds of evidence to indicate that American laborers are growing rapidly in financial power. First, we have the statistics regarding the old-time forms of thrift such as savings deposits, the assets of building and loan associations, and the premiums paid to insurance companies.1 In addition to these we have some incomplete but rather striking figures regarding the investment of laboring people in the stocks and bonds of corporations. Finally, we have the new phenomenon of the labor bank.

Now, even though there should be a phenomenal growth in the financial power of labor, it does not necessarily follow that savings deposits should increase proportionally. This for two reasons, that savings deposits are essentially in the nature of nest eggs or small funds for meeting unlooked-for emergencies, and besides, no matter how prosperous a person becomes, he is not likely to add greatly to his savings: most of his surplus being

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1
See article by the author in the Financial World, May 31, 1924; also one in Aera, October, 1924.

-90-

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