THE "GOSPEL OF WEALTH"
AFTER my book, The Gospel of Wealth,1 was published, it was inevitable that I should live up to its teachings by ceasing to struggle for more wealth. I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution. Our profits had reached forty millions of dollars per year and the prospect of increased earnings before us was amazing. Our successors, the United States Steel Corporation, soon after the purchase, netted sixty millions in one year. Had our company continued in business and adhered to our plans of extension, we figured that seventy millions in that year might have been earned.
Steel had ascended the throne and was driving away all inferior material. It was clearly seen that there was a great future ahead; but so far as I was concerned I knew the task of distribution before me would tax me in my old age to the utmost. As usual, Shakespeare had placed his talismanic touch upon the thought and framed the sentence --
"So distribution should undo excess, And each man have enough."
At this juncture -- that is March, 1901 -- Mr. Schwab____________________