LITTLE OWNER, WHAT NOW?
Back in the good old days of Calvin Coolidge, Professor Thomas Nixon Carver of Harvard, was perhaps the most illustrious spokesman of those who had our economic problem solved. The slogan was not, "Every man a worker," but, "Every man a capitalist." The solution was not collective ownership of workers through cooperatives or the government, and production for use, but rather collective ownership through corporations, owned by vast numbers of individuals who share in profits according to the amount of their ownership. This solution was the more attractive because it was painless. Supposedly it was taking place before our eyes. Mr. Gardner Means estimated that the number of stockholders appearing on the books of American corporations in 1922, was 13,564,000 and by 1927 it had risen to about I8,ooo,ooo. The conventional propaganda figure was "15,000,000 stockholders." Eminent economists—though not Mr. Means—were guilty of quoting these figures as if there were no duplications and each name meant a different individual stockholder. It was magnificent propaganda. The bankers joined in. The blessed fallacy of averages was invoked to show that the "share of saving of every American man, woman, and child has risen from $74 in 1910 to $237 in 1928." Even as late as 1930 the hallelujah chorus went on. The American Bankers Association through its savings division exulted in the slight increase of savings that year- the next year showed a different picture—and called attention to the fact that the number of deposit accounts