b] 624
1880 50,200,000 43,642,000,000 870
1890 62,900,000 65,037,000,000 1,036
1900 76,000,000 88,517,000,000 1,165
1904 82,500,000 107,104,000,000 1,318
1912 95,400,000 187,739,000,000 1,965

[Footnote a: Taxable only; all other figures include exempt.]

[Footnote b: Estimated on a gold basis.]

A detailed comparison of the classes of concrete things making up the
totals is possible only in the last three sets of figures (1900 to
1912), and they are here given (omitting 000,000).

1900. 1904. 1912.
1. Real property (excepting
some items below) 52,538 62,331 110,700
2. Irrigation enterprises [a] [a] 360
3. Agricultural equipment
(livestock, tools, etc.) 3,822 4,919 7,706
4. Manufacturing equipment 2,541 3,298 6,069
5. Transportation agencies 11,249 14,434 22,360
6. Telegraph and telephones 612 813 1,304
7. Waterworks (privately owned) 263 275 290
8. Electric lighting plants 403 563 2,099
9. Products (still in trade)[b] 8,294 10,212 21,577
10. Direct goods in use[c] 6,880 8,250 12,758
11. Gold and silver 1,677 1,999 2,617

[Footnote a: No figures for these years.]

[Footnote b: The main items are agricultural and mining products and
imported merchandise.]

[Footnote c: The main items are clothing, personal adornment, furniture,
and carriages.]

Sec. 5. #Average wealth and the problem of distribution#. The foregoing
figures make a most satisfactory showing, and appear to indicate
that mere economic problems are rapidly being solved by the growth
of national wealth. But unfortunately these figures have little
significance in connection with such an inquiry, if indeed they are
not badly misleading.

In the first place, the final figures of "per capita wealth" are
merely averages; a per capita increase, therefore, may appear when
total wealth increases, altho the total may be due to the growth of
comparatively few very large fortunes. The fact is evident that vast
numbers of individuals and families are nearly propertyless and in
so far as this is true there is involved one of the greatest of our
socio-economic problems, that of the distribution of wealth and income
among the people. The more unequal the dist