Page:Walter Renton Ingalls - Current Economic Affairs (1924).pdf/159

Rh A study of the distribution of wealth in the United States will surely be complicated and probably more or less uncertain in its results. A method that immediately suggests itself is an analysis of the inventory of the national wealth. In my book on the “Wealth and Income of the American People” I offered such an inventory, expressed in terms of the dollar of 1913. My totals were higher than would be indicated from census estimates for previous years, and I made it clear why the previous census estimates are to be viewed as untrustworthy and should not be used in comparison with other estimates. I made my own estimates in great detail and was quite frank in explaining how I arrived at them. I am unaware of any serious criticisms of them. I feel justified therefore in assuming that my figures are nearly enough correct.

I estimated that the wealth of the United States at the end of 1920 was as follows:

I expressed the opinion that the foreign credits are a doubtful asset. In so far as they are owed to the nation this will not enter extensively into a discussion of the distribution of wealth, for the loss, if there be any, will be spread over all classes of people. Any loss on commercial credits and foreginforeign [sic] investments will fall, however, mainly upon the banks, corporations and investors. It may be remarked here that a considerable loss has already been experienced by the extensive speculation in foreign currencies.