, too many married people who do not dare to have more than one
or two children, if they dare to have any, to make it possible to maintain
that there is now no dread of more than ordinary misgovernment.

* * * * *

It is difficult to ascertain the total wealth of the country. The census
bureau is notoriously dilatory. Its latest estimate was for 1904, when
this aggregate was computed to be $107,000,000,000, or about $1,300 _per
caput_. Assuming this ratio, the wealth of our people should now be over
$120,000,000,000; but the figures are largely conjectural. It happens,
however, that we possess some figures that are altogether trustworthy. In
the year 1909 the Federal Government imposed a tax of one per cent. on the
net income of every corporation, joint stock company, or association,
including insurance companies, organized for profit, whenever this net
income is over $5,000. There are some other exemptions, but they are not
sufficient to demand consideration, and may be disregarded. Now we may be
absolutely certain of one thing, and that is that the net income of those
concerns will not be overestimated. Their net income may be more than what
they report for the purposes of taxation, but it surely cannot be less.
For the past year it seems probable that this tax will produce nearly
thirty-five millions of dollars net income, after deducting all expenses,
losses, depreciation, interest on debts and on deposits paid by banks, and
dividends from other companies subject to the tax.

It may be more, but it cannot be less. Here our certainty ends. Guesses
will vary, but in view of what we know in a general way of the conditions
of business during the past year, we may perhaps venture to assume that
the net income of these concerns is six per cent. of their real wealth. If
this assumption is correct, their total wealth is 60 billions of dollars,
or one half of the total wealth of the nation.

This estimate may be confirmed to some extent by other statistics. Calling
the physical value of the railroads fourteen billions, their net earnings
at five per cent. would be 700 millions, which corresponds well enough
with the figures of the government, although some railroad men would make
their net earnings much less. We do not know the net income of the untaxed
corporations. Their returns would show its amount, but the government does
not supply the information. As there must be now nearly 250,000 suc