Friday, January 20, 2012
President Rutherford Hayes' 19th century warning about the 1% controlling wealth
"In church it occurred to me that it is time for the public to hear that the giant evil and danger in this country, the danger which transcends all others, is the vast wealth owned or controlled by a few persons. Money is power. In Congress, in state legislatures, in city councils, in the courts, in the political conventions, in the press, in the pulpit, in the circles of the educated and the talented, its influence is growing greater and greater. Excessive wealth in the hands of the few means extreme poverty, ignorance, vice, and wretchedness as the lot of the many. It is not yet time to debate about the remedy. The previous question is as to the danger—the evil. Let the people be fully informed and convinced as to the evil. Let them earnestly seek the remedy and it will be found. Fully to know the evil is the first step towards reaching its eradication. Henry George is strong when he portrays the rottenness of the present system. We are, to say the least, not yet ready for his remedy. We may reach and remove the difficulty by changes in the laws regulating corporations, descents of property, wills, trusts, taxation, and a host of other important interests, not omitting lands and other property."[
Did he envision today's Occupy Wall Street movement?