It is well known that the gold dollar has now less purchasing power than in 1880, and less also than at any intervening time.[2] To the extent that this is true the increase in the figures of wealth (total and per capita) is only nominal and does not indicate increase in the quantity and betterment in the quality of real wealth.

This fact is so evident that it would seem unnecessary to call attention to it, if it were not constantly overlooked in citing these figures.
Sec.7.

#A sum of capital, not of wealth#.

Consider further, that the figures here given for wealth really express but the sum of capitals of the individuals (or private corporations) of the nation.

These do not constitute a sum of social wealth in any proper sense of the term.[3] Arithmetically it is a fallacious kind of a total, for the sum of the individual capitals contains some items that should be canceled to find the sum of wealth.