830 POPULAR SCIENCE MONTHLY. 



the matter, particularly in its second phrase. According to Mr. 

 Frederic Harrison's inquiry, in The Forum of 1894, into the 

 habits of wealthy men in a republic, the first duty of fortune, as 

 of capital in general, is to take care of itself. The prime error, 

 whether individual, or of the family, or social, is to let one's prop- 

 erty diminish in value ; that property being a fund, susceptible of 

 being perpetuated, useful for the production and development of 

 enterprises, destruction, waste, or depreciation of it, whether by 

 prodigality or by imprudent generosity, is a misdemeanor. In 

 the interest of society, as well as of the family and the person, 

 every one ought to respect and maintain his fortune. 



Only income can be legitimately consumed. In using this, a 

 liberal mode of living is permissible, and involves nothing op- 

 posed to morals. It is, in fact, generally commendable, provided 

 the expenditure is within the receipt. Judicious luxury, the 

 artistic decoration of life, without vain ostentation and frivolous 

 arrogance, is also legitimate ; but it is better to let the expend- 

 iture bear upon objects that will endure ; that the generations 

 should leave lasting traces of the elegancies of their career is 

 legitimate. An economical obligation and one he certainly owes 

 to his family, if not a moral one lies upon the wealthy man to 

 maintain a reasonable increase of his fortune. He should con- 

 tinue to save a certain proportion and to create capital in order to 

 procure for society, as a whole, the means of applying new inven- 

 tions and discoveries, and to augment the productive fund with 

 which to assuage the troubles and increase the conveniences of 

 mankind. To save continues to be a duty in whatever situation 

 of fortune, if only to guard against the accidents that are always 

 possible. While the danger of such accidents has been proved to 

 be real by past experience, which has shown that few fortunes can 

 exist without depreciation for more than a few generations, the 

 amount to be laid up need not absorb all the surplus beyond that 

 sum needed to maintain a liberal and comfortable style of living. 

 The duty of making judicious investments imposes on the man of 

 wealth the necessity of exercising a degree of boldness without 

 going into rashness, and of giving much reflection and study to 

 his business. This furnishes an additional reason for prudence in 

 saving, in order to compensate for the mistakes that may be made 

 in investing. 



The social function of wealth comes into play when the dis- 

 position is to be determined of the surplus that is left after a 

 comfortable style of living with judicious luxury is provided for, 

 and a proper amount has been put away. 



Persons of great wealth have large opportunities for useful- 

 ness in associating themselves with and participating in efforts 

 which seem useful, but the results of which are uncertain. Many 



