re there is no self-sacrifice. Whoever is disquieted by the
growth of "materialism" may be relieved by reflecting that when so many
millions of people are denying themselves present enjoyments in order that
others may be spared pain in the future, there is such a leaven of high
motive among us as may leaven the whole lump.

* * * * *

It would be easy to keep on in this exalted strain, but perhaps it is a
little too much in the style of a life-insurance advertisement. We may
correct any such impression, by changing our point of view. When we
consider the difficulties and the hindrances in the way of laying up these
savings, while the moral effect of the self-sacrifice hitherto involved is
enhanced, the question comes up whether this altruistic exertion can be
maintained in the future. How many of the ten millions of depositors in
the savings banks have considered that their rulers at Washington give
away every year in military pensions a sum equal to all, and more than
all, the income earned by the four billions of dollars in the banks? When
after many years, it seemed that this burden might at last begin to be
lightened, it was suddenly increased by the last Congress perhaps thirty
millions a year. Why should so many people scrimp, year in and year out,
when the equivalent of all the toil and all the self-denial is thus swept
away?

Senator Aldrich has told the country that its affairs could be carried on
for three hundred millions of dollars a year less than it now pays. He is
a very competent witness, and no one has contradicted him. If the attempt
had been made, he could perhaps have shown--he could certainly show
now--that three hundred millions was an understatement. But this sum is
nearly equal to the income earned by the investments of all the savings
banks and all the life-insurance companies of the country. If our rulers
had borrowed ten billions of dollars at three per cent. and had wasted it
all, the country would be financially about where it is now. They have not
borrowed this ten billions of dollars, but if Mr. Aldrich is right, they
are spending the interest on it. They have in effect mortgaged the wealth
of the people to the extent of all their deposits in the savings banks,
and all their investments in life-insurance companies, and are wasting the
income of these funds faster than it is earned. If anyone thinks this is
stating the case too strongly, he may add the waste