wise uncle
to his nephew, who sought from him his first loan. Usually the
interest is minimized while the hopeful youth is permitted to indulge
his dreams of fancied good, to be easily gained by a loan.

"My Near Nephew:

"I enclose a draft for forty dollars with a note for the amount to me,
due in one year at six per cent., which please sign and return to me.
This is probably the first note that you have ever given, and there
are one or two things about a note that maybe you have never
discovered. One striking peculiarity is, that they always come due,
though they are drawn for a year. It may seem a long time, but when
you have a note come due at the end of the year it seems altogether
too short and has gone before you are aware of it. Another peculiar
thing is, that while interest is a little thing apparently, yet it
never works on the eight-hour system, but continues steadily through
the whole twenty-four, and through the whole seven days in the week.
Its about the most industrious animal of my acquaintance, working
nights and Sundays as well, and apparently never becoming in the
least fatigued, consequently, though it appears to be so slow, still
if you do not watch it closely, the first thing you know you will be
astonished at what an amount of work it has accomplished. There are
other things equally striking about notes, but these two are the most
important, and the ones I particularly wish to impress on your mind.

"_________________

"P.S.--Don't think from the tone of this that I'm not willing to let
you have the money. I merely want to impress on you what it means to
go in debt."

6. The evil was not hitherto so much felt. This, especially, is true
in the United States. Great natural resources, unclaimed wealth, made
the burden of a small debt unfelt. By appropriating the vast unbroken
forests and untilled lands and unopened mines of precious metals, of
coal and iron and gas and oil, there seemed such evident advantages
from the borrowed capital that the evils were unnoticed, until these
natural resources had been appropriated and were held in private
hands, and the opportunities are found to be denied those who have
come so closely after.

This system made it possible for one generation to grasp a continent;
to grasp all its natural resources and hold them, and compel tribute
from all that came after. Taking only a limited and short-time view,
the advant