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 property 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 opposed 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 expenditure 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 continue to save a certain proportion and to create capital in order to procure for society, as a whole, the means of applying new inventions 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 disposition 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 usefulness in associating themselves with and participating in efforts which seem useful, but the results of which are uncertain. Many
