I reserve to the last the completest ground of acceptance, love. Where love is, there is no superior or inferior, no giver or receiver. The two make up a conjunct self with mutual gain. Or shall we say that he who loves delights to think of himself as inferior, prides himself on it, and would be ashamed not to look up in glowing dependence? To him, therefore, gifts bring no disparagement, but happy gratitude. In such unabashed dependence most of us spent our early years. And if as we grew strong fewer gifts of money came to us, their place was taken by loving tokens more subtle, more pervasive, and coming from more sources. Possibly we may say that only love and exchange make the taking of money permissible, and that my first and third grounds are only special cases of these two. It has been well said that there can be true giving only where the two parties ideally change places: the giver so putting himself in the receiver’s place that he feels the afforded relief a personal gain; and the receiver sharing the pleasure which under the circumstances the giver must feel. There is always, however, a difference in the way we accept what comes by exchange and what comes by love. In the former our thought is fixed on what is received, in the latter on him who gave. Such are the characteristics of the second stage of altruism. I proposed to study that great principle from three points of view which would show the successive steps by which, without injury to the individual, it goes on to completeness. At the very beginning of life, and ever after, we are called on to pay attention to others and to subject ourselves to restrictions for their sake. We find ourselves related or conjunct beings, and on our frank acceptance of these relations our power and peace depend. Without the restraints of manners life would be, as Hobbes said, “solitary, poor, nasty, brutish, and short.” But the ever-present altruism here is imperfect because primarily dictated by the desire to protect ourselves. The separate self and the conjunct self are not necessarily united in manners. The form of altruism may be kept for protective purposes when there is nothing of it within.