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 of our state and municipal rulers to that of those at Washington, and Mr. Aldrich's figure will seem moderate enough. * * * * * People who are comfortably off will reply to all this that we are getting on pretty well, and seem to be on the whole doing better from year to year. There is a well known passage in Macaulay's History which may be thought to give support to optimism of this kind. "No ordinary misfortune," he said, "no ordinary misgovernment, will do so much to make a nation wretched as the constant progress of physical knowledge, and the constant effort of every man to better his condition will do to make a nation prosperous."