IS THE RICH YOUNG MAN HANDICAPPED?
President Eliot, of Harvard, Tells of
the Blessings of Poverty and the
Penalties of Great Wealth.
Is wealth a hindrance to a young man starting out in life? Men who have built their own fortunes are almost unanimous in answering yes. To have nothing to begin with means, they say, illimitable opportunity, and opportunity is the great developing factor; poverty means the stimulus of real need, which impels men to take advantage of opportunity. To quote the present Lord Mayor of London, Alderman Walter V. Morgan:
The best thing that can happen to a young man is to be poor. Extreme poverty may sometimes hamper a youth's progress, but, in my opinion, he is far more likely to make his way in the world if he starts with the proverbial half-a-crown in his pocket than with a thousand-pound note.
Riches carry their own penalty. President Eliot, in a recent address before the student body at Harvard, said:
The very rich are by no means the healthiest members of the community, and to escape the perils of luxurious living requires unusual will-power and prudence.
Great capital at the disposal of a single individual confers on its possessor great power over the course of industrial development, over his fellow men and sometimes over the course of great public events, like peace or war between nations. It enables a man to do good or harm, to give joy or pain, and places him in a position to be feared or looked up to.
There is pleasure in the satisfaction of directing such a power, and the greater the character the greater may be the satisfaction. In giving this direction the great capitalist may find an enjoyable and strenuous occupation. For a conscientious, dutiful man a great sense of responsibility accompanies this power. It may become so powerful as to wipe out the enjoyment itself.
The most serious disadvantage under which the very rich have labored is the bringing up of children. It is well-nigh impossible for a very rich man to develop his children from habits of indifference and laziness. These children are so situated that they have no opportunity of doing productive labor, and do nothing for themselves, parents, brothers, or sisters, no one acquiring the habit of work. In striking contrast are the farmer's children, who cooperate at tender years in the work of the household.
Among President Eliot's hearers were many young men to whom the blessings of poverty were unknown.