It is Hawthorne, I think, who tells us that when he was a boy he used once in a while to go down to the wharves in Salem, and lay his hand on the rail of some great East India merchantman, redolent of spices, and thus bring himself in actual touch with the mysterious orient. But there is nothing strange in this: almost anything that we can feel or see may start the flight of fancy, and open to us prophetic visions. This is even true of such dry symbols as figures, for our journalists would never publish statistics as they do, unless they knew that their readers liked to see them. Travellers from other parts of the world have often laughed at our fondness for revelling in the marvellous accounts of our material dimensions, but they should remember that people who do not have a taste for poetry may yet have a taste for romance, and that big figures do appeal to the imagination.
It is true that there may be something portentous in bigness. “Tom” Reed, as he was affectionately called, said many wise things in a jesting way. At a certain crisis in our history he exclaimed: “I don’t want Cuba and Hawaii; I’ve got more country now than I can love.” A foreigner might suppose that our politicians had similarly become terror-stricken at the extent of our wealth and the rate at which it was growing. They may well give the impression that there has been created in the “money power,” a Frankenstein monster, the control of whose murderous propensities has put them at their wit’s end.
Figures are notorious liars; they may arouse emotion if looked at in any light, but they must be looked at in [pg 76]many lights if we would get an emotional effect that is truly worth while. Some very large figures relating to Savings Banks have lately been published. The deposits in these banks amount to over four and two-thirds billions of dollars, and the number of separate accounts is about ten and two-thirds millions. Savings deposits in all banks are about $7,000,000,000, the number of accounts being 17,600,000. Probably the interest paid on the savings banks deposits is 160 millions of dollars a year. I confess that these figures give me much pleasure. I like to think that so many men have taken pains to guard their wives and children against miserable want; that so many women have to some extent made sure of their independence. It would not be surprising to find that twelve millions of families, possibly half the people of the country, were in this way protected against extreme penury. Viewed in this light, the growth of wealth does not seem so terrible. One might paraphrase Burke and say that such wealth as this loses half its evil through losing all its grossness. Indeed one might go further and say that if there were twice as much of this wealth, and every person in the country had an interest in it, it would lose all of its evil.
To young people, this is all dry enough. They like to think of spending money, not of saving it. But it is not at all dry to their elders. It is what St. Beuve said of literary enjoyment, a “pure délice du goût et du coeur dans la maturité.” It is a “Pleasure of the Imagination” that can be appreciated only by those like the old Scottish lawyer, who justified his penurious prudence by saying that he had shaken hands with poverty up to the elbow when he was young, and had no intention to renew the acquaintance. We have not, at least in the Northern part of our country, had the terrible experiences of the people of Europe, who are even now hiding their money in a vague apprehension of danger, inherited from centuries of rapine; but there are few of those who have given hostages to fortune who have not had many hours, and [pg 77]even years, of distressing anxiety concerning the future of their families. The greater the provision made against this heart-corroding care by a people, the happier should that people be.
It seems so unselfish a luxury to revel in these comfortable statistics, that one is tempted to broaden his vision, and take in the four or five billions of assets heaped up by the six or seven millions of people who have insured their lives, and the one hundred and fifty or two hundred millions of dollars paid out yearly to lighten the distress attending the death of husbands and fathers of families,—to say nothing of a much greater sum repaid policy-holders. In many cases, happily, death causes no actual want; but against these cases we may offset the stupendous number of policies insuring against industrial accidents, possibly twenty-five millions of them, representing one quarter of the people of the country—for we may be sure that there are few payments made under these policies that do not actually alleviate suffering. We have here a colossal aggregate of altruism on the part of the policy-holders, an intangible national asset grander than all the material wealth which it represents; for the sordid element in all these savings is necessarily small. There is a point in the old story of the gambler on the Mississippi steamboat who listened attentively to the persuasive arguments of a life-insurance agent; he “allowed” that he was willing to bet on almost any kind of game, but declined to take a hand in one where he had to die to win. It is painful to think of the infinity of petty economies, of all the grievous deprivations, the positive hardships, undergone in so many millions of families, day by day, and year by year, to secure these policies of insurance; but, as Plato said, “the good is difficult.” There is no heroism where there is no self-sacrifice. Whoever is disquieted by the growth of “materialism” may be relieved by reflecting that when so many millions of people are denying themselves present enjoyments in order that [pg 78]others may be spared pain in the future, there is such a leaven of high 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 [pg 79]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.”