compare the exploitation of the telephone with that of the telegraph fifty years earlier. The latter was, in its day, a far more wonderful invention, but the time and labor required to render it generally available were far greater than what has been required for the telephone, and the fortunes which were won from the former were insignificant in comparison with those which have been won from the latter. Both the public and the promoters acted very differently in the two cases. In these later times promoters seize with avidity upon an enterprise which contains promise, and they push it with energy and ingenuity, while the public is receptive to "improvements"; hence the modem methods offer very great opportunities, and the rewards of those men who can "size up" a situation and develop its controlling elements with sagacity and good judgment, are very great. It is well that they are so, because these rewards stimulate to the utmost all the ambitious and able men, and they make it certain that great and useful inventions will not long remain unexploited as they did formerly. Here comes, then, a new reaction on the economic system; new energy is infused into it, with hope and confidence. We could not spare it and keep up the air of contentment and enthusiastic cheerfulness which characterizes our society. No man can acquire a million without helping a million men to increase their little fortunes all the way down through all the social grades. In some points of view it is an error that we fix our attention so much upon the very rich and overlook the prosperous mass, but the compensating advantage is that the great successes stimulate emulation the most powerfully.
What matters it then that some millionaires are idle, or silly, or vulgar; that their ideas are sometimes futile
