A man of inherited wealth can gain in youth all the advantages which are essential to high culture, and which a man who must first earn the capital cannot attain until he is almost past the time of life for profiting by them. If one should believe the newspapers, one would be driven to a philosophy something like this: it is extremely praiseworthy for a man born in poverty to accumulate a fortune; the reason why he wants to secure a fortune is that he wants to secure the position of his children and start them with better advantages than he enjoyed himself; this is a noble desire on his part, but he really ought to doubt and hesitate about so doing because the chances are that he would do far better for his children to leave them poor. The children who inherit his wealth are put under suspicion by it; it creates a presumption against them in all the activities of citizenship.
Now it is no doubt true that the struggle to win a fortune gives strength of character and a practical judgment and efficiency which a man who inherits wealth rarely gets, but hereditary wealth transmitted from generation to generation is the strongest instrument by which we keep up a steadily advancing civilization. In the absence of laws of entail and perpetuity it is inevitable that capital should speedily slip from the hold of the man who is not fit to possess it, back into the great stream of capital, and so find its way into the hands of those who can use it for the benefit of society.
The love of children is an instinct which, as I have said before, grows stronger with advancing civilization. All attacks on capital have, up to this time, been shipwrecked on this instinct. Consequently the most rigorous and logical socialists have always been led
