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ever, always been recognized that, among subjects of dramatic interest and power, the hero struggling against adversity with fortitude and perseverance is one of the grandest. In our modern commercial and unadventurous life, you will hardly find nobler examples of it than those seats-full of people who, after saving a little to make a beginning, had built two tenement cottages the mortgages on which they were trying to pay off.

Some people will answer that they see the utility and even the moral grandeur of savings by poor people, but that they dread and disapprove of accumulation. If the savings bank depositor saves enough to pass on up into the class of large and independent investors and finally to enter the class technically known as "capitalists," our social philosophers withdraw their sympathy and respect from him and denounce him because he is rich. Savings banks would then seem to be useful institutions because they are vicious only up to a certain point. Savings banks are the most efficient institutions for aggregating capital which we possess. That is the most useful function which they perform, when we regard them from the standpoint of society, not of the individual depositor. In fact, we must believe that, if the motives of thrift could be made to actuate the population far more widely than they now do, resources of capital could be found in the increased savings of the mass of the population of which we have at present but little idea. Savings are like taxes: if you want big results you must look to the aggregation of millions of small sums from the whole population, not to the aggregate of a few big sums from the millionaires.

In this connection the movement of the current rate of interest, regarding that rate as a stimulus to saving, is a very interesting and important phenomenon. If we knew more about the causes of the fluctuations of the