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are essential to it. If the aim is to establish tests and guarantees, or regulations, then there is room for discussion, but it is evident folly to say that we want a certain result and then to say that we will not consent to the most fundamental conditions of what we want. The aggregation of large amounts of capital in few hands is the first condition of the fulfilment of the most important tasks of civilization which now confront us. If, therefore, the view which I have suggested is correct—that, in spite of some present appearances to the contrary, there is to be, in the near future, a greatly increased demand for capital—then a great increase of the popular desire to save would be contributory to the present needs of society.

I have suggested, in this paper, that the savings bank depositor gets an education and development of character from the practise of saving. He gets a point of view and a way of looking at things which are substantially the same as those of all capitalists. The seats-full of savings bank depositors whom I mentioned at the outset incurred the ire of the agitator because they showed this. He was addressing poor men and men of the wages class, to which they belonged, but instead of responding to his class appeal as he wanted them to do, they showed the sentiments of the capitalist class. Hence his dissatisfaction with them. We have had experience of the political value and importance of the same conservative sentiments and property interests of the small capitalists. It is a matter for regret that the savings bank depositor does not know more about the investment of his own savings. If he knew, so to express it, where his money is, how it is being used, how the interest which he receives is won, and what is the nature of the political risks and perils to which his savings may be