thought to have in view. No particular place was intended. Some of the
characters may have been thought to have been drawn from life; but the
personages mentioned are mostly composites, like Mr. Galton's compound
photographic likenesses, and are not calculated to provoke scandal or
suits for libel.

O. W. H.

BEVERLY FARMS, MASS., August 3, 1891.

ELSIE VENNER.

CHAPTER I. THE BRAHMIN CASTE OF NEW ENGLAND.

There is nothing in New England corresponding at all to the feudal
aristocracies of the Old World. Whether it be owing to the stock from
which we were derived, or to the practical working of our institutions,
or to the abrogation of the technical "law of honor," which draws a
sharp line between the personally responsible class of "gentlemen" and
the unnamed multitude of those who are not expected to risk their lives
for an abstraction,--whatever be the cause, we have no such aristocracy
here as that which grew up out of the military systems of the Middle
Ages.

What we mean by "aristocracy" is merely the richer part of the
community, that live in the tallest houses, drive real carriages, (not
"kerridges,") kidglove their hands, and French-bonnet their ladies'
heads, give parties where the persons who call them by the above title
are not invited, and have a provokingly easy way of dressing, walking,
talking, and nodding to people, as if they felt entirely at home, and
would not be embarrassed in the least, if they met the Governor, or even
the President of the United States, face to face. Some of these great
folks are really well-bred, some of them are only purse-proud and
assuming,--but they form a class, and are named as above in the common
speech.

It is in the nature of large fortunes to diminish rapidly, when
subdivided and distributed. A million is the unit of wealth, now and
here in America. It splits into four handsome properties; each of these
into four good inheritances; these, again, into scanty competences for
four ancient maidens,--with whom it is best the family should die out,
unless it can begin again as its great-grandfather did. Now a million
is a kind of golden cheese, which represents in a compendious form the
summer's growth of a fat meadow of craft or commerce; and as this kind
of meadow rarely bears more than one crop, it is pretty certain that
sons and grandsons will not get another golden cheese out of it,
whether they milk the same cows or turn in new ones. In other wor