ing one's latter years just out of danger of the workhouse,
one does not need to trench deeply on the comforts and pleasures which
he is able to enjoy during the greater part of his life; but if he is
determined to live to the end of his days as well as he has done at
any time and to help his children to do the same, he must practice a
severer self-denial and accumulate a larger fund. Still sharper
becomes the abstinence and still greater the accumulated fund where
men provide for a future mode of living that shall surpass the present
one. The importance of this fact lies in this: the condition which
brings with it a low rate of interest does so because of the great
number of men who do thus value a future standard of living that shall
be at least stationary if not positively rising. The growing size of
the social capital implies a more general appreciation of the
importance of future well-being. Because men's economic psychology has
become what it is and because it is still changing for the better
there is a second reason for expecting that the accumulation of
capital will not hereafter be retarded. We make here no extravagant
claim as to the number of persons in a community who take the more
rational views as to present and future. The number of each class is
what it is; but facts show that the maintenance of some standard is
the most efficient motive for saving in the case of each one of them,
and that low interest therefore calls for large accumulations. They do
show that the number who take the more rational views is a growing
class, that they accumulate more than other classes, and that every
addition to their relative number makes for more rapid accumulation
within the society of which they are members. Two decisive reasons,
then, exist for thinking that the growth of capital will never end or
check further growth. There are still further facts, however, which
have a bearing on this problem.

_The Importance of the Character of the Increases which are the
Largest Sources of Accumulation._--If one has a doubt whether the
large sums which enter into the capital which is steadily accumulating
are saved under the influence of a desire to maintain a standard, this
doubt will be removed by a consideration of the source from which
great accumulations come. They come most largely from the net profits
of the _entrepreneur_. Next to that they come from the earnings of
what must be classed as labor, though much of it is lab