would not
attempt to answer, that the question is purely an academic one, that
all these go hand in hand, but that historically the first of
them--namely, progress in means of subsistence--had generally preceded
progress in government, in literature, in knowledge, in refinement,
and in religion. Though not itself of the highest importance, it is
the foundation upon which the whole superstructure of civilization is
built, and without which it could not exist.

Accordingly, we have sought, so far as we could, to make investments
in such a way as will tend to multiply, to cheapen, and to diffuse as
universally as possible the comforts of life. We claim no credit for
preferring these lines of investment. We make no sacrifices. These are
the lines of largest and surest return. In this particular, namely, in
cheapness, ease of acquirement, and universality of means of
subsistence, our country easily surpasses that of any other in the
world, though we are behind other countries, perhaps, in most of the
others.

It may be asked: How is it consistent with the universal diffusion of
these blessings that vast sums of money should be in single hands? The
reply is, as I see it, that, while men of wealth control great sums of
money, they do not and cannot use them for themselves. They have,
indeed, the legal title to large properties, and they do control the
investment of them, but that is as far as their own relation to them
extends or can extend. The money is universally diffused, in the sense
that it is kept invested, and it passes into the pay-envelope week by
week.

Up to the present time no scheme has yet presented itself which seems
to afford a better method of handling capital than that of individual
ownership. We might put our money into the Treasury of the Nation and
of the various states, but we do not find any promise in the National
or state legislatures, viewed from the experiences of the past, that
the funds would be expended for the general weal more effectively than
under the present methods, nor do we find in any of the schemes of
socialism a promise that wealth would be more wisely administered for
the general good. It is the duty of men of means to maintain the title
to their property and to administer their funds until some man, or
body of men, shall rise up capable of administering for the general
good the capital of the country better than they can.

The next four elements of progress mentioned in the enum