"Excellent poetry, but not a good working philosophy. Goldsmith would have been right, if, in fact, the accumulation of wealth meant the decay of men. It is rare indeed that the men who are accumulating wealth decay. It is only when they cease production, when accumulation stops, that an irreparable decay begins. Wealth is the product of industry, ambition, character and untiring effort. In all experience, the accumulation of wealth means the multiplication of schools, the increase of knowledge, the dissemination of intelligence, the encouragement of science, the broadening of outlook, the expansion of liberties, the widening of culture. Of course, the accumulation of wealth cannot be justified as the chief end of existence. But we are compelled to recognize it as a means to well-nigh every desirable achievement. So long as wealth is made the means and not the end, we need not greatly fear it. And there never was a time when wealth was so generally regarded as a means, or so little regarded as an end, as today. Just a little time ago we read in your newspapers that two leaders of American business, whose efforts at accumulation had been most astonishingly successful, had given fifty or sixty million dollars as endowments to educational works. That was real news. It was characteristic of our American experience with men of large resources. They use their power to serve, not themselves and their own families, but the public. I feel sure that the coming generations, which will benefit by those endowments, will not be easily convinced that they have suffered greatly because of these particular accumulations of wealth."