Selfish wealth stood surprised, amazed, almost indignant, at the announcement that Andrew Carnegie, instead of resting in Olympian luxury on the millions he had earned, and going to the grave with his gold tightly clutched in his stiffening fingers, proposes to expend the bulk of his riches, during his lifetime, for the benefit of his fellowmen. Great financiers, who, if they lived to be as old as Methuselah, could not use a tithe of their vast fortunes on their own ordinary maintenance, protest against Mr. Carnegie’s plan of action, and declare that he ought to go on accumulating to the last. Others mildly suggest that his charity will be wasted on unworthy objects, and others frankly avow that they doubt the sincerity of his intentions. Altogether it may be said that Mr. Carnegie has stirred the very heart of Mammon as it has not been stirred since the Savior told the rich man to sell what he had and give to the poor.
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When asked how to build wealth - Mr Carnegie suggests saving early and often! Here's what he had to say: "There is one sure mark of the future millionaire; his revenues always exceed his expenditures. He begins to save early, almost as soon as he begins to earn. I should say to young men, no matter how little it may be possible to save, save that little. Invest it securely, not necessarily in bonds, but in anything which you have good reason to believe will be profitable; but no gambling with it, remember. A rare chance will soon present itself for investment. The little you have saved will prove the basis for an amount of credit utterly surprising to you. Capitalists trust the saving young man: For, every hundred dollars you can produce as the result of hard-won savings, Midas, in search of a partner, will lend or credit a thousand; for every thousand, fifty thousand. It is not capital that your seniors require, it is the man who has proved that he has the business habits which create capital. So it is the first hundred dollars saved that tells.”
The accumulation of millions is usually the result of enterprise and judgment, and some exceptional ability or organization. It does not come from savings, in the ordinary sense of the word. Men who, in old age, strive only to increase their already too great hoards, are usually slaves of the habit of hoarding, formed in their youth. At first they own the money they have made and saved. Later in life the money owns them, and they cannot help themselves, so overpowering is the force of habit, either for good or evil. It is the abuse of the civilized saving instinct, and not its use, that produces this class of men. No one needs to be afraid of falling a victim to this abuse of the habit, if he always bears in mind that whatever surplus wealth may come to him is to be regarded as a sacred trust, which he is bound to administer for the good of his fellows. The man should always be master. He should keep money in the position of a useful servant; he must never let it be his master and make a miser of him. A man’s first duty is to acquire a competence and be independent, then to do something for his needy neighbors who are less favored than himself.”
Mr. Carnegie has always lived up to this doctrine. He has made philanthropy a factor of existence. Already he has endowed over ninety libraries in different cities of the United States, having spent about $4,500,000 in this manner alone. He believes that a man can learn the science of true life and success in good books. In Scotland, where many of the residents of a poor hamlet have been benefited by his generosity, he is called “the good angel.” Whenever he visits any of these places, he is a greater man than the King of Great Britain.
While thus endowing the city where his fortune was made, he has not forgotten other places endeared to him by association or by interest. To the Allegheny Free Library he has given $375,000; to the Braddock Free Library, $250,000; to the Johnstown Free Library, $50,000, and to the Fairfield (Iowa) Library, $40,000. To his native land he has been scarcely less generous. To the Edinburgh Free Library he has given $250,000, and to his native town of Dunfermline, $90,000. Other Scottish towns to the number of ten have received helpful donations of amounts not quite so large.
“I should like you to say some other important things for the young man to learn and benefit by.”
“The first thing that a man should learn to do is to save his money. By saving his money he promotes thrift,—the most valued of all habits. Thrift is the great fortune-maker. It draws the line between the savage and the civilized man. Thrift not only develops the fortune, but it develops, also, the man’s character.”
