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Ch. XVI Circulating Annuities

especial degree, in those humble, and at the same
time most numerous walks of life, in which it is
of most importance, to prudence, probity, and happiness.(a)

In the existing state of the money-market, the
hoards of the opulent are prolific and accumulating;
the hoards of the poor alone are dead and unproductive.
By the proposed measure, the condition of the poor in this respect would be raised to a level — in the
first instance not much below — and in process of
time (as the price of Stock Annuities rose, and the
rate of interest obtainable by the purchase of them
diminished) altogether upon a par with — the condition
of the rich. —
A result

NOTE.

(a) Frugality, itself a virtue, is an auxiliary to all
the other virtues: to none more than to generosity, to
which by the unthinking, it is one so apt to be regarded it as an
adversary. The sacrifice of the present to the future
is the common basis of all the virtues: — frugality
is among the most difficult and persevering exemplifications
of that sacrifice. Important in all classes,
it is more particularly so in those which most
abound in uncultivated minds. In these, to promote
frugality is to promote sobriety: — to curb
that raging vice which in peaceful times outstrips
all other moral causes of unhappiness put together.
In the prospects opened by frugality, the wife and
children

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Ch. XVI. Moral Advantages.

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