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 of the million-dollar babies whom reporters follow feverishly up and down Palm Beach, and who will soon have to be billion-dollar babies if they want to hold their own. We are now on terms of easy familiarity with figures which used to belong to the abstractions of arithmetic, and not to the world of life. We have become proudly aware of the infinite possibilities of accumulation and of waste.

For this is the ebb and flow of American wealth. It is heaped up with resistless energy and concentration; it is dissipated in broken and purposeless profusion. Every class resents the extravagance of every other class; but none will practise denial. The millionaire who plays with a yacht and decks his wife with pearls looks askance upon the motor and silk shirt of the artisan. The artisan, with impulses and ambitions as ignoble and as unintelligent as the millionaire's, is sullenly aware that, waste as he may, 231