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 becomes the most easily recognised evidence of a reputable degree of success as distinguished from heroic or signal achievement. It therefore becomes the conven­tional basis of esteem. Its possession in some amount becomes necessary in order to any reputable standing in the community. It becomes indis­pensable to accumulate, to acquire property, in order to retain one’s good name. When accumulated goods have in this way once become the accepted badge of efficiency, the possession of wealth presently assumes the character of an independent and definitive basis of esteem. The possession of goods, whether acquired aggressively by one’s own exertion or passively by transmission through inheritance from others, becomes a conven­tional basis of reputability. The possession of wealth, which was at the outset valued simply as an evidence of efficiency, becomes, in popular apprehension, itself a meritorious act. Wealth is now itself intrinsically honourable and confers honour on its possessor. By a further refinement, wealth acquired passively by transmission from ancestors or other antecedents presently becomes even more honorific than wealth acquired by the possessor’s own effort; but this distinction belongs at a later stage in the evolution of the pecuniary culture and will be spoken of in its place.

Prowess and exploit may still remain the basis of award of the highest popular esteem, although the possession of wealth has become the basis of commonplace reputability and of a blameless social standing. The predatory instinct and the consequent approbation of predatory efficiency are deeply ingrained in the habits