Righteousness, or justice, is, undoubtedly of all the virtues, the surest foundation on which to create and establish a new state. But there are two nobler virtues, industry and frugality, which tend more to increase the wealth, power and grandeur of the community, than all the others without them.
The open frontier, the hardships of homesteading from scratch, the wealth of natural resources, the whole vast challenge of a continent waiting to be exploited, combined to produce a prevailing materialism and an American drive bent as much, if not more, on money, property, and power than was true of the Old World from which we had fled.
Only the man who does not need it, is fit to inherit wealth - the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you would have done no better with it. Do not think that it should have been distributed among you; loading the world with fifty parasites instead of one, would not bring back the dead virtue which was the fortune. Money is a living power that dies without its root. Money will not serve the mind that cannot match it. Is this the reason why you call it evil?
If you ask me to name the proudest distinction of Americans, I would choose . . . the fact that they were the people who created the phrase "to make money." No other language or nation had ever used these words before. . . . Americans were the first to understand that wealth has to be created.
It is said that [Robin Hood] fought against the looting rulers and returned the loot to those who had been robbed, but that is not the meaning of the legend which has survived. He is remembered, not as a champion of property, but as a champion of need, not as a defender of the robbed, but as a provider of the poor. He is held to be the first man who assumed a halo of virtue by practicing charity with wealth which he did not own, by giving away goods which he had not produced, by making others pay for the luxury of his pity. He is the man who became the symbol of the idea that need, not achievement, is the source of rights, that we don't have to produce, only to want, that the earned does not belong to us, but the unearned does. He became a justification for every mediocrity who, unable to make his own living, had demanded the power to dispose of the property of his betters, by proclaiming his willingness to devote his life to his inferiors at the price of robbing his superiors.
But you say that money is made by the strong at the expense of the weak? What strength do you mean? It is not the strength of guns or muscles. Wealth is the product of man's capacity to think. Then is money made by the man who invents a motor at the expense of those who did not invent it? Is money made by the intelligent at the expense of the fools? By the able at the expense of the incompetent? By the ambitious at the expense of the lazy? Money is made - before it can be looted or mooched - made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can't consume more than he has produced.
Destroyers seize gold and leave to its owner a counterfeit pile of paper. This kills all objective standards and delivers men into the arbitrary power of an arbitrary setter of values. Gold was an objective value, an equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it.
All your life, you have heard yourself denounced; not for your faults, but for your greatest virtues. You have been hated, not for your mistakes, but for your achievements. You have been scorned for all those qualities of character which are your highest pride. You have been called selfish for the courage of acting on your own judgment and bearing sole responsibility for your own life. You have been called arrogant for your independent mind. You have been called cruel for your unyielding integrity. You have been called anti-social for the vision that made you venture upon undiscovered roads. You have been called ruthless for the strength and self-discipline of your drive to your purpose. You have been called greedy for the magnificence of your power to create wealth. You, who've expended an inconceivable flow of energy, have been called a parasite. You, who've created abundance where there had been nothing but wastelands and helpless, starving men before you, have been called a robber. You, who've kept them all alive, have been called an exploiter. You, the purest and most moral man among them, have been sneered at as a 'vulgar materialist.' Have you stopped to ask them: by what right? - by what code? - by what standard?