The Generosity of the Thrifty

Now, I want to make an exception before I go any further. Whatever thrift is, it is not avarice, There is a broad distinction between thrift and avarice. Mr. Micawber in his definition expressly, as it seems to me, excludes avarice, because the accumulation of sixpence at the end of the year, which he indicates as amounting to happiness, would certainly not satisfy any dream of avarice. Moreover, avarice is not generous; and, after all, it is the thrifty people who are generous. (Applause.) All true generosity can only proceed from thrift, because it is no generosity to give money which does not belong to you, as is the case with the unthrifty. And I venture to say that among all the great philanthropists, all the great financial benefactors of their species of whom we have any record, the most generous of all must have been thrifty men. (Applause.) Well, now, I pass from the financial value of thrift, which to me is not the greatest, to that which results in the formation of character. I know that many people when they read speeches about thrift say, 'How can the poor be thrifty? They have nothing to be thrifty upon.' But, the exact reverse of the case is the truth. Strangely enough, in your report which you have just read, and which is before us to-day, we have the proof of the contrary, By the experience of Edinburgh and by the experience of Glasgow, and by the experience of Manchester—I think these are the cases you page 8 mention, Mr, Wood—it has been found that periods of stress and not periods of prosperity are the most favourable to thrift, as shown in the deposits in the Savings Bank.