is borrowed, and is made up of small savings of other people--some
of them his neighbors, others in distant places. The same is true
with respect to the capital used in all other businesses. The
enormous capital of railroads is derived chiefly from the savings
of millions of people, some of whom buy shares of railroad stock
directly, but most of whom deposit their savings in banks or other
institutions which, in turn, lend it to the railroads or invest it
in their stock. The farmer or the school boy who has a savings
account in a neighboring bank thus may become a partner in various
business enterprises of the country. His dollars or dimes, added
to the dollars and dimes of many other people, are used to buy
machinery and tools and materials, and to pay labor. Because of
the service performed by his savings he receives interest on his
money.

OPPORTUNITIES FOR INVESTMENT

There are many opportunities for young people to invest savings in
productive enterprises,--perhaps more in rural communities than
elsewhere. The different kinds of boys' and girls' clubs
illustrate the variety of channels through which money may be both
earned and invested. As soon as a boy invests a little money in a
pig, or a calf, or garden tools, he becomes a capitalist to that
extent. It is to be hoped that not many have the experience of the
boy described in the following lines: [Footnote: Read by R.H.
Wilson, in an address before the National Council of Education,
N.E.A. PROCEEDINGS, 1917, p. 133.]

Johnnie bought a little pig with money he had earned,
He named her Nell and fed her well, and lots of tricks she learned.