Carnegie’s ‘Wealth’: Passages That Inspired William Simon

William Simon, former U. S. Treasury Secretary, says his philanthropy has been significantly influenced by Andrew Carnegie’s “Wealth” essay, published in 1889. Following are some excerpts that Mr. Simon says hold importance for him:

On Avoiding Extravagances

This, then, is held to be the duty of the man of wealth: To set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent upon him; and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer, and strictly bound as a matter of duty to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community — the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer, doing for them better than they would or could do for themselves.

On Helping Those Who Help Themselves

In bestowing charity, the main consideration should be to help those who will help themselves; to provide part of the means by which those who desire to improve may do so; to give those who desire to rise the aids by which they may rise; to assist, but rarely or never to do all.

On Lifting Aspirations of the Poor

The first requisite for a really good use of wealth by the millionaire who has accepted the gospel which proclaims him only a trustee of the surplus that comes to him, is to take care that the purposes for which he spends it shall not have a degrading, pauperizing tendency upon its recipients, but that his trust shall be so administered as to stimulate the best and most aspiring poor of the community to further efforts for their own improvement.

On Winning Admiration

The gospel of wealth but echoes Christ’s words. It calls upon the millionaire to sell all that he hath and give it in the highest and best form to the poor by administering his estate himself for the good of his fellows, before he is called upon to lie down and rest upon the bosom of Mother Earth. So doing, he will approach his end no longer the ignoble hoarder of useless millions; poor, very poor indeed, in money, but rich, very rich, 20 times a millionaire still, in the affection, gratitude, and admiration of his fellow-men, and — sweeter far — soothed and sustained by the still, small voice within, which, whispering, tells him that, because he has lived, perhaps one small part of the great world has been bettered just a little. This much is sure: against such riches as these no bar will be found at the gates of Paradise.