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 therefore he considers it a duty to lay by and put out to interest 10,000 francs every year.

The following is a list of his expenses:&mdash;

Let us examine each of these items, and we shall see that not a single farthing escapes the national labour.

1st. Personal expenses.&mdash;These, as far as work-people and tradesmen are concerned, have precisely the same effect as an equal sum spent by Mondor. This is self-evident, therefore we shall say no more about it.

2nd. Benevolent objects.&mdash;The 10,000 francs devoted to this purpose benefit trade in an equal degree; they reach the butcher, the baker, the tailor, and the carpenter. The only thing is, that the bread, the meat, and the clothing are not used by Aristus, but by those whom he has made his substitutes. Now, this simple substitution of one consumer for another in no way effects trade in general. It is all one, whether Aristus spends a crown, or desires some unfortunate person to spend it instead.

3rd. Offices of friendship. The friend to whom Aristus lends or gives 10,000 francs, does not receive them to bury them; that would be against the hypothesis. He uses them to pay for goods, or to discharge debts. In the first case, trade is encouraged. Will any one pretend to say that it