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 The course of events will be a series of overturns, whose number and violence will be proportional to the activity of capital.

In 1839, the number of failures in Paris alone was one thousand and sixty-four. This proportion was kept up in the early months of 1840; and, as I write these lines, the crisis is not yet ended. It is said, further, that the number of houses which have wound up their business is greater than the number of declared failures. By this flood, we may judge of the waterspout’s power of suction.

The decimation of society is now imperceptible and permanent, now periodical and violent; it depends upon the course which property takes. In a country where the property is pretty evenly distributed, and where little business is done,—the rights and claims of each being balanced by those of others,—the power of invasion is destroyed. There—it may be truly said—property does not exist, since the right of increase is scarcely exercised at all. The condition of the laborers—as regards security of life—is almost the same as if absolute equality prevailed among them. They are deprived of all the advantages of full and free association, but their existence is not endangered in the least. With the exception of a few isolated victims of the right of property—of this misfortune whose primary cause no one perceives—the society appears to rest calmly in the bosom of this sort of equality. But have a care; it is balanced on the edge of a sword: at the slightest shock, it will fall and meet with death!

Ordinarily, the whirlpool of property localizes itself. On the one hand, farm-rent stops at a certain point; on the other, in consequence of competition and over-production, the price of manufactured goods does not rise,—so that the condition of the peasant varies but little, and depends mainly on the