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 farm-rents being fixed by the value of the capital, and the latter being measured by the tax, to depreciate his real estate would be to reduce his revenue. On the other hand, it is equally evident that the same proprietors could not overestimate the value of their property, in order to increase their incomes beyond the limits of the law, since the tenants and farmers, with their old leases in their hands, would enter a protest.

Such, sir, must be the result sooner or later of the conversion which has been so long demanded; otherwise, the financial operation of which we are speaking would be a crying injustice, unless intended as a stepping-stone. This last motive seems the most plausible one; for in spite of the clamors of interested parties, and the flagrant violation of certain rights, the public conscience is bound to fulfil its desire, and is no more affected when charged with attacking property, than when listening to the complaints of the bondholders. In this case, instinctive justice belies legal justice.

Who has not heard of the inextricable confusion into which the Chamber of Deputies was thrown last year, while discussing the question of colonial and native sugars? Did they leave these two industries to themselves? The native manufacturer was ruined by the colonist. To maintain the beet-root, the cane had to be taxed. To protect the property of the one, it became necessary to violate the property of the other. The most remarkable feature of this business was precisely that to which the least attention was paid; namely, that, in one way or another, property had to be violated. Did they impose on each industry a proportional tax, so as to preserve a balance in the market? They created a maximum price for each variety of sugar; and, as this maximum price was not the same, they attacked property in two ways,—on