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 to this sword of Damocles, suspended by a single hair over the head of the unfortunate husbandman? The expenses of seizure will be much less, it is said; but will the interest on the borrowed capital be less exorbitant? For, after all, it is interest which impoverishes the peasant and leads to his expropriation. That the law may be in harmony with its principle, that it may be truly inspired by that spirit of justice for which it is commended, it must—while facilitating expropriation—lower the legal price of money. Otherwise, the reform concerning mortgages is but a trap set for small proprietors,—a legislative trick.

Lower interest on money! But, as we have just seen, that is to limit property. Here, sir, you shall make your own defence. More than once, in your learned lectures, I have heard you deplore the precipitancy of the Chambers, who, without previous study and without profound knowledge of the subject, voted almost unanimously to maintain the statutes and privileges of the Bank. Now these privileges, these statutes, this vote of the Chambers, mean simply this,—that the market price of specie, at five or six per cent., is not too high, and that the conditions of exchange, discount, and circulation, which generally double this interest, are none too severe. So the government thinks. M. Blanqui—a professor of political economy, paid by the State—maintains the contrary, and pretends to demonstrate, by decisive arguments, the necessity of a reform. Who, then, best understands the interests of property,—the State, or M. Blanqui?

If specie could be borrowed at half the present rate, the revenues from all sorts of property would soon be reduced one-half also. For example: when it costs less to build a house than to hire one, when it is cheaper to clear a field than to procure one already cleared, competition inevitably