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xxix at all probable, the latter should not obtain an absolute majority of the votes, the Assembly would not fail to elect General Cavaignac, he espoused, for the sake of form, the candidacy of Raspail, who was supported by his friends in the Socialist Committee. Charles Delescluze, the editor-in-chief of "La Révolution Démocratique et Sociale," who could not forgive him for having preferred Raspail to Ledru-Rollin, the candidate of the Mountain, attacked him on the day after the election with a violence which overstepped all bounds. At first, Proudhon had the wisdom to refrain from answering him. At length, driven to an extremity, he became aggressive himself, and Delescluze sent him his seconds. This time, Proudhon positively refused to fight; he would not have fought with Félix Pyat, had not his courage been called in question.

On the 25th of January, 1849, Proudhon, rising from a sick bed, saw that the existence of the Constituent Assembly was endangered by the coalition of the monarchical parties with Louis Bonaparte, who was already planning his coup d'Etat. He did not hesitate to openly attack the man who had just received five millions of votes. He wanted to break the idol; he succeeded only in getting prosecuted and condemned himself. The prosecution demanded against him was authorized by a majority of the Constituent Assembly, in spite of the speech which he delivered on that occasion. Declared guilty by the jury, he was sentenced, in March, 1849, to three years’ imprisonment and the payment of a fine of ten thousand francs.

Proudhon had not abandoned for a single moment his project of a Bank of Exchange, which was to operate without capital with a sufficient number of merchants and