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lization； how is this deep…seated antagonism to be explained？＇1＇
＇1＇ 〃What is Property？〃 Chap。 IV。； Ninth Proposition。
Not satisfied with the power of dispossessing a citizen on the ground of public utility； they want also to dispossess him on the ground of PRIVATE UTILITY。 For a long time； a revision of the law concerning mortgages was clamored for； a process was demanded； in behalf of all kinds of credit and in the interest of even the debtors themselves； which would render the expropriation of real estate as prompt； as easy； and as effective as that which follows a commercial protest。 The Chamber of Deputies； in the early part of this year； 1841； discussed this project； and the law was passed almost unanimously。 There is nothing more just； nothing more reasonable； nothing more philosophical apparently； than the motives which gave rise to this reform。
I。 Formerly； the small proprietor whose obligation had arrived at maturity； and who found himself unable to meet it； had to employ all that he had left； after being released from his debt； in defraying the legal costs。 Henceforth； the promptness of expropriation will save him from total ruin。 2。 The difficulties in the way of payment arrested credit； and prevented the employment of capital in agricultural enterprises。 This cause of distrust no longer existing； capitalists will find new markets； agriculture will rapidly develop； and farmers will be the first to enjoy the benefit of the new law。 3。 Finally； it was iniquitous and absurd； that； on account of a protested note； a poor manufacturer should see in twenty…four hours his business arrested； his labor suspended； his merchandise seized； his machinery sold at auction； and finally himself led off to prison； while two years were sometimes necessary to expropriate the most miserable piece of real estate。
These arguments； and others besides； you clearly stated； sir； in your first lectures of this academic year。
But； when stating these excellent arguments； did you ask yourself； sir； whither would tend such a transformation of our system of mortgages？ 。 。 。 To monetize； if I may say so； landed property； to accumulate it within portfolios； to separate the laborer from the soil； man from Nature； to make him a wanderer over the face of the earth； to eradicate from his heart every trace of family feeling； national pride； and love of country； to isolate him more and more； to render him indifferent to all around him； to concentrate his love upon one object；money； and； finally； by the dishonest practices of usury； to monopolize the land to the profit of a financial aristocracy；a worthy auxiliary of that industrial feudality whose pernicious influence we begin to feel so bitterly。 Thus； little by little； the subordination of the laborer to the idler； the restoration of abolished castes； and the distinction between patrician and plebeian； would be effected； thus； thanks to the new privileges granted to the property of the capitalists； that of the small and intermediate proprietors would gradually disappear； and with it the whole class of free and honest laborers。 This certainly is not my plan for the abolition of property。 Far from mobilizing the soil； I would； if possible； immobilize even the functions of pure intelligence； so that society might be the fulfilment of the intentions of Nature； who gave us our first possession； the land。 For； if the instrument or capital of production is the mark of the laborer； it is also his pedestal； his support； his country； and； as the Psalmist says； THE PLACE OF HIS ACTIVITY AND HIS REST。＇1＇
＇1＇ _Tu cognovisti sessionem meam et resurrectionem meam_。 Psalm 139。
Let us examine more closely still the inevitable and approaching result of the last law concerning judicial sales and mortgages。 Under the system of competition which is killing us； and whose necessary expression is a plundering and tyrannical government； the farmer will need always capital in order to repair his losses； and will be forced to contract loans。 Always depending upon the future for the payment of his debts； he will be deceived in his hope； and surprised by maturity。 For what is there more prompt； more unexpected； more abbreviatory of space and time； than the maturity of an obligation？ I address this question to all whom this pitiless Nemesis pursues； and even troubles in their dreams。 Now； under the new law； the expropriation of a debtor will be effected a hundred times more rapidly； then； also； spoliation will be a hundred times surer； and the free laborer will pass a hundred times sooner from his present condition to that of a serf attached to the soil。 Formerly； the length of time required to effect the seizure curbed the usurer's avidity； gave the borrower an opportunity to recover himself； and gave rise to a transaction between him and his creditor which might result finally in a complete release。 Now； the debtor's sentence is irrevocable： he has but a few days of grace。
And what advantages are promised by this law as an offset 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 mustwhile facilitating expropriationlower 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。 Blanquia 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 leads to a reduction of house and farm…rents； since the surest way to depreciate active capital is to increase its amount。 But it is a law of political economy that an increase of production augments the mass of available capital； consequently tends to raise wages； and finally to annihilate interest。 Then； proprietors are interested in maintaining the statutes and privileges of the Bank； then； a reform in this matter would compromise the right of increase； then； the peers and deputies are better informed than Professor Blanqui。
But these same deputies；so jealous of their privileges whenever the equalizing effects of a reform are within their intellectual horizon；what did they do a few days before they passed the law concerning judicial sales？ They formed a conspiracy against property！ Their law to regulate the labor of children in factories will； without doubt； prevent the manufacturer from compelling a child to labor more than so many hours a day； but it will not force him to increase the pay of the child； nor that of its father。 To…day； in the interest of health； we diminish the subsistence of the poor； to…morrow it will be necessary to protect them by fixing their MINIMUM wages。 But to fix their minimum wages is to compel the proprietor； is to force the master to accept his workman as an associate； which interferes w