,/UDY #e 
,SOCIAL ,LIQUIDATION 

#aheaahea 

,PEOPLE 3 

,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON 

,TEXT 3 

,FIF? ,/UDY4 ,SOCIAL ,LIQUIDATION4 

,! PREC$+ /UDIES1 AS MU* UPON CONTEMPORANE\S SOCIETY AS UPON ! RE=MS :I* IT SUGGE/S1 HAVE TAU<T US SEV]AL ?+S :I* IT IS WELL TO REC\NT H]E SUMM>ILY4 

,! FALL ( ! MON>*Y ( ,JULY & ! PROCLAMATION ( ! ,REPUBLIC W]E ! SIGNAL = A SOCIAL REVOLUTION4 
,?IS ,REVOLUTION1 AT FIR/ NOT UND]/OOD1 LITTLE BY LITTLE BECAME DEF9$1 DET]M9$ & SETTL$1 UND] ! 9FLU5CE ( ! V]Y SAME ,REACTION :I* WAS DISPLAY$ AGA9/ IT1 FROM ! FIR/ DAYS ( ! ,PROVISIONAL ,GOV]NM5T4 
,?IS ,REVOLUTION CONSI/S 9 SUB/ITUT+ ! ECONOMIC1 OR 9DU/RIAL1 SY/EM1 = ! GOV]NM5TAL1 FEUDAL & MILIT>Y SY/EM1 9 ! SAME WAY ?AT ! PRES5T SY/EM WAS SUB/ITUT$1 BY A PREVI\S REVOLUTION1 = A !OCRATIC OR SAC]DOTAL SY/EM4 
,BY AN 9DU/RIAL SY/EM1 WE UND]/&1 NOT A =M ( GOV]NM5T1 9 :I* M5 DEVOT$ TO AGRICULTURE & 9DU/RY1 PROMOT]S1 PROPRIETORS1 WORKM51 BECOME 9 !IR TURN A DOM9ANT CA/E1 AS W]E =M]LY ! NOBILITY & CL]GY1 BUT A CON/ITUTION ( SOCIETY HAV+ = ITS BASIS ! ORGANIZATION ( ECONOMIC =CES1 9 PLACE ( ! HI]>*Y ( POLITICAL P[]S4 
,& TO EXPLA9 ?AT ?IS ORGANIZATION MU/ RESULT FROM ! NATURE ( ?+S1 ?AT !RE IS NO?+ >BITR>Y AB\T IT1 ?AT IT F9DS ITS LAW 9 E/ABLI%$ PRACTICE1 WE HAVE SAID ?AT1 9 ORD] TO BR+ IT AB\T1 ! QUE/ION WAS ( ONE ?+ ONLY3 ,TO *ANGE ! C\RSE ( ?+S1 ! T5D5CY ( SOCIETY4 

,PASS+ !N TO ! EXAM9ATION ( ! *IEF IDEAS ?AT (F] !MSELVES AS PR9CIPLES = GUIDANCE1 & ?AT S]VE AS BANN]S TO P>TIES1 WE HAVE RECOGNIZ$3 

 ,?AT ! PR9CIPLE ( ASSOCIATION1 9VOK$ BY MO/ ,S*OOLS1 IS AN ESS5TIALLY /]ILE PR9CIPLE2 ?AT IT IS NEI!R AN 9DU/RIAL =CE NOR AN ECONOMIC LAW2 ?AT IT W\LD 9VOLVE BO? GOV]NM5T & OB$I5CE1 TWO WORDS :I* ! ,REVOLUTION B>S4 
,?AT ! POLITICAL PR9CIPLE REVIV$ REC5TLY1 UND] ! NAMES ( DIRECT LEGISLATION1 DIRECT GOV]NM5T1 ETC41 IS BUT A FALSE APPLICATION ( ! PR9CIPLE ( AU?ORITY1 :]E( ! SPH]E IS 9 ! FAMILY1 BUT :I* CANNOT LEGITIMATELY BE EXT5D$ TO ! CITY OR ! NATION4 

,AT ! SAME TIME WE HAVE E/ABLI%$3 

 ,?AT 9 PLACE ( ! IDEA ( ASSOCIATION1 !RE WAS A T5D5CY TO SUB/ITUTE 9 ! WORKM5'S SOCIETIES A NEW IDEA1 RECIPROCITY1 9 :I* WE HAVE SE5 BO? AN ECONOMIC =CE & A LAW4 
,?AT TO ! IDEA ( GOV]NM5T !RE WAS OPPOS$1 EV5 9 ! POLITICAL TRADITION ITSELF1 ! IDEA ( CONTRACT1 ! ONLY MORAL BOND :I* FREE & EQUAL BE+S CAN ACCEPT4 

,?US WE COME TO RECOGNIZE ! ESS5TIAL FACTORS ( ! ,REVOLUTION4 

,ITS CAUSE3 ! ECONOMIC *AOS :I* ! ,REVOLUTION ( #a<i LEFT AFT] IT4 

,ITS OCCASION3 A PROGRESSIVE1 SY/EMATIC POV]TY1 ( :I* ! GOV]NM5T F9DS ITSELF1 WILLY-NILLY1 ! PROMOT] & SUPPORT]4 

,ITS ORGANIC PR9CIPLE3 RECIPROCITY2 9 LAW T]MS1 CONTRACT4 

,ITS AIM3 ! GU>ANTEE ( WORK & WAGES1 & !NCE ! 9DEF9ITE 9CREASE ( WEAL? & ( LIB]TY4 

,ITS P>TIES1 :I* WE DIVIDE 9TO TWO GR\PS3 ! ,SOCIALI/ S*OOLS1 :I* 9VOKE ! PR9CIPLE ( ,ASSOCIATION2 & ! DEMOCRATIC FACTIONS1 :I* >E /ILL DEVOT$ TO ! PR9CIPLES ( C5TRALIZATION & ( ! ,/ATE4 

,F9ALLY1 ITS ADV]S>IES1 ! CAPITALI/IC1 !OLOGICAL USURI\S1 GOV]NM5TAL1 P>TISANS ( ! /ATUS QUO1 ALL ?OSE 9DE$ :O LIVE LESS BY LABOR ?AN BY PREJUDICE & PRIVILEGE4 

,TO D$UCE ! ORGANIZ+ PR9CIPLE ( ! ,REVOLUTION1 ! IDEA AT ONCE ECONOMIC & LEGAL ( RECIPROCITY & ( CONTRACT1 TAK+ ACC\NT ( ! DIFFICULTIES & OPPOSITION :I* ?IS D$UCTION MU/ 5C\NT]1 :E!R ON ! P>T ( REVOLUTION>Y SECTS1 P>TIES OR SOCIETIES1 OR FROM ! REACTION>IES & DEF5D]S ( ! /ATUS QUO2 TO EXP\ND ! TOTALITY ( !SE RE=MS & NEW 9/ITUTIONS1 :]E9 LABOR F9DS ITS GU>ANTEE1 PROP]TY ITS LIMIT1 COMM]CE ITS BALANCE1 & GOV]NM5T ITS F>EWELL2 ?AT IS TO TELL1 FROM ! 9TELLECTUAL PO9T ( VIEW1 ! /ORY ( ! ,REVOLUTION4 

,:AT ,I AM AB\T TO SAY1 AS :AT ,I HAVE SAID1 IS !RE=E NEI!R PROPHECY1 NOR AGITATION1 NOR AL>M4 ,EV]YBODY TO-DAY KN[S WELL 5\< ?AT ,I BELONG TO NO P>TY & REJECT ALL S*OOLS1 & !RE=E HAVE NO FOLL[+ TO :I* ,I C\LD GIVE 9/RUCTIONS & ORD]S ( ! DAY4 ,I TELL :AT IS2 CONSEQU5TLY :AT WILL BE3 ,I HAVE NO REASON TO WRITE ANY?+ BUT ! TRU? AS IT /RIKES ME1 & ! DESIRE TO 5LI<T5 MY COMPATRIOTS & CONTEMPOR>IES UPON !IR SITUATION4 

,H[ & 9 :AT ORD] WILL !SE QUE/IONS >ISE8 ,H[ LONG WILL ! WORK+ \T ( ! REVOLUTION LA/8 ,WILL IT BE COMPLET$ 9 ONE NI<T1 LIKE ?AT ( ! #d? ( ,AUGU/1 OR BY A S]IES ( VICTORIES ( ! REVOLUTION OV] ! C\NT]-REVOLUTION8 ,:AT COMPROMISES WILL BE MADE8 ,:AT DELAYS & PO/PONEM5TS GRANT$8 ,:AT MODIFICATIONS 9 PR9CIPLES WILL P>TIES1 SECTS1 & SELF-CONCEIT P]MIT TO PREVAIL8 ,:AT P>LIAM5T>Y1 ADM9I/RATIVE1 ELECTORAL1 MILIT>Y1 EPISODES WILL OCCUR1 TO 5LIV5 & ADORN ?IS EPIC8 ,I DO NOT KN[3 ,I AM ABSOLUTELY IGNORANT ( !SE ?+S4 ,ONCE AGA91 ,I AM NO MORE A =TUNETELL] ?AN ,I AM A MAN ( P>TY OR SECT4 ,I D$UCE ! G5]AL CONSEQU5CES ( ! FUTURE FROM ! FACTS ( ! PRES5T2 SOME LEAVES FROM ! BOOK ( ,DE/9Y ?AT ,I ?R[ TO ! W9DS4 ,?IS IS TO BE1 ?AT IS ALL ,I CAN SAY1 BECAUSE IT IS WRITT51 & WE CANNOT PREV5T IT4 ,BUT 9 :AT MANN] IT WILL COME TO PASS1 ,I CANNOT =ESEE1 S9CE WE >E 5TIRELY MA/]S ( \R FATE1 & ON ?IS PO9T1 \R FREE *OICE IS ! JUDGE ( LA/ RESORT4 

,I !RE=E BEG MY READ]S NOT TO JUDGE MY S5TIM5TS AS A MAN 5TIRELY ACCORD+ TO MY CONVICTIONS AS A HI/ORIAN4 ,MORE (T5 ?AN ONCE IT WILL FALL TO ME TO SU/A91 FROM ! PO9T ( VIEW ( ! NECESSITY ( ?+S1 SU* & SU* A MEASURE1 UPON :I*1 IF ,I %\LD LI/5 TO MY HE>T1 ,I %\LD P]HAPS *ANGE MY M9D2 A PA9FUL WR5* = ME1 BUT = :I* ! PUBLIC WILL =GIVE ME1 IF IT PREF]S AN 9FLEXIBLE LOGICIAN :O 9/RUCTS IT1 TO ! ELEGANT & S5TIM5TAL WRIT] :O FLATT]S IT4 

,AFT] !SE PRELIM9>IES1 WE HAVE N[ ?REE ?+S TO DO3 

#a/4 ,TO CUT %ORT ! DISORGANIZ+ T5D5CY :I* ! OLD REVOLUTION BEQUEA!D TO US1 & TO PROCE$1 ) ! AID ( ! NEW PR9CIPLE1 TO ! DISSOLUTION ( E/ABLI%$ 9T]E/S4 --,?US ! ,CON/ITU5T ,ASSEMBLY PROCE$$ ON ! NI<T ( ! #d? ( ,AUGU/ #a#g#h#i4 

#bND4 ,TO ORGANIZE1 ALWAYS ) ! AID ( ! NEW PR9CIPLE1 ! ECONOMIC =CES1 & TO LAY D[N ! LAW ( PROP]TY4 

#cRD4 ,TO DISSOLVE1 SUBM]GE1 & CAUSE TO DISAPPE> ! POLITICAL OR GOV]NM5TAL SY/EM 9 ! ECONOMIC SY/EM1 BY R$UC+1 SIMPLIFY+1 DEC5TRALIZ+ & SUPPRESS+1 ONE AFT] ANO!R1 ALL ! :EELS ( ?IS GREAT MA*9E1 :I* IS CALL$ ! ,GOV]NM5T OR ! ,/ATE4 

,SU* >E ! QUE/IONS ?AT WE >E AB\T TO TREAT 9 ?IS /UDY1 & 9 ! TWO SUCCE$+4 ,9 ANO!R WORK1 TAK+ UP AGA9 REVOLUTION>Y PRACTICE FROM A HI<] /&PO9T1 WE %ALL 5DEAVOR TO SEP>ATE FROM IT A L(TI] VIEW1 NOTABLY 9 :AT CONC]NS RELIGI\S IDEAS1 MORALITY1 PHILOSOPHY1 LIT]ATURE & ! >TS2 & WE %ALL SAY ! LA/ WORD AB\T ! PRES5T REVOLUTION4 

,SUPPOSE ?AT 9 #a#h#e#b1 :5 !Y W]E SUMMON$ TO ELECT !IR REPRES5TATIVES1 ! ,PEOPLE1 BE=E GO+ TO ! BALLOT BOXES1 HAD TAK5 C\NSEL ) !MSELVES1 REVIS$1 AS 9 '#h#i1 ! LI/ ( !IR DESIRES1 & ORD]$ !IR DEPUTIES TO PUT !M 9TO EXECUTION2 ?AT !Y HAD SAID TO !M3 

,WE DESIRE A PEACEFUL REVOLUTION1 BUT WE WANT IT TO BE PROMPT1 DECISIVE1 COMPLETE4 ,WE DESIRE ?AT TO ?IS SY/EM ( OPPRESSION & POV]TY %\LD SUCCE$ A SY/EM ( COM=T & LIB]TY2 ?AT = A CON/ITUTION ( POLITICAL P[]S %\LD BE SUB/ITUT$ AN ORGANIZATION ( ECONOMIC =CES2 ?AT ! MAN & ! CITIZ51 9/EAD ( BE+ ATTA*$ TO SOCIETY BY ANY BOND ( SUBORD9ATION & OB$I5CE1 %\LD BE HELD ONLY BY FREE CONTRACT4 ,F9ALLY WE DESIRE ?AT = ! REALIZATION ( \R WI%ES1 Y\ %\LD MAKE USE ( ! V]Y 9/ITUTIONS :I* WE *>GE Y\ TO ABOLI%1 & ! PR9CIPLES ( LAW :I* Y\ WILL HAVE TO COMPLETE1 9 SU* A WAY ?AT ! NEW SOCIETY MAY APPE> AS ! SPONTANE\S1 NATURAL & NECESS>Y DEVELOPM5T ( ! OLD1 & ?AT ! ,REVOLUTION1 :ILE ABROGAT+ ! OLD ORD]1 %\LD NEV]!LESS BE D]IV$ FROM IT4 

,SUPPOSE1 ,I SAY1 ?AT ! ,PEOPLE1 ONCE 5LI<T5$ AS TO !IR TRUE 9T]E/S1 DECL>E !IR WILL1 NOT TO RE=M GOV]NM5T1 BUT TO REVOLUTIONIZE SOCIETY3 9 ?AT CASE1 )\T PREJUDICE TO A BETT] PLAN1 )\T PRET5D+ ?AT ! /EPS H]E9 PO9T$ \T >E AT ALL ABSOLUTE1 OR 9CAPABLE ( ALL SORTS ( MODIFICATIONS1 ?IS IS H[ ,I CONCEIVE ! ,REPRES5TATIVES ( ! ,PEOPLE MI<T C>RY \T !IR M&ATE4 

,I TAKE = MY />T+ PO9T A QUE/ION :I* MAY BE DEEM$ TIRESOME1 ! ,BANK ( DISC\NT3 ,I %ALL TRY TO PRES5T IT 9 A NEW & MORE 9T]E/+ LI<T1 BY SUPPRESS+ ALL TE*NICAL DETAILS1 & ALL DISCUSSION ( !ORY4 

#a4 ,NATIONAL ,BANK 

,TWO PRODUC]S HAVE ! RI<T TO PROMISE EA* O!R1 & TO GU>ANTEE RECIPROCALLY =1 ! SALE OR EX*ANGE ( !IR RESPECTIVE PRODUCTS1 AGREE+ UPON ! >TICLES & ! PRICES4 7,>T4 #aehi & #agc ( ! ,CIVIL ,CODE47 

,! SAME PROMISE ( RECIPROCAL SALE OR EX*ANGE1 UND] ! SAME LEGAL CONDITIONS1 MAY EXI/ AMONG AN UNLIMIT$ NUMB] ( PRODUC]S3 IT WILL BE ! SAME CONTRACT1 REPEAT$ AN UNLIMIT$ NUMB] ( TIMES4 

,FR5* CITIZ5S HAVE ! RI<T TO AGREE1 &1 IF DESIR$1 TO CLUB TOGE!R = ! E/ABLI%M5T ( BAK]IES1 BUT*]Y %OPS1 GROC]Y /ORES1 @&C41 :I* WILL GU>ANTEE !M ! SALE & EX*ANGE1 AT A R$UC$ PRICE1 & ( GOOD QUALITY1 ( BREAD1 MEAT1 & ALL >TICLES ( CONSUMPTION1 :I* ! PRES5T M]CANTILE *AOS GIVES !M ( LI<T WEI<T1 ADULT]AT$1 & AT AN EXORBITANT PRICE4 ,= ?IS PURPOSE ! ,H\SEKEEP] WAS F\ND$1 A SOCIETY = ! MUTUAL 9SURANCE ( A JU/ PRICE & HONE/ EX*ANGE ( PRODUCTS4 

,BY ! SAME RULE1 CITIZ5S HAVE ! RI<T TO F\ND1 = !IR COMMON ADVANTAGE1 A ,BANK1 ) SU* CAPITAL AS !Y *OOSE1 = ! PURPOSE ( OBTA9+ AT A L[ PRICE ! CURR5CY ?AT IS 9DISP5SABLE 9 !IR TRANSACTIONS1 & TO COMPETE ) 9DIVIDUAL PRIVILEG$ BANKS4 ,9 AGREE+ AMONG !MSELVES ) ?IS OBJECT1 !Y WILL ONLY BE MAK+ USE ( ! RI<T :I* IS GU>ANTE$ TO !M BY ! PR9CIPLE ( ! FRE$OM ( COMM]CE1 & ! >TICLES #aehi & #agc ( ! ,CIVIL ,CODE1 :I* >E ! 9T]PRETATION ( IT4 

,?US A ,BANK ( ,DISC\NT MAY BE A PUBLIC E/ABLI%M5T1 & TO F\ND IT !RE IS NE$$ NEI!R ASSOCIATION1 NOR FRAT]NITY1 NOR OBLIGATION1 NOR ,/ATE 9T]V5TION2 ONLY A RECIPROCAL PROMISE = SALE OR EX*ANGE IS NE$$2 9 A WORD1 A SIMPLE CONTRACT4 

,?IS SETTL$1 ,I SAY ?AT NOT ONLY MAY A ,BANK ( ,DISC\NT BE A PUBLIC E/ABLI%M5T1 BUT ?AT SU* A BANK IS NE$$4 ,H]E IS ! PRO(3 

,! ,BANK ( ,FRANCE WAS F\ND$1 ) ,GOV]NM5TAL PRIVILEGE1 BY A COMPANY ( /OCKHOLD]S1 ) A CAPITAL ( @s#a#h114 ,! SPECIE AT PRES5T BURI$ 9 ITS VAULTS AM\NTS TO AB\T @s#a#b114 ,?US FIVE-SIX?S ( ?IS SPECIE :I* HAS ACCUMULAT$ 9 ! VAULTS ( ! ,BANK1 BY ! SUB/ITUTION ( PAP] = METAL 9 G5]AL CIRCULATION1 IS ! PROP]TY ( ! CITIZ5S4 ,!RE=E ! ,BANK1 BY ! NATURE ( ITS ME*ANISM1 :I* CONSI/S 9 US+ CAPITAL :I* DOES NOT BELONG TO IT1 \<T TO BE A PUBLIC 9/ITUTION4 

,ANO!R CAUSE ( ?IS ACCUMULATION ( SPECIE IS ! GRATUIT\S PRIVILEGE :I* ! ,BANK ( ,FRANCE HAS OBTA9$ FROM ! ,/ATE ( ISSU+ NOTES AGA9/ ! SPECIE ( :I* IT IS ! DEPOSIT>Y4 ,SO1 AS EV]Y PRIVILEGE IS PUBLIC PROP]TY1 ! ,BANK ( ,FRANCE1 BY ITS PRIVILEGE ALONE1 T5DS TO BECOME A PUBLIC 9/ITUTION4 

,! PRIVILEGE ( ISSU+ BANK NOTES1 & ( GRADUALLY DISPLAC+ CO9 BY PAP] 9 ! CIRCULATION1 HAS = ITS IMM$IATE RESULT1 ON ! ONE H&1 TO GIVE TO ! /OCKHOLD]S ( ! ,BANK AN AM\NT ( 9T]E/ F> 9 EXCESS ( ?AT DUE TO !IR CAPITAL2 ON ! O!R1 TO MA9TA9 ! PRICE ( MONEY AT A HI< RATE1 TO ! GREAT PR(IT ( ! CLASS ( BANK]S & MONEY-L5D]S1 BUT TO ! GREAT DETRIM5T ( PRODUC]S1 MANUFACTUR]S1 M]*ANTS1 CONSUM]S ( EV]Y K9D :O MAKE USE ( CURR5CY4 ,?IS EXCESS ( 9T]E/ PAID TO /OCKHOLD]S1 & ! RISE 9 ! RATES = MONEY1 BO? ! RESULT ( ! DESIRE :I* ,P[] HAS ALWAYS HAD TO MAKE ITSELF AGREEABLE TO ! RI*1 CAPITALI/IC CLASS1 >E UNJU/1 !Y CANNOT LA/ =EV]2 !RE=E ! ,BANK1 BY ! ILLEGITIMACY ( ITS PRIVILEGES1 IS DOOM$ TO BECOME A PUBLIC E/ABLI%M5T4 

,I PROPOSE !RE=E1 9 ! FIR/ PLACE1 9 CON=MITY ) ! 9DICATIONS FURNI%$ BY F9ANCIAL PRACTICE1 ?AT ! ,REPRES5TATIVES ( ! PEOPLE1 :O HOLD ! PORTFOLIOS ( !IR DEP>TM5TS1 %ALL MAKE USE ( ! P[] GRANT$ TO !M BY ! ,CON/ITUTION ( #a#h#d#h1 & PROMULGATE A DECREE DECL>+ ! ,BANK ( ,FRANCE1 NOT ! PROP]TY ( ! ,/ATE1 ,I %ALL %ORTLY TELL :Y1 BUT AN 9/ITUTION ( PUBLIC UTILITY1 & ORD]+ ! DISSOLUTION ( ! COMPANY4 

,?AT IS NOT ALL4 

,! ,BANK ( ,FRANCE1 HAV+ BECOME AN 9/ITUTION ( PUBLIC UTILITY1 & HAV+ ITS CAPITAL FURNI%$ BY ITS [N CU/OM]S1 WILL NO LONG] HAVE TO S]VE ANY \TSIDE 9T]E/S4 ,9 ! FIR/ PLACE1 ! AXIOM ( ! LAW1 ,RES SUA NULLI S]VIT1 IS CONTR>Y TO IT4 ,MOREOV]1 ! G5]AL GOOD1 :I* REQUIRES ?AT MONEY1 LIKE MEAT1 W9E & O!R M]*&ISE1 %ALL BE SOLD AT ! L[E/ PRICE POSSIBLE1 IS OPPOS$ TO IT4 ,ALL M]*ANTS & MANUFACTUR]S RECOGNIZE ?IS3 IT IS ! DE>NESS ( MONEY & CAPITAL :I* KEEPS UP POV]TY 9 \R C\NTRY1 & CAUSES \R 9F]IORITY TO ,5GL&4 

,! PRES5T RATE ( 9T]E/ ON MONEY AT ! ,BANK IS #d P]C5T2 :I* MEANS #e1 #f1 #g1 #h & #i P]C5T AT O!R BANK]S1 :O ALMO/ ALONE HAVE ! PRIVILEGE ( DISC\NT+ AT ! ,BANK4 

,WELL1 AS ?IS 9T]E/ BELONGS TO ! PUBLIC1 ! PUBLIC WILL BE ABLE TO R$UCE IT AT WILL TO #c1 #b1 #a1  #a_/#b  &  #a_/#d  P]C5T1 ACCORD+ TO :E!R IT IS F\ND TO BE ( GREAT] ADVANTAGE TO DRAW A L>GE REV5UE FROM ! ,BANK1 OR TO C>RY ON BUS9ESS AT A L[] CO/4 

,LET ?IS C\RSE ( R$UCTION1 = H[EV] SMALL AN AM\NT1 ONCE BE 5T]$ UPON1 & CONT9U$ AS SL[LY AS Y\ LIKE1 FA/] OR MORE SL[LY MAKES NO DIFF]5CE2 !N1 ,I ASS]T1 ! SOCIAL T5D5CY 9 ALL ?AT CONC]NS ! PRICE ( MONEY & DISC\NT1 ?R\<\T ! :OLE T]RITORY ( ! ,REPUBLIC1 WILL BE IMM$IATELY *ANG$1 IPSO FACTO1 & ?AT ?IS SIMPLE *ANGE WILL CAUSE ! ,C\NTRY TO PASS FROM ! PRES5T CAPITALI/IC & GOV]NM5TAL SY/EM TO A REVOLUTION>Y SY/EM4 

,AH6 IS ANY?+ SO T]RIBLE AS A REVOLUTION8 

,IF Y\ ASK ME N[ H[ F> ,I = MY P>T ?9K ?IS R$UCTION ( 9T]E/ %\LD BE C>RI$1 ,I DO NOT HESITATE TO ANSW]3 TO ! FIGURE ?AT IS RIGOR\SLY NECESS>Y TO COV] ! EXP5SES ( ADM9I/RATION & WE> ( METALS1 P]HAPS  #a_/#b  OR  #a_/#d  P]C5T2 & ,I PROPOSE TO ADD TO ! DECREE A SECOND CLAUSE TO ?AT EFFECT4 

,I WILL NOT DISCUSS H]E MY REASONS = ?AT OP9ION1 :I* = A LONG TIME W]E P]SONAL TO ME4 ,I HAVE GIV5 !M ELSE:]E4 ,= ! PRES5T ,I HAVE NO?+ TO DO ) POLITICAL ECONOMY1 NOR F9ANCES1 NOR MORALS2 ,I AM TALK+ ( REVOLUTION PURE & SIMPLE4 ,?AT IS :Y ,I 9SI/ *IEFLY UPON ! PR9CIPLE1 :ILE TAK+ ! LIB]TY ( EXPRESS+ MY OP9ION 9 ADVANCE UPON :AT RELATES TO PRACTICE4 ,ON ! DAY UPON :I* Y\ %ALL HAVE DECRE$ ! DEMOCRATIZATION ( ! ,BANK1 & ! R$UCTION ( 9T]E/1 ON ?AT DAY Y\ WILL HAVE 5T]$ UPON ! PA? TO REVOLUTION4 

,NEV]!LESS ,I MU/ NOT FAIL TO T\* 9 PASS+ UPON ONE ESS5TIAL CONSID]ATION4 ,IF ,I DESIRE TO PAY NO 9T]E/ TO ! ,BANK1 IT IS BECAUSE 9T]E/ IS 9 MY EYES A GOV]NM5TAL1 FEUDAL PRACTICE1 FROM :I* WE %ALL NEV] BE ABLE TO ESCAPE IF ! ,BANK ( ! ,C\NTRY BECOMES A ,BANK ( ! ,/ATE4 ,= A LONG TIME ,SOCIALISM HAS DREAM$ ( A ,/ATE ,BANK1 ,/ATE ,CR$IT1 REV5UES & PR(ITS ( ! ,/ATE2 ALL :I* MEANS ! DEMOCRATIC & SOCIAL CONSECRATION ( ! SPOLIATION PR9CIPLE1 ROBB]Y ( ! WORK]1 9 ! NAME1 ) ! EXAMPLE1 & UND] ! PATRONAGE ( ! ,REPUBLIC4 ,PLACE ! ,BANK ( ! ,PEOPLE 9 ! H&S ( ! ,GOV]NM5T1 &1 UND] ! PRETEXT ( SAV+ = ! ,/ATE ! PR(ITS ( DISC\NT 9 PLACE ( NEW TAXES1 NEW S9ECURES1 HUGE PICK+S1 UNHE>D ( WA/E WILL BE CREAT$ AT ! EXP5SE ( ! ,PEOPLE3 USURY1 P>ASITISM & PRIVILEGE WILL AGA9 BE FAVOR$4 ,NO1 NO1 ,I WANT NO ,/ATE1 NOT EV5 = A S]VANT2 ,I REJECT GOV]NM5T1 EV5 DIRECT GOV]NM5T2 ,I SEE 9 ALL !SE 9V5TIONS ONLY PRETEXTS = P>ASITISM & REFUGES = IDL]S4 

,SU* W\LD BE MY FIR/ REVOLUTION>Y ACT2 ?AT BY :I* ,I %\LD BEG9 ! DISSOLUTION ( SOCIETY4 

,:AT DO Y\ F9D 9 ?IS ( 9JU/ICE OR VIOL5CE8 ,DOES IT SEEM TO Y\ TO BE> ! IMPR9T ( DESPOTISM1 OR TO BE M>K$ BY LIB]TY8 ,DO Y\ NOT RECOGNIZE ! EXPRESSION ( ! ORGANIC PR9CIPLE1 RECIPROCITY1 CONTRACT8 ,WILL ! M]*ANTS1 MANUFACTUR]S1 AGRICULTURI/S1 HAVE ANY?+ TO COMPLA9 (8 ,ONCE ! DECREE IS PASS$ BY ! ,NATIONAL ,ASSEMBLY1--= :Y %\LD ,I NOT USE ?+S AS !Y >E TO *ANGE ?+S AS !Y >E8--! 9/ITUTION F\ND$1 ! C\NCIL ( ADM9I/RATORS ELECT$1 :AT CAN ! ,BANK ( ! ,PEOPLE HAVE 9 COMMON ) GOV]NM5T8 ,&1 AS = ?IS FAM\S C5TRALIZATION1 ( :I* Y\ >E SO PR\D1 W\LD NOT ?AT :I* W\LD R$UCE ! RATE ( 9T]E/ 9 ALL T[NS1 9DUSRIES1 & CORPORATIONS TO #c1 #b1 #a1 OR  #a_/#b  P]C5T SEEM SUP]IOR TO ?AT :I* W\LD RESULT FROM ! ABSOLUTE CONTROL ( ALL AGRICULTURE & 9DU/RY BY A ,C5TRAL ,BANK1 PRESID$ OV] BY ! ,M9I/] ( ,F9ANCE8 ,UND]/&1 R\T9E POLITICIANS1 ?AT TRUE C5TRALIZATION IS NOT A HI]>*Y ( FUNCTION>IES1 BUT ! EQUALITY ( WEAL? & SECURITY4 

#b4 ,! ,/ATE ,DEBT 

,9 CRITICIZ+ GOV]NM5T G5]ALLY1 ,I HAVE SAID ?AT IF CONTRACT C\LD SOLVE A S+LE QUE/ION 9 ! RELATIONS BETWE5 TWO 9DIVIDUALS1 IT C\LD AS EASILY SOLVE ALL QUE/IONS ?AT MI<T >ISE AMONG MILLIONS2 :5CE IT FOLL[S ?AT ! PROBLEM ( ORD] 9 SOCIETY IS MILLIONS ( TIMES EASI] TO ATTACK BY WAY ( A B>GA9 ?AN BY WAY ( AU?ORITY4 ,?AT IS :AT ,I HOPE TO BR+ HOME1 BY ! FULLE/ EVID5CE1 9 ?IS /UDY & ! SUCCE$+4 ,! FIR/ PROBLEM1 ?AT ( EX*ANGE & CURR5CY1 BE+ SOLV$1 ALL ! O!RS WILL EASILY FOLL[4 

,! PUBLIC DEBT1 FLOAT+ & FUND$1 IS AB\T @s#a1#b114 ,! 9T]E/1 ACCORD+ TO ! BUDGET ( #a#h#d#a1 IS @s#e#d114 

,TO ?IS *>GE ( @s#e#d11 IS ADD$ ANO!R *>GE1 :I*1 UND] ! NAME ( R$EMPTION1 IS 9T5D$ TO EXT+UI% EV]Y YE>1 BY REPUR*ASE1 A P>T ( ! P]MAN5T *>GE4 ,?IS R$EMPTION *>GE AM\NTS TO @s#a#d1#h14 

,IT IS NO P>T ( MY DESIGN TO TELL H[ ?IS R$EMPTION *>GE1 ALWAYS C>RI$ 9 ! BUDGET1 ALWAYS FURNI%$ BY ! TAXPAY]1 NEV] R$EEMS ANY?+2 H[ ! :OLE ( IT IS *>G$ TO EXCESS OV] EXP5DITURE2 H[ ! DEBT UNCEAS+LY 9CREASES4 ,ALL ?AT ,I SEEK AT PRES5T IS SOME MEANS ( PAY+ (F ! DEBT4 

,F9ALLY1 TO !SE @s#f#h1#h1 ( 9T]E/ & R$EMPTION1 ADD @s#a#a11 ( P5SIONS & ANNUITIES :I* OCCASIONALLY ! ,GOV]NM5T PRES5TS TO ITS FUNCTION>IES1 AFT] TW5TY-FIVE OR ?IRTY YE>S ( S]VICE1 & Y\ WILL HAVE ! TOTAL ( @s#g#i1#h1 DUE BY ! ,/ATE1 \TSIDE ( ALL ?AT IT PAYS = S]VICE4 

,FROM ! FACT ALONE ?AT ! ,/ATE1 :5 BECOM+ A BORR[]1 CREATES A R$EMPTION FUND1 ) ! AV[$ 9T5TION ( FREE+ ITSELF FROM DEBT1 IT FOLL[S ?AT !RE IS BO? ! DESIRE & ! 9T5TION ON ! P>T ( ! ,/ATE TO PAY IT (F4 ,I SAY MORE3 ! ,/ATE HAS ! RI<T1 A NATURAL RI<T1 9H]5T 9 ITS POSITION AS A DEBTOR1 TO A*IEVE ITS RELIEF BY MEANS ( REIMBURSEM5T4 

,! 9T]E/ ON ! DEBT IS FIX$ AT #e1 #d #a_/#b 1 #d & #c P]C5T4 ,?AT AGA9 %[S ?AT1 LIKE ALL BORR[]S1 ! ,/ATE SUBMITS TO MORE OR LESS ON]\S CONDITIONS1 ACCORD+ TO CIRCUM/ANCES1 & ?AT IF IT W]E POSSIBLE TO BORR[ AT A L[] RATE1 IT W\LD HAVE ! RI<T TO DO SO4 

,9 FACT1 HE :O TALKS ( P]MAN5T 9T]E/ IMPLIES ?AT ! DEBT CANNOT BE DEM&$ BY ! CR$ITOR1 BUT MAY BE REPAID AT WILL BY ! DEBTOR3 SU* IS RECOGNIZ$ BY F9ANCI]S AS ! RELATION ( ! ,/ATE TO BONDHOLD]S4 

,!RE=E IF1 BY ! FIR/ DECREE ?AT WE HAVE SUPPOS$ ! ,REPRES5TATIVES ( #aheb TO MAKE1 CR$IT W]E DEMOCRATICALLY ORGANIZ$ ?R\<\T ! ,REPUBLIC1 & ! 9T]E/ ON MONEY AT ! ,NATIONAL ,BANK R$UC$ FROM #d TO #c P]C5T1 AS A RESULT ( COMPETITION AMONG BANK]S1 !RE W\LD BE A FL[ ( CAPITAL TO ! ,/OCK ,EX*ANGE1 & A DEM& = BONDS ( ! ,GOV]NM5T1 :I* !N W\LD BE ABLE TO REPLACE A P>T ( ITS SECURITIES AT #e1 #d #a_/#b 1 & #d P]C5T BY #c P]C5TS2 :AT IS CALL$ A CONV]SION4 ,IF ! 9T]E/ AT ! ,BANK W]E R$UC$ TO  #a_/#c  OR  #a_/#d  P]C5T1 ! EASE ( R$UNG+ W\LD 9CREASE = ! ,/ATE 9 LIKE PROPORTION4 ,AT ! 5D ( A C]TA9 TIME1 ! :OLE DEBT W\LD HAVE BE5 CONV]T$1 & ! ANNUAL 9T]E/ *>GE R$UC$ SIX-SEV5?S1 OR RA!R1 ! 9T]E/ HAV+ BECOME 9SIGNIFICANT1 ! DEM& = REIMBURSEM5T W\LD COME FROM ! BONDHOLD]S !MSELVES1 & ! ,/ATE W\LD NO LONG] HAVE TO PAY 9T]E/ BUT ANNUITIES4 ,! =CE ( CIRCUM/ANCES W\LD BR+ ?IS AB\T1 )\T SOLICITATION BY ! ,/ATE4 

,9/EAD ( AWAIT+ ?IS MOVEM5T1 ! ?+ TO BE DONE N[ IS TO ANTICIPATE IT1 TO PROVOKE IT1 TO USE1 = ! RAPID & COMPLETE DIS*>GE ( ALL ,/ATE 9DEBTNESS1 ALL ! P[]S SECUR$ TO IT BY LAW1 ALL ! /R5G? FURNI%$ BY SU* AN 9/ITUTION AS A ,NATIONAL ,BANK4 

,FIR/1 ,I OBS]VE1 AS ,I HAVE JU/ DONE1 ?AT :I*EV] SIDE MAY BE *OS51 :E!R RESIGN$LY TO AWAIT ! EFFECTS ( ! R$UCTION ( DISC\NT RATES1 (F]S ( CAPITAL1 DEM&S = BONDS1 ETC41 OR TO TAKE AN ACTIVE P>T 9 CONV]SIONS1 ! T5D5CY ( ! BUDGET1 & CONSEQU5TLY ?AT ( ! ,C\NTRY1 WILL HAVE BE5 *ANG$1 9 ALL ?AT CONC]NS ?IS P>T ( ! POLITICAL ORGANISM1 &1 ONCE 9 ! WAY ( PAY+ \R DEBTS 9/EAD ( CONT9UALLY 9CREAS+ !M1 WE %ALL BE ON ! REVOLUTION>Y ROAD4 ,:E!R WE MOVE FA/ OR SL[LY1 ! PROPORTIONATE AM\NT ( R$UCTION TO BE GA9$ DOES NOT T\* ! PR9CIPLE2 & IT IS ! PR9CIPLE1 ! T5D5CY1 ?AT IT IS MO/ IMPORTANT TO CONSID]4 

,DO Y\ WANT TO 9CREASE Y\R DEBTS8 ,?AT IS ,CONS]VATISM4 ,9 ?AT CASE1 NO ,NATIONAL ,BANK1 NO R$UCTION ( 9T]E/1 5TIRE LIB]TY = USURY1 P]MAN5T GRANT ( PRIVILEGE = ! ,BANK ( ,FRANCE1 P]IODICAL FUND+ ( ! FLOAT+ DEBT1 ,/ATE LOANS AT #b#e1 #c1 #d1 BEL[ P>1 ETC44 

,DO Y\1 ON ! CONTR>Y1 WANT TO DIM9I% Y\R DEBTS8 ,?AT IS ,REVOLUTION4 ,Y\ HAVE BUT ONE MEANS ( DO+ ?IS4 ,IT IS TO TAKE AWAY FROM 9DIVIDUAL CAPITAL ! BUS9ESS ( DISC\NT2 & TO FIX COMM]CIAL 9T]E/ EV]Y:]E AT FROM  #a_/#b  TO  #a_/#d  P]C5T4 ,?US CAPITAL WILL FL[ TO ! ,TREASURY1 & Y\ CAN CONV]T & R$EEM UNTIL ! DEBT IS EXT+UI%$4 

,?AT IS ! :OLE DIFF]5CE BETWE5 ,CONS]VATISM & ,REVOLUTION4 

,S9CE ,I HAVE BEGUN TO GIVE MY VIEWS1 ,I WILL SAY ?AT1 9 MY OP9ION1 ! WISE/ C\RSE TO FOLL[1 ! SURE/1 ! MO/ JU/1 W\LD BE TO DO ) ! ,DEBT ! SAME AS ) ! ,BANK1 TO ABOLI% 9T]E/ AT ONE BL[4 ,I MEAN ?AT FROM ! DAY ( ! DECREE1 ! 9T]E/1 :I* W\LD CONT9UE TO BE PAID AS BE=E TO ! BONDHOLD]S1 W\LD BE C\NT$ AS ANNUITIES1 & D$UCT$ FROM ! PR9CIPAL1 ! LATT] FIX$ AT P>1 :ATEV] ! /ATE ( ! M>KET1 & ! DIFF]5CE BETWE5 ! M>KET PRICE & P> TAK+ ! PLACE ( A PREMIUM = ! DELAY 9 REIMBURSEM5T4 

,OH1 ,I KN[ WELL ?AT ! BONDHOLD]S1 ! /OCK GAMBL]S1 ALL ! F9ANCIAL GANG1 WILL CRY SPOLIATION IF ! ,/ATE %\LD L[] ! RATE ( 9T]E/1 9/EAD ( L[]+ ! M>KET VALUE ( ! PR9CIPAL1 AS IS DONE EV]Y DAY ON ! ,/OCK ,EX*ANGE4 ,ADMIRE ! BANCOCRATIC MORALITY6 ,USURI\S SPECULATION1 :I* RAISES OR L[]S ! NOM9AL CAPITAL1 ! ONLY REAL VALUE1 :ILE KEEP+ ! 9T]E/ ! SAME1 IS LEGITIMATE2 BUT ! DECREE ( ! ,SOV]EIGN ,PEOPLE :I* ANNULS 9T]E/1 AL?\< RE/OR+ ! :OLE CAPITAL1 IS ROBB]Y6 ,& !SE PEOPLE CALL !MSELVES ECONOMI/S1 MORALI/S1 JURISCONSULTS1 /ATESM56 ,!RE >E EV5 SOME :O PASS = ,*RI/IANS6 ,SO BE IT4 ,I HAVE TOO LONG DISPUT$ ) ?IS RABBLE2 ,I ASK P>DON ( ,HUMANITY4 ,!Y >E ! /RONGE/6 ,HAVE PATI5CE1 ?+S MAY TAKE A TURN4 

,I ADDRESS MYSELF TO 9TELLIG5T & S9C]E PEOPLE4 ,IF 9 ! NATURAL C\RSE ( AFFAIRS1 ?R\< M>KET FLUCTUATIONS1 ! RATE ( 9T]E/ G5]ALLY 9 ,FRANCE %\LD FALL TO #c P]C5T1 !RE IS NO ONE :O W\LD NOT REG>D A REFUND+ ( ALL GOV]NM5T BONDS1 FROM #e1 #d #a_/#b  & #d P]C5TS 9TO #c P]C5TS1 AS P]FECTLY LEGITIMATE4 ,:Y %\LD IT BE LESS SO IF1 BY AN ACT ( ! SOV]EIGN WILL1 BY AN ADVANCE 9 PUBLIC 9TELLIG5CE1 & A B>GA9 AMONG ALL 9T]E/S1 ! PR9CIPLE1 ,TRU/ ONE ANO!R1 :I* IS N[ BUT A SAY+1 %\LD BECOME ! FIR/ >TICLE ( ! SOCIAL COMPACT2 IF1 BY VIRTUE ( ?IS LAW ( ! ,NATION1 ( :I* ! FIR/ LI<T IS ALREADY DAWN+ 9 COOP]ATIVE ASSOCIATIONS1 ! PRICE ( MONEY %\LD DECL9E TO ! CO/ ( C>RY+ ON ! ,BANK8 ,ALL BUS9ESS BE+ CONTROLL$ BY ! RATE ( DISC\NT1 :AT 9IQUITY W\LD !RE BE 9 DEM&+ RECIPROCITY FROM CR$ITORS ( ! ,/ATE8 ,& BECAUSE ! DEBT MI<T HAVE BE5 CONTRACT$ BE=E ! LAW WAS PASS$1 DOES IT FOLL[ ?AT ! CAPITAL L5T %\LD BE FRE$ FROM ITS OP]ATION8 ,W\LD IT NOT SUFFICE1 9 ORD] ?AT NON-RETROACTIVITY MI<T BE PRES]V$1 ?AT ! LAW %\LD EFFECT ONLY LOANS ?AT EXPIRE AFT]W>DS1 & NOT ?OSE ?AT EXPIRE BE=E8 

,:AT ,SOCIETY DOES = ALL1 IT HAS A RI<T TO EXPECT FROM EA*3 ! SAME R$UCTION ( 9T]E/ ?AT IT GRANTS TO EA* CITIZ5 ON HIS DISC\NT$ NOTES1 IT %\LD PR(IT BY ON ! 9T]E/ :I* IT PAYS4 ,! =M] IS ! MEASURE ( ! LATT]3 SU* IS ! LAW ( ,RECIPROCITY1 ! LAW ( ,CONTRACT1 \TSIDE ( :I* !RE IS NO?+ BUT POV]TY & S]VITUDE = ! PRODUC]4 

,TELL ME1 IS IT NECESS>Y TO REVISE \R POLITICAL CON/ITUTION A DOZ5 TIMES MORE1 TO EXHAU/ US BY FIFTY YE>S MORE ( P>LIAM5T>Y ORGIES1 TO BEG9 OV] AGA9 ! TRAGICOM$Y ( '#i#b1 '#i#c1 '#i#e1 '#i#i1 #a#h#d1 TO 5D BY #a#h#a#d1 #ahc & #a#h#d#h2 TO WE> \T EV5 ! ,NATION ) SU* NONS5SE AS ,DIRECT ,LEGISLATION1 ,DIRECT ,GOV]NM5T1 & ! RE/1 :I* ! SICK BRA9S ( LEAD]S ( P>TIES & S*OOLS BR+ =? DAILY1 9 ORD] TO ACCOMPLI% ?IS IMPORTANT RE=M1 TO PAY (F ! DEBTS ( ! ,/ATE1 TO =BID ALL M9I/]S FROM CONTRACT+ ANY FUR!R LOAN 9 ! NAME ( ! ,C\NTRY1 SEE+ ?AT UND] ! NEW SY/EM ?IS PRACTICE ( ! OLD F9ANCE WILL BE 5TIRELY AB&ON$2 TO SUPPRESS ALL P5SIONS1 ANNUITIES1 @&C41 BECAUSE IT IS = C\NTIES1 T[NS1 CORPORATIONS1 ASSOCIATIONS1 @&C41 TO TAKE C>E ( !IR 9VALIDS1 & TO RECOMP5SE & HONOR !IR EMPLOYES2 9 A WORD1 TO DIS*>GE ! ,C5TRAL ,ADM9I/RATION FROM ?IS 5ORM\S BURD5 ( BOND ISSUES1 ( R$EMPTION ( ! FLOAT+ DEBT1 ( SAV+S BANKS1 ( ! DI/RIBUTION ( CROSSES1 RIBBONS1 ANNUITIES1 & P5SIONS8 

,AN IMM5SE MAJORITY ( ! PEOPLE DO NOT KN[ ?AT !RE IS A DEBT4 ,!Y HAVE NO IDEA ( :AT IS MEANT BY R$EMPTION1 CONSOLIDATION1 CONV]SION1 ANNUITIES3 !Y W\LD BE T]RIBLY SC&ALIZ$ TO HE> ( A LOAN AT #g#e1 #g1 OR #e#e4 ,P]HAPS HALF A C5TURY WILL PASS BE=E !Y WILL BE 9 A POSITION TO UND]/& ?IS FACT ( ELEM5T>Y HI/ORY1 ?AT FROM #a<i TO #aheb MATT]S W]E SO >RANG$ BY ! ,GOV]NM5T ?AT1 AT ! SECOND ( !SE DATES1 AFT] HAV+ SWEPT AWAY ! DEBTS ( ! MON>*Y1 ! ,PEOPLE /ILL HAD TO PAY EV]Y YE> A SUM EXCE$+ @s#h11 = REPLAC+ ! ANCI5T FEUDAL CLAIMS :I* !Y BELIEV$ HAD BE5 ABOLI%$1 UND] ! NAMES ( ,PUBLIC ,DEBT1 ,REFUND+1 ,LOANS1 ,P5SIONS1 ,ANNUITIES6 

,& IT IS TO ?IS PEOPLE1 IGNORANT ( ALL ?AT IS IMPORTANT TO IT1 TO :I* Y\ TALK ( SOV]EIGNTY1 ( LEGISLATION1 ( GOV]NM5T6 ,TO AMUSE IT1 & TO DI/RACT ITS ?\<TS FROM ! ,REVOLUTION1 Y\ TALK TO IT AB\T POLITICS & FRAT]NITY6 ,QUE] REVOLUTIONI/S Y\ >E1 :O ALWAYS TAKE ! :ITE BEAN 9/EAD ( ! R$1 AS ONE ( ! ANCI5TS SAID1 & BUSY Y\RSELVES ONLY ) EVAD+1 DISSIMULAT+1 BURY+ REALLY ESS5TIAL QUE/IONS6 ,9 TRU?1 IF SU* AS Y\ HAD LIV$ 9 #a#g#h#i1 !Y W\LD HAVE SAV$ ! MON>*Y & ! FEUDAL SY/EM BY !IR PRUD5CE4 ,!Y W\LD NOT HAVE P]MITT$ ANYBODY TO SPEAK TO ! PEOPLE AB\T ! ,DEFICIT1 OR ! ,R$ ,BOOK1 OR ! ,/>VATION ,PACT1 OR ! ,TI!S1 OR ,FEUDAL ,RI<TS1 OR ! ,9COME ( ! ,CL]GY1 OR ! MILLIONS ( ABUSES :I* MADE ! ,REVOLUTION NECESS>Y4 ,!Y W\LD HAVE PREA*$ AB\T ,ASSOCIATION & ! ,S]VANT ,/ATE6 ,IS NOT ?AT :AT !Y HAVE BE5 DO+ S9CE ,FEBRU>Y8 ,:O 9 ! ,PROVISORY ,GOV]NM5T DID ANY?+ TO AID ! ,REVOLUTION8 :O WORRI$ AB\T A SETTLEM5T AT ! ,HOTEL DE ,VILLE8 :O ?\<T ( IT AT ! ,LUXEMB\RG8 ,:O AMONG ! ,M\NTA9I/S D>$ TO M5TION ! WORD8 444 

,LET US RECKON NO LONG] ON !SE M53 ! ,REVOLUTION 9 ! N9ETE5? C5TURY WILL BE ! WORK ( FATE4 ,FATE6 HAVE PITY ON US6 

#c4 ,DEBTS SECUR$ BY ,MORTGAGE4 ,SIMPLE ,OBLIGATIONS4 

,! PUBLIC DEBT *ECK$ 9 ITS GR[? & PAID (F1 IT BECOMES NECESS>Y TO *ECK & PAY (F ! DEBTS ( CITIZ5S4 

,! DEBTS ( 9DIVIDUALS >E ( TWO K9DS1 DEBTS SECUR$ BY MORTGAGE1 :5 !Y >E = A LONG T]M & >E SECUR$ BY A PL$GE ( REAL E/ATE OR MORTGAGE1 & COMM]CIAL DEBTS1 :5 !Y >E GU>ANTE$ ONLY BY A SIMPLE NOTE ( H&4 

,ADD TO !SE ! BONDS ( /OCK COMPANIES1 :]E( ! 9T]E/ DIFF]S SOME:AT FROM DIVID5DS1 & IS C>RI$ EV]Y YE> TO ! DEBIT ( ! COMPANIES4 

,! 9T]E/ PAID = !SE TWO K9DS ( DEBTS MAY BE E/IMAT$ AT @s#b#d112 ! :OLE PUBLIC DEBT1 E/IMAT$ AS CAPITALIZ$ AT #e P]C5T1 W\LD BE !N ONLY ONE-?IRD ( ! PRIVATE DEBTS4 

,IT IS ) ! PRIVATE DEBTS AS ) ! PUBLIC DEBT1 ! DEBTORS NOT ONLY DESIRE TO DECREASE ! RATE ( 9T]E/1 BUT SEEK TO DO SO4 ,! S*EMES PRES5T$ TO ! ,CON/ITU5T ,ASSEMBLY BY ! MO/ HONOR$ PROPRIETORS1 SU* AS ,MESSRS4 ,FL&91 ,P\GE>D1 & O!RS1 :O 9 ?IS MATT] GAVE EVID5CE ( REAL REVOLUTION>Y SPIRIT1 HAD NO O!R AIM1 UND] ! TITLE ( ,ORGANIZATION ( ,L& ,BANKS1 BUT TO FURNI% MONEY TO AGRICULTURE1 TO PROP]TY1 TO 9DU/RY1 AT A L[ PRICE1 & TO DELIV] !M GRADUALLY FROM USURY4 ,! R$UCTION :I* !SE WELL-MEAN+ & MOD]ATE REPUBLICANS HOP$ TO OBTA9 = !IR CON/ITU5TS BY !IR RE=M1 WAS NOT LESS ?AN #f P]C5T AV]AGE1 UPON ! TOTALITY ( 9T]E/4 ,9/EAD ( ! #i P]C5T :I* MONEY CO/S AT ! ,/ATE ,BANK1 ! ,L& ,BANKS W\LD HAVE ASK$ ONLY #c P]C5T4 ,?AT W\LD ACCOMPLI% TO A SLI<T DEGREE :AT ,I PROPOSE TO ACCOMPLI% COMPLETELY BY ! DISSOLUTION ( ! ,BANK ( ,FRANCE2 IT WAS1 MORE OR LESS1 TO BEG9 ! ,REVOLUTION4 ,BUT NOBODY ?\<T !N ?AT SU* AN 9/ITUTION W\LD HAVE BE5 SPOLIATION ( ! E/ABLI%$ L5D]S4 ,! CRITICS CONF9$ !MSELVES TO SAY+ ?AT PEOPLE W\LD LACK CONFID5CE1 ?AT CR$IT NOTES W\LD BE SUBJECT TO DEPRECIATION1 @&C41 ,I CANNOT EI!R APPROVE OR DISAPPROVE ! V>I\S MODES ( PUTT+ ?IS PLAN 9TO EXECUTION :I* W]E ADVANC$ & REJECT$4 ,I CONF9E MYSELF TO NOT+ ?AT ! IDEA WAS EM95TLY REVOLUTION>Y2 & ?AT IT WAS REJECT$ *IEFLY BECAUSE IT WAS REVOLUTION>Y4 ,! CORPORATION ( MONEY ROBB]S ?\<T ?AT 9T]E/ AT #i P]C5T WAS BETT] = !M ?AN 9T]E/ AT #c P]C5T1 ?AT PRIVILEGE WAS GOOD = ! PRIVILEG$1 ?AT ! ,L& ,BANK L$ /RAI<T TO ,SOCIALISM1 @&C4 ,HAV+ IS KEEP+1 & A FOOL = ASK+1 SAYS ! PROV]B4 ,!Y :O WANT$ TO CLIP ! CLAWS ( USURY1 NOT BE+ 9 ! MAJORITY 9 ! ,CON/ITU5T ,ASSEMBLY1 W]E BEAT51 NATURALLY4 ,S9CE 9 \R GOV]NM5TAL SY/EM POLITICS TAKES PREC$5CE ( JU/ICE1 & ! BALLOT ( TRU?1 :AT WAS DONE WAS WELL DONE1 & WE HAVE NO?+ TO COMPLA9 (4 

,NEV]!LESS ! MATT] MAY COME UP AGA94 ,A SIMPLE *ANGE 9 ! MAJORITY MAY *ANGE ! LAW3 IT IS ) ?IS ANTICIPATION ?AT ,I PUBLI% ?IS PROGRAM4 

,! PROPRIETY ( ! RE=M 9 MORTGAGE-SECUR$ LOANS BE+ ?US PLAC$ BEYOND QUE/ION1 ,I MEAN ! R$UCTION ( 9T]E/ 9 LOANS UPON MORTGAGE1 ! QUE/IONS ?AT REMA9 >E3 #a/4 ,AT :AT RATE %ALL ! 9T]E/ BE FIX$8 & #bND4 ,H[ LONG WILL IT BE BE=E ! NEW SY/EM WILL BE SUB/ITUT$ = ! OLD EV]Y:]E8 

,:ATEV] SY/EM MAY BE ADOPT$1 ON ! RATE ( 9T]E/1 ON ! CONDITIONS ( LOAN1 ON ! =M ( ! DOCUM5T1 & ON ! AM\NT ( ISSUES1 IT IS CLE> ?AT1 ONCE 5T]$ UPON ?IS PA?1 ! T5D5CY ( SOCIETY WILL HAVE *ANG$ 9 ALL ?AT CONC]NS LOANS & DEBTS3 FROM ! RETROGRADE T5D5CY :I* N[ PREVAILS1 ON ACC\NT ( ! OB/ACLES TO CR$IT & ! HI< RATE ( 9T]E/1 IT WILL HAVE BECOME REVOLUTION>Y1 ?R\< ! FACILITY ( OBTA9+ LOANS & ! MOD]ATION ( ! CO/4 ,! GREAT] OR LESS RAPIDITY ( ! MOVEM5T WILL NOT AFFECT ITS NATURE3 :E!R Y\ LEAVE ,P>IS = ,DUNKIRK BY RAIL OR BY WAGON1 Y\ TURN Y\R BACK UPON ,BAYONNE 9 EI!R CASE4 

,SUPPOSE ?AT ! ,L& ,BANK ( ,MESSRS4 ,FL&91 ,P\GE>D1 @&C41 EXI/$1 ) AN 9T]E/ RATE ( #c P]C5T2 AFT] A TIME1 BY ITS ISSUES1 ?IS BANK W\LD HAVE BECOME ! REGULATOR ( ! RATE ( 9T]E/ = MORTGAGES1 & ( 9T]E/ G5]ALLY1 & IT W\LD FALL EV]Y:]E1 AS F> AS ! 9FLU5CE ( ! 9/ITUTION EXT5D$4 

,SUPPOSE AGA9 ?AT ! ,BANK LIMITS ITS ISSUES1 ?AT IS TO SAY1 ! AM\NT ( ITS CR$ITS1 TO @s#a11 A YE>2 ! TOTAL ( 9DEBT$NESS1 NATIONAL1 MUNICIPAL1 & PRIVATE1 BE+ BY HYPO!SIS @s#e1111 9 LESS ?AN #e YE>S ! TURNOV] ( ! BANK WILL HAVE 5TIRELY ABSORB$ ?IS MASS1 UNLESS ! PRES5T CR$ITORS MA9TA9 !IR CLAIMS BY ! PO/PONEM5T ( MATURITY & VOLUNT>Y R$UCTION ( 9T]E/4 

,ACCORD+ TO ?IS CALCULATION1 ! REVOLUTION 9 CR$IT1 9 ! PROPORTION ( #i TO #c P]C5T1 W\LD BE COMPLET$ 9 HALF A C5TURY4 

,W\LD Y\ PREF]1 ON ! O!R H&1 TO CONT9UE ! PRES5T SY/EM1 & FUR!R /R5G!N IT8 ,! WAY IS SIMPLE4 ,DO NO?+3 REJECT ALL PLANS RELAT+ TO CR$IT1 AS DID ! ,CON/ITU5T ,ASSEMBLY4 ,DEBTS WILL CONT9UE TO ACCUMULATE3 ! ,C\NTRY WILL BE CRU%$2 PROP]TY WILL BE RU9$2 LABOR SUBJUGAT$2 ! ,NATION1 TOGE!R ) ! ,/ATE1 WILL BE SUNK 9 SLAV]Y1 UNTIL IT EM]GES FROM IT BY ! USUAL R\TE1 BANKRUPTCY4 

,?US !RE IS NO MIDDLE WAY BETWE5 ,REACTION & ,REVOLUTION4 ,BUT ,REACTION IS MA!MATICALLY IMPOSSIBLE3 WE >E NOT FREE TO REMA9 UNREVOLUTIONIZ$2 \R ONLY *OICE IS H[ FA/ IT %ALL OCCUR4 ,= MYSELF1 ,I PREF] ! LOCOMOTIVE4 

,MY ADVICE !N IS TO TREAT PRIVATE DEBTS AS WE HAVE TREAT$ ! PUBLIC DEBT & ! ,BANK2 ?AT IS TO SAY1 TO CLE> ! C\RSE AT A S+LE LEAP1 & REA* ! GOAL )\T /OPP+ BY ! WAY4 

,TO ?IS 5D1 )\T WORRY+ AB\T GOV]NM5T1 OR CON/ITUTION1 PROROGATION OR REVISION1 NOR AB\T ASSOCIATION1 WE %\LD PROCE$ BY G5]AL MEASURES1 & MAKE USE ( ! ,/ATE1 S9CE ! ,/ATE1 AL?\< ALREADY 5CROA*$ UPON BY \R FIR/ S*EME1 IS /ILL ! MA9SPR+ ( SOCIETY4 

,BY DECREE ( ! ,NATIONAL ,ASSEMBLY4 

,:]EAS ! PREVI\S DECREES HAVE FIX$ ! RATE ( DISC\NT AT ! ,BANK & ( 9T]E/ ON ! PUBLIC DEBT AT  #a_/#b  P]C5T1 ! 9T]E/ ON ALL DEBTS1 9CLUD+ MORTGAGES1 NOTES ( H& & BONDS1 IS FIX$ AT ! SAME RATE4 

,REPAYM5T ( ! PR9CIPAL MAY BE CLAIM$ ONLY BY ANNUITY PAYM5TS4 

,! ANNUITY = ALL SUMS BEL[ @s#d %ALL BE #a P]C5T2 ABOVE ?AT1 #e P]C5T4 

,TO FACILITATE ! REIMBURSEM5T ( CR$ITORS1 & FULFILL ! FUNCTION ( ! =M] MONEY-L5D]S1 A DEP>TM5T ( ! ,NATIONAL ,BANK ( ,DISC\NT WILL MAKE LOANS ON MORTGAGE4 ,! MAXIMUM TOTAL ( SU* LOANS ANNUALLY %ALL NOT EXCE$ @s#a114 

,:O C\LD COMPLA9 ( A RE=M AT ONCE LOGICAL & B5EFIC5T1 9 ITS UNIV]SALITY AS WELL AS ITS RADICALISM8 ,! L5D]S8 ,!Y >E NOT ONE 9 A ?\S&4 ,/ILL1 NO MATT] H[ FEW !Y >E1 WE MU/ COME TO AN UND]/&+ ) !M4 ,MI<T DOES NOT MAKE RI<T4 

,C]TA9LY HE :O L5DS AT #f1 #h OR #i P]C5T WILL NOT COMPLA9 ?AT ! BORR[] IS ROBB+ HIM1 BECAUSE HE PREF]S TO BORR[ AT #c P]C5T3 ON ?IS PO9T ! CAPITALI/S WILL MAKE NO OBJECTIONS4 ,BUT ?IS IS :AT !Y WILL SAY TO MORTGAGORS & TO ! ,/ATE3 

,Y\ CAN R$UCE 9T]E/1 & EV5 MAKE ! R$UCTION G5]AL1 IF BY A SUDD5 FL[ ( CAPITAL OR F9ANCIAL S*EME Y\ CAN F9D CR$IT BEL[ ! PRES5T RATES4 ,BUT :AT Y\ HAVE NO RI<T TO DO IS TO PO/PONE REPAYM5T ( ! PR9CIPAL4 ,Y\ W\LD BE VIOLAT+ ! SANCTITY ( CONTRACTS4 ,EI!R REIMBURSE ! PR9CIPAL =?)1 OR PAY ! 9T]E/4 ,?AT IS ! DILEMMA4 

,& AS ! :OLE 9DEBT$NESS1 NOT 9CLUD+ ,NATIONAL OR MUNICIPAL1 AM\NTS TO AB\T @s#c1#f111 :ILE !RE IS AT ! MO/ ONLY @s#b11 9 CIRCULATION1 IT IS CLE> ?AT IMM$IATE REPAYM5T IS IMPOSSIBLE4 !Y HAVE GOT US4 

,I WAS 9 ,LYONS 9 #a#h#d#f-#d#g1 EMPLOY$ 9 A COMMISSION & %IPP+ CONC]N4 ,! H\SE HAD A L>GE NUMB] ( CONSIGNORS1 & PUR*AS]S ) ANNUAL ACC\NTS1 FROM ! ,S\? & ! ,EA/4 ,! *>GES = TRANSPORTATION W]E A FIX$ SUM1 & 9CLUD$ ! RI<TS ( NAVIGATION ON ! CANALS AS WELL AS ON ! RIV]S4 ,AN ORD] = R$UCTION 9 FAVOR ( C]EALS HAV+ ISSU$1 ! AM\NT ( ! *>GES = RI<TS ( NAVIGATION WAS D$UCT$ FROM ! BILLS ( LAD+1 SO ?AT ! CU/OM]S1 NOT ! C>RI]S1 PR(IT$ BY ! D$UCTION4 ,! CONTR>Y W\LD HAVE OCCURR$ IF ! ,M9I/]1 9/EAD ( L[]+ ! *>GES1 HAD 9CREAS$ !M4 ,9 BO? CASES !RE WAS SUPREME P[]1 >IS+ FROM ! ACT ( A PR9CE1 :I* HAD TO BE COMPLI$ ) REG>DLESS ( ! CONTRACT1 9ASMU* AS IT WAS \TSIDE ( ! PROVISIONS ( ! CONTRACT4 

,LET US APPLY ?IS RULE4 

,IF BY AN UNEXPECT$ EV5T1 RESULT+ FROM IMPROVEM5T ON ! EX*ANGE1 & ! 9T]V5TION ( AU?ORITY1 ! LEGAL RATE ( 9T]E/ IS L[]$ TO #c1 #b1 #a OR  #a_/#b  P]C5T1 IT IS CLE> ?AT1 AT ! SAME MOM5T1 ! /IPULAT$ 9T]E/ 9 EXI/+ CONTRACTS MU/ BE PROPORTIONALLY R$UC$4 ,! PRICE ( MONEY1 LIKE ?AT ( TRANSPORTATION & M]*&ISE1 IS COMPOS$ ( V>I\S ELEM5TS1 :]E( ! MULTIPLICATION CAUSES A RISE1 ! ABS5CE 9 CONSEQU5CE PRODUCES A FALL4 ,UP TO ?IS PO9T ! COMP>ISON IS EXACT4 

,BUT ! CR$ITOR1 :O IS NO LONG] WILL+ TO GIVE CR$IT1 DEM&S REPAYM5T2 ?AT IS TO SAY1 HE PR(ITS BY ! SC>CITY ( MONEY TO EVADE ! LAW & MA9TA9 HIS 9T]E/4 ,! DI%ONE/Y IS FLAGRANT2 NEV]!LESS ! PRETEXT IS SPECI\S3 IT MU/ BE ANSW]$4 

,UPON :AT DOES ! MONEY M>KET RE/8 ,UPON ! SC>CITY ( MONEY4 ,IF ! QUANTITY ( GOLD & SILV] W]E 9CREAS$ T5 TIMES1 TW5TY TIMES1 ! VALUE ( !SE METALS W\LD BE T5 TIMES1 TW5TY TIMES LESS2 9 CONSEQU5CE1 ! RATE ( 9T]E/ T5 TIMES1 TW5TY TIMES L[]4 ,IT W\LD 5D BY \R E/EEM+ GOLD & SILV] NO MORE ?AN IRON & COPP]3 !Y W\LD NO LONG] BE L5T AT 9T]E/4 ,! SC>CITY ( MONEY IS !RE=E ESS5TIAL TO ! NATURE ( ITS FUNCTION4 

,BUT ?IS SC>CITY IS NOT ! LESS AN EVIL1 BECAUSE 9 ! LA/ ANALYSIS IT IS ALWAYS ( ?IS SC>CITY ?AT AGRICULTURE1 COMM]CE & 9DU/RY COMPLA92 SO ?AT1 BY A S+UL> CONTRADICTION1 LABOR & EX*ANGE >E CONDEMN$ TO SUFF] FROM ! SC>CITY ( M]*&ISE :I* IS NECESS>Y TO !M1 & :I* CANNOT BE O!RWISE ?AN SC>CE4 

,H[EV]1 ! CITIZ5S BY !IR AGREEM5T1 OR ! ,/ATE :I* REPRES5TS !M UNTIL ! NEW ORD] IS E/ABLI%$1 HAVE F\ND A ME?OD BY :I* MONEY1 )\T HAV+ BECOME LESS SC>CE1 & ?US LOS+ NO?+ ( ITS VALUE1 CAN NO LONG] PLACE !IR 9T]E/S 9 P]IL1 NOR BE A M5ACE TO COMM]CE & PRODUCTION3 ?IS ME?OD IS TO C5TRALIZE CIRCULATION1 & R5D] LOANS RECIPROCAL4 

,AFT] ?AT1 IS IT NOT EVID5T ?AT TO TAKE ADVANTAGE ( ! SC>CITY ( MONEY 9 ORD] TO DEM& AN IMPOSSIBLE REIMBURSEM5T1 OR FAIL+ ?AT1 AN ILLEGAL RATE ( 9T]E/1 IS TO >GUE FROM ! V]Y FACT :]E( ! LEGISLATOR DESIR$ TO DE/ROY ! MALIGN 9FLU5CE1 & TO LAY D[N AS A PR9CIPLE PRECISELY ?AT :I* IS 9 QUE/ION2 MORE ?AN ?AT1 :I* HAS BE5 SETTL$8 

,WE MAY SAY TO ! CAPITALI/S3 ,Y\ DEM& FROM US ?REE & A HALF BILLIONS ( SPECIE2 H[ IS IT ?AT !RE IS BUT HALF A MILLION 9 EXI/5CE8 ,H[1 ) HALF A MILLION DOLL>S1 HAVE Y\ MANAG$ TO MAKE US Y\R DEBTORS = ?REE & A HALF BILLIONS8 ,Y\ SAY IT IS BY ! TURNOV] ( MONEY & ! R5EWAL ( LOANS4 ,!N IT IS BY ! TURNOV] ( MONEY & ! R5EWAL ( ANNUITIES ?AT WE WILL DIS*>GE \R 9DEBT$NESS TO Y\4 ,Y\ HAVE TAK5 TIME TO L5D2 WE WILL TAKE TIME TO REPAY4 ,>E Y\ NOT HAPPY TO PRES]VE ! VALUE ( Y\R PR9CIPAL1 EV5 ?\< Y\ DO LOSE ! 9T]E/8 

,BUT REASON+ WILL AVAIL NO?+4 ,! EAGLE DEF5DS HIS EYRIE1 ! LION HIS D51 ! HOG HIS TR\<1 CAPITAL WILL NOT REL9QUI% ITS 9T]E/4 ,& WE1 POOR SUFF]]S1 WE >E IGNORANT1 UN>M$1 DIVID$3 !RE IS NOT ONE ( US :O1 :5 ONE IMPULSE URGES HIM TO REVOLUTION1 IS NOT HELD BACK BY ANO!R4 

,9 '#h#i ! AFFAIR AT LEA/ WAS CLE>3 ON ONE SIDE ! NOBILITY1 ! CL]GY1 ! ,CR[N2 ON ! O!R1 ! ,?IRD ,E/ATE1 =M+ BY ITSELF N9ETY-N9E HUNDR$?S ( ! NATION4 ,TODAY1 9T]E/S >E DIVID$ & COMPLICAT$ TO 9F9ITY3 ! SAME 9DIVIDUAL MAY REPRES5T 9 HIS [N P]SON A DOZ5 DIFF]5T 9T]E/S1 A DOZ5 CONTRADICTORY OP9IONS4 ,:5 ! ,REPUBLIC ( ,FEBRU>Y 5T]$ ?IS ?ICKET1 IT WAS LIKE ! DRAGON ) MANY HEADS2 IT /AY$ 9 ! UND]BRU%4 ,! MOR EF=TS IT MADE1 ! MORE 9VOLV$ IT BECAME4 ,!RE IS ONLY ONE WAY TO PUT AN 5D TO IT3 TO SET FIRE TO ! WOODS4 

#d4 ,IMMOVABLE ,PROP]TY4 ,BUILD+S4 

,:ATEV] MAY BE MY P]SONAL CONCLUSIONS1 :ATEV] RADICALISM ,I MAY PR(ESS 9 MY PROPOSITIONS1 IT WILL NEV]!LESS BE OBS]V$ ?AT ,I ALWAYS />T FROM A G5]ALLY ADMITT$ PR9CIPLE1 FROM A RECOGNIZ$ T5D5CY1 FROM AN EXPRESS$ DESIRE ( RESPECTABLE PEOPLE2 MOREOV] ?AT ,I CON/ANTLY PROCE$ BY WAY ( DIRECT CONSEQU5CES1 SUPPOS+ ! PROGRESS TO BE AS SL[ & IMP]CEPTIBLE AS Y\ LIKE4 ,! ,REVOLUTION = ME IS ONE ?+2 ! PUTT+ ( IT 9TO EXECUTION IS QUITE ANO!R4 ,! FIR/ IS ASSUR$1 UNCONQU]ABLY 5TR5*$2 AS = ! SECOND1 ?\< ,I ?9K IT PRUD5T & ADVISABLE TO HA/5 IT AS MU* AS POSSIBLE1 ,I %ALL NOT REG>D HIM AS AN ADV]S>Y :O DIFF]S ) ME ON ?IS PO9T4 

,LET US TAKE UP ?IS GREAT QUE/ION ( PROP]TY1 ! S\RCE ( SU* 9TOL]ABLE PRET5SIONS1 & ( SU* RIDICUL\S FE>S4 ,! ,REVOLUTION HAS TWO ?+S TO ACCOMPLI% AB\T PROP]TY1 ITS DISSOLUTION & ITS RECON/ITUTION4 ,I %ALL ADDRESS MYSELF FIR/ TO ITS DISSOLUTION1 & BEG9 ) BUILD+S4 

,IF BY ! ABOVE DESCRIB$ MEASURES1 PROP]TY 9 BUILD+S W]E RELIEV$ ( MORTGAGES2 IF ! [N]S & BUILD]S F\ND CAPITAL AT A L[ PRICE1 ! =M] = ! BUILD+S !Y WANT$ TO PUT UP1 ! LATT] = ! PUR*ASE ( MAT]IALS2 IT W\LD FOLL[1 9 ! FIR/ PLACE1 ?AT ! CO/ ( CON/RUCTION W\LD DIM9I% CONSID]ABLY1 & ?AT OLD BUILD+S C\LD BE *EAPLY & ADVANTAGE\SLY REPAIR$2 & FUR!RMORE1 ?AT A DROP 9 ! R5TAL ( BUILD+S W\LD BE P]CEIV$4 

,ON ! O!R H&1 AS CAPITAL C\LD NO LONG] BE 9VE/$ ) ADVANTAGE 9 GOV]NM5T SECURITIES & 9 BANKS1 CAPITALI/S W\LD BE L$ TO SEEK 9VE/M5TS 9 REAL E/ATE1 ESPECIALLY 9 BUILD+S1 :I* >E ALWAYS MORE PRODUCTIVE ?AN L&4 ,!RE W\LD !REUPON OCCUR 9 ?IS MATT] ALSO AN 9CREASE ( COMPETITION2 ! SUPPLY ( BUILD+S W\LD T5D TO \TRUN ! DEM&1 & ! R5TALS W\LD FALL /ILL L[]4 

,IT W\LD FALL SO MU* ! MORE AS ! R$UCTION ( 9T]E/ COLLECT$ BY ! ,BANK1 & PAID TO ! CR$ITORS ( ! ,/ATE WAS GREAT]2 & IF1 AS ,I PROPOSE1 ! 9T]E/ ( MONEY W]E FIX$ AT Z]O1 ! RETURNS ( CAPITAL 9VE/$ 9 BUILD+S W\LD SOON BE Z]O ALSO4 

,!N1 AS ! R5TAL ( BUILD+S IS COMPOS$ ( BUT ?REE FACTORS1 ! REIMBURSEM5T ( ! CAPITAL SP5T 9 !IR CON/RUCTION1 ! KEEP+ UP ( ! BUILD+ & ! TAXES1 A LEASE W\LD CEASE TO BE A LOAN = USE & W\LD BECOME A SALE BY ! BUILD] TO ! T5ANT4 

,F9ALLY1 AS SPECULATION W\LD NO LONG] SEEK BUILD+S AS AN 9VE/M5T1 BUT ONLY AS AN OBJECT ( 9DU/RY1 ! PURELY LEGAL RELATION ( L&LORD & T5ANT1 :I* ! ,ROMAN LAW HAS TRANSMITT$ TO US1 W\LD GIVE PLACE TO A PURELY COMM]CIAL RELATION BETWE5 ! SELL] & ! T5ANT3 !RE W\LD BE ! SAME RELATION1 & 9 CONSEQU5CE ! SAME LAW1 ! SAME JURISDICTION1 AS BETWE5 ! =W>D] ( A PACKAGE & ! CONSIGNEE4 ,9 A WORD1 H\SE R5T1 LOS+ ITS FEUDAL *>ACT]1 W\LD BECOME AN ACT ( COMM]CE4 

,IT IS ALWAYS ! LAW ( CONTRACT & RECIPROCITY :I* GUIDES US1 TO ! EXCLUSION ( ALL REM9ISC5CE ( GOV]NM5T4 

,N[1 IS IT TRUE ?AT ! L[]+ ( R5TALS1 9 SO F> AS IT IS CAUS$ BY ! L[ PRICE ( CAPITAL & ( S]VICES1 IS A SIGN ( ! 9CREASE ( WEAL? & ( COM=T = ! PEOPLE8 

,IS IT TRUE ?AT ,SOCIETY NATURALLY DESIRES ?IS R$UCTION1 & IS FRU/RAT$ 9 ITS DESIRES ONLY BY ! ECONOMIC *AOS :]E9 ! OLD ,REVOLUTION HAS PLUNG$ IT8 

,IS IT TRUE1 F9ALLY1 ?AT = ?REE YE>S PA/ ! IDEA ( ORGANIZ+ *EAP R5TALS ( DWELL+S HAS BE5 TAK5 UP (FICIALLY1 NOTABLY 9 ! MOVEM5T = ,WORKM5'S ,VILLAGES1 TO :I* ! FIR/ SUBSCRIB] WAS ! ,PRESID5T ( ! ,REPUBLIC8 

,IF !SE FACTS >E UND5IABLE1 LEGITIMATE1 WOR?Y 9 EV]Y RESPECT ( ! DESIRES ( ! GOV]NM5T & PEOPLE1 IT FOLL[S ?AT SOCIETY WI%ES TO *ANGE ! LEGAL POSITION ( PROP]TY 9 BUILD+S2 & ?AT IF1 S9CE ! ,REVOLUTION ( ,FEBRU>Y1 SOCIETY HAS BE5 ABLE TO TURN ITSELF 9 ?IS DIRECTION1 IF ! IMPULSE GIV5 FROM ABOVE C\LD HAVE CON/ITUT$1 WE %\LD BE ?IS DAY1 AS F> AS RELATES TO BUILD+S1 WELL ON ! REVOLUTION>Y ROAD4 ,IF !RE HAS BE5 A *ANGE ( OP9ION 9 REG>D TO ?IS1 IT IS DUE TO ! W>M? ) :I* ! FACTOTUMS ( ,M4 ,L\IS ,BONAP>TE HAVE OPPOS$ EV]Y IDEA ( AMELIORATION1 TO ! LACK ( 9TELLIG5CE & 5]GY ( ! REPUBLICAN P>TY1 & TO ! POV]TY & IGNORANCE ( ! WORK+ CLASSES4 

,9/EAD ( DEM&+ R$UCTION ( R5T1 A MOVEM5T >OSE = ! R$UCTION ( ! SELL+ PRICE ( REAL E/ATE3 IT WAS ! [N]S :O SUFF]$4 ,:ILE R5TALS REMA9$ ALMO/ /ATION>Y1 SELL+ VALUES DECL9$ #e1 #f & #h P]C5T4 ,! ,REVOLUTION W\LD HAVE MA9TA9$ PROP]TY3 ! ,REACTION1 9 ITS FR5ZY1 CAUS$ IT TO SUFF] IRREP>ABLE DEPRECIATION4 

,?IS UND]/OOD1 LET US SUPPOSE ?AT ! ,CITY ( ,P>IS RESUM+ ! AB&ON$ PROJECT ( ,WORKM5'S ,SETTLEM5TS1 %\LD REOP5 ! CAMPAIGN AGA9/ ! CO/ ( DWELL+S2 %\LD BUY H\SES ?AT W]E = SALE AT ! L[E/ PRICE1 CONTRACT ) ASSOCIATIONS ( BUILD+ TRADES = REPAIR+ !M & KEEP+ !M 9 REPAIR1 !N LEASE !M1 ACCORD+ TO ! RULES ( COMPETITION & EQUAL EX*ANGE4 ,AFT] A :ILE ! ,CITY ( ,P>IS W\LD [N MO/ ( ! H\SES ( :I* IT IS COMPOS$1 & W\LD HAVE ALL ITS CITIZ5S = T5ANTS4 

,9 ?IS AS ALWAYS1 ! T5D5CY IS NOTICEABLE & SIGNIFICANT3 ! RI<T IS 9CONTE/ABLE4 ,IF AFT] ! TAK+ ( ! ,BA/ILLE1 ! ,CITY ( ,P>IS HAD SET ASIDE = SU* ACQUISITION ! SUMS :I* IT HAS SP5T ON PUBLIC FE/IVALS1 ROYAL CORONATIONS1 & CELEBRATIONS ( ! BIR?S ( PR9CES1 IT W\LD ALREADY HAVE PAID = SEV]AL HUNDR$ MILLIONS WOR? ( PROP]TY4 ,LET ! ,C\NTRY BE ! JUDGE3 LET IT DECIDE 9 H[ MANY YE>S IT 9T5DS TO REVOLUTIONIZE ?IS FIR/ CLASS ( PROP]TIES3 :AT IT RESOLVES1 ,I %ALL HOLD TO BE WISELY RESOLV$ & ,I ACCEPT 9 ADVANCE4 

,:ILE WAIT+1 P]MIT ME TO =MULATE A S*EME4 

,! RI<T ( PROP]TY1 SO HONORABLE 9 ITS ORIG91 :5 ?AT ORIG9 IS NONE O!R ?AN LABOR1 HAS BECOME 9 ,P>IS1 & 9 MO/ CITIES1 AN IMPROP] & IMMORAL 9/RUM5T ( SPECULATION 9 ! DWELL+ PLACES ( CITIZ5S4 ,SPECULATION 9 BREAD & FOOD ( PRIME NECESSITY IS PUNI%$ AS A MISDEMEANOR1 SOMETIMES AS A CRIME3 IS IT MORE P]MISSIBLE TO SPECULATE 9 ! HABITATIONS ( ! PEOPLE8 ,\R CONSCI5CES1 SELFI%1 LAZY1 BL9D1 MO/ ( ALL 9 MATT]S ?AT T\* \R POCKETS1 HAVE NOT YET NOTIC$ ?IS SIMIL>ITY3 ALL ! MORE REASON ?AT ! ,REVOLUTION %\LD D5\NCE IT4 ,IF ! TRUMPET ( ! LA/ JUDGM5T %\LD RES\ND 9 \R E>S1 :I* ( US AT ?AT MOM5T W\LD REFUSE TO MAKE ?IS CONFESSION8 ,LET US MAKE IT !N1 = ,I V[ ! LA/ H\R IS APPROA*+ = ! ANCI5T ABUSE4 ,IT IS TOO LATE TO TALK ( PURGATORY1 ( GRADUAL P5IT5CE1 ( PROGRESSIVE RE=M4 ,ET]NITY AWAITS Y\4 ,!RE IS NO MIDDLE GR\ND BETWE5 HEAV5 & HELL4 ,WE MU/ TAKE ! LEAP4 

,I PROPOSE TO MANAGE ! DISSOLUTION ( R5TALS 9 ! SAME MANN] AS ?AT ( ! ,BANK1 ( ! PUBLIC DEBT1 & ( PRIVATE DEBTS & OBLIGATIONS4 

,FROM ! DATE ( ! DECREE :I* %ALL BE PASS$ BY FUTURE REPRES5TATIVES1 ALL PAYM5TS MADE AS R5TAL %ALL BE C>RI$ OV] TO ! ACC\NT ( ! PUR*ASE ( ! PROP]TY1 AT A PRICE E/IMAT$ AT TW5TY TIMES ! ANNUAL R5TAL4 

,EV]Y SU* PAYM5T %ALL PUR*ASE = ! T5ANT A PROPORTIONAL UNDIVID$ %>E 9 ! H\SE HE LIVES 91 & 9 ALL BUILD+S ]ECT$ = R5TAL1 & S]V+ AS A HABITATION = CITIZ5S4 

,! PROP]TY ?US PAID = %ALL PASS UND] ! CONTROL ( ! T[N ADM9I/RATION1 :I* %ALL TAKE A FIR/ MORTGAGE UPON IT1 9 ! NAME ( ALL ! T5ANTS1 & %ALL GU>ANTEE !M ALL A DOMICILE1 9 P]PETUITY1 AT ! CO/ PRICE ( ! BUILD+4 

,T[NS MAY B>GA9 ) [N]S = ! PUR*ASE & IMM$IATE PAYM5T = R5T$ BUILD+S4 

,9 SU* CASE1 9 ORD] ?AT ! PRES5T G5]ATION MAY 5JOY ! B5EFIT ( R$UCTION 9 R5TAL1 ! SAID T[NS MAY >RANGE = AN IMM$IATE DIM9UTION ( ! R5TAL ( ! H\SES = :I* !Y HAVE NEGOTIAT$1 9 SU* MANN] ?AT COMPLETE PAYM5T MAY BE MADE )9 ?IRTY YE>S4 

,= REPAIRS1 MANAGEM5T1 & UPKEEP ( BUILD+S1 AS WELL AS = NEW CON/RUCTIONS1 ! T[NS %ALL DEAL ) MASONS' ,UNIONS1 OR ASSOCIATIONS ( BUILD+ TRADES1 ACCORD+ TO ! RULES & PR9CIPLES ( ! NEW SOCIAL CONTRACT4 

,PROPRIETORS :O OCCUPY !IR [N H\SES %ALL RETA9 PROP]TY !RE91 AS LONG AS SUITS !IR 9T]E/S4 

,LET ! ,C\NTRY 5T] UPON ?IS C\RSE1 & ! SAFETY ( ! PEOPLE IS ASSUR$4 ,A GU>ANTEE /RONG] ?AN ALL LAWS1 ALL ELECTORAL COMB9ATIONS1 ALL POPUL> SANCTIONS1 WILL ASSURE LODG+ TO ! WORK]S =EV]1 & R5D] A RETURN TO SPECULATION ( R5TS IMPOSSIBLE4 ,NEI!R GOV]NM5T1 NOR LEGISLATION1 NOR CODE IS NE$$1 A SIMPLE AGREEM5T AMONG CITIZ5S SUFFICES1 ) ! EXECUTION ( IT CONFID$ TO ! T[N3 ! PRODUC] IS H\S$ BY A SIMPLE BUS9ESS TRANSACTION2 SOME?+ :I* NEI!R K+S NOR DICTATOR WILL EV] ACCOMPLI%4 

#e4 ,PROP]TY 9 ,L&4 

,?R\< ! L& ! PLUND]+ ( MAN BEGAN1 & 9 ! L& IT HAS ROOT$ ITS F\NDATIONS4 ,! L& IS ! =TRESS ( ! MOD]N CAPITALI/1 AS IT WAS ! CITADEL ( FEUDALISM1 & ( ! ANCI5T PATRICIATE4 ,F9ALLY1 IT IS ! L& :I* GIVES AU?ORITY TO ! GOV]NM5TAL PR9CIPLE1 AN EV]-R5EW$ /R5G?1 :5EV] ! POPUL> ,H]CULES OV]?R[S ! GIANT4 

,TO-DAY ! /RON<OLD1 ATTACK$ UPON ALL ! SECRET PO9TS ( ITS BA/IONS1 IS AB\T TO FALL BE=E US1 AS FELL1 AT ! S\ND ( ,JO%UA'S TRUMPETS1 ! WALLS ( ,J]I*O4 ,! MA*9E :I* IS ABLE TO OV]?R[ ! RAMP>TS HAS BE5 F\ND2 IT IS NOT MY 9V5TION2 IT HAS BE5 9V5T$ BY PROP]TY ITSELF4 

,EV]YBODY HAS HE>D ( ! L& BANKS ?AT HAVE BE5 9 USE = A LONG TIME AMONG ! L& [N]S ( ,POL&1 ,SCOTL&1 & ,PRUSSIA1 ( :I* ,FR5* PROPRIETORS & F>M [N]S >E DEM&+ SO 9SI/5TLY ! 9TRODUCTION 9TO \R [N C\NTRY4 ,9 A PREVI\S >TICLE1 SPEAK+ ( ! LIQUIDATION ( MORTGAGE SECUR$ DEBTS1 ,I HAD OCCASION TO RECALL ! ATTEMPTS MADE BY SEV]AL HONORABLE CONS]VATIVES 9 ! ,NATIONAL ,ASSEMBLY TO 5D[ ,FRANCE ) ?IS B5EFIC5T 9/ITUTION4 ,I %[$1 9 CONNECTION !RE)1 H[ ! L& BANK MI<T BECOME AN 9/RUM5T ( REVOLUTION ) REG>D TO DEBTS & 9T]E/4 ,I AM AB\T TO %[ H[ IT MAY BE ! SAME ) REG>D TO L&$ PROP]TY4 

,! SPECIAL *>ACT]I/IC ( ! L& BANK1 AFT] ! L[ PRICE & ! FACILITY ( ITS CR$IT1 IS ! REIMBURSEM5T = ANNUITIES4 

,SUPPOSE ?AT ! PROPRIETORS1 NO LONG] WAIT+ = ! ,GOV]NM5T TO ACT1 BUT TAK+ !IR AFFAIRS 9TO !IR [N H&S1 FOLL[ ! EXAMPLE ( ! WORKM5'S ASSOCIATIONS1 & GET TOGE!R TO F\ND A ,BANK BY SUBSCRIPTION1 OR MUTUAL GU>ANTEE4 

,SUPPOSE ?AT 9 ?IS CR$IT CONC]N ! AM\NT ( ISSUES W]E FIX$ AT @s#h11 A YE>1 AS MU* AS COMES TO A CAPITAL ( @s#d111 & ! ANNUITY FIX$ AT ONE-TW5TIE?1 PAYABLE 9 ADVANCE1 PLUS A SMALL 9T]E/ 9 ADDITION4 

,IT IS EASILY SE5 ?AT1 ) ! AID ( ?IS BANK1 PROP]TY1 :I* N[ BORR[S AT AN AV]AGE RATE ( #i P]C5T1 C\LD >RANGE EV]Y YE> ! CONV]SION ( @s#h11 ( MORTGAGES1 ?AT IS TO SAY1 PAY (F @s#h11 WOR? ( ITS MORTGAGES AT #i P]C5T BY AN ANNUITY SUBSCRIPTION AT #e #a_/#b 1 #f1 OR #g P]C5T4 

,AT ! 5D ( FIVE YE>S ! CAPITAL ( @s#d11 W\LD BE EXHAU/$2 BUT ! BANK1 ) ITS RETURNS FROM ANNUITIES & ! DISC\NTS :I* IT MAKES ON CR$ITS1 W\LD HAVE 9 H&1 AS ! RESULT ( ITS DEAL+S1 A SUM ( @s#d111 :I* IT WILL REPLACE ANEW4 ,! OP]ATION WILL CONT9UE ?US UNTIL AT ! 5D ( TW5TY YE>S L&$ PROP]TY WILL HAVE CONV]T$ F\R TIMES @s#d111 ?AT IS @s#a1#f11 ( MORTGAGES2 & 9 ?IRTY YE>S IT WILL BE DELIV]$ FROM USUR]S4 

,ONCE AGA9 ,I SAY ?AT ,I DO NOT 9T5D TO APPROVE ANY ( ! PLANS = A L& BANK ?AT HAVE BE5 ADVANC$4 ,I BELIEVE ?AT IT IS POSSIBLE TO ORGANIZE SU* AN 9/ITUTION1 & ,I BASE MY REASON+ ON ?IS ASSUMPTION1 :I* IS TO ME MORE ?AN A HYPO!SIS4 

,NO?+ IS EASI] ?AN TO APPLY TO ! REPUR*ASE ( L& ! ME*ANISM ( ?IS SY/EM ( CR$IT1 :I* IS USUALLY REG>D$ ONLY AS A PROTECTION AGA9/ EXCESSIVE 9T]E/1 & AN 9/RUM5T = ! CONV]SION ( MORTGAGES4 

,! AV]AGE REV5UE ( L&$ CAPITAL IS #c P]C5T4 

,:5 IT IS SAID ?AT ! L& BR+S 9 #b1 #c1 #d OR #e P]C5T1 IT MEANS ?AT AFT] ! CO/ ( LABOR IS PAID 7! F>M]1 PEASANT OR SLAVE MU/ LIVE71 ! SURPLUS1 :ATEV] IT MAY BE1 9 O!R WORDS1 ! %>E ( ! [N]1 IS HELD TO REPRES5T ! TW5TIE?1 TW5TY-F\R?1 ?IRTIE? OR =TIE? P>T ( ! VALUE ( ! L&4 

,?US ?IRTY-F\R YE>S ( F>M R5T AT #c P]C5T1 OR =TY YE>S AT #b #a_/#b  P]C5T1 COV] ! VALUE ( ! PROP]TY4 

,! F>M] OR PEASANT CAN .<!N.> PAY = ! L& ?AT HE CULTIVATES 9 TW5TY-FIVE1 ?IRTY1 ?IRTY-F\R OR =TY YE>S1 IF ! [N] WILL AGREE TO IT3 HE CAN PAY = IT 9 TW5TY1 EI<TE51 OR FIFTE5 YE>S1 IF HE CAN BUY IT BY ! SY/EM ( ANNUITIES4 ,:AT !N PREV5TS ! PEASANT FROM BECOM+ EV]Y:]E ! [N] ( ! SOIL1 & FREE+ HIMSELF FROM F>M R5T8 

,:AT PREV5TS HIM IS ?AT ! [N] DEM&S TO BE PAID 9 CA%2 & ?AT IF CA% IS NOT =?COM+1 HE LETS ! L&2 ?AT IS TO SAY1 HE REQUIRES PAYM5T 9 P]PETUITY4 

,9 ?AT CASE1 Y\ WILL SAY1 :Y DOES NOT ! T5ANT BORR[8 

,AH6 ?AT IS BECAUSE ! LOAN ( MONEY ON MORTGAGE AGREES EXACTLY ) F>M R5T4 ,! 9T]E/ REQUIR$ = ?IS K9D ( LOAN S]VES NOT 9 ! LEA/ TO EXT+UI% ! DEBT1 & IS EV5 HI<] ?AN ! F>M R5T4 ,! PEASANT !RE=E F9DS HIMSELF 5CLOS$ 9 A CIRCLE3 HE MU/ CULTIVATE TO ET]NITY1 BUT NEV] POSSESS4 ,IF HE BORR[S1 HE GIVES HIMSELF A SECOND MA/]1 D\BLE 9T]E/1 D\BLE SLAV]Y4 ,!RE IS NO WAY ( ESCAPE )\T ! AID ( A FAIRY4 

,WELL1 ! FAIRY EXI/S3 IT REMA9S ONLY = US TO TE/ ! VIRTUE ( H] W&3 ! FAIRY IS ! L& BANK4 

,A Y\NG PEASANT1 AB\T TO />T H\SEKEEP+1 WANTS TO BUY A F>M3 ! F>M IS WOR? @s#c14 

,SUPPOSE ?AT ?IS PEASANT1 ) ! M>RIAGE PORTION ( HIS WIFE1 A TRIFLE 9H]IT$1 & SOME SAV+S1 CAN RAISE A ?IRD ( ?IS SUM3 ! ,L& ,BANK UPON A PL$GE ( @s#c1 WILL NOT HESITATE TO L5D @s#b11 PAYABLE1 AS WE HAVE SAID1 BY ANNUAL 9/ALLM5TS4 

,?IS WILL BE AS IF ! CULTIVATOR HAD TO PAY R5T = #a#e1 #b OR #c YE>S1 9 ORD] TO BECOME ! [N] ( PROP]TY WOR? @s#b14 ,?US ! F>M R5T IS NOT P]PETUAL3 IT IS ANNUALLY *>G$ (F ! PRICE3 IT GIVES A TITLE TO ! PROP]TY4 ,& AS ! PRICE ( REAL E/ATE CANNOT BE RAIS$ 9DEF9ITELY1 S9CE IT IS ONLY ! CAPITALIZATION ( TW5TY1 ?IRTY OR =TY FOLD ( ! P>T ( ! PRODUCT :I* IS 9 EXCESS ( ! CO/ ( WORK+ ! L&1 IT IS EVID5T ?AT ! PEASANT CANNOT FAIL TO OBTA9 ! PROP]TY4 ,) ! ,L& ,BANK ! F>M] IS RELEAS$2 IT IS ! PROPRIETOR :O IS CAU<T4 ,DO Y\ UND]/& N[ :Y ! CONS]VATIVES ( ! ,CON/ITU5T ,ASSEMBLY W]E UNWILL+ TO P]MIT A ,L& ,BANK8 

,?US :AT WE CALL F>M R5T1 LEFT TO US BY ,ROMAN TYRANNY & FEUDAL USURPATION1 HANGS ONLY BY A ?READ1 ! ORGANIZATION ( A BANK1 DEM&$ EV5 BY PROP]TY ITSELF4 ,IT HAS BE5 DEMON/RAT$ ?AT ! L& T5DS TO RETURN TO ! H&S ?AT CULTIVATE IT1 & ?AT F>M R5T1 LIKE H\SE R5T1 LIKE ! 9T]E/ ( MORTGAGES1 IS BUT AN IMPROP] SPECULATION1 :I* %[S ! DISORD] & ANOMALY ( ! PRES5T ECONOMIC SY/EM4 

,:ATEV] MAY BE ! CONDITIONS ( ?IS ,BANK1 :I* WILL COME 9TO EXI/5CE ON ! DAY :5 ?OSE :O NE$ IT DESIRE IT2 :ATEV] BE ! RATE ( *>GE = ITS S]VICES1 H[EV] SMALL ITS ISSUES1 IT CAN BE CALCULAT$ 9 H[ MANY YE>S ! SOIL WILL BE DELIV]$ FROM ! P>ASITISM :I* SUCKS IT DRY1 :ILE /RANGL+ ! CULTIVATOR4 

,& :5 ONCE ! REVOLUTION>Y MA*9E %ALL HAVE RELEAS$ ! SOIL1 & AGRICULTURE %ALL HAVE BECOME FREE1 FEUDAL EXPLOITATION CAN NEV] REE/ABLI% ITSELF4 ,PROP]TY MAY !N BE SOLD1 B\<T1 CIRCULAT$1 DIVID$ OR UNIT$1 ANY?+2 ! BALL & *A9 ( ! OLD S]FDOM WILL NEV] BE DRAGG$ AGA92 PROP]TY WILL HAVE LO/ ITS FUNDAM5TAL VISES1 IT WILL BE TRANSFIGUR$4 ,IT WILL NO LONG] BE ! SAME ?+4 ,/ILL1 LET US CONT9UE TO CALL IT BY ITS ANCI5T NAME1 SO DE> TO ! HE>T ( MAN1 SO AGREEABLE TO ! E> ( ! PEASANT1 PROP]TY4 

,:AT IS IT  ?AT ,I ASK N[3 ?AT A ,L& ,BANK %\LD BE F\ND$ AT ONCE8 ,?AT W\LD BE SOME?+1 NO D\BT4 ,BUT :Y %\LD WE NOT COV] AT ONE /RIDE :AT IT MI<T TAKE A ,L& ,BANK A C5TURY TO ACCOMPLI%8 

,\R T5D5CY IS \R LAW2 & AL?\< !RE MAY BE NEV] ANY LACK ( CONT9UITY AMONG \R IDEAS1 AL?\< ! M9D MAY ALWAYS BE ABLE1 AT NE$1 TO 9S]T AS MANY MIDDLE T]MS AS IT *OOSES BETWE5 ONE IDEA & ANO!R1 YET SOMETIMES ,SOCIETY LIKES TO =M RAPID 9F]5CES1 TO TAKE GREAT LEAPS4 ,:AT MORE PU]ILE ?AN TO MAKE A ?IRD1 A QU>T]1 A T5? ( A REVOLUTION8 ,HAS NOT CAPITAL HAD 5\<8 ,IS CAPITAL SO HONORABLE1 SO G5]\S1 SO PURE1 ?AT WE /ILL [E IT FIFTY YE>S ( SACRIFICE8 ,WE >E 9 ! L9E ( PROGRESS2 UNIV]SAL PRACTICE PLEADS = US4 ,:AT1 !N1 >E WE WAIT+ =8 ,=W>D6 & AT FULL SPE$1 AGA9/ L& R5T4 

,I PROPOSE TO DECREE3 

,EV]Y PAYM5T ( R5T = ! USE ( REAL E/ATE %ALL GIVE TITLE TO ! F>M] = A %>E ( ! REAL E/ATE1 & %ALL BE A LI5 UPON IT4 

,:5 ! PROP]TY HAS BE5 5TIRELY PAID =1 IT %ALL REV]T IMM$IATELY TO ! T[N1 :I* %ALL TAKE ! PLACE ( ! =M] PROPRIETOR1 & %ALL %>E ! FEE-SIMPLE & ! ECONOMIC R5T ) ! F>M]4 

,T[NS MAY B>GA9 DIRECTLY ) [N]S :O WI% TO DO SO = ! REPUR*ASE ( R5TALS & ! IMM$IATE PUR*ASE ( ! PROP]TIES4 

,9 ?AT CASE1 PROVISION %ALL BE MADE = ! SUP]VISION ( ! T[NS1 = ! 9/ALLATION ( CULTIVATORS1 & = ! FIX+ ( ! B\ND>IES ( POSSESSIONS1 TAK+ C>E TO MAKE UP BY AN 9CREASE 9 QUANTITY = ANY DEFICI5CY 9 ! QUALITY ( ! L&1 & TO PROPORTION ! R5T TO ! PRODUCT4 

,AS SOON AS ALL L&$ PROP]TY %ALL HAVE BE5 COMPLETELY PAID =1 ALL ! T[NS ( ! ,REPUBLIC %ALL COME TO AN UND]/&+ = EQUALIZ+ AMONG !M ! QUALITY ( TRACTS ( L&1 AS WELL AS ACCID5TS ( CULTURE4 ,! P>T ( ! R5T TO :I* !Y >E 5TITL$ UPON !IR RESPECTIVE T]RITORIES %ALL S]VE = COMP5SATION & = G5]AL 9SURANCE4 

,BEG9N+ ) ! SAME DATE1 ! =M] PROPRIETORS :O HAVE HELD !IR TITLE BY WORK+ !IR PROP]TIES !MSELVES1 %ALL BE PLAC$ ON ! SAME FOOT+ AS ! NEW1 SUBJECT$ TO ! SAME RI<TS2 9 SU* A MANN] ?AT ! *ANCE ( LOCALITY OR ( SUCCESSION MAY FAVOR NO ONE1 & ?AT ! CONDITIONS ( CULTURE %ALL BE EQUAL = ALL4 

,! TAX ON L& %ALL BE ABOLI%$4 

,! RURAL POLICE >E PLAC$ UND] ! CONTROL ( ! MUNICIPAL C\NCILS4 

,I SUPPOSE ?AT ,I NE$ NOT WRITE A COMM5T>Y TO %[ ?AT ?IS PLAN1 :I* IS ! NECESS>Y SEQUEL TO ! O!RS1 IS /ILL ONLY ! APPLICATION ON A L>GE SCALE ( ! IDEA ( CONTRACT2 ?AT ! C5TRAL AU?ORITY APPE>S ONLY = ! EXECUTION ( ! POPUL> WILL1 :I* ,I ASSUME HAS ALREADY BE5 EXPRESS$ BY VOTE ( ! ELECTORS2 ?AT :5 ONCE ! RE=M HAS BE5 PUT 9 PRACTICE1 ! H& ( P[] WILL =EV] DISAPPE> FROM AGRICULTURAL & F>M L& AFFAIRS4 ,SU* REPETITION W\LD BE TIRESOME4 ,IT IS MORE ADVANTAGE\S1 JU/ N[1 ,I ?9K1 TO ADDUCE C]TA9 URG5T CONSID]ATIONS 9 SUPPORT ( MY PLAN4 

,9 MANY PROV9CES ! ATT5TION ( C\NTRY DWELL]S HAS BE5 AWAK5$ 9 RELATION TO ! PROBABLE CONSEQU5CES ( ! ,REVOLUTION ( ,FEBRU>Y1 9 CONNECTION ) F>M PROP]TY4 ,!Y UND]/& ?AT ?IS ,REVOLUTION \<T TO PUT AN 5D TO !IR PREC>I\S HOLD+1 & PROCURE = !M1 NOT ONLY A M>KET = !IR PRODUCE1 NOT ONLY MONEY AT A L[ RATE1 BUT1 ABOVE ALL1 PROP]TY4 

,9 CONNECTION ) ?IS1 ONE ( ! IDEAS :I* HAVE OBTA9$ FAVOR AMONG ! PEASANTS IS ! ,RI<T ( ! CULTIVATOR TO IMPROVEM5TS 9 ! PROP]TY ?AT HE CULTIVATES4 

,A F>M WOR? @s#h1 IS LEAS$ TO A F>M] = @s#b#d A YE>2 ?AT IS1 AT #c P]C5T4 

,AT ! 5D ( T5 YE>S ?IS F>M1 UND] ! 9TELLIG5T MANAGEM5T ( ! F>M]1 HAS GA9$ #e P]C5T 9 VALUE3 9/EAD ( @s#h11 IT IS WOR? @s#a#b14 ,?IS IMPROVEM5T1 :I* IS ! EXCLUSIVE WORK ( ! F>M]1 NOT ONLY PR(ITS HIM NO?+1 BUT :5 ! LEASE HAS EXPIR$1 ! IDL]1 ! PROPRIETOR1 COMES ALONG1 & RAISES ! R5T TO @s#c#f4 ,! F>M] HAS CREAT$ @s#d1 = SOMEBODY ELSE2 MORE ?AN ?AT1 9 AUGM5T+ ! =TUNE ( HIS MA/] BY A HALF1 HE HAS 9CREAS$ PROPORTIONALLY :AT HE HIMSELF MU/ PAY2 HE HAS GIV5 HIS MA/] A /ICK TO BEAT HIM )1 AS !Y SAY4 

,! PEASANT UND]/&S ?IS 9JU/ICE2 &1 RA!R ?AN FAIL TO OBTA9 REP>ATION = IT1 HE WILL1 SOON] OR LAT]1 OV]?R[ GOV]NM5T & PROP]TY1 AS 9 '#h#i HE BURN$ ! *>T]S4 ,?IS MAY BE EXPECT$ AT ANY TIME4 ,?IS MAY BE EXPECT$ AT ANY TIME4 ,FROM ANO!R SIDE1 C]TA9 [N]S ALSO HAVE FELT ! NECESSITY ?AT LABOR %\LD REAP ! REW>D ( ITS [N WORK3 !Y HAVE EV5 GONE BEYOND ! DEM&S ( !IR F>M]S1 & HAVE BEGUN ! WORK ( REP>ATION SPONTANE\SLY4 ,! ,RI<T TO ! VALUE ( ,IMPROVEM5TS IS ONE ( ! FIR/ :I* ! LEGISLATOR MU/ RECOGNIZE1 AT LEA/ 9 PR9CIPLE1 ON PA9 ( REVOLT & P]HAPS A PEASANTS' W>4 

,AS = MYSELF1 ,I DO NOT BELIEVE ?AT SU* AN 9NOVATION IS PRACTICABLE 9 \R SY/EM ( LAWS & ! CONDITION ( PROP]TY2 & ,I D\BT :E!R ! HOPES ( ! PEASANTS CAN TRIUMPH OV] ! 9NUM]ABLE DIFFICULTIES & COMPLICATIONS ?AT >E 9VOLV$4 ,I AM ! FIR/ TO RECOGNIZE ! LEGITIMACY ( ! RI<T TO ! VALUE ( IMPROVEM5TS2 BUT IT IS ONE ?+ TO RECOGNIZE A RI<T1 & ANO!R TO GRANT IT2 ! LATT] IS 9COMPATIBLE ) ALL ! LAWS1 TRADITIONS1 & USAGES :I* CONTROL PROP]TY4 ,NO?+ LESS IS NE$$ ?AN A COMPLETE RECA/+ ( ! SECOND ?IRD BOOKS ( ! ,CIVIL ,CODE1 ) SUPPRESSIONS1 ADDITIONS & MODIFICATIONS AT EA* S5T5CE1 ALMO/ AT EA* WORD2 SEV5TE5 HUNDR$ & SIXTY-SIX >TICLES TO REVISE1 DISCUSS1 ANALYZE1 ABROGATE1 REPLACE1 & DEVELOP2 MORE WORK ?AN A ,NATIONAL ,ASSEMBLY C\LD DO 9 T5 YE>S4 

,ALL ?AT CONC]NS ! RECOGNITION ( GOODS1 ! RI<T ( ACCESSION1 USUFRUCT1 S]VITUDE1 SUCCESSION1 CONTRACT1 PRESCRIPTION1 MORTGAGES1 MU/ BE H>MONIZ$ ) ! RI<T TO ! VALUE ( IMPROVEM5TS1 & REMODELLE$ FROM BOTTOM TO TOP4 ,H[EV] WILL+ ! REPRES5TATIVES1 :ATEV] LI<T !Y CAN %$4 ,I D\BT :E!R !Y CAN DEVISE A LAW :I* WILL SATISFY !IR CON/ITU5TS OR !MSELVES4 ,A LAW :I* SEP>ATES1 CONSECRATES & REGULATES1 UND] ALL CONDITIONS1 ! RI<T TO ! VALUE ( IMPROVEM5TS1 & ! CONSEQU5CES :I* FOLL[ IT1 IS SIMPLY AN IMPOSSIBLE LAW4 ,IT IS ONE ( ! CASES 9 :I* ! ,RI<T1 AL?\< P]FECTLY CLE>1 ESCAPES ! DEF9ITIONS ( ! LEGISLATOR4 

,JU/ AS F>M L& DOES NOT 9CREASE 9 VALUE BUT BY ! LABOR ( ! F>M]1 SO IT DOES NOT MA9TA9 ITS VALUE )\T LABOR4 ,AB&ON$ OR ILL-WORK$ L& LOSES 9 VALUE OR DET]IORATES1 :ILE IF PROP]LY WORK$1 IT 9CREASES 9 VALUE4 ,TO PRES]VE F>M L& IS TO CREATE IT1 BECAUSE IT MEANS TO MAKE IT OV] AGA9 EV]Y DAY1 9 PROPORTION TO ITS LOSS4 ,!RE=E IF IT IS JU/ TO RECOGNIZE A %>E 9 ! VALUE ( IMPROVEM5TS = ! F>M]1 IT IS ALSO JU/ TO RECOGNIZE HIS %>E 9 ! VALUE ( MA9T5ANCE4 ,AFT] RECOGNIZ+ ! RI<T TO ! VALUE ( IMPROVEM5TS1 WE MU/ FUR!R ADMIT ! RI<T TO ! VALUE ( CONS]VATION4 ,:O WILL MAKE ?IS NEW RUL+8 ,:O CAN EMBRACE IT 9 LEGISLATION3 :O 5%R9E IT 9 ! ,CODE8 

,TO RAISE SU* QUE/IONS IS TO CA/ A PLUMMET 9TO AN ABYSS4 ,! RI<T TO ! VALUE ( IMPROVEM5TS1 SO DE> TO ! HE>T ( ! PEASANT1 & ADMITT$ BY ! FAIRM9D$NESS ( MANY [N]S1 IS IMPRACTICABLE BECAUSE IT LACKS G5]ALITY & DEP?1 9 A WORD1 BECAUSE IT IS NOT SUFFICI5TLY RADICAL4 ,IT IS ) IT AS ) ! RI<T TO LABOR1 ( :I* NO ONE 9 ! ,CON/ITU5T ,ASSEMBLY CONTE/$ ! JU/ICE1 BUT ( :I* ! CODIFICATION WAS EQUALLY IMPOSSIBLE4 ,! ,RI<T TO ,LABOR1 ! ,RI<T TO ,LIFE1 ! ,RI<T TO ,HAPP9ESS1 ! ,RI<T TO ,LOVE1 ALL !SE =MULAS1 CAPABLE 9 AN 9/ANT ( >\S+ ! MASSES1 >E 5TIRELY )\T PRACTICAL S5SE4 ,IF !Y BETRAY A REAL NE$ AMONG ! PEOPLE1 !Y %[ EV5 MORE CLE>LY ! 9COMPET5CE ( !IR AU?ORS4 

,LET US N[ PROCE$ TO TELL ! PEASANT1 AS WE TOLD ! WORKM5 9 #a#h#d#h1 ?AT !RE IS NO?+ TO BE DONE2 ?AT ! RI<T TO ! VALUE ( IMPROVEM5TS1 LIKE ! RI<T TO LABOR1 LIKE ALL ! EVANGELICAL RI<TS1 IS A *>M+ ?+1 NO D\BT1 BUT QUITE IMPOSSIBLE TO REALIZE2 ?AT ! WORLD HAS ALWAYS BE5 SO1 & WILL ALWAYS BE SO2 ?AT ,PROVID5CE HAS MADE SOME PEOPLE PROPRIETORS & SOME T5ANTS1 AS HE HAS CREAT$ OAKS & HAW?ORN BU%ES2 & ALL ! NORMAL COMMONPLACES ( ,MAL?USIANISM1 ?AT HAVE BE5 REFUT$ A HUNDR$ TIMES4 ,! 9=MATION MAY BE ILL RECEIV$2 IT MAY BE D\BT$ :E!R ! PEASANTS1 ANY MORE ?AN ! WORKM51 WILL BE P]SUAD$ BY IT4 ,BE=E LONG1 !RE MU/ BE A SOLUTION2 IF NOT1 TAKE C>E6 444 ,I SEE COM+ UNIV]SAL EXPROPRIATION1 )\T PUBLIC GA9 & )\T PRELIM9>Y 9DEMNITY4 

,I BR+ ?IS /UDY TO AN 5D1 LEAV+ IT TO MY READ]S TO FOLL[ IT \T 9 DETAIL1 & CONT5T+ MYSELF ) HAV+ T\*$ UPON ! G5]AL PO9TS4 

,A G5]AL LIQUIDATION IS ! OBLIGATORY PRELIM9>Y ( EV]Y REVOLUTION4 ,AFT] SIXTY YE>S ( M]CANTILE & ECONOMIC *AOS1 A SECOND NI<T ( ! #d? ( ,AUGU/ IS 9DISP5SABLE4 ,WE >E /ILL MA/]S ( ! SITUATION1 & FREE TO PROCE$ ) ALL ! PRUD5CE1 ALL ! MOD]ATION1 ?AT WE MAY ?9K ADVISABLE3 LAT]1 \R FATE MAY NOT DEP5D UPON \R FREE *OICE4 

,I HAVE PROV$ AT L5G? ?AT 9 ! ASPIRATIONS ( ! ,C\NTRY1 9 ! IDEAS ?AT >E CURR5T AMONG CAPITALI/S & PROPRIETORS1 AS WELL AS AMONG PEASANTS & WORKM51 EV]Y?+ T5DS T[>D ?IS LIQUIDATION3 COOP]ATIVE ASSOCIATIONS1 ACCUMULATION ( CO9 AT ! ,BANK1 DISC\NT H\SES1 CR$IT NOTES1 L& BANKS1 WORKM5'S VILLAGES1 RI<T TO VALUE ( IMPROVEM5TS1 @&C41 @&C4 ,I HAVE ANALYZ$ & D$UC$ !SE IDEAS1 & ,I HAVE F\ND AT ! BOTTOM ( !M ALWAYS ! PR9CIPLE ( RECIPROCITY & CONTRACT1 NEV] ?AT ( GOV]NM5T4 ,F9ALLY1 ,I HAVE %[N H[ LIQUIDATION C\LD1 ON EA* PO9T1 BE MADE TO WORK AS RAPIDLY AS MI<T BE DESIR$2 & IF ,I HAVE PRON\NC$ MYSELF 9 FAVOR ( ! EASIE/ & QUICKE/ WAY1 IT WAS NOT1 AS MI<T BE SUPPOS$1 BECAUSE ,I HELD EXTREME OP9IONS1 BUT BECAUSE ,I WAS CONV9C$ ?AT ?IS ME?OD IS ! WISE/1 ! MO/ JU/1 ! MO/ CONS]VATIVE1 ! MO/ ADVANTAGE\S TO ALL 9T]E/$1 DEBTORS1 CR$ITORS1 H\SE [N]S1 T5ANTS1 L& PROPRIETORS & T5ANT F>M]S4 

,I 9 FAVOR ( EXTREME OP9IONS6 ,DO Y\ ?9K1 !N1 ?AT !RE IS NO?+ MORE RADICAL1 MORE SUMM>Y1 !N1 ! PLAN ( CONCILIATION :I* ,I PREF] & PROPOSE8 ,HAVE Y\ =GOTT5 ! SAY+ ( ,FR$]ICK ! ,GREAT TO ! MILL] ( ,SANS ,S\CI3 

,DO Y\ KN[ ?AT ,I C\LD TAKE IT )\T PAY+ = IT8 

,BETWE5 REIMBURSEM5T BY ANNUITIES & CONFISCATION1 !RE >E MANY DEGREES4 ,LET ! C\NT]-REVOLUTION P]SI/ 9 ITS C\RSE1 & P]HAPS BE=E A YE> IS OV] ! L[] CLASSES WILL DEM& FROM ! RI*1 AS REP>ATION & 9DEMNITY1 A QU>T]1 A ?IRD1 A HALF ( !IR PROP]TY1 & AFT] SOME YE>S1 ! :OLE4 ,& ! L[] CLASSES >E /RONG] ?AN ,FR$]ICK ! ,GREAT4 ,!N ! PEASANTS & WORKM5 WILL NOT DEM& ! ,RI<T TO ,LABOR1 NOR ! ,RI<T TO ! ,VALUE ( ,IMPROVEM5TS3 IT WILL BE1 ! ,RI<T TO ,W>1 & ! ,RI<T ( ,REPRISAL4 ,:AT WILL ! ANSW] BE8 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahe 3 ,/UDY #e -- ,PUBLICATION4 
,JANU>Y #c#a1 #bag 3 ,/UDY #e -- ,ADD$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/