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But£»¡¡they¡¡say£»¡¡the¡¡courts¡¡and¡¡the¡¡police¡¡force¡¡are¡¡established¡¡to¡¡restrain¡¡this¡¡mob£»¡¡government¡¡is¡¡a¡¡company£»¡¡not¡¡exactly¡¡for¡¡insurance£»¡¡for¡¡it¡¡does¡¡not¡¡insure£»¡¡but¡¡for¡¡vengeance¡¡and¡¡repression¡£¡¡¡¡The¡¡premium¡¡which¡¡this¡¡company¡¡exacts£»¡¡the¡¡tax£»¡¡is¡¡divided¡¡in¡¡proportion¡¡to¡¡property£»¡¡that¡¡is£»¡¡in¡¡proportion¡¡to¡¡the¡¡trouble¡¡which¡¡each¡¡piece¡¡of¡¡property¡¡occasions¡¡the¡¡avengers¡¡and¡¡repressers¡¡paid¡¡by¡¡the¡¡government¡£

This¡¡is¡¡any¡¡thing¡¡but¡¡the¡¡absolute¡¡and¡¡inalienable¡¡right¡¡of¡¡property¡£¡¡¡¡Under¡¡this¡¡system¡¡the¡¡poor¡¡and¡¡the¡¡rich¡¡distrust£»¡¡and¡¡make¡¡war¡¡upon£»¡¡each¡¡other¡£¡¡¡¡But¡¡what¡¡is¡¡the¡¡object¡¡of¡¡the¡¡war£¿¡¡¡¡Property¡£¡¡¡¡So¡¡that¡¡property¡¡is¡¡necessarily¡¡accompanied¡¡by¡¡war¡¡upon¡¡property¡£¡¡¡¡The¡¡liberty¡¡and¡¡security¡¡of¡¡the¡¡rich¡¡do¡¡not¡¡suffer¡¡from¡¡the¡¡liberty¡¡and¡¡security¡¡of¡¡the¡¡poor£»¡¡far¡¡from¡¡that£»¡¡they¡¡mutually¡¡strengthen¡¡and¡¡sustain¡¡each¡¡other¡£¡¡¡¡The¡¡rich¡¡man's¡¡right¡¡of¡¡property£»¡¡on¡¡the¡¡contrary£»¡¡has¡¡to¡¡be¡¡continually¡¡defended¡¡against¡¡the¡¡poor¡¡man's¡¡desire¡¡for¡¡property¡£¡¡¡¡What¡¡a¡¡contradiction£¡¡¡¡¡In¡¡England¡¡they¡¡have¡¡a¡¡poor¡­rate£º¡¡they¡¡wish¡¡me¡¡to¡¡pay¡¡this¡¡tax¡£¡¡¡¡But¡¡what¡¡relation¡¡exists¡¡between¡¡my¡¡natural¡¡and¡¡inalienable¡¡right¡¡of¡¡property¡¡and¡¡the¡¡hunger¡¡from¡¡which¡¡ten¡¡million¡¡wretched¡¡people¡¡are¡¡suffering£¿¡¡¡¡When¡¡religion¡¡commands¡¡us¡¡to¡¡assist¡¡our¡¡fellows£»¡¡it¡¡speaks¡¡in¡¡the¡¡name¡¡of¡¡charity£»¡¡not¡¡in¡¡the¡¡name¡¡of¡¡law¡£¡¡¡¡The¡¡obligation¡¡of¡¡benevolence£»¡¡imposed¡¡upon¡¡me¡¡by¡¡Christian¡¡morality£»¡¡cannot¡¡be¡¡imposed¡¡upon¡¡me¡¡as¡¡a¡¡political¡¡tax¡¡for¡¡the¡¡benefit¡¡of¡¡any¡¡person¡¡or¡¡poor¡­house¡£¡¡¡¡I¡¡will¡¡give¡¡alms¡¡when¡¡I¡¡see¡¡fit¡¡to¡¡do¡¡so£»¡¡when¡¡the¡¡sufferings¡¡of¡¡others¡¡excite¡¡in¡¡me¡¡that¡¡sympathy¡¡of¡¡which¡¡philosophers¡¡talk£»¡¡and¡¡in¡¡which¡¡I¡¡do¡¡not¡¡believe£º¡¡I¡¡will¡¡not¡¡be¡¡forced¡¡to¡¡bestow¡¡them¡£¡¡¡¡No¡¡one¡¡is¡¡obliged¡¡to¡¡do¡¡more¡¡than¡¡comply¡¡with¡¡this¡¡injunction£º¡¡¡¡IN¡¡THE¡¡EXERCISE¡¡OF¡¡YOUR¡¡OWN¡¡RIGHTS¡¡DO¡¡NOT¡¡ENCROACH¡¡UPON¡¡THE¡¡RIGHTS¡¡OF¡¡ANOTHER£»¡¡an¡¡injunction¡¡which¡¡is¡¡the¡¡exact¡¡definition¡¡of¡¡liberty¡£¡¡¡¡Now£»¡¡my¡¡possessions¡¡are¡¡my¡¡own£»¡¡no¡¡one¡¡has¡¡a¡¡claim¡¡upon¡¡them£º¡¡I¡¡object¡¡to¡¡the¡¡placing¡¡of¡¡the¡¡third¡¡theological¡¡virtue¡¡in¡¡the¡¡order¡¡of¡¡the¡¡day¡£

Everybody£»¡¡in¡¡France£»¡¡demands¡¡the¡¡conversion¡¡of¡¡the¡¡five¡¡per¡¡cent¡£¡¡bonds£»¡¡they¡¡demand¡¡thereby¡¡the¡¡complete¡¡sacrifice¡¡of¡¡one¡¡species¡¡of¡¡property¡£¡¡¡¡They¡¡have¡¡the¡¡right¡¡to¡¡do¡¡it£»¡¡if¡¡public¡¡necessity¡¡requires¡¡it£»¡¡but¡¡where¡¡is¡¡the¡¡just¡¡indemnity¡¡promised¡¡by¡¡the¡¡charter£¿¡¡¡¡Not¡¡only¡¡does¡¡none¡¡exist£»¡¡but¡¡this¡¡indemnity¡¡is¡¡not¡¡even¡¡possible£»¡¡for£»¡¡if¡¡the¡¡indemnity¡¡were¡¡equal¡¡to¡¡the¡¡property¡¡sacrificed£»¡¡the¡¡conversion¡¡would¡¡be¡¡useless¡£

The¡¡State¡¡occupies¡¡the¡¡same¡¡position¡¡to¡­day¡¡toward¡¡the¡¡bondholders¡¡that¡¡the¡¡city¡¡of¡¡Calais¡¡did£»¡¡when¡¡besieged¡¡by¡¡Edward¡¡III£»¡¡toward¡¡its¡¡notables¡£¡¡¡¡The¡¡English¡¡conqueror¡¡consented¡¡to¡¡spare¡¡its¡¡inhabitants£»¡¡provided¡¡it¡¡would¡¡surrender¡¡to¡¡him¡¡its¡¡most¡¡distinguished¡¡citizens¡¡to¡¡do¡¡with¡¡as¡¡he¡¡pleased¡£¡¡¡¡Eustache¡¡and¡¡several¡¡others¡¡offered¡¡themselves£»¡¡it¡¡was¡¡noble¡¡in¡¡them£»¡¡and¡¡our¡¡ministers¡¡should¡¡recommend¡¡their¡¡example¡¡to¡¡the¡¡bondholders¡£¡¡¡¡But¡¡had¡¡the¡¡city¡¡the¡¡right¡¡to¡¡surrender¡¡them£¿¡¡¡¡Assuredly¡¡not¡£¡¡¡¡The¡¡right¡¡to¡¡security¡¡is¡¡absolute£»¡¡the¡¡country¡¡can¡¡require¡¡no¡¡one¡¡to¡¡sacrifice¡¡himself¡£¡¡¡¡The¡¡soldier¡¡standing¡¡guard¡¡within¡¡the¡¡enemy's¡¡range¡¡is¡¡no¡¡exception¡¡to¡¡this¡¡rule¡£¡¡¡¡Wherever¡¡a¡¡citizen¡¡stands¡¡guard£»¡¡the¡¡country¡¡stands¡¡guard¡¡with¡¡him£º¡¡to¡­day¡¡it¡¡is¡¡the¡¡turn¡¡of¡¡the¡¡one£»¡¡to¡­morrow¡¡of¡¡the¡¡other¡£¡¡¡¡When¡¡danger¡¡and¡¡devotion¡¡are¡¡common£»¡¡flight¡¡is¡¡parricide¡£¡¡¡¡No¡¡one¡¡has¡¡the¡¡right¡¡to¡¡flee¡¡from¡¡danger£»¡¡no¡¡one¡¡can¡¡serve¡¡as¡¡a¡¡scapegoat¡£¡¡¡¡The¡¡maxim¡¡of¡¡CaiaphasIT¡¡IS¡¡RIGHT¡¡THAT¡¡A¡¡MAN¡¡SHOULD¡¡DIE¡¡FOR¡¡HIS¡¡NATIONis¡¡that¡¡of¡¡the¡¡populace¡¡and¡¡of¡¡tyrants£»¡¡the¡¡two¡¡extremes¡¡of¡¡social¡¡degradation¡£

It¡¡is¡¡said¡¡that¡¡all¡¡perpetual¡¡annuities¡¡are¡¡essentially¡¡redeemable¡£¡¡¡¡This¡¡maxim¡¡of¡¡civil¡¡law£»¡¡applied¡¡to¡¡the¡¡State£»¡¡is¡¡good¡¡for¡¡those¡¡who¡¡wish¡¡to¡¡return¡¡to¡¡the¡¡natural¡¡equality¡¡of¡¡labor¡¡and¡¡wealth£»¡¡but£»¡¡from¡¡the¡¡point¡¡of¡¡view¡¡of¡¡the¡¡proprietor£»¡¡and¡¡in¡¡the¡¡mouth¡¡of¡¡conversionists£»¡¡it¡¡is¡¡the¡¡language¡¡of¡¡bankrupts¡£¡¡¡¡The¡¡State¡¡is¡¡not¡¡only¡¡a¡¡borrower£»¡¡it¡¡is¡¡an¡¡insurer¡¡and¡¡guardian¡¡of¡¡property£»¡¡granting¡¡the¡¡best¡¡of¡¡security£»¡¡it¡¡assures¡¡the¡¡most¡¡inviolable¡¡possession¡£¡¡¡¡How£»¡¡then£»¡¡can¡¡it¡¡force¡¡open¡¡the¡¡hands¡¡of¡¡its¡¡creditors£»¡¡who¡¡have¡¡confidence¡¡in¡¡it£»¡¡and¡¡then¡¡talk¡¡to¡¡them¡¡of¡¡public¡¡order¡¡and¡¡security¡¡of¡¡property£¿¡¡¡¡The¡¡State£»¡¡in¡¡such¡¡an¡¡operation£»¡¡is¡¡not¡¡a¡¡debtor¡¡who¡¡discharges¡¡his¡¡debt£»¡¡it¡¡is¡¡a¡¡stock¡­company¡¡which¡¡allures¡¡its¡¡stockholders¡¡into¡¡a¡¡trap£»¡¡and¡¡there£»¡¡contrary¡¡to¡¡its¡¡authentic¡¡promise£»¡¡exacts¡¡from¡¡them¡¡twenty£»¡¡thirty£»¡¡or¡¡forty¡¡per¡¡cent¡£¡¡of¡¡the¡¡interest¡¡on¡¡their¡¡capital¡£

That¡¡is¡¡not¡¡all¡£¡¡¡¡The¡¡State¡¡is¡¡a¡¡university¡¡of¡¡citizens¡¡joined¡¡together¡¡under¡¡a¡¡common¡¡law¡¡by¡¡an¡¡act¡¡of¡¡society¡£¡¡¡¡This¡¡act¡¡secures¡¡all¡¡in¡¡the¡¡possession¡¡of¡¡their¡¡property£»¡¡guarantees¡¡to¡¡one¡¡his¡¡field£»¡¡to¡¡another¡¡his¡¡vineyard£»¡¡to¡¡a¡¡third¡¡his¡¡rents£»¡¡and¡¡to¡¡the¡¡bondholder£»¡¡who¡¡might¡¡have¡¡bought¡¡real¡¡estate¡¡but¡¡who¡¡preferred¡¡to¡¡come¡¡to¡¡the¡¡assistance¡¡of¡¡the¡¡treasury£»¡¡his¡¡bonds¡£¡¡¡¡The¡¡State¡¡cannot¡¡demand£»¡¡without¡¡offering¡¡an¡¡equivalent£»¡¡the¡¡sacrifice¡¡of¡¡an¡¡acre¡¡of¡¡the¡¡field¡¡or¡¡a¡¡corner¡¡of¡¡the¡¡vineyard£»¡¡still¡¡less¡¡can¡¡it¡¡lower¡¡rents£º¡¡why¡¡should¡¡it¡¡have¡¡the¡¡right¡¡to¡¡diminish¡¡the¡¡interest¡¡on¡¡bonds£¿¡¡¡¡This¡¡right¡¡could¡¡not¡¡justly¡¡exist£»¡¡unless¡¡the¡¡bondholder¡¡could¡¡invest¡¡his¡¡funds¡¡elsewhere¡¡to¡¡equal¡¡advantage£»¡¡but¡¡being¡¡confined¡¡to¡¡the¡¡State£»¡¡where¡¡can¡¡he¡¡find¡¡a¡¡place¡¡to¡¡invest¡¡them£»¡¡since¡¡the¡¡cause¡¡of¡¡conversion£»¡¡that¡¡is£»¡¡the¡¡power¡¡to¡¡borrow¡¡to¡¡better¡¡advantage£»¡¡lies¡¡in¡¡the¡¡State£¿¡¡¡¡That¡¡is¡¡why¡¡a¡¡government£»¡¡based¡¡on¡¡the¡¡principle¡¡of¡¡property£»¡¡cannot¡¡redeem¡¡its¡¡annuities¡¡without¡¡the¡¡consent¡¡of¡¡their¡¡holders¡£

The¡¡money¡¡deposited¡¡with¡¡the¡¡republic¡¡is¡¡property¡¡which¡¡it¡¡has¡¡no¡¡right¡¡to¡¡touch¡¡while¡¡other¡¡kinds¡¡of¡¡property¡¡are¡¡respected£»¡¡to¡¡force¡¡their¡¡redemption¡¡is¡¡to¡¡violate¡¡the¡¡social¡¡contract£»¡¡and¡¡outlaw¡¡the¡¡bondholders¡£

The¡¡whole¡¡controversy¡¡as¡¡to¡¡the¡¡conversion¡¡of¡¡bonds¡¡finally¡¡reduces¡¡itself¡¡to¡¡this£º

QUESTION¡£¡¡¡¡Is¡¡it¡¡just¡¡to¡¡reduce¡¡to¡¡misery¡¡forty¡­five¡¡thousand¡¡families¡¡who¡¡derive¡¡an¡¡income¡¡from¡¡their¡¡bonds¡¡of¡¡one¡¡hundred¡¡francs¡¡or¡¡less£¿

ANSWER¡£¡¡¡¡Is¡¡it¡¡just¡¡to¡¡compel¡¡seven¡¡or¡¡eight¡¡millions¡¡of¡¡tax¡­¡¡payers¡¡to¡¡pay¡¡a¡¡tax¡¡of¡¡five¡¡francs£»¡¡when¡¡they¡¡should¡¡pay¡¡only¡¡three£¿¡¡¡¡It¡¡is¡¡clear£»¡¡in¡¡the¡¡first¡¡place£»¡¡that¡¡the¡¡reply¡¡is¡¡in¡¡reality¡¡no¡¡reply£»¡¡but£»¡¡to¡¡make¡¡the¡¡wrong¡¡more¡¡apparent£»¡¡let¡¡us¡¡change¡¡it¡¡thus£º¡¡Is¡¡it¡¡just¡¡to¡¡endanger¡¡the¡¡lives¡¡of¡¡one¡¡hundred¡¡thousand¡¡men£»¡¡when¡¡we¡¡can¡¡save¡¡them¡¡by¡¡surrendering¡¡one¡¡hundred¡¡heads¡¡to¡¡the¡¡enemy£¿¡¡¡¡Reader£»¡¡decide£¡

All¡¡this¡¡is¡¡clearly¡¡understood¡¡by¡¡the¡¡defenders¡¡of¡¡the¡¡present¡¡system¡£¡¡¡¡Yet£»¡¡nevertheless£»¡¡sooner¡¡or¡¡later£»¡¡the¡¡conversion¡¡will¡¡be¡¡effected¡¡and¡¡property¡¡be¡¡violated£»¡¡because¡¡no¡¡other¡¡course¡¡is¡¡possible£»¡¡because¡¡property£»¡¡regarded¡¡as¡¡a¡¡right£»¡¡and¡¡not¡¡being¡¡a¡¡right£»¡¡must¡¡of¡¡right¡¡perish£»¡¡because¡¡the¡¡force¡¡of¡¡events£»¡¡the¡¡laws¡¡of¡¡conscience£»¡¡and¡¡physical¡¡and¡¡mathematical¡¡necessity¡¡must£»¡¡in¡¡the¡¡end£»¡¡destroy¡¡this¡¡illusion¡¡of¡¡our¡¡minds¡£

To¡¡sum¡¡up£º¡¡liberty¡¡is¡¡an¡¡absolute¡¡right£»¡¡because¡¡it¡¡is¡¡to¡¡man¡¡what¡¡impenetrability¡¡is¡¡to¡¡matter£»a¡¡sine¡¡qua¡¡non¡¡of¡¡existence£»¡¡equality¡¡is¡¡an¡¡absolute¡¡right£»¡¡because¡¡without¡¡equality¡¡there¡¡is¡¡no¡¡society£»¡¡security¡¡is¡¡an¡¡absolute¡¡right£»¡¡because¡¡in¡¡the¡¡eyes¡¡of¡¡every¡¡man¡¡his¡¡own¡¡liberty¡¡and¡¡life¡¡are¡¡as¡¡precious¡¡as¡¡another's¡£¡¡¡¡These¡¡three¡¡rights¡¡are¡¡absolute£»¡¡that¡¡is£»¡¡susceptible¡¡of¡¡neither¡¡increase¡¡nor¡¡diminution£»¡¡because¡¡in¡¡society¡¡each¡¡associate¡¡receives¡¡as¡¡much¡¡as¡¡he¡¡gives£»liberty¡¡for¡¡liberty£»¡¡equality¡¡for¡¡equality£»¡¡security¡¡for¡¡security£»¡¡body¡¡for¡¡body£»¡¡soul¡¡for¡¡soul£»¡¡in¡¡life¡¡and¡¡in¡¡death¡£

But¡¡property£»¡¡in¡¡its¡¡derivative¡¡sense£»¡¡and¡¡by¡¡the¡¡definitions¡¡of¡¡law£»¡¡is¡¡a¡¡right¡¡outside¡¡of¡¡society£»¡¡for¡¡it¡¡is¡¡clear¡¡that£»¡¡if¡¡the¡¡wealth¡¡of¡¡each¡¡was¡¡social¡¡wealth£»¡¡the¡¡conditions¡¡would¡¡be¡¡equal¡¡for¡¡all£»¡¡and¡¡it¡¡would¡¡be¡¡a¡¡contradiction¡¡to¡¡say£º¡¡¡¡PROPERTY¡¡IS¡¡A¡¡MAN'S¡¡RIGHT¡¡TO¡¡DISPOSE¡¡AT¡¡WILL¡¡OF¡¡SOCIAL¡¡PROPERTY¡£¡¡¡¡Then¡¡if¡¡we¡¡are¡¡associated¡¡for¡¡the¡¡sake¡¡of¡¡liberty£»¡¡equality£»¡¡and¡¡security£»¡¡we¡¡are¡¡not¡¡associated¡¡for¡¡the¡¡sake¡¡of¡¡property£»¡¡then¡¡if¡¡property¡¡is¡¡a¡¡NATURAL¡¡right£»¡¡this¡¡natural¡¡right¡¡is¡¡not¡¡SOCIAL£»¡¡but¡¡ANTI¡­SOCIAL¡£¡¡¡¡Property¡¡and¡¡society¡¡are¡¡utterly¡¡irreconcilable¡¡institutions¡£¡¡¡¡It¡¡is¡¡as¡¡impossible¡¡to¡¡associate¡¡two¡¡proprietors¡¡as¡¡to¡¡join¡¡two¡¡magnets¡¡by¡¡their¡¡opposite¡¡poles¡£¡¡¡¡Either¡¡society¡¡must¡¡perish£»¡¡or¡¡it¡¡must¡¡destroy¡¡property¡£

If¡¡property¡¡is¡¡a¡¡natural£»¡¡absolute£»¡¡imprescriptible£»¡¡and¡¡inalienable¡¡right£»¡¡why£»¡¡in¡¡all¡¡ages£»¡¡has¡¡there¡¡been¡¡so¡¡much¡¡speculation¡¡as¡¡to¡¡its¡¡origin£¿for¡¡this¡¡is¡¡one¡¡of¡¡its¡¡distinguishing¡¡characteristics¡£¡¡¡¡The¡¡origin¡¡of¡¡a¡¡natural¡¡right£¡¡¡¡¡Good¡¡God£¡¡¡who¡¡ever¡¡inquired¡¡into¡¡the¡¡origin¡¡of¡¡the¡¡rights¡¡of¡¡liberty£»¡¡security£»¡¡or¡¡equality£¿¡¡¡¡They¡¡exist¡¡by¡¡the¡¡same¡¡right¡¡that¡¡we¡¡exist£»¡¡they¡¡are¡¡born¡¡with¡¡us£»¡¡they¡¡live¡¡and¡¡die¡¡with¡¡us¡£¡¡¡¡With¡¡property¡¡it¡¡is¡¡very¡¡different£»¡¡indeed¡£¡¡¡¡By¡¡law£»¡¡property¡¡can¡¡exist¡¡without¡¡a¡¡proprietor£»¡¡like¡¡a¡¡quality¡¡without¡¡a¡¡subject¡£¡¡¡¡It¡¡exists¡¡for¡¡the¡¡human¡¡being¡¡who¡¡as¡¡yet¡¡is¡¡not£»¡¡and¡¡for¡¡the¡¡octogenarian¡¡who¡¡is¡¡no¡¡more¡£¡¡¡¡And¡¡yet£»¡¡in¡¡spite¡¡of¡¡these¡¡wonderful¡¡prerogatives¡¡which¡¡savor¡¡of¡¡the¡¡eternal¡¡and¡¡the¡¡infinite£»¡¡they¡¡have¡¡n
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