sub…title of the work；〃Philosophy of Misery。〃 No category can be suppressed； the opposition； antinomy； or contre…tendance； which exists in each of them； cannot be suppressed。
Where； then； lies the solution of the social problem？ Influenced by the Hegelian ideas； Proudhon began to look for it in a superior synthesis； which should reconcile the thesis and antithesis。 Afterwards； while at work upon his book on 〃Justice；〃 he saw that the antinomical terms do not cancel each other； any more than the opposite poles of an electric pile destroy each other； that they are the procreative cause of motion； life； and progress； that the problem is to discover； not their fusion； which would be death； but their equilibrium；an equilibrium for ever unstable； varying with the development of society。
On the cover of the 〃System of Economical Contradictions；〃 Proudhon announced； as soon to appear； his 〃Solution of the Social Problem。〃 This work； upon which he was engaged when the Revolution of 1848 broke out； had to be cut up into pamphlets and newspaper articles。 The two pamphlets； which he published in March； 1848； before he became editor of 〃Le Representant du Peuple；〃 bear the same title；〃Solution of the Social Problem。〃 The first； which is mainly a criticism of the early acts of the provisional government； is notable from the fact that in it Proudhon； in advance of all others； energetically opposed the establishment of national workshops。 The second； 〃Organization of Credit and Circulation；〃 sums up in a few pages his idea of economical progress： a gradual reduction of interest； profit； rent； taxes； and wages。 All progress hitherto has been made in this manner； in this manner it must continue to be made。 Those workingmen who favor a nominal increase of wages are； unconsciously。 following a back…track； opposed to all their interests。
After having published in 〃Le Representant du Peuple；〃 the statutes of the Bank of Exchange；a bank which was to make no profits； since it was to have no stockholders； and which； consequently； was to discount commercial paper with out interest； charging only a commission sufficient to defray its running expenses；Proudhon endeavored； in a number of articles； to explain its mechanism and necessity。 These articles have been collected in one volume； under the double title； 〃Resume of the Social Question； Bank of Exchange。〃 His other articles； those which up to December； 1848； were inspired by the progress of events； have been collected in another volume；〃Revolutionary Ideas。〃
Almost unknown in March； 1848； and struck off in April from the list of candidates for the Constituent Assembly by the delegation of workingmen which sat at the Luxembourg； Proudhon had but a very small number of votes at the general elections of April。 At the complementary elections； which were held in the early days of June； he was elected in Paris by seventy…seven thousand votes。
After the fatal days of June； he published an article on le terme； which caused the first suspension of 〃Le Representant du Peuple。〃 It was at that time that he introduced a bill into the Assembly； which； being referred to the Committee on the Finances； drew forth； first； the report of M。 Thiers； and then the speech which Proudhon delivered； on the 31st of July； in reply to this report。 〃Le Representant du Peuple；〃 reappearing a few days later； he wrote； a propos of the law requiring journals to give bonds； his famous article on 〃The Malthusians〃 （August 10； 1848）。
Ten days afterwards； 〃Le Representant du Peuple；〃 again suspended； definitively ceased to appear。 〃Le Peuple；〃 of which he was the editor…in…chief； and the first number of which was issued in the early part of September； appeared weekly at first； for want of sufficient bonds； it afterwards appeared daily； with a double number once a week。 Before 〃Le Peuple〃 had obtained its first bond； Proudhon published a remarkable pamphlet on the 〃Right to Labor；〃a right which he denied in the form in which it was then affirmed。 It was during the same period that he proposed； at the Poissonniere banquet； his Toast to the Revolution。
Proudhon； who had been asked to preside at the banquet； refused； and proposed in his stead； first； Ledru…Rollin； and then； in view of the reluctance of the organizers of the banquet； the illustrious president of the party of the Mountain； Lamennais。 It was evidently his intention to induce the representatives of the Extreme Left to proclaim at last with him the Democratic and Social Republic。 Lamennais being accepted by the organizers； the Mountain promised to be present at the banquet。 The night before； all seemed right； when General Cavaignac replaced Minister Senart by Minister Dufaure…Vivien。 The Mountain； questioning the government； proposed a vote of confidence in the old minister； and； tacitly； of want of confidence in the new。 Proudhon abstained from voting on this proposition。 The Mountain declared that it would not attend the banquet； if Proudhon was to be present。 Five Montagnards； Mathieu of Drome at their head； went to the temporary office of 〃Le Peuple〃 to notify him of this。 〃Citizen Proudhon；〃 said they to the organizers in his presence； 〃in abstaining from voting to…day on the proposition of the Mountain； has betrayed the Republican cause。〃 Proudhon； vehemently questioned； began his defence by recalling； on the one hand； the treatment which he had received from the dismissed minister； and； on the other； the impartial conduct displayed towards him in 1840 by M。 Vivien； the new minister。 He then attacked the Mountain by telling its delegates that it sought only a pretext； and that really； in spite of its professions of Socialism in private conversation； whether with him or with the organizers of the banquet； it had not the courage to publicly declare itself Socialist。
On the following day； in his Toast to the Revolution； a toast which was filled with allusions to the exciting scene of the night before； Proudhon commenced his struggle against the Mountain。 His duel with Felix Pyat was one of the episodes of this struggle； which became less bitter on Proudhon's side after the Mountain finally decided to publicly proclaim the Democratic and Social Republic。 The campaign for the election of a President of the Republic had just begun。 Proudhon made a very sharp attack on the candidacy of Louis Bonaparte in a pamphlet which is regarded as one of his literary chefs…d'oeuvre： the 〃Pamphlet on the Presidency。〃 An opponent of this institution； against which he had voted in the Constituent Assembly； he at first decided to take no part in the campaign。 But soon seeing that he was thus increasing the chances of Louis Bonaparte； and that if； as was not 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 Revolution Democratique 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 Felix 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 manufacturers for adherents。 This bank； which he then called the Bank of the People； and around which he wished to gather the numerous working…people's associations which had been formed since the 24th of February； 1848； had already obtained a certain number of subscribers and adherents； the latter to the number of thirty… seven thousand。 It was about to commence operations； when Proudhon's sentence forced him to choose between imprisonment and exile。 He did not hesitate to abandon his project and return the money to the subscribers。 He explained the motives which led him to this decision in an article in 〃Le Peuple。〃
Having fled to Belgium； he remained there but a few days； going thence to Paris； under an assumed name； to conceal himself in a house in the Rue de Chabrol。 From his hiding…place