ts。
  The　primary　cause　of　commercial　and　industrial　stagnations　is；　then；　interest　on　capital；that　interest　which　the　ancients　with　one　accord　branded　with　the　name　of　usury；　whenever　it　was　paid　for　the　use　of　money；　but　which　they　did　not　dare　to　condemn　in　the　forms　of　house…rent；　farm…rent；　or　profit：　as　if　the　nature　of　the　thing　lent　could　ever　warrant　a　charge　for　the　lending；　that　is；　robbery。
  In　proportion　to　the　increase　received　by　the　capitalist　will　be　the　frequency　and　intensity　of　commercial　crises；the　first　being　given；　we　always　can　determine　the　two　others；　and　vice　versa。　　Do　you　wish　to　know　the　regulator　of　a　society？　　Ascertain　the　amount　of　active　capital；　that　is；　the　capital　bearing　interest；　and　the　legal　rate　of　this　interest。　　The　course　of　events　will　be　a　series　of　overturns；　whose　number　and　violence　will　be　proportional　to　the　activity　of　capital。
  In　1839；　the　number　of　failures　in　Paris　alone　was　one　thousand　and　sixty…four。　　This　proportion　was　kept　up　in　the　early　months　of　1840；　and；　as　I　write　these　lines；　the　crisis　is　not　yet　ended。　　It　is　said；　further；　that　the　number　of　houses　which　have　wound　up　their　business　is　greater　than　the　number　of　declared　failures。　　By　this　flood；　we　may　judge　of　the　waterspout's　power　of　suction。
  The　decimation　of　society　is　now　imperceptible　and　permanent；　now　periodical　and　violent；　it　depends　upon　the　course　which　property　takes。　　In　a　country　where　the　property　is　pretty　evenly　distributed；　and　where　little　business　is　done；the　rights　and　claims　of　each　being　balanced　by　those　of　others；the　power　of　invasion　is　destroyed。　　Thereit　may　be　truly　saidproperty　does　not　exist；　since　the　right　of　increase　is　scarcely　exercised　at　all。　　The　condition　of　the　laborersas　regards　security　of　lifeis　almost　the　same　as　if　absolute　equality　prevailed　among　them。　　They　are　deprived　of　all　the　advantages　of　full　and　free　association；　but　their　existence　is　not　endangered　in　the　least。　　With　the　exception　of　a　few　isolated　victims　of　the　right　of　propertyof　this　misfortune　whose　primary　cause　no　one　perceivesthe　society　appears　to　rest　calmly　in　the　bosom　of　this　sort　of　equality。　　But　have　a　care；　it　is　balanced　on　the　edge　of　a　sword：　at　the　slightest　shock；　it　will　fall　and　meet　with　death！
  Ordinarily；　the　whirlpool　of　property　localizes　itself。　　On　the　one　hand；　farm…rent　stops　at　a　certain　point；　on　the　other；　in　consequence　of　competition　and　over…production；　the　price　of　manufactured　goods　does　not　rise；so　that　the　condition　of　the　peasant　varies　but　little；　and　depends　mainly　on　the　seasons。　　The　devouring　action　of　property　bears；　then；　principally　upon　business。　　We　commonly　say　COMMERCIAL　CRISES；　not　AGRICULTURAL　CRISES；　because；　while　the　farmer　is　eaten　up　slowly　by　the　right　of　increase；　the　manufacturer　is　swallowed　at　a　single　mouthful。　　This　leads　to　the　cessation　of　business；　the　destruction　of　fortunes；　and　the　inactivity　of　the　working　people；　who　die　one　after　another　on　the　highways；　and　in　the　hospitals；　prisons；　and　galleys。
  To　sum　up　this　proposition：
  Property　sells　products　to　the　laborer　for　more　than　it　pays　him　for　them；　therefore　it　is　impossible。
  APPENDIX　TO　THE　FIFTH　PROPOSITION。
  I。　Certain　reformers；　and　even　the　most　of　the　publicistswho；　though　belonging　to　no　particular　school；　busy　themselves　in　devising　means　for　the　amelioration　of　the　lot　of　the　poorer　and　more　numerous　classlay　much　stress　now…a…days　on　a　better　organization　of　labor。　　The　disciples　of　Fourier；　especially；　never　stop　shouting；　〃ON　TO　THE　PHALANX！〃　declaiming　in　the　same　breath　against　the　foolishness　and　absurdity　of　other　sects。
  They　consist　of　half…a…dozen　incomparable　geniuses　who　have　discovered　that　FIVE　AND　FOUR　MAKE　NINE；　TAKE　TWO　AWAY；　AND　NINE　REMAIN；and　who　weep　over　the　blindness　of　France；　who　refuses　to　believe　in　this　astonishing　arithmetic。＇1＇
  ＇1＇　Fourier；　having　to　multiply　a　whole　number　by　a　fraction；　never　failed；　they　say；　to　obtain　a　product　much　greater　than　the　multiplicand。　　He　affirmed　that　under　his　system　of　harmony　the　mercury　would　solidify　when　the　temperature　was　above　zero。　　He　might　as　well　have　said　that　the　Harmonians　would　make　burning　ice。　　I　once　asked　an　intelligent　phalansterian　what　he　thought　of　such　physics。　　〃I　do　not　know；〃　he　answered；　〃but　I　believe。〃　　And　yet　the　same　man　disbelieved　in　the　doctrine　of　the　Real　Presence。
  In　fact；　the　Fourierists　proclaim　themselves；　on　the　one　hand；　defenders　of　property；　of　the　right　of　increase；　which　they　have　thus　formulated：　　TO　EACH　ACCORDING　TO　HIS　CAPITAL；　HIS　LABOR；　AND　HIS　SKILL。　　On　the　other　hand；　they　wish　the　workingman　to　come　into　the　enjoyment　of　all　the　wealth　of　society；　that　is；　abridging　the　expression；into　the　undivided　enjoyment　of　his　own　product。　　Is　not　this　like　saying　to　the　workingman；　〃Labor；　you　shall　have　three　francs　per　day；　you　shall　live　on　fifty…five　sous；　you　shall　give　the　rest　to　the　proprietor；　and　thus　you　will　consume　three　francs〃？
  If　the　above　speech　is　not　an　exact　epitome　of　Charles　Fourier's　system；　I　will　subscribe　to　the　whole　phalansterian　folly　with　a　pen　dipped　in　my　own　blood。
  Of　what　use　is　it　to　reform　industry　and　agriculture；of　what　use；　indeed；　to　labor　at　all；if　property　is　maintained；　and　labor　can　never　meet　its　expenses？　　Without　the　abolition　of　property；　the　organization　of　labor　is　neither　more　nor　less　than　a　delusion。　　If　production　should　be　quadrupled；a　thing　which　does　not　seem　to　me　at　all　impossible；it　would　be　labor　lost：　if　the　additional　product　was　not　consumed；　it　would　be　of　no　value；　and　the　proprietor　would　decline　to　receive　it　as　interest；　if　it　was　consumed；　all　the　disadvantages　of　property　would　reappear。　　It　must　be　confessed　that　the　theory　of　passional　attraction　is　gravely　at　fault　in　this　particular；　and　that　Fourier；　when　he　tried　to　harmonize　the　PASSION　for　property；a　bad　passion；　whatever　he　may　say　to　the　contrary；　blocked　his　own　chariot…wheels。
  The　absurdity　of　the　phalansterian　economy　is　so　gross；　that　many　people　suspect　Fourier；　in　spite　of　all　the　homage　paid　by　him　to　proprietors；　of　having　been　a　secret　enemy　of　property。　　This　opinion　might　be　supported　by　plausible　arguments；　still　it　is　not　mine。　　Charlatanism　was　too　important　a　part　for　such　a　man　to　play；　and　sincerity　too　insignificant　a　one。　　I　would　rather　think　Fourier　ignorant　（which　is　generally　admitted）　than　disingenuous。　　As　for　his　disciples；　before　they　can　formulate　any　opinion　of　their　own；　they　must　declare　once　for　all；　unequivocally　and　with　no　mental　reservation；　whether　they　mean　to　maintain　property　or　not；　and　what　they　mean　by　their　famous　motto；〃To　each　according　to　his　capital；　his　labor；　and　his　skill。〃
  II。　But；　some　half…converted　proprietor　will　observe；　〃Would　it　not　be　possible；　by　suppressing　the　bank；　incomes；　farm…rent；　house…rent；　usury　of　all　kinds；　and　finally　property　itself；　to　proportion　products　to　capacities？　　That　was　St。　Simon's　idea；　it　was　also　Fourier's；　it　is　the　desire　of　the　human　conscience；　and　no　decent　person　would　dare　maintain　that　a　minister　of　state　should　live　no　better　than　a　peasant。〃
  O　Midas！　your　ears　are　long！　　What！　will　you　never　understand　that　disparity　of　wages　and　the　right　of　increase　are　one　and　the　same？　　Certainly；　St。　Simon；　Fourier；　and　their　respective　flocks　committed　a　serious　blunder　in　attempting　to　unite；　the　one；　inequality　and　communism；　the　other；　inequality　and　property：　but　you；　a　man　of　figures；　a　man　of　economy；you；　who　know　by　heart　your　LOGARITHMIC　tables；how　can　you　make　so　stupid　a　mistake？
  Does　not　political　economy　itself　teach　you　that　the　product　of　a　man；　whatever　be　his　individual　capacity；　is　never　worth　more　than　his　labor；　and　that　a　man's　labor　is　worth　no　more　than　his　consumption？　　You　remind　me　of　that　great　constitution…framer；　poor　Pinheiro…Ferreira；　the　Sieyes　of　the　nineteenth　century；　who；　dividing　the　citizens　of　a　nation　into　twelve　classes；or；　if　you　prefer；　into　twelve　grades；assigned　to　some　a　salary　of　one　hundred　thousand　francs　each；　to　others；　eighty　thousand；　then　twenty…five　thousand；　fifteen　thousand；　ten　thousand；　&c。；　down　to　one　thousand　five　hundred；　and　one　thousand　francs；　the　minimum　allowance　of　a　citizen。　　Pinheiro　loved　distinctions；　and　could　no　more　conceive　of　a　State　without　great　dignitaries　than　of　an　army　without　drum…majors；　and　as　he　also　loved；　or　thought　he　loved；　liberty；　equality；　and　fraternity；　he　combined　the　good　and　the　evil　of　our　old　society　in　an　eclectic　philosophy　which　he　embodied　in　a　constitution。　　Excellent　Pinheiro！　　Liberty　even　to　passive　submission；　fraternity　even　to　identity　of　language；　equality　even　in　the　jury…box　and　at　the　guillotine；such　was　his　ideal　republic。　　Unappreciated　genius；　of　whom　the　present　century　was　unworthy；　but　whom　the　future　will　avenge！
  Listen；　proprietor。　　Inequality　of　talent　exists　in　fact；　in　right　it　is　not　admissible；　it　goes　for　nothing；　it　is　not　thought　of。　　One　Newton　in　a　century　is　equal　to　thirty　millions　of　men；　the　psychologist　admires　the　rarity　of　so　fine　a　genius；　the　legislator　sees　only　the　rarity　of　the　function。　　Now；　rarity　of　function　bestows　no　privilege　upo