I　remember　rightlyabandoned　the　project　of　enlarging　the　forum　out　of　respect　for　the　rights　of　the　occupants　who　refused　to　abdicate。　　Property　is　a　real　right；　_jus_　_in　re_；a　right　inherent　in　the　thing；　and　whose　principle　lies　in　the　external　manifestation　of　man's　will。　　Man　leaves　his　imprint；　stamps　his　character；　upon　the　objects　of　his　handiwork。　　This　plastic　force　of　man；　as　the　modern　jurists　say；　is　the　seal　which；　set　upon　matter；　makes　it　holy。　　Whoever　lays　hands　upon　it；　against　the　proprietor's　will；　does　violence　to　the　latter's　personality。　　And　yet；　when　an　administrative　committee　saw　fit　to　declare　that　public　utility　required　it；　property　had　to　give　way　to　the　general　will。　　Soon；　in　the　name　of　public　utility；　methods　of　cultivation　and　conditions　of　enjoyment　will　be　prescribed；　inspectors　of　agriculture　and　manufactures　will　be　appointed；　property　will　be　taken　away　from　unskilful　hands；　and　entrusted　to　laborers　who　are　more　deserving　of　it；　and　a　general　superintendence　of　production　will　be　established。　　It　is　not　two　years　since　I　saw　a　proprietor　destroy　a　forest　more　than　five　hundred　acres　in　extent。　　If　public　utility　had　interfered；　that　forestthe　only　one　for　miles　aroundwould　still　be　standing。
  But；　it　is　said；　expropriation　on　the　ground　of　public　utility　is　only　an　exception　which　confirms　the　principle；　and　bears　testimony　in　favor　of　the　right。　　Very　well；　but　from　this　exception　we　will　pass　to　another；　from　that　to　a　third；　and　so　on　from　exceptions　to　exceptions；　until　we　have　reduced　the　rule　to　a　pure　abstraction。
  How　many　supporters　do　you　think；　sir；　can　be　claimed　for　the　project　of　the　conversion　of　the　public　funds？　　I　venture　to　say　that　everybody　favors　it；　except　the　fund…holders。　　Now；　this　so…called　conversion　is　an　extensive　expropriation；　and　in　this　case　with　no　indemnity　whatever。　　The　public　funds　are　so　much　real　estate；　the　income　from　which　the　proprietor　counts　upon　with　perfect　safety；　and　which　owes　its　value　to　the　tacit　promise　of　the　government　to　pay　interest　upon　it　at　the　established　rate；　until　the　fund…holder　applies　for　redemption。　　For；　if　the　income　is　liable　to　diminution；　it　is　less　profitable　than　house…rent　or　farm…rent；　whose　rates　may　rise　or　fall　according　to　the　fluctuations　in　the　market；　and　in　that　case；　what　inducement　has　the　capitalist　to　invest　his　money　in　the　State？　　When；　then；　you　force　the　fund…holder　to　submit　to　a　diminution　of　interest；　you　make　him　bankrupt　to　the　extent　of　the　diminution；　and　since；　in　consequence　of　the　conversion；　an　equally　profitable　investment　becomes　impossible；　you　depreciate　his　property。
  That　such　a　measure　may　be　justly　executed；　it　must　be　generalized；　that　is；　the　law　which　provides　for　it　must　decree　also　that　interest　on　sums　lent　on　deposit　or　on　mortgage　throughout　the　realm；　as　well　as　house　and　farm…rents；　shall　be　reduced　to　three　per　cent。　　This　simultaneous　reduction　of　all　kinds　of　income　would　be　not　a　whit　more　difficult　to　accomplish　than　the　proposed　conversion；　and；　further；　it　would　offer　the　advantage　of　forestalling　at　one　blow　all　objections　to　it；　at　the　same　time　that　it　would　insure　a　just　assessment　of　the　land…　tax。　　See！　　If　at　the　moment　of　conversion　a　piece　of　real　estate　yields　an　income　of　one　thousand　francs；　after　the　new　law　takes　effect　it　will　yield　only　six　hundred　francs。　　Now；　allowing　the　tax　to　be　an　aliquot　partone…fourth　for　exampleof　the　income　derived　from　each　piece　of　property；　it　is　clear　on　the　one　hand　that　the　proprietor　would　not；　in　order　to　lighten　his　share　of　the　tax；　underestimate　the　value　of　his　property；　since；　house　and　farm…rents　being　fixed　by　the　value　of　the　capital；　and　the　latter　being　measured　by　the　tax；　to　depreciate　his　real　estate　would　be　to　reduce　his　revenue。　　On　the　other　hand；　it　is　equally　evident　that　the　same　proprietors　could　not　overestimate　the　value　of　their　property；　in　order　to　increase　their　incomes　beyond　the　limits　of　the　law；　since　the　tenants　and　farmers；　with　their　old　leases　in　their　hands；　would　enter　a　protest。
  Such；　sir；　must　be　the　result　sooner　or　later　of　the　conversion　which　has　been　so　long　demanded；　otherwise；　the　financial　operation　of　which　we　are　speaking　would　be　a　crying　injustice；　unless　intended　as　a　stepping…stone。　　This　last　motive　seems　the　most　plausible　one；　for　in　spite　of　the　clamors　of　interested　parties；　and　the　flagrant　violation　of　certain　rights；　the　public　conscience　is　bound　to　fulfil　its　desire；　and　is　no　more　affected　when　charged　with　attacking　property；　than　when　listening　to　the　complaints　of　the　bondholders。　　In　this　case；　instinctive　justice　belies　legal　justice。
  Who　has　not　heard　of　the　inextricable　confusion　into　which　the　Chamber　of　Deputies　was　thrown　last　year；　while　discussing　the　question　of　colonial　and　native　sugars？　　Did　they　leave　these　two　industries　to　themselves？　　The　native　manufacturer　was　ruined　by　the　colonist。　　To　maintain　the　beet…root；　the　cane　had　to　be　taxed。　　To　protect　the　property　of　the　one；　it　became　necessary　to　violate　the　property　of　the　other。　　The　most　remarkable　feature　of　this　business　was　precisely　that　to　which　the　least　attention　was　paid；　namely；　that；　in　one　way　or　another；　property　had　to　be　violated。　　Did　they　impose　on　each　industry　a　proportional　tax；　so　as　to　preserve　a　balance　in　the　market？　　They　created　a　maximum　PRICE　for　each　variety　of　sugar；　and；　as　this　maximum　PRICE　was　not　the　same；　they　attacked　property　in　two　ways；on　the　one　hand；　interfering　with　the　liberty　of　trade；　on　the　other；　disregarding　the　equality　of　proprietors。　　Did　they　suppress　the　beet…root　by　granting　an　indemnity　to　the　manufacturer？　　They　sacrificed　the　property　of　the　tax…payer。　　Finally；　did　they　prefer　to　cultivate　the　two　varieties　of　sugar　at　the　nation's　expense；　just　as　different　varieties　of　tobacco　are　cultivated？　　They　abolished；　so　far　as　the　sugar　industry　was　concerned；　the　right　of　property。　　This　last　course；　being　the　most　social；　would　have　been　certainly　the　best；　but；　if　property　is　the　necessary　basis　of　civilization；　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　t