are　guillotined。　But　if；　for　any　political　conviction　whatsoever；　you　take　five　hundred　lives；　political　crimes　are　respected。　You　take　five　thousand　francs　out　of　my　desk；　to　the　hulks　you　go。　But　with　a　sop　cleverly　pushed　into　the　jaws　of　a　thousand　speculators；　you　can　cram　the　stock　of　any　bankrupt　republic　or　monarchy　down　their　throats；　even　if　the　loan　has　been　floated；　as　Couture　says；　to　pay　the　interest　on　that　very　same　national　debt。　Nobody　can　complain。　These　are　the　real　principles　of　the　present　Golden　Age。〃
  〃When　the　stage　machinery　is　so　huge；〃　continued　Bixiou；　〃a　good　many　puppets　are　required。　In　the　first　place；　Nucingen　had　purposely　and　with　his　eyes　open　invested　his　five　millions　in　an　American　investment；　foreseeing　that　the　profits　would　not　come　in　until　it　was　too　late。　The　firm　of　Nucingen　deliberately　emptied　its　coffers。　Any　liquidation　ought　to　be　brought　about　naturally。　In　deposits　belonging　to　private　individuals　and　other　investments；　the　firm　possessed　about　six　millions　of　capital　altogether。　Among　those　private　individuals　was　the　Baroness　d'Aldrigger　with　her　three　hundred　thousand　francs；　Beaudenord　with　four　hundred　thousand；　d'Aiglemont　with　a　million；　Matifat　with　three　hundred　thousand；　Charles　Grandet　（who　married　Mlle。　d'Aubrion）　with　half　a　million；　and　so　forth；　and　so　forth。
  〃Now；　if　Nucingen　had　himself　brought　out　a　joint…stock　company；　with　the　shares　of　which　he　proposed　to　indemnify　his　creditors　after　more　or　less　ingenious　manoeuvring；　he　might　perhaps　have　been　suspected。　He　set　about　it　more　cunningly　than　that。　He　made　some　one　else　put　up　the　machinery　that　was　to　play　the　part　of　the　Mississippi　scheme　in　Law's　system。　Nucingen　can　make　the　longest…headed　men　work　out　schemes　for　him　without　confiding　a　word　to　them；　it　is　his　peculiar　talent。　Nucingen　just　let　fall　a　hint　to　du　Tillet　of　the　pyramidal；　triumphant　notion　of　bringing　out　a　joint…stock　enterprise　with　capital　sufficient　to　pay　very　high　dividends　for　a　time。　Tried　for　the　first　time；　in　days　when　noodles　with　capital　were　plentiful；　the　plan　was　pretty　sure　to　end　in　a　run　upon　the　shares；　and　consequently　in　a　profit　for　the　banker　that　issued　them。　You　must　remember　that　this　happened　in　1826。
  〃Du　Tillet；　struck　through　he　was　by　an　idea　both　pregnant　and　ingenious；　naturally　bethought　himself　that　if　the　enterprise　failed；　the　blame　must　fall　upon　somebody。　For　which　reason；　it　occurred　to　him　to　put　forward　a　figurehead　director　in　charge　of　his　commercial　machinery。　At　this　day　you　know　the　secret　of　the　firm　of　Claparon　and　Company；　founded　by　du　Tillet；　one　of　the　finest　inventions〃
  〃Yes；〃　said　Blondet；　〃the　responsible　editor　in　business　matters；　the　instigator；　and　scapegoat；　but　we　know　better　than　that　nowadays。　We　put；　'Apply　at　the　offices　of　the　Company；　such　and　such　a　number；　such　and　such　a　street；'　where　the　public　find　a　staff　of　clerks　in　green　caps；　about　as　pleasing　to　behold　as　broker's　men。〃
  〃Nucingen；〃　pursued　Bixiou；　〃had　supported　the　firm　of　Charles　Claparon　and　Company　with　all　his　credit。　There　were　markets　in　which　you　might　safely　put　a　million　francs'　worth　of　Claparon's　paper。　So　du　Tillet　proposed　to　bring　his　firm　of　Claparon　to　the　fore。　So　said；　so　done。　In　1825　the　shareholder　was　still　an　unsophisticated　being。　There　was　no　such　thing　as　cash　lying　at　call。　Managing　directors　did　not　pledge　themselves　not　to　put　their　own　shares　upon　the　market；　they　kept　no　deposit　with　the　Bank　of　France；　they　guaranteed　nothing。　They　did　not　even　condescend　to　explain　to　shareholders　the　exact　limits　of　their　liabilities　when　they　informed　them　that　the　directors　in　their　goodness；　refrained　from　asking　any　more　than　a　thousand；　or　five　hundred；　or　even　two　hundred　and　fifty　francs。　It　was　not　given　out　that　the　experiment　in　aere　publico　was　not　meant　to　last　for　more　than　seven；　five；　or　even　three　years；　so　that　shareholders　would　not　have　long　to　wait　for　the　catastrophe。　It　was　in　the　childhood　of　the　art。　Promoters　did　not　even　publish　the　gigantic　prospectuses　with　which　they　stimulate　the　imagination；　and　at　the　same　time　make　demands　for　money　of　all　and　sundry。〃
  〃That　only　comes　when　nobody　wishes　to　part　with　money；〃　said　Couture。
  〃In　short；　there　was　no　competition　in　investments；〃　continued　Bixiou。　〃Paper…mache　manufacturers；　cotton　printers；　zinc…rollers；　theatres；　and　newspapers　as　yet　did　not　hurl　themselves　like　hunting　dogs　upon　their　quarrythe　expiring　shareholder。　'Nice　things　in　shares；'　as　Couture　says；　put　thus　artlessly　before　the　public；　and　backed　up　by　the　opinions　of　experts　（'the　princes　of　science'）；　were　negotiated　shamefacedly　in　the　silence　and　shadow　of　the　Bourse。　Lynx…eyed　speculators　used　to　execute　（financially　speaking）　the　air　Calumny　out　of　The　Barber　of　Seville。　They　went　about　piano；　piano；　making　known　the　merits　of　the　concern　through　the　medium　of　stock…exchange　gossip。　They　could　only　exploit　the　victim　in　his　own　house；　on　the　Bourse；　or　in　company；　so　they　reached　him　by　means　of　the　skilfully　created　rumor　which　grew　till　it　reached　a　tutti　of　a　quotation　in　four　figures〃
  〃And　as　we　can　say　anything　among　ourselves；〃　said　Couture；　〃I　will　go　back　to　the　last　subject。〃
  〃Vous　etes　orfevre；　Monsieur　Josse！〃　cried　Finot。
  〃Finot　will　always　be　classic；　constitutional；　and　pedantic；〃　commented　Blondet。
  〃Yes；〃　rejoined　Couture；　on　whose　account　Cerizet　had　just　been　condemned　on　a　criminal　charge。　〃I　maintain　that　the　new　way　is　infinitely　less　fraudulent；　less　ruinous；　more　straightforward　than　the　old。　Publicity　means　time　for　reflection　and　inquiry。　If　here　and　there　a　shareholder　is　taken　in；　he　has　himself　to　blame；　nobody　sells　him　a　pig　in　a　poke。　The　manufacturing　industry〃
  〃Ah！〃　exclaimed　Bixiou；　〃here　comes　industry〃
  〃　is　a　gainer　by　it；〃　continued　Couture；　taking　no　notice　of　the　interruption。　〃Every　government　that　meddles　with　commerce　and　cannot　leave　it　free；　sets　about　an　expensive　piece　of　folly；　State　interference　ends　in　a　MAXIMUM　or　a　monopoly。　To　my　thinking；　few　things　can　be　more　in　conformity　with　the　principles　of　free　trade　than　joint…stock　companies。　State　interference　means　that　you　try　to　regulate　the　relations　of　principal　and　interest；　which　is　absurd。　In　business；　generally　speaking；　the　profits　are　in　proportion　to　the　risks。　What　does　it　matter　to　the　State　how　money　is　set　circulating；　provided　that　it　is　always　in　circulation？　What　does　it　matter　who　is　rich　or　who　is　poor；　provided　that　there　is　a　constant　quantity　of　rich　people　to　be　taxed？　Joint…stock　companies；　limited　liability　companies；　every　sort　of　enterprise　that　pays　a　dividend；　has　been　carried　on　for　twenty　years　in　England；　commercially　the　first　country　in　the　world。　Nothing　passes　unchallenged　there；　the　Houses　of　Parliament　hatch　some　twelve　hundred　laws　every　session；　yet　no　member　of　Parliament　has　ever　yet　raised　an　objection　to　the　system〃
  〃A　cure　for　plethora　of　the　strong　box。　Purely　vegetable　remedy；〃　put　in　Bixiou；　〃les　carottes〃　（gambling　speculation）。
  〃Look　here！〃　cried　Couture；　firing　up　at　this。　〃You　have　ten　thousand　francs。　You　invest　it　in　ten　shares　of　a　thousand　francs　each　in　ten　different　enterprises。　You　are　swindled　nine　times　out　of　the　tenas　a　matter　of　fact　you　are　not；　the　public　is　a　match　for　anybody；　but　say　that　you　are　swindled；　and　only　one　affair　turns　out　well　（by　accident！oh；　granted！it　was　not　done　on　purposethere；　chaff　away！）。　Very　well；　the　punter　that　has　the　sense　to　divide　up　his　stakes　in　this　way　hits　on　a　splendid　investment；　like　those　who　took　shares　in　the　Wortschin　mines。　Gentlemen；　let　us　admit　among　ourselves　that　those　who　call　out　are　hypocrites；　desperately　vexed　because　they　have　no　good　ideas　of　their　own；　and　neither　power　to　advertise　nor　skill　to　exploit　a　business。　You　will　not　have　long　to　wait　for　proof。　In　a　very　short　time　you　will　see　the　aristocracy；　the　court；　and　public　men　descend　into　speculation　in　serried　columns；　you　will　see　that　their　claws　are　longer；　their　morality　more　crooked　than　ours；　while　they　have　not　our　good　points。　What　a　head　a　man　must　have　if　he　has　to　found　a　business　in　times　when　the　shareholder　is　as　covetous　and　keen　as　the　inventor！　What　a　great　magnetizer　must　he　be　that　can　create　a　Claparon　and　hit　upon　expedients　never　tried　before！　Do　you　know　the　moral　of　it　all？　Our　age　is　no　better　than　we　are；　we　live　in　an　era　of　greed；　no　one　troubles　himself　about　the　intrinsic　value　of　a　thing　if　he　can　only　make　a　profit　on　it　by　selling　it　to　somebody　else；　so　he　passes　it　on　to　his　neighbor。　The　shareholder　that　thinks　he　sees　a　chance　of　making　money　is　just　as　covetous　as　the　founder　that　offers　him　the　opportunity　of　making　it。〃
  〃Isn't　he　fine；　our　Couture？　Isn't　he　fine？〃　exclaimed　Bixiou；　turning　to　Blondet。　〃He　will　ask　us　next　to　erect　statues　to　him　as　a　benefactor　of　the　species。〃
  〃It　would　lead　people　to　conclude　that　the　fool's　money　is　the　wise　man's　patrimony　by　divine　right；〃　said　Blondet。
  〃Gentlemen；〃　cried　Couture；　〃let　us　have　our　laugh　out　here　to　make　up　for　all　the　times　when　we　must　listen　gravely　to　solemn　nonsense　justifying　laws　passed　on　the　spur　of　the　moment。〃
  〃He