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uction 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；