of consumption, which necessitates an increase of production;
and, finally, the introduction of as many workmen, or more, after the
invention as were necessary before it. As a proof of this, printing,
weaving, &c., are instanced.

This demonstration is not a scientific one. It would lead us to
conclude, that if the consumption of the particular production of which
we are speaking remains stationary, or nearly so, machinery must injure
labour. This is not the case.

Suppose that in a certain country all the people wore hats. If, by
machinery, the price could be reduced half, it would not _necessarily
follow_ that the consumption would be doubled.

Would you say that in this case a portion of the national labour had
been paralyzed? Yes, according to the vulgar demonstration; but,
according to mine, No; for even if not a single hat more should be
bought in the country, the entire fund of wages would not be the less
secure. That which failed to go to the hat-making trade would be found
to have gone to the economy realised by all the consumers, and would
thence serve to pay for all the labour which the machine had rendered
useless, and to excite a new development of all the trades. And thus it
is that things go on. I have known newspapers to cost eighty francs, now
we pay forty-eight: here is a saving of thirty-two francs to the
subscribers. It is not certain, or at least necessary, that the
thirty-two francs should take the direction of the journalist trade; but
it is certain, and necessary too, that if they do not take this
direction they will take another. One makes use of them for taking in
more newspapers; another, to get better living; another, better clothes;
another, better furniture. It is thus that the trades are bound
together. They form a vast whole, whose different parts communicate by
secret canals: what is saved by one, profits all. It is very important
for us to understand that savings never take place at the expense of
labour and wages.

IX.--Credit.

In all times, but more especially of late years, attempts have been made
to extend wealth by the extension of credit.

I believe it is no exaggeration to say, that since the revolution of
February, the Parisian presses have issued more than 10,000 pamphlets,
crying up this solution of the _social problem_.

The only basis, alas! of this solution, is an optical delusion--if,
indeed, an optical delusion can be called a basis at all.

The first th