egislation and direct government. Proudhon, who did not want, at any
price, the plebiscitary system which he had good reason to regard as
destructive of liberty, did not hesitate to point out, to those of his
friends who expected every thing from direct legislation, one of the
antinomies of universal suffrage. In so far as it is an institution
intended to achieve, for the benefit of the greatest number, the social
reforms to which landed suffrage is opposed, universal suffrage is
powerless; especially if it pretends to legislate or govern directly.
For, until the social reforms are accomplished, the greatest number is
of necessity the least enlightened, and consequently the least capable
of understanding and effecting reforms. In regard to the antinomy,
pointed out by him, of liberty and government,--whether the latter be
monarchic, aristocratic, or democratic in form,--Proudhon, whose chief
desire was to preserve liberty, naturally sought the solution in the
free contract. But though the free contract may be a practical solution
of purely economical questions, it cannot be made use of in politics.
Proudhon recognized this ten years later, when his beautiful study on
"War and Peace" led him to find in the FEDERATIVE PRINCIPLE the exact
equilibrium of liberty and government.

"The Social Revolution Demonstrated by the Coup d' Etat" appeared in
1852, a few months after his release from prison. At that time, terror
prevailed to such an extent that no one was willing to publish his
book without express permission from the government. He succeeded in
obtaining this permission by writing to Louis Bonaparte a letter which
he published at the same time with the work. The latter being offered
for sale, Proudhon was warned that he would not be allowed to publish
any more books of the same character. At that time he entertained the
idea of writing a universal history entitled "Chronos." This project was
never fulfilled.

Already the father of two children, and about to be presented with a
third, Proudhon was obliged to devise some immediate means of gaining a
living; he resumed his labors, and published, at first anonymously, the
"Manual of a Speculator in the Stock-Exchange." Later, in 1857, after
having completed the work, he did not hesitate to sign it, acknowledging
in the preface his indebtedness to his collaborator, G. Duchene.

Meantime, he vainly sought permission to establish a journal, or review.
This permission was st