eans, oppressed equality was enabled to laugh at
the efforts of the proprietors, and the balance of justice was adjusted
for the first time in the tradesman's shop. The trap was cunningly set,
and accomplished its purpose so thoroughly that in idle hands money
became only dissolving wealth, a false symbol, a shadow of riches. An
excellent economist and profound philosopher was that miser who took
as his motto, "WHEN A GUINEA IS EXCHANGED, IT EVAPORATES." So it may
be said, "When real estate is converted into money, it is lost." This
explains the constant fact of history, that the nobles--the unproductive
proprietors of the soil--have every where been dispossessed by
industrial and commercial plebeians. Such was especially the case in the
formation of the Italian republics, born, during the middle ages, of
the impoverishment of the seigniors. I will not pursue the interesting
considerations which this matter suggests; I could only repeat the
testimony of historians, and present economical demonstrations in an
altered form.

The greatest enemy of the landed and industrial aristocracy to-day, the
incessant promoter of equality of fortunes, is the BANKER. Through him
immense plains are divided, mountains change their positions, forests
are grown upon the public squares, one hemisphere produces for another,
and every corner of the globe has its usufructuaries. By means of the
Bank new wealth is continually created, the use of which (soon becoming
indispensable to selfishness) wrests the dormant capital from the hands
of the jealous proprietor. The banker is at once the most potent creator
of wealth, and the main distributor of the products of art and Nature.
And yet, by the strangest antinomy, this same banker is the most
relentless collector of profits, increase, and usury ever inspired by
the demon of property. The importance of the services which he renders
leads us to endure, though not without complaint, the taxes which he
imposes. Nevertheless, since nothing can avoid its providential mission,
since nothing which exists can escape the end for which it exists
the banker (the modern Croesus) must some day become the restorer of
equality. And following in your footsteps, sir, I have already given the
reason; namely, that profit decreases as capital multiplies, since an
increase of capital--calling for more laborers, without whom it remains
unproductive--always causes an increase of wages. Whence it follows that
the Bank,