uneasy about the future; over and above my
immediate consumption I have to provide for a prospective consumption; I
add to my reserve stores especially of coin and provisions; I hold on to
the remnant of my securities for myself and those who belong to me; they
are no longer available and I can no longer make loans or enter upon my
enterprise. And, on the other hand, if the loan or enterprise, instead
of bringing me a profit, brings me loss; if the law is powerless or
fails to do me justice and adds extra to ordinary risks; if my work once
perfected is to become the prey of the government, of brigands or of
whoever pleases to seize it; if I am compelled to surrender my wares and
merchandise at one-half their cost; if I cannot produce, put in store,
transport or sell except by renouncing all profit and with the certainty
of not getting back my advances, I will no longer make loans or enter
upon any under-taking whatever.

Such is the disposition and situation of people able to make advances
in anarchical times, when the State falters and no longer performs its
customary service, when property is no longer adequately protected
by the public force, when jacqueries overspread the country and
insurrections break out in the towns, when chateaux are sacked, archives
burnt, shops broken into, provisions carried off and transportation is
brought to a halt, when rents and leases are no longer paid, when the
courts dare no longer convict, when the constable no longer dares serve
a warrant, when the gendarmerie holds back, when the police fails to
act, when repeated amnesties shield robbers and incendiaries, when
a revolution brings into local and central power dishonest and
impoverished adventurers hostile to every one that possesses property
of any kind.--Such is the disposition and situation of all who are in
possession of the means to initiate projects in socialistic times

* when the usurping State, instead of protecting private property,
destroys or seizes it;

* when it takes for itself the property of many of the great
corporations;

* when it suppresses legally established credits without indemnity;

* when, by dint of expenditure and the burdens this creates, it becomes
insolvent;

* when, through its paper-money and forced circulation, it annuls
indebtedness in the hands of the creditor, and allows the debtor to go
scot-free;

* when it arbitrarily seizes current capital;

* when it makes forced loans and requ