"Confused voices: Agreed! agreed! An agriculturist: Three francs premium upon the hectolitre of corn for me! A manufacturer: Two francs premium on the yard of cloth for me! etc., etc. "The President: This then is what we have agreed upon. Our session has instituted a system of _premiums_, and it will be to our eternal honour. What branch of industry can possibly henceforth be a loser, since we have two means, and both so very simple, of converting our losses into gains--the tariff and the premium? The sitting is adjourned." I really think some supernatural vision must have foreshadowed to me in a dream the near approach of the premium (who knows but I may have first suggested the idea to M. Dupin?) when six months ago I wrote these words:-- "It appears evident to me that protection, without changing its nature or the effects which it produces, might take the form of a direct tax, levied by the state, and distributed in premiums of indemnification among privileged branches of industry." And after comparing a protective duty to a premium, I added, "I confess candidly my preference for the last system. It seems to me juster, more economical, and more fair. Juster, because if society desires to make presents to some of its members, all ought to bear the expense; more economical, because it would save a great deal in the cost of collection, and do away with many of the trammels with which trade is hampered; more fair, because the public would see clearly the nature of the operation, and act accordingly."* * _Sophismes Economiques_, first series, ch. v. _ante_. Since the occasion presents itself to us so opportunely, let us study this system of _plunder by premium_; for all we say of it applies equally to the system of plunder by tariff; and as the latter is a little better concealed, the direct may help us to detect and expose the indirect system of cheating. The mind will thus be led from what is simple to what is more complicated. But it may be asked, Is there not a species of theft which is more simple still? Undoubtedly; there is _highway robbery_, which wants only to be legalized, and made a monopoly of, or, in the language of the present day, _organized_. I have been reading what follows in a book of travels:--