A mill with fifteen thousand spindles, employing three hundred hands, does not pay at present an annual dividend of twenty thousand francs. I am informed by a Mulhouse manufacturer that factory stocks in Alsace are generally below par and that this industry has already become a means of getting money by STOCK-JOBBING instead of by LABOR. To SELL; to sell at the right time; to sell dear,--is the only object in view; to manufacture is only to prepare for a sale. When I assume, then, on an average, a profit of twenty thousand francs to a factory employing three hundred persons, my argument being general, I am twenty thousand francs out of the way. Nevertheless, we will admit the correctness of this amount. Dividing twenty thousand francs, the profit of the mill, by three hundred, the number of persons, and again by three hundred, the number of working days, I find an increase of pay for each person of twenty-two and one-fifth centimes, or for daily expenditure an addition of eighteen centimes, just a morsel of bread. Is it worth while, then, for this, to expropriate mill-owners and endanger the public welfare, by erecting establishments which must be insecure, since, property being divided into infinitely small shares, and being no longer supported by profit, business enterprises would lack ballast, and would be unable to weather commercial gales. And even if no expropriation was involved, what a poor prospect to offer the working class is an increase of eighteen centimes in return for centuries of economy; for no less time than this would be needed to accumulate the requisite capital, supposing that periodical suspensions of business did not periodically consume its savings! The fact which I have just stated has been pointed out in several ways. M. Passy[13] himself took from the books of a mill in Normandy where the laborers were associated with the owner the wages of several families for a period of ten years, and he found that they averaged from twelve to fourteen hundred francs per year. He then compared the situation of mill-hands paid in proportion to the prices obtained by their employers with that of laborers who receive fixed wages, and found that the difference is almost imperceptible. This result might easily have been foreseen. Economic phenomena obey laws as abstract and immutable as those of numbers: it is only privilege, fraud, and absolutism which disturb the eternal harmony. [13] Meeting of the Academy of Moral and Political Sciences, September, 1845.