M. Reybaud had advanced a little, as one may see. Endowed with too much good sense and good faith not to perceive the precipice, he soon felt that he was straying, and began a retrograde movement. I do not call this about-face a crime on his part: M. Reybaud is one of those men who cannot justly be held responsible for their metaphors. He had spoken before reflecting, he retracted: what more natural! If the socialists must blame any one, let it be M. Dunoyer, who had prompted M. Reybaud's recantation by this singular compliment. M. Dunoyer was not slow in perceiving that his words had not fallen on closed ears. He relates, for the glory of sound principles, that, "in a second edition of the `Studies of Reformers,' M. Reybaud has himself tempered the absolute tone of his expressions. He has said, instead of could do EVERYTHING, could do MUCH." It was an important modification, as M. Dunoyer brought clearly to his notice, but it still permitted M. Reybaud to write at the same time: These symptoms are grave; they may be considered as prophecies of a confused organization, in which labor would seek an equilibrium and a regularity which it now lacks. . . . At the bottom of all these efforts is hidden a principle, association, which it would be wrong to condemn on the strength of irregular manifestations. Finally M. Reybaud has loudly declared himself a partisan of competition, which means that he has decidedly abandoned the principle of association. For if by association we are to understand only the forms of partnership fixed by the commercial code, the philosophy of which has been summarized for us by MM. Troplong and Delangle, it is no longer worth while to distinguish between socialists and economists, between one party which seeks association and another which maintains that association exists. Let no one imagine, because M. Reybaud has happened to say heedlessly yes and no to a question of which he does not seem to have yet formed a clear idea, that I class him among those speculators of socialism, who, after having launched a hoax into the world, begin immediately to make their retreat, under the pretext that, the idea now belonging to the public domain, there is nothing more for them to do but to leave it to make its way. M. Reybaud, in my opinion, belongs rather to the category of dupes, which includes in its bosom so many honest people and people of so much brains. M. Reybaud will remain, then, in my eyes, the vir probus dicendi peritus, the conscientious and skilful writer, who may easily be caught napping, but who never expresses anything that he does not see or feel. Moreover, M. Reybaud, once placed on the ground of economic ideas, would find the more difficulty in being consistent with himself because of the clearness of his mind and the accuracy of his reasoning. I am going to make this curious experiment under the reader's eyes.