In theory we have demonstrated that competition, on its useful side, should be universal and carried to its maximum of intensity; but that, viewed on its negative side, it must be everywhere stifled, even to the last vestige. Are the economists in a position to effect this elimination? Have they foreseen the consequences, calculated the difficulties? If the answer should be affirmative, I should have the boldness to propose the following case to them for solution. A treaty of coalition, or rather of association,--for the courts would be greatly embarrassed to define either term,--has just united in one company all the coal mines in the basin of the Loire. On complaint of the municipalities of Lyons and Saint Etienne, the ministry has appointed a commission charged with examining the character and tendencies of this frightful society. Well, I ask, what can the intervention of power, with the assistance of civil law and political economy, accomplish here? They cry out against coalition. But can the proprietors of mines be prevented from associating, from reducing their general expenses and costs of exploitation, and from working their mines to better advantage by a more perfect understanding with each other? Shall they be ordered to begin their old war over again, and ruin themselves by increased expenses, waste, over-production, disorder, and decreased prices? All that is absurd. Shall they be prevented from increasing their prices so as to recover the interest on their capital? Then let them be protected themselves against any demands for increased wages on the part of the workmen; let the law concerning joint-stock companies be reenacted; let the sale of shares be prohibited; and when all these measures shall have been taken, as the capitalist-proprietors of the basin cannot justly be forced to lose capital invested under a different condition of things, let them be indemnified. Shall a tariff be imposed upon them? That would be a law of maximum. The State would then have to put itself in the place of the exploiters; keep the accounts of their capital, interest, and office expenses; regulate the wages of the miners, the salaries of the engineers and directors, the price of the wood employed in the extraction of the coal, the expenditure for material; and, finally, determine the normal and legitimate rate of profit. All this cannot be done by ministerial decree: a law is necessary. Will the legislator dare, for the sake of a special industry, to change the public law of the French, and put power in the place of property? Then of two things one: either commerce in coals will fall into the hands of the State, or else the State must find some means of reconciling liberty and order in carrying on the mining industry, in which case the socialists will ask that what has been executed at one point be imitated at all points.