In the first place, like all other commercial societies, it is necessarily limited to a single branch of exploitation: in this respect it is exclusive of all industries foreign to that peculiarly its own. If it were otherwise, it would have changed its nature; it would be a new form of society, whose statutes would regulate, no longer the profits especially, but the distribution of labor and the conditions of exchange; it would be exactly such an association as M. Troplong denies and as the jurisprudence of monopoly excludes. As for the personal composition of the company, it naturally divides itself into two categories,--the managers and the stockholders. The managers, very few in number, are chosen from the promoters, organizers, and patrons of the enterprise: in truth, they are the only associates. The stockholders, compared with this little government, which administers the society with full power, are a people of taxpayers who, strangers to each other, without influence and without responsibility, have nothing to do with the affair beyond their investments. They are lenders at a premium, not associates. One can see from this how all the industries of the kingdom could be carried on by such companies, and each citizen, thanks to the facility for multiplying his shares, be interested in all or most of these companies without thereby improving his condition: it might happen even that it would be more and more compromised. For, once more, the stockholder is the beast of burden, the exploitable material of the company: not for him is this society formed. In order that association may be real, he who participates in it must do so, not as a gambler, but as an active factor; he must have a deliberative voice in the council; his name must be expressed or implied in the title of the society; everything regarding him, in short, should be regulated in accordance with equality. But these conditions are precisely those of the organization of labor, which is not taken into consideration by the code; they form the ULTERIOR object of political economy, and consequently are not to be taken for granted, but to be created, and, as such, are radically incompatible with monopoly.[20] [20] Possibly these paragraphs will not be clear to all without the explanation that the form of association discussed in them, called in French the commandite, is a joint-stock company to which the shareholders simply lend their capital, without acquiring a share in the management or incurring responsibility for the results thereof.-- Translator.