the economists who devise such reforms to laugh at the reformers? After having demonstrated the contradiction and delusion of the progressive tax, must I prove its injustice also? The progressive tax, as understood by the economists and, in their wake, by certain radicals, is impracticable, I said just now, if it falls on capital and product: consequently I have supposed it to fall on incomes. But who does not see that this purely theoretical distinction between capital, product, and income falls so far as the treasury is concerned, and that the same impossibilities which we have pointed out reappear here with all their fatal character? A manufacturer discovers a process by means of which, saving twenty per cent. of his cost of production, he secures an income of twenty-five thousand francs. The treasury calls on him for fifteen thousand. He is obliged, therefore, to raise his prices, since, by the fact of the tax, his process, instead of saving twenty per cent., saves only eight per cent. Is not this as if the treasury prevented cheapness? Thus, in trying to reach the rich, the progressive tax always reaches the consumer; and it is impossible for it not to reach him without suppressing production altogether: what a mistake! It is a law of social economy that all invested capital must return continually to the capitalist in the form of interest. With the progressive tax this law is radically violated, since, by the effect of progression, interest on capital is so reduced that industries are established only at a loss of a part or the whole of the capital. To make it otherwise, interest on capital would have to increase progressively in the same ratio as the tax itself, which is absurd. Therefore the progressive tax stops the creation of capital; furthermore it hinders its circulation. Whoever, in fact, should want to buy a plant for any enterprise or a piece of land for cultivation would have to consider, under the system of progressive taxation, not the real value of such plant or land, but rather the tax which it would bring upon him; so that, if the real income were four per cent., and, by the effect of the tax or the condition of the buyer, must go down to three, the purchase could not be effected. After having run counter to all interests and thrown the market into confusion by its categories, the progressive tax arrests the development of wealth and reduces venal value below real value; it contracts, it petrifies society. What tyranny! What derision! The progressive tax resolves itself, then, whatever may be done, into a denial of justice, prohibition of production, confiscation. It is unlimited and unbridled absolutism, given to power over everything which, by labor, by economy, by improvements, contributes to public wealth.