I regard this proposition as universally and absolutely true; it is a corollary of the law of proportionality, which may be regarded as an epitome of the whole science of economy. But--I beg pardon of the economists--the principle that ALL LABOR SHOULD LEAVE AN EXCESS has no meaning in their theory, and is not susceptible of demonstration. If supply and demand alone determine value, how can we tell what is an excess and what is a SUFFICIENCY? If neither cost, nor market price, nor wages can be mathematically determined, how is it possible to conceive of a surplus, a profit? Commercial routine has given us the idea of profit as well as the word; and, since we are equal politically, we infer that every citizen has an equal right to realize profits in his personal industry. But commercial operations are essentially irregular, and it has been proved beyond question that the profits of commerce are but an arbitrary discount forced from the consumer by the producer,--in short, a displacement, to say the least. This we should soon see, if it was possible to compare the total amount of annual losses with the amount of profits. In the thought of political economy, the principle that ALL LABOR SHOULD LEAVE AN EXCESS is simply the consecration of the constitutional right which all of us gained by the revolution,-- the right of robbing one's neighbor. The law of proportionality of values alone can solve this problem. I will approach the question a little farther back: its gravity warrants me in treating it with the consideration that it merits.