The class struggle is out of fashion, declare these professors of socialism. Can a line of demarcation be drawn between classes? Do not the working people have savings bank accounts of $20, $40 and $100, bringing them 50 cents, $1.50 and $3.00 of interest yearly? Is it not true that the directors and managers of mines, railroads and financial houses are wage-workers, having their functions and duties in the enterprises which they manage for the account of capitalists? The argument is unanswerable, but by the same token there is no vegetable kingdom nor animal kingdom because we can not separate them "with an ax," as it were, for the reason that at their points of contact, vegetables and animals merge into each other. There is no longer any day or any night because the sun does not appear on the horizon at the same moment all over the earth, and because it is day at the antipodes while it is night here. The concentration of capital? A worn-out tune of 1850. The corporations by their stocks and bonds parcel out property and distribute it among all the citizens. How blinded we were by our sectarianism when we thought that this new form of property, essentially capitalistic, was enabling the financiers to plunge their thieving hands into the smallest purses, to extract the last pieces of silver. The poverty of the working class! But it is diminishing and soon will disappear through the constant increase of wages, while interest on money is constantly diminishing; some fine day it will descend to zero and the bourgeois will be overjoyed to offer their beloved capital on the altar of socialism. That to-morrow or the day after the capitalist will be forced to work, is the prediction of Mr. Waldeck-Rousseau. And there are intellectuals whose condition grows worse in proportion as capitalism develops, who are stultified by the utterances of the employers to a point where they affirm that the position of wage-workers is improving, and there are intellectuals who assume to possess some knowledge of political economy, who affirm that interest on money is rapidly diminishing. Could these reformers of socialism perchance be ignorant that Adam Smith calculated at the end of the eighteenth century that 3 per cent was the normal interest of capital running no risk, and that the financiers of our own epoch consider that it is still around 3 per cent that the interest rate must fluctuate. If a few years ago this rate seemed to fall below 2½ per cent, it has risen today above 3 per cent. Capital is merchandise, like intellectual capacities and carrots; as such it is subject to the fluctuations of supply and demand. It was then more offered than demanded, whereas since the development of the industrial plant of Russia, since the opening of China to European exploitation, etc., the over-supply of capital has been absorbed and its price rises with its scarcity. But the intellectuals have too many trifles to think of and