lavish expenditure of public money to find openings for industrial speculators. All this is because in proclaiming liberty of contract an essential point was neglected by our fathers. Not but what some of them caught sight of it, the best of them earnestly desired but did not dare to realise it. While liberty of transactions, that is to say a conflict between the members of society, was proclaimed, the contending parties were not equally matched, and the powerful, armed for the contest by the means inherited from their fathers, have gained the upper hand over the weak. Under such conditions the millions of poor ranged against a few rich could not do otherwise than give in.

Comrades! you have often asked yourselves—"Whence comes the wealth of the rich? Is it from their labour?" It would be a mockery to say that it was so. Let us suppose that M. Rothschild has worked all his life: well, you also, every one of you working men have also laboured: then why should the fortune of M. Rothschild be measured by hundreds of millions while your possessions are so small? The reason is simple: you have exerted yourselves to produce by your own labour, while M. Rothschild has devoted himself to accumulating the product of the labour of others—the whole matter lies in that.

But some one may say to me;—"How comes it that millions of men thus allow the Rothschilds and the Mackays to appropriate the fruit of their labour?" Alas, they cannot help themselves under the existing social system! But let us picture to our minds a city all of whose inhabitants find their lodging, clothing, food and occupation secured to them, on condition of producing things useful to the community, and let us suppose a Rothschild to enter this city bringing with him a cask full of gold. If he spends his gold it will diminish rapidly; if he locks it up it will not increase, because gold does not grow like seed, and after the lapse of a twelvemonth he will not find £110 in his drawer if he only put £100 into it. If he sets up a factory and proposes to the inhabitants of the town that they should work in it for four shillings a day while producing to the value of eight shillings a day they reply—"Among us you'll find no one willing to work on those terms. Go elsewhere and settle in some town where the unfortunate people have neither clothing, bread, nor work assured to them, and where they will consent to give up to you the lion's share of the result of their labour in return for the barest necessaries of life. Go where men starve! there you will make your fortune!"

The origin of the wealth of the rich is your misery. Let there be no poor, then we shall have no millionaires.

The facts I have just stated were such as the Revolution of last century did not comprehend or else could not act upon. That Revolution placed face to face two opposing ranks, the one consisting of a hungry, ill-clad army of former serfs, the other of men well provided with means. It then said to these two arrays—"Fight out your battle." The unfortunate were vanquished. They possessed no fortunes, but they had something more precious than all the gold in the world—their arms; and these arms, the source of all wealth, were monopolised by the wealthy. Thus we have seen those immense fortunes which are the characteristic feature of our age spring up on all sides. A king of the last century, "the great Louis the Fourteenth" of mercenary historians, would never have dreamed of possessing a fortune such as are held by those kings of the nineteenth century, the Vanderbilts and the Mackays.

On the other hand we have seen the poor reduced still more and more to toil for others, and while those who produced on their own account have rapidly disappeared, we find ourselves compelled under an ever increasing pressure to labour more and more to enrich the rich. Attempts have been made to remove these evils. Some have said—"Let us give equal