[47] - In the first place, and
merely through the effect of the new institutions, we prevent any
capitalist from deducting, as he is used to do, the best portion of
the fruits of another's labor; the hornets shall no longer, year after
year, consume the honey of the bees. To bring this about, we have
only to let the assignats (paper money) and their forced rate (of
exchange) work things out. Through the depreciation of paper-money,
the indolent land-owner or capitalist sees his income melting away in
his hands; his receipts consist only of nominal values. On the 1st of
January, his tenant pays him really for a half term instead of a full
term; on the 1st of March, his farmer settles his account with a bag
of grain.[48] The effect is just the same as if we had made fresh
contracts, and reduced by one-half, three-quarters, or, even more, the
rate of interest on loans, the rent of houses and the leases of farm
lands. - Whilst the revenue of the landlord evaporates, his capital
melts away, and we do the best we can to help this along. If he has
claims on ancient corporations or civil and religious establishments
of any description, whether provincial governments, congregations,
associations, endowments or hospitals, we withdraw his special
guarantee; we convert his title-deeds into a state annuity, we combine
his private fortune with the public fortune whether he will or not, we
drag him into the universal bankruptcy, toward which we are conducting
all the creditors of the Republic.
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