s seen_. This
is proved by the fact, that in both cases the money circulates, and does
not lie in the iron chest of the wise man, any more than it does in
that of the spendthrift. It is, therefore, false to say that economy
does actual harm to trade; as described above, it is equally beneficial
with luxury.

But how far superior is it, if, instead of confining our thoughts to the
present moment, we let them embrace a longer period!

Ten years pass away. What is become of Mondor and his fortune and his
great popularity? Mondor is ruined. Instead of spending 60,000 francs
every year in the social body, he is, perhaps, a burden to it. In any
case, he is no longer the delight of shopkeepers; he is no longer the
patron of the arts and of trade; he is no longer of any use to the
workmen, nor are his successors, whom he has brought to want.

At the end of the same ten years Aristus not only continues to throw his
income into circulation, but he adds an increasing sum from year to year
to his expenses. He enlarges the national capital, that is, the fund
which supplies wages, and as it is upon the extent of this fund that the
demand for hands depends, he assists in progressively increasing the
remuneration of the working class; and if he dies, he leaves children
whom he has taught to succeed him in this work of progress and
civilization.

In a moral point of view, the superiority of frugality over luxury is
indisputable. It is consoling to think that it is so in political
economy, to every one who, not confining his views to the immediate
effects of phenomena, knows how to extend his investigations to their
final effects.

XII.--He Who Has a Right to Work Has a Right to Profit.

"Brethren, you must club together to find me work at your own price."
This is the right to work; _i.e._, elementary socialism of the first
degree.

"Brethren, you must club together to find me work at my own price." This
is the right to profit; _i.e._, refined socialism, or socialism of the
second degree.

Both of these live upon such of their effects as _are seen_. They will
die by means of those effects _which are not seen_.

That _which is seen_ is the labour and the profit excited by social
combination. _That which is not seen_ is the labour and the profit to
which this same combination would give rise, if it were left to the
tax-payers.

In 1848, the right to labour for a moment showed two faces. This was
sufficient to ruin it in