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Their annual wages amount, it is estimated to twenty thousand millions; but, in consequence of the right of property, and the multifarious forms of increase, premiums, tithes, interests, fines, profits, farm-rents, house-rents, revenues, emoluments of every nature and description, their products are estimated by the proprietors and employers at twenty-five thousand millions.
It is upon this principle that proprietors of those varieties of capital which are of primary necessity increase their farm-rents as fast as industry develops, much more careful of their privileges in that respect, than those economists who, in order to strengthen property, advocate a reduction of interest.
From the right of the strongest springs the exploitation of man by man, or bondage; usury, or the tribute levied upon the conquered by the conqueror; and the whole numerous family of taxes, duties, monarchical prerogatives, house-rents, farm-rents, &c.; in one word, property.
For example: when it costs less to build a house than to hire one, when it is cheaper to clear a field than to procure one already cleared, competition inevitably leads to a reduction of house and farm-rents, since the surest way to depreciate active capital is to increase its amount.
Now, allowing the tax to be an aliquot part one-fourth for example of the income derived from each piece of property, it is clear on the one hand that the proprietor would not, in order to lighten his share of the tax, underestimate the value of his property; since, house and farm-rents being fixed by the value of the capital, and the latter being measured by the tax, to depreciate his real estate would be to reduce his revenue.
That such a measure may be justly executed, it must be generalized; that is, the law which provides for it must decree also that interest on sums lent on deposit or on mortgage throughout the realm, as well as house and farm-rents, shall be reduced to three per cent.
The socialists have not wasted the opportunity. Starting with the principle that labor is the source of all income, they began to call the holders of capital to account for their farm-rents and emoluments; and, as the economists won the first victory by generalizing under a common expression farm-rent and usury, so the socialists have taken their revenge by causing the seignorial rights of capital to vanish before the still more general principle of labor.
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