And how do they intend to effect this?
By making the State security for the loan.
Let us try and fathom the subject, for it contains _something which is
seen_, and also _something which is not seen_. We must endeavour to look
at both.
We will suppose that there is but one plough in the world, and that two
farmers apply for it.
Peter is the possessor of the only plough which is to be had in France;
John and James wish to borrow it. John, by his honesty, his property,
and good reputation, offers security. He _inspires confidence_; he has
_credit_. James inspires little or no confidence. It naturally happens
that Peter lends his plough to John.
But now, according to the Socialist plan, the State interferes, and says
to Peter, "Lend your plough to James, I will be security for its
return, and this security will be better than that of John, for he has
no one to be responsible for him but himself; and I, although it is true
that I have nothing, dispose of the fortune of the tax-payers, and it is
with their money that, in case of need, I shall pay you the principal
and interest." Consequently, Peter lends his plough to James: _this is
what is seen_.
And the Socialists rub their hands, and say, "See how well our plan has
answered. Thanks to the intervention of the State, poor James has a
plough. He will no longer be obliged to dig the ground; he is on the
road to make a fortune.
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