“For every hundred-weight of iron that I shall deliver to the public, I shall receive fifteen francs instead of ten; I shall grow rich more rapidly, extend my traffic, and employ more workmen.  My workmen and I shall spend much more freely, to the great advantage of our tradesmen for miles around.  These latter, having more custom, will furnish more employment to trade, and activity on both sides will increase in the country.  This fortunate piece of money, which you will drop into my strong-box, will, like a stone thrown into a lake, give birth to an infinite number of concentric circles.”

Charmed with his discourse, delighted to learn that it is so easy to promote, by legislating, the prosperity of a people, the law-makers voted the restriction.  “Talk of labour and economy,” they said, “what is the use of these painful means of increasing the national wealth, when all that is wanted for this object is a decree?”

And, in fact, the law produced all the consequences announced by M. Prohibant:  the only thing was, it produced others which he had not foreseen.  To do him justice, his reasoning was not false, but only incomplete.  In endeavouring to obtain a privilege, he had taken cognizance of the effects which are seen, leaving in the background those which are not seen.  He had pointed out only two personages, whereas there are three concerned in the affair.  It is for us to supply this involuntary or premeditated omission.

It is true, the crown-piece, thus directed by law into M. Prohibant’s strong-box, is advantageous to him and to those whose labour it would encourage; and if the Act had caused the crown-piece to descend from the moon, these good effects would not have been counterbalanced by any corresponding evils.  Unfortunately, the mysterious piece of money does not come from the moon, but from the pocket of a blacksmith, or a nail-smith, or a cartwright, or a farrier, or a labourer, or a shipwright; in a word, from James B., who gives it now without receiving a grain more of iron than when he was paying ten francs.  Thus, we can see at a glance that this very much alters the state of the case; for it is very evident that M. Prohibant’s profit is compensated by James B.’s loss, and all that M. Prohibant can do with the crown-piece, for the encouragement of national labour, James B. might have done himself.  The stone has only been thrown upon one part of the lake, because the law has prevented it from being thrown upon another.

Therefore, that which is not seen supersedes that which is seen, and at this point there remains, as the residue of the operation, a piece of injustice, and, sad to say, a piece of injustice perpetrated by the law!

This is not all.  I have said that there is always a third person left in the background.  I must now bring him forward, that he may reveal to us a second loss of five francs.  Then we shall have the entire results of the transaction.