New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-05-24

are two ways, says Pfouihon- iuo OeNe
il for the Government TO DO Il; let Il take '"e
Bank Of France. repsying is 'tockho'der'' sn1
oo,ve,, i, in,o The Bank Of Exchange, the ho'e'
80. l.o.l tender as they now are Let me
n ;,.sres. be reduced but yet kept so''clent
10 bisb 10 meet the expenses oil me oO'elAiHSh''
-, e.nen,i,g 1ith the whole business Of tax
..,..sinz and tax gathering Or per cent VII
4. o.o,gb 70 do that al the beginning. and hsre-
,eer ,tll farther reductions may be made the
-.ve,se will then be collected more surely and
without ~ being felt by the payers al branches
n industry now isngu.hiDg because tie gold AID
silver that formed the basis oftlc ci-ca alton have
been withdraw and hidden through fear Of the
revolution. by those who controlled them W. Dc
revived by suitable loans neither honest iaoon
nor the state need then ever again % fs into the
clutches Of the usurers and instead oi passing
through period Of depression want q employ
ueut and Of bread among the working c.a'ses"iih
ruinoos experiments Of national workshops and
iosurectious and bloodshed, followed oy power
fol rejection against the new Institutions oi the
country, the Republic may at once enter upon
career Of active industry, prosperity peace ana
progress.
To al this and much more Like II, but one reply
could be made, namely As,ignais, iwedeemsD.e
paper money, expansive speculation, bankrupt!
as though France was not already IN the pre-
monitory pangs Of bankruptcy and requiring some
heroic operation 70 prevent dissolution.
Well. continues our economist If you " ili n''
allow the State, which after al. IS nothing but the
community taken collectively. 20 undertake TINS
reform. We must begin a, the other end. We
must appeal 70 individuals and If possible bring
together sufficient body 70 undertake The Work.
In the Summer Of =. Proudhon was constantly
occupied with the discussions Of the Assembly and
though his paper constantly pus forward his econo-
mical theories in one form or another, nothing vas
done toward making a practical experiment OF
Mutual Credit Through the Spring he had daily
published an appeal 70 those who desired 70 en-
gage io establishing the Bank Of Exchange but 1t
vas not productive Of any actual result
Early in the Autumn JULES LEcHEyALIER who
is already somew hat known to the readers Of TIE
T,,bune, came to these CONCLUSIONS
l. The principle Of Mutual Credit is true
2. Butitis impossible 10 introduce Mutualism
into the function Of Circulation without Organizing
both Production and Consumption on the same
basis. Labor and Commerce must be reformed
by means Of Asso ,iation as well as Banking
g. Because if Labor be not organized the labor
crs will be made to toll for others 10 receive the
fruit thereof as heretofore and IF Commerce be
not organized the Consumers Will be imposed on
aud dcraudcd by the agents Of exchange as here
tOiorc and moreover the circulating medium no
matter what rs basis All be liable to be monoPo
ized and 10 become an instrument OF oppression
as heretofore, causing great wrongs and calani
ties
g. Therefor let US found an institution having
three divisions, namely the Association for Mutual
Credit, the Syndicate OF Production and the Syndi-
cate Of Consumption and 10 the whole We viii
give the name OF the Bank OF the People.
Proudhon is man weakly iea Gus in respect OF
what he considers his intellectual offspring, and
Will not readily accept any other doctrine in con
neciion with his own. He was invited to the
meeting Of the Workmen's Associations called to
consider this new plan and came. NJ. Lechevaher
opened the discussion with statement of his
views as lucid as it was modest and appropriate
aitrbutng to Proudhon all that was original in tie
design aud nominating him as Chairman. From
that time the enterprise, with Proudhon at IT'S
head, was steadily carried forward, many other
men OF talent, such as RAMON DE Ia SAGRA aud
VICTOR CHIPRoS, a workman possessing one Of
the dearest and most intelligent heads ia Pans
participating in IT, till the condemnation ofProud
non tor a libel on President Bonaparte caused
hl1i to end his connection It'll the project snd
repay the Subscription which had been made
toward IS realization.
10 bis letter announcing this determination, pub
ished % the PepDe Of April u. he betrays weak
and angenerous dstrust OF his associates together
with es ousy oiwhatthey had added to his theory.
II has been said by sheet in this country Of large
irauded the subscribers to the Bank of the PEG.
pie That is ialsehood. He insists on rcpayng
them all-hImself from his private resources bear
ing all expenses, ia which is included a years
rent of the office OF the Bank, with fixtures books
&c. complete for carrying on its business
The plan is now being prosecuted by Lecheva
lier. Chipron and the others under form some
what modified, and with the support Of the Dem
ocratic party and the workmen of Paris and other
large cities OF France. In our next article we
will give thorough account of its organization
aud arrangements. 1t is worthy OF study not
only as al Illustration of some OF the proioundcst
principles of Social Economy, but as chapter in
the history OF the times CAD.
~ 1t is surprising how sore some of cur con
4..1 "A p