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should yield tliein a smaller profit. The truth is, that, on the contrary, they wish, by getting almost all the business into their own hands, to avoid competition, and make greater profits without any obstacle. Government, on their part, are much disposed to favor the establishment of these large companies, and to give them privileges to the detriment of therr rivals, and of the public, with the expectation of receiving from them loans, either gratuitous or at a low rate which these never refuse. It is thas that the one sells its protection and the other buys it; and this is already a very great evil.
But these companies are of a much greater inconvenience. They emit bills payable at sight, bearing no interest, which they give for ready money. All those who depend on them, or are connected with them, (and they are very numerous) take their notes with eagerness and offer them to others. The public even which has great confidence in their solvency
receives them willingly as very convenient.
Thus they spread with facility, and are multiplied extremely. The company reaps in this an enormous gai% because the whole sum represented by these bills has cost it nothing but the fabrication of its paper, and yield it a profit as ready money. However this is not yet an inconvenience, because these bills are always realized the moment they are demanded.
But soon the government, which has created it but for this purpose, asks of this company enormous loans ; it dares not and cannot refuse them, because it depends on government to overthrow it by withdrawing its support for a moment. To satisfy this
