For the more he increases the amount of interest to be paid upon it, the more he is compelled to diminish wages.
Now, the more he diminishes wages,--that is, the less he devotes to the maintenance and repair of the machines,--the more he diminishes the quantity of labor; and with the quantity of labor the quantity of product, and with the quantity of product the very source of his income.
This is clearly shown by the following example:-- Take an estate consisting of arable land, meadows, and vineyards, containing the dwellings of the owner and the tenant; and worth, together with the farming implements, one hundred thousand francs, the rate of increase being three per cent.

If, instead of consuming his revenue, the proprietor uses it, not in enlarging but in beautifying his estate, can he annually demand of his tenant an additional ninety francs on account of the three thousand francs which he has thus added to his capital?
Certainly not; for on such conditions the tenant, though producing no more than before, would soon be obliged to labor for nothing,--what do I say?
to actually suffer loss in order to hold his lease.
In fact, revenue can increase only as productive soil increases: it is useless to build walls of marble, and work with plows of gold.

But, since it is impossible to go on acquiring for ever, to add estate to estate, to CONTINUE ONE'S POSSESSIONS, as the Latins said; and since, moreover, the proprietor always has means wherewith to capitalize,--it follows that the exercise of his right finally becomes impossible.
Well, in spite of this impossibility, property capitalizes, and in capitalizing increases its revenue; and, without stopping to look at the particular cases which occur in commerce, manufacturing operations, and banking, I will cite a graver fact,--one which directly affects all citizens.

I mean the indefinite increase of the budget.
The taxes increase every year.

It would be difficult to tell in which department of the government the expenses increase; for who can boast of any knowledge as to the budget?
On this point, the ablest financiers continually disagree.