The land which fief and mortmain had, as it were, bound to a body, to a family, to a title, now, delivered from its bonds, had become a commodity, to serve as a basis and instrument for the production of merchandise; so docile a commodity, that it was put into circulation in the form of morsels of paper. And around these symbols, multiplied to such a degree over the things that they were to represent that they finished by no longer having any value, Business came forth, a giant, arising, from all sides, on the shoulders of those most wretched in their poverty, and through all the devious ways of politics; it was especially shameless in its way of taking part in war and its glorious successes. Even the rapid progress of technique, hastened by the urgency of circumstances, gave material and occasion to the prosperity of business.
The laws of bourgeois economics, which are those of individual production in the antagonistic field of competition, revolted furiously, through violence and ruse, against the idealistic efforts of a revolutionary government which, strong in its certainty of saving its country, and stronger still in its illusion of founding for eternity the liberty of equals, believed it was possible to suppress gambling by the guillotine, to eliminate Business by closing the Stock Exchange and to assure existence to the common people by fixing the maximum of prices for objects of prime necessity. Commodities, prices and Business reasserted with violence their own liberty against those who wished to preach to them and impose ethics upon them.
Thermidor, whatever may have been the original intentions of the Thermidorians, whether vile, cowardly, or misguided, was, in its hidden causes as in its apparent effects, the triumph of Business over democratic idealism. The constitution of 1793, which marks the extreme limit that can be reached by the democratic ideal, was never put into practice. The grave pressure of circumstances, the menace of the foreigner, the different forms of internal rebellion, from the Girondists to the Vendée, rendered necessary an exceptional government, which was the Terror, born of fear. In proportion as dangers ceased, the need of the terror ceased. But the democracy shattered itself against the Business which was bringing into existence the property of new proprietors. The constitution of the year III. consecrated the principle of moderate liberalism, whence proceeds all the constitutionalism of the European continent; but it was, before all else, the road leading to the guaranty of property. To change the proprietors while preserving property--that is the banner, the watchword, the ensign which defied through the years from Aug. 10, 1792, the violent tumults as well as the bold designs of those who attempted to found society upon virtue, equality and Spartan abnegation. But the Directory was the footpath by which the revolution arrived at the downfall of itself as an idealistic effort; and with the Directory, which was open and professed corruption, this banner became a reality; the proprietors are changed, but property is saved. And, indeed, to raise upon so many ruins a stable edifice, there was need of real force; and this was found in that strange adventurer of incomparable genius, upon whom fortune had imperially smiled, and he was the only one who possessed the virtue of putting an end to this gigantic fable, because there was in him neither shadow nor trace of moral scruples.