APPENDIX A. 215 



who pays it. The buyer compares the money that 

 he spends with the advantage that he gains, and 

 this comparison determines it. If he did not make 

 money out of it he would not buy it. When the 

 registration tax did not exist, the purchaser had to 

 pay the same sum for the same purpose, and this 

 sum went into the pocket of the seller/' 



" Proprietors of lands, then, after all, have to 

 bear the mutation taxes. All increase of these 

 taxes is a loss for them, and these taxes are heav- 

 ier on the small proprietors than on the large, be- 

 cause their changes are more frequent. The tax 

 on the farms, on the contrary, would bear more 

 heavily on large estates. " 



" The tax on farms not affecting the owners of 

 timber, would be made up by a tax on the felling, 

 a very justifiable tax, for standing timber is landed 

 property. Standing timber is often worth much 

 more than the land on which it stands." 



Finally, we will give some thoughts which reveal 

 the religious sentiments of Sadi Carnot: 



''Men attribute to chance those events of the 

 causes of which they are ignorant. If they suc- 

 ceed in divining these causes, chance disappears. 

 To say that a thing has happened by chance, 



