The Conspiracy of the Equals (French: Conjuration des Égaux) or Society of the Panthéon was a faction within the French Revolution led by François-Noël Babeuf.
It was the attempts of the Directory to deal with the economic crisis that gave Babeuf his historical importance. The new government was pledged to abolish the system by which Paris was fed at the expense of all France, and the cessation of the distribution of bread and meat at nominal prices was fixed for 20 February 1796. The announcement caused the most widespread consternation. Not only were the workmen and the large class of proletarians attracted to Paris by the system, but rentiers and government officials, whose incomes were paid in assignats on a scale arbitrarily fixed by the government, saw themselves threatened with starvation. The government yielded to the outcry; but the expedients by which it sought to mitigate the evil, notably the division of those entitled to relief into classes, only increased the alarm and discontent.
The universal misery gave point to virulent attacks by Babeuf on the existing order, and gained him a hearing. He gathered around him a small circle of followers known as the Societé des égaux, soon merged with the rump of the Jacobin Club, who met at the Panthéon; and in November 1795 he was reported by the police to be openly preaching "insurrection, revolt and the constitution of 1793". They were influenced by Sylvain Maréchal, the author of Le Manifeste des Egaux and a sympathiser of Babeuf.
For a time the government, while keeping itself informed of his activities, left him alone. It suited the Directory to let the socialist agitation continue, in order to deter the people from joining in any royalist movement for the overthrow of the existing régime. Moreover the mass of the ouvriers, even of extreme views, were repelled by Babeuf's bloodthirstiness; and the police agents reported that his agitation was making many converts - for the government. The Jacobin Club refused to admit Babeuf and Lebois, on the ground that they were "égorgeurs" ("throat-cutters").