,P>T #d1 ,*APT] #a 
,CAPITAL1 ,PR(ITS & ,9T]E/ 

#aihaih 

,PEOPLE 3 

,AU?OR 3 ,B5JAM9 ,R4 ,TUCK] 

,TEXT 3 

,CAPITAL1 ,PR(ITS & ,9T]E/ 

,EXC]PT$ FROM ! BOOK2 

,9DIVIDUAL ,LIB]TY  

 ,SELECTIONS ,FROM ! ,WRIT+S ( ,B5JAM9 ,R4 ,TUCK]  

 ,VANGU>D ,PRESS1 ,NEW ,YORK1 #aibf  

 ,KRAUS ,REPR9T ,CO41 ,MILLWOOD1 ,N,Y1 #a#i#g#c4 

 ,9 ! /UDY ( ! ECONOMIC QUE/ION1 ! FIR/ ?+ ?AT MU/ 5GAGE \R ATT5TION IS :Y ! WORK] FAILS TO GET ALL ( ! PRODUCT ( HIS LABOR4 ,VOLUMES HAVE BE5 WRITT5 BY ECONOMI/S ( V>I\S S*OOLS 9 DISCUSSION ( ! PROBLEM1 MO/ ( !M MUDDL+ AB\T 9 ! MIRE ( !IR [N MISCONCEPTIONS4 ,BUT ! $ITOR ( ,LIB]TY W5T /RAI<T TO ! HE>T ( ! MATT] & QUICKLY F\ND ! ANSW]3  

,SOMEBODY GETS ! SURPLUS WEAL? ?AT LABOR PRODUCES & DOES NOT CONSUME4 ,:O IS ! ,SOMEBODY8 ,SU* IS ! PROBLEM REC5TLY POSIT$ 9 ! $ITORIAL COLUMNS ( ! ,NEW ,YORK ,TRU?4 ,SUB/ANTIALLY ! SAME QUE/ION HAS BE5 ASK$ A GREAT MANY TIMES BE=E1 BUT1 AS MI<T HAVE BE5 EXPECT$1 ?IS NEW =M ( PUTT+ IT HAS CREAT$ NO SMALL HUBBUB4 ,TRU?'S COLUMNS >E FULL ( IT2 O!R J\RNALS >E TAK+ IT UP2 CLUBS >E ORGANIZ+ TO DISCUSS IT2 ! PEOPLE >E ?9K+ AB\T IT2 /UD5TS >E POND]+ OV] IT4 ,= IT IS A MO/ MOM5T\S QUE/ION4 ,A CORRECT ANSW] TO IT IS UNQUE/IONABLY ! FIR/ /EP 9 ! SETTLEM5T ( ! APPALL+ PROBLEM ( POV]TY1 9TEMP]ANCE1 IGNORANCE1 & CRIME4 ,TRU?1 9 SELECT+ IT AS A SUBJECT ON :I* TO H>P & HAMM] FROM DAY TO DAY1 %[S ITSELF A LEVEL-HEAD$1 F>-SI<T$ NEWSPAP]4 ,BUT1 IMPORTANT AS IT IS1 IT IS BY NO MEANS A DIFFICULT QUE/ION TO ONE :O REALLY CONSID]S IT BE=E GIV+ AN ANSW]1 ?\< ! V>IETY & ABSURDITY ( NE>LY ALL ! REPLIES ?US F> VOLUNTE]$ C]TA9LY T5D TO GIVE AN OPPOSITE IMPRESSION4 

,:AT >E ! WAYS BY :I* M5 GA9 POSSESSION ( PROP]TY8 ,NOT MANY4 ,LET US NAME !M3 WORK1 GIFT1 DISCOV]Y1 GAM+1 ! V>I\S =MS ( ILLEGAL ROBB]Y BY =CE OR FRAUD1 USURY4 ,CAN M5 OBTA9 WEAL? BY ANY O!R ?AN ONE OR MORE ( !SE ME?ODS8 ,CLE>LY1 NO4 ,:OEV] ! ,SOMEBODY MAY BE1 !N1 HE MU/ ACCUMULATE HIS RI*ES 9 ONE ( !SE WAYS4 ,WE WILL F9D HIM BY ! PROCESS ( ELIM9ATION4 

,IS ! ,SOMEBODY ! LABOR]8 ,NO2 AT LEA/ NOT AS LABOR]2 O!RWISE ! QUE/ION W]E ABSURD4 ,ITS PREMISES EXCLUDE HIM4 ,HE GA9S A B>E SUBSI/5CE BY HIS WORK2 NO MORE4 ,WE >E SE>*+ = HIS SURPLUS PRODUCT4 ,HE HAS IT NOT4 

,IS ! ,SOMEBODY ! BEGG>1 ! 9VALID1 ! CRIPPLE1 ! DISCOV]]1 ! GAMBL]1 ! HI<WAY ROBB]1 ! BURGL>1 ! DEFAULT]1 ! PICKPOCKET1 OR ! COMMON SW9DL]8 ,NONE ( !SE1 TO ANY EXT5T WOR? M5TION+4 ,! AGGREGATE ( WEAL? ABSORB$ BY !SE CLASSES ( \R POPULATION COMP>$ ) ! VA/ MASS PRODUC$ IS A M]E DROP 9 ! OCEAN1 UNWOR?Y ( CONSID]ATION 9 /UDY+ A FUNDAM5TAL PROBLEM ( POLITICAL ECONOMY4 ,!SE PEOPLE GET SOME WEAL?1 IT IS TRUE2 5\<1 PROBABLY = !IR [N PURPOSES3 BUT LABOR CAN SP>E !M ! :OLE ( IT1 & NEV] KN[ ! DIFF]5CE4 

,!N WE HAVE F\ND HIM4 ,ONLY ! USUR] REMA9+1 HE MU/ BE ! ,SOMEBODY :OM WE >E LOOK+ =2 HE1 & NONE O!R4 ,BUT :O IS ! USUR]1 & :5CE COMES HIS P[]8 ,!RE >E ?REE =MS ( USURY2 9T]E/ ON MONEY1 R5T ( L& & H\SES1 & PR(IT 9 EX*ANGE4 ,:OEV] IS 9 RECEIPT ( ANY ( !SE IS A USUR]4 ,& :O IS NOT8 ,SC>CELY ANY ONE4 ,! BANK] IS A USUR]2 ! MANUFACTUR] IS A USUR]2 ! M]*ANT IS A USUR]2 ! L&LORD IS A USUR]2 & ! WORK+MAN :O PUTS HIS SAV+S1 IF HE HAS ANY1 \T AT 9T]E/1 OR TAKES R5T = HIS H\SE OR LOT1 IF HE [NS ONE1 OR EX*ANGES HIS LABOR = MORE ?AN AN EQUIVAL5T1 - HE TOO IS A USUR]4 ,! S9 ( USURY IS ONE UND] :I* ALL >E CONCLUD$1 & = :I* ALL >E RESPONSIBLE4 ,BUT ALL DO NOT B5EFIT BY IT4 ,! VA/ MAJORITY SUFF]4 ,ONLY ! *IEF USUR]S ACCUMULATE3 9 AGRICULTURAL & ?ICKLY-SETTL$ C\NTRIES1 ! L&LORDS2 9 9DU/RIAL & COMM]CIAL C\NTRIES1 ! BANK]S4 ,?OSE >E ! ,SOMEBODIES :O SWALL[ UP ! SURPLUS WEAL?4 

,& :]E DO ! ,SOMEBODIES GET !IR P[]8 ,FROM MONOPOLY4 ,H]E1 AS USUAL1 ! ,/ATE IS ! *IEF ( S9N]S4 ,USURY RE/S ON TWO GREAT MONOPOLIES2 ! MONOPOLY ( L& & ! MONOPOLY ( CR$IT4 ,W]E IT NOT = !SE1 IT W\LD DISAPPE>4 ,GR\ND-R5T EXI/S ONLY BECAUSE ! ,/ATE /&S BY TO COLLECT IT & TO PROTECT L&-TITLES ROOT$ 9 =CE OR FRAUD4 ,O!RWISE ! L& W\LD BE FREE TO ALL1 & NO ONE C\LD CONTROL MORE ?AN HE US$4 ,9T]E/ & H\SE-R5T EXI/ ONLY BECAUSE ! ,/ATE GRANTS TO A C]TA9 CLASS ( 9DIVIDUALS & CORPORATIONS ! EXCLUSIVE PRIVILEGE ( US+ ITS CR$IT & !IRS AS A BASIS = ! ISSUANCE ( CIRCULAT+ CURR5CY4 ,O!RWISE CR$IT W\LD BE FREE TO ALL1 & MONEY1 BR\<T UND] ! LAW ( COMPETITION1 W\LD BE ISSU$ AT CO/4 ,9T]E/ & R5T GONE1 COMPETITION W\LD LEAVE LITTLE OR NO *ANCE = PR(IT 9 EX*ANGE EXCEPT 9 BUS9ESS PROTECT$ BY T>IFF OR PAT5T LAWS4 ,& !RE AGA9 ! ,/ATE HAS BUT TO /EP ASIDE TO CAUSE ! LA/ VE/IGE ( USURY TO DISAPPE>4 

,! USUR] IS ! ,SOMEBODY1 & ! ,/ATE IS HIS PROTECTOR4 ,USURY IS ! S]P5T GNAW+ AT LABOR'S VITALS1 & ONLY LIB]TY CAN DETA* & KILL IT4 ,GIVE LABOR]S !IR LIB]TY1 & !Y WILL KEEP !IR WEAL?4 ,AS = ! ,SOMEBODY1 HE1 /RIPP$ ( HIS P[] TO /EAL1 MU/ EI!R JO9 !IR RANKS OR />VE4 

 ,MR4 ,J4 ,M4 ,L4 ,BABCOCK1 ( ,BO/ON1 AT ?AT TIME A ,GRE5BACK] BUT LAT] BECOM+ A ?OR\<-GO+ OPPON5T ( 9T]E/1 WROTE 9 ! COLUMNS ( ,LIB]TY 9 DEF5SE ( BO? 9T]E/ & PR(ITS4 ,MR4 ,TUCK] !RE=E HAD TO SET HIM RI<T3  

0,:ATEV] CONTRIBUTES TO PRODUCTION IS 5TITL$ TO AN EQUITABLE %>E 9 ! DI/RIBUTION60 ,WRONG6 ,:OEV] CONTRIBUTES TO PRODUCTION IS ALONE SO 5TITL$4 ,:AT HAS NO RI<TS ?AT ,:O IS B\ND TO RESPECT4  
,:AT IS A ?+4 ,:O IS A P]SON4 ,?+S HAVE NO CLAIMS2 !Y EXI/ ONLY TO BE CLAIM$4 ,! POSSESSION ( A RI<T CANNOT BE PR$ICAT$ ( DEAD MAT]IAL1 BUT ONLY ( A LIV+ P]SON4 0,9 ! PRODUCTION ( A LOAF ( BREAD1 ! PL[ P]=MS AN IMPORTANT S]VICE1 & EQUITABLY COMES 9 = A %>E ( ! LOAF40 ,ABSURD6 ,A PL[ CANNOT [N BREAD1 &2 IF IT C\LD1 W\LD BE UNABLE TO EAT IT4 ,A PL[ IS A ,:AT1 ONE ( ?OSE ?+S ABOVE M5TION$1 TO :I* NO RI<TS >E ATTRIBUTABLE4 

,OH6 BUT WE SEE4 0,SUPPOSE ONE MAN SP5DS HIS LIFE 9 MAK+ PL[S TO BE US$ BY O!RS :O S[ & H>VE/ :EAT4 ,IF HE FURNI%ES HIS PL[S ONLY ON CONDITION ?AT !Y BE RETURN$ TO HIM 9 AS GOOD /ATE AS :5 TAK5 AWAY1 H[ IS HE TO GET HIS BREAD80 ,IT IS ! MAK] ( ! PL[1 !N1 & NOT ! PL[ ITSELF1 ?AT IS 5TITL$ TO A REW>D8 ,:AT HAS GIV5 PLACE TO  
,:O4 ,WELL1 WE'LL NOT QU>REL OV] ?AT4 ,! MAK] ( ! PL[ C]TA9LY IS 5TITL$ TO PAY = HIS WORK4 ,FULL PAY1 PAID ONCE2 NO MORE4 ,?AT PAY IS ! PL[ ITSELF1 OR ITS EQUIVAL5T 9 O!R M>KETABLE PRODUCTS1 SAID EQUIVAL5T BE+ MEASUR$ BY ! AM\NT ( LABOR EMPLOY$ 9 !IR PRODUCTION4 ,BUT IF HE L5DS HIS PL[ & GETS ONLY HIS PL[ BACK1 H[ IS HE TO GET HIS BREAD8 ASKS ,MR4 ,BABCOCK1 MU* CONC]N$4 ,ASK US AN EASY ONE1 IF Y\ PLEASE4 ,WE GIVE ?IS ONE UP4 ,BUT :Y %\LD HE L5D HIS PL[8 ,:Y DOES HE NOT SELL IT TO ! F>M]1 & USE ! PROCE$S TO BUY BREAD ( ! BAK]8 ,SEE1 ,MR4 ,BABCOCK8 ,IF ! L5D] ( ! PL[ 0RECEIVES NO?+ MORE ?AN HIS PL[ AGA91 HE RECEIVES NO?+ = ! PRODUCT ( HIS [N LABOR1 & IS ON ! WAY TO />VATION3 ,WELL1 IF ! FOOL WILL NOT SELL HIS PL[1 LET HIM />VE4 ,:O C>ES8 ,IT'S HIS [N FAULT4 ,H[ CAN HE EXPECT TO RECEIVE ANY?+ = ! PRODUCT ( HIS [N LABOR IF HE REFUSES TO P]MAN5TLY P>T ) IT8 ,DOES ,MR4 ,BABCOCK PROPOSE TO /EADILY ADD TO ?IS PRODUCT AT ! EXP5SE ( SOME LABOR]1 & MEAN:ILE ALL[ ?IS IDL]1 :O HAS ONLY MADE A PL[1 TO LOAF ON 9 LUXURY1 = ! BALANCE ( HIS LIFE1 ON ! /R5G? ( HIS ONE A*IEVEM5T8 ,C]TA9LY NOT1 :5 \R FRI5D UND]/&S HIMSELF4 ,& !N HE WILL SAY ) US ?AT ! SLICE ( BREAD :I* ! PL[-L5D] %\LD RECEIVE CAN BE NEI!R L>GE NOR SMALL1 BUT MU/ BE NO?+4 

,WE REF] ,MR4 ,BABCOCK TO ONE ( HIS FAVORITE AU?ORS1 ,JOHN ,RUSK9 79 0,LETT]S TO ,BRITI% ,WORKM510 UND] ! HEAD+3 ,! ,POSITION ( ,WILLIAM071 :O >GUES ?IS V]Y PO9T ON ,MR4 ,BABCOCK'S [N GR\ND1 EXCEPT ?AT HE ILLU/RATES HIS POSITION BY A PLANE 9/EAD ( A PL[4 

,MR4 ,BABCOCK REPLIES BY D5Y+ ! SIMIL>ITY1 SAY+ ?AT ,RUSK9 0CONCLUDES ?AT ! CASE HE EXAM9ES IS ONE ( SALE & PUR*ASE40 ,LET US SEE4 ,RUSK9 IS EXAM9+ A /ORY TOLD BY ,BA/IAT 9 ILLU/RATION & DEF5SE ( USURY4 ,AFT] PR9T+ ,BA/IAT'S V]SION ( IT1 HE ABRIDGES IT ?US1 /RIPP+ AWAY ALL MY/IFY+ CLAUSES3 

0,JAMES MAKES A PLANE1 L5DS IT TO ,WILLIAM ON #a/ ( ,JANU>Y = A YE>4 ,WILLIAM GIVES HIM A PLANK = ! LOAN ( IT1 WE>S IT \T1 & MAKES ANO!R = ,JAMES1 :I* HE GIVES HIM ON #c#a/ ,DECEMB]4 ,ON #a/ ,JANU>Y HE AGA9 BORR[S ! NEW ONE2 & ! >RANGEM5T IS REPEAT$ CONT9U\SLY4 ,! POSITION ( ,WILLIAM1 !RE=E1 IS ?AT HE MAKES A PLANE EV]Y #c#a/ ( ,DECEMB]2 L5DS IT TO ,JAMES TILL ! NEXT DAY1 & PAYS ,JAMES A PLANK ANNUALLY = ! PRIVILEGE ( L5D+ IT TO HIM ON ?AT EV5+40 

,SUB/ITUTE 9 ! =EGO+ 0PL[0 = 0PLANE10 & 0LOAF0 OR 0SLICE0 = 0PLANK10 & ! /ORY DIFF]S 9 NO ESS5TIAL PO9T FROM ,MR4 ,BABCOCK'S4 ,H[ MON/R\SLY UNJU/ ! TRANSACTION IS CAN BE PLA9LY SE54 ,RUSK9 NEXT %[S H[ ?IS UNJU/ TRANSACTION MAY BE *ANG$ 9TO A JU/ ONE3 

0,IF ,JAMES DID NOT L5D ! PLANE TO ,WILLIAM1 HE C\LD ONLY GET HIS GA9 ( A PLANK BY WORK+ ) IT HIMSELF & WE>+ IT \T HIMSELF4 ,:5 HE HAD WORN IT \T AT ! 5D ( ! YE>1 HE W\LD1 !RE=E1 HAVE TO MAKE ANO!R = HIMSELF4 ,WILLIAM1 WORK+ ) IT 9/EAD1 GETS ! ADVANTAGE 9/EAD1 :I* HE MU/1 !RE=E1 PAY ,JAMES HIS PLANK =2 & RETURN TO ,JAMES :AT ,JAMES W\LD1 IF HE HAD NOT L5T HIS PLANE1 !N HAVE HAD - NOT A NEW PLANE1 BUT ! WORN-\T ONE4 ,JAMES MU/ MAKE A NEW ONE = HIMSELF1 AS HE W\LD HAVE HAD TO DO IF NO ,WILLIAM HAD EXI/$2 & IF ,WILLIAM LIKES TO BORR[ IT AGA9 = ANO!R PLANK1 ALL IS FAIR4 ,?AT IS TO SAY1 CLE>+ ! /ORY ( ITS NONS5SE1 ?AT ,JAMES MAKES A PLANE ANNUALLY & SELLS IT TO ,WILLIAM = ITS PROP] PRICE1 :I*1 9 K9D1 IS A NEW PLANK40 

,IT IS ?IS LATT] TRANSACTION1 :OLLY DIFF]5T FROM ! =M]1 ?AT ,RUSK9 PRON\NCES A 0SALE10 HAV+ 0NO?+ :ATEV] TO DO ) PR9CIPAL OR ) 9T]E/40 ,& YET1 ACCORD+ TO ,MR4 ,BABCOCK1 0! CASE HE EXAM9ES 7,BA/IAT'S1 ( C\RSE7 IS ONE ( SALE & PUR*ASE40 

,IT IS AN ]ROR COMMON ) ! ECONOMI/S TO ASSUME ?AT AN 9CREASE ( CAPITAL DECREASES ! RATE ( 9T]E/ & ?AT NO?+ ELSE CAN MAT]IALLY DECREASE IT4 ,! FACTS >E JU/ ! CONTR>Y4 ,! RATE ( 9T]E/ MAY1 & (T5 DOES1 DECREASE :5 ! AM\NT ( CAPITAL HAS NOT 9CREAS$2 ! AM\NT ( CAPITAL MAY 9CREASE )\T DECREAS+ ! RATE ( 9T]E/1 :I* MAY 9 FACT 9CREASE AT ! SAME TIME2 & SO F> FROM ! UNIV]SALIZATION ( WEAL? BE+ ! SOLE MEANS ( ABOLI%+ 9T]E/1 ! ABOLITION ( 9T]E/ IS !  
S9E QUA NON ( ! UNIV]SALIZATION ( WEAL?4 

,SUPPOSE1 = 9/ANCE1 ?AT ! BANK+ BUS9ESS ( A NATION IS CONDUCT$ BY A SY/EM ( BANKS *>T]$ & REGULAT$ BY ! GOV]NM5T1 !SE BANKS ISSU+ PAP] MONEY BAS$ ON SPECIE1 DOLL> = DOLL>4 ,IF N[ A C]TA9 NUMB] ( !SE BANKS1 BY COMB9+ TO BUY UP ! NATIONAL LEGISLATURE1 %\LD SECURE ! EXCLUSIVE PRIVILEGE ( ISSU+ TWO PAP] DOLL>S = EA* SPECIE DOLL> 9 !IR VAULTS1 C\LD !Y NOT AF=D TO1 & W\LD !Y NOT 9 FACT1 MAT]IALLY R$UCE !IR RATE ( DISC\NT8 ,W\LD NOT ! COMPET+ BANKS BE =C$ TO R$UCE !IR RATE 9 CONSEQU5CE8 ,& W\LD NOT ?IS R$UCTION L[] ! RATE ( 9T]E/ ?R\<\T ! NATION8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY REMA9S ! SAME AS BE=E4 

,SUPPOSE1 FUR!R1 ?AT DUR+ ! FOLL[+ YE>1 9 CONSEQU5CE ( ! /IMULUS GIV5 TO BUS9ESS & PRODUCTION BY ?IS DECREASE 9 ! RATE ( 9T]E/ & ALSO BECAUSE ( UNUSUALLY FAVORABLE NATURAL CONDITIONS1 A GREAT 9CREASE ( WEAL? OCCURS4 ,IF !N ! BANKS ( ! NATION1 HOLD+ FROM ! GOV]NM5T A MONOPOLY ( ! P[] TO ISSUE MONEY1 %\LD COMB9E TO CONTRACT ! VOLUME ( ! CURR5CY1 C\LD !Y NOT1 & W\LD !Y NOT1 RAISE ! RATE ( 9T]E/ !REBY8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY IS GREAT] ?AN IT EV] WAS BE=E4 

,BUT SUPPOSE1 ON ! O!R H&1 ?AT ALL !SE BANKS1 *>T]$ & REGULAT$ BY ! GOV]NM5T & ISSU+ MONEY DOLL> = DOLL>1 HAD F9ALLY BE5 ALL[$ TO ISSUE PAP] BEYOND !IR CAPITAL BAS$ ON ! CR$IT & GU>ANTE$ CAPITAL ( !IR CU/OM]S2 ?AT !IR CIRCULATION1 ?US D\BLY SECUR$1 HAD BECOME SO POPUL> ?AT PEOPLE PREF]R$ TO PAY !IR DEBTS 9 CO9 9/EAD ( BANK-NOTES1 ?US CAUS+ CO9 TO FL[ 9TO ! VAULTS ( ! BANKS & ADD TO !IR RES]VE2 ?AT ?IS ADDITION HAD 5ABL$ !M TO ADD FUR!R TO !IR CIRCULATION1 UNTIL1 BY A CONT9UATION ( ! PROCESS1 IT AT LA/ AM\NT$ TO EI<T TIMES !IR ORIG9AL CAPITAL2 ?AT BY LEVY+ A HI< RATE ( 9T]E/ ON ?IS !Y HAD BL$ ! PEOPLE NI< UNTO DEA?2 ?AT !N ! GOV]NM5T HAD /EPP$ 9 & SAID TO ! BANKS3 0,:5 Y\ BEGAN1 Y\ RECEIV$ AN ANNUAL 9T]E/ ( SIX P] C5T4 ON Y\R CAPITAL2 Y\ N[ RECEIVE NE>LY ?AT RATE ON A CIRCULATION EI<T TIMES Y\R CAPITAL BAS$ REALLY ON ! PEOPLE'S CR$IT2 !RE=E AT ONE-EI<? ( ! ORIG9AL RATE Y\R ANNUAL PR(IT W\LD BE AS GREAT AS =M]LY2 H5CE=? Y\R RATE ( DISC\NT MU/ NOT EXCE$ ?REE-F\R?S ( ONE P] C5T40 ,HAD ALL ?IS HAPP5$ 7& ) ! EXCEPTION ( ! LA/ CONDITION ( ! HYPO!SIS SIMIL> CASES HAVE FREQU5TLY HAPP5$71 :AT W\LD HAVE BE5 ! RESULT8 ,! R$UCTION ( ! RATE ( DISC\NT TO ! BANK'S S]VICE1 & ! RESULTS !REFROM AS ABOVE DESCRIB$1 >E PRECISELY :AT W\LD HAPP5 IF ! :OLE BUS9ESS ( BANK+ %\LD BE ?R[N OP5 TO FREE COMPETITION4 

,ANO!R ]ROR IS ! ASSUMPTION ?AT 09 ! LA/ ANALYSIS ! POSSESSOR ( CAPITAL HAS ACQUIR$ IT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S & TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES ?AT HE MAY HAVE ! AID ( CAPITAL TO 9CREASE HIS P[] ( PRODUCTION40 ,?IS IS ONE ( ! MO/ DEVILI% ( ! MANY 9F]NAL LIES = :I* ! ECONOMI/S HAVE TO ANSW]4 ,IT IS 9DE$ TRUE ?AT ! POSSESSOR ( CAPITAL MAY1 9 R>E CASES1 HAVE ACQUIR$ IT BY ! ME?OD /AT$1 ?\< EV5 !N BE C\LD NOT BE EXCUS$ = MAK+ ! CAPITAL SO ACQUIR$ A LEE* UPON HIS FELL[-M53 ,BUT N9ETY-N9E TIMES 9 A HUNDR$ ! MOD]N POSSESSOR ( ANY HUGE AM\NT ( CAPITAL HAS ACQUIR$ IT1 NOT 0BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S10 BUT BY A %REWDNESS 9 GETT+ POSSESSION ( A MONOPOLY :I* MAKES IT NE$LESS = HIM TO DO ANY  
REAL WORK AT ALL2 NOT BY A WILL+NESS 0TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES10 BUT BY A CLEV]NESS 9 PROCUR+ FROM ! GOV]NM5T A PRIVILEGE BY :I* HE IS ABLE TO SP5D 9 WANTON LUXURY HALF ( :AT A L>GE NUMB] ( O!R M5 PRODUCE4 ,! *IEF PRIVILEGE TO :I* WE REF] IS ?AT ( SELL+ ! PEOPLE'S CR$IT = A PRICE4 

,AGA91 IT IS AN ]ROR TO SUPPOSE ?AT TO CONF9E ! T]M MONEY TO CO9 & TO CALL ALL O!R MONEY CURR5CY W\LD SIMPLIFY MATT]S1 :5 9 REALITY IT IS ! 9SI/5CE UPON ?IS FALSE DI/9CTION ?AT IS ! PREVAIL+ CAUSE ( MY/IFICATION4 ,IF ! IDEA ( ! ROYALTY ( GOLD & SILV] C\LD BE ONCE KNOCK$ \T ( ! PEOPLE'S HEADS1 & !Y C\LD ONCE UND]/& ?AT NO P>TICUL> K9D ( M]*&ISE IS CREAT$ BY NATURE = MONET>Y PURPOSES1 !Y W\LD SETTLE ?IS QUE/ION 9 A TRICE4 ,SOME P]SONS SEEM TO ?9K ?AT ,JOSIAH ,W>R5 BAS$ HIS NOTES ON CORN4 ,NO?+ ( ! K9D4 ,W>R5 SIMPLY TOOK CORN AS HIS /&>D1 BUT MADE LABOR & ALL ITS PRODUCTS HIS BASIS4 ,HIS LABOR NOTES W]E R>ELY R$EEM$ 9 CORN4 ,IF HE HAD MADE CORN HIS EXCLUSIVE BASIS1 !RE W\LD BE NO DI/9CTION 9 PR9CIPLE BETWE5 HIM & ! SPECIE M54 ,P]HAPS ! C5TRAL PO9T 9 HIS MONET>Y !ORY WAS HIS D5IAL ( ! IDEA ?AT ANY ONE PRODUCT ( LABOR CAN PROP]LY BE MADE ! ONLY BASIS ( MONEY4 ,A *>GE ?AT ?IS SY/EM1 :I* RECOGNIZ$ CO/ AS ! ONLY GR\ND ( PRICE1 EV5 CONTEMPLAT$ A PROMISE TO PAY ANY?+ 0= VALUE RECEIV$10 HE W\LD DEEM ! CLIMAX ( 9SULT TO HIS MEMORY4 

,IT IS A MI/AKE1 TOO1 TO ?9K ?AT L& IS NOT A GOOD BASIS = CURR5CY4 ,TRUE1 UNIMPROV$ VACANT L&1 NOT HAV+ PROP]LY A M>KET VALUE1 CANNOT PROP]LY GIVE VALUE TO ANY?+ ?AT REPRES5TS IT2 BUT P]MAN5T IMPROVEM5TS ON L&1 :I* %\LD HAVE A M>KET VALUE & C>RY ) !M A TITLE TO POSSESSION1 >E AN EXCELL5T BASIS = CURR5CY4 ,IT IS NOT ! RAW MAT]IAL ( ANY PRODUCT ?AT FITS IT = A BASIS1 BUT ! LABOR ?AT HAS BE5 EXP5D$ 9 %AP+ ! MAT]IAL4 ,AS = ! IMMOVABILITY ( L& UNFITT+ IT = A BASIS1 IT HAS JU/ ! OPPOSITE EFFECT4 ,WE %\LD NOT BE MISL$ BY ! IDEA ?AT CURR5CY CAN BE R$EEM$ ONLY 9 ?AT ON :I* IT IS BAS$4 

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