,P>T #d1 ,*APT] #d ,! ,ABOLITION ( ,9T]E/ #aihaih ,PEOPLE 3 ,AU?OR 3 ,B5JAM9 ,R4 ,TUCK] ,TEXT 3 ,! ,ABOLITION ( ,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 ,TO-DAY1 A WEEKLY NEWSPAP] PUBLI%$ 9 ,BO/ON 9 #a#h#i1 PR9T$ AN $ITORIAL ON ! SUBJECT ( 9T]E/ :I* CONTA9$ SO MANY VULN]ABLE PO9TS ?AT ! $ITOR ( ,LIB]TY WAS MOV$ TO CRITICIZE IT4 ,AFT] PO9T+ \T ! ]RORS & FALLACIES 9 ! $ITORIAL1 HE PROCE$$3 ,! MOD]N OPPON5TS ( 9T]E/ >E P]FECTLY WILL+ TO CONSID] FACTS T5D+ TO REFUTE !IR POSITION1 BUT NO FACTS CAN HAVE SU* A T5D5CY UNLESS !Y BELONG TO ONE ( TWO CLASSES3 FIR/1 FACTS %[+ ?AT 9T]E/ HAS G5]ALLY 7NOT SPORADICALLY7 EXI/$ 9 A COMMUNITY 9 :OSE ECONOMY MONEY WAS AS IMPORTANT A FACTOR AS IT IS ) US TODAY & 9 :OSE LAWS !RE WAS NO RE/RICTION UPON ITS ISSUE2 OR1 SECOND1 FACTS %[+ ?AT 9T]E/ IS SU/A9$ BY CAUSES ?AT W\LD /ILL BE EFFECTIVELY1 9V9CIBLY OP]ATIVE AFT] ! ABOLITION ( ! BANK+ MONOPOLY4 ,I DO NOT F9D ANY SU* FACTS AMONG ?OSE CIT$ BY ,TO-DAY4 ,! >RAY IS =MIDABLE 9 APPE>ANCE ONLY4 ,POSSESSION ( 5CYCLOP$IC KN[L$GE IS A VIRTUE :I* ,SP5C] SOMETIMES EXAGG]ATES 9TO A VISE1 & A VISE :I* SOME ( HIS DISCIPLES TOO SELDOM R$UCE TO ! PROPORTIONS ( A VIRTUE4 ,TO ! ECONOMIC TRUISM ,I WILL GIVE A LITTLE MORE ATT5TION1 ITS IRRELEVANCY BE+ LESS APP>5T4 ,H]E IT IS3 0,! EXI/5CE ( 9T]E/ DEP5DS1 ( C\RSE1 PRIM>ILY UPON ! EXI/5CE ( PRIVATE PROP]TY40 ,I CALL ?IS A TRUISM1 ?\< ! WORD 0PRIM>ILY0 9TRODUCES AN ELEM5T ( ]ROR4 ,IF WE >E TO 9QUIRE UPON :AT 9T]E/ PRIM>ILY DEP5DS1 WE %ALL />T UPON AN 5DLESS J\RNEY 9TO ! REALM ( METAPHYSICS4 ,BUT )\T 5T]+ ?AT REALM WE C]TA9LY CAN GO F>!R BACK 9 ! S]IES ?AN PRIVATE PROP]TY & F9D ?AT 9T]E/ DEP5DS /ILL MORE REMOTELY UPON ! EXI/5CE ( HUMAN BE+S & EV5 ( ! UNIV]SE ITSELF4 ,H[EV]1 9T]E/ UND\BT$LY DEP5DS UPON PRIVATE PROP]TY1 &1 IF ?IS FACT HAD ANY SIGNIFICANCE1 ,I %\LD NOT /OP TO TRIFLE OV] ! WORD 0PRIM>ILY40 ,BUT IT HAS NO SIGNIFICANCE4 ,IT ONLY SEEMS TO HAVE SIGNIFICANCE BECAUSE IT C>RIES1 OR SEEMS TO BE SUPPOS$ TO C>RY1 ! IMPLICATION ?AT1 IF PRIVATE PROP]TY IS A NECESS>Y CONDITION ( 9T]E/1 9T]E/ IS A NECESS>Y RESULT ( PRIVATE PROP]TY4 ,! 9F]5CE1 ( C\RSE1 IS :OLLY UNW>RANT$ BY LOGIC1 BUT ?AT IT IS 9T5D$ APPE>S FROM A REM>K ALMO/ IMM$IATELY FOLL[+3 0,EXPECTATIONS HAVE BE5 5T]TA9$ ?AT IT .<9T]E/.> WILL EV5TUALLY BECOME Z]O2 BUT ?IS /AGE WILL PROBABLY BE REA*$ ONLY :5 ECONOMIC PRODUCTS BECOME COMMON FREE PROP]TY ( ! HUMAN RACE40 ,! WORD 0PROBABLY0 LEAVES ! WRIT]1 TO BE SURE1 A SMALL LOGICAL LOOPHOLE ( ESCAPE1 BUT IT IS NOT EXPECT$ ?AT ! READ] WILL NOTICE IT1 ! EMPHASIS BE+ ALL 9 ! O!R DIRECTION4 ,! READ] IS EXPECT$ TO LOOK UPON 9T]E/ AS A NECESS>Y RESULT ( PRIVATE PROP]TY SIMPLY BECAUSE )\T PRIVATE PROP]TY !RE C\LD BE NO 9T]E/4 ,N[1 MY HAT SOMETIMES HANGS UPON A HOOK1 &1 IF !RE W]E NO HOOK1 !RE C\LD BE NO HANG+ HAT2 BUT IT BY NO MEANS FOLL[S ?AT BECAUSE !RE IS A HOOK !RE MU/ BE A HANG+ HAT4 ,!RE=E1 IF ,I WANT$ TO ABOLI% HANG+ HATS1 IT W\LD BE IDLE1 IRRELEVANT1 & ILLOGICAL TO DECL>E ?AT ,I MU/ FIR/ ABOLI% HOOKS4 ,LIKEWISE IT IS IDLE1 IRRELEVANT1 & ILLOGICAL TO DECL>E ?AT BE=E 9T]E/ CAN BE ABOLI%$ PRIVATE PROP]TY MU/ BE ABOLI%$4 ,TAKE ANO!R ILLU/RATION4 ,IF !RE W]E NO W9T]1 WAT]-PIPES W\LD NEV] FREEZE UP1 BUT IT IS NOT NECESS>Y TO ABOLI% W9T] TO PREV5T ?IS FREEZ+4 ,HUMAN DEVICE HAS SUCCE$$ 9 PREV5T+ IT AS A G5]AL ?+4 ,SIMIL>LY1 )\T PRIVATE PROP]TY !RE W\LD BE NO BORR[+ ( CAPITAL & !RE=E NO 9T]E/2 BUT IT IS CLAIM$ ?AT1 )\T ABOLI%+ PRIVATE PROP]TY1 A HUMAN DEVICE - NAMELY1 MONEY & BANK+ WILL1 IF NOT RE/RICT$1 PREV5T ! NECESSITY ( BORR[+ CAPITAL AS A G5]AL ?+1 & !RE=E VIRTUALLY ABOLI% 9T]E/2 ?\< 9T]E/ MIY CASES1 JU/ AS WAT]-PIPES /ILL FREEZE UP UND] EXTRAORD9>Y CONDITIONS4 ,IS ?IS CLAIM TRUE8 ,?AT IS ! ONLY QUE/ION4 ,?IS CLAIM IS MET 9 ! S+LE RELEVANT SIXTE5? ( ,TO-DAY'S >TICLE4 ,BUT IT IS MET SIMPLY BY D5IAL1 :I* IS NOT DISPRO(4 ,I GIVE ! WRIT]'S WORDS3 0,! MO/ POPUL> FALLACY UPON ! SUBJECT N[ IS ?AT ! RATE ( 9T]E/ CAN BE L[]$ BY 9CREAS+ ! AM\NT ( CURR5CY4 ,:AT M5 REALLY WI% TO BORR[ USUALLY IS CAPITAL1 - AG5CIES ( PRODUCTION1 - & MONEY IS ONLY A MEANS = ! TRANSF] ( !SE4 ,! AM\NT ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL1 & EV5 AN 9CREASE 9 ! ABUNDANCE ( CAPITAL DOES NOT ALWAYS L[] ! RATE ( 9T]E/2 ?IS IS P>TLY DET]M9$ BY ! VALUE ( CAPITAL 9 USE40 ,?IS P>AGRAPH1 ?\< 9TRODUC$ ) A RA!R NON*ALANT AIR1 SEEMS TO HAVE BE5 ! OBJECTIVE PO9T ( ! 5TIRE >TICLE4 ,ALL ! RE/ WAS APP>5TLY WRITT5 TO FURNI% AN OCCASION = VOIC+ ! EXCESSIVELY SILLY NOTION ?AT 0! AM\NT ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL40 ,AS ,I HAVE ALREADY SAID1 TO %[ H[ SILLY IT IS1 IT IS ONLY NECESS>Y TO SLIS 5TIRELY4 ,BUT ?\< 9CREAS$ CAPITAL L[]S 9T]E/ & 9CREAS$ CURR5CY 9CREASES CAPITAL1 9CREAS$ CURR5CY ALSO ACTS DIRECTLY 9 L[]+ 9T]E/ BE=E IT HAS 9CREAS$ ! AM\NT ( CAPITAL4 ,IT IS H]E ?AT ! $ITOR ( ,TO-DAY SEEMS TO %[ UNFAMILI>ITY ) ! POSITION ( ! OPPON5TS ( 9T]E/4 ,IT IS TRUE ?AT :AT M5 REALLY WI% TO GET IS CAPITAL2 ! AG5CIES ( PRODUCTION4 ,& IT IS PRECISELY BECAUSE MONEY IS 0A MEANS = ! TRANSF] ( !SE0 ?AT ! ABILITY TO ISSUE MONEY SECUR$ BY !IR [N PROP]TY W\LD MAKE IT UNNECESS>Y = !M TO BORR[ !SE AG5CIES BY 5ABL+ !M TO BUY !M4 ,?IS RAISES A QUE/ION :I* ,I HAVE ASK$ HUNDR$S ( TIMES ( DEF5D]S ( 9T]E/ & :I* HAS 9V>IABLY PROV$ A 0POS]40 ,I WILL N[ PUT IT TO ! $ITOR ( ,TO-DAY4 ,A IS A F>M] [N+ A F>M4 ,HE MORTGAGES HIS F>M TO A BANK = @s#a11 GIV+ ! BANK A MORTGAGE NOTE = ?AT SUM & RECEIV+ 9 EX*ANGE ! BANK'S NOTES = ! SAME SUM1 :I* >E SECUR$ BY ! MORTGAGE4 ,) ! BANK-NOTES ,A BUYS F>M+ TOOLS ( ,B4 ,! NEXT DAY ,B USES ! NOTES TO BUY ( ,C ! MAT]IALS US$ 9 ! MANUFACTURE ( TOOLS4 ,! DAY AFT]1 ,C 9 TURN PAYS !M TO ,D 9 EX*ANGE = SOME?+ ?AT HE NE$S4 ,AT ! 5D ( A YE>1 AFT] A CON/ANT SUCCESSION ( EX*ANGES1 ! NOTES >E 9 ! H&S ( ,Z1 A DEAL] 9 F>M PRODUCE4 ,HE PAYS !M TO ,A1 :O GIVES 9 RETURN @s #a1 WOR? ( F>M PRODUCTS :I* HE HAS RAIS$ DUR+ ! YE>4 ,!N ,A C>RIES ! NOTES TO ! BANK1 RECEIVES 9 EX*ANGE = !M HIS MORTGAGE NOTE1 & ! BANK CANCELS ! MORTGAGE4 ,N[1 9 ?IS :OLE CIRCLE ( TRANSACTIONS1 HAS !RE BE5 ANY L5D+ ( CAPITAL8 ,IF SO1 :O WAS ! L5D]8 ,IF NOT1 :O IS 5TITL$ TO ANY 9T]E/8 ,I CALL UPON ! $ITOR ( ,TO-DAY TO ANSW] ?IS QUE/ION4 ,IT IS NE$LESS TO ASSURE HIM ?AT IT IS VITAL4 ,TO-DAY'S REJO9D] TO MY CRITICISM ( ITS >TICLE ON 9T]E/ IS *IEFLY REM>KABLE AS AN EXHIBITION ( DU/-?R[+4 ,9 ! >T ( KICK+ UP A DU/ ! $ITOR IS AN EXP]T4 ,:5EV] HE IS ASK$ AN EMB>RASS+ QUE/ION1 HE BEG9S TO %[ HIS SKILL 9 ?IS DIRECTION4 ,HE REM9DS ONE ( ! CL[N AT ! CIRCUS :5 0/UMP$0 BY 0! R+-MA/] TO TURN A D\BLE SOM]SAULT OV] ! ELEPHANT'S BACK4 ,HE PRANCES & DANCES1 JABB]S & GYRATES1 QUOTES ,LAT9 =W>DS & ,GREEK BACKW>DS1 DECLAIMS 9 ! /YLE ( ,DR4 ,JOHNSON TO ! FI%-WIFE1 S+S ALGEBRAIC =MULAS TO ! MUSIC ( ! B&1 MAKES FACES1 MAKES PUNS1 & MAKES AN EXCELL5T FOOL ( HIMSELF2 & :5 AT ! 5D ( ALL ?IS 5ORM\S ACTIVITY HE SLYLY SLIPS BETWE5 ! ELEPHANT'S LEGS 9/EAD ( LEAP+ OV] HIS BACK1 ! HIL>I\S CR[D1 IF IT DOES NOT =GET HIS FAILURE TO P]=M ! PRESCRIB$ FEAT1 AT LEA/ GOOD-HUMOR$LY =GIVES IT4 ,BUT ,I AM NOT SO GOOD-NATUR$4 ,I ADMIT ?AT1 AS A CL[N1 ,I F9D ! $ITOR 9T]E/+1 BUT HIS P]=MANCE1 APPROPRIATE 5\< 9 A ,B>NUM CIRCUS R+1 IS \T ( PLACE 9 ! ECONOMIC >EA4 ,SO ,I PROPOSE TO IGNORE HIS ?REE PAGES ( ANTICS & NOTE ONLY HIS T5-L9E SLIP BETWE5 ! ELEPHANT'S LEGS1 OR1 LAY+ METAPHOR ASIDE1 HIS EVASION ( MY QUE/ION4 ,I HAD *ALL5G$ HIM TO PO9T \T ANY L5D+ ( CAPITAL 9 A TYPICAL BANK+ TRANSACTION :I* ,I HAD DESCRIB$4 ,HE RESPONDS BY ASK+ ME TO DEF9E CAPITAL4 ,?IS IS ! SLIP1 ! EVASION1 ! PO/PONEM5T ( ! DIFFICULTY4 ,HE KN[S ?AT1 IF HE CAN DRAW ME (F 9TO A DISCUSSION ( ! NATURE ( CAPITAL1 !RE WILL BE AN ADMIRABLE OPPORTUNITY = MORE CL[NI%NESS1 S9CE !RE IS NO PO9T 9 POLITICAL ECONOMY ?AT L5DS ITSELF MORE COMPLETELY TO ! SOPHI/'S >T ?AN ?IS4 ,BUT ,I AM NOT TO BE TURN$ ASIDE4 ,I /ICK TO MY QUE/ION4 ,9 REG>D TO ! NOTION ( CAPITAL ! $ITOR ( ,TO-DAY WILL F9D ME1 SO F> AS ! IMM$IATE QUE/ION AT ISSUE IS CONNECT$ ) IT1 ! MO/ PLIABLE MAN 9 ! WORLD4 ,I WILL TAKE ! DEF9ITION1 IF HE LIKES1 ?AT WAS GIV5 9 ! PREVI\S >TICLE 9 ,TO-DAY4 ,!RE IT WAS SAID ?AT MONEY WAS ONE ?+ & CAPITAL ANO!R2 ?AT CAPITAL CONSI/S ( ! AG5CIES ( PRODUCTION1 :ILE MONEY IS ONLY A MEANS = ! TRANSF] ( !SE2 ?AT :AT M5 REALLY WANT IS NOT MONEY1 BUT CAPITAL2 ?AT IT IS = ! USE ( CAPITAL ?AT 9T]E/ IS PAID2 & ?AT ?IS 9T]E/1 ?IS PRICE = ! USE ( CAPITAL1 L[]S1 G5]ALLY SPEAK+1 AS CAPITAL BECOMES PL5TI]1 & PROBABLY CANNOT DISAPPE> UNLESS ABUNDANCE ( CAPITAL %ALL REA* ! EXTREME ( COMMON PROP]TY4 ,N[ ,I HAVE %[N 7AT LEA/ ,I %ALL SO CLAIM UNTIL MY QUE/ION IS ANSW]$7 ?AT 9 ! MO/ ORD9>Y =M ( TRANSACTION 9VOLV+ 9T]E/ - NAMELY1 ! DISC\NT+ ( NOTES - !RE IS ABSOLUTELY NO L5D+ ( CAPITAL 9 ! S5SE 9 :I* CAPITAL WAS US$ 9 ,TO-DAY'S FIR/ >TICLE1 & ! CONSEQU5CE1 ( C\RSE1 IS ?AT ?AT DEF5SE ( 9T]E/ :I* REG>DS IT AS PAYM5T = ! USE ( CAPITAL /RAITICLE CRITICIZ$1 HE MAY TAKE SOME O!R2 ,I AM P]FECTLY WILL+4 ,HE MAY MAKE A DEF9ITION ( HIS [N4 ,:ATEV] IT MAY BE1 ,I1 = ! TIME BE+ & = ! PURPOSES ( ?IS >GUM5T1 %ALL SAY 0,AM50 TO IT4 ,& AFT] ?AT ,I %ALL AGA9 PRESS ! QUE/ION :E!R1 9 ! TRANSACTION :I* ,I DESCRIB$1 !RE WAS ANY L5D+ ( ANY?+ :ATEV]4 ,& IF HE %ALL !N ANSW]1 AS A P>AGRAPH 9 HIS LATE/ >TICLE 9DICATES1 0,YES1 ! BANK L5T ITS NOTES TO ! F>M]10 ,I %ALL %[ CONCLUSIVELY ?AT ! BANK DID NO?+ ( ! K9D4 ,IF ,I SUCCESSFULLY MA9TA9 ?IS CONT5TION1 !N IT WILL BE DEMON/RAT$ ?AT ! 9T]E/ PAID 9 ! TRANSACTION SPECIFI$ WAS NOT PAID = ! USE ( ANY?+ :ATEV]1 BUT WAS A TAX LEVI$ BY MONOPOLY & NO?+ ELSE4 ,MEANTIME IT IS COM=T+ TO REFLECT ?AT MY LABOR HAS NOT BE5 5TIRELY 9 VA94 ,AS A CONSEQU5CE ( MY CRITICISM ( ,TO-DAY'S >TICLE ON 9T]E/1 ! $ITOR HAS DIS[N$ IT 7?\< IT APPE>$ UNSIGN$ & 9 $ITORIAL TYPE71 *>ACT]IZ$ IT AS 0TRIVIAL0 7HEAV5 KN[S IT HAD ! AIR ( GRAVITY671 & SQU>ELY CONTRADICT$ ITS *IEF DOCTR9AL ASS]TION4 ,?IS ASS]TION WAS ?AT 0! AM\NT ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL3 ,IT IS CONTRADICT$ 9 !SE T]MS3 0,EVID5TLY MONEY IS A NECESS>Y ELEM5T 9 ! EXI/+ 9DU/RIAL PLEXUS1 & 9CREASE ( CAPITAL IS DEP5D5T UPON ! SUPPLY ( A SUFFICI5T AM\NT ( MONEY40 ,AFT] ?IS ,I HAVE HOPES4 0,AN ,5QUIR]0 WROTE TO ! $ITOR ( ,LIB]TY CONFESS+ H] 9CAPACITY TO UND]/& :Y HE ADVOCAT$ ! ABOLITION ( R5T & 9T]E/4 ,%E CIT$ ! CASE ( A COOK LOAN+ H] SAV+S TO A Y\NG MAN :O NE$$ SOME READY CA%1 & %E WANT$ TO KN[ :AT WAS WRONG ) ?IS4 ,MR4 ,TUCK] TOLD H]3 ,MY 9QUIR+ FRI5D IS BY NO MEANS /UPID4 ,H] >GUM5T IS WELL & CLE>LY /AT$ & IS 9DICATIVE ( ! HABIT ( ?\E USUALLY EMPLOY$ = ! G5]AL *>ACT]IZATION ( P]SONALITY4 ,%E HAS SIMPLY FAIL$ TO ACQUA9T H]SELF ) ! POSITION ( ! ,AN>*I/IC OPPON5TS ( 9T]E/1 ! S\NDNESS ( :I* H] NATIVE P[] ( P5ETRATION WILL 5ABLE H] TO SEE :5 ONCE %E HAS BECOME FAMILI> ) IT4 ,:]E9 CONSI/S H] MISAPPREH5SION8 ,9 ?IS2 ?AT %E SUPPOSES ! ,AN>*I/S TO CONDEMN ! CONTRACT BETWE5 ! BORR[] & ! L5D]1 P] SE2 :]EAS ! TRU? IS ?AT !Y CONDEMN1 NOT ! CONTRACT1 BUT ! CONDITIONS ( COMPULSORY RE/RICTION & LIMITATION UND] :I* SU* CONTRACT IS N[ NECESS>ILY MADE IF MADE AT ALL1 & 9 ! ABS5CE ( :I* IT W\LD BE PREV5T$1 NOT BY LAW OR BY 9VASION ( ANY K9D1 BUT BY SIMPLE COMPETITION1 FROM EMBODY+ ! ELEM5T ( 9T]E/ ON CAPITAL4 ,TAKE ! CASE :I* %E CITES4 ,NO ,AN>*I/ DISPUTES ?AT IT IS P]FECTLY LEGITIMATE = ! Y\NG MAN 9 QUE/ION TO BORR[ EI!R ( ! COOK OR ( ! BANK UPON SU* T]MS AS MAY BE AGRE$ UPON 9 A FREE M>KET4 ,! COMPLA9T ( ,AN>*ISM IS ?AT ! M>KET IS NOT FREE1 & ?AT ! TRANSACTIONS EFFECT$ !RE9 >E NECESS>ILY TA9T$ ) 9JU/ICE4 ,AT PRES5T1 IF ! Y\NG MAN BORR[S1 :E!R ( ! COOK OR ( ! BANK1 ! T]MS ( CONTRACT >E DICTAT$ TO HIS DISADVANTAGE1 BY MEANS ( A LEGAL PRIVILEGE OR MONOPOLY 5JOY$ BY ! BANK4 ,NEI!R COOK NOR BANK WILL L5D TO ! Y\NG MAN UNLESS HE CAN GIVE A NOTE ! R$EMPTION ( :I* IS CONSID]$ SURE & IS G5]ALLY MADE SURE BY A LI5 UPON ACTUAL PROP]TY4 ,UPON BE+ ?US SECUR$1 ! L5D] SUPPLIES ! BORR[] ) O!R NOTES1 9TR9SICALLY NO /RONG]1 BUT 9 ! R$EMPTION ( :I* NOT ONLY ! L5D] & BORR[] BUT ! 5TIRE COMMUNITY HAVE REASON TO HAVE CONFID5CE4 ,?AT IS TO SAY1 ! L5D]1 EI!R BY ISSU+ HIS [N UNIV]SALLY KN[N NOTES OR BY FURNI%+ EQUALLY WELL KN[N NOTES PREVI\SLY ISSU$ BY O!RS1 VIRTUALLY 5DORSES ! BORR[]'S NOTE1 OR1 9 /ILL O!R WORDS1 9SURES HIS CR$IT4 ,= ?IS S]VICE :AT DOES HE *>GE8 ,A PRICE AS L[ AS ?AT = :I* ANY ONE ELSE IS WILL+ & ABLE TO P]=M ! SAME S]VICE4 ,N[1 ! ,AN>*I/S ASS]T ?AT !RE >E L>GE NUMB]S ( PEOPLE :O >E WILL+1 EI!R 9DIVIDUALLY OR BY =M+ !MSELVES 9TO BANK+ ASSOCIATIONS1 TO P]=M ?IS S]VICE AT SOME?+ LESS ?AN ONE P] C5T41 & ?AT ! ONLY REASON :Y !Y >E NOT ABLE TO DO SO IS ?AT !Y >E PREV5T$ BY LAW4 ,! GR\NDS UPON :I* !Y BASE ?IS ASS]TION >E1 FIR/1 ! FACT ?AT PRICES 9 A FREE M>KET T5D T[>D CO/ ( PRODUCTION & P]=MANCE1 :I*1 9 ! MATT] ( 9SURANCE ( CR$IT1 IS %[N BY BANK+ /ATI/ICS TO BE AB\T ONE-HALF ( ONE P]C5T1 &1 SECOND1 ! EXI/5CE ( ,F$]AL LAWS IMPOS+ A TAX ( T5 P]C5T ON ALL BANKS ( ISSUE NOT COMPLY+ ) ! PROVISIONS ( ! NATIONAL BANK+ ACT1 & ( ,/ATE LAWS MAK+ IT A CRIME TO CIRCULATE AS CURR5CY O!R NOTES ?AN ?OSE SPECIFICALLY AU?ORIZ$ BY /ATUTE4 ,TO ?IS IT IS NO ANSW] TO SAY ?AT ALL P]SONS >E EQUALLY FREE TO COMPLY ) ! PROVISIONS ( ! NATIONAL BANK+1 ACT2 = !SE PROVISIONS BY !IR V]Y NATURE1 LIMIT+ ! BASIS ( CURR5CY TO GOV]NM5T BONDS1 LIMIT ! VOLUME ( ! CURR5CY1 & 9 ANY BUS9ESS A LIMITATION :I* R$UCES ! \TPUT IS AS TRULY A RE/RICTION ( COMPETITION AS A LIMITATION SPECIFY+ ?AT ONLY C]TA9 P]SONS %ALL 5GAGE 9 ! BUS9ESS4 ,N[1 IF ! ABOVE FACTS & ! ASS]TIONS BAS$ ON !M >E CORRECT1 IT IS OBVI\S ?AT1 BUT = !SE1 ! PRICE ( 9SUR+ CR$IT W\LD FALL TO LESS ?AN ONE P]C5T1 ?IS SMALL P]C5TAGE PAY+ NOT DIVID5DS TO /OCKHOLD]S1 BUT ! SAL>IES ( BANK+ (FICIALS1 PROVID+ = 9CID5TAL EXP5SES1 & MAK+ GOOD ANY DEFICI5CIES FROM BAD DEBTS4 ,?US IS JU/IFI$ ! ,AN>*I/IC CONT5TION ?AT 9T]E/ UPON CAPITAL IS DEP5D5T UPON ! RE/RICTIONS SURR\ND+ ! CONTRACT BETWE5 BORR[] & L5D]2 = SURELY 0,AN ,5QUIR]'S0 Y\NG MAN W\LD NOT BE WILL+ TO PAY ! COOK SIX P]C5T = MONEY :5 HE C\LD BORR[ ( A BANK = ONE P]C5T1 OR ABLE TO EXACT T5 P]C5T = HIS H\SE FROM A HOMELESS MAN :5 ! LATT] C\LD HIRE MONEY AT ONE P]C5T ) :I* TO BUY OR BUILD A H\SE4 ,IF !RE IS A FLAW 9 ! ,AN>*I/IC >GUM5T1 ,I WAIT = 0,AN ,5QUIR]0 TO PO9T IT \T4 ,= H] SAKE ,I HAVE TOLD AN OLD /ORY TO ! READ]S ( ,LIB]TY2 BUT !N1 ,I EXPECT TO HAVE TO TELL IT MANY TIMES AGA94 ,MR4 ,J4 ,K4 ,+ALLS1 9 A LETT] TO ! $ITOR ( ,LIB]TY >GU+ ?AT 9T]E/ IS 9ESCAPABLE1 ASS]T$ ?AT !RE IS AN ECONOMIC 9T]E/ AS WELL AS ECONOMIC R5T1 & ?AT IT DIFF]S FROM ?AT :I* IS CAPTUR$ BY ! /RONG] & MORE CUNN+ FROM ! WEAK] & MORE /UPID ?R\< ! 5=CEM5T ( B>B>\S 7NOT ECONOMIC7 LAWS & CU/OMS2 & HE ALSO ASS]T$ ?AT 9T]E/ IS D]IV$ FROM ! 9CREASE ( ANY LABOR OV] ITS B>E SUPPORT4 ,MR4 ,TUCK] MET ! ISSUE SQU>ELY3 ,M,R4 ,+ALLS GIVES NO CLE> DEF9ITION OR MEASURE ( ! T]M 0ECONOMIC 9T]E/40 ,ECONOMIC R5T IS MEASUR$ BY ! DIFF]5CE BETWE5 ! POORE/ L& 9 USE & ! GRADES SUP]IOR !RETO4 ,BUT :AT MEASURES ECONOMIC 9T]E/8 ,IS IT ! DIFF]5CE BETWE5 ! PRODUCT ( LABOR ABSOLUTELY DE/ITUTE ( CAPITAL1 & ?AT ( LABOR POSSESS+ CAPITAL 9 V>Y+ DEGREES8 ,BUT 9 ?AT CASE ECONOMIC 9T]E/ IS NOT 5TIRELY 0D]IV$ FROM ! 9CREASE ( ANY LABOR OV] ITS B>E SUPPORT10 S9CE ! PRODUCT ( LABOR ABSOLUTELY DE/ITUTE ( CAPITAL W\LD BE LESS ?AN A />VATION WAGE TO A MAN LIV+ 9 ! MID/ ( \R CIVILIZATION4 ,OR IS IT MEASUR$ BY ! DIFF]5CE BETWE5 ! PRODUCT ( LABOR POSSESS+ ! POORE/ CAPITAL 9 USE1 & ?AT ( LABOR POSSESS+ BETT] CAPITAL8 ,:I* AT ONCE GIVES RISE TO ANO!R QUE/ION3 :AT IS ! POORE/ CAPITAL 9 USE1 & H[ IS IT TO BE RECOGNIZ$ AS SU*8 ,9 ! ABS5CE ( A SATISFACTORY ANSW] TO ?IS QUE/ION1 ,MR4 ,+ALLS'S ECONOMIC 9T]E/ MU/ BE LOOK$ UPON AS A DECID$LY 9DET]M9ATE ECONOMIC FACTOR4 ,ALL ?AT HIS !ORY MEANS1 SO F> AS ,I CAN GRASP IT1 IS ?AT 9T]E/ EXI/S BECAUSE PEOPLE CAN DO MORE ) CAPITAL ?AN )\T IT1 & ?AT 9T]E/ ACTUALLY IS1 9 FACT1 ?IS SURPLUS OBTA9$ BY ! EMPLOYM5T ( CAPITAL4 ,N[1 SO DEF9+ 9T]E/1 ! ,AN>*I/S DO NOT WI% TO ABOLI% IT4 ,SU* A WI% W\LD BE ABSURD1 = IT W\LD BE A WI% TO LESS5 ! WORLD'S WEAL? & PRODUCTIVE P[]4 ,TO ,AN>*I/S ! ONLY CONSEQU5CE ( ?IS NEW DEF9ITION IS ! NECESSITY ( F9D+ ANO!R T]M TO REPRES5T ?AT :I* !Y DO WI% TO ABOLI%2 NAMELY1 PAYM5T BY BORR[] TO L5D] = ! USE ( CAPITAL4 ,BUT1 ONCE ?IS NECESS>Y T]M IS F\ND OR DEVIS$1 ! OLD QUE/ION RECURS3 WILL FREE & MUTUAL BANK+ MAKE IT POSSIBLE TO PROCURE CAPITAL )\T PAY+ = ITS USE8 ,TO ! DET]M9ATION ( ?IS QUE/ION ?REE O!R QUE/IONS LEAD UP1 & ,I WILL PUT !M TO ,MR4 ,+ALLS /RAI BANKS = CLE>+ PURPOSES2 & IF SAID BANK L5DS ITS NATURALLY WELL-KN[N CIRCULAT+ CR$IT TO ITS MEMB]S 7OR TO O!RS1 = ?AT MATT]7 AGA9/ CONDITIONAL TITLES TO ACTUAL & SPECIFIC VALUES GIV5 BY ! BORR[]S1 - DO !SE LOANS ( ! BANK'S CR$IT CO/ ! BANK ANY?+ BEYOND ! SAL>IES ( MANAG] & ASSI/ANTS1 R5T ( BUILD+1 EXP5DITURE = PAP] & PR9T+1 LOSSES BY DEPRECIATION ( SECURITIES1 & SUNDRY 9CID5TALS8 #b4 ,DO NOT /ATI/ICIANS & ECONOMI/S AGREE ?AT A DISC\NT ( ONE-HALF ( ONE P]C5T COV]S ! EXP5SES REF]R$ TO 9 ! PREC$+ QUE/IONS8 #c4 ,IF M5 W]E FREE TO UNITE 9 ! =MATION ( SU* BANKS ( ISSUE1 & SUBJECT TO NO P5ALTY OR TAG :ATSOEV] = SO DO+1 W\LD NOT COMPETITION BETWE5 ! BANKS ?US =M$ =CE ! PRICE ( ! S]VICE R5D]$ BY !M D[N TO CO/2 ?AT IS1 ONE-HALF ( ONE P]C5T1 - OR TO A FIGURE CLOSELY APPROXIMAT+ IT8 ,N[1 ,I 9SI/1 & ,I HAVE A RI*I/S 7SO F> AS F9ANCE IS CONC]N$7 IS E/ABLI%$2 OR ELSE !Y WILL BE SOME?+ ELSE1 & !N ! CASE ( ! ,AN>*I/S FALLS4 ,IF IT FALLS1 ( C\RSE ,I %ALL HAVE NO?+ MORE TO SAY1 & ! PUBLICATION ( ,LIB]TY WILL BE DISCONT9U$2 BUT1 IF IT IS E/ABLI%$1 !N ,I %ALL BE READY TO DISCUSS ) ,MR4 ,+ALLS ?OSE 9T]E/+ BUT AT PRES5T NON-ESS5TIAL QUE/IONS ( COLLECTION ( DEBTS1 5=CEM5T ( CONTRACTS1 ! COMP>ATIVE GOOD & EVIL ( DISC\NT+ ! FUTURE RESULTS ( LABOR1 ETC41 ETC41 ETC4 ,BY WAY ( CAUTION1 LET ME ADD ?AT ! ,AN>*I/S DO NOT LOOK =W>D TO A TIME :5 !RE WILL BE NO SPORADIC CASES ( PAYM5T = ! USE ( CAPITAL1 - SU*1 = 9/ANCE1 AS ! EXAMPLE CIT$ BY ,MR4 ,+ALLS :]E AN 9DUCEM5T IS GIV5 TO ! 5DORS] ( A NOTE4 ,!Y SIMPLY CLAIM ?AT UND] FRE$OM BORR[+ & L5D+ WILL SO G5]ALLY TAKE ! %APE ( AN EX*ANGE ( CR$ITS AT ! M]E CO/ ( ! EX*ANGE ?AT 9T]E/ - OR1 RA!R1 :AT WE US$ TO CALL 9T]E/ BE=E ,MR4 ,+ALLS APPROPRIAT$ ! T]M TO A DIFF]5T PURPOSE-WILL DISAPPE> AS AN 9FLU5TIAL ECONOMIC FACTOR4 ,MR4 ,+ALLS !N (F]$ HIS ANSW]S TO ! ?REE QUE/IONS PROP\ND$ BY ! $ITOR ( ,LIB]TY1 & ,MR4 ,TUCK] DISSECT$ !M AS FOLL[S3 ,TO MY FIR/ QUE/ION ,MR4 ,+ALLS ANSW]S ?AT ! BANK ( MY HYPO!SIS C\LD ISSUE ITS NOTES AT A CO/ NOT EXCE$+ ITS RUNN+ EXP5SES & 9CID5TAL LOSSES4 ,SO F>1 !N1 MY CLAIM IS SU/A9$4 ,= HE ANSW]S FUR!R ?AT SU* A BANK C\LD NOT EXI/ 9 ! ABS5CE ( A MOTIVE = ITS EXI/5CE4 ,IT REMA9S = ME1 !N1 ONLY TO SUPPLY ! MOTIVE4 ,! TASK IS EASY4 ,! ?\S& BUS9ESS M5 ( MY HYPO!SIS W\LD UNITE TO =M A BANK ( ISSUE1 & W\LD CONNECT ?IS BANK ( ISSUE ) O!R SIMIL> BANKS = CLE>+ PURPOSES1 BECAUSE !REBY !Y C\LD E/ABLI% A COLLECTIVE CR$IT HAV+ CIRCULAT+ P[]1 :I* EA* ( !M C\LD OBTA9 9 EX*ANGE = HIS EQUALLY GOOD BUT LESS REPUTABLE 9DIVIDUAL CR$IT1 HAV+ TO PAY !RE=E NO?+ BUT ! CO/ ( ?IS EX*ANGE ( CR$ITS4 ,9 O!R WORDS1 !SE BUS9ESS M5 W\LD =M SU* A BANK AS ,I DESCRIBE 9 ORD] TO BORR[ MONEY AT LESS ?AN ONE P] C5T4 9/EAD ( PAY+1 AS !Y DO N[1 FROM F\R TO FIFTE5 P]C5T4 ,IS ! MOTIVE SUFFICI5T8 ,TO MY SECOND QUE/ION ,MR4 ,+ALLS ANSW]S ?AT ! CO/ ABOVE REF]R$ TO W\LD PROBABLY BE MET BY A DISC\NT ( ONE-HALF ( ONE P]C5T4 ,SU/A9$ AGA94 ,I HAVE NOT TO DISCUSS H]E :Y BANK EMPLOYES 0%\LD BE EXPECT$ TO WORK = B>E SUPPORT40 ,IT SUFFICES = ! >GUM5T TO KN[ ?AT :AT !SE EMPLOYES >E N[ WILL+ TO ACCEPT = !IR S]VICES CAN BE PAID TO !M \T ( FUNDS PROVID$ BY A DISC\NT ( ONE-HALF ( ONE P]C5T4 ,& ?IS ,MR4 ,+ALLS ADMITS4 ,:5 WE HAVE EXHAU/$ ! PRES5T ISSUE1 !N ,I WILL CONSID] ) HIM H[ MANY TE>S ,I CAN AF=D TO %$ OV] ! SAD FATE ( ?OSE BANK PRESID5TS = :OM A DISC\NT ( ONE-HALF ( ONE P]C5T PROVIDES SAL>IES ( ONLY T51 FIFTE51 & TW5TY ?\S& DOLL>S4 ,TO MY ?IRD QUE/ION ,MR4 ,+ALLS ANSW]S ?AT UND] FREE CONDITIONS COMPETITION W\LD T5D TO R$UCE DISC\NT TO ITS L[E/ T]M1 - ORD9>ILY SOME?+ ABOVE CO/4 ,I TAKE IT ?AT ,MR4 ,+ALLS MEANS BY ?IS ?AT 9 BANK+ - A BUS9ESS :I* UND] FRE$OM IS ACCOMPANI$ BY NO PHYSICAL CONDITIONS ?AT PLACE A NATURAL LIMIT UPON COMPETITION - ! =CE ( COMPETITION W\LD HAVE A T5D5CY ( ! SAME /R5G? AS ?AT :I* IT HAS 9 O!R BUS9ESSES SIMIL>LY FREE FROM PHYSICAL LIMITATIONS1 9 O!R WORDS1 ?AT ! T5D5CY W\LD BE /RONG 5\< TO CAUSE ! PRICE TO HOV] >\ND ! CO/ LIMIT1 N[ RIS+ A LITTLE ABOVE IT1 N[ FALL+ A LITTLE BEL[ IT1 BUT AV]AG+ CO/1 OR P]HAPS A %ADE MORE4 ,IF ?IS IS HIS MEAN+1 !N ,I AM SU/A9$ AGA94 ,! DISCUSSION N[ C5T]S1 !RE=E1 UPON ! FOLL[+ QUE/ION1 :I* ,I PUT TO ,MR4 ,+ALLS3 ,IS ! DESIRE TO BORR[ MONEY AT LESS ?AN ONE P]C5T1 9/EAD ( AT F\R P]C5T OR MORE1 A SUFFICI5T CONSID]ATION TO 9DUCE BUS9ESS M5 TO =M SU* BANKS AS ,I HAVE DESCRIB$8 ,IF ,MR4 ,+ALLS ANSW]S ?AT IT IS NOT1 HE MU/ %[ :Y IT IS NOT4 ,IF HE ANSW]S ?AT IT IS1 !N ! PROPOSITION :I*1 ACCORD+ TO ,MR4 ,+ALLS1 HAS NEV] BE5 DEMON/RAT$1 WILL HAVE RECEIV$ ITS DEMON/RATION2 ! PROPOSITION1 NAMELY1 ?AT FREE & MUTUAL BANK+ WILL MAKE IT POSSIBLE TO PROCURE CAPITAL )\T PAY+ = ITS USE 7! DISC\NT BE+ *>G$1 NOT = ! USE ( CAPITAL1 BUT TO MEET EXP5SES 9CID5TAL TO ! TRANSF] ( CAPITAL74 ,) APOLOGY TO ,MR4 ,+ALLS = MY P]SI/5CE1 ,I MU/ CONT9UE ! 0UNILAT]AL 9QUE/0 A LITTLE FUR!R1 REGRETT+ ?AT ,I HAVE NOT BE5 RELIEV$ FROM DO+ SO BY AN UNEQUIVOCAL ANSW] TO MY LA/ QUE/ION4 ,! QUALIFI$ ANSW] ?AT ,MR4 ,+ALLS GIVES IS ?IS3 ,! DESIRE TO BORR[ AT LESS ?AN ONE P]C5T IS A SUFFICI5T MOTIVE TO BUS9ESS M5 AS BORR[]S TO 9DUCE !M TO EMB>K 9 MUTUAL BANK+1 BUT ! DESIRE TO L5D AT MORE ?AN F\R P]C5T IS A SUFFICI5T MOTIVE TO BUS9ESS M5 AS L5D]S TO KEEP !M FROM EMB>K+ 9 MUTUAL BANK+4 ,N[ ,I MU/ ASK = ANSW]S TO ! FOLL[+ QUE/IONS3 7#a7 ,DOES ! BUS9ESS MAN :O4 HAS CAPITAL BUT LACKS CA% - ?AT IS1 ! BUS9ESS MAN :O WI%ES TO BORR[ - SACRIFICE1 BY 5GAG+ ) O!RS 9 MUTUAL BANK+1 ANY OPPORTUNITY ( L5D+ 7AT F\R P]C5T OR ANY O!R RATE7 :I* HE 5JOYS BE=E SO 5GAG+8 7#b7 ,IF SO1 :AT8 7#c7 ,IF NOT2 IF ! BUS9ESS MAN 9 QUE/ION1 BY EMB>K+ ) O!RS 9 MUTUAL BANK+1 DOES NOT !REBY DAMAGE HIMSELF AS L5D]2 IS NOT ! DESIRE TO BORR[ AT LESS ?AN ONE P]C5T A SUFFICI5T CONSID]ATION TO 9DUCE HIM TO SO EMB>K8 ,I RESPECTFULLY 9SI/ ON ANSW]S TO !SE QUE/IONS4 ,MR4 ,+ALLS IS A V]Y ABLE & S9C]E WRIT] ON ECONOMIC PROBLEMS4 ,HE DES]V$LY EX]CISES AN 9FLU5CE ON ! CLASS ( PEOPLE TO :OM ,LIB]TY APPEALS4 ,REPEAT$LY DUR+ ITS PUBLICATION HE HAS COME =W>D ) A D5IAL ( ! POSITION ?AT MUTUAL BANK+ WILL MAKE IT POSSIBLE TO BORR[ MONEY )\T 9T]E/4 ,I HAVE N[ DET]M9$ TO =CE HIM1 ONCE & = ALL1 TO MAKE GOOD ?IS D5IAL BY PRO(1 OR ELSE TO RETRACT IT4 ,MR4 ,+ALLS SEEMS TO IMAG9E ?AT ! ANSW]S :I* HE N[ GIVES TO MY LA/ S]IES ( QUE/IONS >E AS EQUIVOCAL AS HIS ANSW] TO MY PREVI\S QUE/ION4 ,NOT SO4 ,! T]MS 9 :I* HE ANSW]$ MY PREVI\S QUE/ION IMPLI$ TWO OPPOSITE MOTIVES 9FLU5C+ AT ! SAME TIME A BUS9ESS MAN FULFILL+ A D\BLE CAPACITY1 - A BORR[] & L5D]1 - & CANCEL+ EA* O!R4 ,AS MY QUE/ION DID NOT CONC]N M51 :O1 AS 9DIVIDUALS1 W]E 9 ! M>KET AS L5D]S1 BUT ONLY ?OSE :O W]E 9 ! M>KET AS BORR[]S1 ?IS ANSW] WAS EQUIVOCAL4 ,BUT ! ANSW]S N[ GIV5 TO MY LA/ QUE/IONS DI/9CTLY RECOGNIZE ! BORR[+ BUS9ESS MAN & ! L5D+ BUS9ESS MAN AS TWO 9DIVIDUALS1 & ?IS RECOGNITION REMOVES ALL ! EQUIVOCATION2 = ! DESIRE ( A L5D] TO L5D AT A HI< RATE CANNOT CANCEL ! DESIRE ( A BORR[] TO BORR[ AT A L[ RATE1 PROVID$ ! BORR[]1 BY ASSOCIATION ) O!R BORR[]S1 CAN PROVIDE HIMSELF ) A S\RCE FROM :I* TO BORR[ AT A L[ RATE1 - A CONDITION NOT AS P>ADOXICAL AS IT SEEMS1 S9CE ! FACT ( ASSOCIATION CREATES A CR$IT ?AT BE=E HAD NO EXI/5CE4 ,! PRES5T ANSW]S1 !N1 BE+ /RAID & SATISFACTORY1 LET US REVIEW ! ADMISSIONS :I* ,I HAVE SECUR$4 ,MR4 ,+ALLS HAS ADMITT$ ?AT BUS9ESS M5 DESIR+ TO BORR[ HAVE AN ADEQUATE MOTIVE = EMB>K+ 9 MUTUAL BANK+2 HE HAS ADMITT$ ?AT ! LOANS ( A MUTUAL BANK'S CR$IT W\LD CO/ ! BANK NO?+ BUT RUNN+ EXP5SES & 9CID5TAL \TLAYS & LOSSES2 HE HAS ADMITT$ ?AT ?IS CO/ W\LD PROBABLY BE COV]$ BY A DISC\NT ( ONE-HALF ( ONE P]C5T2 & HE HAS ADMITT$ ?AT1 09 ! ABS5CE ( ,/ATE OR COLLECTIVE M$DL+1 COMPETITION W\LD T5D UNQUE/IONABLY TO R$UCE DISC\NT TO ITS L[E/ T]M1 :I* W\LD ORD9>ILY BE SOME?+ ABOVE CO/40 ,I HAVE 9T]PRET$ ?IS LA/ ADMISSION AS MEAN+ ?AT 9 BANK+ ! =CE ( COMPETITION W\LD HAVE A T5D5CY ( ! SAME /R5G? AS ?AT :I* IT HAS 9 O!R BUS9ESSES SIMIL>LY FREE FROM PHYSICAL LIMITATIONS1 - 9 O!R WORDS1 ?AT ! T5D5CY W\LD BE /RONG 5\< TO CAUSE ! PRICE TO HOV] >\ND ! CO/ LIMIT1 N[ RIS+ A LITTLE ABOVE IT1 N[ FALL+ A LITTLE BEL[ IT1 BUT AV]AG+ CO/1 OR P]HAPS A %ADE MORE4 ,9 NEI!R ( ! TWO >TICLES :I* ,MR4 ,+ALLS HAS WRITT5 S9CE ?IS 9T]PRETATION APPE>$ HAS HE TAK5 ANY EXCEPTION TO IT4 ,I AM JU/IFI$ !RE=E 9 ASSUM+ ?AT HE ADMITS ?IS ALSO4 ,N[1 ?IS S]IES ( ADMISSIONS CON/ITUTES ! 5TIRE CASE = MUTUAL BANK+4 ,:E!R OR NOT IT WAS EV] DEMON/RAT$ BE=E ?AT MUTUAL BANK+ W\LD ABOLI% ! PAYM5T ( 9T]E/ = ! USE ( BORR[$ MONEY1 ,I HAVE N[ L$ ,MR4 ,+ALLS TO DEMON/RATE ?IS HIMSELF4 ,HIS DECL>ATIONS %[ ?AT UND] FRE$OM ! RATE ( DISC\NT W\LD FALL TO NE>LY ONE-HALF ( ONE P]C5T4 ,?IS IS EQUIVAL5T TO ! ABOLITION ( ! PAYM5T ( 9T]E/1 = 9 SU* A MONEY M>KET AN 9DIVIDUAL CASE ( 9T]E/ PAYM5T W\LD CUT NO FIGURE ECONOMICALLY1 ANY MORE ?AN ONE'S OCCASIONAL PAYM5T ( A QU>T] TO AN UR*9 = DELIV]+ A LETT] CUTS A FIGURE N[ ?AT LETT]-PO/AGE HAS FALL5 TO TWO C5TS4 ,MR4 ,+ALLS HAS =MALLY ALL[$ ?AT MUTUAL BANK+ WILL DO ALL ?AT IT CLAIMS = ITSELF1 & HE IS =EV] DEB>R$ FROM REPEAT+ ?AT D5IAL OR D\BT ( ITS CLAIMS :I* HAS BE5 HE>D FROM HIM AT 9T]VALS = MANY YE>S4 ,I BEGAN ?IS LITTLE CAMPAIGN ( QUE/ION & ANSW] = ! PURPOSE ( SIL5C+ ?IS GUN1 & ,I HAVE EFFECTUALLY DONE IT4 ,AT PRES5T ,MR4 ,+ALLS F9DS4 BUT ONE C\RSE OP5 TO HIM2 - VIZ41 TO D5Y ?AT HE EV] D5I$4 ,! PLEA COMES AT A SUSPICI\SLY LATE H\R4 ,/RANGE ?AT HE DID NOT ADVANCE IT 9 RESPONSE TO MY FIR/ QUE/IONS F\R MON?S AGO1 & ?US SAVE MU* TIME1 TR\BLE & 9K4 ,BUT NEV] M9D2 LATE OR NOT IS IT TRUE8 ,MR4 ,+ALLS D5I$1 - OR1 IF HE DID NOT D5Y1 HE EXPRESS$ A D\BT EQUIVAL5T TO A D5IAL & EQUALLY CALL+ = PRO( ?AT MUTUAL BANK+ CAN ]ADICATE USURY1 & ! PHRASEOLOGY %[S ?AT HE MEANT BY ?IS TO D5Y ?AT MUTUAL BANK+ CAN ]ADICATE ! PAYM5T ( A PREMIUM = ! USE ( MONEY4 ,&1 IF ,I HAD HIS 5TIRE WRIT+S = ! LA/ FIFTE5 YE>S BE=E ME1 ,I C\LD PO9T \T EQUALLY CONCLUSIVE 9/ANCES4 ,AS ,I HAVE NOT1 ,I CAN ONLY SAY ?AT ,I REMEMB] SU*4 ,?US 5DS ?IS MATT]4 ,N[ ,MR4 ,+ALLS DESIRES ME TO DISCUSS ) HIM ! QUE/ION ( ! EXI/5CE ( :AT HE CALLS ECONOMIC 9T]E/1 - ?AT IS1 ! QUE/ION :E!R PEOPLE CAN DO MORE ) CAPITAL ?AN )\T IT4 ,HE ASKS ME TO RETRACT MY 0D5IAL ( ! EXI/5CE ( ECONOMIC 9T]E/40 ,I PL$GE HIM MY WORD ?AT ,I WILL RETRACT IT AS SOON AS HE %ALL QUOTE TO ME ! PASSAGE 9 :I* ! D5IAL OCCURR$4 ,!RE EXI/S NO SU* PASSAGE4 ,TO HAVE D5I$ SO TRITE A TRU? W\LD HAVE BE5 NO LESS REM>KABLE ?AN ,MR4 ,+ALLS' GRAVE P]SI/5CE 9 AFFIRM+ IT4 ,I DO NOT APPROVE ! NEW USE ?AT ,MR4 ,+ALLS MAKES ( ! WORD1 9T]E/1 BUT ,I HAVE NO?+ TO SAY 9 DISPUTE ( ! 5TIRELY UNDISPUT$ IDEA :I* HE EXPRESSES BY ! PHRASE1 0ECONOMIC 9T]E/40 ,:5 HE D5I$ MY POSITION1 ,I HAD A RI RI ?AT HE %ALL HE> NO COMPLA9T FROM ME ?AT HE IS TRY+ TO 0=CE ANSW]S40 ,FROM 3 ,FLAG4,BLACK5$4NET4 ,*RONOLOGY 3 ,NOVEMB] #c1 #aig 3 ,P>T #d1 ,*APT] #d -- ,PUBLICATION4 ,FEBRU>Y #b#b1 #bag 3 ,P>T #d1 ,*APT] #d -- ,ADD$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/