,P>T #d1 ,*APT] #e 
,NECESSITY = A ,/&>D ( ,VALUE 

#aihaih 

,PEOPLE 3 

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

,TEXT 3 

,NECESSITY = A ,/&>D ( ,VALUE 

,EXC]PT$ FROM ! BOOK2  

 ,9DIVIDUAL ,LIB]TY3 ,SELECTIONS ,FROM ! ,WRIT+S ( ,B5JAM9 ,R4 ,TUCK]  

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

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

 ,9 ! E>LY #i'S1 ! ,GALVE/ON ,NEWS HAD ON ITS /AFF AN EXCEPTIONALLY ABLE & CLE>-?9K+ $ITORIAL WRIT]4 ,LIB]TY FREQU5TLY REPR9T$ HIS $ITORIALS4 ,CONC]N+ ONE ON 0,! ,FUNCTIONS ( ,MONEY0 ,MR4 ,TUCK] WROTE ! FOLL[+ >TICLE = ! ,NEWS3  

,I 5TIRELY SYMPA?IZE ) Y\R DISPOSAL ( ! ,EV5+ ,PO/'S ATTEMPT TO BELITTLE ! FUNCTION ( MONEY AS A M$IUM ( EX*ANGE2 BUT DO Y\ GO F> 5\< :5 Y\ CONT5T Y\RSELF ) SAY+ ?AT A /&>D ( VALUE IS HI<LY DESIRABLE8 ,IS IT NOT ABSOLUTELY NECESS>Y8 ,IS MONEY POSSIBLE )\T IT8 ,IF NO /&>D IS DEF9ITELY ADOPT$1 & !N IF PAP] MONEY IS ISSU$1 DOES NOT ! FIR/ COMMODITY ?AT ! FIR/ NOTE IS EX*ANG$ = IMM$IATELY BECOME A /&>D ( VALUE8 ,IS NOT ! SECOND HOLD] ( ! NOTE GOV]N$ 9 MAK+ HIS NEXT PUR*ASE BY :AT HE P>T$ ) 9 HIS PREVI\S SALE8 ,( C\RSE IT IS A V]Y POOR /&>D ?AT IS ?US >RIV$ AT1 & ONE ?AT MU/ COME 9 CONFLICT ) O!R /&>DS ADOPT$ 9 ! SAME 9DEF9ITE WAY BY O!R EX*ANGES OCCURR+ 9DEP5D5TLY BUT ALMO/ SIMULTANE\SLY ) ! FIR/ ONE ABOVE SUPPOS$4 ,BUT SO DO GOLD & SILV] COME 9 CONFLICT N[4 ,DOESN'T IT ALL %[ ?AT ! IDEA ( A /&>D IS 9SEP>ABLE FROM MONEY8 ,MOREOV]1 !RE IS NO DANG] 9 A /&>D4 ,! :OLE TR\BLE DISAPPE>S ) ! ABOLITION ( ! BASIS PRIVILEGE4 

 ,! ,NEWS PR9T$ ! >TICLE1 BUT FOLL[$ IT ) A REJO9D] 9 :I* IT ATTEMPT$ TO MA9TA9 ITS PREVI\S POSITION4 ,9 ! COLUMNS ( ,LIB]TY1 !N1 ,MR4 ,TUCK] PROCE$$ ) ! DISCUSSION3  

,FIR/1 ,I QUE/ION ! ,NEWS' ADMISSION ?AT A MEASURE ( VALUE DIFF]S FROM A MEASURE ( L5G? 9 ?AT ! =M] IS EMPIRICAL4 ,TRUE1 VALUE IS A RELATION2 BUT !N1 :AT IS EXT5SION8 ,IS NOT ?AT A RELATION ALSO1 - ! RELATION ( AN OBJECT TO SPACE8 ,IF SO1 !N ! Y>D/ICK DOES NOT POSSESS ! QUALITY ( EXT5SION 9 ITSELF1 BE+ AS DEP5D5T = IT UPON SPACE AS GOLD IS DEP5D5T = ITS VALUE UPON O!R COMMODITIES4 ,BUT ?IS IS METAPHYSICAL & MAY LEAD US F>2 !RE=E ,I DO NOT 9SI/1 & PASS ON TO A MORE IMPORTANT CONSID]ATION4 

,SECOND1 ,I QUE/ION :E!R ! ,NEWS'S 0C\NT]VAIL+ DIFF]5CE BETWE5 A /&>D ( L5G? & A /&>D ( VALUE0 E/ABLI%ES ALL ?AT IT CLAIMS4 ,9 ! SUPPOS$ CASE ( A BANK LOAN SECUR$ BY MORTGAGE1 ! M>G9 BETWE5 ! VALUATION & ! OBLIGATION PRACTICALLY SECURES ! NOTEHOLD] AGA9/ LOSS FROM A DECL9E 9 ! VALUE ( ! SECURITY1 BUT IT DOES NOT SECURE HIM AGA9/ LOSS FROM A DECL9E 9 ! VALUE ( ! /&>D1 OR MAKE IT IMPOSSIBLE = HIM TO PR(IT BY A RISE 9 ! VALUE ( ! /&>D4 ,SUPPOSE ?AT A F>M]1 HAV+ A F>M WOR? S #e1 9 GOLD1 MORTGAGES IT TO A BANK AS SECURITY = A LOAN ( @s#b#e 9 NOTES NEWLY ISSU$ BY ! BANK AGA9/ ?IS F>M4 ,) !SE NOTES HE PUR*ASES IMPLEM5TS FROM A MANUFACTUR]4 ,:5 ! MORTGAGE EXPIRES A YE> LAT]1 ! BORR[] FAILS TO LIFT IT4 ,MEAN:ILE GOLD HAS DECL9$ 9 VALUE4 ,! F>M IS SOLD UND] ! HAMM]1 & BR+S 9/EAD ( @s#e1 9 GOLD1 @s#f1 9 GOLD4 ,( ?IS SUM @s#b#e IS US$ TO MEET ! NOTES HELD BY ! MANUFACTUR] :O TOOK !M A YE> BE=E 9 PAYM5T = ! IMPLEM5TS SOLD TO ! F>M]4 ,N[1 CAN ! MANUFACTUR] BUY BACK HIS IMPLEM5TS ) @s#b#e 9 GOLD8 ,MANIFE/LY NOT1 = BY ! HYPO!SIS GOLD HAS GONE D[N4 ,:Y1 !N1 IS NOT ?IS MANUFACTUR] A SUFF]] FROM ! V>IATION 9 ! /&>D ( VALUE1 PRECISELY AS ! MAN :O BUYS CLO? ) A %ORT Y>D/ICK & SELLS IT ) A LONG ONE IS A SUFF]] FROM ! V>IATION 9 ! /&>D ( L5G?8 ,! CLAIM ?AT A /&>D ( VALUE V>IES1 & 9FLICTS DAMAGE BY ITS V>IATIONS1 IS P]FECTLY S\ND2 BUT ! SAME IS TRUE1 NOT ONLY ( ! /&>D ( VALUE1 BUT ( EV]Y VALUABLE COMMODITY AS WELL4 ,EV5 IF !RE W]E NO /&>D ( VALUE & !RE=E NO MONEY1 /ILL NO?+ C\LD PREV5T A P>TIAL FAILURE ( ! :EAT CROP FROM 5HANC+ ! VALUE ( EV]Y BU%EL ( :EAT4 ,SU* EVILS1 SO F> AS !Y >ISE FROM NATURAL CAUSES1 >E 9 ! NATURE ( 9EVITABLE DISA/]S & MU/ BE BORNE4 ,BUT !Y >E ( NO =CE :ATEV] AS AN >GUM5T AGA9/ ! ADOPTION ( A /&>D ( VALUE4 ,IF EV]Y Y>D/ICK 9 EXI/5CE1 9/EAD ( CON/ANTLY REMA9+ ?IRTY-SIX 9*ES LONG1 W]E TO V>Y FROM DAY TO DAY )9 ! LIMITS ( ?IRTY-FIVE & ?IRTY-SEV5 9*ES1 WE %\LD /ILL BE BETT] (F ?AN ) NO Y>D/ICK AT ALL4 ,BUT IT W\LD BE NO MORE FOOLI% TO ABOLI% ! Y>D/ICK BECAUSE ( SU* A DEFECT ?AN IT W\LD BE TO ABOLI% ! /&>D ( VALUE1 & !RE=E MONEY1 SIMPLY BECAUSE NO COMMODITY CAN BE F\ND = A /&>D :I* IS NOT SUBJECT TO ! LAW ( SUPPLY & DEM&4 

 ,AT ?IS PO9T ,MR4 ,ALFR$ ,B4 ,WE/RUP1 :O BELIEV$ ?AT TO TALK ( A /&>D ( VALUE WAS NOT ONLY A DELUSION BUT A MISUSE ( LANGUAGE & :OSE IDEAS HAD BE5 REF]R$ TO 9 ! CONTROV]SY1 TOOK A H& 9 ! DISCUSSION4 ,MR4 ,TUCK] !N TURN$ HIS ATT5TION TO HIM3  

,MR4 ,WE/RUP'S >TICLE SU/A9S 9 ! CLE>E/ MANN] MY CONT5TION ?AT MONEY IS IMPOSSIBLE )\T A /&>D ( VALUE4 ,/>T+ \T TO %[ ?AT SU* A /&>D IS A DELUSION1 HE DOES NOT SUCCE$ 9 WRIT+ F\R S5T5CES DESCRIPTIVE ( HIS PROPOS$ BANK BE=E HE ADOPTS ?AT 0DELUSION40 ,HE TELLS US ?AT 0ONE ( ! CONDITIONS 9 OBTA9+ ! NOTES 7PAP] MONEY7 ( ! ,MUTUAL ,BANK IS ?AT !Y WILL BE TAK5 9 LIEU ( CURR5T MONEY40 ,:AT DOES ?IS MEAN8 ,:Y1 SIMPLY ?AT ! PATRONS ( ! BANK AGREE TO TAKE ITS NOTES AS ! EQUIVAL5T ( GOLD CO9 ( ! SAME FACE VALUE4 ,9 O!R WORDS1 !Y AGREE TO ADOPT GOLD AS A /&>D ( VALUE4 ,!Y WILL P>T ) AS MU* PROP]TY 9 RETURN = ! NOTES AS !Y W\LD P>T ) 9 RETURN = GOLD4 ,& IF !RE W]E NO SU* /&>D1 ! NOTES W\LD NOT PASS AT ALL1 BECAUSE NOBODY W\LD HAVE ANY IDEA ( ! AM\NT ( PROP]TY ?AT HE \<T TO EX*ANGE = !M4 ,! NAIVETE ) :I* ,MR4 ,WE/RUP GIVES AWAY HIS CASE %[S TRIUMPHANTLY ! PU]ILITY ( HIS RAILL]Y AT ! IDEA ( A /&>D ( VALUE4 

,9DE$1 ,COMRADE ,WE/RUP1 ,I ASK NO?+ BETT] ?AN TO DISCUSS ! PRACTICABILITY ( MUTUAL BANKS4 ,ALL ! WORK ?AT ,I HAVE BE5 DO+ = LIB]TY !SE N9ETE5 YE>S HAS BE5 DIRECT$ /EADILY TO ! E/ABLI%M5T ( ! CONDITIONS ?AT ALONE WILL MAKE !M PRACTICABLE4 ,I HAVE NO OCCASION TO %[ ! NECESSITY = A /&>D ( VALUE4 ,SU* NECESSITY IS ALREADY RECOGNIZ$ BY ! PEOPLE :OM WE >E TRY+ TO CONV9CE ( ! TRU? ( MUTUAL BANK+4 ,IT IS = Y\1 :O D5Y ?IS NECESSITY1 TO GIVE Y\R REASONS4 ,& 9 ! V]Y MOM5T 9 :I* Y\ UND]TAKE TO TELL US :Y Y\ D5Y IT1 Y\ ADMIT IT )\T KN[+ IT4 ,IT W\LD NEV] HAVE OCCURR$ TO ME TO DISCUSS ! AB/RACT !ORY ( A /&>D ( VALUE4 ,I REG>D IT AS TOO WELL SETTL$4 ,BUT :5 Y\1 ONE ( ! MO/ CONSPICU\S & FAI?FUL APO/LES ( MUTUAL BANK+1 BEG9 TO BR+ ! !ORY 9TO DISCR$IT & RIDICULE BY BAS+ Y\R >GUM5TS 9 ITS FAVOR ON A *ILDI% ATTACK AGA9/ ONE ( ! SIMPLE/ ( F9ANCIAL TRU?S1 ,I AM AS MU* B\ND TO REPUDIATE Y\R H]ESY AS AN 5G9E] W\LD BE TO DISAV[ ! CALCULATIONS ( A MAN :O %\LD BEG9 AN ATTEMPT TO SOLVE A DIFFICULT PROBLEM 9 5G9E]+ BY D5Y+ ! MULTIPLICATION TABLE4 

,I FULLY RECOGNIZE ,MR4 ,WE/RUP'S FAI?FUL WORK = FRE$OM 9 F9ANCE & ! ABILITY ) :I* HE (T5 DEF5DS IT4 ,9 FACT1 IT IS MY APPRECIATION ( HIM ?AT HAS PREV5T$ ME FROM CRITICIZ+ HIS ]ROR E>LI]4 ,BUT :5 ,I SEE ,9DIVIDUALI/S HOLD+ ,AN>*ISM RESPONSIBLE = !SE ABSURDITIES & ON ! /R5G? ( !M MAK+ EFFECTIVE ATTACKS UPON A F9ANCIAL !ORY :I*1 :5 PROP]LY DEF5D$1 IS 9VULN]ABLE1 - IT SEEMS HI< TIME TO DECL>E ?AT ! FREE & MUTUAL BANK+ ADVOCAT$ BY ,PR\DHON1 ,GRE5E1 & ,SPOON] NEV] CONTEMPLAT$ = A MOM5T ! DESIRABILITY OR ! POSSIBILITY ( DISP5S+ ) A /&>D ( VALUE4 ,IF O!RS ?9K ?AT A /&>D ( VALUE IS A DELUSION1 LET !M SAY SO BY ALL MEANS2 BUT LET !M NOT SAY SO 9 ! NAME ( ! F9ANCIAL !ORIES & PROJECTS :I* ! ORIG9AL ADVOCATES ( MUTUAL BANK+ GAVE TO ! WORLD4 

 ,ANO!R PHASE ( ! /&>D ( VALUE PROBLEM1 CONC]N+ CURR5CY & ITS CONV]TIBILITY1 WAS ?US TREAT$ BY ! $ITOR ( ,LIB]TY3  

,TO AVOID MISUND]/&+1 IT %\LD BE /AT$ ?AT1 :5 ,MR4 ,Y>ROS URGES ! SUB/ITUTION ( CONV]TIBILITY 9TO PRODUCTS = CONV]TIBILITY 9TO GOLD AS A QUALITY ( ! CIRCULAT+ M$IUM1 HE DOES NOT REF] AT ALL TO ?AT CONV]TIBILITY 9 PO9T ( RI<T :I* IS GU>ANTE$ BY ! ISSU] ( A NOTE1 BUT SIMPLY TO ?AT CONV]TIBILITY 9 PO9T ( FACT :I* EXI/S :5 A NOTE F9DS READY CIRCULATION4 ,HE MEANS TO SAY ?AT ! CURR5CY ( A MUTUAL BANK1 :ILE NOT R$EEMABLE 9 GOLD ON DEM& AT ! BANK1 WILL BE TO ALL 9T5TS & PURPOSES R$EEMABLE 9 PRODUCTS ON DEM& AT ! /ORE ( EV]Y DEAL]4 ,HIS POSITION IS CORRECT1 BUT HIS NEW USE ( ! WORDS 0CONV]TIBILITY0 & 0R$EEMABILITY0 WILL LEAD TO MU* MISUND]/&+ :5 NOT ACCOMPANI$ BY SU* AN EXPLANATION AS ?AT :I* ,I HAVE JU/ GIV54 

,A SIMIL> USE ( !SE T]MS 9 A PREVI\S >TICLE BY ,MR4 ,Y>ROS L$ A ,PHILADELPHIA CORRESPOND5T TO ASK ME :AT1 EV5 SUPPOS+ ?AT GOLD W]E RETA9$ AS A /&>D ( VALUE1 W\LD MA9TA9 ! EQUALITY ( A PAP] DOLL> ) A GOLD DOLL> IF ! PAP] DOLL> W]E R$EEMABLE1 NOT 9 GOLD1 BUT 9 COMMODITIES4 ,! G5TLEMAN EVID5TLY SUPPOS$ ,MR4 ,Y>ROS TO MEAN ?AT MUTUAL CURR5CY W\LD BE R$EEM$ 9 COMMODITIES BY ! BANK4 ,IF SU* W]E ! CASE1 !N1 TO BE SURE1 ! VALUE ( ! MUTUAL MONEY W\LD BE MEASUR$1 NOT BY GOLD1 BUT BY ! COMMODITIES 9 :I* ! BANK AGRE$ TO R$EEM IT4 ,GOLD 9 ?AT CASE W\LD NO LONG] BE ! /&>D ( VALUE1 ITS FUNCTION AS SU* BE+ P]=M$ 9/EAD BY ! COMMODITY *OS5 BY ! BANK = R$EMPTION PURPOSES4 ,MY CORRESPOND5T WAS GUILTY ( AN ABSURDITY 9 SUPPOS+ GOLD TO BE /ILL ! /&>D 9 SU* A CASE1 BUT HE WAS L$ 9TO ?IS ABSURDITY BY ,MR4 ,Y>ROS'S USE ( ! T]M 0CONV]TIBILITY10 :I* WAS NOT EASILY 9TELLIGIBLE TO ONE NOT P]FECTLY FAMILI> ) ! MUTUAL-BANK+ IDEA4 

,MUTUAL MONEY WILL BE EXPRESS$ 9 T]MS ( SOME *OS5 /&>D ( VALUE2 IF GOLD BE *OS51 !N 9 T]MS ( GOLD4 IT WILL BE BAS$1 NOT NECESS>ILY OR PROBABLY ON GOLD1 BUT ON NOTES GIV5 BY ! BORR[]S & SECUR$ BY MORTGAGE ON ! BORR[]'S PROP]TY4 ,IT WILL NOT BE R$EEMABLE 9 GOLD ON DEM& AT ! BANK4 ,IT WILL CIRCULATE READILY1 & )\T DEPRECIATION1 IF ! BANK HAS A GOOD /&+ ) ! COMMUNITY & ) ! CLE>+H\SE4 ,IT WILL BE R$EEM$1 9 ! VA/ MAJORITY ( CASES1 BY A RE-EX*ANGE ( IT = ! BORR[]S' NOTES AGA9/ :I* IT WAS ORIG9ALLY ISSU$4 ,?AT IS1 ! BORR[] HIMSELF WILL PRES5T AT ! BANK NOTES EQUIVAL5T TO ?OSE :I* HE RECEIV$ FROM ! BANK1 & WILL GET 9 EX*ANGE ! NOTES :I* HE GAVE TO ! BANK & A CANCELLATION ( ! MORTGAGE ON HIS PROP]TY4 ,IF HE DOES NOT DO ?IS1 ! MORTGAGE ON HIS PROP]TY WILL BE =ECLOS$1 & ! PROP]TY WILL BE SOLD AT AUCTION4 ,IT WILL BE SOLD = GOLD1 IF GOLD IS :AT ! HOLD]S ( ! BANK'S NOTES DESIRE4 ,& IT IS ?IS FACT-?AT SU* A SALE ( ! PROP]TY 5SURES AN ULTIMATE R$EMPTION 9 GOLD IF DEM&$ - :I* WILL MA9TA9 ! EQUALITY ( MUTUAL MONEY ) GOLD4 

,! LIABILITY TO MIS9T]PRETATION IS 9CREAS$ BY ,MR4 ,Y>ROS'S /ATEM5T ?AT 0! GOV]NM5T C\LD NOT ISSUE CURR5CY R$EEMABLE 9 PRODUCTS1 S9CE IT HASN'T ANY PRODUCTS40 ,! 9DICATION H]E IS ?AT A MUTUAL BANK ISSU+ CURR5CY R$EEMABLE 9 PRODUCTS MU/ HAVE PRODUCTS4 ,BUT ?IS IS CONTR>Y TO ! MUTUAL BANK+ IDEA1 & EQUALLY CONTR>Y1 ,I AM SURE1 TO ! MEAN+ ?AT ,MR4 ,Y>ROS 9T5D$ TO CONVEY1 - NAMELY1 ?AT ! GOV]NM5T C\LD NOT ISSUE CURR5CY ?AT W\LD CIRCULATE1 TO BORR[]S MORTGAG+ NO PROP]TY = ITS SECURITY4 ,! ,AN>*I/S MA9TA9 ?AT GOV]NM5T %\LD NOT 5GAGE 9 ! BUS9ESS ( ISSU+ MONEY1 BUT !RE IS NO?+ 9 ! NATURE ( MUTUAL BANK+ ?AT MAKES IT IMPOSSIBLE = ! GOV]NM5T TO C>RY IT ON2 &1 IF IT DECID$ TO C>RY IT ON1 IT W\LD NOT NE$ PRODUCTS 7BEYOND ?OSE MORTGAG$ BY BORR[]S7 9 ORD] TO ISSUE A CIRCULAT+ CURR5CY ANY MORE ?AN A PRIVATE BANK+ 5T]PRISE W\LD NE$ !M4 ,! /ATEM5T ( ,MR4 ,Y>ROS T5DS TO CONFIRM ! READ] 9 ! MI/AK5 IDEA ?AT UND] MUTUAL BANK+ ! BANK NOTES WILL BE R$EEM$ 9 PRODUCTS AT & BY ! BANK4 

 ,9 A LETT] TO ! $ITOR ( ,LIB]TY1 ,MR4 ,/EV5 ,T4 ,BY+TON REPORT$ A DISCUSSION :I* HE HAD HAD ) A PR(ESSOR ( POLITICAL ECONOMY & 9 :I* HE HAD TAK5 ! POSITION ?AT1 9 ORD] TO MA9TA9 ! VALUE ( MUTUAL MONEY & TO KEEP ! NOTES ( A MUTUAL BANK AT P>1 ALL PROP]TY PL$G$ TO ! BANK AS SECURITY %\LD BE APPRAIS$ 9 T]MS ( ! /&>D ( VALUE1 & ?AT ! LOANS (F]$ %\LD NEV] EXCE$ A C]TA9 RATIO TO ?IS APPRAISAL4 ,HE ALSO CONT5D$ ?AT ! /EADY SUPPLY & DEM& W\LD KEEP ! VALUE ( ! NOTES AT A /EADY RATIO TO ! /&>D 9 :I* ! PROP]TY WAS APPRAIS$4 ,MR4 ,TUCK] !N ANALYZ$ & CRITICIZ$ ?OSE IDEAS3  

,9 COMM5T ON ,MR4 ,BY+TON'S LETT]1 ,I CAN SAY AT ONCE ?AT ) HIM ,I %\LD OPPOSE ANY LEGAL RE/RICTION ( ! D5OM9ATIONS ( ! NOTES ISSU$ BY MUTUAL BANKS4 ,IT IS PROBABLE ?AT ,COLONEL ,GRE5E HIMSELF W\LD OPPOSE SU* RE/RICTION1 W]E HE ALIVE TODAY4 ,IT MU/ BE REMEMB]$ ?AT HIS 0,MUTUAL ,BANK+0 IS AN ECONOMIC RA!R ?AN A POLITICAL TREATISE1 & WAS WRITT5 AT A TIME :5 ! PHILOSOPHY ( ,AN>*Y HAD BE5 SC>CELY HE>D ( 9 ?IS C\NTRY4 ,NEV]!LESS ,I CONSID] IT AN EXAGG]ATION TO SAY ?AT ,GRE5E1 TO KEEP MUTUAL BANK NOTES AT P>1 0W\LD DEP5D :OLLY0 ON ?IS RE/RICTION1 OR EV5 ON ! CU/OM]S' CONTRACT TO TAKE ! NOTES AT P> ) ! /&>D4 ,I HAVE NOT A COPY ( 0,MUTUAL ,BANK+0 AT H&1 & DO NOT REMEMB] :E!R !RE IS ANY S5T5CE 9 IT :I* W>RANTS ,MR4 ,BY+TON'S /ATEM5T2 BUT1 EV5 IF !RE IS1 IT IS NONE ! LESS AN EXAGG]ATION 7BY ! AU?OR HIMSELF7 ( HIS REAL POSITION4 ,= ! CU/OM]S' WILL+NESS TO MAKE ?IS CONTRACT DEP5DS 9 TURN UPON !IR KN[L$GE ?AT ! NOTES WILL ULTIMATELY COMM& !IR FACE VALUE AT ! BANK4 ,AS SOON AS ! G5]AL PUBLIC1 ?R\< TIME & EXP]I5CE1 BECOMES POSSESS$ ( ?IS KN[L$GE1 ! CU/OM]S' CONTRACT MAY BE DISP5S$ ) )\T ! LEA/ IMPAIRM5T ( ! VALUE ( ! NOTES4 ,! RE/RICTION & ! CONTRACT W]E1 9 ,GRE5E'S M9D1 ONLY DEVICES = MAK+ PLA9 TO ! PUBLIC ! TRU? UPON :I* HE ,PLAC$ HIS REAL DEP5D5CE1 -  
VIZ41 ?AT1 IF ! ORIG9AL BORR[] ( ! NOTES %\LD FAIL TO MEET HIS OBLIGATIONS TO ! BANK1 ! SECURITY = ! NOTES W\LD BE CONV]T$ 9TO ! ACTUAL COMMODITY ADOPT$ AS /&>D1 & ?IS COMMODITY US$ 9 R$EMPTION ( ! NOTES4 ,IT IS ?IS GREAT FACT ?AT WILL ALWAYS KEEP MUTUAL BANK NOTES AT P>4 ,& IT WILL DO ?IS :E!R ! '/&>D IS ACTUALLY CO9$ & 9 CIRCULATION1 OR NOT4 ,NO?+ IS NE$$ BUT ! /&>D'S PRES5CE 9 ! M>KET AS A COMMODITY4 ,! M>KET QUOTATIONS ( ! PRICE ( GOLD P] GRA9 S]VE ! PURPOSE AS WELL AS ! ACTUAL CIRCULATION ( CO9$ DOLL>S4 

,MR4 ,BY+TON'S PLAN = KEEP+ ! NOTES AT P> DOESN'T MAKE AS GREAT AN IMPRESSION UPON ME AS IT DID UPON HIS PR(ESSOR ( POLITICAL ECONOMY4 ,HE SEEMS TO ?9K HE HAS MADE A DISCOV]Y4 ,BUT ALL ?AT IS TRUE 9 HIS PLAN IS OLD & HAS LONG BE5 ACCEPT$ AS A MATT] ( C\RSE1 :ILE ALL ?AT IS NEW 9 IT IS 9 FLAT CONTRADICTION ) ! C>D9AL TRU? AB\T MUTUAL MONEY :I* DI/+UI%ES IT VITALLY & ET]NALLY FROM ALL =MS ( FIAT MONEY4 ,\TSIDE ( ?OSE :O D5Y ! POSSIBILITY ( A /&>D ( VALUE 7A QUANTITY :I* MAY SAFELY BE NEGLECT$71 NO BELIEV] 9 MUTUAL BANK+ )9 MY KN[L$GE EV] DREAM$ ( APPRAIS+ ! PROP]TY PL$G$ AS SECURITY 9 ANY?+ BUT ! /&>D4 ,IT IS L>GELY = ?IS PURPOSE ?AT A /&>D IS NECESS>Y4 ,A SAFE RATIO ( NOTES ISSU$ TO /&>D VALUATION ( SECURITY IS ANO!R PO9T ?AT ! DEF5D]S ( MUTUAL BANK+ REGUL>LY 9SI/ UPON4 ,GRE5E URGES TWO DOLL>S ( SECURITY = EA*41 DOLL>-NOTE4 ,COMPETITION BETWE5 ! BANKS WILL FIX ?IS RATIO4 ,?OSE BANKS ADOPT+ A RATIO :I* UNDULY SACRIFICES NEI!R SAFETY OR 5T]PRISE WILL GET ! BUS9ESS4 ,!SE TWO PO9TS ( ,MR4 ,BY+TON'S PLAN - APPRAISAL 9 T]MS ( /&>D & RATIO ( ISSUE TO APPRAISAL - >E V]Y GOOD1 & !Y HAVE GR[N GRAY 9 !IR GOODNESS4 ,BUT1 :5 HE ASSUMES ?AT ! VALUE ( ! NOTES ISSU$ WILL BE REGULAT$ BY !IR SUPPLY & DEM&1 HE BECOMES A F9ANCIAL H]ETIC ( ! WOR/ DESCRIPTION4 

,!RE IS NO?+ MORE C]TA9 7& (T5] D5I$7 9 F9ANCE ?AN ! /ATEM5T :I* ,COLONEL ,GRE5E1 9 0,MUTUAL ,BANK+10 PR9TS 9 SMALL CAPITALS1 - ?AT MUTUAL MONEY DIFF]S FROM M]*&ISE MONEY 7&1 ,I MAY ADD1 FROM FIAT3 MONEY ALSO7 9 ?AT IT IS ABSOLUTELY EXEMPT FROM ! OP]ATION ( ! LAW ( SUPPLY & DEM&4 ,BE !RE MORE ( IT1 OR BE !RE LESS1 ! VALUE ( EA* NOTE REMA9S ! SAME4 ,! HYPO!SIS ( FREE & MUTUAL BANK+ EXCLUDES ON ! ONE H& ANY LEGAL LIMITATION ( ! SUPPLY ( CURR5CY :]EBY EA* NOTE W\LD ACQUIRE AN EXTRA VALUE DUE TO ! 5=C$ SC>CITY ( ! TOOL ( EX*ANGE1 &1 ON ! O!R H&1 ANY 9FLATION ( ! CURR5CY TO A VOLUME EXCE$+ ! BASIS OR SUFFICI5TLY APPROA*+ ! LIMIT ( ! BASIS TO 9SPIRE AN APPRECIABLE FE> ?AT ! NOTES >E 9 DANG] FROM A POSSIBLE DEPRECIATION ( ! SECURITY4 ,N[1 )9 !SE LIMITS NO *ANGE 9 ! VOLUME ( ! CURR5CY CAN BY ANY POSSIBILITY AFFECT ! VALUE ( ! 9DIVIDUAL PAP] DOLL>4 ,! VALUE ( ! PAP] DOLL> DEP5DS NOT AT ALL UPON ! DEM& & SUPPLY ( PAP] DOLL>S1 BUT ALTOGE!R UPON ! DEM& & SUPPLY ( ! K9DS ( PROP]TY UPON :I* ! PAP] DOLL>S RE/4 ,&1 UNLESS !SE K9DS ( PROP]TY !MSELVES DEPRECIATE SUFFICI5TLY TO 5DANG] ! NOTES1 EA* PAP] DOLL> IS WOR? A /&>D DOLL>1 NEI!R MORE OR LESS4 ,MR4 ,BY+TON'S PLAN = MA9TA9+ ?IS P>ITY BY PROVID+ /EAD9ESS 9 ! DEM& & SUPPLY ( NOTES IS WOR?LESS1 !N1 = TWO REASONS3 FIR/1 ( ITSELF IT C\LD DO NO?+ T[>D ACCOMPLI%+ ITS PURPOSE2 SECOND1 )\T IT ITS PURPOSE IS O!RWISE ACCOMPLI%$4 ,I DO NOT KN[ H[ TO RESPOND TO ,MR4 ,BY+TON'S REQUE/ ?AT ,I DESCRIBE MORE FULLY ! ME?OD ( ?IS ACCOMPLI%M5T4 ,IF HE WILL TRY TO PO9T \T JU/ :AT IT IS ?AT HE DOES NOT UND]/&1 ,I WILL TRY TO MAKE HIM UND]/& IT4 

,MR4 ,BY+TON1 9 HIS LETT] 9 ANO!R COLUMN1 ASKS ME :AT W\LD MA9TA9 ! P> VALUE ( MUTUAL BANK NOTES 9 A COMMUNITY :]E EV]Y BORR[] PROMPTLY MEETS HIS OBLIGATIONS TO ! BANK AS !Y MATURE1 9 ! ABS5CE ( ANY CONTRACT B9D+ ! 9DIVIDUAL P>TIES !RETO TO RECEIVE ! BANK NOTES AT P>4 ,MR4 ,BY+TON'S HYPO!TICAL COMMUNITY IS ONE 9 :I* EV]Y MAN 9 IT IS AS C]TA9 AS ( ! DAILY RIS+ ( ! SUN ?AT EV]Y O!R MAN 9 IT IS ?OR\<LY HONE/1 ABSOLUTELY CAPABLE1 9FALLIBLE 9 JUDGM5T1 & 5TIRELY EXEMPT FROM LIABILITY TO ACCID5T4 ,SU* MU/ BE ! CASE 9 ANY COMMUNITY :]E !RE IS & CAN BE ABSOLUTELY NO FAILURE TO MEET F9ANCIAL OBLIGATIONS4 ,9 ?IS IDEAL COMMUNITY ! NECESSITY = COLLAT]AL AS SECURITY = MUTUAL MONEY VANI%ES4 ,BUT SO ALSO VANI%ES ! NECESSITY ( ANY AGREEM5T TO TAKE ! NOTES AT P>1 = IT IS P]FECTLY C]TA9 ?AT !N ! NOTES WILL BE SO TAK5 :E!R SU* AN AGREEM5T EXI/S OR NOT4 ,& ! KN[L$GE ( ?IS FACT1 >IS+ \T ( ! ABSOLUTE C]TA9TY PREVAIL+ ON EV]Y H&1 W\LD BE MORE POT5T 9 MA9TA9+ ! P> VALUE ( ! NOTES ?AN ANY CONFID5CE BAS$ ON CONTRACT4 ,! SUPPOS$ COMMUNITY1 H[EV]1 IS1 IF NOT AN ABSURD IMPOSSIBILITY1 AT LEA/ TOO REMOTE A POSSIBILITY TO BE CONSID]$4 ,DUR+ ! PRE-MILL5NIAL P]IOD IT WILL BE NECESS>Y TO C\NT ON ! ELEM5T ( RISK 9 CONSID]+ BANK+ PROBLEMS4 ,:ILE RISK REMA9S1 COLLAT]AL WILL BE A NECESSITY4 ,N[1 ?IS COLLAT]AL1 9/EAD ( BE+ A SUBSIDI>Y SECURITY1 IS ! F9AL DEP5D5CE ( AN :O USE ! MONEY4 ,EV5 ?OSE :O CONTRACT TO RECEIVE ! MONEY MAKE ?IS CONTRACT MA9LY BECAUSE !Y KN[ ! COLLAT]AL TO HAVE BE5 DEPOSIT$ OR PL$G$4 ,ALL ! O!R DEVICES = SECURITY >E M]ELY PROPS TO ?IS MA9 BULW>K4 ,AB&ON ?IS BULW>K1 &1 UNTIL RISK DISAPPE>S FROM ! WORLD1 BANK NOTES WILL DEPRECIATE4 ,MA9TA9 IT1 &1 ?\< ALL ! PROPS BE REMOV$1 ! NOTES WILL REMA9 AT P>4 ,PEOPLE :O LIVE BY BUY+ & SELL+ M]*&ISE WILL ALWAYS TAKE 9 LIEU ( A GOLD DOLL> ?AT :I* !Y KN[1 & :I* O!R DEAL]S KN[1 TO BE CONV]TIBLE 9TO A GOLD DOLL> IF ! OCCASION = SU* CONV]SION %ALL >ISE4 ,9 ANSW] TO ! CLOS+ P>AGRAPH ( ,MR4 ,BY+TON'S LETT]1 ,I NE$ ONLY PO9T \T ?AT TO USE ! FACT ?AT MUTUAL MONEY WILL BE AT P> ) ! /&>D AS A REASON = DISP5S+ ) ! CAUSE ?AT MA9TA9S IT AT P> ) ! /&>D IS TO REASON 9 A CIRCLE4 

 ,MR4 ,BY+TON WAS /ILL NOT QUITE SATISFI$1 &1 9 ORD] ?AT ,MR4 ,TUCK]'S MEAN+ MI<T BE MADE A LITTLE MORE CLE> TO HIM1 HE ASK$ = ANSW]S TO ! FOLL[+ QUE/IONS3 0,9 ! IDEAL COMMUNITY ( P]FECT M51 :AT W\LD MAKE IT C]TA9 ?AT MUTUAL-BANK NOTES W\LD BE TAK5 AT P>1 IF !RE W]E NO CONTRACT TO TAKE !M AT P>80 & 0,9 ! PRES5T WORLD1 :AT WILL MA9TA9 ! VALUE ( A MUTUAL-BANK NOTE :I* HAS GOOD COLLAT]AL1 IF 'ALL ! PROPS BE REMOV$'1 OR IF ?AT P>TICUL> PROP BE REMOV$ :I* CONSI/S 9 ! CONTRACT TO TAKE ! MONEY AT P>80 ,TO :I* ! $ITOR (  
,LIB]TY REPLI$3  

 ,IT'S AN IDEAL COMMUNITY ( P]FECT M51 FROM :I*1 BY ! HYPO!SIS1 FAILURE TO MEET F9ANCIAL OBLIGATIONS IS ABSOLUTELY ELIM9AT$1 MUTUAL-BANK NOTES W\LD CIRCULATE1 EV5 IF UNSECUR$1 BECAUSE ?IS V]Y HYPO!SIS IMPLIES A DEM& = !SE NOTES1 AFT] !IR ISSUE2 BORR[]S MU/ REGA9 POSSESSION ( !M 9 ORD] TO MAKE ! HYPO!SIS A REALITY1 & ?OSE FROM :OM ! BORR[]S BUY WILL ACCEPT ! NOTES FROM !M 9 ! FIR/ PLACE BECAUSE !Y KN[ - AGA9 BY ! HYPO!SIS - ?AT ! BORR[]S MU/ 9 SOME WAY RECOV] !M4 ,!Y WILL CIRCULATE AT P> BECAUSE1 BE+ ISSU$ 9 T]MS ( A COMMODITY /&>D1 & R$EMPTION BY CANCELLATION BE+ ASSUR$1 !RE IS NO REASON :Y !Y %\LD CIRCULATE AT A FIGURE BEL[ !IR FACE4 ,OR1 AT LEA/1 IF !RE IS SU* A REASON1 IT IS 9CUMB5T UPON ,MR4 ,BY+TON TO PO9T IT \T4  

,9 ! EXI/+ UNIDEAL WORLD ! COLLAT]AL SECUR+ A MUTUAL-BANK NOTE W\LD GU>ANTEE ITS HOLD] ?AT1 UNLESS ! ORIG9AL BORR[] BUYS BACK ! NOTE 9 ORD] TO CANCEL !RE) HIS [N NOTE HELD BY ! BANK1 ! BANK ITSELF WILL ULTIMATELY CONV]T ! COLLAT]AL 9TO ! COMMODITY AGRE$ UPON = R$EMPTION PURPOSES & ) ! PROCE$S BUY BACK ! NOTE4 ,!RE=E IT IS PRECISELY ?IS CONV]TIBILITY1 EV5 ?\< CONV]SION IS NOT TO BE HAD ON DEM&1 ?AT WILL MA9TA9 ! VALUE ( ! MUTUAL-BANK NOTE4 

,! MUTUAL BANK WILL NEV] %[ ANYBODY ?AT PAP] MONEY :I* IS NEV] CONV]TIBLE CAN EV] BE MADE /EADILY USEFUL 9 AN UNIDEAL WORLD1 EI!R ) OR )\T A GOV]NM5T FIAT4 ,= SU* IS NOT ! TRU?1 & NEI!R ! MUTUAL BANK OR ANY?+ ELSE CAN E/ABLI% AN ]ROR4 

,MUTUAL BANK+1 IT IS TRUE1 IS NOT A C>D9AL DOCTR9E ( ,AN>*ISM4 ,BUT FREE BANK+ IS4 ,N[1 FREE BANK+ WILL LEAD TO MUTUAL BANK+1 & MUTUAL BANK+ IS ! GREATE/ S+LE /EP ?AT CAN POSSIBLY BE TAK5 9 ! DIRECTION ( EMANCIPAT+ LABOR FROM POV]TY4 ,MUTUAL BANK+1 !N1 IS AS 9TIMATELY CONNECT$ ) ,AN>*ISM AS ?\< IT W]E ONE ( ITS C>D9AL DOCTR9ES4 ,LIB]TY IS VALUABLE ONLY AS IT CONTRIBUTES TO HAPP9ESS1 & TO ?IS 5D NO S+LE LIB]TY IS AS NECESS>Y AT PRES5T AS ! LIB]TY ( BANK+4 

 ,BECAUSE ! $ITOR ( ,LIB]TY CONSID]$ IT IMPORTANT TO DEMOLI% 00! MO/ SPECI\S PLEA0 ?AT HAD YET APPE>$ = 0! NOTION ?AT A MONET>Y SY/EM IS POSSIBLE )\T A /&>D ( VALUE10 HE ASK$ ,MR4 ,HUGO ,BILGRAM TO REVIEW ,MR4 ,>?UR ,KITSON'S 0,A ,SCI5TIFIC ,SOLUTION ( ! ,MONEY ,QUE/ION40 ,MR4 ,BILGRAM P]=M$ ! TASK 9 A MA/]LY MANN]1 & ,MR4 ,TUCK] ADD$ ! FOLL[+ CAU/IC CRITICISM ( ,MR4 ,KITSON'S BOOK3  

,IT (T5 HAPP5S ?AT SOME ( ! MO/ ACTIVE M5 9 A MOVEM5T >E NOT ITS MO/ RATIONAL EXPON5TS4 ,! MOVEM5T = FRE$OM 9 F9ANCE IS AN 9/ANCE ( ?IS TRU?4 ,TWO OR ?REE ( ITS MO/ 5?USIA/IC PROPAG&I/S >E BAS+ !IR ADVOCACY UPON PROPOSITIONS REG>D+ VALUE & ITS MEASUREM5T :I* >E SO ABSURD ?AT ,I HAVE TO BLU% = ! RATIONAL UTT]ANCES :I* ,I F9D 9 !IR COMPANY4 ,IF ,I W]E 9T]E/$ 9 SOME GREAT DISCOV]Y 9 ME*ANICS1 & IF O!RS 9T]E/$ ) ME W]E TO P]SI/ 9 BR++ IT 9TO RIDICULE BY ASSOCIAT+ IT )1 & EV5 BAS+ IT UPON1 A PR(ESS$ SOLUTION ( ! P]PETUAL MOTION PROBLEM1 ,I C\LD NOT FEEL A DEEP] S5SE ( HUMILIATION = MY CAUSE ?AN ,I FEEL :5 ,I RECEIVE A NEW BOOK1 WRITT5 BY AN E>NE/ COMRADE1 9 :I* ! SOCIAL 5DS ?AT ,I SEEK >E DEF5D$ ON GR\NDS SO LAU<ABLY UNT5ABLE ?AT !Y GIVE RATIONAL M5 A W>RANT = 5T]TA9+ A SUSPICION ( \R SANITY4 ,SU* A BOOK IS ,MR4 ,KITSON'S1 :I*1 9 ASK+ = FRE$OM 9 F9ANCE = ! PURPOSE ( CREAT+ A MONET>Y SY/EM PR(ESS+ TO E/IMATE CONCRETE VALUES 9 ! T]MS ( A VALUELESS AB/RACTION1 IS LIABLE TO DO MORE H>M TO ! CAUSE ( F9ANCIAL FRE$OM ?AN ALL ! WRIT+S ( ! OR?ODOX ECONOMI/S4 ,IT MAY SEEM ?AT1 9 CALL+ UPON ONE ( ! ABLE/ LIV+ WRIT]S ON F9ANCE TO EXPOSE AN ]ROR SO *ILDI%1 ,I HAVE TRA9$ A COLUMBIAD UPON AN EGG-%ELL4 ,YET1 AFT] ALL4 ONE IS SELDOM SET A MORE DIFFICULT TASK ?AN ?AT ( DEAL+ ) ?OSE =MS ( ]ROR :I* FLY 9 ONE'S FACE ) A FLAT & FATU\S D5IAL ( TRU?S SO NE>LY AXIOMATIC ?AT !Y DO NOT ADMIT ( MU* ELUCIDATION4 ,( ?IS TASK ,MR4 ,BILGRAM HAS ACQUITT$ HIMSELF TRIUMPHANTLY4 ,MR4 ,KITSON'S !ORY ( AN 9V>IABLE MONET>Y UNIT IS RIDDL$ COMPLETELY4 ,IF ,MR4 ,KITSON WILL SET HIMSELF TO ANSW] ! QUE/ION ASK$ HIM BY ,MR4 ,BILGRAM REG>D+ ! VALUE1 9 T]MS ( ! 9V>IABLE UNIT1 ( SEV]AL COMMODITIES ASSUM$ TO HAVE C]TA9 EX*ANGE RELATIONS ON ! DAY FOLL[+ ! ADOPTION ( ?IS UNIT1 HE WILL BEG9 TO APPRECIATE ! DIFFICULTIES ( HIS SITUATION4 ,I W\LD LIKE HIM TO DEAL ALSO ) A PROBLEM ( SOME:AT SIMIL> *>ACT] :I* ,I WILL SET HIM4 ,SUPPOSE ?AT TODAY1 ,APRIL #b1 #a#h#i#e1 ,MR4 ,KITSON'S MONET>Y SY/EM GOES 9TO OP]ATION4 ,SUPPOSE1 FUR!R1 ?AT1 9 HIS PRELIM9>Y TABULATION ( ! EX*ANGE RELATIONS ( COMMODITIES AS EXI/+ ON ,APRIL #b1 HE F9DS ?AT #dh \NCES ( SILV] "7 I \NCE ( GOLD "7 4#b \NCES ( COPP]2 & ?AT HE TAKES #aa \NCE ( GOLD1 AT ITS VALUATION ( ,APRIL #b1 AS HIS 9V>IABLE UNIT4 ,A YE> ELAPSES4 ,ON ,APRIL #b1 #a#h#i#f1 ! EX*ANGE RELATIONS ( SILV]1 GOLD1 & COPP]1 9 CONSEQU5CE ( V>IATIONS 9 ! SUPPLY & DEM& ( !SE COMMODITIES1 >E F\ND1 WE WILL SUPPOSE1 TO BE AS FOLL[S3 #dh \NCES ( SILV] "7 #c \NCES ( GOLD "7 #c \NCES ( COPP]4 ,N[ LET US LEAVE COPP] \T ( CONSID]ATION = A MOM5T4 ,IF ON ,APRIL #b1 #a#h#i#e1 :5 #dh \NCES ( SILV] W]E WOR? #a \NCE ( GOLD1 #a \NCE ( GOLD WAS WOR? #a UNIT1 !N ON ,APRIL #b1 #a#h#i#f1 :5 #dh \NCES ( SILV] >E WOR? #c \NCES ( GOLD1 #a \NCE ( GOLD IS WOR? #a_/#c ( A UNIT4 ,SO F>1 SO GOOD4 ,N[ LET US TAKE COPP] 9TO CONSID]ATION ONCE MORE1 BUT LEAVE \T SILV]4 ,IF ON ,APRIL #b1 #a#h#i#e1 :5 #b \NCES ( COPP] W]E WOR? #a \NCE ( GOLD1 #a \NCE ( GOLD WAS WOR? #a UNIT1 !N ON ,APRIL #b1 #a#h#i#f1 :5 #b \NCES ( COPP] >E WOR? #b \NCES ( GOLD1 IT \NCE ( GOLD IS WOR? #a_/#b ( A UNIT4 ,BUT WE HAVE JU/ PROV$ IT TO BE WOR? #a_/#c ( A UNIT4 ,?AT IS TO SAY1 />T+ ) ! SAME DATA & FOLL[+ TWO P>ALLEL & IRREFUTABLE L9ES ( >GUM5T1 WE >RIVE AT CONTRADICTORY CONCLUSIONS4 ,& BY TAK+ O!R COMMODITIES 9TO ACC\NT & APPLY+ ! SAME >GUM5T 9 EA* CASE1 IT C\LD BE %[N ?AT1 ) ,MR4 ,KITSON'S 09V>IABLE0 UNIT1 AN \NCE ( GOLD AT ANY GIV5 MOM5T W\LD HAVE A ?\S& & ONE DIFF]5T VALUES1 ALL EXPRESS$ 9 T]MS ( ! SAME UNIT OR D5OM9ATOR4 ,9 DEAL+ ?US SEV]ELY ) ,MR4 ,KITSON'S BOOK1 ,I AM MOV$ BY NO UNFRI5DLY SPIRIT1 & ,I HAVE NO 9CL9ATION TO D5Y ?AT IT CONTA9S MU* VALUABLE TRU?1 - TRU? ?AT W\LD BE ( GREAT S]VICE TO LIB]TY W]E IT NOT 0QUE]$0 BY PAGES ( 9TOL]ABLE BALD]DA%4 ,I W\LD LIKE ! WORK TO BE READ BY EV]Y P]SON :O HAS PREVI\SLY FAMILI>IZ$ HIMSELF ) ! LIT]ATURE ( FREE & MUTUAL BANK+4 ,BUT NO WORK C\LD BE BETT] CALCULAT$ TO FILL ! M9D ( A BEG9N] ) CONFUSION & ?AT ( A KE5 OPPON5T ) CONTEMPT4 ,= ?IS REASON ,I CANNOT 9CLUDE IT - MU* TO MY REGRET-9 ! LIT]ATURE (  
,LIB]TY'S PROPAG&A4 

 ,CONC]N+ ,MR4 ,TUCK]'S CRITICISM ( ,MR4 ,KITSON'S BOOK1 ,MR4 ,VICTOR ,Y>ROS SUBMITT$ SOME QUOTATIONS FROM ,PR\DHON :I* SEEM$ TO 9DICATE ?AT ?AT GREAT ECONOMI/ DID NOT BELIEVE 9 ! NECESSITY = A /&>D ( VALUE4 ,! $ITOR ( ,LIB]TY ?US ANALYZ$ ! QUOTATIONS & DISCUSS$ !M3  

,I DO NOT CONSID] ! QUE/ION ?US RAIS$ ( V]Y GREAT IMPORTANCE4 ,H[EV] MOM5T\S ! /&>D-(-VALUE QUE/ION MAY BE 9 ITSELF1 IT IS ( V]Y LITTLE CONSEQU5CE ON :I* SIDE ( IT ANY GIV5 WRIT] /&S1 UNLESS1 FIR/1 HE TAKES A POSITION SO CLE>LY & UNMI/AKABLY ?AT ?OSE :O READ HIM MO/ ATT5TIVELY CAN AGREE1 AT LEA/ BROADLY1 AS TO :AT HIS POSITION IS1 &1 SECOND1 BR+S >GUM5TS TO BE> 9 SUPPORT ( HIS POSITION SUFFICI5TLY WEI<TY1 & SUFFICI5TLY DIFF]5T FROM ! >GUM5TS ADDUC$ BY O!RS1 TO EX]CISE AN 9FLU5CE :]E O!R >GUM5TS HAVE FAIL$ TO 9DUCE AGREEM5T4 

,I DO NOT ACCEPT ,PR\DHON OR ANY ONE ELSE AS A F9ANCIAL AU?ORITY BEYOND QUE/ION4 ,!RE IS MORE ?AN ONE IMPORTANT PO9T 9 HIS BANK+ PLAN TO :I* ,I CANNOT GIVE ASS5T4 ,PR\DHON HAS MADE A SIGNAL & A REVOLUTION>Y CONTRIBUTION TO ECONOMIC SCI5CE BY HIS OV]P[]+ DEMON/RATION ?AT ! *IEF HOPE ( LABOR LIES 9 ! P[] ( MONETIZATION ( ALL ITS PRODUCTS1 P[] N[ ALL[$ ONLY TO ONE OR TWO ( !M4 ,= ?IS HE HAS MY LA/+ GRATITUDE & HONOR1 BUT NOT MY WOR%IP4 ,I GRANT HIM NO 9FALLIBILITY1 & ,I RES]VE MY RI<T TO DIFF] :5 HIS DECL>ATIONS DO NOT COMM5D !MSELVES TO MY REASON4 ,ON ! MATT] N[ AT ISSUE HIS WORKS DO NOT ?R[ MU* LI<T4 ,9 HIS NUM]\S VOLUMES ( F9ANCIAL WRIT+S REF]5CES TO ! /&>D-(-VALUE QUE/ION >E CASUAL1 9CID5TAL1 & R>E4 ,EV5 IF !Y W]E CLE>LY AGA9/ ! /&>D-(-VALUE !ORY1 !Y W\LD CALL = LITTLE ATT5TION OR OPPOSITION FROM ME1 BECAUSE !Y >E 9CONSPICU\S1 BECAUSE !Y >E ASS]TIONS RA!R ?AN >GUM5TS1 & BECAUSE !Y >E NOT BASIC 9 HIS F9ANCIAL PLAN4 ,) ,MR4 ,KITSON IT IS DIFF]5T4 ,HE PLACES HIS OPPOSITION TO A /&>D ( VALUE AT ! V]Y F\NDATION ( HIS !ORY1 HE PRET5DS ?AT IT IS BASIC1 & HE EV5 DECL>ES ?AT ) A /&>D ( VALUE ! FREE-MONEY !ORY BECOMES RIDICUL\S4 ,IT IS NECESS>Y !RE=E1 TO ATTACK HIM 9 A WAY 9 :I* IT W\LD NOT BE NECESS>Y TO ATTACK ,PR\DHON1 EV5 C\LD IT BE %[N ?AT ! LATT]'S REF]5CES TO A /&>D ( VALUE >E CLE>LY ANTAGONI/IC TO IT4 ,BUT1 W]E IT NECESS>Y TO ATTACK ,PR\DHON1 ,I %\LD NOT HESITATE TO DO SO4 ,I HAVE NO GODS4 

,BUT N[ TO ! M]ITS4 ,I CLAIM ?AT ,PR\DHON ACKN[L$G$ ! NECESSITY ( A /&>D ( VALUE2 ?AT ! PASSAGES CIT$ FROM HIS WRIT+S 9 ,MR4 ,Y>ROS'S LETT] >E NOT CLE>LY & CONCLUSIVELY AGA9/ ! !ORY ( A /&>D1 BUT >E CAPABLE ( ANO!R EXPLANATION2 ?AT ONE OR TWO O!R PASSAGES CAN BE CIT$ :I* >E SO CLE>LY 9 FAVOR ( ! !ORY ( A /&>D AS TO EXCLUDE ANY O!R EXPLANATION2 & ?AT MO/ IMPORTANT ( ALL - A /&>D ( VALUE IS ADOPT$ BO? 9 HIS ,BANK ( ,EX*ANGE & HIS ,BANK ( ! ,PEOPLE4 

,LET US EXAM9E FIR/ ! QUOTATIONS CIT$ BY ,MR4 ,Y>ROS1 - F\R 9 NUMB]4 ,! FIR/1 :I* SPEAKS ( ,LAW1 ,RIC>DO1 & ! ECONOMI/S AS 0ALWAYS TAK+ METAL AS A /&>D ( VALUE10 DOES NOT !REBY ANTAGONIZE ! !ORY ( A /&>D ( VALUE4 ,! MO/ ?AT CAN BE GA!R$ FROM IT IS A H9T ?AT ,PR\DHON CONSID]$ ?AT1 :5 ALL VALUES %\LD BE 0CON/ITUT$10 TO USE HIS PHRASE1 P]HAPS A BETT] /&>D ?AN METAL MI<T BE F\ND4 ,IT IS FAIR TO PRESUME ?AT1 IF HE HAD BE5 OPPOS$ TO A /&>D1 HE W\LD HAVE SAID 0ALWAYS TAK+ A /&>D ( VALUE40 ,! PHRASE ACTUALLY US$ IMPLIES OPPOSITION TO METAL RA!R ?AN OPPOSITION TO A /&>D4 

,! PROPOSAL1 9 ! SECOND QUOTATION1 TO DE/ROY ! ROYALTY ( GOLD & TO REPUBLICANIZE SPECIE BY MAK+ EA* PRODUCT ( LABOR CURR5T MONEY DOES NOT NECESS>ILY MEAN ANY?+ MORE ?AN AN 9T5TION TO /RIP SPECIE ( ITS EXCLUSIVE PRIVILEGE AS A BASIS ( CURR5CY & TO GIVE EA* PRODUCT ( LABOR ! LIB]TY ( REPRES5TATION 9 ! CURR5CY4 ,9 FACT1  
,LIB]TY & ! FREE-MONEY ADVOCATES :O BELIEVE 9 A /&>D HAVE ALWAYS BE5 9 ! HABIT ( US+ !SE PHRASES FROM ,PR\DHON TO EXPRESS EXACTLY ?AT IDEA4 ,! CONCLUD+ PORTION ( ! SECOND QUOTATION OBVI\SLY REF]S TO PAP] BAS$ UPON METAL & NOT SIMPLY EXPRESS$ 9 T]MS ( METAL2 & ITS LANGUAGE1 LIKE ! LANGUAGE ( ! FIR/ QUOTATION1 IMPLIES OPPOSITION TO METAL RA!R ?AN TO A /&>D4 

,! ?IRD QUOTATION SIMPLY E/ABLI%ES ! UNDISPUT$ PO9T ?AT ,PR\DHON DID NOT BELIEVE 9 A CURR5CY R$EEMABLE 9 SPECIE4 ,?IS IS AN 5TIRELY SEP>ATE QUE/ION FROM ?AT ( ! NECESSITY ( A /&>D ( VALUE4 ,IT IS P]FECTLY POSSIBLE1 !ORETICALLY1 = A BANK TO ISSUE CURR5CY ON AN UND]/&+ ?AT ITS MEMB]S >E PL$G$ TO RECEIVE IT 9 LIEU ( A DEF9ITE QUANTITY ( A DEF9ITE COMMODITY1 )\T ANY PROMISE OR 9T5TION ON ! P>T ( ! BANK TO R$EEM IT 9 ! SAID COMMODITY OR 9 ANY O!R COMMODITY4 ,TRUE1 ,I DO NOT ?9K ?AT SU* A CURR5CY IS PRACTICABLE2 ?AT IS TO SAY1 ,I DO NOT ?9K ?AT1 ! WORLD BE+ :AT IT IS1 SU* A CURR5CY W\LD CIRCULATE4 ,?IS IS ONE ( ! IMPORTANT PO9TS1 ALREADY REF]R$ TO BY ME1 ON :I* ,I DISAGREE ) ,PR\DHON4 ,BUT IT 9 NO WAY CONC]NS ! /&>D-(-VALUE PROBLEM4 

,A GREAT] /UMBL+-BLOCK IS ! F\R? QUOTATION4 ,I DO NOT PRET5D TO KN[ ! ?\<T ?AT LAY 9 ,PR\DHON'S M9D :5 HE WROTE IT4 ,BUT ,I DO KN[ ?AT HE C\LD NOT HAVE 9T5D$ TO EXCLUDE ! IDEA ( ! NECESSITY ( A /&>D1 = ?IS IS PROV$ BY ! S5T5CE IMM$IATELY PREC$+ IT1 - A S5T5CE :I* ,MR4 ,Y>ROS'S CORRESPOND5T C\LD NOT HAVE UND]/OOD1 S9CE1 IF HE HAD UND]/OOD IT1 HONE/Y W\LD HAVE =BIDD5 HIM TO OMIT IT4 ,H]E IT IS3 0,EA* SUBSCRIB] 7TO ! ,BANK7 B9DS HIMSELF TO RECEIVE 9 EV]Y PAYM5T1 FROM ANY P]SON :OMSOEV]1 & AT P>1 ! PAP] ( ! ,BANK ( ,EX*ANGE40 ,AT  
P>1 M9D Y\4 ,AT P> ) :AT2 IF Y\ PLEASE8 ,EVID5TLY AT P> ) SOME *OS5 /&>D2 &1 NO O!R /&>D BE+ SPECIFI$1 EVID5TLY AT P> ) ! ORD9>Y SPECIE /&>D4 ,9 ! ABS5CE ( A /&>D ( VALUE1 TO TALK ( ANY CURR5CY AS RECEIVABLE AT P> IS TO USE A NONS5SICAL PHRASE4 

,SO MU* = ! PASSAGES CIT$4 ,IT MAY BE SAID ( !M1 AS IT MAY BE SAID ) TRU? ( MANY O!R PASSAGES 9 ,PR\DHON'S WRIT+S ON MANY O!R SUBJECTS1 ?AT IT IS TO BE REGRETT$ ?AT !Y >E NOT MORE EXPLICIT4 ,BUT IT CANNOT BE TRU?FULLY SAID ( !M ?AT !Y E/ABLI% ,PR\DHON'S OPPOSITION TO ! ADOPTION ( A /&>D ( VALUE4 

,LOOK N[ AT ! EVID5CE ON ! O!R SIDE4 ,FIR/ ( ALL1 - !RE IS ! PASSAGE :I* ,I HAVE CIT$ 9 ! LA/ P>AGRAPH BUT ONE4 ,AS ,I HAVE PO9T$ \T1 ! WORDS 0AT P>00 ABSOLUTELY NECESSITATE A /&>D ( VALUE1 & EXCLUDE ANY O!R EXPLANATION4 ,?IS IS SUFFICI5T 9 ITSELF4 ,EV5 IF A PASSAGE W]E TO BE DISCOV]$ 9DISPUTABLY D5Y+ ! NECESSITY ( A /&>D1 IT W\LD PROVE ONLY ?AT ,PR\DHON HAD FLATLY CONTRADICT$ HIMSELF4 

,BUT ?IS IS NOT ALL4 ,9 ! *APT] ON VALUE 9 ! 0,CONTRADICTIONS0 !SE WORDS OCCUR3 0,9 GEOMETRY ! PO9T ( COMP>ISON IS EXT5T1 & ! UNIT ( MEASURE IS N[ ! DIVISION ( ! CIRCLE 9TO ?REE HUNDR$ & SIXTY P>TS1 N[ ! CIRCUMF]5CE ( ! T]RE/RIAL GLOBE1 N[ ! AV]AGE DIM5SION ( ! HUMAN >M1 H&1 ?UMB1 OR FOOT4 ,9 ECONOMIC SCI5CE1 WE HAVE SAID AFT] ,ADAM ,SMI?1 ! PO9T ( VIEW FROM :I* ALL VALUES >E COMP>$ IS LABOR2 AS = ! UNIT ( MEASURE1 ?AT ADOPT$ 9 ,FRANCE IS ! 0FRANK0 ,! SMALL CAPITALS H]E >E ,PR\DHON'S [N4 ,N[1 A FRANC1 LIKE A DOLL>1 IS A DEF9ITE QUANTITY COMMODITY - F\R & ONE-HALF GRAMS ( SILV] ALLOY$ ) HALF A GRAM ( COPP]1 - & ANY ONE :O WILL READ ?IS PASSAGE C>EFULLY1 & ESPECIALLY 9 CONNECTION ) ITS SEV]AL PAGES ( CONTEXT1 WILL SEE ?AT ! AU?OR MEANS TO PO9T \T A PRECISE ANALOGY BETWE5 ! ADOPTION ( A DEF9ITE AM\NT ( EXT5SION EMBODI$ 9 A MAT]IAL OBJECT AS A /&>D ( L5G?1 & ! ADOPTION ( A DEF9ITE QUANTITY ( LABOR EMBODI$ 9 A DEF9ITE COMMODITY AS A /&>D ( VALUE2 YET IT IS ?IS V]Y ANALOGY :I* ! OPPON5TS ( A /&>D D5Y & ATTEMPT TO RIDICULE4 ,?IS PASSAGE ALSO IS CONCLUSIVE2 IT EXCLUDES ANY O!R 9T]PRETATION4 

,ABOVE ALL1 H[EV]1 & F9ALLY DISPOS+ ( ! SUBJECT1 >E ! PROVISIONS CONTA9$ 9 ! CON/ITUTIONS ( ! ,BANK ( ,EX*ANGE & ! ,BANK ( ! ,PEOPLE4 ,NO NOTE WAS TO BE ISSU$ BY ! =M] = ANY SUM LESS ?AN TW5TY FRANCS 7F\R DOLL>S71 & IT WAS SPECIFI$ 9 ,>TICLE #ah ?AT ! ,BANK W\LD MAKE *ANGE 9 CO94 ,?IS IS UN9TELLIGIBLE EXCEPT ON ! HYPO!SIS ?AT A FRANC 9 ! ,BANK'S PAP] WAS TO BE KEPT AT P> ) A SILV] FRANC4 ,=1 IF ! SILV] FRANC W]E WOR? MORE ?AN ! PAP] FRANC1 IT W\LD BE RIDICUL\S = ! ,BANK TO PAY \T A SILV] FRANC :5 IT [$ ONLY A PAP] FRANC2 &1 IF ! SILV] FRANC W]E WOR? LESS1 IT W\LD BE EQUALLY RIDICUL\S TO SUPPOSE ?AT ANY ONE W\LD TAKE IT FROM ! ,BANK 9 LIEU ( A PAP] FRANC4 ,AGA91 9 ,>TICLE #ba ( ! ACT 9CORPORAT+ ! ,BANK ( ! ,PEOPLE1 WE F9D ?IS3 0,EV]Y PRODUC] OR M]*ANT ADH]+ TO ! ,BANK ( ! ,PEOPLE B9DS HIMSELF TO DELIV] TO ! O!R ADH]5TS1 AT A R$UC$ PRICE1 ! >TICLES :I* HE MANUFACTURES OR (F]S = SALE40 ,AT A PRICE R$UC$ FROM :AT8 ,! PHRASE CAN MEAN ONLY ?AT ! M]*ANT AGREES TO PUT A PREMIUM ON ! ,BANK'S PAP]4 ,N[1 A PREMIUM IMPLIES A /&>D4 ,MORE CONCLUSIVE /ILL1 IF POSSIBLE1 IS ,>TICLE #b#d1 :I* SAYS3 0,ALL CONSUM]S1 :E!R ASSOCIAT$ OR NOT1 :O DESIRE TO PR(IT BY ! L[ PRICES GU>ANTE$ BY ! PRODUC]S ADH]+ TO ! ,BANK ( ! ,PEOPLE WILL TURN OV] TO ! ,BANK ! CO9 9T5D$ = !IR PUR*ASES & WILL RECEIVE AN EQUAL SUM 9 ! ,BANK'S PAP]40 ,?AT IS TO SAY1 ,PR\DHON'S ,BANK WAS TO ISSUE ITS NOTES AGA9/ CO9$ GOLD & SILV] AMONG O!R ?+S1 FRANC = FRANC4 ,NE$ MORE BE SAID8 

,BESIDES ?IS DIRECT EVID5CE !RE >E CIRCUM/ANTIAL CONSID]ATIONS ( MU* =CE4 ,ONE ( !SE IS ?AT A ?9K] LIKE ,PR\DHON1 WRIT+ MANY VOLUMES ON F9ANCE ) ! 9T5T ( REVOLUTIONIZ+ IT1 - ( MAK+ ! SUN RISE 9 ! WE/ 9/EAD ( 9 ! EA/1 AS HE ONCE EXPRESS$ IT - W\LD UNQUE/IONABLY HAVE >GU$ AT GREAT L5G? ! /&>D-(-VALUE QUE/ION1 IF HE HAD DREAM$ ( D5Y+ = A MOM5T ! CURR5T VIEW ?AT MONEY IS AN IMPOSSIBILITY )\T A /&>D4 ,BUT ! FACT IS ?AT HE SAID V]Y LITTLE AB\T ! QUE/ION1 & 9 ! LITTLE ?AT HE DID SAY1 9/EAD ( ALWAYS TAK+ PA9S TO MAKE HIS LANGUAGE CLE> & UNMI/AKABLE1 SOMETIMES EXPRESS$ HIMSELF C>ELESSLY1 AS ONE IS APT TO DO :5 SPEAK+ UPON A MATT] :]E HE DOES NOT FE> MIS9T]PRETATION4 

,A SECOND TELL+ CIRCUM/ANCE IS ?AT ,COLONEL ,WILLIAM ,B4 ,GRE5E1 A DISCIPLE ( ,PR\DHON :O 5JOY$ ) HIM = YE>S 9 ,P>IS A P]SONAL ACQUA9TANCE & A CONSID]ABLE 9TIMACY1 DID NOT1 :5 NOT+ 9 HIS 0,MUTUAL ,BANK+0 C]TA9 PO9TS ( DIFF]5CE BETWE5 ,PR\DHON'S PLAN & HIS [N1 EV5 H9T AT ANY DIFF]5CE REG>D+ ! NECESSITY ( A /&>D ( VALUE1 AL?\< ,COLONEL ,GRE5E HIMSELF1 :O SAW ! IMPORTANCE ( A CLE> POSITION ON ?IS MATT]1 TREAT$ ! QUE/ION AT SOME L5G? 9 ANO!R P>T ( HIS PAMPHLET4 ,!RE CAN BE LITTLE D\BT ?AT1 IF !RE HAD BE5 ANY DIFF]5CE BETWE5 !M ON ?IS PO9T1 ,COLONEL ,GRE5E W\LD HAVE ALLUD$ TO IT EI!R 9 0,MUTUAL ,BANK+0 OR 9 HIS LAT] WRIT+S ON F9ANCE4 ,IT IS FUR!R SIGNIFICANT ?AT 9 ! MANY CONV]SATIONS REG>D+ ,PR\DHON & REG>D+ F9ANCE :I* ,I HAVE HAD ) ,COLONEL ,GRE5E1 HE NEV] SIGNIFI$ 9 ! REMOTE/ WAY ?AT ,PR\DHON REJECT$ ! /&>D-(-VALUE !ORY4 

,BELIEV+ ?AT IT HAS CLE>$ ,PR\DHON ( ! *>GE ?AT HE 5T]TA9$ ! ,KITSONIAN ABSURDITY1 ! DEF5SE RE/S1 & AWAITS ! PLA9TIFF'S REBUTTAL4 ,I HOPE NO ONE WILL SUSPECT ,MR4 ,Y>ROS ( BE+ ! PLA9TIFF'S ATTORNEY4 ,HE IS NOT4 ,IT IS SIMPLY AS A JUROR ?AT HE MAKES HIS REQUE/ = 9=MATION4 

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,*RONOLOGY 3 
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