,P>T #d1 ,*APT] #g ,GOV]NM5T & ,VALUE #aihaih ,PEOPLE 3 ,AU?OR 3 ,B5JAM9 ,R4 ,TUCK] ,TEXT 3 ,GOV]NM5T & ,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 A LETT] TO ! ,LONDON ,H]ALD ( ,AN>*Y1 ,MR4 ,J4 ,GREEVZ ,FI%] ASS]TS ?AT 0GOV]NM5T DOES NOT1 & NEV] CAN1 FIX ! VALUE ( GOLD OR ANY O!R COMMODITY10 & CANNOT EV5 AFFECT SU* VALUE EXCEPT BY ! SLIISON ) ITS PROHIBITORY P[]4 ,ONE ( ! *IEF FACTORS 9 ! CON/ITUTION ( VALUE IS1 AS ,MR4 ,FI%] HIMSELF /ATES1 UTILITY2 & AS LONG AS GOV]NM5TS EXI/1 UTILITY IS L>GELY DEP5D5T UPON !IR >BITR>Y DECREES4 ,:5 GOV]NM5T PROHIBITS ! MANUFACTURE & SALE ( LIQUOR1 DOES IT NOT !REBY R$UCE ! VALUE ( EV]Y?+ ?AT IS US$ 9 SU* MANUFACTURE & SALE8 ,IF GOV]NM5T W]E TO ALL[ !ATRICAL P]=MANCES ON ,SUNDAYS1 W\LD NOT ! VALUE ( EV]Y BUILD+ ?AT CONTA9S A !AT] RISE8 ,HAVE NOT WE1 H]E 9 ,AM]ICA1 JU/ SE5 ! ,MC,K9LEY BILL *ANGE ! VALUE ( NE>LY EV]Y >TICLE ?AT ! PEOPLE USE8 ,IF GOV]NM5T W]E TO DECREE ?AT ALL PLATES %ALL BE MADE ( T91 W\LD NOT ! VALUE ( T9 RISE & ! VALUE ( *9A FALL8 ,UNQUE/IONABLY4 ,WELL1 A PRECISELY P>ALLEL ?+ OCCURS :5 GOV]NM5T DECREES ?AT ALL MONEY %ALL BE MADE ( OR ISSU$ AGA9/ GOLD OR SILV]2 !SE METALS IMM$IATELY TAKE ON AN >TIFICIAL1 GOV]NM5T-CREAT$ VALUE1 BECAUSE ( ! NEW USE :I* >BITR>Y P[] 5ABLES !M TO MONOPOLIZE1 & ALL O!R COMMODITIES1 :I* >E AT ! SAME TIME =BIDD5 TO BE PUT TO ?IS USE1 CORRESPOND+LY LOSE VALUE4 ,H[ ABSURD1 !N1 9 VIEW ( !SE 9DISPUTABLE FACTS1 TO ASS]T ?AT GOV]NM5T CAN AFFECT VALUES ONLY 9 RATIO ( ITS CONSUMPTION6 ,& YET ,MR4 ,FI%] MAKES ?IS ASS]TION ! />T+-PO9T ( A LECTURE TO ! $ITOR ( ! ,H]ALD ( ,AN>*Y DELIV]$ 9 ?AT DOGMATIC1 KN[-IT-ALL /YLE :I* ONLY ?OSE >E JU/IFI$ 9 ASSUM+ :O CAN SU/A9 !IR /ATEM5TS BY FACTS & LOGIC4 ,MR4 ,FI%] REPLI$1 9 A LETT] TO ,LIB]TY1 SO ,MR4 ,TUCK] CONT9U$3 ,! C5TRAL POSITION TAK5 BY ,MR4 ,FI%] AT ! />T ?AT GOV]NM5T CANNOT AFFECT ! VALUE ( GOLD OR ANY O!R COMMODITY EXCEPT BY ! SLIISE TO R$UCE ! VALUE DOES NOT ALT] ! FACT ?AT = A TIME ?IS ACTION ( GOV]NM5T W\LD MAT]IALLY RAISE IT1 :I* ,MR4 ,FI%] ORIG9ALLY DECL>$ AN IMPOSSIBILITY4 ,BUT EV5 IF SU* A PLEA HAD ANY P]T95CE1 IT C\LD BE PROMPTLY DE/ROY$ BY A SLIDLY NECESS>Y TO >GUE ! MATT] FUR!R2 ,MR4 ,FI%] UND\BT$LY SEES ?AT HE IS WRONG4 ,! FACTS >E TOO PALPABLE & NUM]\S4 ,:Y1 S9CE MY COMM5T ( A MON? AGO ON ,MR4 ,FI%]'S POSITION1 IT HAS TRANSPIR$ ?AT ! CO/ ( MAK+ TWI/ DRILLS 9 ! ,UNIT$ ,/ATES HAS BE5 9CREAS$ FIVE HUNDR$ & TW5TY P] C5T BY ! ,MC,K9LEY BILL4 ,GOV]NM5T CANNOT AFFECT VALUE1 9DE$6 ,9 ! P>AGRAPH TO :I* ,MR4 ,FI%]'S LETT] IS A REJO9D] ,I SAID ?AT 0:5 GOV]NM5T DECREES ?AT ALL MONEY %ALL BE MADE ( OR ISSU$ AGA9/ GOLD OR SILV]1 !SE METALS IMM$IATELY TAKE ON AN >TIFICIAL1 GOV]NM5T-CREAT$ VALUE1 BECAUSE ( ! USE :I* >BITR>Y P[] 5ABLES !M TO MONOPOLIZE4 ,MR4 ,FI%] MEETS ?IS BY ATTEMPT+ TO BELITTLE ! RE/RICTIONS PLAC$ UPON ! ISSUE ( PAP] MONEY1 AS IF ALL VITALLY NECESS>Y LIB]TY TO COMPETE ) ! GOLD-BUGS W]E EV5 N[ ALL[$4 ,LET ME ASK MY OPPON5T ONE QUE/ION4 ,DOES ! LAW ( ,5GL& ALL[ CITIZ5S TO =M A BANK = ! ISSUE ( PAP] MONEY AGA9/ ANY PROP]TY ?AT !Y MAY SEE FIT TO ACCEPT AS SECURITY2 SAID BANK P]HAPS [N+ NO SPECIE :ATEV]2 ! PAP] MONEY NOT R$EEMABLE 9 SPECIE EXCEPT AT ! OPTION ( ! BANK2 ! CU/OM]S ( ! BANK MUTUALLY PL$G+ !MSELVES TO ACCEPT ! BANK'S PAP] 9 LIEU ( GOLD OR SILV] CO9 ( ! SAME FACE VALUE2 ! PAP] BE+ R$EEMABLE ONLY AT ! MATURITY ( ! MORTGAGE NOTES1 & !N SIMPLY BY A RETURN ( SAID NOTES & A RELEASE ( ! MORTGAG$ PROP]TY1IS SU* AN 9/ITUTION1 ,I ASK1 ALL[$ BY ! LAW ( ,5GL&8 ,IF IT IS1 !N ,I HAVE ONLY TO SAY ?AT ! WORK+ PEOPLE ( ,5GL& >E V]Y GREAT FOOLS NOT TO TAKE ADVANTAGE ( ?IS 9E/IMABLE LIB]TY1 ?AT ! $ITOR ( ! ,H]ALD ( ,AN>*Y & HIS COMRADES HAVE 9DE$ NO?+ TO COMPLA9 ( 9 ! MATT] ( F9ANCE1 & ?AT !Y HAD BETT] TURN !IR ATT5TION AT ONCE TO ! ORGANIZATION ( SU* BANKS AS ?AT :I* ,I HAVE JU/ DESCRIB$4 ,BUT ,I AM CONV9C$ ?AT ,MR4 ,FI%] WILL HAVE TO ANSW] ?AT !SE BANKS >E ILLEGAL 9 ,5GL&2 & 9 ?AT CASE ,I TELL HIM AGA9 ?AT ! PRES5T VALUE ( GOLD IS A MONOPOLY VALUE SU/A9$ BY ! EXCLUSIVE MONET>Y PRIVILEGE GIV5 IT BY GOV]NM5T4 ,IT MAY BE TRUE1 AS ,MR4 ,FI%] SAYS1 ?AT JU/ AS MU* GOLD W\LD BE US$ IF IT DID NOT POSSESS ?IS MONOPOLY4 ,BUT ?AT HAS NO?+ TO DO ) ! QUE/ION4 ,TAKE ! ILLU/RATION ?AT ,I HAVE ALREADY US$ 9 ?IS DISCUSSION :5 ,I SAID3 0,IF GOV]NM5T W]E TO DECREE ?AT ALL PLATES %ALL BE MADE ( T91 W\LD NOT ! VALUE ( T9 RISE & ! VALUE ( *9A FALL80 ,N[1 IF ! SUPPLY ( T9 W]E LIMIT$1 & IF NE>LY ALL ! T9 W]E US$ 9 MAK+ PLATES1 & IF T9 HAD NO O!R USE ( GREAT SIGNIFICANCE1 IT IS QUITE CONCEIVABLE ?AT1 IF ! DECREE PROHIBIT+ ! USE ( *9A 9 MAK+ PLATES %\LD BE )DRAWN1 ! SAME AM\NT ( T9 MILY1 IF ALL PROP]TY W]E TO BE ADMITT$ TO COMPETITION ) GOLD 9 ! MATT] ( REPRES5TATION 9 ! CURR5CY1 IT IS POSSIBLE ?AT ! SAME AM\NT ( GOLD W\LD /ILL BE US$ AS MONEY1 BUT ITS VALUE W\LD DECREASE NOTABLY1 - W\LD FALL1 ?AT IS TO SAY1 FROM ITS ABNORMAL1 >TIFICIAL1 GOV]NM5T-CREAT$ VALUE1 TO ITS NORMAL1 NATURAL1 OP5 M>KET VALUE4 ,MR4 ,FI%] !N CAME BACK ) ANO!R CONTRIBUTION TO ,LIB]TY - 9 FACT1 SEV]AL ( !M - 9 :I* HE ATTACK$ ! $ITOR & ALSO ,MR4 ,ALFR$ ,B4 ,WE/RUP1 :OSE 0,CITIZ5S' ,MONEY0 & 0,! ,F9ANCIAL ,PROBLEM0 HE HAD JU/ READ4 ,MR4 ,TUCK]'S REPLY1 !RE=E0 IS A DEF5SE ( HIS [N POSITION & ( ?AT ( ,MR4 ,WE/RUP AS WELL1 & ! CONTROV]SY DEVELOPS 9TO A DISCUSSION ( FREE TRADE 9 BANK+1 ( CURR5CY & GOV]NM5T1 & ( ! EQUALIZATION ( WAGE & PRODUCT3 ,I KN[ ( NO FRI5D ( LIB]TY :O REG>DS IT AS A PANACEA = EV]Y ILL1 OR CLAIMS ?AT IT WILL MAKE FOOLS SUCCESSFUL1 OR BELIEVES ?AT IT WILL MAKE ALL M5 EQUAL1 RI*1 & P]FECTLY HAPPY4 ,! ,AN>*I/S1 IT IS TRUE1 BELIEVE ?AT UND] LIB]TY ! LABOR]'S WAGES WILL BUY BACK HIS PRODUCT1 & ?AT ?IS WILL MAKE M5 MORE NE>LY EQUAL1 WILL 9SURE ! 9DU/RI\S & ! PRUD5T AGA9/ POV]TY1 & WILL ADD TO HUMAN HAPP9ESS4 ,BUT BETWE5 ! FICTITI\S CLAIMS :I* ,MR4 ,FI%] SC\TS & ! REAL CLAIMS :I* ! ,AN>*I/S ASS]T IT IS EASY TO SEE ! VA/ DIFF]5CE4 ,I DO NOT UND]/& H[ 0'! UNV>Y+ FAILURE ( UNS\ND CURR5CY 5ACTM5TS0 MAKES ! 9T]F]5CE ( GOV]NM5T ) F9ANCE SEEM LESS P]NICI\S4 ,9 FACT1 IT DRIVES ME TO PRECISELY ! OPPOSITE CONCLUSION4 ,9 ! PHRASE1 0CONCOMITANT DW9DL+ ( MONET>Y LAW 9TO A M]E SPECIFICATION ( TRUISMS10 ,MR4 ,FI%] REPEATS HIS ATTEMPT1 ( :I* ,I COMPLA9$ 9 ! LA/ ISSUE ( ,LIB]TY1 TO BELITTLE ! RE/RICTIONS PLAC$ UPON ! ISSUE ( PAP] MONEY4 @a5 HE HAS ANSW]$ ! QUE/ION :I* ,I HAVE ASK$ HIM REG>D+ ! ,5GLI% BANK+ LAWS1 WE CAN DISCUSS ! MATT] MORE 9TELLIG5TLY4 ,MEAN:ILE IT IS FUTILE TO TRY TO MAKE A MONOPOLY SEEM LESS ?AN A MONOPOLY BY RESORT+ TO SU* A CIRCUMLOCUTION AS 0SY/EM ( LIC5S+ 9DIVIDUALS TO C>RY ON C]TA9 K9DS ( TRADES10 OR TO CLAIM ?AT ! MONOPOLY ( A TOOT NOT ONLY COMMON BUT 9DISP5SABLE TO ALL TRADES IS NOT MORE 9JURI\S ?AN ! MONOPOLY ( A TOOL US$ BY ONLY ONE TRADE OR A FEW TRADES4 ,IT IS TRUE ?AT IF ! MASS ( CAPITAL COMPET+ = 9VE/M5T W]E 9CREAS$1 ! RATE ( 9T]E/ W\LD FALL4 ,BUT IT 'IS NOT TRUE ?AT SC>CITY ( CAPITAL IS ! ONLY FACTOR ?AT KEEPS UP ! RATE ( 9T]E/8 ,IF ,I W]E FREE TO USE MY CAPITAL DIRECTLY AS0A BASIS ( CR$IT OR CURR5CY1 ! RELIEF FROM ! NECESSITY ( BORR[+ ADDITIONAL CAPITAL FROM O!RS W\LD DECREASE ! BORR[+ DEM&1 & !RE=E ! RATE ( 9T]E/4 ,& IF1 AS ! ,AN>*I/S CLAIM1 ?IS FRE$OM TO USE CAPITAL AS A BASIS ( CR$IT %\LD GIVE AN IMM5SE IMPETUS TO BUS9ESS1 & CONSEQU5TLY CAUSE AN IMM5SE DEM& = LABOR1 & CONSEQU5TLY 9CREASE PRODUCTIVE P[]1 & CONSEQU5TLY AUGM5T ! AM\NT ( CAPITAL1 H]E ANO!R =CE W\LD BE EX]CIS$ TO L[] ! RATE ( 9T]E/ & CAUSE IT TO GRADUALLY VANI%4 ,FREE TRADE 9 BANK+ DOES NOT MEAN ONLY UNLIMIT$ LIB]TY TO CREATE DEBT2 IT MEANS ALSO VA/LY 9CREAS$ ABILITY TO MEET DEBT3 &1 SO ACCOMPANI$1 ! LIB]TY TO CREATE DEBT IS ONE ( ! GREATE/ BLESS+S4 ,IT IS NOT ]RONE\S TO LABEL EVID5CE ( DEBT AS MONEY4 ,AS ,COL4 ,WM4 ,B4 ,GRE5E WELL SAID3 0,?AT IS MONEY :I* DOES ! WORK ( ! TOOT MONEY40 ,:5 EVID5CE ( DEBT CIRCULATES AS A M$IUM ( EX*ANGE1 TO ALL 9T5TS & PURPOSES IT IS MONEY4 ,BUT ?IS IS ( SMALL CONSEQU5CE4 ,! ,AN>*I/S DO NOT 9SI/ ON ! WORD 0MONEY40 ,SUPPOSE WE CALL SU* EVID5CE ( DEBT CURR5CY 7& SURELY IT IS CURR5CY71 :AT !N8 ,H[ DOES ?IS *ANGE ( NAME AFFECT ! CONCLUSIONS ( ! 0CURR5CY-FADDI/S08 ,NOT 9 ! LEA/1 AS F> AS ,I CAN SEE4 ,BY ! WAY1 IT IS NOT BECOM+ 9 A MAN :O HAS1 NOT SIMPLY ONE BEE 9 HIS BONNET1 BUT A :OLE SW>M ( !M1 TO TALK FLIPPANTLY ( ! 0FADS0' ( M5 :OSE LIVES AF=D UNQUE/IONABLE EVID5CE ( !IR E>NE/NESS4 ,MR4 ,FI%] SEEMS TO ?9K IT 9H]5TLY IMPOSSIBLE TO USE ONE'S PROP]TY & AT ! SAME TIME PL$GE IT4 ,BUT :AT ELSE HAPP5S :5 A MAN1 AFT] MORTGAG+ HIS H\SE1 CONT9UES TO LIVE 9 IT8 ,?IS IS AN ACTUAL EV]YDAY OCCURR5CE1 & MUTUAL BANK+ ONLY SEEKS TO MAKE IT POSSIBLE ON EASI] T]MS1 - ! T]MS ?AT WILL PREVAIL UND] COMPETITION 9/EAD ( ! T]MS ?AT DO PREVAIL UND] MONOPOLY4 ,! MAN :O CALLS ?IS REALITY AN IGNIS FATUUS MU/ BE EI!R IMPUD5T OR IGNORANT4 ,MR4 ,FI%]1 9 HIS REM>K ?AT 0NO ATTEMPT IS MADE TO %[ H[ DISPLAC+ GOLD FROM CURR5CY W\LD R$UCE ! PRICE AS LONG AS ITS CO/ & UTILITY REMA9 :AT !Y N[ >E10 IS NO LESS ABSURD ?AN HE W\LD BE IF HE W]E TO SAY ?AT NO ATTEMPT IS MADE TO %[ H[ DISPLAC+ FL\R AS AN +R$I5T ( BREAD W\LD R$UCE ! PRICE ( FL\R AS LONG AS ITS CO/ & UTILITY REMA9 :AT !Y N[ >E4 ,! UTILITY ( FL\R CONSI/S 9 ! FACT ?AT IT IS AN +R$I5T ( BREAD1 & ! MA9 UTILITY ( GOLD CONSI/S 9 ! FACT ?AT IT IS US$ AS CURR5CY4 ,TO TALK ( DISPLAC+ !SE UTILITIES & AT ! SAME TIME KEEP+ !M :AT !Y N[ >E IS A CONTRADICTION 9 T]MS1 ( :I* ,MR4 ,FI%] IS GUILTY4 ,BUT ,MR4 ,WE/RUP IS GUILTY ( NO CONTRADICTION AT ALL 9 CLAIM+ ?AT MONEY CAN BE MADE V]Y MU* MORE PL5TIFUL & YET MA9TA9 ITS VALUE AT ! SAME TIME ?AT HE CONT5DS ?AT ! PRES5T VALUE ( MONEY IS DUE TO ITS MONOPOLY OR SC>CITY4 ,= TO QUOTE ,COLONEL ,GRE5E AGA93 0,ALL MONEY IS NOT ! SAME MONEY4 ,!RE IS ONE MONEY ( GOLD1 ANO!R ( BRASS1 ANO!R ( LEA!R1 & ANO!R ( PAP]2 & !RE IS A DIFF]5CE 9 ! GLORY ( !SE DIFF]5T K9DS ( MONEY4 ,!RE IS ONE MONEY ?AT IS A COMMODITY1 HAV+ ITS EX*ANGEABLE VALUE DET]M9$ BY ! LAW ( SUPPLY & DEM&1 :I* MONEY MAY BE CALL$ 7?\< SOME:AT B>B>\SLY7 M]*&ISE-MONEY1 = 9/ANCE1 GOLD1 SILV]1 BRASS1 BANK-BILLS1 ETC4 !RE IS ANO!R MONEY1 :I* IS NOT A COMMODITY1 :OSE EX*ANGEABLE VALUE IS ALTOGE!R 9DEP5D5T ( ! LAW ( SUPPLY & DEM&1 & :I* MAY BE CALL$ MUTUAL MONEY444,IF ORD9>Y BANK-BILLS REPRES5T$ SPECIE ACTUALLY EXI/+ 9 ! VAULTS ( ! BANK1 NO M]E ISSUE OR )DRAWAL ( !M C\LD AFFECT A FALL OR RISE 9 ! VALUE ( MONEY3 = EV]Y ISSUE ( A DOLL> BILL W\LD CORRESPOND TO ! LOCK+-UP ( A SPECIE DOLL> 9 ! BANKS' VAULTS2 & EV]Y CANCEL+ ( A DOLL>-BILL W\LD CORRESPOND TO ! ISSUE BY ! BANKS ( A SPECIE DOLL>4 ,IT IS BY ! EX]CISE ( BANK+ PRIVILEGE/HAT IS1 BY ! ISSUE ( BILLS PURPORT+ TO BE1 BUT :I* >E NOT1 CONV]TIBLE - ?AT ! BANKS EFFECT A DEPRECIATION 9 ! PRICE ( ! SILV] DOLL>4 ,IT IS ?IS FICTION 7BY :I* LEGAL VALUE IS ASSIMILAT$ TO1 & BECOMES1 TO ALL BUS9ESS 9T5TS & PURPOSES1 ACTUAL VALUE7 ?AT 5ABLES BANKNOTES TO DEPRECIATE ! SILV] DOLL>4 ,SUB/ITUTE V]ITY 9 ! PLACE ( FICTION1 EI!R BY P]MITT+ ! BANKS TO ISSUE NO MORE PAP] ?AN !Y HAVE SPECIE 9 !IR VAULTS1 OR BY EFFECT+ AN 5TIRE DIVORCE BETWE5 BANK-PAP] & ITS PRET5D$ SPECIE BASIS1 & ! P[] ( PAP] TO DEPRECIATE SPECIE IS AT AN 5D4 ,SO LONG AS ! FICTION IS KEPT UP1 ! SILV] DOLL> IS DEPRECIAT$1 & T5DS TO EMIGRATE = ! PURPOSE ( TRAVEL+ 9 =EIGN P>TS2 BUT1 ! MOM5T ! FICTION IS DE/ROY$1 ! P[] ( PAP] OV] METAL CEASES4 ,BY ITS 9TR9SIC NATURE SPECIE IS M]*&ISE1 HAV+ ITS VALUE DET]M9$1 AS SU*1 BY SUPPLY & DEM&2 BUT ON ! CONTR>Y1 PAP] MONEY IS1 BY ITS 9TR9SIC NATURE1 NOT M]*&ISE1 BUT ! MEANS :]EBY M]*&ISE IS EX*ANG$1 &1 AS SU*1 \CITY1 HE IS SPEAK+ ( M]*&ISE MONEY4 ,AS S5SIBLY MIRI]S W\LD BE ?AT A GREAT CROP ( FRE% S*EMES W\LD (F] !MSELVES TO ?OSE DESIR\S ( 5TRU/+ ANY ( !IR LETT]S TO O!RS TO C>RY4 ,A V]Y L>GE PROPORTION ( !SE S*EMES POSSIBLY ! ,MAJORITY - W\LD BE UNS\ND40 ,WELL1 :AT ( IT8 ,>E WE ON ?IS ACC\NT TO GIVE UP FRE$OM8 ,NO1 SAYS ,MR4 ,FI%]4 ,BUT1 !N1 :AT IS ! =CE ( ! CONSID]ATION8 ,MR4 ,WE/RUP'S MONEY NOT ONLY %[S ?AT ,A HAS GIV5 ,B A CONDITIONAL TITLE TO C]TA9 WEAL?1 BUT GU>ANTEES ?AT ?IS WEAL? HAS BE5 PRES]V$4 ,?AT IS1 IT AF=DS A GU>ANTEE SO NE>LY P]FECT ?AT IT IS ACCEPTABLE4 ,IF Y\ TAKE A MORTGAGE ON A H\SE & ! [N] 9SURES IT 9 Y\R FAVOR1 ! GU>ANTEE AGA9/ LOSS BY FIRE IS NOT P]FECT1 S9CE ! 9SURANCE COMPANY MAY FAIL1 BUT IT IS GOOD 5\< = PRACTICAL PURPOSES4 ,SIMIL>LY1 IF ,B1 ! BANK1 ADVANCES MONEY TO ,A AGA9/ A MORTGAGE ON ! LATT]'S /OCK ( GOODS1 IT IS )9 ! B\NDS ( POSSIBILITY ?AT ,A WILL SELL ! GOODS & DISAPPE> =EV]1 BUT HE WILL ?US RUN ! RISK ( SEV]E P5ALTIES2 & !SE P5ALTIES1 C\PL$ ) ,B'S CAUTION1 MAKE A GU>ANTEE ?AT PRACTICALLY S]VES4 ,TO BE SURE1 ,MR4 ,WE/RUP'S MONEY DOES NOT ASSURE ! HOLD] ?AT ! BANK WILL DELIV] ! BORR[$ >TICLES ON DEM&1 BUT IT DOES ASSURE HIM ?AT 4HE CAN GET SIMIL> >TICLES OR !IR EQUIVAL5TS ON DEM& FROM ANY CU/OM]S ( ! BANK ?AT HAVE !M = SALE1 BECAUSE ALL !SE CU/OM]S >E PL$G$ TO TAKE ! BANK'S NOTES2 TO SAY NO?+ ( ! FACT ?AT ! BANK1 ?\< NOT B\ND TO R$EEM ON DEM&1 IS B\ND TO R$EEM AS FA/ AS ! MORTGAGE NOTES MATURE4 ,! TRUISMS :I* ,MR4 ,FI%] 5UNCIATES SO SOLEMNLY DO NOT E/ABLI% ! ABS5CE ( ANY NECESSITY = 5ABL+ ALL WEAL? TO BE REPRES5T$ BY MONEY4 ,?IS NECESSITY IS %[N BY ! FACT ?AT1 :5 ! MONET>Y PRIVILEGE IS CONF]R$ UPON ONE =M ( WEAL? EXCLUSIVELY1 ! PEOPLE HAVE TO OBTA9 ?IS 3=M ( WEAL? AT RATES ?AT SOON] OR LAT] S5D !M 9TO BANKRUPTCY4 ,! VALUE ( GOLD W\LD BE R$UC$ BY MUTUAL BANK+1 BECAUSE IT W\LD !REBY BE /RIPP$ ( ?AT EXCLUSIVE MONET>Y UTILITY CONF]R$ UPON IT BY ! ,/ATE4 ,! P]C5TAGE ( ?IS R$UCTION NO ONE CAN TELL 9 ADVANCE1 ANY MORE ?AN HE CAN TELL H[ MU* :ISKEY W\LD FALL 9 PRICE IF !RE W]E UNRE/RICT$ COMPETITION 9 ! SALE ( IT4 ,NEI!R GOLD NOR ANY O!R COMMODITY IS B\D ( VALUE4 ,IT C]TA9LY IS UNSCI5TIFIC TO IMP>T A FACTITI\S MONOPOLY VALUE TO A COMMODITY 9 ORD] TO MAKE ITS VALUE /EADY4 ,O!R ?+S BE+ EQUAL1 ! RATE ( 9T]E/ IS 9V]SELY PROPORTIONAL TO ! RESIDUAL 9CREM5T ( WEAL?1 = ! REASON ?AT A L[ RATE ( 9T]E/ 7EXCEPT :5 (F]$ TO AN ALREADY BANKRUPT$ PEOPLE7 MAKES BUS9ESS ACTIVE1 CAUSES A MORE UNIV]SAL EMPLOYM5T ( LABOR1 & !REBY ADDS TO PRODUCTIVE CAPACITY4 ,! RESIDUAL 9CREM5T IS LESS 9 ! ,UNIT$ ,K+DOM1 :]E 9T]E/ IS L[1 ?AN 9 ! ,UNIT$ ,/ATES11 :]E 9T]E/ IS HI<1 BECAUSE O!R ?+S >E NOT EQUAL4 ,BUT 9 EI!R C\NTRY ?IS 9CREM5T W\LD BE GREAT] ?AN IT N[ IS IF ! RATE ( 9T]E/ W]E TO FALL4 ,IF GOLD BECAME AS ABUNDANT AS COPP]1 LEGISLATION1 IF IT *OSE1 C\LD MA9TA9 ITS VALUE BY DECREE+ ?AT WE %\LD DR9K ONLY FROM GOLD GOBLETS4 ,IF ! VALUE W]E MA9TA9$11 ! VOLUME ( MONEY W\LD BE GREAT] ON ACC\NT ( ! ABUNDANCE ( GOLD4 ,?IS 9CREASE ( VOLUME W\LD L[] ! RATE ( 9T]E/4 ,A VOLUNT>Y CU/OM ( SELL+ PREF]5TIALLY = GOLD W\LD NOT BE A MONOPOLY1 BUT !RE IS NO SU* VOLUNT>Y CU/OM4 ,:]E CATTLE >E US$ VOLUNT>ILY AS A M$IUM ( EX*ANGE1 !Y >E NOT A MONOPOLY2 BUT :]E !RE IS A LAW ?AT ONLY CATTLE %ALL BE SO US$1 !Y >E A MONOPOLY4 ,IT IS NOT 9CUMB5T ON ,AN>*I/S TO %[ AN ANALOGY BETWE5 A LAW TO REQUIRE ! EXCLUSIVE CONSUMPTION ( H&MADE BRICKS & ANY LAW SPECIFY+ ?AT ! WORD ,DOLL> 9 A BOND %ALL IMPLY A C]TA9 QUANTITY ( GOLD4 ,BUT !Y >E B\ND & READY TO %[ AN ANALOGY BETWE5 ! FIR/-NAM$ LAW & ANY LAWS PROHIBIT+ OR TAX+ ! ISSUE ( NOTES1 ( :ATEV] DESCRIPTION1 9T5D$ = CIRCULATION AS4 CURR5CY4 ,GOV]NM5TS =CE PEOPLE TO CONSUME GOLD1 9 ! S5SE ?AT !Y GIVE PEOPLE NO ALT]NATIVE BUT ?AT ( AB&ON+ ! USE ( MONEY4 ,:5 GOV]NM5T SWAPS (F GOLD = O!R COMMODITIES1 IT !REBY CONSUMES IT 9 ! ECONOMIC S5SE4 ,! ,UNIT$ ,/ATES GOV]NM5T PUR*ASES ITS GOLD & SILV]4 ,IT CAN H>DLY BE SAID1 H[EV]1 ?AT IT PUR*ASES SILV] 9 AN OP5 M>KET1 BECAUSE1 BE+ OBLIG$ BY LAW TO BUY SO MANY MILLIONS EA* MON?1 IT !REBY CREATES AN >TIFICIAL M>KET4 ,AGA9 ,MR4 ,FI%] CAME BACK1 9 HIS *>ACT]I/IC /YLE1 TO :I* ,MR4 ,TUCK] REPLI$ 9 ! FOLL[+ MANN]3 ,MR4 ,FI%]'S >TICLE IS NO?+ BUT A /R+ ( ASS]TIONS1 MO/ ( :I*1 AS MATT]S ( FACT1 >E UNTRUE4 ,! *IEF ( !SE UNTRU?S IS ! /ATEM5T ?AT 9 EX*ANG+ GOLD WE DO NOT CONSUME IT4 ,:AT IS CONSUMPTION8 ,IT IS ! ACT ( DE/ROY+ BY USE OR WA/E4 ,ONE ( ! USES ( GOLD - & UND] ! EXI/+ F9ANCIAL SY/EM ITS *IEF USE - IS TO ACT AS A M$IUM ( EX*ANGE1 OR ELSE AS ! BASIS ( SU* A M$IUM4 ,9 P]=M+ ?IS FUNCTION IT WE>S \T2 9 O!R WORDS1 IT IS CONSUM$4 ,BE+ GIV5 A MONOPOLY ( ?IS USE OR FUNCTION1 IT HAS AN >TIFICIAL VALUE1 - A VALUE :I* IT W\LD NOT HAVE IF O!R >TICLES1 NORMALLY CAPABLE ( ?IS F UNCTION1 W]E NOT =BIDD5 TO COMPETE ) IT4 ,& !SE >TICLES SUFF] FROM ?IS RE/RICTION ( COMPETITION 9 V]Y MU* ! SAME WAY ?AT A !AT] =BIDD5 TO GIVE ,SUNDAY P]=MANCES SUFF]S IF ITS RIVAL IS ALL[$ ! PRIVILEGE4 ,MR4 ,FI%] MAY D5Y ! ANALOGY AS /\TLY AS HE *OOSES2 IT IS NONE ! LESS E/ABLI%$4 ,?IS ANALOGY E/ABLI%$1 ,MR4 ,FI%]'S POSITION FALLS AS SURELY AS HIS O!R POSITION HAS FALL53 ! POSITION ?AT GOV]NM5T CANNOT AFFECT VALUES1 :I* HE AT FIR/ LAID D[N ) AS MU* CONTEMPTU\S ASSURANCE AS IF NO ONE C\LD D5Y IT )\T !REBY PROV+ HIMSELF A BORN FOOL4 ,SO !RE IS NO NE$ TO REFUTE ! RE/ ( ! ASS]TIONS4 ,I WILL SIMPLY 5T] A SPECIFIC D5IAL ( SOME ( !M4 ,IT IS UNTRUE ?AT GOLD IS NOT )DRAWN FROM ! M>KET TO RAISE ITS PRICE4 ,IT IS UNTRUE ?AT ! GOLD M9ES >E KEPT OP5 PR9CIPALLY TO SUPPLY ! >TS4 ,IT IS UNTRUE ?AT1 IF GOLD W]E TWICE AS DE> OR TWICE AS *EAP1 BANK]S W\LD NOT LOSE OR GA92 ! *IEF BUS9ESS ( ! BANK] IS NOT TO BUY & SELL GOLD1 BUT TO L5D IT4 ,& ,I BELIEVE IT TO BE UNTRUE - ?\< H]E ,I DO NOT SPEAK ( :AT ,I POSITIVELY KN[ - ?AT ,5GLI% LAW P]MITS ! E/ABLI%M5T ( SU* BANKS AS ,PR\DHON1 ,GRE5E1 & ,SPOON] PROPOS$4 ,MR4 ,FI%] C]TA9LY %\LD KN[ MORE AB\T ?IS ?AN ,I1 BUT ,I D\BT HIS /ATEM5T1 FIR/1 BECAUSE ,I HAVE F\ND HIM 9 ]ROR SO (T52 SECOND1 BECAUSE N9E \T ( T5 ,MASSA*USETTS LAWY]S WILL TELL Y\ ) SUPREME CONFID5CE ?AT !RE IS NO LAW 9 ,MASSA*USETTS PROHIBIT+ ! USE ( NOTES & *ECKS AS CURR5CY 7YET !RE IS ONE ( MANY YE>S' /&+1 FRAM$ 9 PLA9 T]MS1 & (T5 HAVE ,I A/ONI%$ LAWY]S ( LE>N+ & ABILITY BY %[+ IT TO !M72 &1 ?IRD1 BECAUSE ,I AM SURE ?AT1 IF SU* BANKS W]E LEGAL 9 ,5GL&1 !Y W\LD HAVE BE5 />T$ LONG AGO4 ,ANO!R LONG LETT] FROM ,MR4 ,FI%] H]E 9T]V5$ & ! $ITOR ( ,LIB]TY TOOK UP EA* PO9T & C>EFULLY REPLI$ TO IT3 ,A LABOR]'S PRODUCT IS SU* PORTION ( ! VALUE ( ?AT :I* HE DELIV]S TO ! CONSUM] AS HIS [N LABOR HAS CONTRIBUT$4 ,TO EXPECT ! LABOR]'S WAGES TO BUY ?IS VALUE BACK IS TO EXPECT NO MORE ?AN SIMPLE EQUITY4 ,IF SOME O!R LABOR] HAS CONTRIBUT$ TO ! TOTAL VALUE ( ! DELIV]$ >TICLE BY MAK+ A TOOL :I* HAS BE5 US$ 9 ITS MANUFACTURE BY ! LABOR] :O DELIV]S IT1 !N ! WAGES ( ! LABOR] :O MAKES ! TOOL %\LD ALSO BUY BACK HIS PRODUCT OR DUE PROPORTION ( VALUE1 & W\LD DO SO UND] LIB]TY4 ,BUT HIS PORTION ( ! VALUE & !RE=E HIS WAGE W\LD BE MEASUR$ BY ! WE> & TE> :I* ! TOOL HAD SUFF]$ 9 ?IS S+LE ACT ( MANUFACTURE1 & NOT BY ANY SUPPOS$ B5EFIT CONF]R$ BY ! USE ( ! TOOL OV] & ABOVE ITS WE> & TE>4 ,9 O!R WORDS1 ! TOOL-MAK] W\LD SIMPLY SELL ?AT PORTION ( ! TOOL DE/ROY$ 9 ! ACT ( MANUFACTURE 9/EAD ( L5D+ ! TOOL & RECEIV+ IT AGA9 ACCOMPANI$ BY A VALUE :I* W\LD MORE ?AN RE/ORE IT TO ITS ORIG9AL CONDITION4 ,MR4 ,FI%]'S 9T]PRETATION RE/S1 FUR!RMORE1 ON A MISCONCEPTION ( ! T]M WAGES4 ,:5 A F>M] HIRES A DAY-LABOR] = A DOLL> A DAY & HIS BO>D1 ! BO>D IS AS TRULY A P>T ( ! WAGES AS IS ! DOLL>2 & :5 ,I SAY ?AT ! LABOR]'S WAGES %\LD BUY BACK HIS PRODUCT1 ,I MEAN ?AT ! TOTAL AM\NT :I* HE RECEIVES = HIS LABOR1 :E!R 9 ADVANCE OR SUBSEQU5TLY1 & :E!R CONSUM$ BE=E OR AFT] ! P]=MANCE ( HIS LABOR1 %\LD BE EQUAL 9 M>KET VALUE TO HIS TOTAL CONTRIBUTION TO ! PRODUCT UPON :I* HE BE/[S HIS LABOR4 ,IS ?IS EXPECT+ TOO MU*8 ,IF SO1 MIILY PLAC+ !IR VALUABLES AT ! DISPOSAL ( O!RS ?AN BY RETA9+ POSSESSION ( !M1 ! ADVOCATES ( MUTUAL MONEY WILL NO MORE CONC]N !MSELVES AB\T GIV+ !M RECOMP5SE BEYOND ! B>E RETURN ( !IR VALUABLES UNIMPAIR$ ?AN ! ADVOCATES ( GOLD & GOV]NM5T PAP] WILL CONC]N !MSELVES TO 9SURE ! CON/ANCY ( ! ONE OR ! SOLV5CY ( ! O!R4 ,AS = ! 0SOME?+ \T ( NO?+0 FALLACY1 ?AT IS %>$ BETWE5 ,GOD & ! ,%YLOCKS1 &1 F> FROM BE+ 5T]TA9$ BY ! FRI5DS ( FREE BANK+1 IS !IR SPECIAL ABOM9ATION4 0,CR$IT )\T REMUN]ATION60 %RIEKS ,MR4 ,FI%] 9 HORROR4 ,BUT1 IF CR$IT IS RECIPROCAL1 :Y %\LD !RE BE REMUN]ATION8 0,DEBT )\T CO/60 ,BUT1 IF DEBT IS RECIPROCAL1 :Y %\LD !RE BE CO/8 0,UNLIMIT$ OR V]Y PL5TIFUL MONEY )\T DEPRECIATION60 ,BUT IF ! CONTEMPLAT$ ADDITION TO ! VOLUME ( CURR5CY CONTEMPLATES 9 TURN A BROAD5+ ( ! BASIS ( CURR5CY1 :Y %\LD !RE BE DEPRECIATION8 ,FREE & MUTUAL BANK+ MEANS SIMPLY RECIPROCITY ( CR$IT1 RECIPROCITY ( DEBT1 & AN EXT5SION ( ! CURR5CY BASIS4 ,IT IS ! ESPECIAL CLAIM ( FREE BANK+ ?AT IT WILL 9CREASE PRODUCTION4 ,TO MAKE CAPITAL FLU5T IS TO MAKE BUS9ESS ACTIVE & TO KEEP LABOR /EADILY EMPLOY$ AT WAGES :I* WILL CAUSE A TREM5D\S EFFECTIVE DEM& = GOODS4 ,IF FREE BANK+ W]E ONLY A PICAYUNI% ATTEMPT TO DI/RIBUTE MORE EQUITABLY ! SMALL AM\NT ( WEAL? N[ PRODUC$1 ,I W\LD NOT WA/E A MOM5T'S 5]GY ON IT4 ,I AM 9T]E/$ 9 SECUR+ ! GREATE/ POSSIBLE LIB]TY = BANK+ SO ?AT ,I MAY PR(IT BY ! GREAT] COMPETITION ?AT W\LD !N BE C>RI$ ON BETWE5 ?OSE BORN ) A G5IUS = F9ANCE4 ,BUT :AT AB\T ,PR\DHON1 ,MR4 ,FI%]8 ,HE WAS NO AMATEUR4 ,HE C\LD VALUE1 NOT ONLY A HORSE1 BUT A RAILROAD1 ! MONEY K+S UTILIZ$ HIS BUS9ESS BRA9S1 HIS ,MANUAL = A ,B\RSE ,SPECULATOR S]V$ !M AS A GUIDE1 &1 :5 HE />T$ HIS ,BANQUE DU ,PEUPLE1 IT IMM$IATELY ASSUM$ SU* PROPORTIONS ?AT ,NAPOLEON HAD TO CON/RUCT A CRIME = :I* PRO TO CLAP HIM 9TO JAIL 9 ORD] TO SAVE ! ,BANK ( ,FRANCE FROM ?IS DANG]\S COMPETITOR4 ,! SUPPRESSION ( ,PR\DHON'S BANK WAS A CO]CION ( ! M>KET4 ,& 9 ?IS C\NTRY ATTEMPT AFT] ATTEMPT HAS BE5 MADE TO 9TRODUCE CR$IT MONEY \TSIDE ( GOV]NM5T & NATIONAL BANK *ANNELS1 & ! PROMPTNESS ( SUPPRESSION HAS ALWAYS BE5 PROPORTIONAL TO ! SUCCESS ( ! ATTEMPT4 ,I TELL ,MR4 ,FI%] AGA9 ?AT IT IS A CRIME TO ISSUE & CIRCULATE AS CURR5CY A NOTE PROMIS+ TO DELIV] IRON AT A C]TA9 TIME4 ,I KN[ ?AT IT IS A CRIME 9 ?IS C\NTRY1 & ,I BELIEVE ?AT ! LAWS ( ,5GL& CONTA9 RE/RICTIONS ?AT ACCOMPLI% VIRTUALLY ! SAME RESULT4 ,!RE IS NO CONTRADICTION BETWE5 MY POSITION & ,GRE5E'S4 ,GRE5E HELD1 AS ,I HOLD1 ?AT ! EXI/+ MONOPOLY IMP>TS AN >TIFICIAL VALUE TO GOLD1 & ?AT ! ABOLITION ( ! MONOPOLY W\LD TAKE AWAY ?IS >TIFICIAL VALUE4 ,BUT HE ALSO HELD1 AS ,I HOLD1 ?AT1 AFT] ?IS R$UCTION ( VALUE HAD BE5 EFFECT$1 ! V>IATIONS 9 ! VOLUME ( MUTUAL MONEY W\LD BE 9DEP5D5T ( ! PRICE ( SPECIE4 ,9 O!R WORDS1 ?IS R$UCTION ( ! VALUE ( GOLD FROM ! >TIFICIAL TO ! NORMAL PO9T WILL BE1 EFFECT$ BY ! EQUAL LIB]TY GIV5 TO O!R COMMODITIES TO S]VE AS A BASIS ( CURR5CY2 BUT1 ?IS LIB]TY HAV+ BE5 GRANT$ & HAV+ TAK5 EFFECT1 ! ISSUE ( MUTUAL MONEY AGA9/ !SE COMMODITIES1 EA* NOTE BE+ BAS$ ON A SPECIFIC PORTION ( !M1 CANNOT AFFECT ! VALUE ( ANY ( !SE COMMODITIES1 ( :I* GOLD IS ONE4 ,IT IS NO ANSW] TO ! *>GE ( MONOPOLY TO SAY ?AT ANY ONE CAN BUY & SELL GOLD CO94 ,NO ONE D5IES ?AT4 ,! MONOPOLY COMPLA9$ ( IS ?IS - ?AT ONLY HOLD]S ( GOLD 7&1 9 ?IS C\NTRY1 ( GOV]NM5T BONDS7 CAN USE !IR PROP]TY AS CURR5CY OR AS A BASIS ( CURR5CY4 ,SU* A MONOPOLY HAS EV5 MORE EFFECT 9 5HANC+ ! PRICE ( GOLD ?AN W\LD A MONOPOLY ?AT %\LD ALL[ ONLY C]TA9 P]SONS TO DEAL 9 GOLD4 ,! PRICE ( GOLD IS DET]M9$ LESS BY ! NUMB] ( P]SONS DEAL+ 9 IT ?AN BY ! RATIO ( ! TOTAL SUPPLY TO ! TOTAL DEM&4 ,! MONOPOLY ?AT ! ,AN>*I/S COMPLA9 ( IS MONOPOLY ?AT 9CREASES ! DEM& = GOLD BY GIV+ IT ! CURR5CY FUNCTION TO ! EXCLUSION ( O!R COMMODITIES4 ,IF MY :ISKEY ILLU/RATION ISN'T SATISFACTORY1 ,I WILL *ANGE IT4 ,IF :ISKEY W]E ! ONLY ALCOHOLIC DR9K ALL[$ TO BE US$ AS A BEV]AGE1 IT W\LD COMM& A HI<] PRICE ?AN IT COMM&S N[4 ,I %\LD !N TELL ,MR4 ,FI%] ?AT ! VALUE ( :ISKEY WAS >TIFICIAL & ?AT FREE RUM W\LD R$UCE IT TO ITS NORMAL PO9T4 ,IF HE %\LD !N ASK ME :AT ! NORMAL PO9T WAS1 ,I %\LD ANSW] ?AT ,I HAD NO MEANS ( KN[+4 ,IF HE %\LD RESPOND ?AT ! FALL 9 :ISKEY RESULT+ FROM FREE RUM W\LD BE LIMIT$ TO SU* REL9QUI%M5T ( PR(IT AS 0W\LD BE =C$ UPON ! DEAL]S BY COMPETITION10 ,I %\LD ACQUIESCE ) ! REM>K ?AT ! DI/ANCE FROM ,LONDON TO ,LIV]POOL IS EQUAL TO ! DI/ANCE FROM ,LIV]POOL TO ,LONDON4 ,IT IS ,MR4 ,FI%]'S ANALOGY1 NOT M9E1 ?AT IS FALSE & 9APPLICABLE4 ,! PROP] ANALOGY IS NOT BETWE5 GOLD & ! COMMODITIES C>RI$1 BUT BETWE5 GOLD & ! VEHICLE 9 :I* !Y >E C>RI$4 ,! C>GO ( PEA*ES ?AT ROTS ON ITS WAY FROM ,CALI=NIA TO ,NEW ,5GL& MAY NOT BE ECONOMICALLY CONSUM$ 7?\< = MY LIFE ,I CAN'T SEE :Y SU* CONSUMPTION ISN'T AS ECONOMIC AS ! TIPP+ ( SILV] 9TO ! ,ATLANTIC BY ! ,UNIT$ ,/ATES GOV]NM5T1 :I* ,MR4 ,FI%] CONSID]S PURELY ECONOMIC71 BUT AT ANY RATE ! WE> ( ! C> ?AT C>RIES ! C>GO IS AN 9/ANCE ( ECONOMIC CONSUMPTION4 ,N[ ! GOLD ?AT GOES TO ,CALI=NIA TO PAY = ?OSE PEA*ES & COMES BACK TO ,NEW ,5GL& TO PAY = COTTON CLO?1 & ?US GOES BACK & =? AS CON/ANTLY AS ! RAILWAY C> & FACILITATES EX*ANGE EQUALLY ) ! RAILWAY C> & WE>S \T 9 ! PROCESS JU/ AS ! RAILWAY C> WE>S \T1 IS 9 MY JUDGM5T CONSUM$ PRECISELY AS ! RAILWAY C> IS CONSUM$4 ,?AT ONLY IS A COMPLETE PRODUCT1 ,MR4 ,FI%] TELLS US1 :I* IS 9 ! H&S ( A P]SON :O APPLIES IT TO ! DIRECT GRATIFICATION ( SOME P]SONAL CRAV+4 ,I SUPPOSE ,MR4 ,FI%] WILL NOT D5Y ?AT A RAILWAY C> IS A COMPLETE PRODUCT4 ,BUT IF IT CAN BE SAID TO BE 9 ! H&S ( A P]SON :O APPLIES IT TO ! DIRECT GRATIFICATION ( SOME P]SONAL CRAV+1 !N ! SAME CAN BE SAID ( GOLD4 ,FROM 3 ,FLAG4,BLACK5$4NET4 ,*RONOLOGY 3 ,NOVEMB] #c1 #aig 3 ,P>T #d1 ,*APT] #g -- ,PUBLICATION4 ,FEBRU>Y #b#b1 #bag 3 ,P>T #d1 ,*APT] #g -- ,ADD$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/