,P>T #d1 ,*APT] #i 
,V>I\S ,MONEY ,S*EMES 

#aihaih 

,PEOPLE 3 

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

,TEXT 3 

,V>I\S ,MONEY ,S*EMES 

,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 

 ,! ,GRE5BACK]S W]E ALWAYS A FAIR T>GET = ,LIB]TY'S %AFTS ( SATIRE & RIDICULE1 BUT !RE W]E MANY O!R MONEY S*EMES1 BO? FIAT & O!R1 ?AT DREW ITS FIRE - & NOT 9FREQU5TLY ITS COMM5DATION4 ,SEV]AL ( !SE >E H]E SUBJECT$ TO ANALYSIS & CRITICISM BY ,LIB]TY'S $ITOR3  

,! P]SI/5T WAY 9 :I* ,GRE5BACK]S DODGE >GUM5T ON ! MONEY QUE/ION IS V]Y TIRESOME TO A REASON+ MORTAL4 ,LET AN ,AN>*I/ GIVE A ,GRE5BACK] HIS IDEA ( A GOOD CURR5CY 9 ! ISSUE ( :I* NO GOV]NM5T HAS ANY P>T1 & IT IS T5 TO ONE ?AT HE WILL ANSW]3 0,OH1 ?AT'S NOT MONEY4 ,IT ISN'T LEGAL T5D]4 ,MONEY IS ?AT ?+ :I* ! SUPREME LAW ( ! L& DECL>ES TO BE LEGAL T5D] = DEBTS 9 ! C\NTRY :]E ?AT LAW IS SUPREME40 

,BRICK ,POM]OY MADE SU* AN ANSW] TO ,/EPH5 ,PE>L ,&REWS REC5TLY1 & APPE>$ TO ?9K ?AT HE HAD SAID SOME?+ F9AL4 ,N[1 9 ! FIR/ PLACE1 ?IS DEF9ITION IS NOT CORRECT1 = ?AT IS MONEY :I* P]=MS ! FUNCTIONS ( MONEY1 NO MATT] :O ISSUES IT4 ,BUT EV5 IF IT W]E CORRECT1 ( :AT E>?LY CONSEQU5CE C\LD IT BE8 ,NAMES >E NO?+4 ,:O C>ES :E!R ! ,AN>*I/IC CURR5CY BE CALL$ MONEY OR SOME?+ ELSE8 ,W\LD IT MAKE EX*ANGE EASY8 ,W\LD IT MAKE PRODUCTION ACTIVE8 ,W\LD IT MEASURE PRICES ACCURATELY8 ,W\LD IT DI/RIBUTE WEAL? HONE/LY8 ,?OSE >E ! QUE/IONS TO BE ASK$ CONC]N+ IT2 NOT :E!R IT MEETS ! >BITR>Y DEF9ITION ADOPT$ BY A GIV5 S*OOL4 ,A SY/EM ( F9ANCE CAPABLE ( SUPPLY+ A CURR5CY SATISFY+ ! ABOVE REQUIREM5TS IS A SOLUTION ( :AT IS G5]ALLY KN[N AS ! MONEY QUE/ION2 & ,GRE5BACK]S MAY AS WELL QUIT N[ AS LAT] TRY+ TO B9D PEOPLE TO ?IS F ACT BY PALTRY QUIBBL+ ) WORDS4 

,BUT AFT] ?US REBUK+ ,BRICK ,POM]OY'S EVASION ( ,MR4 ,&REWS1 SOME?+ NE$S TO BE SAID 9 AM5DM5T ( ,MR4 ,&REW'S POSITION AS /AT$ BY HIM 9 AN ADMIRABLE >TICLE ON 0,! ,NATURE ( ,MONEY10 PUBLI%$ 9 ! ,NEW ,YORK  
,TRU? ,SEEK] ( ,M>* #i1 #ahhd - ,MR4 ,&REWS DIVIDES ! PROP]TIES ( MONEY 9TO ESS5TIALS1 9CID5TALS1 & ACCID5TALS4 ,! ESS5TIAL PROP]TIES ( MONEY1 HE SAYS@a?OSE 9 ! ABS5CE ( :I* IT IS NOT MONEY :ATEV] ELSE IT MAY HAVE1 & 9 ! POSSESSION ( :I* IT IS MONEY :ATEV] ELSE IT MAY LACK1 RE ?OSE ( MEASUR+ MUTUAL E/IMATES 9 AN EX*ANGE1 RECORD+ A COMM]CIAL TRANSACTION1 & 9SPIR+ CONFID5CE 9 A PROMISE :I* IT MAKES4 ,ALL O!R PROP]TIES ( MONEY ,MR4 ,&REWS CONSID]S EI!R 9CID5TAL OR ACCID5TAL1 & AMONG ! ACCID5TAL PROP]TIES HE M5TIONS ! SECURITY OR 0COLLAT]AL0 :I* MAY BACK UP & GU>ANTEE MONEY4 

,N[ AS AN ANALYSIS MADE = ! PURPOSE ( >RIV+ AT A DEF9ITION1 ?IS IS 5TIRELY RI<T4 ,NO EXCEPTION CAN BE TAK5 TO IT4 ,BUT IT IS S]I\SLY TO BE FE>$ ?AT NE>LY EV]Y P]SON :O READS IT WILL 9F] ?AT1 BECAUSE SECURITY OR 0COLLAT]AL0 IS AN ACCID5TAL FEATURE ( MONEY1 IT IS AN UNIMPORTANT & WELL-NI< USELESS ONE4 ,& ?AT IS :]E ! READ] WILL MAKE A GREAT MI/AKE4 ,IT IS TRUE ?AT MONEY IS MONEY1 ) OR )\T SECURITY1 BUT IT CANNOT BE A P]FECT OR RELIABLE MONEY 9 ! ABS5CE ( SECURITY2 NAY1 IT CANNOT BE A MONEY WOR? CONSID]+ 9 ?IS AGE4 ,! ADVANCE FROM B>T] TO UNSECUR$ MONEY IS A MU* %ORT] & LESS IMPORTANT /EP LOGICALLY ?AN ?AT FROM UNSECUR$ MONEY TO SECUR$ MONEY4 ,! RUDE VESSEL 9 :I* PRIMITIVE M5 FIR/ MANAG$ TO ,BOAT UPON ! WAT] V]Y LIKELY HAD ALL ! ESS5TIALS ( A BOAT1 BUT IT WAS MU* NE>] TO NO BOAT AT ALL ?AN IT WAS TO ! /AN*1 SWIFT1 & SUMPTU\S ,CUN>D] ?AT N[ SPE$S ITS WAY ACROSS ! ,ATLANTIC 9 A WEEK4 ,IT WAS A BOAT1 SURE 5\<2 BUT NOT A BOAT 9 :I* A V]Y TIMID OR EV5 MOD]ATELY CAUTI\S MAN W\LD C>E TO RISK HIS LIFE 9 MORE ?AN FIVE FEET ( WAT] BEYOND SWIMM+ DI/ANCE FROM ! %ORE4 ,IT HAD ALL ! ESS5TIALS1 BUT IT LACK$ A GREAT MANY ACCID5TALS4 ,AMONG !M1 = 9/ANCE1 A COMPASS4 ,A COMPASS IS NOT AN ESS5TIAL ( A BOAT1 BUT IT IS AN ESS5TIAL ( SATISFACTORY NAVIGATION4 ,SO SECURITY IS NOT AN ESS5TIAL ( MONEY1 BUT IT IS AN ESS5TIAL ( /EADY PRODUCTION & /ABLE COMM]CE4 ,A BOAT )\T A COMPASS IS ALMO/ SURE TO /RIKE UPON ! ROCKS4 ,LIKEWISE MONEY )\T SECURITY IS ALMO/ SURE TO PRECIPITATE ! PEOPLE US+ IT 9TO G5]AL BANKRUPTCY4 ,:5 PRODUCTS CAN BE HAD = ! WRIT+ ( PROMISES & ! IDEA GETS ABROAD ?AT SU* PROMISES >E GOOD MONEY :E!R KEPT OR NOT1 ! PROMISES >E V]Y LIKELY TO /OP PRODUC+2 &1 IF ! PROCESS GOES ON LONG 5\<1 IT WILL BE F\ND AT ! 5D ?AT !RE >E PL5TY ( PROMISES ) :I* TO BUY1 BUT ?AT !RE IS NO?+ LEFT TO BE B\<T1 & ?AT IT WILL REQUIRE AN 9F9ITE NUMB] ( PROMISES TO BUY AN 9F9ITESIMAL AM\NT ( NO?+4 ,IF1 H[EV]1 PEOPLE F9D ?AT !IR PROMISES WILL NOT BE ACCEPT$ UNLESS ACCOMPANI$ BY EVID5CE ( AN 9T5TION & ABILITY TO KEEP !M1 & IF ?IS EVID5CE IS KEPT DEF9ITELY BE=E ALL ?R\< SOME SY/EM ( ORGANIZ$ CR$IT1 ! PROMISORS WILL ACTIVELY BE/IR !MSELVES TO CREATE ! MEANS ( KEEP+ !IR PROMISES2 & ! FREE CIRCULATION ( !SE PROMISES1 F> FROM *ECK+ PRODUCTION1 WILL VA/LY /IMULATE IT1 ! RESULT BE+1 NOT BANKRUPTCY1 BUT UNIV]SAL WEAL?4 ,A MONEY ?US SECUR$ IS FIT = CIVILIZ$ PEOPLE4 ,ANY O!R MONEY1 ?\< IT HAVE ALL ! ESS5TIALS1 BELONGS TO B>B>IANS1 & IS H>DLY FIT TO BUY ! ,9DIAN'S DUG-\T4 

,! 9TRODUCTION 9 CONGRESS BY ,LEL& ,/AN=D ( A BILL PROPOS+ TO ISSUE ONE HUNDR$ MILLIONS OR MORE ( ,UNIT$ ,/ATES NOTES TO HOLD]S ( AGRICULTURAL L&1 SAID NOTES TO BE SECUR$ BY FIR/ MORTGAGES ON SU* L& & TO BE> TWO P]C5T 9T]E/1 IS ONE ( ! MO/ NOTABLE EV5TS ( ?IS TIME1 & ITS SIGNIFICANCE IS 9CREAS$ BY ! /ATEM5T ( ,/AN=D1 9 HIS SPEE* SUPPORT+ ! BILL1 ?AT ITS PROVISIONS WILL PROBABLY BE EXT5D$ ULTIMATELY TO O!R K9DS ( PROP]TY4 ,?IS BILL IS PREGNANT ) ! ECONOMICS 7NOT ! POLITICS7 ( ,AN>*ISM4 ,IT CONTA9S ! G]M ( ! SOCIAL REVOLUTION4 ,IT PROVIDES A SY/EM ( GOV]NM5TAL MUTUAL BANK+4 ,IF IT W]E POSSIBLE TO HONE/LY & EFFICI5TLY EXECUTE ITS PROVISIONS1 IT W\LD HAVE ONLY TO BE EXT5D$ TO O!R K9DS ( PROP]TY & TO GRADUALLY L[] ITS RATE ( 9T]E/ FROM TWO P]C5T 7AN EM95TLY SAFE FIGURE TO BEG9 )7 TO ONE P]C5T1 OR ONE HALF ( ONE P]C5T1 OR :ATEV] FIGURE MI<T BE F\ND SUFFICI5T TO COV] ! CO/ ( OP]AT+ ! SY/EM1 9 ORD] TO /EADILY & SURELY TRANSF] A GOOD ?REE-F\R?S ( ! 9COME ( IDLE CAPITALI/S TO ! POCKETS ( ! WAGE-WORK]S ( ! C\NTRY4 ,! AU?OR ( ?IS BILL IS SO MANY TIMES A MILLIONAIRE ?AT1 EV5 IF EV]Y C5T ( HIS 9COME W]E TO BE CUT (F1 HIS PR9CIPAL W\LD /ILL BE SUFFICI5T TO SUPPORT HIS FAMILY = G5]ATIONS TO COME1 BUT IT IS NONE ! LESS TRUE ?AT HE HAS PROPOS$ A MEASURE :I*1 ) ! QUALIFICATIONS ALREADY SPECIFI$1 W\LD ULTIMATELY MAKE HIS DESC5DANTS EI!R PAUP]S OR TOIL]S 9/EAD ( GIGANTIC P>ASITES LIKE HIMSELF4 ,9 %ORT1 ,LEL& ,/AN=D HAS 9DICAT$ ! ONLY BL[ 7CONSID]$ SOLELY 9 ITS ECONOMIC ASPECT7 ?AT CAN EV] REA* CAPITALISM'S HE>T4 ,FROM HIS SEAT 9 ! ,UNIT$ ,/ATES ,S5ATE HE HAS TOLD ! PEOPLE ( ?IS C\NTRY1 9 EFFECT1 ?AT ! FUNDAM5TAL ECONOMIC TEA*+ REIT]AT$ BY  
,LIB]TY FROM ! DAY ( ITS FIR/ PUBLICATION IS VITALLY TRUE & S\ND4 

,UNHAPPILY HIS BILL IS VITIAT$ BY ! S]I\S DEFECT ( GOV]NM5TALISM4 ,IF IT HAD SIMPLY ABOLI%$ ALL ! RE/RICTIONS & TAXES ON BANK+1 & HAD EMP[]$ ALL 9DIVIDUALS & ASSOCIATIONS TO DO JU/ :AT ITS PASSAGE W\LD EMP[] ! GOV]NM5T TO DO1 IT W\LD NOT ONLY HAVE BE5 SIGNIFICANT1 BUT1 ADOPT$ BY CONGRESS1 IT W\LD HAVE BE5 ! MO/ TREM5D\SLY & B5EFICIALLY EFFECTIVE LEGISLATIVE MEASURE EV] RECORD$ ON A /ATUTE BOOK4 ,BUT1 AS IT IS1 IT IS MADE P[]LESS = GOOD BY ! VIRUS ( POLITICAL CORRUPTION ?AT LURKS )9 IT4 ,! BILL1 IF PASS$1 W\LD BE 5TRU/$ = EXECUTION EI!R TO ! EXI/+ F9ANCIAL CABAL OR TO SOME O!R ?AT W\LD BECOME JU/ AS BAD4 ,ALL ! B5EFIC5T RESULTS ?AT1 AS AN ECONOMIC MEASURE1 IT IS CALCULAT$ TO A*IEVE W\LD BE NE>LY C\NT]ACT$1 P]HAPS F> MORE ?AN C\NT]ACT$1 BY ! CUMULATIVE EVILS 9H]5T 9 ,/ATE ADM9I/RATION4 ,IT DEPRIVES ITSELF1 9 ADVANCE1 ( ! VITALIZ+ P[] ( FREE COMPETITION4 ,IF ! EXP]IM5T %\LD BE TRI$1 ! NET RESULT W\LD PROBABLY BE EVIL4 ,IT W\LD FAIL1 DISA/R\SLY FAIL1 & ! FAILURE & DISA/] W\LD BE FALSELY & /UPIDLY ATTRIBUT$ TO ITS REAL VIRTUE1 ITS ECONOMIC *>ACT]4 ,= P]HAPS ANO!R C5TURY FREE BANK+ W\LD HAVE TO BE> ! ODIUM ( ! EVILS G5]AT$ BY A =M ( GOV]NM5TAL BANK+ MORE OR LESS SIMIL> TO IT ECONOMICALLY4 ,SOME BAD NAME W\LD BE AFFIX$ TO ! ,/AN=D NOTES1 & ?IS W\LD REPLACE ! ASSIGNAT1 ! 0WILD CAT10 & ! 0RAG BABY10 AS A MORE EFFECTIVE SC>ECR[4 

,:ILE HOP+1 !N1 ?AT IT MAY NEV] PASS1 LET US NEV]!LESS MAKE ! MO/ ( ITS 9TRODUCTION BY US+ IT AS A TEXT 9 \R $UCATIONAL WORK4 ,?IS MAY BE DONE 9 ONE WAY BY %[+ ITS ECONOMIC SIMIL>ITY TO ,AN>*I/IC F9ANCE & BY DISPUT+ ! A/\ND+ CLAIM ( ORIG9ALITY PUT =W>D BY ,/AN=D4 ,9 HIS ,S5ATE SPEE* ( ,MAY #b#c1 HE SAID3 0,!RE IS NO ANALOGY BETWE5 ?IS S*EME = A GOV]NM5T ( #f#e11 PEOPLE1 ) ITS B\NDLESS RES\RCES1 ISSU+ ITS MONEY1 SECUR$ DIRECTLY BY AT LEA/ @s#b = @s#a1 ON ! BE/ POSSIBLE SECURITY ?AT C\LD BE DESIR$1 & ANY O!R F9ANCIAL PROPOSITION ?AT HAS EV] BE5 SUGGE/$40 ,IF ,/AN=D SAID ?IS HONE/LY1 HIS WORDS %[ HIM TO BE BO? AN 9TELLECTUAL PIONE] & A LIT]>Y LAGG>D4 ,MORE FAMILI>ITY ) ! LIT]ATURE ( ! SUBJECT W\LD %[ HIM ?AT HE HAS HAD SEV]AL PR$ECESSORS 9 ?IS PA?4 ,COL4 ,WILLIAM ,B4 ,GRE5E US$ TO SAY ( ,LYS&] ,SPOON]'S F9ANCIAL PROPOSALS ?AT !IR ONLY ORIG9ALITY LAY 9 ! F ACT ?AT HE HAD TAK5 \T A PAT5T ON !M4 ,! ONLY ORIG9ALITY ( ,/AN=D'S LIES 9 ! FACT ?AT IT IS MADE = A GOV]NM5T ( #f#e11 ( PEOPLE4 ,= GOV]NM5TS ( O!R SIZES ! SAME PROPOSAL HAS BE5 MADE BE=E4 ,P>ALLEL TO IT 9 ALL ESS5TIALS1 BO? ECONOMICALLY & POLITICALLY1 >E ,PR\DHON'S ,BANK ( ,EX*ANGE & ! PROPOSAL ( ,HUGO ,BILGRAM4 ,P>ALLEL TO IT ECONOMICALLY >E ,PR\DHON'S ,BANK ( ! ,PEOPLE1 ,GRE5E'S ,MUTUAL ,BANKS1 & ,SPOON]'S REAL E/ATE MORTGAGE BANKS4 ,& ! F9ANCIAL ?\<T ?AT UND]LIES IT IS CLOSELY P>ALLEL$ 9 ! WRIT+S ( ,JOSIAH ,W>R51 ,/EPH5 ,PE>L ,&REWS1 & ,JOHN ,RUSK94 ,IF ,/AN=D WILL SIT AT ! FEET ( ANY ( !SE M5 = A TIME1 HE WILL RISE A WIS] & MORE MODE/ MAN4 

,LIKE MO/ S]I\S MATT]S1 ?IS AFFAIR HAS ITS AMUS+ SIDE4 ,IT IS SE5 9 ! IDOLIZATION ( ,/AN=D BY ! ,GRE5BACK]S4 ,?IS %[S H[ IGNORANT !SE M5 >E ( !IR [N PR9CIPLES4 ,MISL$ BY ! RESEMBLANCE ( ! PROPOS$ MEASURE TO ,GRE5BACKISM 9 SOME 9CID5TAL RESPECTS1 !Y HURRAH !MSELVES HO>SE OV] ! ,CALI=NIA S5ATOR1 BLISSFULLY UNAW>E ?AT HIS BILL IS UTT]LY SUBV]SIVE TO ! SOLE ESS5TIAL ( ,GRE5BACKISM1 - NAMELY1 ! FIAT IDEA4 ,! ,GRE5BACK] IS DI/+UI%$ FROM ALL O!R M5 9 ?IS & ONLY 9 ?IS1 - ?AT 9 HIS EYES A DOLL> IS A DOLL> BECAUSE ! GOV]NM5T /AMPS IT AS SU*4 ,N[ 9 ,/AN=D'S EYES A DOLL> IS A DOLL> BECAUSE IT IS BAS$ UPON & SECUR$ BY A SPECIFIC PIECE ( PROP]TY ?AT WILL SELL 9 ! M>KET = AT LEA/ A C]TA9 NUMB] ( GRA9S ( GOLD4 ,TWO VIEWS MORE ANTAGONI/IC ?AN !SE IT W\LD BE IMPOSSIBLE TO CITE4 ,& YET ! LEAD+ ORGANS ( ,GRE5BACKISM APP>5TLY REG>D !M AS ID5TICAL4 

,! GREAT C5TRAL PR9CIPLE ( ,AN>*I/IC ECONOMICS - NAMELY1 ! DE?RONEM5T ( GOLD & SILV] FROM !IR POSITION ( COMM& OV] ALL O!R WEAL? BY ! DE/RUCTION ( !IR MONOPOLY CURR5CY PRIVILEGE - IS RAPIDLY =G+ TO ! FRONT4 ,! ,F>M]S' ,ALLIANCE SUB-TREASURY S*EME1 UNSCI5TIFIC & CLUMSY AS IT IS1 IS A GLANCE 9 ?IS DIRECTION4 ,! IMPORTANCE ( ,S5ATOR ,/AN=D'S L& BILL1 MORE SCI5TIFIC & WORKABLE1 BUT 9COMPLETE1 &X VICI\S BECAUSE GOV]NM5TAL1 HAS ALREADY BE5 EMPHASIZ$ 9 !SE COLUMNS4 ,BUT MO/ NOTABLE ( ALL IS ! REC5T REVOLUTION 9 ! F9ANCIAL ATTITUDE ( ,$W>D ,ATK9SON1 ! MO/ OR?ODOX & COCKSURE ( ,AM]ICAN ECONOMI/S1 :O N[ SWELLS ) HIS VOICE ! GR[+ DEM& = A DIRECT REPRES5TATION ( ALL WEAL? 9 ! CURR5CY4 

,! PROPOSAL IS BRIEFLY ?IS3 ?AT ! NATIONAL BANKS ( ! C\NTRY %ALL BE DIVID$ 9TO SEV]AL DI/RICTS1 EA* DI/RICT HAV+ A C]TA9 CITY AS A BANK+ C5T]2 ?AT ANY BANK MAY DEPOSIT ) ! CLE>+-H\SE SECURITIES SATISFACTORY TO ! CLE>+-H\SE COMMITTEE1 & RECEIVE FROM ! CLE>+-H\SE C]TIFICATES 9 ! =M ( BANK-NOTES ( SMALL D5OM9ATIONS1 TO ! EXT5T ( SEV5TY-FIVE P]C5T ( ! VALUE ( ! SECURITIES2 ?AT !SE NOTES %ALL BE> ! BANK'S PROMISE TO PAY ON ! BACK1 & %ALL BE R$EEMABLE ON DEM& AT ! BANK 9 LEGAL-T5D] MONEY1 &1 9 CASE ( FAILURE ON ! BANK'S P>T TO SO R$EEM !M1 !Y %ALL BE R$EEMABLE AT ! CLE>+-H\SE2 & ?AT ?IS NEW CIRCULAT+ M$IUM %ALL BE EXEMPT FROM ! T5 P]C5T TAX IMPOS$ UPON ,/ATE BANK CIRCULATION4 

,( C\RSE A S*EME LIKE ?IS W\LD NOT WORK ! ECONOMIC REVOLUTION :I* ,AN>*ISM EXPECTS FROM FREE BANK+4 ,IT DOES NOT DE/ROY ! MONOPOLY ( !.> RI<T TO BANK2 IT RETA9S ! CONTROL ( ! CURR5CY 9 ! H&S ( A CABAL2 IT UND]TAKES ! R$EMPTION ( ! CURR5CY 9 LEGAL-T5D] MONEY1 REG>DLESS ( ! FACT ?AT1 IF ANY L>GE PROPORTION ( ! C\NTRY'S WEAL? %\LD BECOME DIRECTLY REPRES5T$ 9 ! CURR5CY1 !RE W\LD NOT BE SUFFICI5T LEGAL-T5D] MONEY TO R$EEM IT4 ,IT IS DANG]\S 9 ITS FEATURE ( C5TRALIZ+ RESPONSIBILITY 9/EAD ( LOCALIZ+ IT1 & IT IS DEFECTIVE 9 LESS IMPORTANT RESPECTS4 ,I CALL ATT5TION TO IT1 & WELCOME IT1 BECAUSE H]E = ! FIR/ TIME ,PR\DHON'S DOCTR9E ( ! REPUBLICANIZATION ( SPECIE IS SOB]LY *AMPION$ BY A RECOGNIZ$ ECONOMI/4 ,?IS FACT ALONE MAKES IT AN IMPORTANT SIGN ( ! TIMES4 

 ,/ILL ANO!R ,GRE5BACK]1 ,MR4 ,E4 ,H4 ,B5TON1 /EPP$ =W>D TO PLEAD = HIS FAVORITE DOCTR9E1 ! UNLIMIT$ ISSUE ( GOV]NM5T FIAT MONEY1 A 0FULL LEGAL T5D]10 :I*1 HE MA9TA9$1 NE$$ NO O!R SECURITY ?AN 0ITS 9H]5T FUNCTION & NON-DISC\NTABL5ESS10 MAK+ A NON-9T]E/-BE>+ CURR5CY4 ,MR4 ,TUCK] TRI$ TO MAKE HIM SEE ! LI<T3  

,LET ME SUPPOSE A CASE = ,MR4 ,B5TON4 ,A IS A F>M]1 & [NS #b F>M WOR? FIVE ?\S& DOLL>S4 ,B KEEPS A BANK ( ISSUE1 & IS KN[N F> & WIDE AS A CAUTI\S & HONE/ BUS9ESS MAN4 ,C1 ,D1 ,E1 ETC41 D[N TO ,Z >E EA* 5GAG$ 9 SOME ONE ( ! ,V>I\S PURSUITS ( CIVILIZ$ LIFE4 ,A NE$S READY MONEY4 ,HE MORTGAGES HIS F>M TO ,B1 & RECEIVES 9 RETURN ,B'S NOTES1 9 V>I\S D5OM9ATIONS1 TO ! AM\NT ( FIVE ?\S& DOLL>S1 = :I* ,B *>GES ,A ?IS TRANSACTION'S JU/ PROPORTION ( ! EXP5SES ( RUNN+ ! BANK1 :I* W\LD BE A LITTLE LESS ?AN ONE-HALF ( ONE P]C5T4 ,) !SE NOTES ,A BUYS V>I\S PRODUCTS :I* HE NE$S ( ,C1 ,D1 ,E1 ETC41 D[N TO ,Z1 :O 9 TURN ) ! SAME NOTES BUY PRODUCTS ( EA* O!R1 & 9 C\RSE ( TIME COME BACK TO ,A ) !M TO BUY HIS F>M PRODUCE4 ,A1 ?US REGA9+ POSSESSION ( ,B'S NOTES1 RETURNS !M TO ,B1 :O !N CANCELS HIS MORTGAGE ON ,A'S F>M4 ,ALL !SE P>TIES1 FROM ,A TO ,Z1 HAVE BE5 US+ = ! P]=MANCE ( 9NUM]ABLE TRANSACTIONS ,B'S NOTES BAS$ ON ,A'S F>M1 - ?AT IS1 A CURR5CY BAS$ ON SOME SECURITY 0O!R ?AN ITS 9H]5T FUNCTION & NON-DISC\NTABL5ESS40 ,!Y W]E ABLE TO P]=M !M ONLY BECAUSE !Y ALL KNEW ?AT ! NOTES W]E ?US SECUR$4 ,A KNEW IT BECAUSE HE GAVE ! MORTGAGE2 ,B KNEW IT BECAUSE HE TOOK ! MORTGAGE2 ,C1 ,D1 ,E1 ETC41 D[N TO ,Z KNEW IT BECAUSE !Y KNEW ?AT ,B NEV] ISSU$ NOTES UNLESS !Y W]E SECUR$ 9 ?IS OR SOME SIMIL> WAY4 ,N[1 ,LIB]TY IS READY TO SEE1 AS ,MR4 ,B5TON SAYS IT \<T TO SEE1 ?AT ANY OR ALL ( !SE P>TIES HAVE BE5 ROBB$ BY ! USE ( ?IS MONEY :5 ,MR4 ,B5TON %ALL DEMON/RATE IT BY VALID FACT & >GUM5T4 ,UNTIL !N HE MU/ /AY 9 HIS CORN]4 

,A WORD AS TO ! PHRASE 0LEGAL T5D]40 ,?AT ONLY IS LEGAL T5D] :I* ! GOV]NM5T PRESCRIBES AS VALID = ! DIS*>GE ( DEBT4 ,ANY CURR5CY NOT SO PRESCRIB$ IS NOT LEGAL T5D]1 NO MATT] H[ UNIV]SAL ITS USE OR H[ UNLIMIT$ ITS ISSUE1 & TO LABEL IT SO IS A CONFUSION ( T]MS4 

,ANO!R WORD AS TO ! T]M 0,GRE5BACK]40 ,HE IS A ,GRE5BACK] :O SUBSCRIBES TO ! PLAT=M ( ! ,GRE5BACK P>TY4 ,! C>D9AL PR9CIPLE ( ?AT PLAT=M IS ?AT ! GOV]NM5T %ALL MONOPOLIZE ! MANUFACTURE ( MONEY1 & ?AT ANY ONE :O1 9 REBELLION AGA9/ ?AT SACR$ PR]OGATIVE1 MAY PRESUME TO ISSUE CURR5CY ON HIS [N ACC\NT %ALL !RE=E BE TAX$1 OR F9$1 OR IMPRISON$1 OR HANG$1 OR DRAWN & QU>T]$1 OR SUBMITT$ TO ANY O!R PUNI%M5T OR TORTURE :I* ! GOV]NM5T1 9 PURSUIT & EX]CISE ( ITS GOOD PLEASURE1 MAY SEE FIT TO IMPOSE UPON HIM4 ,UNLESS ,MR4 ,B5TON BELIEVE 9 ?AT1 HE IS NOT A ,GRE5BACK]1 & ,I AM SURE ,I AM NOT1 AL?\<1 ) ,MR4 ,B5TON1 ,I BELIEVE 9 A NON-9T]E/-BE>+ CURR5CY4 

 ,MR4 ,FRANK ,A4 ,MAT!WS1 AN ,AN>*I/ & BELIEV+ 9 ! 0,CO/0 PR9CIPLE1 EXPRESS$ A FEEL+ ?AT !RE WAS SOME?+ >BITR>Y AB\T ?AT PR9CIPLE1 & AT ! SAME TIME CONFESS$ ?AT HIS M9D WAS UNABLE TO RECONCILE 0,CO/0 & COMPETITION4 ,! $ITOR ( ,LIB]TY REVEAL$ ! CAUSE ( HIS DIFFICULTY & EXPLA9$ ! OP]ATION ( ! ,CO/ PR9CIPLE3  

,! ,CO/ PR9CIPLE CANNOT FAIL TO SEEM >BITR>Y TO ONE :O DOES NOT SEE ?AT IT CAN ONLY BE REALIZ$ ?R\< ECONOMIC PROCESSES ?AT GO 9TO OP]ATION ! MOM5T LIB]TY IS ALL[$ 9 F9ANCE4 ,TO SEE ?IS IT IS NECESS>Y TO UND]/& ! PR9CIPLES ( MUTUAL BANK+1 :I* ,MR4 ,MAT!WS HAS NOT ATT5TIVELY /UDI$4 ,IF HE HAD1 HE W\LD KN[ ?AT ! E/ABLI%M5T ( A MUTUAL BANK DOES NOT REQUIRE ! 9VE/M5T ( CAPITAL1 9ASMU* AS ! CU/OM]S ( ! BANK FURNI% ALL ! CAPITAL UPON :I* ! BANK'S NOTES >E BAS$1 & ?AT !RE=E ! RATE ( DISC\NT *>G$ BY ! BANK = ! S]VICE ( EX*ANG+ ITS NOTES = ?OSE ( ITS CU/OM]S IS GOV]N$1 UND] COMPETITION1 BY ! CO/ ( ?AT S]VICE1 & NOT BY ! RATE ( 9T]E/ ?AT CAPITAL COMM&S4 ,! RELATION IS JU/ ! CONTR>Y ( ,MR4 ,MAT!WS'S SUPPOSITION4 ,IT IS ! RATE ( 9T]E/ ON CAPITAL ?AT IS GOV]N$ BY ! BANK'S RATE ( DISC\NT1 = CAPITALI/S WILL NOT BE ABLE TO L5D !IR CAPITAL AT 9T]E/ :5 PEOPLE CAN GET MONEY AT ! BANK )\T 9T]E/ ) :I* TO BUY CAPITAL \TRI<T4 ,IT IS ?IS EFFECT ( FREE & MUTUAL BANK+ UPON ! RATE ( 9T]E/ ON CAPITAL ?AT 9SURES1 OR RA!R CON/ITUTES1 ! REALIZATION ( ! ,CO/ PR9CIPLE BY ECONOMIC PROCESSES4 ,= ! MOM5T 9T]E/ & R5T >E ELIM9AT$ AS ELEM5TS ( PRICE1 & BRISK COMPETITION IS ASSUR$ BY ! EASE ( GETT+ CAPITAL1 PR(ITS FALL TO ! LEVEL ( ! MANUFACTUR]'S OR M]*ANTS PROP] WAGE4 ,IT IS WELL1 AS ,MR4 ,MAT!WS SAYS1 TO HAVE ! ,CO/ PR9CIPLE 9 VIEW2 = IT IS D\BTLESS TRUE ?AT ! EASE ) :I* SOCIETY TRAVELS ! PA? ( PROGRESS IS L>GELY GOV]N$ BY ! CLE>NESS ) :I* IT =ESEES IT4 ,BUT1 =ESI<T OR NO =ESI<T1 IT 0GETS !RE JU/ ! SAME40 ,! ONLY =ESI<T ABSOLUTELY NECESS>Y TO PROGRESS IS =ESI<T ( ! FACT ?AT LIB]TY IS ITS S+LE  
ESS5TIAL CONDITION4 

 0,$GEWOR?10 WRIT+ TO ,LIB]TY1 EXPRESS$ D\BT AB\T H[ SOME PHASES ( ,PR\DHON'S ,EX*ANGE ,BANK W\LD WORK \T 9 PRACTICE4 ,MR4 ,TUCK] PATI5TLY EXPLA9$ ! V>I\S PO9TS CRITICIZ$3  

,PR\DHON WAS ACCU/OM$ TO PRES5T HIS VIEWS ( ! WAY 9 :I* CR$IT MAY BE ORGANIZ$ 9 TWO =MS1@aS ,BANK ( ,EX*ANGE & HIS ,BANK ( ! ,PEOPLE4 ,! LATT] WAS HIS REAL IDEAL2 ! =M] HE ADVOCAT$ :5EV] HE WI%$ TO AVOID ! NECESSITY ( COMBAT+ ! OBJECTIONS ( ! GOV]NM5TALI/S4 ,! ,BANK ( ,EX*ANGE WAS TO BE SIMPLY ! ,BANK ( ,FRANCE TRANS=M$ ON ! MUTUAL PR9CIPLE4 ,IT IS EASY TO SEE ?AT ! PRECAUTIONS AGA9/ =G]Y & OV]ISSUE N[ US$ BY ! ,BANK ( ,FRANCE W\LD BE EQUALLY VALID AFT] ! TRANS=MATION4 ,BUT 9 ! CASE ( ! ,BANK ( ! ,PEOPLE1 :I* 9VOLVES ! 9TRODUCTION ( FREE COMPETITION 9TO ! BANK+ BUS9ESS1 !SE EVILS WILL HAVE TO BE O!RWISE GU>D$ AGA9/4 ,! V>I\S WAYS ( DO+ ?IS >E SECOND>Y CONSID]ATIONS1 HAV+ NO?+ TO DO ) ! PR9CIPLES ( F9ANCE2 & HUMAN +5UITY1 :I* HAS H]ET(ORE CONQU]$ MU* GREAT] OB/ACLES1 WILL UND\BT$LY PROVE EQUAL TO ! EM]G5CY4 ,! MORE REPUTABLE BANKS W\LD SOON BECOME DI/+UI%$ FROM ! O!RS BY SOME SORT ( VOLUNT>Y ORGANIZATION & MUTUAL 9SPECTION NECESS>Y TO !IR [N PROTECTION4 ,! CR$IT ( ALL SU* AS DECL9$ TO SUBMIT TO ?OR\< EXAM9ATION BY EXP]TS AT ANY MOM5T OR TO KEEP !IR BOOKS OP5 = PUBLIC 9SPECTION W\LD BE RU9$1 & !SE W\LD RECEIVE NO PATRONAGE4 ,PROBABLY ALSO ! BETT] BANKS W\LD COMB9E 9 ! USE ( A UNI=M BANKNOTE PAP] DIFFICULT TO C\NT]FEIT1 :I* W\LD BE GU>D$ MO/ C>EFULLY & DI/RIBUT$ TO ! V>I\S BANKS ONLY SO F> AS !Y C\LD FURNI% SECURITY = IT4 ,9 FACT1 ANY NUMB] ( *ECKS CAN BE DEVIS$ BY EXP]TS ?AT W\LD SECURE ! CURR5CY AGA9/ ALL ATTEMPTS AT ADULT]ATION4 ,M]E IS LITTLE D\BT ?AT ! FIR/ ESSAYS WILL BE1 AS 0,$GEWOR?0 HOPES1 0LOCAL & @aT$40 ,BUT ,I DO NOT ?9K ! MONEY SO PRODUC$ WILL BE NE>LY AS SAFE AS ?AT :I* WILL RESULT :5 ! SY/EM HAS BECOME WIDESPREAD & ITS V>I\S BRAN*ES ORGANIZ$ 9 SU* A WAY ?AT ! BE/ MEANS ( PROTECTION MAY BE UTILIZ$ AT SMALL EXP5SE4 

 ,FREQU5TLY ! $ITOR ( ,LIB]TY F\ND IT NECESS>Y TO ATTACK ! DELUSIONS & SOPHI/RIES ( WRIT]S 9 O!R P]IODICALS1 & ! FOLL[+ IS A CASE 9 PO9T4 7,9 ?IS >TICLE ,MR4 ,TUCK] US$ ! T]M 0',SOCIALI/0 9 ITS G5]IC S5SE1 & ( C\RSE DID NOT MEAN 0/ATE0 ,SOCIALI/47  

,VAN ,BUR5 ,DESNL[1 DISCUSS+ 9 ! ,TRU? ,SEEK] ! COMP>ATIVE REW>DS ( LABOR & CAPITAL1 PO9TS \T ?AT ! PRES5T WAGE SY/EM DIVIDES PR(ITS ALMO/ EV5LY BETWE5 ! TWO1 9/ANC+ ! RAILWAYS ( ,ILL9OIS1 :I* PAY ANNUALLY 9 SAL>IES & WAGES @s#h#a#a1#i#c#f1#a#g1 & TO CAPITAL1 :I* ,MR4 ,D5SL[ DEF9ES AS ! 0LABOR PREVI\SLY DONE 9 CON/RUCT+ & EQUIPP+ ! ROADS10 @s#h#a1#g#b1#b#f#e4 ,!N HE REM>KS3 

0,NO SY/EM ( 9T5TIONAL PR(IT-%>+ IS MORE EQUAL ?AN ?IS1 PROVID$ WE ASS5T TO ! PR9CIPLE ?AT A DAY'S WORK ALREADY DONE & EMBODI$ 9 ! =M ( CAPITAL IS AS WELL 5TITL$ TO COMP5SATION = ITS USE AS A DAY'S WORK NOT YET DONE1 :I* WE CALL LABOR40 ,EXACTLY4 ,BUT ! PR9CIPLE REF]R$ TO IS ! V]Y ?+ :I* WE ,SOCIALI/S D5Y1 & UNTIL ,MR4 ,D5SL[ CAN MEET & VANQUI% US ON ?AT PO9T1 HE WILL 9 VA9 ATTEMPT TO DEF5D ! EXI/+ OR ANY O!R =M ( PR(IT-%>+4 ,! ,SOCIALI/S ASS]T ?AT 0A DAY'S WORK EMBODI$ 9 ! =M ( CAPITAL0 HAS ALREADY BE5 FULLY REW>D$ BY ! [N]%IP ( ?AT CAPITAL2 ?AT1 IF ! [N] L5DS IT TO ANO!R TO USE & ! US] DAMAGES IT1 DE/ROYS IT1 OR CONSUMES ANY P>T ( IT1 ! [N] IS 5TITL$ TO HAVE ?IS DAMAGE1 DE/RUCTION1 OR CONSUMPTION MADE GOOD2 & ?AT1 IF ! [N] RECEIVES FROM ! US] ANY SURPLUS BEYOND ! RETURN ( HIS CAPITAL 9TACT1 HIS DAY'S WORK IS PAID = A SECOND TIME4 

,P]HAPS ,MR4 ,D5SL[ WILL TELL US1 AS WE HAVE SO (T5 BE5 TOLD BE=E1 ?AT ?IS DAY'S WORK %\LD BE PAID = A SECOND & A ?IRD & A HUNDR$? & A MILLION? TIME1 BECAUSE 6HE CAPITAL :I* IT PRODUC$ & 9 :I* IT IS EMBODI$ 9CREAS$ ! PRODUCTIVITY ( FUTURE LABOR4 ,! FACT ?AT IT DID CAUSE SU* AN 9CREASE WE GRANT2 BUT ?AT LABOR1 :]E !RE IS FRE$OM1 IS OR %\LD BE PAID 9 PROPORTION TO ITS USEFULNESS WE D5Y4 ,ALL USEFUL QUALITIES EXI/ 9 NATURE1 EI!R ACTIVELY OR POT5TIALLY1 & !IR B5EFITS1 UND] FRE$OM1 >E DI/RIBUT$ BY ! NATURAL LAW ( FREE EX*ANGE AMONG MANK9D4 ,! LABOR] :O BR+S ANY P>TICUL> USEFUL QUALITY 9TO ACTION IS PAID ACCORD+ TO ! LABOR HE HAS EXP5D$1 BUT GETS ONLY HIS %>E1 9 COMMON ) ALL MANK9D1 ( ! SPECIAL USEFULNESS ( ?IS PRODUCT4 ,IT IS TRUE ?AT ! USEFULNESS ( HIS PRODUCT HAS A T5D5CY TO 5HANCE ITS PRICE2 BUT ?IS T5D5CY IS IMM$IATELY (FSET1 :]EV] COMPETITION IS POSSIBLE1 - & AS LONG AS !RE IS A MONEY MONOPOLY !RE IS NO FRE$OM ( COMPETITION 9 ANY 9DU/RY REQUIR+ CAPITAL@aBY ! RU% ( O!R LABOR]S TO CREATE ?IS PRODUCT1 :I* LA/S UNTIL ! PRICE FALLS BACK TO ! NORMAL WAGES ( LABOR4 ,H5CE IT IS EVID5T ?AT ! [N] ( ! CAPITAL EMBODY+ ! DAY'S WORK ABOVE REF]R$ TO CANNOT GET HIS WORK PAID = EV5 A SECOND TIME BY SELL+ HIS CAPITAL4 ,:Y1 !N1 %\LD HE BE ABLE TO GET IT PAID = A SECOND TIME & AN 9F9ITE NUMB] ( TIMES BY REPEAT$LY L5D+ HIS CAPITAL8 ,UNLESS ,MR4 ,D5SL[ CAN GIVE US SOME REASON1 HE WILL HAVE TO ADMIT ?AT ALL PR(IT-%>+ IS A HUMBUG1 & ?AT ! 5TIRE NET PRODUCT ( 9DU/RY %\LD FALL 9TO ! H&S ( LABOR NOT PREVI\SLY EMBODI$ 9 ! =M ( CAPITAL - 9 O!R WORDS1 ?AT WAGES %\LD 5TIRELY ABSORB PR(ITS4 

,SOME N9COMPOOP1 WRIT+ TO ! ,DETROIT ,SPECTATOR 9 OPPOSITION TO *EAP MONEY1 SAYS3 0,IF L[ 9T]E/ 9SUR$ HI< WAGES1 DUR+ TIMES ( BUS9ESS DEPRESSION WAGES W\LD BE HI<1 = !N 9T]E/ REA*ES ITS M9IMUM40 ,ANO!R MAN UNABLE TO SEE BEL[ ! SURFACE ( ?+S & DI/+UI% ASSOCIATION FROM CAUSATION6 ,! FRI5DS ( *EAP MONEY DO NOT CLAIM ?AT L[ 9T]E/ 9SURES HI< WAGES4 ,:AT !Y CLAIM IS ?AT FREE COMPETITION 9 CURR5CY-ISSU+ & ! CONSEQU5T ACTIVITY ( CAPITAL 9SURE BO? L[ 9T]E/ &4 HI< WAGES4 ,!Y DO NOT D5Y ?AT L[ 9T]E/ SOMETIMES RESULTS FROM O!R CAUSES & UNACCOMPANI$ BY ANY 9CREASE 9 WAGES4 ,:5 ! MONEY MONOPOLI/S ?R\< !IR PRIVILEGE HAVE BL$ ! PRODUC]S NE>LY ALL !Y CAN1 H>D TIMES SET 91 BUS9ESS BECOMES V]Y 9SECURE1 NO ONE D>ES TO V5TURE 9 NEW DIRECTIONS OR PROCE$ MU* FUR!R 9 OLD DIRECTIONS1 !RE IS NO DEM& = CAPITAL1 & !RE=E 9T]E/ FAILS2 BUT1 !RE BE+ A DECREASE 9 ! VOLUME ( BUS9ESS1 WAGES FALL ALSO4 ,SUPPOSE1 N[1 ?AT GREAT LEVEL]1 BANKRUPTCY1 /EPS 9 TO WIPE \T ALL EXI/+ CLAIMS1 & ECONOMIC LIFE BEG9S OV] AGA9 UND] A SY/EM ( FREE BANK+4 ,:AT HAPP5S !N8 ,ALL CAPITAL IS AT ONCE MADE AVAILABLE BY ! ABUNDANCE ( ! CURR5CY1 & ! SUPPLY IS SO GREAT ?AT 9T]E/ IS KEPT V]Y L[2 BUT CONFID5CE BE+ RE/OR$ & ! WAY BE+ CLE> = ALL SORTS ( NEW 5T]PRISES1 !RE IS ALSO A GREAT DEM& = CAPITAL1 & ! CONSEQU5T 9CREASE 9 ! VOLUME ( BUS9ESS CAUSES WAGES TO RISE TO A V]Y HI< PO9T4 ,:5 PEOPLE >E AFRAID TO BORR[1 9T]E/ IS L[ & WAGES >E L[2 :5 PEOPLE >E ANXI\S TO BORR[1 BUT CAN F9D ONLY A V]Y LITTLE AVAILABLE CAPITAL 9 ! M>KET1 9T]E/ IS HI< & WAGES >E L[2 :5 PEOPLE >E BO? ANXI\S TO BORR[ & CAN READILY DO SO1 9T]E/ IS L[ & WAGES >E HI<1 ! ONLY EXCEPTION BE+ ?AT1 :5 FROM SOME SPECIAL CAUSE LABOR IS EXTRAORD9>ILY PRODUCTIVE 7AS WAS ! CASE 9 ! E>LY DAYS ( ,CALI=NIA71 9T]E/ TEMPOR>ILY IS HI< ALSO4 

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