,P>T #b1 ,*APT] #b 
,! ,P[] ( ,GOV]NM5T ,OV] ,VALUES 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,! ,P[] ( ,GOV]NM5T ,OV] ,VALUES4 

.<,LIB]TY1 ,JUNE #b#g1 #a#h#i#a4.> 

,TO ! ,$ITOR ( ,LIB]TY37#g#b 8 #a7  

,9 REF]5CE TO Y\R REM>KS UPON MY REC5T CONTRIBUTION TO ! ,LONDON ,H]ALD ( ,AN>*Y1 DOGMATISM ( MANN] MU/ (T5 BE ADOPT$ TO AVOID V]BOSITY2 IT IS NOT NECESS>ILY AN ASSUMPTION ( 9FALLIBILITY47#g#b 8 #b7  

,! ACTION ( GOV]NM5TS ) REG>D TO GOLD IS NOT TRULY ANALOG\S 9 ITS ECONOMIC EFFECTS TO ! PROHIBITION ( !ATRICAL P]=MANCES ON ,SUNDAY4 ,9 ! LA/-NAM$ CASE1 OR 9 ANY SIMIL> CASE :I* WE MAY SUPPOSE1 ! EFFECT IS TO DIM9I% DEM& & TO PROLONG OR RET>D CONSUMPTION4 ,?US1 IF WE W]E PROHIBIT$ FROM WE>+ %OES1 BOOTS1 ETC41 ON ,SUNDAY1 OR IF EV]Y SEV5? P]SON W]E PREV5T$ FROM US+ !M1 !N BOOTS :I* N[ WE> \T 9 SIX MON?S W\LD LA/ SEV5 MON?S1 & WE MAY SUPPOSE !AT]S :I* N[ LA/ SEV5 YE>S OR SEV5TY W\LD !N BE WORN \T 9 SIX OR SIXTY4 ,! IMM$IATE EFFECT ( OP5+ !AT]S ON ,SUNDAY W\LD PROBABLY BE TO 9CREASE !IR VALUE V]Y GREATLY2 BUT EV5TUALLY O!RS W\LD BE BUILT1 & COMPETITION W\LD R$UCE ! PREVI\SLY 5HANC$ VALUE4 ,! RESIDUAL 5HANCEM5T ( VALUE W\LD BE 9 ! NUMB] ( !AT]S :I* ! M>KET 9 ITS ALT]$ CIRCUM/ANCES C\LD SUPPORT4 ,!RE IS GOOD REASON TO D\BT :E!R ?IS W\LD BE APPRECIABLE 9 ! CASES TAK5 ( >TICLES ( CONSID]ABLE DURABILITY4 ,IF ! GOV]NM5T C\LD R$UCE ! CONSUMPTION ( FOOD-/UFFS1 SU* AS :EAT1 & SIMULTANE\SLY ( ALL SUB/ITUTES1 BY ONE-SEV5?1 IT W\LD BE A V]Y DIFF]5T MATT]47#g#b 8 #c7  

,BUT 9 ! CASE ( GOLD ! 9T]F]5CE ( GOV]NM5TS 9 ! PRES5T DAY HAS LITTLE EFFECT 9 9CREAS+ CONSUMPTION4 ,!Y DO NOT COLLECT IT TO CONSUME IT1 BUT SIMPLY TO SELL IT4 ,9 ?IS C\NTRY1 BEYOND SPECIFY+ ?IS METAL AS ! VEHICLE ( VALUE 9 CONTRIBUT+ TO ! REV5UE1 ! 9T]F]5CE APPE>S TO BE LIMIT$ TO A RE/RICTION ( ! LIB]TY ( CITIZ5S TO EX*ANGE PROMISES ( DELIV]Y ( GOLD TO BE>] ON DEM&4 ,BANK-NOTES 7OR BILLS1 AS !Y SEEM TO BE CALL$ 9 Y\R C\NTRY7 MAY ONLY BE ISSU$ BY C]TA9 BANK]S1 & BY !M ONLY 9 A C]TA9 COMPLEX RELATION TO ! AM\NT ( GOLD !Y HOLD4 ,BUT ?IS IS ONLY A RE/RICTION 9 =M1 & NOT 9 QUANTITY1 BECAUSE *ECKS1 DRAFTS1 & PROMISSORY NOTES O!R ?AN TO BE>] ON DEM& >E ISSUABLE 9 UNLIMIT$ QUANTITY1 SUBJECT TO C]TA9 TAXES--FROM :I* ! O!R NOTES >E NOT :OLLY EXEMPT--& >E TRANSF]ABLE )\T FUR!R TAX4 ,:AT HAS ?IS TO DO ) ! CONSUMPTION ( GOLD8 ,NEXT TO NO?+67#g#b 8 #d7  

,N[ !RE IS NO LEGAL OB/ACLE1 NO?+1 9 FACT1 :ATEV] EXCEPT ! 9CONV5I5CES ( BULK1 FLUCTUATION ( VALUE1 & O!R 9H]5T DEFECTS1 TO PREV5T ! 9TRODUCTION & CIRCULATION ( PROMISES ( :EAT1 COTTON1 OIL1 IRON1 OR O!R COMMODITY4 ,?IS W\LD NOT HAVE ANY MAT]IAL EFFECT UPON ! CONSUMPTION1 PRODUCTION1 CO/1 OR VALUE ( !SE COMMODITIES4 ,SPECULATIVE VALUE ( FUTURES T5D ON ! :OLE TO /EADY VALUES & TO DIM9I% ! FREQU5CY & ! 9T5SITY ( GLUTS & FAM9ES47#g#b 8 #e7  

,GOLD & SILV] >E NOT US$ 79 ! S5SE ( BE+ CONSUM$7 BY !IR CIRCULATION4 ,!Y >E M]ELY CONVEY$1 TRANSF]R$1 & EX*ANG$ MORE FREQU5TLY4 ,! FACT ?AT !Y >E SO (T5 B\<T BY PEOPLE :O DO NOT !MSELVES REQUIRE TO USE !M IS NOT UNIQUE4 ,EV]Y M]*ANT DOES ! SAME ) ! COMMODITY TO :I* HE DEVOTES HIS ATT5TION4.<#a#c.>7#g#b 8 #f7  

,! PECULI>ITY IS ?AT ! TRADE 9 GOLD IS FAMILI> TO EV]Y ONE4 ,! PORTABILITY1 DIVISIBILITY1 & RECOGNIZABILITY ( ?IS SUB/ANCE1 =CE IT UPON ! ATT5TION ( EV]Y ONE :O AVAILS HIMSELF ( ! S]VICES ( O!RS4 ,! PRODUCTION & CIRCULATION ( CONTRACTS = ITS FUTURE DELIV]Y >E NOT UNIQUE4 ,?IS IS ALSO DONE 9 ! CASE ( MANY O!R COMMODITIES4 ,9 BO? CASES !RE IS A V]Y GREAT CONV5I5CE & ECONOMY2 & 9 BO? !RE IS A V]Y APPRECIABLE DANG]4 ,ANY SU* WRIT+S ( 9DIVIDUALI/S AS MAY 9 ANY WAY GIVE ! IMPRESSION ?AT ! FREE CIRCULATION ( MUTUAL 9DEBT$NESS1 MISCALL$ MUTUAL MONEY1 WILL BE FREE FROM ?IS ELEEMNT ( DANG] >E P]NICI\S4 ,FRE$OM TO 9CUR & TO EX*ANGE DEBTS IS EXCE$+LY DESIRABLE1 BUT RA!R BECAUSE !Y WILL 5C\RAGE1 PURIFY1 & *A/5 ! SPIRIT ( 5T]PRISE ?AN ?AT !Y WILL 9 !MSELVES BR+ V]Y NOTICEABLE ECONOMIC GA947#g#b 8 #g7  

,AP>T FROM ! WE> & TE> 9VOLV$1 NEI!R ! GOV]NM5T NOR ANY ONE ELSE CONSUMES ONE HA'P5NY WOR? MORE ( GOLD BY REASON ( ITS ADOPTION 9 TAXATION & COMM]CE AS ! MO/ USUAL VEHICLE ( VALUE4 ,ITS USE = ?IS PURPOSE MAY CAUSE ! WORLD TO HOLD A L>G] /OCK ?AN IT O!RWISE W\LD2 BUT ?IS IS 9 EV]Y WAY A B5EFIT1 BECAUSE IT /EADIES ITS VALUE4 ,IF ! METAL W]E NEGLECT$1 AS PLAT9UM WAS UNTIL REC5TLY1 !N FAM9E & GLUT MI<T BE OBS]V$4 ,?IS W\LD GREATLY L[] ! UTILITY ( GOLD AS AN 9T]M$IATE EX*ANGE COMMODITY1 & W\LD NOT HELP US TO DEVISE A SUB/ITUTE4 ,IT W\LD ?R[ UPON EV]Y TRADE1 9CLUD+ ?OSE :O SELL !IR [N LABOR1 A BURD5 ( D\BT & UNC]TA9TY 9 E/IMAT+ ITS FLUCTUATIONS4 ,! EVIL ?AT GOV]NM5T DOES BY COLLECT+ NE$LESS MILLIONS IS IMMEASURABLY GREAT] ?AN BY ITS SO-CALL$ MA9T5ANCE ( ! GOLD /&>D47#g#b 8 #h7 

,Y\RS RESPECTFULLY1 

,J4 ,GREEVZ ,FI%]4 

#< ,H>ROGATE ,ROAD1 ,LE$S1 ,5GL&4 
  

,DOGMATISM CAN BE JU/IFI$ ONLY BY ! EV5T4 ,9 ITS USE NOT ONLY DOES NO?+ SUCCE$ LIKE SUCCESS1 BUT NO?+ SUCCE$S BUT SUCCESS4 ,& NO?+ FAILS LIKE FAILURE4 ,IF ,MR4 ,FI%]1 9 ADDRESS+ ! ,AN>*I/S UPON F9ANCE AS IF !Y W]E BABIES & HE A GIANT1 %ALL SUCCE$ 9 MAK+ HIS ASSUM$ SUP]IORITY FELT AS A REALITY1 HE WILL NOT ONLY BE =GIV5 = HIS DOGMATISM1 BUT HI<LY RESPECT$ = HIS KN[L$GE & P[]2 BUT IF IT %ALL APPE> ?AT ! IGNORANCE & WEAKNESS >E ON HIS SIDE RA!R ?AN UPON !IRS1 HE WILL BE COV]$ NOT ONLY ) CONFUSION BY HIS ]ROR1 BUT ) RIDICULE BY ! COLLAPSE ( HIS PRET5SION4 ,IT IS ONLY JU/1 H[EV]1 TO SAY ?AT A COMP>ISON ( HIS LETT] TO ,LIB]TY ) HIS LETT] TO ! ,H]ALD ( ,AN>*Y %[S PROGRESS 9 ! DIRECTION ( MODE/Y47#g#b 8 #i7  

,ALREADY ,MR4 ,FI%]'S PRIDE HAS BE5 FOLL[$ BY A FALL4 ,! C5TRAL POSITION TAK5 BY HIM AT ! />T ?AT GOV]NM5T CANNOT AFFECT ! VALUE ( GOLD OR ANY O!R COMMODITY EXCEPT BY ! SLI<T ADDITIONAL DEM& :I* IT CREATES AS A CONSUM] HE HAS BE5 =C$ TO AB&ON AT ! FIR/ ONSLAU<T4 ,IF GOV]NM5T W]E TO ALL[ ! OP5+ ( !AT]S ON ,SUNDAY1 IT W\LD NOT !REBY BECOME A CONSUM] ( !AT]S 7AT LEA/ NOT 9 ! ECONOMIC S5SE2 =1 9 ! ,UNIT$ ,/ATES AT ANY RATE1 \R GOV]NORS ALWAYS GO TO ! !AT] AS DEAD-HEADS71 & YET ,MR4 ,FI%] ADMITS ?AT 9 SU* A CASE ! VALUE ( !AT]S W\LD IMM$IATELY RISE V]Y GREATLY4 ,?IS ADMISSION IS AN AB&ONM5T ( ! POSITION TAK5 AT FIR/ SO CONFID5TLY1 & NO O!R CONSID]ATION CAN MAKE IT ANY?+ ELSE4 ,! FACT ?AT COMPETITION W\LD SOON >ISE TO R$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 SLI<T EXT5SION ( ! HYPO!SIS4 ,SUPPOSE GOV]NM5T1 9 ADDITION TO ALL[+ ! !AT]S N[ EXI/+ TO OP5 ON ,SUNDAY1 W]E TO PROHIBIT ! E/ABLI%M5T ( ANY ADDITIONAL !AT]S4 ,!N ! VALUE W\LD NOT ONLY GO UP1 BUT /AY UP4 ,IT IS H>DLY 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$67#g#b 8 #a7  

,9 ! P>AGRAPH TO :I* ,MR4 ,FI%]'S LETT] IS A REJO9D] ,I SAID ?AT :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 ( ! NEW 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[$4 ,LET ME ASK MY OPPON5T ONE QUE/ION4 ,DOES ! LAW ( ,5GL& ALL[ CITIZ5S TO =M A BANK = ! ISSUE ( PAP] MONEY AGA9/ ANY PROP]TY ?AT !Y MAY SEE FIT TO ACCEPT AS SECURITY2 ! PAP] MONEY NOT R$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]TY1--IS 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 ,IF GOV]NM5T W]E TO DECREE ?AT ALL PLATES BE MADE ( T91 W\LD NOT ! VALUE ( T9 RISE & ! VALUE ( *9A FALL8 ,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 MI<T CONT9UE TO BE US$ = ! SAME PURPOSE AS BE=E1 & YET ! VALUE ( T9 W\LD FALL TREM5D\SLY 9 CONSEQU5CE ( ! ADMITT$ COMPETITION ( *9A4 ,& SIMIL>LY1 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 VALUE47#g#b 8 #a#a7 

#gb N4 #a4 ,DIVISION ( LABOR ORIG9ATES 9 PEOPLE MAK+ SOME?+ !Y DO NOT !MSELVES WANT4 ,IT IS FUR!R FACILITAT$ BY SELL+ ?IS = ONE SPECIAL COMMODITY :I* IS NOT DIRECTLY WANT$4 8 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #b -- ,PUBLICATION4 
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