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,FREE ,TRADE 9 ,BANK+ 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,FREE ,TRADE 9 ,BANK+4 

.<,LIB]TY1 ,JULY #a#a1 #a#h#i#a4.> 

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

,IT IS MU* TO BE REGRETT$ :5 ,LIB]TY IS W\ND$ 9 ! H\SE ( H] FRI5DS4 ,?IS IS CAUS$ BY ?OSE :O REG>D LIB]TY AS A PANACEA = EV]Y ILL1 OR P]HAPS IT W\LD BE BETT] TO SAY :O REG>D ! 9EVITABLE VICISSITUDES & 9EQUALITIES ( LIFE AS EVIL4 ,!RE IS NO MORE PHILOSOPHICAL REASON = BELIEV+ ?AT ALL M5 CAN BE EQUAL1 RI*1 & HAPPY ?AN = BELIEV+ ?AT ALL ANIMALS CAN BE EQUAL1 9CLUD+1 ( C\RSE1 ?AT !Y %\LD ALL BE EQUAL TO M547#g#c 8 #b7  

,FRE$OM IS EXCE$+ FAIR4 ,IT IS BY F> ! MO/ EXCELL5T WAY4 ,UND] LIB]TY ! V]Y BE/ POSSIBLE RESULTS 9 EV]Y DEP>TM5T ( HUMAN ACTIVITY1 9CLUD+ COMM]CE1 WILL BE OBTA9$4 ,BUT IT WON'T MAKE FOOLS SUCCESSFUL4 ,ONE ( ITS RECOMM5DATIONS IS ?AT FOLLY WILL MORE SURELY BE REM$I$ BY GETT+ ITS M$IC9E ?AN BY ! GR&MO!RLY PLAN ( PROTECTION 9 ALL DIRECTIONS4 ,9 MANY CASES CURE IS BETT] ?AN PREV5TION4 ,LITTLE BURNS1 WE MAY BE SURE1 SAVE MANY LIVES4 7#a77#g#c 8 #c7  

,IT SEEMS TO BE A FA%ION N[ADAYS AMONG RE=M]S TO RAIL AT \R EXI/+ SY/EMS ( CURR5CY & TO REG>D GOV]NM5T 9T]F]5CE H]E AS GREAT] & MORE P]NICI\S ?AN 9 MANY O!R MATT]S4 ,! TRU?1 H[EV]1 IS ?AT !RE IS SC>CELY ANY?+ :I* MORE COMPLETELY ILLU/RATES ! P[]LESSNESS ( GOV]NM5T TO E/ABLI% CODE 9 OPPOSITION TO CU/OM ?AN ! UNV>Y+ FAILURE ( UNS\ND CURR5CY 5ACTM5TS1 & ! CONCOMITANT DW9DL+ ( MONET>Y LAW 9TO A M]E SPECIFICATION ( TRUISMS1 A REGI/RATION ( E/ABLI%$ PRACTICE1 OR A SY/EM ( LIC5S+ C]TA9 9DIVIDUALS TO C>RY ON C]TA9 K9DS ( TRADE4 ,BUT ALL !SE >E EVILS NOT PECULI> TO ! MONEY TRADE1 NOR DO !Y H]E PRODUCE MORE 9JURI\S RESULTS ?AN 9 ! CASES ( PRIE/S1 DOCTORS1 ACC\NTANTS1 LAWY]S1 5G9E]S1 & O!R PRIVILEG$ FACULTIES4 7#b747#g#c 8 #d7  

,S*EMES TO BR+ AB\T ! ABOLITION ( 9T]E/1 ESPECIALLY :5 ! AU?ORS PROMULGATE ?IS AS A NECESS>Y CONSEQU5CE ( FREE TRADE 9 BANK+1 >E P]NICI\S1 & 9 !IR ULTIMATE EFFECT REACTION>Y4 ,L[ RATES ( 9T]E/ DEP5D UPON ! MAGNITUDE ( ! MASS ( CAPITAL COMPET+ = 9VE/M5T RA!R ?AN UPON ! PRES5CE OR ABS5CE ( ! REALLY TRIFL+ 9T]F]5CE ( GOV]NM5TS ) ! MODES 9 :I* DEBT MAY BE 9CURR$4 ,:AT IS CALL$ FREE TRADE 9 BANK+ ACTUALLY MEANS ONLY UNLIMIT$ LIB]TY TO CREATE DEBT4 ,IT IS ! ]RONE\S LABEL+ ( DEBT AS MONEY :I* BEGETS MO/ ( ! FALLACIES ( CURR5CY-FADDI/S1 BO? CO]CION>Y & LIB]ATIONI/4 7#c77#g#c 8 #e7  

,! PR9CIPAL ]ROR ( ! =M] IS ?AT !Y ADVOCATE S*EMES = ! GR[? & PREF]5TIAL M>KET+ ( GOV]NM5T DEBT4 ,! IGNIS FATUUS ( SOME ( ! LATT] IS A VISION ( PEOPLE BO? US+ !IR PROP]TY & PL$G+ IT AT ! SAME TIME2 7#d7 :ILE SOME GO SO F> AS TO DREAM ( SYMBOLIC MONEY ( 9DEF9ITE VALUE4 ,?US WE HAVE ,MR4 ,ALFR$ ,B4 ,WE/RUP CONTRIBUT+ ,CITIZ5S' ,MONEY & ,! ,F9ANCIAL ,PROBLEM1 BO? ( :I* TACITLY ATTEMPT TO EXP\ND A ME?OD TO 5ABLE EV]Y ONE TO GET 9TO DEBT & KEEP !RE4 7#e77#g#c 8 #f7  

,! 9TRODUCTION TO ! FIR/-NAM$ ESSAY SEEMS BY IMPLICATION TO ASS]T ?AT ! PRICE ( GOLD IS TOO HI<1 ?\< NO ATTEMPT IS MADE TO %[ H[ DISPLAC+ IT FROM CURR5CY W\LD R$UCE ! PRICE AS LONG AS ITS CO/ & UTILITY REMA9 :AT !Y N[ >E2 :ILE ! AU?OR HIMSELF APPE>S TO ?9K ?AT MONEY CAN BE MADE V]Y MU* MORE PL5TIFUL & YET MA9TA9 ITS VALUE1 AL?\< HE IS CONT5D+ ?AT ?IS VALUE DEP5DS UPON MONOPOLY OR SC>CITY4 ,! LA/-NAM$ ESSAY PLA9LY ASSUMES ?AT BY SOME SU* S*EME POV]TY CAN BE ABOLI%$4 7#f77#g#c 8 #g7  

,BANK+ IS NOT ! ONLY F9ANCIAL OP]ATION 9 :I* GOV]NM5T 9T]F]ES4 ,9 ! CASE ( 9SURANCE COMPANIES1 B5EFIT SOCIETIES1 LIMIT$ LIABILITY CORPORATIONS1 P>TN]%IPS1 TRU/S1 9SOLV5CIES1 & HUNDR$S ( O!R WAYS GOV]NM5T IS CONT9UALLY 9T]F]+4 ,MO/ ( ?IS 9T]F]5CE IS WELL MEANT4 ,MO/1 IF NOT ALL1 ( IT IS ACTUALLY 9JURI\S 9 ITSELF1 AP>T FROM ! WA/E1 ! JOBB]Y1 & ! IMBECILITY ( (FICIALISM IT 9VOLVES4 ,!SE CONCOMITANT EVILS1 ?\< F> GREAT] ?AN ?OSE DIRECTLY RESULT+ FROM ! 9T]F]5CE1 HAD BETT] = ! TIME BE+ BE LEFT \T ( SI<T4 ,!IR TREATM5T BELONGS TO ! G5]AL SUBJECT ( LIB]TY1 & !Y ONLY 9CID5TALLY P]TA9 TO ! F9ANCIAL 9T]F]5CE ( GOV]NM5T1 AS !Y DO TO ALL ITS O!R 9T]F]5CE4 ,IGNOR+ !N ! SAV+ 9 CO/1 ! IMM$IATE EFFECT ( ! TOTAL AB/5TION ( GOV]NM5T FROM ITS PROTECTION ( ! PUBLIC FROM F9ANCIAL FOLLY & ROGU]Y W\LD BE ?AT A GREAT CROP ( FRE% S*EMES1 B>GA9S1 & >RANGEM5TS W\LD (F] !MSELVES TO ?OSE DESIR\S ( 5TRU/+ ANY ( !IR WEAL? TO ! MANAGEM5T ( O!RS4 ,A V]Y L>GE PROPORTION ( !SE S*EMES--POSSIBLY ! MAJORITY--W\LD BE UNS\ND4 7#g7 ,AMONG ! UNS\ND1 UNLESS ITS EXP\ND]S GRIEV\SLY MISREPRES5T IT1 W\LD UND\BT$LY BE F\ND SU* MUTUAL BANK+ AS IS PROPOS$ BY ,MR4 ,WE/RUP4 ,HE IS ALTOGE!R ON A WRONG TACK4 ,HIS :OLE TALK IS AB\T MONEY2 BUT ?IS T]M 9 HIS M\? MEANS 9DEBT$NESS1 TRU/1 CR$IT1 PAP] 9/RUM5TS B9D+ SOME ONE TO DELIV] SOME?+4 ,N[1 CR$IT IS NOT A REPRES5TATIVE ( WEAL?1 AS ,MR4 ,WE/RUP SO CON/ANTLY DECL>ES4 ,MR4 ,WE/RUP'S MONEY IS A REPRES5TATIVE ( A PROMISE OR DEBT4 ,IT MAY 9 MANY CASES1 AS A MATT] ( HI/ORY1 %[ ?AT ,A HAS 5TRU/$ C]TA9 WEAL? TO ,B2 BUT IT DOES NOT GU>ANTEE ?AT ,B CAN AT CALL DELIV] OR REPLACE ! BORR[$ >TICLES1 OR ANY EQUAL NUMB] ( SIMIL> >TICLES1 OR AN EQUIVAL5T VALUE 9 SOME O!R >TICLES4 7#h7 ,AS ,MR4 ,DONI/HORPE 9SI/S 9 HIS ,PR9CIPLES ( ,PLUTOLOGY 7P4 #a#c#f73 ,!RE IS .<AT EA* MOM5T.> A C]TA9 AM\NT ( EV]Y VALUABLE COMMODITY 9 EXI/5CE1 NEI!R MORE NOR LESS2 NOR CAN IT BE 9CREAS$ BY A S+LE ATOM ?\< ! :OLE POPULATION SUDD5LY1 AS IF BY 9SPIRATION1 BEGAN CRAV+ & YE>N+ = IT4 7#i7 ,AGA91 :AT IS !RE TO %[ ?AT ANY NECESSITY EXI/S1 AS ,MR4 ,WE/RUP ASS]TS1 = 5ABL+ ALL WEAL? TO BE REPRES5T$ BY MONEY8 ,IF ,I GIVE A MAN A LOAF = SWEEP+ MY DOOR-/EP1 ! LOAF DOES NOT REPRES5T ! WORK1 NOR DOES ! WORK REPRES5T ! LOAF4 ,ALL WE KN[ IS ?AT ,I DESIRE ! SWEEP+ MORE ?AN ,I DESIRE ! LOAF1 & ! LABOR] DESIRES ! LOAF MORE ?AN HIS EASE OR IDL5ESS4 ,IF ,I GIVE A GU9EA = A HAT1 ?IS GU9EA DOES NOT REPRES5T ! P>TICUL> HAT OR ANY HAT4 ,IT DOES NOT REPRES5T IT :ILE 9 MY POSSESSION BE=E ! EX*ANGE1 NOR 9 ! HATT]'S POSSESSION AFT] ! EX*ANGE4 ,GOLD IS VALUABLE2 IT DOES NOT M]ELY REPRES5T VALUE4 ,! VALUE REPRES5TS AN E/IMATE ( ! COMP>ATIVE LABOR NECESS>Y TO PRODUCE ! LA/ 9CREM5T NE$FUL TO REPL5I% ! /OCK ( GOLD AT A RATE EQUIVAL5T TO ITS CONSUMPTION1--?IS CONSUMPTION DEP5D+ UPON ! COMP>ATIVE UTILITY ( GOLD 9 RELATION TO ITS [N VALUE & TO ?AT ( O!R COMMODITIES4 ,OR AT A GIV5 HAT-%OP IT REPRES5TS AN E/IMATE ( ! CO/ ( BR++ AS MU* MORE GOLD TO ! PLACE AS EQUIVAL5T TO ! CO/ ( BR++ ANO!R HAT TO ! %OP4 7#a77#g#c 8 #h7  

,MR4 ,WE/RUP'S FALLACI\S ANALYSIS ( COMM]CE DOGS HIS /EPS 9 EV]Y PROCESS ( HIS REASON+4 ,! GRAVE/ EVILS ( ! 9T]F]5CE ( GOV]NM5T 9 MONET>Y MATT]S >E LITTLE MORE ?AN ITS CO/ & ! DEAD5+ 9FLU5CE ( FANCI$ PROTECTION4 ,! RE=M :I* MONET>Y LIB]TY W\LD SECURE W\LD NOT 9CLUDE ANY R$I/RIBUTION ( ! PRODUCTS ( LABOR4 ,?IS DEP5DS P>TLY UPON ! POSSIBILITY ( ! LABOR] POSSESS+ ! SKILL ( A SPECULATOR & ( A PRODUC] & EX]CIS+ BO? AT ! SAME TIME1 & P>TLY UPON ! 5ORM\SLY DISPROPORTIONATE %>E ( TAXATION :I* HE HAS TO BE>4 ,!SE & MANY O!R EVILS1 9 SO F> AS !Y >E 9CREAS$ BY GOV]NM5T1 DEP5D NOT UPON >BITR>Y MONEY1 BUT UPON ! >BITR>Y ALI5ATION ( ! SUB/ANCE ( ! CITIZ54 ,IT IS A MO/ TRIVIAL 9CID5T ?AT ! PLUND] IS NOM9ALLY PRIC$ 9 & R$EEM$ BY ONE COMMODITY4 ,! EVIL IS ?AT IT %\LD BE TAK54 ,! =M MAKES BUT AN 9F9ITESIMAL DIFF]5CE47#g#c 8 #i7  

,MR4 ,WE/RUP W\LD DO WELL TO ASK HIMSELF !SE QUE/IONS1 &1 9 ANSW]+ !M1 TO ASSIGN ! GR\NDS UPON :I* HE PROCE$S 9 >RIV+ AT ! CONCLUSIONS4 7#a#a77#g#c 8 #a7  

,W\LD ! VALUE ( GOLD BE 7A7 9CREAS$ 7B7 R$UC$ BY MUTUAL BANK+8 ,& :AT P]C5TAGE87#g#c 8 #a#a7 

,IS GOLD ! ONLY COMMODITY PRODUC$ & B\<T BY PEOPLE :O DON'T WANT TO CONSUME IT87#g#c 8 #a#b7 

,W\LD GOLD LOSE ITS PREEM95CE AS ! COMMODITY ! VALUE ( :I* IS MO/ CORRECTLY E/IMAT$1 & :I* IT IS !RE=E SAFE/ TO BUY AT M>KET VALUE :5 DISPOS+ ( \R [N OR \R PUR*AS$ PRODUCE87#g#c 8 #a#c7 

,:AT HAS ! RATE ( 9T]E/ TO DO ) ! NET OR RESIDUAL 9CREM5T ( WEAL? REMA9+ AS A SURPLUS AFT] MA9TA9+ ! POPULATION8 ,IS ?IS LESS 9 ! ,UNIT$ ,K+DOM :]E 9T]E/ IS L[ ?AN 9 ! ,UNIT$ ,/ATES :]E 9T]E/ IS HI<87#g#c 8 #a#d7 

,H[ C\LD LEGISLATION MA9TA9 ! VALUE ( GOLD IF IT BECAME AS ABUNDANT AS COPP]8 ,W\LD ! VOLUME ( MONEY !N BE GREAT] ?AN N[8 ,W\LD ! RATE ( 9T]E/ BE AFFECT$ BY ?IS ALT]ATION AP>T FROM ! *ANGES DUE TO ! ACT ( TRANSITION FROM ! PRES5T /ATE ( DE> GOLD TO ! SUPPOS$ /ATE ( *EAP GOLD87#g#c 8 #a#e7 

,H[ IS ! VOLUNT>Y CU/OM ( SELL+ PREF]5TIALLY = GOLD A MONOPOLY8 ,>E CATTLE A MONOPOLY :]E US$ AS A M$IUM ( EX*ANGE87#g#c 8 #a#f7 

,:AT ANALOGY IS !RE 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 ( GOLD8 ,DOES ANY GOV]NM5T =CE ANYONE TO CONSUME GOLD 9 PREF]5CE TO ANY O!R COMMODITY8 ,DOES GOV]NM5T CONSUME GOLD 9 CON/RUCT+ ITS (FICES & DEF5SES1 OR DOES IT M]ELY SWAP IT = O!R COMMODITIES8 ,IS ALL SILV] OR GOLD 9 ! ,UNIT$ ,/ATES DELIV]$ TO GOV]NM5T AS FA/ AS MADE1 OR DOES GOV]NM5T PUR*ASE IT 9 ! OP5 M>KET87#g#c 8 #a#g7 

,Y\RS1 ETC41 

,J4 ,GREEVZ ,FI%] 

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

,P5D+ ! >RIVAL ( ANY ANSW] ,MR4 ,WE/RUP MAY DESIRE TO MAKE TO ! =EGO+ CRITICISMS UPON HIS PAMPHLETS1 = :I* PURPOSE ! COLUMNS ( ,LIB]TY >E OP5 TO HIM1 ,I TAKE ! LIB]TY ( (F]+ SOME COMM5TS AS WELL AS ANSW]S TO ,MR4 ,FI%]'S QUE/IONS47#g#c 8 #a#h7  

7#a7 ,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>CIH/S ASS]T IT IS EASY TO SEE ! VA/ DIFF]5CE47#g#c 8 #a#i7  

7#b7 ,I DO NOT UND]/& H[ ! UNV>Y+ FAILURE ( UNS\ND CURR5CY 5ACTM5TS MAKES ! 9T]F]5CE ( GOV]NM5T ) F9ANCE SEEM LESS P]NICI\S4 ,9 FACT1 IT DRIVES ME TO PRECISELY ! OPPOSITE CONCLUSION4 ,9 ! PHRASE CONCOMITANT DW9DL+ ( MONET>Y LAW 9TO A M]E SPECIFICATION ( TRUISMS1 ,MR4 ,FI%] REPEATS HIS ATTEMPT1 ( :I* ,I COMPLA9$ 9 ! LA/ ISSUE ( ,LIB]TY1 TO BELITTLE ! RE/RICTIONS PLAC$ UPON ! ISSUE ( PAP] MONEY4 ,:5 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* CIRCUMLOCUTION AS SY/EM ( LIC5S+ 9DIVIDUALS TO C>RY ON C]TA9 K9DS ( TRADES1 OR TO CLAIM ?AT ! MONOPOLY ( A TOOL 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 TRADES47#g#c 8 #b7  

7#c7 ,IT IS TRUE ?AT IF ! MASS ( CAPITAL COMPET+ = 9VE/M5T W]E 9CREAS$1 ! RATE ( 9T]E/ W\LD FALL4 ,BUT IT IS NOT TRUE ?AT SC>CITY ( CPITAL IS ! ONLY FACTOR ?AT KEEPS UP ! RATE ( 9T]E/8 ,IF ,I W]E FREE TO USE MY CAPITAL DIRECTLY AS A BASIS ( CR$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$1 ! LIB]TY TO CREATE DEBT IS ONE ( ! GREATE/ BLESS+S4 ,IT IS NOT ]RONE\S TO LABEL EVID5CE ( DEBT AS MONEY4 ,AS ,COL4 ,WM4 ,B4 ,GRE5E WELL SAID3 ,?AT IS MONEY :I* DOES ! WORK ( ! TOOL MONEY4 ,:5 EVID5CE ( DEBT CIRCULATES AS A M$IUM ( EX*ANGE1 TO ALL 9T5TS & PURPOSES IT IS MONEY4 ,BUT ?IS IS ( SMALL CONSEQU5CE4 ,! ,AN>*I/S DO NOT 9SI/ ON ! WORD MONEY4 ,SUPPOSE WE CALL SU* EVID5CE ( DEBT CURR5CY 7& SURELY IT IS CURR5CY71 :AT !N8 ,H[ DOES ?IS *ANGE ( NAME AFFECT ! CONCLUSIONS ( ! CURR5CY-FADDI/S8 ,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 ( ! FADS ( M5 :OSE LIVES AF=D UNQUE/IONABLE EVID5CE ( !IR E>NE/NESS47#g#c 8 #b#a7  

7#d7 ,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 ,UN=TUNATELY IT IS TRUE ?AT SOME BELIEV]S 9 MUTUAL BANK+ DO DREAM ( SYMBOLIC MONEY ( 9DEF9ITE VALUE1 BUT NONE ( ! /&>D EXPOSITIONS ( ! SUBJECT (F] ANY SU* FALLACY2 & IT IS ) !SE ?AT ,MR4 ,FI%] MU/ DEAL IF HE DESIRES TO OV]?R[ ! MUTUAL BANK+ IDEA47#g#c 8 #b#b7  

7#e7 ,MR4 ,WE/RUP'S ME?OD1 IF ,I UND]/& IT1 W\LD NOT 5ABLE EV]Y ONE TO GET 9TO DEBT & KEEP !RE1 BUT RA!R TO GET 9TO DEBT & \T AGA91 GREATLY TO ! ADVANTAGE ( ! BORR[] & ( SOCIETY G5]ALLY4 ,MR4 ,WE/RUP DOES NOT CONTEMPLATE ! ISSUE ( BANK-NOTES AGA9/ 9DIVIDUAL NOTES ?AT NEV] MATURE47#g#c 8 #b#c7  

7#f7 ,MR4 ,FI%]1 9 HIS REM>K ?AT NO ATTEMPT IS MADE TO %[ H[ DISPLAC+ GOLD FROM CURR5CY W\LD R$UCE ! PRICE AS LONG AS ITS CO/ & UTILITY REMA9 :AT !Y N[ >E1 IS NO LESS ABSURD ?AN HE W\LD BE IF HE W]E TO SAY ?AT NO ATTEMPT IS MADE TO %[ H[ DISPLAC+ FL\R AS AN +R$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 AGA937#g#c 8 #b#d7 

,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-MONEY2 AS1 = 9/ANCE1 GOLD1 SILV]1 BRASS1 BANK-BILLS1 ETC43 !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 MONEY 4444 ,IF ORD9>Y BANK-BILLS REPRES5T$ SPECIE ACTUALLY EXI/+ 9 ! VAULTS ( ! BANK1 NO M]E ISSUE OR )DRAWAL ( !M C\LD EFFECT 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+ PRIVILEGES--?AT 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 BANK-NOTES 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 ! ACTION 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 BUT1 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 \<T ALWAYS TO BE COMM5SURATE 9 QUANTITY ) ! AM\NT ( M]*&ISE TO BE EX*ANG$1 BE ?AT AM\NT GREAT OR SMALL4 ,MUTUAL MONEY IS MEASUR$ BY SPECIE1 BUT IS 9 NO WAY ASSIMILAT$ TO IT2 & !RE=E ITS ISSUE CAN HAVE NO EFFECT :ATEV] TO CAUSE A RISE OR FALL 9 ! PRICE ( ! PRECI\S METALS47#g#c 8 #b#e7 
  

,?IS IS ONE ( ! MO/ IMPORTANT TRU?S 9 F9ANCE1 & P]FECTLY ACC\NTS = ,MR4 ,WE/RUP'S POSITION4 ,:5 HE SAYS ?AT MONEY CAN BE MADE V]Y MU* MORE PL5TIFUL & YET MA9TA9 ITS VALUE1 HE IS SPEAK+ ( MUTUAL MONEY2 :5 HE SAYS ?AT ! PRES5T VALUE ( MONEY DEP5DS UPON MONOPOLY OR SC>CITY1 HE IS SPEAK+ ( M]*&ISE MONEY47#g#c 8 #b#f7  

7#g7 ,AS S5SIBLY MI<T ONE SAY TO ,MR4 ,FI%]1 :O IS A /AN* OPPON5T ( GOV]NM5T PO/AL S]VICE1 ?AT ! IMM$IATE EFFECT ( ! TOTAL AB/5TION ( GOV]NM5T FROM ITS PROTECTION ( ! PUBLIC FROM ! ROGU]Y ( PRIVATE MAIL-C>RI]S W\LD BE ?AT A GREAT CROP ( FRE% S*EMES W\LD (F] !MSELVES TO ?OSE DESIR\S ( 5TRU/+ ANY ( !IR LETT]S TO O!RS TO C>RY4 ,A V]Y L>GE PORTION ( !SE S*EMES--POSSIBLY ! MAJORITY--W\LD BE UNS\ND4 ,WELL1 :AT ( IT8 ,>E WE ON ?IS ACC\NT TO GIVE UP FRE$OM8 ,NO1 SAYS ,MR4 ,FI%]4 ,BUT1 !N1 :AT IS ! =CE ( ! CONSID]ATION87#g#c 8 #b#g7  

7#h7 ,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 OR !IR EQUIVAL5TS ON DEM& FROM NAY 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 MATURE47#g#c 8 #b#h7  

7#i7 ,I P]CEIVE ! P]FECT TRU? ( ,MR4 ,DONI/HORPE'S REM>K1 BUT ,I DO NOT P]CEIVE ITS P]T95CE TO ! MATT] UND] DISCUSSION47#g#c 8 #b#i7  

7#a7 ,NOR DO ,I DETECT ! BE>+ ( ! TRUISMS :I* ,MR4 ,FI%] 5UNCIATES SO SOLEMNLY4 ,!Y C]TA9LY 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 =M ( WEAL? AT RATES ?AT SOON] OR LAT] S5D !M 9TO BANKRUPTCY47#g#c 8 #c7  

7#a#a7 ,I CONCLUDE BY ANSW]+ ,MR4 ,FI%]'S QUE/IONS47#g#c 8 #c#a7  

,! 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 ( IT47#g#c 8 #c#b7  

,NEI!R GOLD NOR ANY O!R COMMODITY IS B\<T BY PEOPLE :O DON'T WANT TO CONSUME IT OR 9 SOME WAY CAUSE O!RS TO CONSUME IT4 ,GOLD IS 9 PROCESS ( CONSUMPTION :5 IT IS US$ AS CURR5CY47#g#c 8 #c#c7  

,MUTUAL BANK+ MI<T OR MI<T NOT CAUSE GOLD TO LOSE ITS PREEM95CE AS ! MO/ ?OR\<LY CON/ITUT$ VALUE4 ,IF IT %\LD DO SO1 !N SOME O!R COMMODITY MORE CON/ANTLY DEM&$ & UNI=MLY SUPPLI$ W\LD TAKE ! PLACE ( GOLD AS A /&>D ( VALUE4 ,IT C]TA9LY IS UNSCI5TIFIC TO IMP>T A FACTITI\S1 MONOPOLY VALUE TO A COMMODITY 9 ORD] TO MAKE ITS VALUE /EADY47#g#c 8 #c#d7  

,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$ ,/ATES1 :]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 FALL47#g#c 8 #c#e7  

,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$1 ! VOLUME ( MONEY W\LD BE GREAT] ON ACC\NT ( ! ABUNDANCE ( GOLD4 ,?IS 9CREASE ( VOLUME W\LD L[] ! RATE ( 9T]E/47#g#c 8 #c#f7  

,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 MONOPOLY47#g#c 8 #c#g7  

,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 AS 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+ BY LAW OBLIG$ TO BUY SO MANY MILLIONS EA* MON?1 IT !REBY CREATES AN >TIFICIAL M>KET47#g#c 8 #c#h7 

,FROM 3 FAIR-USE4ORG4 

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