,P>T #b1 ,*APT] #bh 
,A ,/&>D ( ,VALUE A ,NECESSITY 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,A ,/&>D ( ,VALUE A ,NECESSITY4 

.<,LIB]TY1 ,JUNE #a#c1 #a#h#i#a4.> 

,READ]S ( ,LIB]TY WILL REMEMB] AN >TICLE 9 ,NO4 #ahd ON ,! ,FUNCTIONS ( ,MONEY1 REPR9T$ FROM ! ,GALVE/ON ,NEWS4 ,9 A LETT] TO ! ,NEWS ,I COMM5T$ UPON ?IS >TICLE AS FOLL[S37#h 8 #a7 

,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] CO9S 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 PRIVILEGE47#h 8 #b7 
  

,! ,NEWS PR9T$ MY LETT]1 & MADE ! FOLL[+ REJO9D]37#h 8 #c7 

,IT WILL OCCUR ?AT 9 EMPHASIZ+ ONE >GUM5T !RE IS SU* NE$ ( PASS+ O!RS BY ) SEEM+ UNCONC]N ?AT TO SOME M9DS O!R TRU?S SEEM SLI<T$1--TRU?S :I* ALSO NE$ EMPHASIZ+ P]HAPS 9 AN EQUAL1 OR IT MAY BE1 = USEFUL PRACTICAL REASONS1 9 A SUP]IOR DEGREE4 ,! ,NEWS AIMS AT ILLU/RAT+ ONE ?+ AT A TIME1 BUT IT IS BO? RECEPTIVE & GRATEFUL TO ?OSE CORRESPOND5TS :O 9TELLIG5TLY EXT5D ITS WORK & 9DICATE USEFUL SUBJECTS = DISCUSSION1 GIV+ !IR BE/ ?\<T !REON4 ,A ,BO/ON READ]1 SPEAK+ ( ! /&>D ( VALUE1 /ATES AN UND5IABLE TRU? TO ! EFFECT ?AT )\T A ?+ OR ?+S ( VALUE TO :I* PAP] MONEY CAN BE REF]R$ & :I* CAN ULTIMATELY BE GOT = IT1 SU* MONEY W\LD BE UNTRU/WOR?Y OR WOR?LESS4 ,! ,NEWS 9 A PA/ >TICLE WAS DISCUSS+ PRIM>Y COMM]CE & ! TRANSITION TO 9DIRECT EX*ANGE4 ,NO AGRE$ /&>D = VALUATION IS NE$$ :ILE M]E B>T] IS ! RULE2 BUT IT IS 9DISP5SABLE AS SOON AS CIRCULAT+ NOTES >E ISSU$4 ,! VISE ( ! GRE5BACK !ORY IS ?AT ! NOTES DO NOT CALL = ANY?+ 9 P>TICUL>1 & SO1 IF !IR VOLUME BE D\BL$1 !IR PUR*AS+ P[] MU/ APP>5TLY DECL9E ONE-HALF4 ,A NOTE PROP]LY BAS$ ON GOLD1 SILV]1 :EAT1 COTTON1 OR O!R COMMODITY HAS A TANGIBLE SECURITY BEH9D IT4 ,! ONE ?+ MAY BE BETT] ?AN ! O!R1 BUT ! PR9CIPLE IS !RE 9 ALL4 ,IT IS1 H[EV]1 A NOTABLE TRU? ?AT ! /&>D = VALUATION CAN BE NO?+ BETT] ?AN AN EMPIRICAL ONE4 ,LIKE MA!MATICAL QUANTITIES1 VALUE HAS NO 9DEP5D5T EXI/5CE1 BUT1 UNLIKE MA!MATICAL QUANTITIES1 VALUE HAS NOT EV5 EXI/5CE AS A QUALITY ( ONE OBJECT4 ,IT CANNOT BE COMP>$ TO A MEASURE ( L5G?1 :I* POSSESSES ! QUALITY ( EXT5SION 9 ITSELF4 ,GOLD IS ASSUM$ TO V>Y LITTLE 9 RELATION TO O!R ?+S1 & !Y TO V>Y MU* 9 RELATION TO GOLD4 ,NOBODY CAN KN[ H[ MU* GOLD DOES V>Y 9 ! RELATION4 ,! NOTABLE /EAD9ESS IS 9 ! AM\NT ( LABOR :I* WILL PRODUCE A GIV5 QUANTITY & ! L5G? ( TIME :I* IT WILL LA/4 ,! BASIS ( ! ASSUM$ /EAD9ESS ( GOLD IS ?US F\ND4 ,BUT IF ! /&>D = USE 9 MAK+ VALUATIONS BE CONFESS$LY EMPIRICAL & VALUE AN ELUSIVE QUALITY NOT ( ?+S SEP>ATELY1 BUT ( ?+S 9 RELATION1 !RE IS A C\NT]VAIL+ DIFF]5CE BETWE5 A /&>D ( L5G? & A /&>D ( VALUE1 :I* RESULTS 9 DISPOS+ ( ! OBJECTION ?AT ! /&>D IS EMPIRICAL4 ,:Y W\LD IT BE A S]I\S OBJECTION TO A Y>D/ICK IF IT W]E LONG] OR %ORT] FROM DAY TO DAY8 ,BECAUSE ?US ! CU/OM] W\LD GET MORE OR LESS CLO? ?AN WAS 9T5D$4 ,BUT :Y IS ?AT8 ,BECAUSE ! FUNCTION ( ! Y>D/ICK IS TO MEASURE = DELIV]Y AS GREAT A L5G? ( CLO? AS ITS [N L5G?4 ,BUT N[ LET US VISIT A BANK OR 9SURANCE (FICE4 ,WE WANT A LOAN ( CIRCULAT+ NOTES OR A POLICY ( 9SURANCE4 ,! PROP]TY (F]$ AS SECURITY IS VALU$4 ,ASSUME ?AT GOLD IS TAK5 AS ! /&>D1 & ?AT ! LOAN OR ! POLICY IS = @s#f ON A VALUATION ( @s#a14 ,IT IS NO MATT] 9 !SE CASES IF ! /&>D V>IES1 PROVID$ IT DOES NOT V>Y TO EXCE$ ! M>G9 BETWE5 ! VALUATION & ! OBLIGATION4 ,! PROP]TY PL$G$ IS M]ELY SECURITY = ! LOAN1 OR1 9 ! CASE ( 9SURANCE1 ! PREMIUM PAID IS A P]C5T ( ! AM\NT 9SUR$4 ,! M>G9 BETWE5 ! VALUATION & ! LOAN IS E/ABLI%$ TO MAKE ! LOAN ABUNDANTLY SAFE4 ,! POLICY IS SAFELY WRITT5 ?R\< ! SAME EXP$I5T4 ,! EMPIRICAL /&>D ( VALUE HAS A NE$FUL COMP5SATION AB\T IT :I* ! Y>D/ICK OR O!R MEASURE NEI!R HAS NOR NE$S1--VIZ41 ! VALU+ GOODS DOES NOT DELIV] !M4 ,IT IS PROVISIONAL4 ,9 CASE ( DEFAULT 9 PAY+ BACK ! LOAN1 ! GOODS >E SOLD & ! SAME MONEY BORR[$ IS PAID BACK1 BUT ! RESIDUE GOES TO ! BORR[]4 ,IT IS !RE=E AN EFFICI5T COMP5SATION = ! LACK ( AN 9V>IABLE /&>D ( VALUE ?AT ! ACTUAL /&>D 9 ANY CASE IS SIMPLY US$ AS A MEANS ( E/IMAT+ LIMITS )9 :I* LOANS >E SAFE4 ,ALL DANG] IS AVOID$ BY GIV+ ! BORR[] ! FAMILI> RI<T 9 CASE ( =ECLOSURE4 ,IT IS SOMETIMES A F9E ?+ TO DISCOV] DI/9CTIONS1 BUT IT IS FREQU5TLY A F9] ?+ TO DISCOV] :E!R OR NOT ! DI/9CTIONS AFFECT ! QUE/ION47#h 8 #d7 
  

,:ILE NOT HESITAT+ = A MOM5T TO ACCEPT ! ,NEWS'S EXPLANATION ?AT1 :5 H9T+ ?AT A /&>D ( VALUE IS NOT 9DISP5SABLE1 IT WAS SPEAK+ ( B>T] ONLY1 ,I MAY PO9T \T NEV]!LESS ?AT !RE WAS A SLIP ( ! P51 & ?AT ! WORDS ACTUALLY US$ CONVEY$ ! IDEA ?AT SOME?+ MORE ?AN B>T] WAS 9 VIEW4 ,LET ME QUOTE FROM ! ORIG9AL >TICLE37#h 8 #e7 

,IT IS MANIFE/ ?AT A M$IUM ( EX*ANGE IS ABSOLUTELY NECESS>Y TO ALL TRADE BEYOND B>T]4 ,A /&>D ( VALUE IS HI<LY DESIRABLE1 BUT P]HAPS ?IS IS AS MU* AS CAN BE SAFELY ASS]T$ ON ?AT QUE/ION47#h 8 #f7 
  

,IT SEEMS TO ME A FAIR 9T]PRETATION ( ?IS LANGUAGE TO CLAIM ! MEAN+ ?AT 9 TRADE BEYOND B>T] IT IS NOT SURE ?AT A /&>D ( VALUE IS ABSOLUTELY NECESS>Y4 ,& ?IS 9T]PRETATION RECEIVES ADDITIONAL JU/IFICATIONS :5 IT IS REMEMB]$ ?AT ! WORDS W]E US$ 9 ANSW] TO ! ,EV5+ ,PO/'S CONT5TION ?AT1 9 COMP>+ ! TWO FUNCTIONS ( MONEY1 ITS (FICE ( M$IUM ( EX*ANGE MU/ BE HELD 9F]IOR TO ITS (FICE ( MEASUR+ VALUES47#h 8 #g7  

,H[EV]1 ! ,NEWS N[ MAKES IT SUFFICI5TLY CLE> ?AT A /&>D ( VALUE IS ABSOLUTELY ESS5TIAL TO MONEY1 !REBY TAK+ COMMON GR\ND ) ME AGA9/ ! POSITION ( ,COMRADE ,WE/RUP4 ,/ILL ,I CANNOT QUITE AGREE TO ALL ?AT IT SAYS 9 COMM5T UPON ! ,WE/RUP VIEW47#h 8 #h7  

,FIR/1 ,I QUE/ION ITS 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+ 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]ATION47#h 8 #i7  

,SECOND1 ,I QUE/ION :E!R ! ,NEWS'S C\NT]VAIL+ DIFF]5CE BETWE5 A /&>D ( L5G? & A /&>D ( VALUE E/ABLI%ES ALL ?AT IT CLAIMS4 ,9 ! SUPPOS$ CASE ( A BANK LOAN SECUR$ BY MORTGAGE1 ! M>G9 BETWE5 ! VALUATION & ! OBLIGATION PRACTICALLY SECURES ! NOTE-HOLD] AGA9/ LOSS FROM A DECL9E 9 ! VALUE ( ! SECURITY1 BUT IT DOES NOT SECURE HIM AGA9/ A 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#e 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+S1 9/EAD ( @s#e 9 GOLD1 @s#f 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 BLO? ) 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&47#h 8 #a7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #bh -- ,PUBLICATION4 
,FEBRU>Y #b1 #bag 3 ,P>T #b1 ,*APT] #bh -- ,ADD$4 

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