,P>T #b1 ,*APT] #cd 
,MR4 ,BILGRAM'S ,REJO9D] 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,MR4 ,BILGRAM'S ,REJO9D]4 

.<,LIB]TY1 ,APRIL #a#i1 #a#h#i4.> 

,TO ! ,$ITOR ( ,LIB]TY37#h#e 8 #a7  

,MY REJO9D] ON Y\R REM>KS ON MY LA/ COMMUNICATION1 9 Y\R ISSUE ( ,FEBRU>Y #a#e1 WAS UNAVOIDABLY DELAY$47#h#e 8 #b7  

,ABOVE ALL1 ,I MU/ ADMIT AN OMISSION 9 MY EXPOSITION1 BUT1 S9CE IT WAS ON BO? SIDES ( ! QUE/ION1 ! RESULT REMA9S UNAFFECT$4 ,I HAD PAID NO ATT5TION TO ! LABOR 9VOLV$ 9 MAK+ LOANS4 ,9CLUD+ ?IS ADMITT$ FACTOR1 MY >GUM5T IS ?IS3 ,! EXP5SES ( MUTUAL BANKS MAY BE DIVID$ 9TO ?REE CATEGORIES1--I4E41 RISKS1 CO/ ( MAK+ LOANS1 & CO/ ( MAK+ ! TOK5S4 ,!SE ?REE ITEMS >E REPRES5T$ 9 ! 9T]E/ PAYABLE BY ! PATRONS ( SU* BANKS1 &1 :ILE !Y DET]M9E ! CURR5T RATE ( 9T]E/1 ?OSE :O L5D MONEY :I* !Y HAVE ACQUIR$ HAVE TO BE> ONLY TWO ( !SE ITEMS1 & WILL OBTA9 9T]E/ COMPOS$ ( ! ?REE1 & CONSEQU5TLY RECEIVE PAY = WORK !Y HAVE NOT P]=M$4 ,& CAPITAL HAV+ ! P[] ( BR++ AN UNE>N$ 9COME AS LONG AS MONEY IS ?US BLESS$1 ,I /ILL HOLD ?AT JU/ICE IS NOT ATTA9$ UNTIL ! GROSS 9T]E/ IS R$UC$ TO ! RATE ( RISK & CO/ ( MAK+ LOANS1 ! CO/ ( MAK+ ! TOK5S BE+ DEFRAY$ BY PUBLIC CONTRIBUTIONS47#h#e 8 #c7  

,IT CANNOT BE D5I$ ?AT ! BURD5 ( DISC\NT FALLS ULTIMATELY1 NOT ON ! BORR[]S1 BUT ON ! PEOPLE2 ! TR\BLE IS ?AT ! PEOPLE >E COMPELL$ TO PAY MORE ?AN ?IS DISC\NT1 & MY DESIRE IS ?AT !Y %\LD CEASE TO PAY ?IS EXCESS :I* N[ FALLS 9TO ! H&S ( ! [N]S ( CAPITAL47#h#e 8 #d7  

,%\LD ! QUE/ION ( FREE BANK+ BECOME A POLITICAL ISSUE1 ,I %\LD HE>TILY COOP]ATE ) Y\ 9 FUR!R+ ! OBJECT4 ,BUT ?IS DOES NOT PREV5T ME FROM ADVOCAT+ A GOV]NM5T ISSUE1 PROVID$ ! BORR[]S >E *>G$ NO MORE ?AN RISK & CO/ ( MAK+ ! LOANS1 AS A PREF]ABLE MEASURE47#h#e 8 #e7 

,Y\RS TRULY1 

,HUGO ,BILGRAM4 

,PHILADELPHIA1 ,M>* #c#a1 #a#h#i4 
  

,TO ! ABOVE !RE >E AT LEA/ TWO ANSW]S4 ,! FIR/ IS ?AT FACTOR 9 ! RATE ( 9T]E/ :I* REPRES5TS ! CO/ ( MAK+ TOK5S IS SO 9SIGNIFICANT 7PROBABLY LESS ?AN ONE-T5? ( ONE P]C5T1 GUESS+ AT IT7 ?AT ! PEOPLE C\LD WELL AF=D 7IF !RE W]E NO ALT]NATIVE7 TO LET A FEW 9DIVIDUALS PR(IT TO ?AT EXT5T RA!R ?AN SUFF] ! 5ORM\S EVILS ?AT RESULT FROM TRANSF]R+ 5T]PRISE FROM PRIVATE TO GOV]NM5T CONTROL4 ,I AM NOT SO 5AMOR$ ( ABSOLUTE EQUALITY ?AT ,I W\LD SACRIFICE BO? H&S RA!R ?AN ONE F+]47#h#e 8 #f7  

,! SECOND ANSW] IS ?AT NO PRIVATE MONEY-L5D]S C\LD1 UND] A FREE SY/EM1 REAP EV5 ! SMALL PR(IT REF]R$ TO4 ,MR4 ,BILGRAM SPEAKS ( ?OSE :O L5D MONEY :I* !Y HAVE ACQUIR$4 ,ACQUIR$ H[8 ,ANY MONEY :I* !Y HAVE ACQUIR$ MU/ HAVE ORIG9AT$ ) ISSU]S :O PAID ! CO/ ( MAK+ ! TOK5S1 & EV]Y TIME IT HAS *ANG$ H&S ! BURD5 ( ?IS CO/ HAS BE5 TRANSF]R$ ) IT4 ,IS IT LIKELY ?AT M5 :O ACQUIRE MONEY BY PAY+ ?IS CO/ WILL L5D IT TO O!RS )\T EXACT+ ?IS CO/8 ,IF !Y %\LD1 !Y W\LD BE WORK+ = O!RS = NO?+1--A V]Y DIFF]5T ?+ FROM RECEIV+ PAY = WORK !Y HAD NOT P]=M$4 ,NO MAN CAN L5D MONEY UNLESS HE EI!R ISSUES IT HIMSELF & PAYS ! CO/ ( MAK+ ! TOK5S1 OR ELSE BUYS OR BORR[S IT FROM O!RS TO :OM HE MU/ PAY ?AT CO/47#h#e 8 #g7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
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