,9T]E/ & ,PR9CIPAL3 ,! ,ORIG9 ( ,GR\ND ,R5T 

#ahdi 

,PEOPLE 3 

,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON 

,TAGS 3 9COME FROM CAPITAL1 L5D+ AT 9T]E/1 LIVE )\T WORK+1 NET PRODUCT1 CAPITAL1 9T]E/1 MONEY1 CAPITALI/1 9COME1 L&4 

,TEXT 3 

,!SE LETT]S1 ADDRESS$ TO ,FR$]IC ,BA/IAT1 AN ECONOMI/1 ORIG9ALLY APPE>$ 9 A DEBATE PUBLI%$ 9 ,! ,VOICE ( ! ,PEOPLE1 9 #a#h#d#i4 

,9T]E/ & ,PR9CIPAL 

,! ,ORIG9 ( ,GR\ND ,R5T  

 ,I SAID BE=E ?AT 9 ANCI5T TIMES ! L&$ PROPRIETOR1 :5 NEI!R HE NOR HIS FAMILY F>M$ HIS L&1 AS WAS ! CASE AMONG ! ,ROMANS 9 ! E>LY DAYS ( ! ,REPUBLIC1 CULTIVAT$ IT ?R\< HIS SLAVES3 SU* WAS ! G5]AL PRACTICE ( PATRICIAN FAMILIES4  ,!N SLAV]Y & ! SOIL W]E *A9$ TOGE!R2 ! F>M] WAS CALL$ ADSCRPITUS GLEBOE1 JO9$ TO ! L&2 PROP]TY 9 M5 & ?+S WAS UNDIVID$4  ,! PRICE ( A F>M DEP5D$ 7#a7 UPON ITS >EA & QUALITY ( ITS SOIL1 7#b7 UPON ! QUANTITY ( /OCK1 & 7#c7 UPON ! NUMB] ( SLAVES4 

 ,:5 ! EMANCIPATION ( ! SLAVE WAS PROCLAIM$1 ! PROPRIETOR LO/ ! MAN & KEPT ! L&2 JU/ AS TODAY1 9 FREE+ ! BLACKS1 WE LEAVE ! MA/] HIS PROP]TY 9 L& & /OCK4  ,NEV]!LESS1 FROM ! /&PO9T ( ANCI5T LAW AS WELL AS ( NATURAL & ,*RI/IAN RI<T1 MAN1 BORN TO LABOR1 CANNOT DISP5SE ) ! IMPLEM5TS ( LABOR2 ! PR9CIPLES ( EMANCIPATION 9VOLV$ AN AGR>IAN LAW :I* GU>ANTEES !M TO HIM & PROTECTS HIM 9 !IR USE3 O!RWISE1 ?IS PRET5D$ EMANCIPATION WAS ONLY AN ACT ( HATEFUL CRUELTY1 AN 9FAM\S DECEPTION1 & IF1 AS ,MOSES SAID1 9T]E/1 OR ! YE>LY 9COME FROM CAPITAL1 REIMBURSES CAPITAL1 MI<T IT NOT BE SAID ?AT S]VITUDE REIMBURSES PROP]TY8 ,! !OLOGIANS & ! LAW-GIV]S ( ! TIME DID NOT UND]/& ?IS1 & BY AN IRRECONCILABLE CONTRADICTION1 :I* /ILL EXI/S1 !Y CONT9U$ TO RAIL AT USURY1 BUT GAVE ABSOLUTION TO R5T4 

 ,! RESULT WAS ?AT ! EMANCIPAT$ SLAVE1 &1 A FEW C5TURIES LAT]1 ! 5FRAN*IS$ S]F1 )\T MEANS ( EXI/5CE1 WAS OBLIG$ TO BECOME A T5ANT & PAY TRIBUTE4  ,! MA/] GREW /ILL RI*]4  ,I WILL FURNI% Y\1 HE SAYS1 ) L&2 Y\ %ALL FURNI% ! LABOR2 & WE WILL DIVIDE ! PRODUCTS4  ,IT WAS A REPRODUCTION ON ! F>M ( ! WAYS & CU/OMS ( BUS9ESS4  ,I WILL L5D Y\ T5 TAL5TS1 SAID ! MONEY$ MAN TO ! WORK+MAN2 Y\ %ALL USE !M2 & !N EI!R WE WILL DIVIDE ! PR(ITS1 OR ELSE1 AS LONG AS Y\ KEEP MY MONEY1 Y\ %ALL PAY ME A TW5TIE?2 OR1 IF Y\ PREF]1 AT ! EXPIRATION ( ! LOAN1 Y\ %ALL RETURN D\BLE ! AM\NT ORIG9ALLY RECEIV$4 ,FROM ?IS SPRANG GR\ND-R5T1 UNKN[N TO ! ,RUSSIANS & ! ,>ABS4  ,! EXPLOITATION ( MAN BY MAN1 ?ANKS TO ?IS TRANS=MATION1 PASS$ 9TO ! =M ( LAW3 ,USURY1 CONDEMN$ 9 ! =M ( L5D+ AT 9T]E/1 TOL]AT$ 9 ! CONTRAT A LA GROSSE1 WAS EXTOLL$ 9 ! =M ( F>M-R5T4  ,FROM ?AT MOM5T COMM]CIAL & 9DU/RIAL PROGRESS S]V$ TO MAKE IT ONLY MORE & MORE CU/OM>Y4  ,?IS WAS NECESS>Y 9 ORD] TO EXHIBIT ALL ! V>IETIES ( SLAV]Y & ROBB]Y1 & TO E/ABLI% ! TRUE LAW ( HUMAN LIB]TY4 

 ,ONCE 5GAG$ 9 ?IS PRACTICE ( 9T]ESSE1 SO /RANGELY UND]/OOD1 SO IMPROP]LY APPLI$1 SOCIETY BEGAN TO REVOLVE 9 ! CIRCLE ( ITS MIS]IES4  ,!N IT WAS ?AT 9EQUALITY ( CONDITIONS SEEM$ A LAW ( CIVILIZATION1 & EVIL A NECESSITY ( \R NATURE4 

 ,TWO WAYS1 H[EV]1 SEEM$ OP5 TO LABOR]S TO FREE !MSELVES FROM EXPLOITATION BY ! CAPITALI/3 ONE WAS1 AS WE SAID ABOVE1 ! GRADUAL BALANC+ ( VALUES & CONSEQU5TLY A DECREASE 9 ! PRICE ( CAPITAL2 ! O!R WAS ! RECIPROCITY ( 9T]E/4 

 ,BUT IT IS EVID5T ?AT ! 9COME FROM CAPITAL1 REPRES5T$ MA9LY BY MONEY1 CANNOT BE TOTALLY DE/ROY$ BY DECREAS+ IT2 =1 AS Y\ WELL SAY1 SIR1 IF MY CAPITAL BR\<T ME NO?+1 9/EAD ( L5D+ IT ,I %\LD KEEP IT1 & ! LABOR]1 9 CONSEQU5CE ( HAV+ REFUS$ TO PAY ! TI!1 W\LD BE \T ( WORK4  ,AS = ! RECIPROCITY ( USURY1 IT IS C]TA9LY POSSIBLE BETWE5 CONTRACTOR & CONTRACTOR1 CAPITALI/ & CAPITALI/1 PROPRIETOR & PROPRIETOR2 BUT BETWE5 PROPRIETOR1 CAPITALI/1 OR CONTRACTOR1 & ! COMMON LABOR]1 IT IS UTT]LY IMPOSSIBLE4  ,IT IS IMPOSSIBLE1 ,I SAY1 AS LONG AS 9 COMM]CE 9T]E/ ON CAPITAL IS ADD$ TO ! WORK+MAN'S WAGES AS A P>T ( ! PRICE ( M]*&ISE1 = ! WORK+MAN TO REPUR*ASE :AT HE HAS HIMSELF PRODUC$4  ,TO LIVE BY WORK+ IS A PR9CIPLE :I*1 AS LONG AS 9T]E/ EXI/S1 9VOLVES A CONTRADICTION4 

 ,SOCIETY ONCE DRIV5 9TO ?IS CORN]1 ! ABSURDITY ( ! CAPITALI/IC !ORY IS %[N BY ! ABSURDITY ( ITS CONSEQU5CES2 ! 9H]5T 9IQUITY ( 9T]E/ RESULTS FROM ITS HOMICIDAL EFFECTS1 & :ILE PROP]TY BEG9S & 5DS 9 R5T & USURY1 ITS AFF9ITY ) ROBB]Y WILL BE E/ABLI%$4 ,CAN IT EXI/ UND] O!R CONDITIONS8 ,= MY [N P>T1 ,I SAY NO3 BUT ?IS IS AN 9QUIRY 5TIRELY =EIGN TO ! QUE/ION N[ UND] DISCUSSION1 & ,I WILL NOT 5T] UPON IT4 

 ,LOOK N[ AT ! SITUATION ( BO? CAPITALI/ & LABOR]1 RESULT+ FROM ! 9V5TION ( MONEY1 ! P[] ( SPECIE1 & ! E/ABLI%$ SIMIL>ITY BETWE5 ! L5D+ ( MONEY & ! R5T+ ( L& & H\SES4 

 ,! FIR/1--= IT IS NECESS>Y TO JU/IFY HIM1 EV5 9 Y\R EYES1--CONTROLL$ BY ! PREJUDICE 9 FAVOR ( MONEY1 CANNOT GRATUIT\SLY DISPOSSESS HIMSELF ( HIS CAPITAL 9 FAVOR ( ! LABOR]4  ,NOT ?AT SU* DISPOSSESSION IS A SACRIFICE1 =1 9 HIS H&S1 CAPITAL IS UNPRODUCTIVE2 NOT ?AT HE 9CURS ANY RISK ( LOSS1 =1 BY TAK+ A MORTGAGE AS SECURITY1 HE IS SURE ( REPAYM5T2 NOT ?AT ?IS LOAN+ CO/S HIM ! SLI<TE/ TR\BLE1 UNLESS Y\ CONSID] AS SU* C\NT+ ! MONEY & V]IFY+ ! SECURITY2 BUT BECAUSE1 BY DISPOSSESS+ HIMSELF = EV] SO %ORT A TIME ( HIS MONEY1--( ?IS MONEY :I*1 BY ITS PR]OGATIVE1 IS1 AS HAS BE5 SO JU/LY SAID1 P[]1--! CAPITALI/ LESS5S HIS /R5G? & HIS SAFETY4 

 ,?IS W\LD BE O!RWISE1 IF1 GOLD & SILV] W]E ONLY ORD9>Y M]*&ISE2 IF ! POSSESSION ( CO9 WAS REG>D$ AS NO MORE DESIRABLE ?AN ! POSSESSION ( :EAT1 W9E1 OIL1 OR LEA!R2 IF ! SIMPLE ABILITY TO LABOR GAVE A MAN ! SAME SECURITY AS ! POSSESSION ( MONEY4  ,:ILE ?IS MONOPOLY ( CIRCULATION & EX*ANGE EXI/S1 USURY IS NECESS>Y TO ! CAPITALI/4  ,HIS MOTIVES1 9 ! LI<T ( JU/ICE1 >E NOT REPREH5SIBLE3 :5 HIS MONEY LEAVES HIS [N VAULT1 HIS SAFETY GOES ) IT4 

 ,N[1 ?IS NECESSITY1 :I* IS LAID UPON ! CAPITALI/ BY AN 9VOLUNT>Y & WIDESPREAD PREJUDICE1 IS1 AS RESPECTS ! LABOR]1 ! MO/ %AMEFUL ( ROBB]IES1 AS WELL AS ! MO/ HATEFUL ( TYRANNIES1 ! TYRANNY ( =CE4 

 ,:AT >E1 9DE$1 ! !ORETICAL & PRACTICAL CONSEQU5CES TO ! WORK+-CLASS1 TO ?IS VITAL1 PRODUCTIVE1 & MORAL PORTION ( SOCIETY1 ( L5D+ AT 9T]E/ & ITS C\NT]P>T1 F>M-R5T8 ,I TODAY CONF9E MYSELF TO ! 5UM]ATION ( SOME ( !M1 TO :I* ,I CALL Y\R ATT5TION1 & :I* H]EAFT]1 IF AGREEABLE TO Y\1 %ALL BE ! SUBJECT ( \R DISCUSSION4 

 ,& FIR/1 IT IS ! PR9CIPLE ( 9T]E/1 OR ( NET PRODUCT1 ?AT 5ABLES AN 9DIVIDUAL REALLY & LEGITIMATELY TO LIVE )\T WORK+3 ?AT IS ! CONCLUSION ( Y\R LA/ LETT] BUT ONE1 & SU*1 9 FACT1 IS ! CONDITION TO :I* EV]Y ONE TODAY ASPIRES4 

 ,AGA93 ,IF ! PR9CIPLE ( NET PRODUCT IS TRUE ( ! 9DIVIDUAL1 IT MU/ BE TRUE ALSO ( ! NATION2 = EXAMPLE1 ! CAPITAL ( ,FRANCE1 BO? REAL & P]SONAL1 BE+ VALU$ AT ONE HUNDR$ & ?IRTY-TWO BILLIONS1 :I* YIELDS1 AT FIVE P]C5T1 AN ANNUAL 9COME ( SIXTY-SIX HUNDR$ MILLIONS1 AT LEA/ HALF ( ! ,FR5* NATION MI<T1 IF IT PLEAS$1 LIVE )\T WORK+2 9 ,5GL&1 :]E ! AM\NT ( ACCUMULAT$ CAPITAL IS MU* L>G] ?AN 9 ,FRANCE1 & ! POPULATION MU* SMALL]1 ! 5TIRE NATION1 FROM ,QUE5 ,VICTORIA D[N TO ! L[E/ HANG]-ON ( ! SON ( ,LIV]POOL1 MI<T LIVE ON ! PRODUCT ( ITS CAPITAL1 PROM5AD+ ) CANE 9 H&1 OR GROAN+ 9 PUBLIC MEET+S4  ,:I* LEADS TO ?IS CONCLUSION1 EVID5TLY AN ABSURD ONE1 ?AT1 ?ANKS TO ITS CAPITAL1 SU* A NATION HAS MORE 9COME ?AN ITS LABOR CAN PRODUCE4 

 ,AGA93 ,! TOTAL AM\NT ( WAGES PAID ANNUALLY 9 ,FRANCE BE+ 9 ! NEI<BORHOOD ( SIX ?\S& MILLIONS1 & ! TOTAL AM\NT ( REV5UE YIELD$ BY CAPITAL BE+ ALSO SIX ?\S& MILLIONS1 MAK+ ! M>KET VALUE ( ! ANNUAL PRODUCT ( ! NATION TWELVE ?\S& MILLIONS1 ! PRODUC]S1 :O >E ALSO CONSUM]S1 CAN & MU/ PAY1 ) ! SIX ?\S& MILLIONS ( WAGES ALL[$ !M1 ! TWELVE ?\S& MILLIONS :I* COMM]CE DEM&S ( !M AS ! PRICE ( ITS M]*&ISE1 & )\T :I* ! CAPITALI/S W\LD F9D !MSELVES M9US AN 9COME4 

 ,AGA93 ,9T]E/ BE+ P]PETUAL 9 ITS NATURE1 & NEV] BE+ REG>D$1 AS ,MOSES WI%$1 AS A REPAYM5T ( ! ORIG9AL CAPITAL1 & FUR!R1 IT BE+ POSSIBLE TO PLACE EA* YE>'S 9COME AT 9T]E/ 9 ITS TURN1 ?US =M+ A NEW LOAN1 & CONSEQU5TLY GIV+ RISE TO A NEW 9COME1 ! SMALLE/ AM\NT ( CAPITAL MAY1 9 TIME1 YIELD SUMS SO 5ORM\S AS TO EXCE$ 9 VALUE A MASS ( GOLD AS L>GE AS ! GLOBE ON :I* WE LIVE4  ,PRICE DEMON/RAT$ ?IS 9 HIS !ORY ( LIQUIDATION4 

 ,AGA93 ,! PRODUCTIVITY ( CAPITAL BE+ ! IMM$IATE & SOLE CAUSE ( ! 9EQUALITY ( WEAL?1 & ! CONT9UAL ACCUMULATION ( CAPITAL 9 A FEW H&S1 IT MU/ BE ADMITT$1 9 SPITE ( ! PROGRESS ( KN[L$GE1 9 SPITE ( ,*RI/IAN REVELATION & ! EXT5SION ( PUBLIC LIB]TY1 ?AT SOCIETY IS NATURALLY & NECESS>ILY DIVID$ 9TO TWO CLASSES--A CLASS ( EXPLOIT+ CAPITALI/S & A CLASS ( EXPLOIT$ LABOR]S4 

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahdh 3 ,9T]E/ & ,PR9CIPAL3 ,! ,ORIG9 ( ,GR\ND ,R5T -- ,PUBLICATION4 
,FEBRU>Y #a1 #bag 3 ,9T]E/ & ,PR9CIPAL3 ,! ,ORIG9 ( ,GR\ND ,R5T -- ,ADD$4 
,DECEMB] #c1 #bba 3 ,9T]E/ & ,PR9CIPAL3 ,! ,ORIG9 ( ,GR\ND ,R5T -- ,UPDAT$4 

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