,LIB]TY ,VOL4 ,I4 ,NO4 #a 
,NOT ! ,DAU<T] ,BUT ! ,MO!R ( ,ORD] 

,PEOPLE 3 

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

,TEXT 3 

0,= ALWAYS 9 ?9E EYES1 ,O ,LIB]TY6 

,%9ES ?AT HI< LI<T :]EBY ! WORLD IS SAV$2 

,& ?\< ?\ SLAY US1 WE WILL TRU/ 9 !E40 

-- ,JOHN ,HAY4 

,ON ,PICKET ,DUTY4 

,)\T UNRE/RICT$ COMPETITION !RE CAN BE NO TRUE COOP]ATION4 

,! ,BO/ON 0,9VE/IGATOR0 (F]S ITSELF TO TRIAL SUBSCRIB]S = ONE MON? = TW5TY-FIVE C5TS4 ,! PAP] HAS A GLORI\S RECORD1 & ALL ,LIB]ALS %\LD UNITE 9 REW>D+ ITS VALIANT /RUGGLE AGA9/ SUP]/ITION BY /AN* SUPPORT 9 ITS HONORABLE & /ILL VIGOR\S OLD AGE4 

,H]B]T ,SP5C]1 ?\< HE KN[S NO?+ ( ,PR\DHON'S IDEAS & MADE A COMPLETE FOOL ( HIMSELF ON ! ONLY OCCASION :5 HE EV] UND]TOOK TO CRITICIZE !M1 IS AS MU* ( AN AN>*I/1 IF HE ONLY KNEW IT1 AS WAS ,PR\DHON HIMSELF4 ,= HIS !ORY ( SOCIAL EVOLUTION FROM MILITANCY TO 9DU/RIALISM MEANS ! EV5TUAL ABOLITION ( ! ,/ATE4 ,MR4 ,SP5C] IS A PHILOSOPH] :O BUSIES HIMSELF MORE ) ! PA/ ?AN ! FUTURE1 BUT ! LESSON ( HIS TEA*+ & ! APPLICATIONS ( HIS !ORIES1 ?\< LESS EMPHATIC ON ?AT ACC\NT1 >E JU/ AS CLE> TO ?9K+ PEOPLE4 

,AT ! REC5T CELEBRATION ( ,JOHN ,BRI<T'S SEV5TIE? BIR?DAY AT ,RO*DALE ! H]O ( ! OCCASION1 RESPOND+ TO ! TRIBUTES ( ! ADMIR+ LABOR+ POPULATION1 BRIEFLY ROVIEW$ ! PROGRESS MADE 9 ,5GL& DUR+ HIS C>E]4 ,9 ! C\RSE ( A GLORIFICATION ( FREE TRADE HE SAID1 JUBILANTLY3 0,SO F> AS SELL+ TO ALL ! WORLD1 Y\ >E P]FECTLY FREE ) Y\R LABOR AS WE >E P]FECTLY FREE ) \R CAPITAL40 ,:AT A SORR[FUL SATIRE UPON ! PRES5T SY/EM ( 9DU/RY & COMM]CE ?AT A PROM95T REPRES5TATIVE ( A CLASS :I* DOES NEXT TO NO LABOR & !RE=E PRODUCES NEXT TO NO CAPITAL %\LD BE ABLE TO /& BE=E AN AUDI5CE MADE UP FROM ! CLASS :I* DOES NE>LY ALL ! LABOR & !RE=E PRODUCES NE>LY ALL ! CAPITAL1 & TALK TO !M1 UNREBUK$1 ( 0Y\R LABOR0 & 0\R CAPITAL06 

,! 0,FREE ,RELIGI\S ,9DEX0 HAS DROPP$ ! ADJECTIVES FROM ITS NAME1 & WI%ES H5CE=? TO BE KN[N1 AS ( OLD1 SIMPLY AS ! 0,9DEX40 ,:E!R ! DISC>D$ TITLE IMPLI$ TOO MU* FRE$OM TO SUIT ! OLD MANAGEM5T1 OR TOO MU* RELIGION TO SUIT ! NEW1 OR :E!R BO? OLD & NEW HAVE BECOME SUDD5LY IMPRESS$ BY ! PR(UNDITY ( A REM>K SAID TO HAVE BE5 MADE BY A NE> RELATIVE ( ! ORIG9AL MANAG]1 ,MR4 ,ABBOT1-- NAMELY1 ?AT %E DID NOT LIKE ! T]M1 0FREE RELIGION10 BECAUSE IT REM9D$ H] ( 0FREE LOVE10 -- WE >E NOT 9=M$4 ,BUT1 :ATEV] ! MOTIVES ?AT 9SPIR$ IT1 ! *ANGE IS A GOOD ONE4 ,A COMB9ATION ( CIRCUM/ANCES ?AT MAKES IT EXP$I5T = A NEWSPAP] TO AB&ON ITS ORIG9AL NAME IS V]Y R>ELY F\ND4 .<,GEORGE ,*A9EY1 PLEASE NOTICE6.> ,C]TA9LY NO SU* CIRCUM/ANCES EV] OCCURR$ 9 ! HI/ORY ( ! 0,9DEX40 ,! OLD TITLE IS UNQUE/IONABLY SIMPL]1 /RONG]1 BROAD]1 &1 9 ITS PRES5T LETT]+1 TYPOGRAPHICALLY NEAT] ?AN ! ONE REC5TLY 9 USE4 ,ITS READOPTION1 !RE=E1 IS TO BE COMM5D$4 ,MOREOV]1 ! PAP] ITSELF IS N[ MU* BETT] 0MADE UP0 ?AN EV] BE=E4 ,! NEW $ITOR1 ,MR4 ,UND]WOOD1 HAS RECON/RUCT$ ITS ANATOMY TO ADVANTAGE4 ,IF1 9 ADDITION1 HE WILL 9FUSE SOME BLOOD 9TO ITS COLORLESS VE9S1 IT WILL BECOME A READABLE & VALUABLE J\RNAL4 

,HONOR+ A ,GREAT ,LAW-,BREAK]4 

,ON ! EV5+ ( ,FRIDAY1 ,DECEMB] #b1 ! TW5TY-SECOND ANNIV]S>Y ( ! EXECUTION ( OLD ,JOHN ,BR[N ( ,OSSAWATTOMIE AT ,H>P]'S ,F]RY1 A FE/IVAL 9 HONOR ( ! H]O'S MEMORY WAS HELD AT ,NEW ,YORK 9 ! !AT] ( ,TURN ,HALL4 ,A L>GE AUDI5CE1 MADE UP 9 P>T ( LADIES1 WAS PRES5T1 9CLUD+ ALSO NOT A FEW COLOR$ PEOPLE4 ,! HALL WAS PRETTILY & APPROPRIATELY DECORAT$ ) FL[]S & MOTTOES4 ,! MEET+ WAS HELD UND] ! AUSPICES ( WORK+M51 &1 AS WAS EM95TLY FIT1 ! TRIBUTES ( ! EV5+ TO ! M>TYR ( OPPRESS$ BLACK LABOR CAME FROM ! LIPS ( M5 N[ AMONG ! =EMO/ 9 *AMPION+ OPPRESS$ :ITE LABOR1-- ! SPEAK]S BE+ ,HU< ,MC,GREGOR1 ,VICTOR ,DRURY1 & ,JOHN ,SW9TON4 ,! LATT] MADE ! PR9CIPAL SPEE* ( ! EV5+1 & NO?+ C\LD BE MORE APPROPRIATE TO ,LIB]TY'S COLUMNS ?AN ! FOLL[+ EXTRACT FROM ! ,NEW ,YORK' 0,SUN'S0 REPORT3 

,IT W]E H>D TO TELL 9 :AT WAY WE %\LD PROP]LY E/IMATE ! DEP? & ! SCOPE ( ! 9FLU5CE ( ?IS MAN ,JOHN ,BR[N UPON \R C\NTRY'S HI/ORY4 ,WE KN[ ?AT AFT] AGES ( ASC5DANCY = ,AM]ICAN SLAV]Y1 HE WAS ! FIR/ MAN TO 5T] ITS /RON<OLD & SMITE IT ) ! SWORD2 & WE KN[ H[ QUICKLY ! SWORD ?AT WAS /RUCK FROM HIS H& BR\<T DE/RUCTION TO ,AM]ICAN SLAV]Y4 ,WE KN[ H[ SLAV]Y /OOD 9 SAFETY BE=E HE DELIV]$ HIS BL[2 WE KN[ H[ IT REEL$ TO RU9 UND] ?AT BL[4 ,WE KN[ H[ ! ,S\? WAS />TL$ BY ,H>P]'S ,F]RY1 & H[ ! ,NOR?4 ,IT WAS ! *ALL5GE TO BATTLE1 ! FIR/ %OT 9 ! W>4 

,IT WAS A NEW POLICY ?AT ,JOHN ,BR[N BR\<T 9TO PLAY AGA9/ ,AM]ICAN SLAV]Y1-- ! POLICY ( MEET+ IT UPON ITS [N T]MS & ITS [N FIELD1 CONFRONT+ ) =CE A SY/EM BAS$ UPON =CE1 & E/ABLI%+ HUMAN RI<TS BY ! WEAPONS ?AT UPHELD PUBLIC WRONGS4 ,9 PLACE ( ! OLD WAY ( ACQUIESC+ 9 SLAV]Y1 OR COMPROMIS+ ) IT1 OR >GU+ OV] IT1 OR RESI/+ ITS EXT5SION1 HE ADOPT$ ! WAY ( ASSAIL+ IT BY ! ONLY MEANS ?AT GAVE ANY HOPE ( DE/ROY+ IT4 ,JOHN ,BR[N'S WAY WAS JU/IFI$ BY ! EV5T -- JU/IFI$ AMID FLAME & SMOKE BY ,ABRAHAM ,L9COLN'S PROCLAMATION ( ABOLITION444444444 

,I PROCLAIM IT H]E TO-NI<T NS MY JUDGM5T ?AT ! MAN :O GOES HI<E/ 9 HIS E/IMATE ( ! IMM$IATE1 ! F> (F1 & ! P]MAN5T EFFICACY ( ,JOHN ,BR[N'S 9FLU5CE1 IS MO/ NE>LY RI<T4 

,N[1 !N1 9 ?IS VIEW ( HIS LIFE & WORK1 & FROM ?IS VANTAGE ( ! YE>S1 ,I ACCLAIM AS ,PROPHET1 ,H]O1 ,M>TYR1 & ,VICTOR1 ! MAN ,JOHN ,BR[N -- PROPHET = HALF A C5TURY1 H]O = FIVE YE>S1 M>TYR = A DAY1 VICTOR =EV] -- VICTORI\S 9 ,KANSAS ) HIS RIFLE1 VICTORI\S 9 ,VIRG9IA ON HIS SCAFFOLD1 VICTOR AGA9/ SLAV]Y 9 ! ,UNIT$ ,/ATES1-- VICTOR OV] ! E>? & ?R\< ! AGES -- HIS NAME AS A PILL> ( FIRE 9 ! SKY1 GUID+ M5 TO ! ,CANAAN :I* BE HIMSELF SAW NOT4 

,BUT H>K6 ,I HE> ! DROOL ( ,OLD ,LEGALITY ?AT ,JOHN ,BR[N WAS CONDEMN$ & HANG$ UND] ! AU?ORITY ( GOV]NM5T & LAW4 ,AYE1 IT IS TRUE4 ,SO WE !N HOLD ?AT ,JOHN ,BR[N WAS GUILTY8 ,NAY1 NAY1 NAY2 BUT LET \R GUILTY SY/EM ( GOV]NM5T & LAW BEW>E LE/ HIS CONDEMNATION BE ITS DOOM4 

,:AT IS ?IS ?+ ?AT >ROGATES TO ITSELF ! TITLE ( LAW1 ! RECORDS ( :I* >E F\L ) WRONG -- ! H&S ( :I* >E R$ ) ! WORLD'S BE/ BLOOD -- ! ADM9I/RATORS ( :I* W]E SO P]FECTLY DESCRIB$ BY ,ZEPHANIAB1 ! ,HEBREW PROPHET1 :O SAID 0,! ,JUDGES >E WOLVES1 GNAW+ ! BONES0 -- :I* HAS SUPPORT$ EV]Y P[]FUL CULPRIT & EV]Y 9CORPORATE MON/ROSITY -- :I* POISON$ ,SOCRATES1 SLEW ! ,GRAC*I1 /RANGL$ ,SAVON>OLA1 BEHEAD$ ,VANE1 BURN$ ,S]VETUS1 HANG$ ,JOHN ,BR[N -- AYE1 CRUCIFI$ ! Y\NG ,GALILEAN HIMSELF -- ! DEVICES ( :I* >E ! SC\RGE1 ! RACK1 ! :EEL1 ! /AKE1 ! GIBBET1 ! CROSS1 & EV]Y 9V5TION ( TORTURE8 

,:O >E !SE BELOV$ FELONS AT LAW >RAY$ 9 :ITE1 = !Y >E WOR?Y1 !IR NAMES EFFULG5T 9 ! SKY1 BURNI%+ ! DULL WORLD8 ,H[ MANY ( ! APO/LES & PROPHETS ( ! AGES HAVE FALL5 VICTIMS TO ! FRAUD MISNAM$ LAW8 ,! WORLD IS TO-DAY AS BUSILY 5GAG$ AS EV] IT WAS 9 SACRIFIC+ !M4 ,LOOK AT ! SCAFFOLDS ( ,RUSSIA1 ! DUNGEONS ( ,G]MANY4 ,BUT1 MY HE>]S1 ?IS WILL NOT LA/ =EV]4 ,AS ,SAMSON 9 HIS DEA? BR\<T D[N ! TEMPLE ( ,DAGON1 AS ,JOHN ,BR[N 9 HIS DEA? %IV]$ ! BULW>KS ( *ATTEL SLAV]Y1 SO EV]Y M>TYR HA/5S ! 5D ( ! SY/EM UND] :I* HE IS SACRIFIC$4 

,WELL1 N[1 MY HE>]S ( TO-NI<T1 ?\< *ATTEL SLAV]Y HAS BE5 ABOLI%$ FROM \R C\NTRY1 WE HAVE YET O!R WRONGFUL & DE/RUCTIVE ?+S E/ABLI%$ AMONG US :I*1 9 !IR TURN1 %ALL BE BR\<T TO ! JUDGM5T ( JU/ICE4 ,TAKE NOTICE1 !N1 ( A FEW ( ! FEATURES ( ,JOHN ,BR[N'S REVOLUTION>Y ACTION3 

#a4 ,JOHN ,BR[N ACT$ UND] HIS [N AU?ORITY1 OR1 AS HE HIMSELF SAID1 0UND] ! AUSPICES ( ,JOHN ,BR[N10 BY ! P[] ( HIS [N MANHOOD1 9 BEHALF ( RI<T & MAN'S RI<TS4 ,HE TOOK ! RESPONSIBILITY1 SEEK+ NO SANCTION O!R ?AN ?AT ( HIS [N CONSCI5CE4 ,HE DID NOT REFRA9 FROM ACTION BECAUSE HE WAS WEAK1 NOR WAIT TILL ! MAJORITY WAS ON HIS SIDE4 0,I ACKN[L$GE NO MA/] 9 HUMAN =M10 SAID ,JOHN ,BR[N4 

#b4 ,JOHN ,BR[N DID NOT HESITATE TO CONFRONT ! GOV]NM5T & ALL ITS M5ACES4 ,HE /OOD BY HIMSELF AGA9/ ALL ! E/ABLI%$ %[S ( ! DAY -- POLITICAL1 ECCLESIA/ICAL1 & PECUNI>Y4 

#c4 ,JOHN ,BR[N VIOLAT$ LAW & ! LAWS4 

#d4 ,JOHN ,BR[N BELIEV$ 9 DE/ROY+ WRONGFUL 9/ITUTIONS BY ! SWORD1 :5 NO O!R WAY WAS AVAILABLE4 

#e4 ,JOHN ,BR[N BELIEV$ 9 FI<T+ = O!RS1 9 GIV+ HIS LIFE = ! FRE$OM ( SLAVES4 

#f4 ,JOHN ,BR[N TOOK NO HE$ ( SELF-9T]E/1 OBLOQUY1 PETTY PRUD5CE1 OR ! CONDEMNATION & V5GEANCE ( ! TIMES4 

#g4 ,JOHN ,BR[N PUT HIS :OLE S\L 9 HIS WORK1 & GAVE IT ALL HE HAD1 HIS [N LIFE & HIS F\R SONS1 ?REE ( :OM FELL BY HIS SIDE4 

#h4 ,YET )AL1 ,JOHN ,BR[N WAS A PRACTICAL & S5SIBLE MAN1 ! ATTE/ATION ( :I* >E HIS WORK & HIS SUCCESS4 

,IF IT BE NOT = US ( TO-DAY TO IMITATE ,JOHN ,BR[N'S ACTION1 WELL W]E IT = US TO POSSESS ! QUALITIES ( S\L ?AT UND]LAY IT4 

,O!R TIMES NE$ O!R WORK & WAYS ( O!R M54 ,MAN RISES TO EA* OCCASION4 ,= EV]Y EM]G5CY1 B\NTIFUL NATURE FURNI%ES ! MAN444444444 

,ACCORD+ TO ! SONG ?AT SWELL$ FROM \R EMBATTL$ HO/S DUR+ ! YE>S ( /RIFE1 ,JOHN ,BR[N WAS A BODY & A S\L1 :I* BECAME A MOLD]+ BODY & A M>*+ S\L4 ,BEHOLD ,JOHN ,BR[N 9 ! BODY -- ]ECT1 RUGG$ & GRIM1 BATTL+ = MAN & = FRE$OM1 CLOS+ HIS C>E] ON ! GALL[S4 ,BEHOLD ,JOHN ,BR[N'S S\L1 LUM9\S & AUGU/1 COMPASSIONATE & B5IGNANT1 5RI*+ US ALL BY ITS RADIANCE1 RAIS+ US ALL BY ITS PUISSANCE1 & S(T5+ US ALL BY ITS T5D] GRACE1 ( :I* HE MADE SU* SUBLIME DISPLAY DUR+ ! CLOS+ SC5ES ( HIS LIFE4 

,A MONUM5T TO ,JOHN ,BR[N H]E 9 \R CITY6 ,W\LD ?AT MY FIAT C\LD RAISE IT AL(T6 ,!RE IS ALREADY A MONUM5T TO ,JOHN ,BR[N AT ,NOR? ,ELBA1 :]E HE IS BURI$2 !RE IS1 ,I BELIEVE1 ANO!R AT ,OSSAWATTOMIE1 ON ! PLA9S ( ,KANSAS2 HIS /ATUE WILL /& 9 ! ,CAPITOL AT ,WA%+TON2 & 9 ! QUIET ,MASSA*USETTS T[N ( ,CONCORD1 Y\ MAY SEE1 9 ! ,SUMM] ,S*OOL ( ,PHILOSOPHY1 BESIDES ! BU/S ( ,ANAXAGORAS1 ,PLATO1 ,PE/ALOZZI1 & ,EM]SON1 ! BU/ ( ,JOHN ,BR[N4 ,BUT ,I %\LD LIKE TO SEE TWO O!R MEMORIALS OR MONUM5TS TO ?IS MAN -- ONE ( !M H]E 9 \R CITY1 AT ?IS GATE ( ! CONT95T2 ! O!R AT ,*>LE/[N1 9 ,VIRG9IA1 ON ! SITE ( HIS SCAFFOLD -- SO ?AT ! ,NOR? & ! ,S\?1 & ALL ! WORLD1 W\LD ?US AGA9 HAVE P]PETUAL REM9D] ?AT H]E WAS A MAN ( \R N9ETE5? C5TURY :O1 ACC\NT+ HIS [N LIFE & HOME & TREASURES AS NAU<T1 GAVE HIMSELF TO BATTLE & DEA? ?AT HE MI<T DELIV] ?OSE :O W]E CRU%$ & LO/1 EV5 BLACK SLAVES4 

,H[ HOPEFUL W]E ! TIMES & ! SKIES1 HAD WE AMONG US BUT A FEW M5 -- AYE1 OR ONE MAN -- ( ,JOHN ,BR[N'S CONSCI5CE1 JUDGM5T1 VALOR1 RI<TE\SNESS1 &1 ABOVE ALL1 ( HIS SELF-SACRIFIC+ LIFE6 

,N[1 AS MY LA/ WORDS = TO-NI<T1 ,I EXCLAIM3 ,GREAT W]E ,JOHN ,BR[N'S LIFE & WORK & TRIUMPH6 ,WOR?Y1 ?RICE WOR?Y1 IS ,JOHN ,BR[N6 

,9 ! C\RSE ( ! MEET+ ,PR(4 ,M>QU& PLAY$ ON ! PIANO A FUN]AL M>* BY ,BEE?OV51 0,JOHN ,BR[N'S ,BODY10 0,! ,M>SEILLAISE10 & 0,M>*+ ,?R\< ,GEORGIA40 

0,A FREE MAN IS ONE :O 5JOYS ! USE ( HIS REASON & HIS FACULTIES2 :O IS NEI!R BL9D$ BY PASSION1 NOT H9D]$ OR DRIV5 BY OPPRESSION1 NOT DECEIV$ BY ]RONE\S OP9IONS40 -- ,PR\DHON4 

,GUITEAU'S 0,MALICE40 

,:5 ONE MAN KILLS ANO!R1 HE IS NOT A MURD]]1 UNLESS HE KILLS HIM FROM SOME MOTIVE1 :I* ! LAW CALLS 0MALICE40 ,& ?IS MALICE MU/ BE SU* AS A SANEMAN CAN 5T]TA91 & SU* AS IS NATURALLY SUFFICI5T TO 9DUCE A SANE MAN TO COMMIT A MURD]4 ,! VIOL5T PASSIONS1 IMPULSES1 OR DELUSIONS ( AN 9SANE MAN >E NOT SU* 0MALICE0 AS ! LAW REQUIRES TO CONV]T A HOMICIDE 9TO A MURD]4 

,N[1 :AT SANE MALICE -- SU* MALICE AS C\LD REASONABLY BE EXPECT$ TO 9DUCE A SANE MAN TO COMMIT A MURD] -- HAS ,GUITEAU EV] EXHIBIT$1 T[>DS ,G>FIELD1 EI!R AT ! TIME ( ! HOMICIDE1 OR BE=E1 OR S9CE8 ,NONE AT ALL1 UNLESS IT BE ?IS3 ,CORKHILL %[S1 OR ATTEMPTS TO %[1 ?AT ,GUITEAU WAS A P]SI/5T & DISAPPO9T$ (FICESEEK]2 & HE WI%ES IT TO BE 9F]R$ ?AT HE 7,GUITEAU7 WAS 9DIGNANT AT HIS DISAPPO9TM5T2 & ?AT ?IS 9DIGNATION AM\NT$ TO LEGAL MALICE2 TO SU* MALICE AS MI<T REASONABLY BE EXPECT$ TO 9DUCE A SANE MAN TO COMMIT MURD]4 ,HIS :OLE CASE HANGS UPON ?IS FACT4 

,BUT ,GUITEAU HAD LITTLE OR NO OCCASION TO BE 9DIGNANT AT ,G>FIELD P]SONALLY1 ON ACC\NT ( HIS DISAPPO9TM5T4 ,IF HE WAS 9DIGNANT AT ANY BODY1 ON ?IS ACC\NT1 HE EVID5TLY HAD MU* MORE REASON TO BE 9DIGNANT AT ,BLA9E1 ?AN AT ,G>FIELD2 = HE EVID5TLY UND]/OOD ?AT ,BLA9E1 RA!R ?AN ,G>FIELD1 WAS ! ONE :O /OOD 9 ! WAY ( HIS SUCCESS4 

,BUT ADMIT ?AT ,GUITEAU ACT$ FROM MALICE -- FROM SU* MALICE AS A P]SI/5T1 DISAPPO9T$1 9DIGNANT1 & SANE (FICESEEK] MI<T REASONABLY BE EXPECT$ TO 5T]TA91 & ACT UPON -- :AT IS ! 9F]5CE8 ,:Y1 ?AT ALL P]SI/5T1 DISAPPO9T$1 9DIGNANT1 & SANE(FICESEEK]S >E DANG]\S P]SONS2 ?AT !Y GO AB\T ) MURD] 9 !IR HE>TS1 & PI/OLS 9 !IR POCKETS2 & MAY REASONABLY BE EXPECT$ TO COMMIT MURD]4 

,?IS BE+ ! CASE1 :O CAN TELL ! NUMB] ( DANG]\S P]SONS !RE >E ABROAD 9 ! COMMUNITY8 ,:AT C5SUS C\LD 5UM]ATE !M8 IT IS FRI<TFUL TO ?9K ( !IR NUMB]4 ,& !Y >E ( ALL GRADES1 FROM ?OSE :O ASPIRE TO ! PRESID5CY1 D[N TO ?OSE :O ASPIRE ONLY TO ! HUMBLE/ (FICES 9 ! NATION1 OR ! ,/ATES4 

,WE >E F> FROM DEFY+ ?AT ?IS CLASS ( P]SONS >E DANG]\S4 ,ON ! CONTR>Y1 WE HAVE NO D\BT ?AT ALL (FICESEEK]S1 ! SUCCESSFUL ONES AS WELL AS ! DISAPPO9T$ ONES1 >E DANG]\S4 ,9 FACT1 WE ?9K ! SUCCESSFUL ONES >E BY F> ! MORE DANG]\S4 ,!Y KILL M5 BY ! HUNDR$S ( ?\S&S1 :5 IT IS NECESS>Y TO MA9TA9 !IR P[]4 ,BUT WE >E N[ CONSID]+ ONLY ! CASES ( ! DISAPPO9T$ ONES4 

,& H]E AN IMPORTANT 9QUIRY =CES ITSELF UPON US1 VIZ43 ,IF ALL P]SI/5T1 DISAPPO9T$1 9DIGNANT1 & SANE (FICESEEK]S >E TO BE SUPPOS$ CAPABLE ( SU* LEGAL MALICE AS PROMPTS M5 TO COMMIT MURD]1 :AT %ALL WE SAY ( ,BLA9E1 & ,JOHN ,%]MAN1 & ,GRANT8 ,!Y W]E PUBLICLY KN[N TO BE P]SI/5T1 DISAPPO9T$1 & 9DIGNANT ASPIRANTS = ! PRESID5CY1 AT ! LA/ ELECTION4 ,& IT IS NOT LIKELY ?AT EI!R ( !M HAS RECOV]$1 OR EV] WILL RECOV]1 FROM EI!R HIS DISAPPO9TM5T1 OR HIS 9DIGNATION4 ,!Y >E1 !RE=E1 DANG]\S P]SONS4 ,YET !Y >E /ILL AT L>GE2 & :O ( US >E SAFE FROM !IR MALICE8 

,BUT ?IS IS NOT ALL4 ,! NUMB] ( LIKE *>ACT]S -- ONLY ( L[] GRADES -- IS SU* ?AT1 ON ! PR9CIPLE LAID D[N 9 ,GUITEAU'S CASE1 !Y CON/ITUTE A GREAT PUBLIC DANG]2 A DANG] EV]Y:]E PRES5T1 & ?AT NO ONE CAN GU>D AGA9/4 ,! ONLY REM$Y W\LD SEEM TO BE1 TO ABOLI% ! GOV]NM5T ITSELF1 ON ! PR9CIPLE ?AT 0! PUBLIC SAFETY IS ! SUPREME LAW40 ,IF1 !RE=E1 ,GUITEAU %ALL BE CONVICT$1 WE %ALL EXPECT TO SEE ! PEOPLE RISE 5 MASSE1 & ABOLI% ! GOV]NM5T1 AS !IR ONLY MEANS ( SAV+ !MSELVES FROM ! PI/OLS ( P]SI/5T1 DISAPPO9T$1 9DIGNANT1 & SANE (FICESEEK]S4 

,& H]E WE WI% TO PROTE/ AGA9/ ! EXAM9ATION ( M$ICAL EXP]TS1 AS TO ,GUITEAU'S 9SANITY4 ,! QUE/ION IS NOT1 :AT WILL AN 9SANEMAN DO8 BUT :AT WILL A SANE MAN DO8 A SANE(FICESEEK]8 A P]SI/5T1 DISAPPO9T$1 9DIGNANT1 BUT /ILL SANE1 (FICESEEK]8 ,?AT IS ! QUE/ION4 ,:AT DO ! SUP]9T5D5TS ( LUNATIC ASYLUMS KN[ AB\T SU* A CASE ?AT8 ,!Y NEV] HAD SU* A CASE ON !IR H&S4 ,OR :O DO KN[ ANY ?+ AB\T IT1 EXCEPT (FICESEEK]S !MSELVES1 & !IR 9TIMATES8 ,!Y >E EVID5TLY ! ONLY ONES :O CAN TELL US :AT CRIMES A P]SI/5T1 DISAPPO9T$1 9DIGNANT1 & SANE(FICESEEK] IS CAPABLE (4 ,!SE1 !N1 >E ! ONLY ONES :OM ! GOV]NM5T %\LD SUMMON4 

,WE ?9K ?OSE POLITICAL $ITORS1 :O >E SO ANXI\S TO HAVE ,GUITEAU HANG$1 %\LD BE FIR/ PUT UPON ! /&1 & BE REQUIR$ TO TELL :AT !Y KN[ AB\T !MSELVES1 & !IR (FICESEEK+ ASSOCIATES4 ,WE WI%1 = EXAMPLE1 ?AT ,HORACE ,GREELEY W]E /ILL ALIVE1 & CAPABLE ( TE/IFY+4 ,HE WAS HIMSELF A LIFELONG1 P]SI/5T1 DISAPPO9T$1 & 9DIGNANT (FICESEEK]4 ,:E!R HE WAS SANE MAY BE QUE/ION$4 ,HE WAS SUBJECT TO VIOL5T P>OXYSMS ( RAGE & PR(ANITY4 ,WE %\LD LIKE TO KN[ :E!R HE EV] WI%$ TO KILL ANY BODY1 EXCEPT ,SEW>D & ,?URL[ ,WE$4 

,!N !RE W]E ,SEW>D1 & ,*ASE1 & ,CASS1 & ,WEB/]1 & ,CALH\N1 & ,CLAY1 :O W]E P]SI/5T1 DISAPPO9T$1 & 9DIGNANT (FICESEEK]S2 SEEK]S ( ! PRESID5CY4 ,WE WI% !Y C\LD BE PUT UPON ! /&1 & REQUIR$ TO TELL :AT !Y KNEW AB\T (FICESEEK]S1 HI< & L[2 & :E!R !Y !MSELVES1 9 !IR DISAPPO9TM5TS1 EV] WI%$ TO KILL ANYBODY4 

,:AT REVELATIONS WE MI<T HAVE1 IF ALL !SE POLITICAL EXP]TS C\LD BE PUT UPON ! /&1 & MADE TO TELL US ALL !Y KNEW AB\T (FICESEEK]S6 

,BUT IT IS NOT NECESS>Y TO CALL UP !SE OLD & FAM\S (FICESEEK]S4 ,LET !M RE/1 AL?\< !Y NEV] SUFF]$ ANYBODY ELSE TO RE/4 ,)\T !IR ORAL TE/IMONY1 WE KN[ 5\< ( ! NATURE ( (FICESEEK]S1 SUCCESSFUL & UNSUCCESSFUL1 TO KN[ ?AT1 AS SU*1 !Y >E ALL UTT]LY DANG]\S1 & ?OR\<LY BAD4 ,WE KN[ ?AT ! SUCCESSFUL ONES WILL MURD] MANK9D BY ! :OLESALE1 TO MA9TA9 !IR P[]2 & WE KN[ ?AT ! UNSUCCESSFUL ONES W\LD DO ! SAME1 IF !Y C\LD BUT GET 9TO P[]4 ,BUT IF1 NOT GETT+ 9TO P[]1 !Y FEEL 9DIGNANT1 & N[ & !N KILL A MAN1 ?AT IS A SMALL MATT]1 COMP>$ ) :AT !Y W\LD HAVE DONE1 IF !Y HAD BE5 SUCCESSFUL 9 !IR AMBITIONS4 

,BUT :E!R !SE DISAPPO9T$ ONES >E SANE OR 9SANE1 IT IS TIME TO HAVE DONE ) A SY/EM ?AT BRE$S1 9 SU* NUMB]S1 !SE DANG]\S CREATURES4 

,LIB]TY HAS WON PRAISE FROM ,SIR ,HUB]T4 ,J4 ,M4 ,L4 ,BABCOCK1 ! F\ND] ( 0,! ,NEW ,AGE10 WRITES ?AT HE 0REJOICES GREATLY 9 ,LIB]TY10 :I* HE DESCRIBES AS 0A P]IODICAL 9 :I* ! MO/ RADICAL ?\<TS >E RADICALLY SPOK540 ,!SE WORDS FITLY DESCRIBE ALSO ! PAP] :I* ,MR4 ,BABCOCK CONDUCT$4 ,! C>E] ( 0,! ,NEW ,AGE0 WAS %ORT1 BUT ( SU* A *>ACT] ?AT ITS $ITOR MAY LOOK BACK TO IT ) UNMIX$ PRIDE & SATISFACTION4 ,IT WAS ONE ( ! FEW PAP]S ?AT HAVE EV] LIV$ ?AT WAS NOT AFRAID ( ITS SUBSCRIB]S4 ,9 MANY MORE RESPECTS IT WAS A MODEL J\RNAL1 &1 TYPOGRAPHICALLY & O!RWISE1 WE FEEL ?AT WE [E MU* TO IT4 ,WE GRIEV$ GREATLY AT ITS DEA?1 & >E GLAD ( ?IS OPPORTUNITY TO ACKN[L$GE ?AT WE PR(IT$ GREATLY BY ITS LIFE4 

,APEX OR ,BASIS8 

0,APEX0 SAYS ?AT IT IS A B>B>ISM TO PAY 9T]E/ ON MONEY4 ,?AT IS ANO!R WAY ( SAY+ ?AT A /ATE ( SOCIETY 9 :I* WEAL? IS NOT UNIV]SALIZ$ IS B>B>\S1 S9CE1 9 \R PRES5T /AGE ( EVOLUTION1 ?OSE :O HAVE NO CAPITAL ( !IR [N WILL BE GLAD TO BORR[ FROM ?OSE :O HAVE1 & TO PAY 9T]E/ = ! USE ( ! CAPITAL4 

,= IT IS REALLY CAPITAL ?AT IS BORR[$1 & NOT MONEY1 ! LATT] BE+ ONLY ! MEANS = OBTA9+ ! =M]1 AS MONEY W\LD BE WOR?LESS IF IT C\LD NOT BE EX*ANG$ = ! CAPITAL NE$$4 ,WE SEE ALREADY ?AT AS ! LOANABLE CAPITAL ( A C\NTRY 9CREASES ! RATE ( 9T]E/ DIM9I%ES1 & :5 ! ACCUMULAT$ WEAL? ( ! WORLD BECOMES L>GE 5\<1 NO ONE WILL PAY 9T]E/4 

,BUT TO D5\NCE ! PAYM5T ( 9T]E/ TO-DAY1 & 7IF IT C\LD BE DONE7 TO =BID ! MAN ( ABILITY1 BUT LACK+ MEANS1 BORR[+ ! CAPITAL HE NE$S1 OR1 9 O!R WORDS1 US+ HIS CR$IT1 W\LD NOT T5D TO UNIV]SALIZE WEAL? & SO DE/ROY USURY2 BUT1 ON ! O!R H&1 IT W\LD DISC\RAGE ! PRODUCTION & ACCUMULATION ( CAPITAL1 S9CE ONE ( ! PR9CIPAL 9C5TIVES TO ?AT PRODUCTION IS ! USE ( CAPITAL TO 9CREASE PRODUCTION & ADD TO ONE'S WEAL?4 ,IT IS ONVI\S ?AT1 UNLESS ! USE ( CAPITAL ADD$ TO ! PRODUCTIV5ESS ( LABOR1 NO ONE W\LD WI% TO BORR[1 & NO USURY C\LD BE HAD4 ,IT %\LD NOT BE =GOTT51 9 CONSID]+ ?IS QUE/ION1 ?AT1 9 ! LA/ ANALYSIS1 R$UC+ ?+S TO !IR SIMPLE/1 9DIVIDUALIZ$ =M1 ! POSSESSOR ( CAPITAL HAS ACQUIR$ IT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S & TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES ?AT HE MAY HAVE ! AID ( CAPITAL TO 9CREASE HIS P[] ( PRODUCTION4 ,= EXAMPLE1 TWO M5 WORK SIDE BY SIDE2 ONE CONSUMES ALL HE PRODUCES1 ! O!R SAVES P>T ( HIS PRODUCT2 9 TIME ! LATT] HAS SAV$ 5\< TO 5ABLE HIM TO BUILD OR BUY A TOOL1 BY ! AID ( :I* HE ACCOMPLI%ES F\R TIMES AS MU* WORK AS BE=E1 & IS ABLE TO GO ON ADD+ TO HIS ACCUMULATION4 ,! ONE :O HAS NOT SAV$1 SEE+ ! ADVANTAGE ( ! USE ( CAPITAL1 NATURALLY DESIRES TO OBTA9 ! SAME B5EFIT = HIMSELF1 BUT1 NOT LIK+ TO SAVE & WAIT UNTIL HE CAN CREATE CAPITAL1 HE PROPOSES TO BORR[ A PORTION ( ! CAPITAL ( ! O!R4 ,BY MEANS ( ?IS BORR[$ CAPITAL HE CAN QUADRUPLE HIS PRODUCT1 & IS V]Y WILL+ TO GIVE A P>T ( HIS 9CREAS$ PRODUCT TO ! NEI<BOR :O HAS BEFRI5D$ HIM4 ,W\LD HE NOT BE A MEAN SNEAK IF BE W]E NOT GLAD TO DO SO8 ,BY ! USE ( ! BORR[$ CAPITAL HE IS NOT ONLY 5ABL$ TO PAY = ! ADVANTAGE GA9$1 BUT1 BY HIS GREAT] P[] TO PRODUCE1 HE CAN1 9 A %ORT TIME1 BUY HIS [N TOOLS & NO LONG] BE =C$ TO BORR[4 

,AL?\< \R PRES5T SY/EM ( BUS9ESS IS VA/LY COMPLICAT$1 & WE SOMETIMES SEEM TO BORR[ MONEY M]ELY1 ! ACTUAL TRANSACTION BE+ KEPT \T ( SI<T1 YET ! CASE SUPPOS$ IS ! REAL BASIS ( ALL JU/ PAYM5T ( 9T]E/4 ,I BELIEVE !RE WILL BE A /ATE ( SOCIETY 9 :I* MONEY WILL NOT BE NECESS>Y1 BUT ?AT /ATE CANNOT BE BUILT UP BY COMM5C+ AT ! TOP4 ,WE MU/ BUILD FROM ! F\NDATION1 UND]/&+ ?+S AS !Y >E AS WELL AS KN[+ H[ !Y \<T TO BE4 

,! QUE/ION IS ASK$1-- & IT IS A V]Y IMPORTANT ONE1 &1 SIMPLE AS IT IS AT BOTTOM1 A COMPLEX ONE AS IT /&S1-- :AT IS MONEY8 ,IT W\LD SIMPLIFY ?IS MATT] V]Y MU* IF ALL W\LD AGREE TO CALL CO91 OR MONEY HAV+ VALUE AS M]*&ISE1 MONEY1 & PAP] OR REPRES5TATIVE MONEY1 CURR5CY1 OR NOTES4 ,IT IS PLA9 ?AT ! REPRES5TATIVE MONEY IS ?AT :I* MU/ BE & IS PR9CIPALLY US$ 9 ?IS C\NTRY & 9 ALL COMM]CIAL C\NTRIES4 ,CO9 MONEY D]IVES ITS REAL VALUE 9 EX*ANGE1 & AS A MEASURE = ?S EX*ANGEABLE VALUE ( O!R PRODUCTS1 FROM ! FACT ?AT IT CO/S LABOR TO PRODUCE IT1 &1 AL?\< GOV]NM5T LAWS MAY FOOLI%LY TRY TO MAKE IT PASS = MORE ?AN ITS CO/ VALUE1 !Y NEV] SUCCE$ 9 DO+ SO4 ,NO GOV]NM5T EV] HAS SUCCE$$ 9 OV]-RID+ NATURAL LAW1 ?\< !Y MAY & (T5 DO OB/RUCT ! OP]ATIONS ( ,NATURE'S LAWS TO ! GREAT DETRIM5T ( ,NATURE'S *ILDR54 

,! SIMPLE/ =M ( REPRES5TATIVE MONEY1 OR CURR5CY1 IS FURNI%$ BY ,JOSIAH ,W>R5'S LABOR NOTE1 :I* WAS SUB/ANTIALLY AS FOLL[S 7,I QUOTE FROM MEMORY73 

,= VALUE RECEIV$1 ,I PROMISE TO PAY BE>]1 ON DEM&1 ONE H\R'S LABOR1 OR T5 P\NDS ( CORN4 

,JOSIAH ,W>R54 

,MOD]N ,TIMES1 ,JULY #d1#a#h#e#b4 

,SO LONG AS IT WAS BELIEV$ BY HIS NEI<BORS ?AT ! MAK] ( SU* NOTES ALWAYS HAD ! CORN ON H& ) :I* TO R$EEM !M 7S9CE !IR R$EMPTION 9 LABOR W\LD R>]Y BE PRACTICABLE OR DESIRABLE71 !Y W\LD PASS CURR5T 9 ?AT LOCALITY2 &1 9 FACT1 SU* 0LABOR NOTES0 DID PASS TO A LIMIT$ EXT5T AT ,MOD]N ,TIMES4 ,9T]E/+ AS ?AT EXP]IM5T WAS1 & %[+ CLE>LY AS IT DOES ! PR9CIPLE AT ! BASIS ( ALL GOOD CURR5CY1 IT C\LD NOT BE EXT5D$ SO AS TO SATISFY ! NE$S ( A GREAT COMM]CIAL C\NTRY1 OR1 SAFELY1 ( A L>GE NEI<BORHOOD4 

,BUT A CURR5CY1 TO BE GOOD1 MU/ POSSESS PRECISELY ! QUALIFICATIONS & QUALITIES ( ?AT LABOR NOTE1 ) ! ADDITION ( A GU>ANTEE1 UNIV]SALLY RECOGNIZABLE1 ?AT ! NOTES ACTUALLY DO REPRES5T SOLID WEAL? ) :I* !Y WILL BE R$EEM$ ON DEM&4 ,N[1 !RE IS ONE ?+1 & ONLY ONE1 ?AT GOV]NM5T CAN RI<TFULLY OR USEFULLY DO 9 ! WAY ( 9T]F]5CE ) ! CURR5CY1 ! EBB & FL[ ( :I* IS GOV]N$ BY NATURAL LAWS ALTOGE!R \T ( ! REA* ( /ATE OR NATIONAL GOV]NM5TS2 & ?AT IS TO ISSUE ALL ! NOTES US$ = CURR5CY ON SU* T]MS ?AT IT %ALL BE UNIV]SALLY KN[N TRULY TO REPRES5T ACTUAL1 MOVABLE CAPITAL 7NOT L&1 :I* IS NOT PROP]TY 9 ! TRUE S5SE1 & :I* CANNOT BE C>RI$ (F BY ANY ONE WI%+ A NOTE R$EEM$71 PL$G$ = ITS R$UMPTION4 ,!RE %\LD BE NO MONOPOLY1 BUT ANY & EV]Y P]SON COMPLY+ ) ! T]MS %\LD BE FURNI%$ ) ! NATIONAL NOTE4 ,( C\RSE NO ONE :O HAD NOT ! REQUISITE CAPITAL C\LD PROCURE !SE NOTES1 & RI<TLY SO BECAUSE NOTES MADE BY ?OSE :O HAVE NO CAPITAL W\LD SW9DLE ! PEOPLE4 ,&1 AS \R GOV]NM5T HAS NO PROP]TY OR CAPITAL EXCEPT ! NECESS>Y TOOLS = C>RY+ ON ! AFFAIRS ( ! NATION1 & AS GOV]NM5T %\LD HAVE NO DEBTS & NO GOLD & SILV] ACCUMULAT$1 IT IS OBVI\S ?AT IT CANNOT PROP]LY MAKE A GOOD NOTE BEYOND ! AM\NT :I* C\LD BE R$EEM$ 9 PAYM5T ( TAXES4 ,&1 AS TAXES \<T TO BE DIM9I%$ & ULTIMATELY ABOLI%$1 !RE IS NO VALID BASIS = A GOV]NM5T NOTE TO BE US$ AS CURR5CY4 ,NEI!R WILL ,MUTUAL ,BANKS ANSW] ANY GOOD PURPOSE1 IF ! NOTES >E BAS$ ON L&4 

,BASIS4 

,! REM>KS ?AT FOLL[ >E NOT 9T5D$ TO DEB> 0,APEX0 FROM ANSW]+ HIS OPPON5T 9 !SE COLUMNS 9 HIS [N TIME & WAY1 BUT SIMPLY TO COMBAT1 FROM ,LIB]TY'S /&PO9T1 SU* ( ! POSITIONS TAK5 BY 0,BASIS0 AS SEEM TO NE$ REFUTATION4 

,! FIR/ ]ROR 9TO :I* 0,BASIS0 FALLS IS HIS ID5TIFICATION ( MONEY ) CAPITAL4 ,REPRES5TATIVE MONEY IS NOT CAPITAL2 IT IS ONLY A TITLE TO CAPITAL4 ,HE :O BORR[S A PAP] DOLL> FROM ANO!R SIMPLY BORR[S A TITLE1 & NOT AT ALL ?AT TO :I* IT IS A TITLE4 ,CONSEQU5TLY HE TAKES FROM ! L5D] NO?+ :I* ! L5D] WI%ES TO USE2 UNLESS1 9DE$1 ! L5D] DESIRES TO PUR*ASE CAPITAL ) HIS DOLL>1 9 :I* CASE HE WILL NOT L5D IT1 OR1 IF HE DOES1 WILL *>GE = ! SACRIFICE ( HIS OPPORTUNITY1-- A V]Y DIFF]5T ?+ FROM USURY1 :I* IS PAYM5T1 NOT = ! L5D]'S SACRIFICE1 BUT = ! BORR[]'S USE2 ?AT IS1 NOT = A BURD5 BORNE1 BUT = A B5EFIT CONF]R$4 ,NEI!R DOES ! BORR[] ( ! DOLL> TAKE FROM ! P]SON ( :OM HE PUR*ASES CAPITAL ) IT ANY?+ :I* ?AT P]SON DESIRES TO USE2 =1 9 ORD9>Y COMM]CE1 ! SELL] IS EI!R A MANUFACTUR] OR A DEAL]1 :O PRODUCES OR BUYS HIS /OCK = NO O!R PURPOSE ?AN TO SELL IT4 ,& !NCE ?IS DOLL> GOES ON TRANSF]R+ PRODUCTS = :I* ! HOLD]S !RE( HAVE NO USE1 UNTIL IT REA*ES ITS ISSU] & F9AL R$EEM] & IS CANCEL$1 DEPRIV+1 9 ! C\RSE ( ITS J\RNEY1 NO P]SON ( ANY OPPORTUNITY1 BUT1 ON ! CONTR>Y1 S]V+ ! NE$S ( ALL ?R\< :OSE H&S IT PASSES4 ,H5CO1 BORR[+ A TITLE TO CAPITAL IS A V]Y DIFF]5T ?+ FROM BORR[+ CAPITAL ITSELF4 ,BUT UND] ! SY/EM ( ORGANIZ$ CR$IT CONTEMPLAT$ BY 0,APEX10 NO CAPABLE & DES]V+ P]SON W\LD BORR[ EV5 A TITLE TO CAPITAL4 ,! SO-CALL$ BORR[] W\LD SIMPLY SO *ANGE ! FACE ( HIS [N TITLE AS TO MAKE IT RECOGNIZABLE BY ! WORLD AT L>GE1 & AT NO O!R EXP5SE ?AN ! M]E CO/ ( ! ALT]ATION4 ,?AT IS TO SAY1 ! MAN1 HAV+ CAPITAL OR GOOD CR$IT1 :O1 UND] ! SY/EM ADVOCAT$ BY 0,APEX10 %\LD GO TO A CR$IT-%OP -- 9 O!R WORDS1 A BANK -- & PROCURE A C]TA9 AM\NT ( ITS NOTES BY ! ORD9>Y PROCESSES ( MORTGAG+ PROP]TY OR GETT+ 5DORS$ COMM]CIAL PAP] DISC\NT$1 W\LD ONLY EX*ANGE HIS [N P]SONAL CR$IT -- KN[N ONLY TO HIS IMM$IATE FRI5DS & NEI<BORS & ! BANK1 & !RE=E USELESS 9 TRANSACTIONS ) ANY O!R P>TIES -- = ! BANK'S CR$IT1 KN[N1 & RECEIVABLE = PRODUCTS DELIV]$1 ?R\<\T ! /ATE1 OR ! NATION1 OR1 P]HAPS1 ! WORLD4 ,& = ?IS CONV5I5CE ! BANK W\LD *>GE HIM ONLY ! LABOR-CO/ ( ITS S]VICE 9 EFFECT+ ! EX*ANGE ( CR$ITS1 9/EAD ( ! RU9\S RATES ( DISC\NT1 BY :I*1 UND] ! PRES5T SY/EM ( MONOPOLY1 PRIVILEG$ BANKS TAX ! PRODUC]S ( UNPRIVILEG$ PROP]TY \T ( H\SE & HOME4 ,SO ?AT 0,APEX0 REALLY W\LD HAVE NO BORR[+ AT ALL1 EXCEPT 9 C]TA9 9DIVIDUAL CASES NOT WOR? CONSID]+2 & !RE=E1 :5 0,BASIS10 ANSW]+ 0,APEX10 SAYS ?AT 0IT IS REALLY CAPITAL ?AT IS BORR[$1 & NOT MONEY10 HE MAKES A REM>K = :I* !RE IS NO AUDIBLE CALL4 

,! SECOND ]ROR COMMITT$ BY 0,BASIS0 HE COMMITS 9 COMMON ) ! ECONOMI/S 9 ASSUM+ ?AT AN 9CREASE ( CAPITAL DECREASES ! RATE ( 9T]E/ & ?AT NO?+ ELSE CAN MAT]IALLY DECREASE IT4 ,! FACTS >E JU/ ! CONTR>Y4 ,! RATE ( 9T]E/ MAY1 & (T5 DOES1 DECREASE1 :5 ! AM\NT ( CAPITAL HAS NOT 9CREAS$2 ! AM\NT ( CAPITAL MAY 9CREASE )\T DECREAS+ ! RATE ( 9T]E/1 :I* MAY1 9 FACT1 9CREASE AT ! SAME TIME2 &1 SO F> FROM ! UNIV]SALIZATION ( WEAL? BE+ ! SOLE MEANS ( ABOLI%+ 9T]E/1 ! ABOLITION ( 9T]E/ IS ! S9C QUA NON ( ! UNIV]SALIZATION ( WEAL?4 

,SUPPOSE1 = 9/ANCE1 ?AT ! BANK+ BUS9ESS ( A NATION IS CONDUCT$ BY A SY/EM ( BANKS *>T]$ & REGULAT$ BY ! GOV]NM5T1 ?OSE BANKS ISSU+ PAP] MONEY BAS$ ON SPECIE1 DOLL> = DOLL>4 ,IF1 N[1 A C]TA9 NUMB] ( !SE BANKS1 BY COMB9+ TO BUY UP ! NATIONAL LEGISLATURE1 %\LD SECURE ! EXCLUSIVE PRIVILEGE ( ISSU+ TWO PAP] DOLL>S = EA* SPECIE DOLL> 9 !IR VAULTS1 C\LD !Y NOT AF=D TO1 & W\LD !Y NOT 9 FACT1 MAT]IALLY R$UCE !IR RATE ( DISC\NT8 ,W\LD NOT ?O COMPET+ BANKS BE =C$ TO R$UCE !IR RATE 9 CONSEQU5CE8 ,& W\LD NOT ?IS R$UCTION L[] ! RATE ( 9T]E/ ?R\<\T ! NATION8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY REMA9S ! SAME AS BE=E4 

,SUPPOSE1 FUR!R1 ?AT DUR+ ! FOLL[+ YE>1 9 CONSEQU5CE ( ! /IMULUS GIV5 TO BUS9ESS & PRODUCTION BY ?IS DECREASE 9 ! RATE ( 9T]E/ & ALSO BECAUSE ( UNUSUALLY FAVORABLE NATURAL CONDITIONS1 A GREAT 9CREASE ( WEAL? OCCURS4 ,IF1 !N1 ! BANKS ( ! NATION1 HOLD+ FROM ! GOV]NM5T A MONOPOLY ( ! P[] TO ISSUE MONEY1 %\LD COMB9E TO CONTRACT ! VOLUME ( ! CURR5CY1 C\LD !Y NOT1 & W\LD !Y NOT1 RAISE ! RATE ( 9T]E/ !REBY8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY IS GREAT] ?AN IT EV] WAS BE=E4 

,BUT SUPPOSE1 ON ! O!R H&1 ?AT ALL !SE BANKS1 *>T]$ & REGULAT$ BY ! GOV]NM5T & ISSU+ MONEY DOLL> = DOLL>1 HAD F9ALLY BE5 ALL[$ TO ISSUE PAP] BEYOND !IR CAPITAL BAS$ ON ! CR$IT & GU>ANTE$ CAPITAL ( !IR CU/OM]S2 ?AT !IR CIRCULATION1 ?US D\BLY SECUR$1 HAD BECOME SO POPUL> ?AT PEOPLE PREF]R$ TO PAY !IR DEBTS 9 CO91 9/EAD ( BANK-NOTES1 ?US CAUS+ CO9 TO FL[ 9TO ! VAULTS ( ! BANKS & ADD TO !IR RES]VE2 ?AT ?IS ADDITION HAD 5ABL$ !M TO ADD FUR!R TO !IR CIRCULATION1 UNTIL1 BY A CONT9UATION ( ! PROCESS1 IT AT LA/ AM\NT$ TO EI<T TIMES !IR ORIG9AL CAPITAL2 ?AT BY LEVY+ A HI< RATE ( 9T]E/ ON ?IS !Y HAD BL$ ! PEOPLE NI< UNTO DEA?2 ?US !N ! GOV]NM5T HAD /EPP$ 9 & SAID TO ! BANKS3 0,:5 Y\ BEGAN1 Y\ RECEIV$ AN ANNUAL 9T]E/ ( SIX P] C5T41 ON Y\R CAPITAL2 Y\ N[ ROCEIVE NE>LY ?AT RATE ON A CIRCULATION EI<T TIMES Y\R CAPITAL BAS$ REALLY ON ! PEOPLE'S CR$IT2 !RE=E AT ONE-EI<? ( ! ORIG9AL RATE Y\R ANNUAL PR(IT W\LD BE AS GREAT AS =M]LY2 H5CE=? Y\R RATE ( DISC\NT MU/ NOT EXCE$ ?REE-F\R?S ( ONE P] C5T440 ,HAD ALL ?IS HAPP5$ 7& ) ! EXCEPTION ( ! LA/ CONDITION ( ! HYPO!SIS SIMIL> CASES HAVE FREQU5TLY HAPP5$71 :AT W\LD HAVE BE5 ! RESULT8 ,PR\DHON %ALL ANSW] = US4 ,9 ! EI<? LETT] ( HIS IMMORTAL DISCUSSION ) ,BA/IAT ON ! QUE/ION ( 9T]E/ HE EXHAU/S ! :OLE SUBJECT ( ! RELATION ( 9T]E/ TO CAPITAL2 & 0,BASIS0 CANNOT DO BETT] ?AN READ ! :OLE ( IT4 ,A BRIEF EXTRACT1 H[EV]1 MU/ SUFFICE H]E4 ,HE IS SPEAK+ ( ! ,BANK ( ,FRANCE1 :I* AT ?AT TIME 7#a#h#d#i7 WAS ACTUALLY 9 ALMO/ ! SAME SITUATION AS ?AT DESCRIB$ ABOVE4 ,SUPPOS+1 AS WE HAVE JU/ DONE AFT] HIM1 A R$UCTION ( ! RATE ( DISC\NT TO ?REE-F\R?S ( ONE P] C5T41 HE ?AN ASKS1 AS WE DO1 :AT ! RESULT W\LD BE4 ,!SE >E HIS WORDS 9 ANSW] TO ,BA/IAT1 ! 0,BASIS0 ( ?AT DISCUSSION3 

,! =TUNE & DE/9Y ( ! C\NTRY >E TO-DAY 9 ! H&S ( ! ,BANK ( ,FRANCE4 ,IF IT W\LD RELIEVE 9DU/RY & COMM]CE BY A DECREASE ( ITS RATE ( DISC\NT PROPORTIONAL TO ! 9CREASE ( ITS RES]VE2 9 O!R WORDS1 IF IT W\LD R$UCE ! PRICE ( ITS CR$IT TO ?REE-F\R?S ( ONE P] C5T41 :I* IT MU/ DO 9 ORD] TO QUIT /EAL+1-- ?IS R$UCTION W\LD 9/ANTLY PRODUCE1 ?R\<\T ! ,REPUBLIC & ALL ,EUROPE1 9CALCULABLE RESULTS4 ,!Y C\LD NOT BE 5UM]AT$ 9 A VOLUME3 ,I WILL CONF9E MYSELF TO ! 9DICATION ( A FEW4 

,IF1 !N1 ! CR$IT ( ! ,BANK ( ,FRANCE %\LD BE LOAN$ AT ?REE-F\R?S ( ONE P] C5T41 ORD9>Y BANK]S1 NOT>IES1 CAPITALI/S1 & EV5 ! /OCKHOLD]S ( ! BANK ITSELF W\LD BE IMM$IATELY COMPELL$ BY COMPETITION TO R$UCE !IR 9T]E/1 DISC\NT1 & DIVID5DS1 TO AT LEA/ ONE P] C5T41 9CLUD+ 9CID5TAL EXP5SES & BROK]AGE4 ,:AT H>M1 ?9K Y\1 W\LD ?IS R$UCTION DO TO BORR[]S ON P]SONAL CR$IT1 OR TO COMM]CE & 9DU/RY1 :O >E =C$ TO PAY BY REASON ( ?IS FACT ALONE1 AN ANNUAL TAX ( AT LEA/ TWO ?\S& MILLIONS8 

,IF F9ANCIAL CIRCULATION C\LD BE EFFECT$ AT A RATE ( DISC\NT REPRES5T+ ONLY ! CO/ ( ADM9I/RATION1 DRAFT+1 REGI/RATION1 ETC41 ! 9T]E/ *>G$ ON PUR*ASES & SALES ON CR$IT W\LD FALL 9 ITS TURN FROM SIX P] C5T41 TO Z]O1-- ?AT IS TO SAY1 BUS9ESS W\LD !N BE TRANSACT$ ON A CA% BASIS2 !RE W\LD BE NO MORE DEBTS4 ,AGA91 TO H[ GREAT A DEGREE1 ?9K Y\1 W\LD ?AT DIM9I% ! %AMEFUL NUMB] ( SUSP5CIONS1 FAILURES1 & BANKRUPTCIES8 

,BUT1 AS 9 SOCIETY NET PRODUCT IS UNDI/+UI%ABLE FROM RAW PRODUCT1 SO 9 ! LI<T ( ! SUM TOTAL ( ECONOMIC FACTS CAPITAL IS UNDI/+UIHABLE FROM PRODUCT4 ,!SE TWO T]MS DO NOT1 9 REALITY1 /& = TWO DI/9CT ?+S2 !Y DESIGNATE RELATIONS ONLY4 ,PRODUCT IS CAPITAL2 CAPITAL IS PRODUCT3 !RE IS A DIFF]5CE BETWE5 !M ONLY 9 PRIVATE ECONOMY2 NONE :ATEV] 9 PUBLIC ECONOMY4 ,IF1 !N1 9T]E/1 AFT] HAV+ FALL5 9 ! CASE ( MONEY TO ?REE-F\R?S ( ONE P] C5T41-- ?AT IS1 TO Z]O1 9ASMU* AS ?REE-F\R?S ( ONE P] C5T4 REPRES5TS ONLY ! S]VICE ( ! BANK1-- %\LD FALL TO Z]O 9 ! CASE ( M]*&ISE ALSO1 BY ANALOGY ( PR9CIPLES & FACTS IT W\LD SOON ALL TO Z]O 9 ! CASE ( REAL E/ATE3 R5T W\LD DISAPPE> -- BECOM+ ONE ) LIQUIDATION4 ,DO Y\ ?9K1 SIR1 ?AT ?AT W\LD PREV5T PEOPLE FROM LIV+ 9 H\SES & CULTIVAT+ L&8 

,IF1 ?ANKS TO ?IS RADICAL RE=M 9 ! MA*9]Y ( CIRCULATION1 LABOR WAS COMPELL$ TO PAY TO CAPITAL ONLY AS MU* 9T]E/ AS W\LD BE A JU/ REW>D = ! S]VICE R5D]$ BY ! CAPITALI/1 SPECIE & REAL E/ATE BE+ DEPRIV$ ( !IR REPRODUCTIVE PROP]TIES & VALU$ ONLY AS PRODUCTS1-- AS ?+S ?AT CAN BE CONSUM$ & REPLAC$1-- ! FAVOR ) :I* SPECIE & CAPITAL >E N[ LOCK$ UPON W\LD BE :OLLY TRANSF]R$ TO PRODUCTS2 EA* 9DIVIDUAL1 9/EAD ( RE/RICT+ HIS CONSUMPTION1 W\LD /RIVE ONLY TO 9CREASE IT4 ,:]EAS1 AT PRES5T1 ?ANKS TO ! RE/RICTION LAID UPON CONSUMABLE PRODUCTS BY 9T]E/1 ! MEANS ( CONSUMPTION >E ALWAYS V]Y MU* LIMIT$1 !N1 ON ! CONTR>Y1 PRODUCTION W\LD BE 9SUFFICI5T3 LABOR W\LD !N BE SECURE 9 FACT AS WELL AS 9 RI<T4 

,! LABOR+ CLASS GA9+ AT ONE /ROKE ! FIVE ?\S& MILLIONS1 OR !REAB\TS1 N[ TAK5 9 ! =M ( 9T]E/ FROM ! T5 ?\S& MILLIONS :I* IT PRODUCES1 PLUS FIVE ?\S& MILLIONS :I* ?IS SAME 9T]E/ DEPRIVES IT ( BY DE/ROY+ ! DEM& = LABOR1 PLUS FIVE ?\S& MILLIONS :I* ! P>ASITES1 CUT (F FROM A LIV+1 W\LD !N BE COMPELL$ TO PRODUCE1 ! NATIONAL PRODUCTION W\LD BE D\BL$ & ! WELF>E ( ! LABOR] 9CREAS$ F\R-FOLD4 ,& Y\1 SIR1 :OM ! WOR%IP ( 9T]E/ DOES NOT PREV5T FROM LIFT+ Y\R ?\<TS TO ANO!R WORLD1-- :AT SAY Y\ TO ?IS IMPROVEM5T ( AFFAIRS H]E BEL[8 ,DO Y\ SEE N[ ?AT IT IS NOT ! MULTIPLICATION ( CAPITAL :I* DECREASES 9T]E/1 BUT1 ON ! CONTR>Y1 ?AT IT IS ! DECREASE ( 9T]E/ :I* MULTIPLIES CAPITAL8 

,N[1 ?IS R$UCTION ( ! RATE ( DISC\NT TO ! CO/ ( ! BANK'S S]VICE1 & ! RESULTS !REFROM AS ABOVE DESCRIB$1 >E PRECISELY :AT W\LD HAPP5 IF ! :OLE BUS9ESS ( BANK+ %\LD BE ?R[N OP5 TO FREE COMPETITION4 ,IT BEHOOVES 0,BASIS0 TO EXAM9E ?IS >GUM5T WELL2 =1 UNLESS HE CAN F9D A FATAL FLAW 9 IT1 HE MU/ /& CONVICT$1 9 SAY+ ?AT 0:5 ! ACCUMULAT$ WEAL? ( ! WORLD BE COMES L>GE 5\<1 NO ONE WILL PAY 9T]E/10 ( PUTT+ ! C>T BE=E ! HORSE4 

0,BASIS0 IS 9 ]ROR A ?IRD TIME 9 ASSUM+ ?AT 0,APEX0 WI%ES TO 0=BID ! MAN ( ABILITY1 BUT LACK+ MEANS1 US+ HIS CR$IT40 ,IT IS PRECISELY BECAUSE SU* M5 >E N[ VIRTUALLY PROHIBIT$ FROM US+ !IR CR$IT ?AT 0,APEX10 & ,LIB]TY ) HIM1 COMPLA9S4 ,?IS S+UL> MISCONCEPTION ON ! P>T ( 0,BASIS0 9DICATES ?AT HE DOES NOT YET UND]/& :AT HE IS FI<T+4 

,! F\R? ]ROR = :I* 0,BASIS0 ASSUMES RESPONSIBILITY IS F\ND 9 HIS /ATEM5T ?AT 09 ! LA/ ANALYSIS ! POSSESSOR ( CAPITAL HAS ACQUIR$ IT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S & TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES ?AT HE MAY HAVE ! AID ( CAPITAL TO 9CREASE HIS P[] ( PRODUCTION40 ,A MAN :O ?OR\<LY MEANS TO TOLL ! TRU? H]E REIT]ATES ONE ( ! MO/ DEVILI% ( ! MANY 9F]NAL LIES = :I* ! ECONOMI/S HAVE TO ANSW]4 ,IT IS 9DE$ TRUE ?AT ! POSSESSOR ( CAPITAL MAY1 9 R>E CASES1 HAVE ACQUIR$ IT BY ! ME?OD /AT$1 ?\< EV5 !N HE C\LD NOT BE EXCUS$ = MAK+ ! CAPITAL SO ACQUIR$ A LEE* UPON HIS FELL[-M54 ,BUT N9ETY-N9E TIMES 9 A HUNDR$ ! MOD]N POSSESSOR ( ANY L>GE AM\NT ( CAPITAL HAS ACQUIR$ IT1 NOT 0BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S10 BUT BY A %REWDNESS 9 GETT+ POSSESSION ( A MONOPOLY :I* MAKES IT NE$LESS = HIM TO DO ANY REAL WORK AT ALL2 NOT 0BY A WILL+NESS TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES10 BUT BY A CLEV]NESS 9 PROCUR+ FROM ! GOV]NM5T A PRIVILEGE BY :I* HE IS ABLE TO SP5D 9 WANTON LUXURY HALF ( :AT A L>GE NUMB] ( O!R M5 PRODUCE4 ,! *IEF PRIVILEGE TO :I* WE REF] IS ?AT ( SELL+ ! PEOPLE'S CR$IT = A PRICE4 

0,BASIS0 IS GUILTY ( SEV]AL O!R ]RORS :I* WE HAVE NOT SPACE TO DISCUSS AT L5G?4 ,HE SUPPOSES ?AT TO CONF9E ! T]M MONEY TO CO9 & TO CALL ALL O!R MONEY CURR5CY W\LD SIMPLIFY MATT]S1 :5 9 REALITY IT IS ! 9SI/ANCE UPON ?IS FALSE DI/9CTION ?AT IS ! PREVAIL+ CAUSE ( MY/IFICATION4 ,IF ! IDEA ( ! ROYALTY ( GOLD & SILV] C\LD BE ONCE KNOCK$ \T ( ! PEOPLE'S HEADS1 & !Y C\LD ONCE UND]/& ?AT NO P>TICUL> K9D ( M]*&ISE IS CREAT$ BY NATURE = MONET>Y PURPOSES1 !Y W\LD SETTLE ?IS QUE/ION 9 A TRICE4 ,AGA91 HE SEEMS TO ?9K ?AT ,JOSIAH ,W>R5 BAS$ HIS NOTES ON CORN4 ,NO?+ ( ! K9D4 ,W>R5 SIMPLY TOOK CORN AS HIS /&>D1 BUT MADE LABOR & ALL ITS PRODUCTS HIS BASIS4 ,HIS LABOR NOTES W]E R>ELY R$EEM$ 9 CORN4 ,IF HE HAD MADE CORN HIS EXCLUSIVE BASIS1 !RE W\LD BE NO DI/9CTION 9 PR9CIPLE BETWE5 HIM & ! SPECIE M54 ,P]HAPS ! C5TRAL PO9T 9 HIS MONET>Y !ORY WAS HIS D5IAL ( ! IDEA ?AT ANY ONE PRODUCT ( LABOR CAN PROP]LY BE MADE ! ONLY BASIS ( MONEY4 ,TO QUOTE HIM 9 ?IS CONNECTION AT ALL IS ! HEI<T ( PRESUMPTION ON ! P>T ( 0,BASIS40 ,A *>GE ?AT HIS SY/EM1 :I* RECOGNIZ$ CO/ AS ! ONLY GR\ND ( PRICE1 EV] CONTEMPLAT$ A PROMISE TO PAY ANY?+ 0= VALUE RECEIV$10 HE W\LD DEEM ! CLIMAX ( 9SULT TO HIS MEMORY4 0,BASIS10 9 DONN+ ! G>M5TS ( ,JOSIAH ,W>R5 TO DEF5D ! SPECIE FRAUD1 HAS 0/OLON ! LIV]Y ( HEAV5 TO S]VE ! DEVIL 940 0,BASIS0 IS WRONG1 TOO1 9 ?9K+ ?AT L& IS NOT A GOOD BASIS = CURR5CY4 ,TRUE1 UNIMPROV$ L&1 NOT HAV+ PROP]LY A M>KET VALUE1 CANNOT PROP]LY GIVE VALUE TO ANY?+ ?AT REPRES5TS IT2 BUT P]MAN5T IMPROVEM5TS ON L&1 :I* %\LD HAVE A M>KET VALUE & C>RY ) !M A TITLE TO POSSESSION1 >E AN EXCELL5T BASIS = CURR5CY4 ,IT IS NOT ! RAW MAT]IAL ( ANY PRODUCT ?AT FITS IT = A BASIS1 BUT ! LABOR ?AT HAS BE5 EXP5D$ 9 %AP+ ! MAT]IAL4 ,AS = ! IMMOVABILITY ( L& UNFITT+ IT = A BASIS1 IT HAS JU/ ! OPPOSITE EFFECT4 ,H]E 0,BASIS0 IS MISL$ BY ! IDEA ?AT CURR5CY CAN BE R$EEM$ ONLY 9 ?AT ON :I* IT IS BAS$4 

,BUT ?IS F]TILE SUBJECT HAS TAK5 US F>!R ?AN WE 9T5D$ TO FOLL[ IT4 ,SO H]E1 = ! PRES5T1 WE WILL QUIT ITS COMPANY1 MEAN:ILE H&+ OV] 0,BASIS0 TO ! T5D] M]CIES ( 0,APEX10 & HE>TILY 5DORS+ ALMO/ ALL ?AT 0,BASIS0 SAYS AT ! CLOSE ( HIS >TICLE CONC]N+ ! TRUE DUTY ( GOV]NM5T1 AS LONG AS IT %ALL EXI/1 REG>D+ ! CURR5CY4 

,CAPITAL3 ,:AT ,IT ,IS & ,:AT ,IT ,IS ,NOT4 

,DE> ,MR4 ,TUCK]1-- ,Y\R COMM5TS ON MY LETT] 9 A REC5T ISSUE CALL = SOME RESPONSE1 AS IT IS CLE> Y\ HAVE NOT YET GOT FULL POSSESION ( ! IDEA Y\ *>ACT]IZE AS 0UNMITIGAT$ BO% BAS$ ON PURE *IM]A40 

,LET US PASS OV] ! FIR/ F\R & ! SEV5? ( Y\R PO9TS1 = A :ILE1 & CONSID] ! FIF? & ! SIX?4 

,Y\ SAY3 0,WE QUITE AGREE ) ,MR4 ,SM>T ?AT 'ACCUMULAT$ ?\<T & EXP]I5CE >E CAPITAL1' BUT WE UTT]LY FAIL TO SEE :Y '?+S ?AT P]I% ALMO/ AS FA/ AS !Y >E PRODUC$ >E NOT"9 CAPITAL6'0 

,I AM GLAD Y\ ADMIT ?AT 0ACCUMULAT$ ?\<T & EXP]I5CE >E CAPITAL40 ,Y\ ADMIT1 !N1 ?AT CAPITAL IS NOT NECESS>ILY MAT]IAL4 ,& Y\ WILL ADMIT1 CONSEQU5TLY1 ?AT ?\<T & EXP]I5CE 7KN[L$GE7 -- BE+ CAPITAL1 & BE+ PRODUCTIVE -- >E A =CE2 ?AT1 :5 COMB9$ ) ! SIMPLE ACTION ( BRA9 & MUSCLE 7A PURELY NATURAL =CE71 !Y AID ! LATT]1 LABOR1 9 PRODUCTION4 ,GOOD6 

,N[1 LET US SUPPOSE AN UNTUTOR$ SAVAGE 9 ! WILDS ( ,AFRICA OR ,AU/RALIA1 :O KN[S JU/ 5\< TO BREAK (F A CUDGEL 9 ! =E/ TO DEF5D HIMSELF ) OR TO KNOCK D[N AN ANIMAL = FOOD2 SUPPOSE HIM C>RI$ 9TO CIVILIZ$ LIFT & TAU<T SOME USEFUL >T BY :I* HE CAN SUPPLY HIMSELF ) PREVI\SLY UNDREAM$-( COM=TS1-- ALL HIS CAPACITIES DEVELOP$4 ,FROM BE+ M]ELY A NATURAL ELEM5T OR ORGANISM1 POSSESS+ DORMANT OR UNDEVELOP$ CAPACITIES & WANTS1 HE HAS N[1 COMB9$ ) !SE1 CAPITAL1 & HAS BECOME A CIVILIZ$ ,MAN4 

,?US F> Y\ WILL AGREE ) ME4 

,N[1 LET US SUPPOSE A PIECE ( UNCULTIVAT$ L& 9 ! MID/ ( A JUNGLE1 REMOTE FROM CIVILIZATION1 POSSESS+ ALL K9DS ( CAPACITY = ANIMAL1 VEGETABLE1 & M9]AL PRODUCTION1 BUT YIELD+ NO?+ VALUABLE2 SUPPOSE A RAILROAD TAK5 9 !RE1 AXES1 PL[S1-- 9 %ORT1 ALL ! APPLIANCES ( CIVILIZATION4 ,! L& WILL BE CLE>$ & F5C$ & CULTIVAT$1 & WILL SOON BE SMIL+ ) ABUNDANT CROPS4 ,FROM BE+ M]ELY A NATURAL ELEM5T OR ORGANISM1 POSSESS+ DORMANT OR UNDEVELOP$ CAPACITIES & WANTS1 IT HAS N[1 COMB9$ ) !SE1 CAPITAL1 & HAS BECOME A CIVILIZ$ PIECE ( L&1-- A F>M1 OR A M9E1 OR A G>D54 

,N[1 :AT DIFF]5CE IS !RE BETWE5 ! TWO CASES8 ,9 ! ONE CASE WE HAVE A HUMAN SAVAGE CONV]T$ 9TO A CIVILIZ$ MAN2 9 !O O!R A L&SAVAGE CONV]T$ 9TO A CIVILIZ$ F>M4 

,IF ! CULTURE 9VE/$ 9 ! ,MAN IS CAPITAL1 AS Y\ ADMIT1 :Y IS NOT ! CULTURE 9VE/$ 9 ,L& CAPITAL 9 JU/ ! SAME S5SE8 

,& IS IT NOT JU/ AS PROP] -- OR RA!R1 JU/ AS IMPROP] -- TO CALL ! MAT]IAL ORGANISM1 ,MAN1 CAPITAL1 AS IT IS TO CALL ! MAT]IAL ORGANISM1 ,L&1 CAPITAL8 OR ANY O!R NATURAL ELEM5T>Y SUB/ANCE1 SU* AS WOOD1 /ONE1 COAL1 OR IRON2 OR ANY ANIMAL CREATURE8 

,DO Y\ NOT SEE MY MEAN+8 ,?AT ! PRODUCTIVE PROP]TY OR POT5TIALITY POSSESS$ BY ANY MAT]IAL SUB/ANCE -- ANIMATE OR 9ANIMATE -- IS 9VE/$ 9 IT1 PRECISELY AS IT IS 9VE/$ 9 A MAN'S BRA91 & IS ( PRECISELY ! SAME K9D4 ,IT IS CAPITAL 9 ! ONLY CORRECT S5SE ( ! WORD2 IT IS /OR$-UP LABOR 9 A HI<] S5SE ?AN ?AT ( ! POLITICAL ECONOMI/S2 & NEI!R ! MAN HIMSELF1 NOR ! CREATURES HE HAS CIVILIZ$1 NOR ! L& OR ?+S HE HAS CIVILIZ$ >E CAPITAL4 

,HAVE ,I MADE ?IS PO9T CLE>8 

,AS MY LETT] IS ALREADY LONG 5\< = Y\R SPACE1 & AS ,I DO NOT WI% TO CONFUSE ?IS PRIM>Y QUE/ION ) ! O!R QUE/IONS 9CLUD$ 9 \R DISCUSSION1 ,I WILL LEAVE !M = ! PRES5T4 

,WE >E DISCUSS+ A VITAL PR9CIPLE1-- ! CORN]-/ONE ( ,SOCIALISM4 

,W4 ,G4 ,H4 ,SM>T4 

.<,NO?+ BUT ! ABOVE LETT] WAS NE$$ TO CL9* \R /ATEM5T ?AT ,MR4 ,SM>T'S SOCIALISM IS AN 9COH]5T /RUCTURE4 ,WE PR9T IT BECAUSE WE DO NOT WI% TO BE 9 ! LEA/ UNFAIR1 BUT WE REALLY HAVE NOT ! PATI5CE TO FOLL[ ! WRIT] 9 HIS ABSURD HYPO!SES & 9DISCRIM9ATE ANALOGIES4 ,= 9/ANCE1 HIS /ATEM5T ?AT 0! PRODUCTIVE PROP]TY OR POT5TIALITY POSSESS$ BY ANY MAT]IAL SUB/ANCE0 ALONE IS CAPITAL1 :5 HE HAS PREVI\SLY SUPPOS$ NO CAPITAL TO BE CONTA9$ 9 0A PIECE ( UNCULTIVAT$ L& POSSESS+ ALL K9DS ( CAPACITY = ANIMAL1 VEGETABLE1 & M9]AL PRODUCTION20 OR1 HIS ID5TIFICATION ( 0PRODUCTIVE PROP]TY OR POT5TIALITY ) 0/OR$-UP LABOR10 AS IF !RE WAS NO SU* ?+ AN A NATURAL PRODUCTIVE =CE 9DEP5D5T ( LABOR2 OR1 HIS CONFUSION ( MAN ) CAPITAL1 AS IF ! WORD CAPITAL HAD NOT BE5 SET AP>T1 9 CONTRADI/9CTION TO LABOR1 TO D5OTE ALL PRODUCTIVE =CES & AIDS TO PRODUCTIVE =CES \TSIDE ( ! LABOR]1 MAN1 & = ! EXPRESS PURPOSE ( AF=D+ A CONV5I5T T]M9OLOGY TO BE US$ 9 DISCUSS+ ! RELATION ( MAN TO WEAL?2 OR1 F9ALLY1 HIS />T+ \T TO EXPLA9 TO US :Y 0?+S ?AT P]I% ALMO/ AS FA/ AS !Y >E PRODUC$ >E NOT CAPITAL10 & !N MAK+ IT ! CONCLUSION ( HIS LETT] ?AT CAPITAL IS /OR$-UP LABOR & ?AT 0NEI!R MAN HIMSELF1 NOR ! CREATURES HE HAS CIVILIZ$1 NOR ! L& OR ?+S HE HAS CIVILIZ$ >E CAPITAL40 ,UPON :I* ,MR4 ,SM>T ASKS US IF WE SEE HIS MEAN+4 ,WELL1 WE FRANKLY CONFESS ?AT WE DO NOT1 UNLESS HE MEANS ?AT M5 & ANIMALS & L& >E 0?+S ?AT P]I% ALMO/ AS FA/ AS !Y >E PRODUC$40 ,BUT IT IS USELESS TO ASK Y\1 ,MR4 ,SM>T1 :AT Y\ MEAN4 ,Y\ PROBABLY ?9K ?AT Y\ MEAN A GREAT DEAL1 BUT AS A MATT] ( FACT Y\ DO NOT MEAN ANY?+ AT ALL4 ,Y\ HAVE NOT ! FA9TE/ IDEA ( ! NATURE ( CAPITAL4 ,! ,A ,B ,C ( POLITICAL ECONOMY IS UNFAMILI> TO Y\4 ,Y\ HAVE LONG BE5 AN E>NE/ /UD5T ( ! 9DU/RIAL QUE/ION2 Y\ HAVE ?OR\<LY ACQUA9T$ Y\RSELF ) MANY IMPORTANT PHASES ( IT2 Y\ >E CON/ANTLY SAY+ MANY GOOD & TRUE & USEFUL ?+S AB\T IT2 BUT Y\ HAVE NEV] YET PLANT$ Y\RSELF UPON AN 9TELLIGIBLE BASIS1 & ?AT IS :Y NOBODY CAN EV] UND]/& ,MR4 ,SM>T4 -- ,$ITOR ,LIB]TY4.> 

,AU?ORITY1 ON ! ONE H&1 BOL/]$ UP BY PRIVILEGE1 IS ! DEADHEAD ( ! WORLD4 ,LIB]TY1 ON ! O!R1 CLAIMS H] [N BY DISPLAY+ SELF-RELIANCE4 -- ,KANSAS ,CITY ,9DU/RIAL ,LIB]ATOR4 

,! ,R$EMPTION ( ,MONEY4 

,IF WE CAN FULLY DET]M9E :AT R$EMPTION IS1 WE %ALL ACCOMPLI% A GREAT WORK = HUMAN PROGRESS4 ,A PROMISE TO PAY1 WRITT5 ON PAP]1 IS G5]ALLY CONSID]$ R$EEM$ :5 IT IS EX*ANG$ = CO94 ,?IS IS NOT ALWAYS TRUE4 ,IF ,I TAKE A BANKNOTE PROMIS+ TO PAY ONE DOLL>1 SO F> AS ,I AM CONC]N$1 ! NOTE IS R$EEM$2 BUT1 IF ! NOTE IS YET \T/&+ AGA9/ ! BANK1 IT IS NOT R$EEM$4 

,IF ,A GIVES ,B A NOTE PROMIS+ TO PAY ONE DOLL>1 & ,B PASSES ?AT NOTE TO ,C1 & ,C RETURNS IT TO ,A1 JU/ SO SOON AS ,A RECEIVES IT AT ITS FULL FACE VALUE1 ?AT NOTE IS FULLY R$EEM$4 ,! GREAT DIFFICULTY1 9 CONNECTION ) ! R$EMPTION ( PAP] MONEY1 CONSI/S ( ?IS1-- ?AT ! PROMISE TO PAY IMPLIES A PROMISE TO PAY CO92 :]EAS1 BY RI<T1 IT %\LD BE CONSID]$ A PROMISE TO PAY VALUE EQUAL TO GOLD1 OR SILV]1 :I*EV] MAY BE TAK5 AS ! /&>D ( VALUE4 

,9 COMM]CE SC>CELY ANYBODY WANTS GOLD1 BUT EV]YBODY WANTS VALUE EQUAL TO GOLD4 

,IF A GOLD DOLL> WILL BUY T5 Y>DS ( COTTON CLO?1 & A BU%EL ( :EAT WILL BUY A GOLD DOLL>1 CAN !RE BE ANY DIFFICULTY 9 EX*ANG+ :EAT = COTTON CLO?8 

,LET US REMEMB] ?AT1 AL?\< AN ABSOLUTE /&>D ( VALUE IS IMPOSSIBLE1 A COMP>ATIVE /&>D IS 9DISP5SABLE4 ,WE WANT SOME?+ ( VALUE BY :I* TO COMP>E1 C\NT1 & EX*ANGE ALL O!R VALUABLE ?+S4 

,H[ MU* FOG1 MUD1 & MOON%9E HAS BE5 WAD$ ?R\< BY ! W\LD-BE TEA*]S ( POLITICAL ECONOMY1 JU/ BECAUSE ! ABOVE TRU? HAS NOT BE5 CLE>LY SE56 

,PRIMITIVE PEOPLE1 AS A RULE1 BELIEVE ! FALSE & DO ! WRONG4 ,& EV5 :5 ! TRUE ?+ HAS BE5 DISCOV]$1 !Y >E ALMO/ SURE TO />T = IT 9 ! WRONG DIRECTION4 ,?IS IS EM95TLY TRUE 9 REG>D TO MONEY4 

,LET ME REPEAT1-- EV]YBODY WANTS VALUE4 ,N[1 IF ,A1 ,B1 & ,C CAN EX*ANGE !IR GOODS ON ! BASE ( A GOLD VALUATION1 :AT IS ! NECESSITY ( ! GOLD ITSELF8 

,GOLD ALWAYS HAS A M>KETABLE VALUE1 :I* IS WELL KN[N4 ,N[1 LET BUS9ESS M5 MAKE !IR EX*ANGES ON ! VALUE ( GOLD1 & NOT ON ! GOLD ITSELF4 ,!N !Y CAN USE !IR [N CR$IT AS MONEY1 & R$EEM !IR PROMISES TO PAY BY RECEIV+ !M1 & ?US1 BY MUTUALLY ACT+ TOGE!R1 !Y CAN BE 9DEP5D5T ( ! MONEY-L5D]4 ,=1 BE IT UND]/OOD ?AT BORR[+ MONEY1 AS A GOOD BUS9ESS TRANSACTION1 IS BUT AN EX*ANGE ( CR$ITS4 ,WILL ! PEOPLE EV] GET OV] ! /UPID & B>B>\S NOTION ?AT MONEY IS SOME?+ ( ITSELF8 

,\R PAP] MONEY AT! PRES5T TIME 7,NOVEMB]1 #a#h#h#a7 IS AT P> ) GOLD BECAUSE ! GOV]NM5T RECEIVES IT4 ,IF ,A [ES ,B @s#a1 & ,C HOLDS ALL ! GOLD1 H[ CAN ,A PAY HIS DEBT8 ,IS ,A HAS MADE ! PROMISE TO PAY ! GOLD ITSELF1 HE MU/ GO TO ,C & HIVE HIM A BONUS = ! GOLD4 ,?AT IS ! NATURE ( USURY1 OR 9T]E/4 ,BUT IF ,A1 BE+ SOLV5T1 HAS PROMIS$ TO PAY ,B @s#a1 9 VALUE EQUAL TO GOLD1 ! DEBT CAN BE EASILY CANCEL$4 

,:AT A MON/R\S B>B>ISM IS ! >BITR>Y LIMITATION ( MONEY6 

,& YET MONEY MU/ BE LIMIT$1 TO BE GOOD MONEY1 UNTIL PEOPLE %ALL F9D A WAY TO R$EEM !IR NOTES1 O!R ?AN BY SWAPP+ !M = CO94 

,APEX4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
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,JANU>Y #f1 #bbb 3 ,LIB]TY ,VOL4 ,I4 ,NO4 #a -- ,UPDAT$4 

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