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,AU?OR 3 ,DY] ,LUM 

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,WE ALL ACCEPT ! DEF9ITION ( CAPITAL AS BE+ ?AT PORTION RESULT+ FROM ! APPLICATION ( LABOR US$ = REPRODUCTION4 ,BUT IT BECOMES NECESS>Y TO DEF9E MORE CLE>LY 0! RELATIONS BETWE5 CAPITAL & LABOR0 UND] ! ABS5CE ( PRIVILEGE4 ,IT NE$S NO FUR!R >GUM5T TO %[ ?AT ALL DIFF]5CES 9 !IR RELATIONS HAVE >IS5 FROM UNJU/ PR]OGATIVES ASSUM$ OR USURP$ BY CAPITAL OV] ITS CREATOR1 LABOR1 & ?AT ) ! REMOVAL ( !SE RE/RICTIONS UPON LABOR1 9 O!R WORDS ! D5IAL ( PRIVILEGE TO CAPITAL1 CAPITAL & LABOR W\LD CEASE TO BE ANTAGONI/IC =CES 9 PRODUCTION1 LEAD+ TO POV]TY FROM 9EQUITABLE DI/RIBUTION4 ,?AT1 9 FACT1 CAPITAL BE+ ! RESULT ( PA/ LABOR1 UND] ! FRE$OM TO :I* 9DU/RIALISM ASPIRES1 IS BUT ! TOOL OR 9/RUM5T ( PRES5T LABOR1 9 :I* ITS REAL PRODUCTIV5ESS CONSI/S 9 ! CREATION ( WEAL? 9/EAD ( ITS EXPLOITATION4 ,!RE=E1 9 EQUITABLE ECONOMICS CAPITAL BECOMES ! H&MAID ( LABOR1 FOLL[S & SEEKS AFT] IT1 & EXI/S ONLY AS APPLI$ BY LABOR TO FUR!R PRODUCTION 9 ! EXPLOITATION ( NATURE4 

,UND] ! HEAD+ WE HAVE N[ REA*$ WE WILL SEE MORE CLE>LY ! NATURE ( ! ANTAGONISM1 OR 0/RA9$ RELATIONS01 :I* EVID5TLY DO EXI/ BETWE5 CAPITAL & LABOR4 ,?AT \R PRES5T F9ANCIAL LEGISLATION IS M>K$ BY 9EQUALITY1 ?AT BY \R LAWS ! RI<T TO ISSUE FREE MONEY1 0EMIT BILLS ( CR$IT01 IS D5I$1 ?AT VOLUNT>Y ORGANIZATION ( MUTUAL CR$IT BY ASSOCIATIVE ACTION TO P]=M ADM9I/RATIVE FUNCTIONS IS PREV5T$ BY ! >TIFICIAL SY/EM N[ 5JOY+ PROTECTION1 TO USE A ,GALLICISM1 GOES )\T SAY+4_<#b#h_> ,! FACT IS BEYOND DISPUTE2 ! REASONS GIV5 = ITS MA9T5ANCE >E TO FACILITATE EX*ANGE & TO GU>ANTEE SECURITY1 & ?AT IT IS F> SUP]IOR TO ! ME?ODS IT HAS SUPPLANT$4 ,FOLL[+ ! APPLICATION ( \R CRUCIAL TE/ WE >E DEB>R$ FROM APPEAL+ TO AU?ORITY TO 9/ITUTE SOME O!R 5=C$ S*EME1 UNLESS LIB]TY PROVES DECEPTIVE & UNAVAIL+2 & ! 9DU/RIAL TYPE RE/S CONFID5TLY UPON ! ASS]TION ( ,J4 ,S4 ,MILL ?AT 0! ONLY UNFAIL+ & P]MAN5T S\RCE ( IMPROVEM5T IS LIB]TY40 ,CONSEQU5TLY1 WE CANNOT ACCEPT ANY ( ! V>I\S PHASES ( GRE5BACKISM1_<#b#i_> :I* NOT ONLY D5Y ! EQUAL RI<T ( ALL M5 TO ! USE ( !IR [N WEAL? TO FACILITATE EX*ANGE1 BUT :I* ALSO RE/S _<#c_> UPON ! ASSUMPTION ?AT PUBLIC WELF>E IS BE/ SUBS]V$ BY >BITR>Y RE/RICTION ( 9DIVIDUAL LIB]TY & ?AT F9ANCIAL WISDOM IS ONLY ATTA9ABLE BY A POLL ( G5]AL IGNORANCE2 ?AT SOCIETY LIKE *ILDR5 AT A TABLE1 MU/ HAVE !IR SUPPLY REGULAT$ BY PAT]NALISM1 BUT LACK+ GUIDANCE WE SELECT O!R *ILDR5 TO PLAY PAT] FAMILIAS6 ,! MONEY-L5D] /&S 5TR5*$ BEH9D ! BANK+ PRIVILEGE ) *>T$ RI<TS TO SELL TO NECESSITY ! USE ( CR$IT F\ND$ UPON DEBT6 ,! REM$Y H]E1 AS 9 ?AT O!R MONOPOLY - HUMAN SLAV]Y1 DOES NOT LIE 9 ATTEMPT+ LEGISLATIVE 9JECTION ( MORALITY OR S5TIM5T 9TO AN 9EQUITABLE SY/EM1 BUT 9 ! DEA? ( ! MORIBUND SY/EM ITSELF1 & ?IS NECESS>ILY MU/ PROCE$ ALONG RA!R ?AN CONTR>Y TO ! L9ES ( EVOLUTION4 ,UND] ! P[] ( 9CREASE GIV5 TO MONEY BY ITS MONOPOLY ! BORR[]S IS EV] DEP5D5T UPON & UND] SUBJECTION TO ! L5D]2 ! PRIVILEGE ACCORD$ ON ! ONE SIDE NECESS>ILY C>RIES ) IT A CORRESPOND+ RE/RICTION ON ! O!R TO AVAIL ONE'S SELF ( NATURAL RES\RCES4 ,! CASE IS NOT ONE :]E A GREAT B5EFIT IS OBVI\SLY CONF]R$ :I* C\LD NOT O!RWISE BE OBTA9$1 BUT ONE :]E A MILITANT ME?OD IS SUGGE/$ BY SELFI%NESS & 5=C$ BY D5Y+ SCOPE TO ANY O!R4 ,BY GRANT+ LIB]TY TO CONTRACT MUTUALLY \R MU* VAUNT$ F9ANCIAL SY/EM W\LD DIE ( 9ANITION4 

,NOR CAN IT BE LONG] OBJECT$ ?AT ! GR[+ 9T]RELATIONS ( SOCIAL NE$S HAVE L$ TO A SPECIE BASIS CURR5CY TO FACILITATE EX*ANGE & ?US ESCAPE ! FATAL LIMITATIONS ( DIRECT B>T]1 = ! USE ( CO9 IS B>T]3 IT IS ! 9T]*ANGE ( ONE COMMODITY = ANO!R4 ,TRUE1 IT IS A VA/ IMPROVEM5T1 BUT BY CONF]R+ UPON GOLD & SILV] A LEGAL VALUE IT HAS VIRTUALLY 5HANC$ !IR 9TR9SIC VALUE4 ,& AS ITS LEGAL-T5D] VALUE MAKES IT ALONE AVAILABLE1 OR ITS REPRES5TATIVE1 9 ! PAYM5T ( DEBT1 ! DEAL] 9 ?IS ABSOLUTE NECESSITY = ! PURPOSE ( EX*ANGE IS 5ABL$ TO IMPOSE A TAX UPON CR$IT4 ,FUR!R1 ! MONOPOLY ( ! M$IUM ( EX*ANGE BY GOV]NM5T IS ! P[] TO USE DEBT 9/EAD ( SOLV5CY AS AN 9/RUM5T ( CR$IT TO FACILITATE EX*ANGE1 & ?R\< & BY ?IS MONOPOLY EMP[]$ TO PREV5T EX*ANGES UNTIL PRIVILEG$ EXACTIONS >E FIR/ MET4 ,?AT IS1 = ! BOON = US+ !SE EVID5CES ( DEBT AS A M$IUM ( EX*ANGE 9/EAD ( MY [N SOLV5T CR$IT BAS$ ON BO? P]SONAL *>ACT] & ACQUIR$ WEAL?1 ,I MU/ PAY A BONUS = ! ALLEG$ ACCOMMODATION SO GRACI\SLY CONF]R$6 ,MAK+ IT ?R\< =CE ( SPECIAL PRIVILEGE A M>KETABLE COMMODITY BE=E IT CAN S]VE ME1 & JU/IFY+ IT AS LESS B>B>\S ?AN PA/ MILITANT S*EMES4 ,IT !RE=E FOLL[S ?AN ON ITS M>KET RATE WILL DEP5D ITS QUANTITY1 & H]E ! 9T]E/S ( MONOPOLY EXACT ?AT ITS P] CAPITA DI/RIBUTION %ALL BE LIMIT$ TO ! L[E/ PO9T CONSI/5T ) ! 5ORM\S SUP]/RUCTURE ( SPECULATIVE CR$IT RAIS$ UPON IT1 ?AT CAPITAL MAY TURN OV] ) GREAT] RAPIDITY & 9CREASE ! DESIR$ GA9 FROM ITS USE4 ,YET ?IS ANOMAL\S /ATE ( AFFAIRS IS DEF5D$ BY \R FROM DAY-TO-DAY_<#c#a_> ECONOMI/S UND] PRETEXT ( SU/A9+ 0! /&>D ( VALUE0 :ILE ADMITT+ ?AT VALUE ITSELF IS AN 9DET]M9ABLE FACTOR4 ,A FOOT1 A P\ND1 A GALLON1 A M9UTE1 >E DET]M9ABLE MEASURES BECAUSE !Y POSSESS BO? ! PROP]TY & QUALITY ( :AT !Y MEASURE1 BUT GOLD & SILV] >E NOT1 = BE+ COMMODITIES !MSELVES !Y V>Y 9 9TR9SIC VALUE2 BUT :5 GOLD DOES APPRECIATE 9 VALUE1 AS HAS (T5 BE5 ! CASE1 BE+ ! /&>D ( VALUE = UNLIKE ?+S1 ! DEGREE ( APPRECIATION IS M>K$ 9 A FLUCTUAT+ QUANTITY ( >TICLES ?US MEASUR$4 ,H5CE1 VALUE REMA9S UNC]TA9 & V>IABLE2 TO USE ,S4 ,P4 ,&REWS' PI?Y PHRASE1 IT IS 0UNC]TA9TY ,X FLUCTUATION "7 PRICE40 ,9 ALL AGES ! PRECI\S METALS HAVE BE5 9 GREAT DEM& = PURPOSES ( ORNAM5TATION & LUXURY1 & A L>GE P]C5TAGE ( \R CO9AGE GOES DIRECTLY FROM ! M9T TO ! CRUCIBLE1 ?\< /ILL !ORETICALLY 9 CIRCULATION2 & IT IS ?IS DEM& ?AT IS /ILL CONT9UALLY CONV]T+ CO9 9TO PLATE1 JEWELRY1 ETC41 ?AT 9CREASES ITS VALUE4 ,ITS SPECULATIVE VALUE IS DET]M9$ NOT ONLY BY ?IS DEM&1 BUT BY ! MONOPOLY ( ! REMA9+ P]C5TAGE AS ! BASIS = CR$IT4 ,CO9 IS WEAL? ITSELF1 IT HAS VALUE AS A PRODUCT ( LABOR2 CURR5CY BAS$ UPON IT DEP5DS UPON CONFID5CE 9 ITS R$EEMABILITY4 ,BUT ITS *IEF *>ACT]I/IC IS ?AT IT REPRES5TS WEAL?1 CAN BE CONV]T$ 9TO O!R WEAL?4 ,BUT 9 MAK+ IT & ITS REPRES5TATIVE ! SOLE LEGAL T5D] 9 EX*ANGE1 IT CR[DS \T ALL O!R WEAL? :I* MI<T AS WELL FACILITATE EX*ANGE ) EQUAL SECURITY & )\T 9T]E/4 ,CONSEQU5TLY1 ! NECESSITY = SU/A9+ A FLUCTUAT+ 0/&>D ( VALUE0 IS NOT ONLY EQUIVAL5T TO AN ASSUM$ NECESSITY = SU/A9+ ! MONOPOLY OV] CR$IT1 BUT ALSO PREV5TS ! REAL VALUE FROM BE+ DET]M9$ BY ! CO/ ( LABOR EXP5D$4 

,A SOLV5T1 :E!R ISSU$ BY A BANK]1 A F>M]1 OR A ME*ANIC1 UND] FRE$OM TO ! EX*ANGE ( CR$IT NE$S NO >TIFICIAL GU>ANTEE1 = PROTECTION TO ALL IS EQUIVAL5T TO PROTECTION TO NONE4 ,IT W\LD RECEIVE CR$IT TO ! EXT5T ( ! WEAL? KN[N TO BE PL$G$ BEH9D IT = R$EMPTION1 & NO LESS SCRUT9Y W\LD BE US$ ?AN N[ 9 DET]M9+ ITS SOLV5CY4 ,WE ONLY LOOK = R$EMPTION :5 DI/RU/ >ISES1 SO R$EMPTION W\LD ONLY BE S\<T :5 ! PRODUC]S PL$G$ W]E ( GREAT] B5EFIT ?AN ! UTILITY ( !IR CR$IT REPRES5TATIVE4 ,SU* NOTES C\LD HAVE AS FULL CR$IT 9 A VOLUNT>Y ASSOCIATION - ! ,PATRONS ( ,9DU/RY = 9/ANCE _<#c#b_> - AS ?OSE N[ ISSU$ BY A BANK4 ,FUR!R1 SU* USE ( CR$IT C\LD NOT LEAD TO A PANIC1 = IT W\LD NOT BE 9 9V]SE PROPORTION TO ITS SECURITY1 NOR CREATE A SPECULATIVE DEM& TO POSSESS ! WEAL? PL$G$ = ! PURPOSE ( HO>D+1 = UND] FREE COMPETITION1 :I* FREE EX*ANGE IMPLIES1 H\SES1 MA*9]Y1 OR O!R PRODUCTS RETA9$ =M USE W\LD BE AS VALUELESS AS WAT] 0HO>D$0 9 A WELL 9 A WET SEASON4 ,9 ! PRES5T SY/EM ! BASIS IS BO? FLUCTUAT+ & 9ADEQUATE2 9 ! O!R IT W\LD T5D TO /ABILITY & BE UNAFFECT$ BY FE>S4 

,A SPECIE BASIS1 BESIDES >\S+ D\BTS AS TO ! SOLV5CY ( ITS REPRES5TATIVE1 DUR+ SPECULATIVE REACTIONS1 BY ! NECESSITY ( MEET+ ! EXACTIONS ( 9T]E/ & DESIRE = PR(ITS1 CREATES A SPECULATIVE CR$IT :]E :AT IS PL$G$ BE>S BUT AN 9F9ITESIMAL PROPORTION TO ! EX*ANGES EFFECT$1 & C>RY+ ) IT AS A FATAL CONSEQU5CE ! FACT ?AT ANY DEGREE ( PROSP]ITY 9V>IABLY 9CITES TO L>G] OP]ATIONS1 BAS$ UPON ?IS SWOLL5 CR$IT1 UNTIL ! LIMIT ( CONFID5CE IS PASS$ & CAUTION AGA9 LEADS TO D\BT & D\BT TO PANIC4 ,! /ABILITY ( ! BASIS BE>S NO RELATION TO ! 5ORM\S SUP]/RUCTURE CR$IT HAS S\<T TO RAISE UPON IT1 & ?\S&S FALL YE>LY 9 ! /RUGGLE4 ,ON ! CONTR>Y1 VOLUNT>Y COOP]ATION UND] FREE EX*ANGE ORGANIZ+ CR$IT UPON A MUTUAL BASIS1 :]E9 ALL LABOR PRODUCTS NOT QUICKLY P]I%ABLE W\LD CON/ITUTE ! BASIS PL$G$1 ! ONLY 9FLATION ?AT C\LD RESULT W\LD BE ?AT ( WEAL?1 AS WILL BE SE5 H]EAFT] :5 CONSID]+ DETAILS4 

,OPPORTUNITY = CR$IT BE+ OP5 TO LABOR UND] FREE COMPETITION1 ITS CO/1 LIKE 9SURANCE1 W\LD SPE$ILY DET]M9E CURR5T RATES4 ,:AT MI<T RESULT OP5S A V]Y BROAD FIELD1 BUT ONE NOT LEGITIMATELY 9CLUD$ )9 ! SCOPE ( ! APPLICATION ( \R FUNDAM5TAL PR9CIPLES4 ,:Y IT HAS NOT RESULT$ WE MAY READILY SEE TO BE ! CONT9U$ SURVIVAL ( ! MILITANT SUP]/ITION ?AT M5 NE$ GOV]NM5TAL 0DIRECTION0 9 MATT]S :]E SELF-9T]E/ ALONE MI<T SEEM COMPET5T TO GUIDE )\T RESORT+ TO EI!R B>B>IC OR TWILI<T S*EMES ( REPRESSION4 ,H[ SU* ORGANIZATION C\LD BE 9TRODUC$ & COMM& CONFID5CE WE HAVE YET TO CONSID]4 ,TO ?OSE :O /ILL BELIEVE ?AT 9 ! POLITICAL POOL ! GOV]NM5T LEOP>D MAY BE CLEANS$ ( ITS SPOTS ,I COMM5D !SE WORDS ( ,J]EMY ,B5?AM3 _<#c#c_>  
  

0,:AT A GOV]NM5T \<T TO DO IS A MY/]I\S & SE>*+ QUE/ION1 :I* ?OSE MAY ANSW] :O KN[ :AT TO MEANS2 BUT :AT O!R M5 \<T TO DO IS A QUE/ION ( NO MY/]Y AT ALL4 ,! WORD \<T1 IF IT MEANS ANY?+1 MU/ HAVE REF]5CE TO SOME K9D ( 9T]E/ OR MOTIVES 2 & :AT 9T]E/ A GOV]NM5T HAS 9 DO+ RI<T1 :5 IT HAPP5S TO BE 9T]E/$ 9 DO+ WRONG1 IS A QUE/ION = ! S*OOLMAN4 ,! FACT APPE>S TO BE1 ?AT \<T IS NOT PR$ICABLE ( GOV]NM5TS4 ,! QUE/ION IS NOT :Y GOV]NM5TS >E NOT B\ND TO DO ?IS OR ?AT1 BUT :Y O!R M5 %\LD LET !M IF !Y CAN HELP IT4 ,! PO9T IS NOT TO DET]M9E :Y ! LION %\LD NOT EAT %EEP1 BUT :Y M5 %\LD NOT EAT !IR [N MUTTON ( !Y CAN40  
  

,TO :I* WE MAY ADD ! WORDS ( A F> CLE>] & BROAD] ?9K]1 ,AUB]ON ,H]B]T3_<#c#d_>  
  

0,HAS ANY RACE ( M5 EV] FAIRLY TRI$ EV5 ! HUMBLE/ EXP]IM5T ( FRE$OM & F\ND IT FAIL8  
  
  

0,HAVE NOT ! HUMAN FACULTIES GR[N 9 EV]Y FIELD JU/ AS FRE$OM HAS BE5 GIV5 TO !M8  
  
  

0,HAVE M5 EV] CLUNG TO PROTECTION & RE/RA9T & (FICIALISM )\T 5TANGL+ !MSELVES DEEP] & DEEP] 9TO EVILS FROM :I* !RE WAS NO \TLET80  

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