,*APT] #g ,MUTUAL ,CR$IT ,PEOPLE 3 ,AU?OR 3 ,DY] ,LUM ,TEXT 3 ,V,I,I4 ,MUTUAL ,CR$IT ,AFT] ?IS REVIEW ( ! 9EQUALITIES & /RIK+ 9JU/ICE ( ! MONEY MONOPOLY1 & ?AT FREE BANK+ 9 SOCIAL EVOLUTION LOGICALLY FOLL[S FROM ! L9ES ( LEA/ RESI/ANCE UND] WID] FRE$OM1 WE WILL PROCE$ TO 9QUIRE 9 :AT MANN] ! ORGANIZATION ( P]SONAL CR$IT W\LD S]VE A SOCIAL FUNCTION & FUR!R ! REALIZATION ( ! 9DU/RIAL TYPE4 ,= ONLY AS LIB]TY FAILS TO MEET ! REQUIREM5TS ( PROGRESS WILL ?IS OR ?AT AU?ORIT>IAN REGULAT+ S*EME ( CR$IT & EX*ANGE RECEIVE JU/IFICATION4 ,CAN FREE COMPETITION BE 9TRODUC$ 9TO DOME/IC EX*ANGES & ! CONDITIONS ( PRODUCTION8 OR MU/ ! APPLICATION ( FREE TRADE BE CONF9$ TO ! MANUFACTUR$ PRODUCT & DI/RIBUTION8 ,9 O!R WORDS1 CAN ! M$IUM ( EX*ANGE BE REPUBLICANIZ$ )\T 9JURY TO ANY1 OR DE/ROY+ ALL RELATIONS ( VALUE8 ,! ,AN>*I/ UNHESITAT+LY ANSW]S 9 ! AFFIRMATIVE1 & 9 OPPOSITION TO L& NATIONALIZ]S ASS]TS ?AT 9 ! RE/RICTIONS PLAC$ >\ND EX*ANGE LIES . OB/ACLES TO 9DU/RIAL PROGRESS MORE F>-REA*+ & ( DEEP] IMPORTANCE ?AN EV5 MONOPOLY ( L&4 ,TO 9DIVIDUAL CR$IT ! OBJECTION WILL >ISE ?AT IT W\LD BE LIMIT$ 9 SCOPE1 FROM ! V]Y NATURE ( ! NOTES1 TO LOCAL NE$S1 OR W\LD BE MORE WOR?LESS AT A DI/ANCE ?AN ! OLD /ATE-BANK NOTES4 ,BUT ANY >GUM5T ON SOCIAL RELATIONS UND] ABS5CE ( COMPULSORY REGULATION C>RIES ) IT ! RECOGNITION ( ASSOCIATIVE ACTION :]E NE$$4 ,SP5C] IS UNQUE/IONABLY RIF>E HAS FO/]$1 & MAY GRADUALLY DIM9I% AS1 UND] 5DUR+ PEACEFUL LIFE1 !SE DECREASE40_<#c#e_> ,BUT :ILE IT REMA9S TRUE ?AT ! 9DU/RIAL TYPE WILL DEVELOP ! HIGE MEASURE SUB/ITUTE 9DIVIDUAL 9ITIATIVE & RESPONSIBILITY = CORPORATE COMB9ATIONS1 /ILL A L>GE FIELD WILL BE LEFT 9 :I* COOP]ATION )\T SACRIFICE ( 9DIVIDUALITY WILL BE 9 /RICT H>MONY ) 9DU/RIAL IDEALS4 ,:AT M5 HAVE DONE UND] TRAMMELS !Y WILL BE NONE ! LESS ABLE TO DO 9 ! ABS5CE ( 9T]F]5CE4 ,:5 ! 9T]E/ ( ALL >E . L$ TO CO-OP]ATE :]E 9DIVIDUAL 9ITIATIVE IS DEEM$ 9SUFFICI5T 7A CONDITION MORE LIABLE TO DECREASE ?AN TO 9CREASE71 RA!R ?AN MADE TO COMB9E1 DEM& WILL PRODUCE SUPPLY4 ,WE HAVE EVID5CE ( ?IS ON EV]Y H& 9 VA/ NATIONAL ORGANIZATIONS1 VOLUNT>ILY UNIT+ TO C>RY \T OR A*IEVE SOME COMMON PURPOSE4 ,AMONG ! MANY :I* C\LD BE NAM$ ! F>M]S ALONE FURNI% US ) AN ILLU/RATION :]E9 ECONOMIC 5DS >E S\ ,9SURANCE NOT BE+ A GOV]NM5TAL FUNCTION1 ASSOCIATION NATURALLY >ISES = ?AT PURPOSE1 & AS ! TAXATION IS DIRECT & VOLUNT>ILY MET1 & FREE COMPETITION T5DS TO BR+ IT D[N TO ! MEAN ( CO/1 ! 5D IS REA*$ EASI] & *EAP] ?AN GIV+ IT 9TO ! H&S ( ! ,/ATE :]E !SE LIMITATIONS ON EXP5SE W\LD NOT EXI/4 ,WILL ! F>M]S GRASP ! IDEA & REALIZE IT8 ,!IR ORGANIZATIONS MAY AF=D BO? 9DEMNITY & SECURITY = LIFE1 = WEAL? E>N$1 = V>I\S 5T]PRISES 9VOLV+ RISK & GREAT EXP5SE1 BUT A COMMON M$IUM ( EX*ANGE IS TABOO$6 ,IT IS NOT IMPOSSIBLE TO CONCEIVE ( ! DEVELOPM5T ( ! 9DU/RIAL TYPE TO ?AT DEGREE :]E A MAN MAY BE A MEMB] ( AS MANY 0,/ATES0 SIMULTANE\SLY AS ! SEV]AL FUNCTIONS !Y DIS*>GE ATTRACT HIM4 ,BUT LIB]TY1 ! EQUALITY ( OPPORTUNITIES 9VOLV$ 9 EMANCIPATION1 NE$ NOT BE SOLELY DEP5D5T ON SU* ASSOCIATIONS AS N[ EXI/ TO WORK \T A NATURAL & EFFECTIVE ME?OD4 ,EXI/+ SOCIAL ME*ANISM NE$ NOT FAIL ALTOGE!R SIMPLY BECAUSE DEPRIV$ ( C]TA9 PRIVILEGES N[ CONF]R$4 ,! FIR/ QUE/ION TO >ISE 9 ! M9D ( ! BANK] ON F9D+ MONEY MONOPOLY REMOV$ W\LD NATURALLY BE3 0,H[ CAN ,I BE/ ADAPT MYSELF TO ! *ANG$ CONDITONS80 ,H[EV] ON]\S MAY BE ! BURD5S 5TAIL$ BY ! BANK+ SY/EM1 /ILL IT IS 9DISPUTABLE ?AT ! BANK] DOES EX]CISE A SOCIAL FUNCTION4 ,! NECESSITY ( A BANK TO EXT5D CR$IT & ?AT ( ITS PRIVILEGES >E WIDELY DI/9CT PROPOSITIONS4 ,NOR W\LD IT BE TO MUTUAL 9T]E/S UPON ! REMOVAL ( ! PRIVILEGES HE HAD H]ET(ORE 5JOY$ ?AT HIS ABILITY TO /ILL DIS*>GE 9DISP5SABLE SOCIAL FUNCTIONS %\LD BE IGNOR$4 ,NOR W\LD ?IS NE$ FOLL[4 ,LIB]TY CANNOT IMPLY RE/RICTION NOR ELECTION1 BUT SELF-ELECTION BY ABILITY & FITNESS TO P]=M4 ,?US1 UND] EQUAL OPPORTUNITIES ! FIELD W\LD BE OP5 TO HIM4 ,!RE W\LD BE AS URG5T NE$ = ME?OD AS UND] AU?ORITY1 & ! SAME TE/1 FITNESS1 W\LD F> MORE READILY DET]M9E A MAN'S SUCCESS ?AN N[ = SU* FUNCTIONS4 ,ADM9I/RATION IS NEV] 9V5T$ DE NOVO & ! ME?ODS N[ 9 VOGUE ADAPT$ TO ! *ANG$ CONDITIONS W\LD ANSW] ALL ! PURPOSES ( ! SOCIAL 5VIRONM5T4 ,! 9CORPORATION1 H[EV]1 ( SU* FUNCTIONS 9 ! PROGRAM ( ONE ( \R GREAT ASSOCIATIVE BODIES1 LIKE ! ,PATRONS ( ,9DU/RY1 IS FEASIBLE1 &1 & !IR NUMB]S BE+ SUFFICI5TLY L>GE TO COV] ! V>I\S 9DU/RIES1 EX*ANGE C\LD BE READILY EFFECT$ & !IR MUTUAL ACCEPTANCE ( BILLS ( EX*ANGE1 ! C5TRAL EXECUTIVE BO>D ACT+ AS A CLE>+ H\SE1 BO? ELIM9ATE 9T]E/ & PR(ITS & GIVE AN IMPETUS TO PRODUCTION BY HEI DESCRIBES ! ME?OD BY :I* =EIGN EX*ANGES >E EFFECT$ )\T ! DISBURSEM5T ( MONEY SAVE TO PAY BALANCE2 & ?AT ?IS LOGICALLY RESULT$ FROM ! ABS5CE ( 9T]NATIONAL AU?ORITATIVE 9T]F]5CE4 ,EXT5SION ( DI/RIBUTION EV] T5DS AS COMM]CE BECOMES MORE DEVELOP$ TO SIMPLIFICATION ( ME?ODS & TO 9DIVIDUAL RESPONSIBILITY1 AS F> AS GOV]NM5TAL NON9T]F]5CE P]MITS4 ,LET US SEE H[ ! SAME MUTUAL >RANGEM5TS MI 9 HIS LITTLE WORK ON 0,MUTUAL ,BANK+0 HAS GIV5 SU* A ME?OD1 BAS$ UPON ,PR\DHON'S MORE ELABORATE 0,ORGANIZATION ( ,CR$IT0 9 EXPLANATION ( ! 0,PEOPLE'S ,BANK ( ,EX*ANGE40 ,TO ,PR\DHON MU/ BE ASCRIB$ ! M]IT ( FIR/ G5]ALIZ+ ! BILL ( EX*ANGE TO RELIEVE COMM]CE FROM ! MONOPOLY LEGISLATION HAD FA/5$ UPON IT4 ,9 ,COL4 ,GRE5E'S SKET* WE HAVE ! FOLL[+ PLAN = A MUTUAL BANK3 0#a4 ,ANY P]SON1 BY PL$G+ ACTUAL PROP]TY TO ! BANK1 MAY BECOME A MEMB] ( ! ,MUTUAL ,BANK+ ,COMPANY4 0#b4 ,ANY MEMB] MAY BORR[ ! PAP] MONEY ( ! BANK1 ON HIS [N NOTE RUNN+ TO MATURITY 7)\T 5DORSEM5T71 TO AN AM\NT NOT TO EXCE$ ONE-HALF ( ! VALUE ( ! PROP]TY BY HIMSELF PL$G$4 0#c4 ,EA* MEMB] B9DS HIMSELF1 ON ADMISSION1 TO RECEIVE 9 ALL PAYM5TS1 FROM :OMSOEV] IT MAY BE1 & AT P>1 ! PAP] ( ! MUTUAL BANK4 0#d4 ,! RATE ( 9T]E/ AT :I* SAID MONEY %ALL BE LOAN$ %ALL BE DET]M9$ BY1 & %ALL1 IF POSSIBLE JU/ MEET & COV] ! B>E EXP5SES ( ! 9/ITUTION4 ,AS = 9T]E/ 9 ! COMMON ACCEPTATION ( ! WORD4 ITS RATE %ALL BE AT ! ,MUTUAL ,BANK PRECISELY 4 0#e4 ,NO MONEY %ALL BE LOAN$ TO ANY P]SONS :O >E NOT MEMB]S ( ! COMPANY2 ?AT IS1 NO MONEY %ALL BE LOAN$1 EXCEPT ON A PL$GE ( ACTUAL PROP]TY4 0#f4 ,ANY MEMB] ON PAY+ HIS DEBTS TO ! BANK1 MAY HAVE HIS PROP]TY RELEAS$ FROM ALL OBLIGATIONS TO ! BANK1 OR TO ! HOLD]S ( ! BANK'S MONEY1 AS SU*4 0#g4 ,AS = ! BANK1 IT %ALL NEV] R$EEM ANY ( ITS NOTES 9 SPECIE2 NOR %ALL IT EV] RECEIVE SPECIE 9 PAYM5TS1 OR ! BILLS ( SPECIE PAY+ BANKS EXCEPT AT A DISC\NT ( ONE-HALF ( ONE P] C5T4 0,%IPS & H\SES ?AT >E 9SUR$1 MA*9]Y1 9 %ORT1 ANY?+ ?AT MAY BE SOLD UND] ! HAMM]1 MAY BE MADE A BASIS = ! ISSUE ( MUTUAL MONEY4 ,MUTUAL BANK+ OP5S ! WAY TO NO MONOPOLY1 = IT SIMPLY ELEVATES EV]Y SPECIES ( PROP]TY TO ! RANK :I* HAS HI!RTO BE5 EXCLUSIVELY OCCUPI$ BY GOLD & SILV]40 ,?IS IS A PLAN = VOLUNT>Y COOP]ATION ( 9DIVIDUALS 9 A COMMUNITY1 :O1 BY A PL$GE ( ! RESULT ( PA/ LABOR1 RECEIVE !RE= BILLS 9 ! =M ( DIVISIBLE RECEIPTS TO AUGM5T ! RESULT ( PRES5T LABOR1 :I* AMONG ALL MEMB]S S]VE AS A M$IUM ( EX*ANGE4 ,BY ! CONT9UANCE ( ! CLE>+ H\SE1 BY SOCIAL NE$S R5D]$ A FUNCTIONAL NECESSITY1 !SE BILLS W\LD BE 9T]*ANG$ & R$EEMABLE ONLY 9 M]*&ISE & S]VICES4 ,CURR5CY1 OR DOME/IC BILLS ( EX*ANGE1 9 BE+ R$EEMABLE 9 ! PRODUCT ( LABOR W\LD E/ABLI% LABOR AS ! /&>D & MEASURE ( VALUE1 & AS R$EMPTION W\LD BE CANCELLATION ! DESIRE C\LD NOT GIVE RISE TO A PANIC4 ,BUT ! 0PRACTICAL MAN10 C>+ NO?+ = EQUITABLE PR9CIPLES1 MAY H]E *>GE ?AT ?IS MAY BE A V]Y F9E MILL5NIAL DREAM1 BUT IMPRACTICABLE H]E & N[4 ,LET US SEE4 ,LEAV+ = ! MOM5T AB/RACT PR9CIPLES LET US ATTEMPT A CONCRETE APPLICATION4 ,! LA/ RESORT ( ! ,ILL9OIS ,BUREAU ( ,LABOR ,/ATI/ICS GIVES TABLES ( MORTGAGE 9DEBT$NESS CALCULAT$ TO AWAK5 S]I\S ?\SIMONY MANY A F>M] HAS BE5 5ABL$ TO EXTRICATE HIMSELF FROM ! SL\< ( DEBT1 BUT EV5 !N HIS ABILITY TO CAPITALIZE WEAL? = NEW V5TURES REMA9$ 0! SUB/ANCE ( ?+S HOP$ =40 _<#c#i_> ,P>SIMONY NEV] 9CREASES WEAL?4 ,ABILITY TO POSSESS L&1 ! S\RCE ( ALL PRODUCTION1 NO MATT] UND] :AT K9D ( T5URE IT IS HELD1 WILL ONLY 9CREASE ! WEAL? ( ! PRODUC] AS ABILITY TO USE IS JO9$ ) POSSESSION4 ,MAN'S PRODUCTIVE P[] IS PRACTICALLY UNLIMIT$1 BUT GREAT & S]I\S *ECKS EXI/ UPON HIS CONSUMPTIVE CAPACITY4 ,TO 9CREASE ?IS IS TO HI DEM&1 RAISE ! /&>D ( COM=T1 & ) ?IS ABILITY TO CAPITALIZE WEAL?1 & H5CE1 AN 9DEF9ITE 9CREASE ( PRODUCTIVE P[]4 ,PRODUCTIVE P[] IS ONLY LIMIT$ BY DEM&1 & :ATEV] LIMITS ?IS NECESS>ILY CONTRACTS PRODUCTION & FETT]S ! PRODUC]S4 ,MORTGAGE 9DEBT$NESS IS SU* A FETT] OR CLOG UPON ! F>M]1 9ASMU* AS IT NOT ONLY DIV]TS A L>GE PORTION ( WEAL? 9 DI/RIBUTION1 BUT ALSO ACTS DIRECTLY 9 LIMIT+ PRODUCTION TO CONSUMPTIVE CAPACITY BAS$ ON 5=C$ P>SIMONY4 ,!SE >E 9CONTROV]TIBLE ECONOMIC FACTS IRRESPECTIVE ( ALL F9ANCIAL SY/EMS1 & ! QU]Y >ISES1 IS !RE NOT 9 MUTUAL BANK+ AN ESCAPE FROM !SE CONDITIONS )\T RESORT+ TO ! QUE/IONABLE PROCESS ( TRU/+ A POLITICIAN 9 P[] TO KEEP ! PROMISES HE MADE TO ATTA9 IT8 ,FIR/1 LET US SEE :AT ! CONDITIONS >E AS %[N 9 ! ,BUREAU REPORT4 ,TAK+ ONLY ! MORTGAGES ON L&S1 ( ONE ACRE OR MORE1 & ELIM9AT+ ?OSE ON LOTS & *ATTELS1 WE F9D ?AT !RE >E RECORD$ #i#i1#g#g#g MORTGAGES1 AM\NT+ TO @s#a#d#g1#c#b1#e#d1 & COV]+ #h1#h#b1#g#i#d ACRES4 ,?IS IS SUBDIVID$ 9 LOANS & DEF]R$ PAYM5TS2 ! =M] %[+ ABSOLUTE NE$ = MONEY1 ! LATT] POSSESSION ( MONEY TO 9VE/ & A LEGITIMATE EXPECTATION ( MORE4 ,= LOANS ! 9DEBT$NESS COV]S #g1#e1#g#i#i ACRES1 :ILE ?OSE = DEF]R$ PAYM5TS >E ONLY #a1#c#a1#i#i#e ACRES4 ,COMP>$ TO ! :OLE ACREAGE ! P]C5TAGE ( ACRES MORTGAG$ IS #b#c4#c#h2 ! AV]AGE PRES5T 9CUMBRANCE P] ACRE ON L&S ACTUALLY MORTGAG$ @s#a#h4#b#c4 ,COMP>$ ) ! C5SUS AGGREGATE ( VALUE ( F>M L&S 9 #a#h#h1 ?IS IS EQUIVAL5T TO #a#d4#a P] C5T4 ,! TABLES ALSO %[ ?AT FROM #ahg TO #ahh ! 9CREASE 9 MORTGAGES WAS OV] #ba P] C5T1 :ILE FROM #ahh TO #ahhg IT WAS OV] #bc P] C5T4 ,IF WE CONSID] *ATTEL MORTGAGES1 ! 9CUMBRANCE ( LIFE /OCK1 F>M IMPLEM5TS1 GR[+ & G>N]$ CROPS1 EMBRACE NE>LY #de P] C5T ( ! 5TIRE AM\NT4 ,!SE TABLES %[ BO? 9CREAS+ 9DEBT$NESS1 & A WID] DIFFUSION TO POPULATION4 ,! DISEASE >IS+ FROM LEGISLATIVE ACTION1 & ALL ATTEMPTS AT POLITICAL REM$Y HAV+ PROV5 UNAVAIL+1 IT BY NO MEANS FOLL[S ?AT O!R AG5CIES CANNOT FURNI% ! REM$Y4 ,9 FACT1 !RE IS A DEEP & WIDE SPREAD CONVICTION ?AT ! EVIL BE+ AN ECONOMIC ONE1 REM$Y DOES NOT LIE 9 POLITICAL TREATM5T4 ,HAPPILY1 ! SIGNS ( ! TIMES 9DICATE ?AT REM$IAL VIRTUE HAS PASS$ FROM GOV]NM5T1 & IS TO BE F\ND 9 ASSOCIATION2 NOT 9 POLITICAL COMPULSION1 BUT 9 VOLUNT>Y COOP]ATION4 ,! POSSIBILITY ( ORGANIZATION AMONG AGRICULTURAL PRODUC]S IS NO LONG] QUE/IONABLE4 ,V>I\S ORGANIZATIONS ALL OV] ! L& %[ ?AT ! F>M]S >E LE>N+ ! P[] ( ORGANIZATION1 & ! POSSIBILITY ( ATTA9+ RESULTS H]ET(ORE SC\T$ BY ?OSE ECONOMI/S :O REG>D ! RELATION ( DEM& & SUPPLY1 )9 ! RE/RICTIONS ( PRIVILEG$ LEGISLATION1 AS ONE ( 0UNALT]ABLE LAW40 ,! NE$ ( EX*ANGE 9 \R COMPLICAT$ SOCIAL ORGANISM DEM&S ME?OD & ADM9I/RATIVE DIRECTION1 BUT ! ASSUMPTION ( AU?ORITATIVE REGULATION1 9 :I* IS 9VOLV$ ! D5IAL ( COMPETITION1 IS AS UNW>RANT$ 9 EX*ANGE AS IT W\LD BE IF CLAIM$ = 9SURANCE4 ,H[ !N CAN F>M]S' ORGANIZATIONS NOT M]ELY POOL !IR CR$IT1 :I* WE ALREADY SEE DONE1 BUT ALSO ORGANIZE !IR CR$IT SO AS TO CAPITALIZE WEAL? AT M9IMUM CO/1 !REBY GIV+ A SPR+ TO PRODUCTIVE 9DU/RY1 :I* W\LD BO? FREE !M FROM ! 9CUBUS ( 9DEBT$NESS1 & 9CREASE DEM& = SUPPLY8 ,:E!R ! ORGANIZATION BE CALL$ ,PATRONS1 ,ALLIANCE1 ,:EEL1 OR ,GRANGE1 IT LIES 9 ! P[] ( EA* & ALL TO MUTUALLY ORGANIZE CR$IT4 ,ONE ( !SE ORGANIZATIONS N[ NUMB] . OV] #a1 MEMB]S 9 A S+LE ,/ATE1 ,MI*IGAN1 & >E REPORT$ TO BE 9CREAS+ OV] #a1#b P] MON?4 ,! ,EXECUTIVE ,COMMITTEE ( ! ,/ATE ORGANIZATION CAN DIRECT ! ORGANIZATION ( CR$IT ON ! MUTUAL PLAN ,I HAVE \TL9$ BY ISSU+ DIVISIBLE RECEIPTS = AMPLE SECURITY PL$G$4 ,UND] !IR DIRECT ADM9I/RATION1 ACT+ ?R\< EA* SUBORD9ATE LOCAL1 ! MEMB]S CAN AGREE TO MUTUALLY RECEIVE & 9T]*ANGE !SE MUTUAL TOK5S ( CR$IT1 OR BILLS ( EX*ANGE4 ,= 9/ANCE1 ANY MEMB] HAV+ LABOR PRODUCT SAV$ 9 ! NATURE ( BUILD+S1 MA*9]Y1 OR NONP]I%ABLE PRODUCTS1 BY (F]+ !SE AS SECURITY = ADVANC$ CAPITAL W\LD RECEIVE 9 RETURN DIVISIBLE RECEIPTS = ! SUM DESIR$1 9 :I* CO/ W\LD REGULATE PRICE OR EXP5SE4 ,!SE BILLS ( EX*ANGE BE+ AMPLY SECUR$1 & BE+ RECEIV$ AT P> BY ALL FELL[ MEMB]S1 W\LD AMONG !MSELVES AF=D A M$IUM ( EX*ANGE FROM :I* 9T]E/ 7& ITS SEQU5CE1 PR(ITS7 W\LD BE ELIM9AT$4 ,) SU* BILLS ( EX*ANGE 0REPUBLICANIZ$10 !Y W\LD 9T]*ANGE FROM H& TO H&4 ,9 ?US CAPITALIZ+ HIS WEAL? E>N$ ! F>M] C\LD GIVE A GREAT] IMPETUS TO PRODUCTION1 & :5 HE DESIR$ TO EFFECT R$EMPTION BY EX*ANGE ( PRODUCTS1 R$EMPTION W\LD BE CANCELLATION4 ,TO D5Y ?IS IS TO D5Y ! PRODUCTIVE P[] ( CAPITAL4 ,EV]Y DIVISIBLE RECEIPT BE+ AMPLY SECUR$ BY WEAL? PL$G$1 & R$EMPTION BE+ CANCELLATION PROCE$+ FROM CAPITAL ADVANC$ BY SU* ORGANIZATION ( MUTUAL CR$IT ! ONLY 9FLATION ?AT C\LD 5SUE W\LD BE ?AT ( WEAL?2 & ! ONLY ONE PROBABLY DESIR+ R$EMPTION W\LD BE ! ONE :O CONTRACT$ ! LOAN1 :5 ! CAPITAL ADVANC$ HAD PRODUC$ SUFFICI5T SURPLUS WEAL? TO 5ABLE HIM TO SEEK ITS LIQUIDATION4 ,?IS PLAN1 IT WILL BE SE51 PRES]VES ! FULL 9DIVIDUAL LIB]TY ( ! MEMB] SEEK+ CR$IT UPON :AT MAY BE DET]M9$ TO BE SUFFICI5T SECURITY1 & IS BUT AN EXT5SION ( ! 9DU/RIAL IDEA ( EQUAL FRE$OM1 & VOLUNT>Y COOP]ATION1 TO ! FUNCTIONAL NECESSITY = R5D]+ EX*ANGE FREE & EQUITABLE1 & ?US GIV+ PRODUCTION AN 9DEF9ITE IMPULSE NEV] YET OBTA9ABLE4 ,ONE SU* ORGANIZATION1 HAV+ ?US %[N ! SOCIAL ADVANTAGE ( SU* FRI5DLY 9T]*ANGE ( FULLY SECUR$ CR$IT1 9 ABOLI%+ BO? 9T]E/ & PR(ITS1 CO/ W\LD NECESS>ILY BECOME ! MEAN ( PRICE4 ,O!R ORGANIZATIONS W\LD QUICKLY FOLL[ ! EXAMPLE4 ,! ,/ATE OR ,NATIONAL BO>D AT FIR/ ACT+ AS A CLE>+ H\SE = ADJU/M5T ( BALANCES BETWE5 !IR [N LOCALS C\LD EASILY EXT5D ! SCOPE ( ADM9I/RATION TO A MUTUAL UND]/&+ ) K9DR$ OR ANY O!R ORGANIZATION4 ,BUT WILL ! GOV]NM5T NOT TAX IT \T ( EXI/5CE 9 ! 9T]E/ ( BOND-HOLD+ LORDS8 ,! QUE/ION IS SECOND>Y TO ITS ECONOMIC EQUITY & AN ORGANIZATION EXT5D+ TO EV]Y C\NTY 9 A ,/ATE1 & (F]+ SU* 9DUCEM5TS TO ALL HONE/ TOIL]S1 W\LD AT ONCE BE 9 A POSITION TO MEET SU* AN ATTEMPT$ 9VASION ( EQUAL RIM] H]E & N[1 & ! ADOPTION ( SU* A C\RSE IS 9 NO WISE TA9T$ ) ! SOCIALI/IC PAT]NALISM ( ,GEORGE'S OR ,BELLAMY'S S*EMES ( AU?ORIT>IAN DIRECTION4 ,IS ?IS UTOPIAN :5 APPLI$ TO EX*ANGE1 & S\ND BUS9ESS :5 DAILY EX]CIS$ 9 C\NTLESS O!R RELATIONS NOT UND] GOV]NM5TAL DIRECTION8 ,H]E ,I MINESS LET US LI/5 TO ! MA/]4 ,PR\DHON SAYS3 0,IS ?IS A PAP] CURR5CY8 0,I ANSW] UNHESITAT+LY1 NO3 IT IS NEI!R PAP] MONEY1 NOR MONEY ( PAP]2 IT IS NEI!R GOV]NM5T *ECKS1 NOR EV5 BANK BILLS2 IT IS NOT ( ! NATURE ( ANY ?+ ?AT HAS BE5 HI!RTO 9V5T$ TO MAKE UP = ! SC>CITY ( SPECIE4 ,IT IS ! BILL ( EX*ANGE G5]ALIZ$4 0,! ESS5CE ( ! BILL ( EX*ANGE IS CON/ITUT$1 #a4 BY ITS BE+ DRAWN FROM ONE PLACE ON ANO!R2 #b4 BY ITS REPRES5T+ A REAL VALUE EQUAL TO ! SUM IT EXPRESSES2 #c4 BY ! PROMISE OR OBLIGATION ON ! P>T ( ! DRAWEE TO PAY IT :5 IT FALLS DUE4 0,9 ?REE WORDS1 ?AT :I* CON/ITUTES ! BILL ( EX*ANGE IS EX*ANGE1 PROVISION1 ACCEPTANCE4 0,AS TO ! DATE ( ISSUE1 OR ( FALL+ DUE2 AS TO ! DESIGNATION ( ! PLACES1 P]SONS1 OBJECTS1 - !SE >E P>TICUL> CIRCUM/ANCES :I* DO NOT RELATE TO ! ESS5CE ( ! TITLE1 BUT :I* S]VE M]ELY TO GIVE IT A DET]M9ATE1 P]SONAL1 & LOCAL ACTUALITY4 0,N[1 :AT IS ! BANK PAP] ,I PROPOSE TO CREATE8 0,IT IS ! BILL ( EX*ANGE /RIPP$ ( ! CIRCUM/ANTIAL QUALITIES ( DATE1 PLACE1 P]SON1 OBJECT1 T]M ( MATURITY1 & R$UC$ TO ITS ESS5TIAL QUALITIES - EX*ANGE1 ACCEPTANCE1 PROVISION4 0,IT IS1 TO EXPLA9 MYSELF /ILL MORE CLE>LY1 ! BILL ( EX*ANGE1 PAYABLE AT SIANTE$ BY #a1 9DORS]S1 ACCEPT$ BY #a1 SUBSCRIB]S4 0,I SAY1 !RE=E1 ?AT SU* A TITLE UNITES EV]Y CONDITION ( SOLIDITY & SECURITY1 & ?AT IT IS SUSCEPTIBLE ( NO DEPRECIATION4 0,IT IS EM95TLY SOLID1 S9CE1 ON ONE SIDE IT REPRES5TS ! ORD9>Y1 LOCAL1 P]SONAL1 ACTUAL PAP] ( EX*ANGE1 DET]M9$ 9 ITS OBJECT1 & REPRES5T+ A REAL VALUE1 A S]VICE R5D]$1 M]*&ISE DELIV]$1 OR :OSE DELIV]Y IS GU>ANTE$ & C]TA92 :ILE1 ON ! O!R SIDE1 IT IS GU>ANTE$ BY ! CONTRACT1 9 SOLIDO1 ( #a1 EX*ANG]S1 :O1 BY !IR MASS1 !IR 9DEP5D5CE1 & AT ! SAME TIME BY ! UNITY & CONNECTION ( !IR OP]ATION (F] MILLIONS ( MILLIONS ( PROBABILITY ( PAYM5T AGA9/ ONE ( NONPAYM5T4 ,GOLD IS A ?\S& TIMES LESS SURE4 0,9 FACT1 IF 9 ! ORD9>Y CONDITIONS ( COMM]CE WE MAY SAY ?AT A BILL ( EX*ANGE MADE BY A KN[N M]*ANT (F]S TWO *ANCES ( PAYM5T AGA9/ ONE ( NONPAYM5T1 ! SAME BILL ( EX*ANGE IF IT IS 5DORS$ BY ANO!R KN[N M]*ANT WILL (F] F\R *ANCES ( PAYM5T AGA9/ ONE4 ,IF IT IS 5DORS$ BY ?REE1 F\R OR A GREAT] NUMB] ( M]*ANTS EQUALLY WELL KN[N1 !RE WILL BE EI S9CE ! FAVORABLE *ANCES 9CREASE 9 GEOMETRICAL PROPORTION ) ! NUMB] ( 9DORS]S4 ,:AT1 !N1 \E ALL ( !M 9T]E/$ TO PROMOTE ITS CIRCULATION8 0,I ADD ?AT ?IS TITLE IS SUSCEPTIBLE ( NO DEPRECIATION4 ,! REASON = ?IS IS1 FIR/1 9 ! P]FECT VALIDITY ( A MASS ( #a1 SIGN]S4 ,BUT !RE EXI/S ANO!R REASON1 MORE DIRECT1 &1 IF POSSIBLE1 MORE REASSUR+3 IT IS ?AT ! ISSUES ( ! NEW PAP] CAN NEV] BE EXAGG]AT$ LIKE ?OSE ( ORD9>Y BANK BILLS1 TREASURY NOTES1 PAP] MONEY1 ASSIGNATS1 ETC42 = ! ISSUES TAKE PLACE AGA9/ GOOD COMM]CIAL PAP] ONLY1 & 9 ! REGUL> NECESS>ILY LIMIT$ & PROPORTIONATE PROCESS ( DISC\NT+4 0,9 ! COMB9ATION ,I PROPOSE1 ! PAP]1 7AT ONCE SIGN ( CR$IT & 9/RUM5T ( CIRCULATION7 GR[S \T ( ! BE/ BUS9ESS PAP]1 :I* ITSELF REPRES5TS PRODUCTS DELIV]$1 & BY NO MEANS M]*&ISE UNSOLD3 ,?IS PAP]1 ,I AFFIRM1 CAN NEV] BE REFUS$ 9 PAYM5T1 S9CE IT IS SUBMITT$ _<#d#a_> BE=EH& BY ! MASS ( PRODUC]S4 0,?IS PAP] (F]S SO MU* ! MORE SECURITY & CONV5I5CE1 9ASMU* AS IT MAY BE TRI$ ON A SMALL SCALE1 & ) AS FEW P]SONS AS Y\ SEE FIT1 & ?AT )\T ! LEA/ VIOL5CE1 )\T ! LEA/ P]IL4 0,SUPPOSE ! ,BANK ( ,EX*ANGE TO />T AT FIR/ ON A BASIS ( #a1 SUBSCRIB]S 9/EAD ( #a13 ! AM\NT ( PAP] IT W\LD ISSUE W\LD BE 9 PROPORTION TO ! BUS9ESS ( !SE #a1 SUBSCRIB]S1 & NEGOTIABLE ONLY AMONG !MSELVES4 ,AFT]W>DS1 ACCORD+ AS O!R P]SONS %\LD ADH]E TO ! BANK1 ! PROPORTION ( BILLS W\LD BE AS #e11 #a11 #e11 ETC42 & !IR CIRCULATION W\LD GR[ ) ! NUMB] ( SUBSCRIB]S1 AS A MONEY PECULI> TO !M4 ,!N :5 ! :OLE ( ,FRANCE %\LD HAVE ADH]$ TO ! /ATUTES ( ! NEW BANK1 ! ISSUE ( PAP] W\LD BE EQUAL1 AT EV]Y 9/ANT1 TO ! TOTALITY ( CIRCULAT+ VALUES40 _<#d#b_> ,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 ,*RONOLOGY 3 ,JANU>Y #h1 #bba 3 ,*APT] #g -- ,ADD$4 ,JANU>Y #a#g1 #bbb 3 ,*APT] #g -- ,UPDAT$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/