,*APT] #h 
,EMANCIPATION ( ,CR$IT 

,PEOPLE 3 

,AU?OR 3 ,DY] ,LUM 

,TEXT 3 

,V,I,I,I4 ,EMANCIPATION ( ,CR$IT 

  

,HAV+ %[N ?AT ! VOLUNT>Y ORGANIZATION ( MUTUAL CR$IT IS FULLY PRACTICABLE2 ?AT ! M$IUM ( EX*ANGE W\LD ?US BE %ORN ( ! DIFFICULTIES :I* PREV5T LABOR FROM FREELY CAPITALIZ+ PRODUCTS2 ?AT ! V>I\S 0BANKS0 ?US ORGANIZ$1 PRIVATE OR ASSOCIATIVE1 TO EX]CISE SOCIAL FUNCTIONS1 BY A SY/EM ( MUTUAL CLE>ANCE W\LD 9DEF9ITELY EXT5D CR$IT2 ?AT ALL ! DIFFICULTIES N[ SO EASY TO CONJECTURE W\LD BE SOLV$ AS !Y W]E RESPECTIVELY RECOGNIZ$ 3 - WE MAY N[ PROCE$ TO CLAIM = IT ! FOLL[+ B5EFIC5T RESULTS3 

#a4 ,L,A,B,O,R ,! ,/,&,>,D ,( ,V,A,L,U,E4 ,9 DEMONETIZ+ GOLD & SILV]1 ?US DEPRIV+ !M ( ! ROYALTY !Y N[ EX]CISE AMONG COMMODITIES1 IT W\LD DE/ROY !IR USE AS /&>DS ( VALUE & LEAVE LABOR EXP5D$1 ! CO/ ( PRODUCTION1 ! REGULATOR ( VALUE4 ,VALUE BE+ DET]M9$ BY ! PROPORTIONAL RELATION BETWE5 PRODUCTS1 ?IS RELATION W\LD NO LONG] BE S\<T 9 A FLUCTUAT+ /&>D BUT MEASUR$ BY ! EXT5T & DEGREE ( LABOR EXP5D$ & ?US E/ABLI% EQUITY 9 EX*ANGE4 ,NOR NE$ !RE BE A CONV5TIONAL /&>D AGRE$ UPON1 = FREE COMPETITION W\LD ITSELF LEAD TO EQUITABLE RELATIONS BY & ?R\< EXP]I5CE & EQUALITY ( OPPORTUNITIES1 E/ABLI%+ A JU/ RATE MEASUR$ BY ! 9T5SITY & SKILL ( ! EX]TION & DEGREE ( REPUGNANCE OV]COME4 ,! AGREEM5T BE+ VOLUNT>Y1 EV]Y BANK+ COMPANY W\LD F9D !IR [N 9T]E/ 5HANC$ ?R\< COMPETITION 9 F9D+ & ACT+ UPON :AT MI<T BE CALL$ ?IS NATURAL VALUE4 ,PRICES1 LIKE EV]Y?+ ELSE FOLL[+ ! L9E ( LEA/ RESI/ANCE1 9 ! ABS5CE ( >TIFICIAL CONDUITS W\LD NATURALLY FL[ 9TO EQUITABLE RELATION ) CO/ ( LABOR1 ?US GIV+ TO EX]TION ITS FULL REW>D4 ,9FLATION ( CR$IT C\LD NOT BE GREAT] ?AN ! 9CREASE ( SURPLUS WEAL? DEEM$ ACCEPTABLE AS SECURITY1 & NO SU* 9CREASE ( CIRCULAT+ M$IUM1 !RE=E1 C\LD AFFECT PRICES DISA/R\SLY1 OR O!RWISE1 BEL[ ! /&>D ( LABOR VALUE1 = IT W\LD MEASURE IT AS ! !RMOMET] DOES HEAT4 ,NOR C\LD CONTRACTION RAISE PRICES1 = 9 CURR5CY AS 9 EV]Y?+ ELSE UND] FRE$OM SUPPLY W\LD FOLL[ DEM&4 

#b4 ,C,E,S,S,A,T,I,O,N ,( ,9,T,],E,/4 ,IT W\LD REMOVE ! CAUSE = USURY )\T DE/ROY+ 9C5TIVE TO PRODUCTION4 ,9 TAK+ FROM CAPITAL ITS ILL-GOTT5 USUFRUCT ( LABOR ! IMPETUS TO ! PRODUCTION ( WEAL?1 9 :I* ALL CLASSES W\LD BE EQUALLY B5EFIT$ & ) NO >TIFICIAL LIMIT TO ITS SCOPE & DEVELOPM5T1 W\LD REMA9 BECAUSE 9DIVIDUAL 9ITIATIVE W\LD HAVE GREAT] FRE$OM & FULL] OPPORTUNITIES4 ,BUT UND] \R PRES5T BOA/$ 09C5TIVES0 WE F9D 9DIVIDUALITY N>COTIZ$ BY DIVORC+ CAPITAL FROM LABOR1 ACCOMPANI$ ) EXHIBITIONS ( PAT]NAL C>E4 ,& ?IS W\LD NATURALLY RESULT )\T CALL+ 9 AU?ORITY TO ACCOMPLI% :AT IT1 FROM ITS V]Y ESS5CE1 HAS ALWAYS BE5 AV]SE TO 5T]TA9 - LIB]TY4 ,! NECESSITY = EX]TION REMA9+1 OPPORTUNITY OP5 TO GRATIFY WANTS & MEANS TO CAPITALIZE WEAL?1 OR EV5 DAY'S LABOR1 TOGE!R ) 9CREAS$ LEISURE & ! MORE P]FECT DEVELOPM5T ( 9DIVIDUAL APTITUDES1 IS SUFFICI5T GR\ND = ! FIRM CONVICTION ?AT ! EXT5SION ( FRE$OM 9TO ECONOMIC RELATIONS W\LD NOT CAUSE MANK9D TO DET]IORATE 9TO B>B>ISM AS \R ECONOMIC APOLOGI/S = MILITANCY AFFECT TO BELIEVE4 ,TO ?US EXCEPT ,ECONOMICS FROM ! UNIV]SALLY B5EFIC5T EFFECT ( GREAT] FRE$OM IS TO IMPUGN EVOLUTION ITSELF4 

,ALL WEAL? W\LD 9 A JU/ S5SE BE AVAILABLE AS CAPITAL :5 DESIR$2 & FRE$OM PREVAIL+ NO MORE C\LD RECEIVE ACCEPTANCE AS SECURITY ?AN W\LD GU>ANTEE SU*4 ,EV]Y PORTION ( ?IS WEAL? CONV]T$ BY CR$IT TO REPRODUCTIVE PURPOSE W\LD BE EMPLOY$ )\T EXPLOIT+ ONE ( ?OSE :O GIVE TO PRODUCTS !IR REAL VALUE1 = LABOR & CAPITAL W\LD BE UNIT$1 ! REV]SE SIDES ( ! CAME EX]TION4 

#c4 ,E,M,A,N,C,I,P,A,T,I,O,N ,( ,L,A,B,O,R4 ,! 9DU/RIAL TYPE ( SOCIAL LIFE C\LD !N REALIZE ITS IDEAL1 :]E9 PLA/ICITY EXCLUDES RIGIDITY & ORD] BE F\ND$ ON PROGRESS2 ?AN .<SIC.> ONLY W\LD 9DU/RIAL EMANCIPATION BECOME A FACT4 ,! PRODUC] W\LD NO LONG] BE REPRESS$ BY ! FLUCTUAT+ DEM& ( A SPECULATIVE M>KET1 NOR BEGUIL$ BY TWILI<T S*EMES ( OCCUPANCY ( L& )\T ACCESS TO MEANS = USE1 BUT BE B5EFIT$ BY EV]Y NEW APPLIANCE :I* T5D$ TO R$UCE ! EXHAU/IV5ESS ( TOIL4 ,! OPPORTUNITIES = LABOR W\LD 9CREASE AS ITS WEAL?-PRODUC+ QUALITIES BECAME MORE EQUITABLY %>$1 & ABILITY TO 9CREASE IT RECEIVE NO DAMP] FROM FE> ?AT ! FRUITS ( EX]TION W\LD BE SWALL[$ UP BY SOME DEVICE ( PRIVILEGE4 ,9 ! 9C5TIVE GIV5 TO PRODUCTION EMULATION W\LD BE 9CIT$1 AMBITION >\S$1 HI<] DESIRES CREAT$ & EV]Y ELEM5T ( 9DIVIDUALITY CALL$ 9TO HEAL?FUL EX]CISE RA!R ?AN REPRESS$4 ,ECONOMICS W\LD NO LONG] ASS]T ) ,ROS*] ?AT  
  

0,! CONDITION ( WORKM5 CAN BE CONT9U$ GOOD OR MAT]IALLY IMPROV$ ONLY ON CONDITION ?AT !IR NUMB] 9CREASE LESS RAPIDLY ?AN ! CAPITAL DE/9$ = ITS WAGES40  
  

,NOR FOLL[ IT ) ! REM>K3  
  

0,MU* ESPECIALLY DEP5DS UPON !IR =ESI<T & SELF-CONTROL AS REG>DS BR++ *ILDR5 9TO ! WORLD4 ,)\T ?IS LATT] VIRTUE EV5 ! FAVORABLE CIRCUM/ANCES W\LD BE SOON TRIFL$ AWAY60  
  

,ON ! CONTR>Y1 ! TOIL] 9/EAD ( REMA9+ A HIREL+ 9 ! 9DU/RIAL =CES1 W\LD NOT ONLY HAVE EV]Y MANLY FACULTY >\S$1 BUT EV]Y OPPORTUNITY GIV5 ?R\< 9CREAS$ DEM& & FULL] REW>D TO RISE TO 9DEP5D5CE4 ,:ILE FREE L& HAS BE5 POSIT$ AS ! FIR/ ELEM5T1 BECAUSE L& IS ! S\RCE ( ALL WEAL?1 IT IS N[ EVID5T ?AT ACCESS TO VACANT L& ALONE W\LD NOT EMANCIPATE LABOR4 ,AS 9 ! REALM ( BIOLOGY ! HI<] WE RISE 9 ! SCALE ( BE+ ! MORE COMPLEX FUNCTIONS BECOME1 SO 9 ,ECONOMICS WE F9D SOCIAL FUNCTIONS MU* MORE COMPLEX 9 EX*ANGE ?AN 9 L& T5URE4 ,WAIV+ DISCUSSION :E!R ABOLITION %\LD PREC$E FROM ! SIMPLE TO ! COMPLEX TO FACILITATE NORMAL GR[?1 IT MAY BE EASILY %[N1 IF NOT ALREADY SE51 ?AT ! MONOPOLY ( EX*ANGE 9VOLV+ ! :OLE DOMA9 ( DI/RIBUTION HAS A MU* MORE DEPRESS+ 9FLU5CE UPON ! REALIZATION ( ! 9DU/RIAL TYPE ?AN L& MONOPOLY4 ,MONOPOLY ( CR$IT C>RIES ) IT PRIVILEG$ CAPITAL1 EXTORTION ( 9T]E/1 ! /RUGGLE = PR(ITS1 ! GREAT] P>T ( ! NECESSITY = TAXATION & ! PRIME CAUSE = LABOR EXPLOITATION4 ,) ABOLITION ( PRIVILEGE H]E ! DESIRE TO MONOPOLIZE L& W\LD BE CURTAIL$4 ,BONANZA E/ATES >E VALUELESS TO !IR HOLD]S SAVE AS RE/RICTION ( ACCESS TO CAPITAL DRIVES NE$Y LABOR TO SELL ITSELF !REON4 ,EV5 IF EMANCIPATION H]E HAD NO REFLEX ACTION UPON L& HOLD+1 9ABILITY N[ POSSESS$ BY CAPITAL TO EXPLOIT W\LD R5D] L& HELD = O!R ?AN USEFUL PURPOSES A MO/ UNDESIRABLE 9VE/M5T4 ,! DIFF]5CE IS AS GREAT AS BETWE5 BROAD DAYLI<T & HAZY TWILI<T4 

,SOCIAL WEAL? & PROSP]ITY W\LD !N BE ATTA9$1 & BY ! ONLY WAY IT EV] CAN BE1 BY ! WEAL? & PROSP]ITY ( ! 9DIVIDUALS :O TOGE!R CON/ITUTE SOCIETY4 ,! 0,DISMAL ,SCI5CE0 W\LD NO LONG] COMPUTE AV]AGES TO %[ ?AT 9 ! PROSP]ITY ( SOME AN AV]AGE WELL-BE+ RESULTS1 BUT 9 ! 9C5TIVE GIV5 TO EX]TION1 9 ! EV]-WID5+ CIRCLE ( WANTS ?AT FRE$OM CAN ALONE CALL =?1 BETAKE ITSELF TO COMPUTATIONS ON ! POSSIBILITIES ( A CIVILIZATION F\ND$ ON 0 ! GREATE/ GOOD TO0 ,A,L,L1 9/EAD ( BE+ ! PHILOSOPHY ( SPECULATION UPON HUMAN MIS=TUNE & MIS]Y1 & ! >T ( EXP\ND+ EXI/+ TEMPOR>Y RELATIONS AS NATURAL LAWS4 

,F9ALLY1 9 ! WORDS ( ,COL4 ,GRE5E3  
  

0,! EXI/+ BANK REPRODUCES ! >I/OCRATIC ORGANIZATIONS2 IT HAS ITS ,SP>TAN ELEM5T ( PRIVILEG$ /OCKHOLD]S1 ITS ,LACONIAN ELEM5T ( OBSEQUI\S SPECULATORS1 ETC41 ON ! \TSIDE A MULTITUDE ( ,HELOTS :O >E EXCLUD$ FROM ITS ADVANTAGES4 ,ANSW] US1 READ]3 ,IF WE W]E ABLE AT ?IS TIME TO BR+ =W>D ! EXI/+ BANK+ SY/EM AS A NEW ?+1 & %\LD RECOMM5D ITS ADOPTION1 W\LD Y\ NOT LAU< 9 \R FACE & *>ACT]IZE \R PROPOSITION RIDICUL\S8 ,YET ! EXI/+ SY/EM HAS AN ACTUAL & PRACTICAL BE+ 9 SPITE ( ALL ITS IMP]FECTIONS2 NAY1 MORE1 IT IS ! RUL+ ELEM5T ( ! PRES5T CIVILIZATION ( ! ,*RI/IAN WORLD2 IT HAS SUB/ITUT$ ITSELF1 OR IS N[ SUB/ITUT+ ITSELF1 9 ! PLACE ( MON>*IES & NOBILITIES4 ,:O IS ! NOBLE ( ! PRES5T DAY1 IF NOT A MAN :O L5DS ON 9T]E/8 ,:O IS ! EMP]OR IF NOT ,RO?S*ILD8 ,N[1 IF ! PRES5T SY/EM ( BANK+ IS CAPABLE ( EXI/5CE1 H[ MU* MORE CAPABLE ( ACTUAL EXI/5CE IS ! SY/EM ( MUTUAL BANK+8 ,MUTUAL BANK+ COMB9ES ALL ! GOOD ELEM5TS ( ! ME?OD N[ 9 OP]ATION1 & IS CAPABLE ( SECUR+ A ?\S& B5EFITS :I* ! PRES5T ME?OD CANNOT COMPASS1 & IS1 MOREOV]1 FREE FROM ITS DISADVANTAGES6 0  

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

,*RONOLOGY 3 
,JANU>Y #h1 #bba 3 ,*APT] #h -- ,ADD$4 
,JANU>Y #a#g1 #bbb 3 ,*APT] #h -- ,UPDAT$4 

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