,P>T #d1 ,*APT] #c 
,FREE ,BANK+ 

#aihaih 

,PEOPLE 3 

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

,TEXT 3 

,FREE ,BANK+ 

,EXC]PT$ FROM ! BOOK2 

,9DIVIDUAL ,LIB]TY  

 ,SELECTIONS ,FROM ! ,WRIT+S ( ,B5JAM9 ,R4 ,TUCK]  

 ,VANGU>D ,PRESS1 ,NEW ,YORK1 #aibf  

 ,KRAUS ,REPR9T ,CO41 ,MILLWOOD1 ,N,Y1 #a#i#g#c4 

 ,9 #a#h#h#i1 ,MR4 ,HUGO ,BILGRAM FIR/ PUBLI%$ HIS 0,9VOLUNT>Y ,IDL5ESS10  
 :I* ,MR4 ,TUCK] *>ACT]IZ$ AS ! MO/ IMPORTANT BOOK ( ! G5]ATION4 ,BUT1 :ILE ADMIR+ ! AU?OR'S EXAM9ATION ( ! RELATION BETWE5 UNEMPLOYM5T & 9T]E/ ON MONEY1 & :ILE AGREE+ ) HIS CONCLUSION ?AT 0AN EXPANSION ( ! VOLUME ( MONEY1 BY EXT5D+ ! ISSUE ( CR$IT MONEY1 WILL PREV5T BUS9ESS /AGNATION & 9VOLUNT>Y IDL5ESS10 ! $ITOR ( ,LIB]TY HAD ONE SUB/ANTIAL DISAGREEM5T ) ,MR4 ,BILGRAM1 :I* HE /AT$ ?US3  

,:5 ,MR4 ,BILGRAM PROPOSES ?AT ! GOV]NM5T %ALL C>RY ON 7& PRESUMABLY MONOPOLIZE1 ?\< ?IS IS NOT CLE>LY /AT$7 ! BUS9ESS ( ISSU+ MONEY1 IT IS H>DLY NECESS>Y TO SAY ?AT ,LIB]TY CANNOT FOLL[ HIM4 ,IT GOES ) HIM 9 HIS ECONOMY1 BUT NOT 9 HIS POLITICS4 ,!RE >E AT LEA/ ?REE VALID REASONS1 & D\BTLESS O!RS ALSO1 :Y ! GOV]NM5T %\LD DO NO?+ ( ! K9D4 

,FIR/ ! GOV]NM5T IS A TYRANT LIV+ BY !FT1 & !RE=E HAS NO BUS9ESS TO 5GAGE 9 ANY BUS9ESS4 

,SECOND1 ! GOV]NM5T HAS NONE ( ! *>ACT]I/ICS ( A SUCCESSFUL BUS9ESSMAN1 BE+ WA/EFUL1 C>ELESS1 CLUMSY1 & %ORT-SI<T$ 9 ! EXTREME4 

,?IRD1 ! GOV]NM5T IS ?OR\<LY IRRESPONSIBLE1 HAV+ IT 9 ITS P[] TO EFFECTIVELY REPUDIATE ITS OBLIGATIONS AT ANY TIME4 

,) !SE QUALIFICATIONS ,LIB]TY GIVES ,MR4 ,BILGRAM'S BOOK 5?USIA/IC WELCOME4 ,ITS HI< PRICE WILL DEB> MANY FROM READ+ IT2 BUT MONEY CANNOT BE EXP5D$ MORE WISELY ?AN 9 LE>N+ ! TRU? AB\T MONEY4 

 ,MR4 ,BILGRAM !N WRITES TO ,LIB]TY 9 DEF5SE ( HIS CONT5TION ?AT ,/ATE BANK+ IS PREF]ABLE TO MUTUAL BANK+ ON ! GR\ND ?AT 0MUTUAL BANK+ CANNOT DEPRIVE CAPITAL ( ITS P[] TO BR+ UNE>N$ RETURNS TO ITS [N]40 ,MR4 ,TUCK] PROCE$S TO DEMOLI% ?AT POSITION3  

,MR4 ,BILGRAM1 IF ,I UND]/& HIM1 PREF]S GOV]NM5T BANK+ TO MUTUAL BANK+1 BECAUSE ) ! =M] ! RATE ( DISC\NT W\LD SIMPLY COV] RISK1 ALL BANK+ EXP5SES BE+ PAID \T ( ! PUBLIC TREASURY1 :ILE ) ! LATT] ! RATE ( DISC\NT W\LD COV] BO? RISK & BANK+ EXP5SES1 :I* 9 HIS OP9ION W\LD PLACE ! BURD5 ( BANK+ EXP5SES UPON ! BORR[]S 9/EAD ( UPON ! PEOPLE4 ,! ANSW] TO ?IS IS SIMPLE & DECISIVE3 ! BURD5 ( DISC\NT1 NO MATT] :AT ELEM5TS1 MANY OR FEW1 MAY CON/ITUTE IT1 FALLS ULTIMATELY1 UND] ANY SY/EM1 NOT ON ! BORR[]S1 BUT ON ! PEOPLE4 ,BROADLY SPEAK+1 ALL ! 9T]E/ PAID IS PAID BY ! PEOPLE4 ,UND] MUTUAL BANK+ ! EXP5SES ( ! BANKS W\LD1 IT IS TRUE1 BE PAID DIRECTLY BY ! BORR[]S1 BUT ! LATT] W\LD RECOV] ?IS FROM ! PEOPLE 9 ! PRICES PLAC$ UPON !IR PRODUCTS4 ,& IT SEEMS TO ME MU* MORE SCI5TIFIC ?AT ! PEOPLE %\LD ?US PAY !SE EXP5SES ?R\< ! BORR[]S 9 ! REGUL> *ANNELS ( EX*ANGE ?AN ?AT !Y %\LD FOLL[ ! COMMUNI/IC ME?OD ( PAY+ !M ?R\< ! PUBLIC TREASURY4 

,MR4 ,BILGRAM'S /ATEM5T ?AT MONEY-L5D]S :O1 BESIDES BE+ COMP5SAT$ = RISK1 >E COMP5SAT$ = !IR LABOR AS BANK]S & = !IR 9CID5TAL EXP5SES 0!REBY OBTA9 AN 9COME FROM ! M]E LOAN ( MONEY0 IS 9COMPREH5SIBLE TO ME4 ,HE MI<T JU/ AS WELL SAY ?AT UND] GOV]NM5T BANK+ ! (FICIALS :O %\LD RECEIVE SAL>IES FROM ! TREASURY = C>RY+ ON ! BUS9ESS W\LD !REBY OBTA9 AN 9COME FROM ! M]E LOAN ( MONEY4 ,UND] A FREE SY/EM ! BANK] IS AS SIMPLY & TRULY PAID ONLY ! NORMAL WAGE ( HIS LABOR AS IS ! (FICIAL UND] A GOV]NM5T SY/EM4 

,BUT1 S9CE ,MR4 ,BILGRAM DOES NOT PROPOSE TO PLACE ANY RE/RICTION UPON PRIVATE BANK+1 ,I HAVE NO QU>REL ) HIM4 ,HE IS WELCOME TO HIS OP9ION ?AT PRIVATE BANK+ C\LD NOT COMPETE ) ! GOV]NM5TAL 9/ITUTION4 ,I /\TLY MA9TA9 ! CONTR>Y1 & ! V]Y EXI/5CE ( ! F9ANCIAL PROHIBITIONS IS ! BE/ EVID5CE ?AT ,I AM RI<T4 ,?AT :I* CAN SUCCE$ BY 9TR9SIC M]IT NEV] SEEKS A LEGAL BOL/]4 

 ,MR4 ,BILGRAM REMA9$ UNCONV9C$ ?AT HE WAS WRONG 9 EV]Y RESPECT1 & /ILL MA9TA9$ ?AT ! CO/ ( MAK+ ! TOK5S %\LD BE DEFRAY$ BY ! GOV]NM5T4 ,TO :I* ,MR4 ,TUCK] REPLI$ ?AT !RE >E AT LEA/ TWO ANSW]S3  

,! FIR/ IS ?AT ?AT FACTOR 9 ! RATE ( 9T]E/ :I* REPRES5TS ! CO/ ( MAK+ TOK5S IS SO 9SIGNIFICANT 7PROBABLY LESS ?AN ONE-T5? ( ONE P]C5T1 GUESS+ AT IT7 ?AT ! PEOPLE C\LD WELL AF=D 7IF !RE W]E NO ALT]NATIVE7 TO LET A FEW 9DIVIDUALS PR(IT TO ?AT EXT5T RA!R ?AN SUFF] ! 5ORM\S EVILS ?AT RESULT FROM TRANSF]R+ 5T]PRISE FROM PRIVATE TO GOV]NM5T CONTROL4 ,I AM NOT SO 5AMOR$ ( ABSOLUTE EQUALITY ?AT ,I W\LD SACRIFICE BO? H&S RA!R ?AN ONE F+]4 

,! SECOND ANSW] IS ?AT NO PRIVATE MONEY-L5D]S C\LD1 UND] A FREE SY/EM1 REAP EV5 ! SMALL PR(IT REF]R$ TO4 

,MR4 ,BILGRAM SPEAKS ( ?OSE :O L5D MONEY :I* !Y HAVE ACQUIR$4 ,ACQUIR$ H[8 ,ANY MONEY :I* !Y HAVE ACQUIR$ MU/ HAVE ORIG9AT$ ) ISSU]S :O PAID ! CO/ ( MAK+ ! TOK5S1 & EV]Y TIME IT HAS *ANG$ H&S ! BURD5 ( ?IS CO/ HAS BE5 TRANSF]R$ ) IT4 ,IS IT LIKELY ?AT M5 :O ACQUIRE MONEY BY PAY+ ?IS CO/ WILL L5D IT TO O!RS )\T EXACT+ ?IS CO/8 ,IF !Y %\LD1 !Y W\LD BE WORK+ = O!RS = NO?+1 V]Y DIFF]5T ?+ FROM 0RECEIV+ PAY = WORK !Y HAD NOT P]=M$40 ,NO MAN CAN L5D MONEY UNLESS HE EI!R ISSUES IT HIMSELF & PAYS ! CO/ ( MAK+ ! TOK5S1 OR ELSE BUYS OR BORR[S IT FROM O!RS TO :OM HE MU/ PAY ?AT CO/4 

 ,ALONG !SE SAME L9ES ,MR4 ,J4 ,K4 ,+ALLS CONTRIBUT$ TO ,LIB]TY AN >TICLE1 & 9CID5TALLY ASK$ ! $ITOR SOME QUE/IONS2 AMONG O!RS1 :E!R1 IF MUTUAL MONEY IS TO BE MADE R$EEMABLE 9 GOLD OR SILV]1 IT 9VOLVES ! PR9CIPLE ( A LEGAL T5D]1 OR ( A T5D] ( 0COMMON CONS5T0 ,MR4 ,TUCK] ANSW]S3  

,YES1 IT DOES 9VOLVE ONE ( !SE1 BUT BETWE5 ! TWO !RE IS ALL ! DIFF]5CE ?AT !RE IS BETWE5 =CE & FRE$OM1 AU?ORITY & LIB]TY4 ,& :]E ! T5D] IS ONE ( 0COMMON CONS5T10 ?OSE :O DO NOT LIKE IT >E AT LIB]TY TO CONS5T 9 COMMON TO USE ANY O!R & BETT] ONE ?AT !Y CAN DEVISE4 

,IT IS DIFFICULT = ME TO SEE ANY FRAUD 9 PROMIS+ TO PAY A C]TA9 ?+ 9 A C]TA9 TIME1 OR ON DEM&1 & KEEP+ ! PROMISE4 ,?AT IS :AT WE DO :5 WE ISSUE R$EEMABLE MONEY & AFT]W>DS R$EEM IT4 ,! FRAUD 9 REG>D TO MONEY CONSI/S NOT 9 ?IS1 BUT 9 LIMIT+ BY LAW ! SECURITY = !SE PROMISES TO PAY TO A SPECIAL K9D ( PROP]TY1 LIMIT$ 9 QUANTITY & EASILY MONOPOLIZABLE4 

,IT IS D\BTFUL IF !RE IS ANY?+ MORE V>IABLE 9 ITS PUR*AS+ P[] ?AN LABOR4 ,! CAUSES ( ?IS >E P>TLY NATURAL1 SU* AS ! *ANG+ CONDITIONS ( PRODUCTION1 & P>TLY & PR9CIPALLY >TIFICIAL1 SU* AS ! LEGAL MONOPOLIES ?AT IMP>T FICTITI\S VALUES4 ,BUT LABOR EXP5D$ 9 C]TA9 DIRECTIONS IS UNQUE/IONABLY MORE CON/ANT 9 ITS AV]AGE RESULTS ?AN :5 EXP5D$ 9 O!R DIRECTIONS4 ,H5CE ! ADVANTAGE ( US+ ! COMMODITIES RESULT+ FROM ! =M] = ! R$EMPTION ( CURR5CY :5EV] R$EMPTION %ALL BE DEM&$4 ,:E!R GOLD & SILV] >E AMONG !SE COMMODITIES IS A QUE/ION1 NOT ( PR9CIPLE1 BUT ( /ATI/ICS4 ,AS A MATT] ( FACT1 ! HOLD]S ( GOOD R$EEMABLE MONEY SELDOM ASK = ANY O!R R$EMPTION ?AN ITS ACCEPTANCE 9 ! M>KET & ITS F9AL CANCELLATION BY ! ISSU]'S RE/ORATION ( ! SECURITIES ON :I* IT WAS ISSU$4 ,BUT 9 CASE ANY O!R R$EMPTION IS DESIR$1 IT IS NECESS>Y TO ADOPT = ! PURPOSE SOME COMMODITY EASILY TRANSF]ABLE & MO/ NE>LY 9V>IABLE 9 VALUE4 

,DOES ,MR4 ,+ALLS MEAN ?AT ALL MONEY MU/ BE ABOLI%$8 ,I CAN SEE NO O!R 9F]5CE FROM HIS POSITION4 ,= !RE >E ONLY TWO K9DS ( MONEY - COMMODITY MONEY & CR$IT MONEY3 ,! =M] HE C]TA9LY DOES NOT BELIEVE 91 ! LATT] HE ?9KS FRAUDUL5T & UNSAFE4 ,>E WE1 !N1 TO /OP EX*ANG+ ! PRODUCTS ( \R LABOR8 

,IT IS CLE>LY ! RI<T ( EV]Y MAN TO GAMBLE IF HE *OOSES TO1 & HE HAS AS GOOD A RI<T TO MAKE HIS BETS ON ! RISE & FALL ( GRA9 PRICES AS ON ANY?+ ELSE2 ONLY HE MU/ NOT GAMBLE ) LOAD$ DICE1 OR BE ALL[$ SPECIAL PRIVILEGES :]EBY HE CAN CONTROL ! PRICE ( GRA94 ,H5CE1 9 A FREE & OP5 M>KET1 !SE TRANSACTIONS :]E NEI!R EQUIVAL5T IS TRANSF]R$ >E LEGITIMATE 5\<4 ,BUT !Y >E UNWISE1 BECAUSE1 AP>T FROM ! W9N+ OR LOS+ ( ! BET1 !RE IS NO ADVANTAGE TO BE GA9$ FROM !M4 ,TRANSACTIONS1 ON ! O!R H&1 9 :I* ONLY ONE EQUIVAL5T IS IMM$IATELY TRANSF]R$ >E FREQU5TLY ( ! GREATE/ ADVANTAGE1 AS !Y 5ABLE M5 TO GET POSSESSION ( TOOLS :I* !Y IMM$IATELY NE$1 BUT CANNOT IMM$IATELY PAY =4 ,( C\RSE ! PROMISE TO PAY IS LIABLE TO BE MORE OR LESS VALUABLE AT MATURITY ?AN :5 ISSU$1 BUT SO IS ! PROP]TY ORIG9ALLY TRANSF]R$4 ,! BORR[] IS NO MORE EXEMPT ?AN ! L5D] FROM ! V>IATIONS 9 VALUE4 ,& ! 9T]E/S ( ! HOLD] ( PROP]TY :O NEI!R BORR[S NOR L5DS >E ALSO JU/ AS MU* AFFECT$ BY !M4 ,!RE IS AN ELEM5T ( *ANCE 9 ALL PROP]TY RELATIONS4 ,SO F> AS ?IS IS DUE TO MONOPOLY & PRIVILEGE1 WE MU/ DO \R BE/ TO ABOLI% IT2 SO F> AS IT IS NATURAL & 9EVITABLE1 WE MU/ GET ALONG ) IT AS BE/ WE CAN1 BUT NOT BE FRI<T5$ BY IT 9TO DISC>D+ CR$IT & MONEY1 ! MO/ POT5T 9/RUM5TS ( ASSOCIATION & CIVILIZATION4 

,LIB]TY IS PUBLI%$ NOT SO MU* TO ?OR\<LY 9=M ITS READ]S REG>D+ ! IDEAS :I* IT ADVOCATES AS TO 9T]E/ !M TO SEEK ?IS ?OR\< 9=MATION ?R\< O!R *ANNELS4 ,= 9/ANCE1 9 REG>D TO FREE MONEY1 !RE IS A BOOK- 0,MUTUAL ,BANK+10 BY ,WILLIAM ,B4 ,GRE5E - :I* SETS =? ! EVILS ( MONEY MONOPOLY & ! BLESS+S ( GRATUIT\S CR$IT 9 A P]FECTLY PLA9 & CONV9C+ WAY TO ALL :O WILL TAKE ! PA9S TO /UDY & UND]/& IT4 ,LIB]TY CAN ONLY /ATE BALDLY ! PR9CIPLES :I* ,GRE5E ADVOCATES & H9T AT SOME ( !IR RESULTS4 ,:OMSOEV] SU* /ATEM5TS & H9TS S]VE TO 9T]E/ CAN & WILL SECURE ! BOOK ( ME = A SMALL SUM4 ,SUB/ANTIALLY ! SAME VIEWS1 PRES5T$ 9 DIFF]5T WAYS1 >E TO BE F\ND 9 ! F9ANCIAL WRIT+S ( ,LYS&] ,SPOON]1 ,/EPH5 ,PE>L ,&REWS1 ,JOSIAH ,W>R51 &1 ABOVE ALL1 ,P4 ,J4 ,PR\DHON1 :OSE UNTRANSLAT$ WORKS CONTA9 UNTOLD TREASURES1 :I* ,I HOPE SOME DAY TO PUT )9 ! REA* ( ,5GLI% READ]S4 

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