,P>T #b1 ,*APT] #bb 
,CURR5CY & ,GOV]NM5T 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,CURR5CY & ,GOV]NM5T4 

.<,LIB]TY1 ,AUGU/ #a#e1 #a#h#i#a4.> 

,TO ! ,$ITOR ( ,LIB]TY37#g#d 8 #a7  

,!RE IS NOT ! SLI<TE/ ANALOGY BETWE5 ALL[+ !AT]S TO BE CONSUM$ ON ,SUNDAYS & ALL[+ SILV] OR IRON TO BE SOLD ON ! SAME T]MS AS GOLD4 ,CURR5CY IS ONLY BUY+ & SELL+2 IT IS NOT CONSUM+4 ,! CU/OM>Y ADOPTION ( GOLD AS CURR5CY & ! 5DORSEM5T ( ?IS CU/OM BY $ICT 9VOLVES ONLY A V]Y 9SIGNIFICANT 9CREASE 9 ITS CONSUMPTION4 ,MO/ O!R COMMODITIES WA/E MU* MORE ?AN GOLD 9 ! PROCESSES ( /OCK+1 M>KET+1 & DI/RIBUT+ FROM PO9TS ( PRODUCTION TO PO9TS ( CONSUMPTION4 ,AN ADMISSION ?AT IF GOV]NM5T ALL[$ AN 9CREASE 9 ! CONSUMPTION ( !AT]S IT W\LD RAISE ! PRICE1 9 NO WAY AFFECTS ANY KN[N PROPOSAL OR 5ACTM5T 9 REG>D TO GOLD AS CURR5CY1 BECAUSE CURR5CY LAWS HAVE SO LITTLE EFFECT UPON ! CONSUMPTION ( GOLD4 ,!RE >E LAWS :I* POSSIBLY AFFECT ! VALUE ( ! PRECI\S METALS4 ,!RE >E SU* AS PROHIBIT MIX+ !M FREELY 9 ALL PROPORTIONS1 PRODUC+ UT5SILS OR O!R >TICLES ( CONSUMPTION4 ,?US1 IF ! REMOVAL ( ! PRES5T RE/RICTIONS %\LD LEAD TO A L>G] CONSUMPTION ( SILV] 9 CUL9>Y >TICLES1 ?IS W\LD SLI<TLY RAISE ! PRICE ( SILV]47#g#d 8 #b7  

,BUT :AT IS ! USE ( PURSU+ A FALSE ANALOGY8 ,IF GOV]NM5T SIMPLY FACILITAT$ ! SALE ( !AT]S1 H[ W\LD ?AT AFFECT !IR PRICE 9 ! M>KET8 ,A COMP>ISON ( ! EFFECTS ( FACILITAT+ CONSUMPTION DOES NOT ILLU/RATE ! EFFECTS ( FACILITAT+ EX*ANGES4 ,IT IS 9 ! P[] ( GOV]NM5T TO ALT] ! VALUES ( ! PRECI\S METALS 5ORM\SLY )9 ! >EAS ( !IR DOM9ION BY PROHIBIT+ !IR IMPORTATION OR EXPORTATION OR BY DUTIES OR B\NTIES4 ,IT WILL BE TIME 5\< TO DISCUSS !SE MATT]S :5 !Y >E PROPOS$4 ,!Y >E NOT ANALOG\S TO ! ATTEMPTS TO FIX ! VALUE ( SILV] BY ! S*EMES ( ! BI-METALI/S1 & !Y HAVE /ILL LESS ANALOGY TO ! /ATUTES :I* >E SUPPOS$ TO DET]M9E ! VALUE ( GOLD1 BUT :I*1 AS A MATT] ( FACT1 DO NO?+ ( ! SORT4 ,TO /ATE ?AT ONE-F\R? AN \NCE ( GOLD %ALL EX*ANGE = ONE-F\R? \NCE ( GOLD IS SIMPLY TO CUMB] ! /ATUTE BOOKS ) A *E/NUT4 ,NO GOV]NM5T EV] DOES /IPULATE ?AT ALL MONEY %ALL BE MADE ( OR ISSU$ AGA9/ GOLD OR SILV]1 & IT IS 9 SUPPOS+ ?AT IT DOES SO ?AT SOME ( \R COMRADES GET WRONG4 ,:AT IS CALL$ MONEY 9 ! ABOVE S5T5CE MEANS A BOND OR PROMISE TO DELIV] CO94 ,!RE IS NO?+ TO PREV5T ANY ONE FROM ISSU+ BONDS OR PROMISES TO DELIV] SOME?+ ELSE1 SU* AS PETROLEUM1 PIG-IRON1 :EAT1 L>D1 & SO ON4 ,IF Y\ PROMISE DELIV]Y ( PETROLEUM ON DEM& OR AT A DATE NAM$1 Y\ ONLY DIS*>GE Y\R BOND BY LEGALLY T5D]+ ! PETROLEUM AS SPECIFI$4 ,! LAW ( ,5GL& ALL[S ?IS4 ,TO PREV5T IT W\LD DISORGANIZE ALL TRADE4 ,:AT IS PROHIBIT$ IS ! PRODUCTION & ISSUE ( NOTES 9 ONE P>TICUL> =M1--NAMELY1 PROMISES TO PAY GOLD TO BE>] ON DEM&4 ,IT IS A MO/ VICI\S EQUIVOQUE TO CALL SU* 9/RUM5TS MONEY1 & TO EXCLUDE *ECKS1 DRAFTS1 BILLS1 NOTES1 :E!R DRAWN = GOLD1 SILV]1 IRON1 L>D1 OR EV5 LABOR47#g#d 8 #c7  

,SPACE PROHIBITS 7EV5 :5 A COND5S$ /ATEM5T1 :I* WILL BE MISNAM$ DOGMATISM1 IS EMPLOY$7 %[+ ?AT EV5 UND] \R TRUCK LAWS NO ONE IS PROHIBIT$ FROM US+ OR TAK+ AS A PAYM5T1 FL\R1 BREAD1 MEAT1 CALICO1 BOOTS1 & SO ON47#g#d 8 #d7  

,! ANALOGY AS TO AN 5ACTM5T ?AT ALL PLATES %\LD BE MADE ( T9 IS EQUALLY MISLEAD+ & UNS\ND4 ,GOV]NM5T DOES NOT 5ACT ?AT ALL M>KETABLE >TICLES %ALL BE MADE ( GOLD1 OR ?AT ALL >TICLES CAPABLE ( BE+ SOLD = FUTURE DELIV]Y %ALL BE MADE ( GOLD4 ,!RE IS NO B5EFIT TO ?IS >GUM5T 9 CONF\ND+ ACTS :I* W\LD S]I\SLY AFFECT CONSUMPTION ) ACTS :I* HAVE LITTLE OR NO SU* EFFECT4 ,! GOLD EMBODI$ 9 CO9S IS M>KETABLE /OCK2 IT IS NOT 9 CONSUMPTION1 AS ! T9 W\LD BE IF IT HAD A MONOPOLY ON PLATE PRODUCTION4 ,WE WANT PLATES TO USE2 WE C>RY CO9 ALWAYS TO SELL4 ,IT IS NOT )DRAWN FROM ! M>KET SO AS TO RAISE ITS PRICE1 BUT IS CON/ANTLY BR\<T AFRE% TO M>KET SO AS EQUALLY TO L[] IT4 ,BESIDES ?IS1 ! ILLU/RATION ASSUMES & IMPLIES ?AT = GOLD !RE IS NO O!R USE ( GREAT SIGNIFICANCE BUT CO9-MAK+4 ,IF ?IS W]E SO1 !N ! ,WE/RUPS1 ! ,T>NS1 & ! ,TUCK]S W\LD HAVE ! >GUM5T ALL ON !IR [N SIDE4 ,! FACT IS1 H[EV]1 ?AT ! GOLD M9ES >E NOT KEPT OP5 TO SUPPLY CO91 BUT TO SUPPLY ! >TS47#g#d 8 #e7  

,!RE IS YET ANO!R FALLACY 9 \R COMRADES' POSITION4 ,IT W\LD BE NO MONET>Y DISADVANTAGE IF ! FACTS REALLY W]E AS !Y SUPPOSE4 ,IF GOLD W]E TWICE AS DE>1 OR TWICE AS *EAP1 ITS M]*ANTS W\LD MAKE JU/ ! SAME PR(IT1 BANK]S & F9ANCI]S W\LD NOT LOSE OR GA9--NEI!R W\LD ANYBODY EXCEPT ! PRODUC]S & CONSUM]S ( GOLD4 ,GROC]S' PR(ITS >E NOT AFFECT$ BY ! PRICE ( SUG>1 BUT ! GR[]S & US]S >E BO? VITALLY CONC]N$47#g#d 8 #f7  

,!RE W\LD SEEM TO BE NO?+ :ATEV] 9 ,5GLI% LAW TO PREV5T ! E/ABLI%M5T ( A BANK )\T ANY SPECIE ISSU+ 9CONV]TIBLE PAP]1 :I* ! CU/OM]S MUTUALLY AGREE TO ACCEPT AT P> VALUE1 BUT !RE IS LITTLE LIKELIHOOD SU* A S*EME W\LD BE WORKABLE4 ,IT W\LD TAX ! P[]S ( A V]Y CLEV] MA/] ( LEGAL OR ,AN>*ICAL PHRASEOLOGY TO SPECIFY UPON ! NOTES ! RESPONSIBILITY ( EA* CU/OM] & TO PRES]VE ! P[] ( !SE CU/OM]S FULFILL+ !IR AGREEM5TS4 ,BE=E ONE C\LD USE SU* NOTES TO BUY A BREAKFA/ OR A RAILWAY TICKET !RE W\LD HAVE TO BE A RA!R 9VOLV$ & T$I\S DISQUISITION UPON ECONOMICS4 ,NO ,AN>*I/ W\LD PROPOSE TO EMBODY SU* >RANGEM5TS 9 A /ATUTE LIKE \R LIMIT$ LIABILITY LAWS4 ,SU* NOTES W\LD !RE=E BE SIMPLY ( ! NATURE ( MORTGAGE BONDS1 = :I* !RE W\LD POSSIBLY BE A M>KET & A PRICE4 ,! PRICE W\LD PROBABLY BE BEL[ RA!R ?AN ABOVE P>47#g#d 8 #g7  

,FREE TRADE 9 GOLD & 9 CR$IT IS DESIRABLE4 ,ITS DESIRABILITY IS PROPORTIONATE TO ! RE/RICTIONS :I* EXI/1 BUT !SE >E NOT V]Y GREAT OR GRIEV\S4 ,! FIELD = !IR DISCUSSION OP5S ONLY :5 \R COMRADES' PRES5T MI/S HAVE ROLL$ AWAY4 ,BUT !Y BE> NO COMP>ISON ) ACTS = ! PUR*ASE BY GOV]NM5T ( GREAT QUANTITIES ( SILV]1 ACTS = REPAIR+ WORN GOLD CO9 AT PUBLIC EXP5SE1 &1 ABOVE ALL1 ACTS = T>IFFS DESIGN$ TO HAMP] TRADE & ACTS = RAIS+ PUBLIC REV5UE 9 G5]AL47#g#d 8 #h7  

,LET \R COMRADES 9 ,LIB]TY1 ,EGOISM1 & ,! ,H]ALD ( ,AN>*Y RISE TO MORE VITAL MATT]S :5 !Y T\* UPON ! ECONOMICS ( CO]CION4 ,! EVILS ( CO9AGE >E GREATLY OV]/AT$1 & TO !M >E ATTRIBUT$ EFFECTS ) :I* !Y HAVE NO CONNECTION47#g#d 8 #i7 

,J4 ,GREEVZ ,FI%] 

#< ,H>ROGATE ,ROAD1 ,LE$S1 ,5GL&4 
  

,MR4 ,FI%]'S >TICLE1 PR9T$ ABOVE1 IS NO?+ BUT A /R+ ( ASS]TIONS1 MO/ ( :I*1 AS MATT]S ( FACT1 >E UNTRUE4 ,! *IEF ( !SE UNTRU?S IS ! /ATEM5T ?AT 9 EX*ANG+ GOLD WE DO NOT CONSUME IT4 ,:AT IS CONSUMPTION8 ,IT IS ! ACT ( DE/ROY+ BY USE OR WA/E4 ,ONE ( ! USES ( GOLD--& UND] ! EXI/+ F9ANCIAL SY/EM ITS *IEF USE--IS TO ACT AS A M$IUM ( EX*ANGE1 OR ELSE AS ! BASIS ( SU* A M$IUM4 ,9 P]=M+ ?IS FUNCTION IT WE>S \T2 9 O!R WORDS1 IT IS CONSUM$4 ,BE+ GIV5 A MONOPOLY ( ?IS USE OR FUNCTION1 IT HAS AN >TIFICIAL VALUE1--A VALUE :I* IT W\LD NOT HAVE IF O!R >TICLES1 NORMALLY CAPABLE ( ?IS FUNCTION1 W]E NOT =BIDD5 TO COMPETE ) IT4 ,& !SE >TICLES SUFF] FROM ?IS RE/RICTION ( CMOPETITION 9 V]Y MU* ! SAME WAY ?AT A !AT] =BIDD5 TO GIVE ,SUNDAY P]=MANCES SUFF]S IF ITS RIVAL IS ALL[$ ! PRIVILEGE4 ,MR4 ,FI%] MAY D5Y ! ANALOGY AS /\TLY AS HE *OOSES2 IT IS NONE ! LESS E/ABLI%$4 ,?IS ANALOGY E/ABLI%$1 ,MR4 ,FI%]'S POSITION FALLS1--FALLS AS SURELY AS HIS O!R POSITION HAS FALL53 ! POSITION ?AT GOV]NM5T CANNOT AFFECT VALUES1 :I* HE AT FIR/ LAID D[N ) AS MU* CONTEMPTU\S ASSURANCE AS IF NO ONE C\LD D5Y IT )\T !REBY PROV+ HIMSELF A BORN FOOL4 ,SO !RE IS NO NE$ TO REFUTE ! RE/ ( HIS ASS]TIONS4 ,I WILL SIMPLY 5T] A SPECIFIC D5IAL ( SOME ( !M4 ,IT IS UNTRUE ?AT GOLD IS NOT )DRAWN FROM ! M>KET TO RAISE ITS PRICE4 ,IT IS UNTRUE ?AT ! GOLD M9ES >E KEPT OP5 PR9CIPALLY TO SUPPLY ! >TS4 ,IT IS UNTRUE ?AT1 IF GOLD W]E TWICE AS DE> OR TWICE AS *EAP1 BANK]S W\LD NOT LOSE OR GA92 ! *IEF BUS9ESS ( ! BANK] IS NOT TO BUY & SELL GOLD1 BUT TO L5D IT4 ,& ,I BELIEVE IT TO BE UNTRUE--?\< H]E ,I DO NOT SPEAK ( :AT ,I POSITIVELY KN[--?AT ,5GLI% LAW P]MITS ! E/ABLI%M5T ( SU* BANKS AS ,PR\DHON1 ,GRE5E1 & ,SPOON] PROPOS$4 ,MR4 ,FI%] C]TA9LY %\LD KN[ MORE AB\T ?IS ?AN ,I1 BUT ,I D\BT HIS /ATEM5T1 FIR/1 BECAUSE ,I HAVE F\ND HIM 9 ]ROR SO (T52 SECOND1 BECAUSE N9E \T ( T5 ,MASSA*USETTS LAWY]S WILL TELL Y\ ) SUPREME CONFID5CE ?AT !RE IS NO LAW 9 ,MASSA*USETTS PROHIBIT+ ! USE ( NOTES & *ECKS AS CURR5CY 7YET !RE IS ONE ( MANY YE>S' /&+1 FRAM$ 9 PLA9 T]MS1 & (T5 HAVE ,I A/ONI%$ LAWY]S ( LE>N+ & ABILITY BY %[+ IT TO !M72 &1 ?IRD1 BECAUSE ,I AM SURE ?AT1 IF SU* BANKS W]E LEGAL 9 ,5GL&1 !Y W\LD HAVE BE5 />T$ LONG AGO47#g#d 8 #a7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #bb -- ,PUBLICATION4 
,FEBRU>Y #b1 #bag 3 ,P>T #b1 ,*APT] #bb -- ,ADD$4 

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