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,! ,EQUALIZATION ( ,WAGE & ,PRODUCT 

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,PEOPLE 3 

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

,TEXT 3 

,! ,EQUALIZATION ( ,WAGE & ,PRODUCT4 

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,ONE DOES NOT LAY ONESELF OP5 TO A *>GE ( DISLOYALTY TO ! PR9CIPLES ( LIB]TY BY GU>D+ AGA9/ EXTRAVAGANT HOPES4 ,IT SEEMS NECESS>Y TO KEEP ?IS M9D BE=E SAY+ A WORD AGA9/ ANY ANTICIPATIONS =M$ BY >D5T & ABLE ADVOCATES ( LIB]TY LIKE Y\RSELF4 ,IT IS A HYP]BOLE 7POSSIBLY OP5 TO MISCON/RUCTION7 TO IMPLY ?AT SOME ADVOCATES ( LIB]TY REG>D IT AS A PANACEA = EV]Y ILL4 ,IT !RE=E IS A GREAT ADVANTAGE :5 ITS EXPECT$ B5EFITS >E CLE>LY DEF9$ AS 9 Y\R ISSUE ( ! #a#a?4 ,Y\ BELIEVE ?AT UND] LIB]TY A LABOR]'S WAGES WILL BUY BACK HIS PRODUCT4 ,?IS IS =TUNATELY A DEF9ITE ISSUE4 ,IT IMPLIES ?AT IF !RE BE A NAK$ PRODUC] OR A COMMODITY ! COMPLETE PRODUCTION ( :I*1 9CLUD+ ALL ! \TLAY NE$FUL = ITS DELIV]Y TO ! CONSUM] AT ! V]Y MOM5T :5 HE NE$S TO CONSUME IT1 OCCUPIES TIME & DEM&S ! EMPLOYM5T ( WEAL? 9 MAT]IAL1 SU/5ANCE ( PRODUC]1 & TOOLS1 ( NONE ( :I* ?IS PRODUC] IS POSSESS$1 ?IS PAUP] PRODUC] %ALL RETA9 ! FULL VALUE ( HIS PRODUCT NOT)/&+ HIS P>TIAL DEP5D5CE UPON SOME ONE :O PROVIDES ! NECESS>IES = HIS PRODUCTION 9 ANTICIPATION ( HIS FRUITION4 ,IS NOT ?IS A FAIR & CORRECT 9T]PRETATION ( Y\R PHRASE8 & SUPPOS+ IT TO BE SO1 DOES IT NOT %[ ?AT Y\ EXPECT TOO MU*8 7#a77#g#e 8 #b7  

,! FACILITATION ( CR$IT & ! SO-CALL$ CIRCULATION ( DEBTS AS A SUB/ITUTE = CURR5CY1 TOGE!R ) ALL S*EMES = MUTUAL BANK+ OR S*EMES = ! MORE RAPID DEVELOPM5T ( COMM]CE1 IMPLY ?AT VALUABLES %ALL BE TEMPOR>ILY PLAC$ AT ! DISPOSAL ( O!RS ?AN !IR [N]S :O MEAN:ILE SU/A9 A PRIVATION & ALSO TAKE A S]I\S RISK1 BUT ?AT !SE [N]S %ALL OBTA9 NO RECOMP5SE BEYOND ! B>E RETURN ( !IR VALUABLES UNIMPAIR$4 7#b7 ,IF A COMPLEX & !RE=E 9TRICATE S*EME OR CALCULATION RESULTS 9 PRODUC+ SOME?+ \T ( NO?+ IT OP5S A SUSPICION ?AT !RE IS SOME CONCEAL$ FLAW 9 ! TRA9 ( ?\<T4 ,CR$IT )\T REMUN]ATION1 DEBT )\T CO/1 UNLIMIT$ OR V]Y PL5TIFUL MONEY )\T DEPRECIATION1 >E ! DESIR$ & HOP$ RESULTS ( ! NEW S*EMES4 ,IT IS MO/ IMPORTANT TO DI/+UI% BETWE5 DEM&+ LIB]TY TO TRY !SE S*EMES1 & PL$G+ LIB]TY TO !IR SUCCESS4 ,UN=TUNATELY IT DOES NOT APPE> TO BE SUFFICI5T TO CALL ATT5TION TO ?IS DI/9CTION4 ,>D5T FRI5DS WILL (T5 UNITE ! CAUSE ( ! FAD ) ?AT ( ! PR9CIPLE UNLESS ! FAD ITSELF BE DE/ROY$4 ,!RE >E FADDI/S :O AVOID ?IS PITFALL4 7#c7 ,?US !RE >E SOME :O ADVOCATE A RE=M ( SPELL+1 BUT AS ADVOCATES ( FRE$OM DECL9E TO MAKE EV5 ?AT HOP$ SUCCESS ( RE=M$ SPELL+1 OR ITS HOP$ RAPID PROGRESS UND] A FREE SY/EM ( $UCATION1 A PLEA OR PROP = >GUM5TS TO EMANCIPATE TEA*+ FROM GOV]NM5T RE/RICTION1 OR = 5=C$ ALI5ATION ( CITIZ5S' PROP]TY = ITS SUPPORT4 ,TEA*+ \<T TO BE FREE NOT BECAUSE IT IS >GU$ ?AT SPELL+ W\LD BE RE=M$ & ! RE=M W\LD BE GOOD1 BUT SIMPLY ?AT ! RE=M MAY GET A *ANCE & IF GOOD MAY SUCCE$4 ,SO GOV]NM5T RE/RICTION ON BANK+ & CR$IT \<T NOT TO BE REPEAL$1 BECAUSE ,WE/RUP'S OR ,GRE5E'S F9ANCE W\LD PREVAIL & BLESS ! PEOPLE1 BUT SO ?AT ?IS & ANY O!R DEVICE MAY BE TE/$ & IF GOOD SUCCE$4 7#d747#g#e 8 #c7  

,AS AGA9/ ! S*EME ITSELF ! CONT5TION IS ?AT WEAL? ORIG9ATES SOLELY 9 PRODUCTION1 & ?AT ) PL5TIFUL PRODUCTION ! WEAL? ( ! POOR WILL 9CREASE EV5 ?\< ! WEAL? ( SOME RI* PEOPLE IS VA/LY1 &1 AS IT IS ?\<T1 9ORD9ATELY 9CREAS$4 ,BUT ?IS BANK+ S*EME DOES NOT ADD TO PRODUCTION4 7#e7 ,IT IS BUT A S*EME = DE/ROY+ ONE S\RCE ( 9COME ( ! RI* OR APPROPRIAT+ IT TO ! POOR] PRODUC]4 ,)\T ANY ATTEMPT AT D$UCTION EXP]I5CE DICTATES ! 9DUCTION ?AT ! *ANCES >E 9 FAVOR ( ! MAN ) A SPECIAL FACULTY = SUCCESSFUL F9ANCIAL OP]ATIONS RA!R ?AN ( /UD5TS ( PR9CIPLES4 ,! MAN :O CAN ACTUALLY VALUE A HORSE1 A H\SE1 A CROP ( :EAT1 IS MORE USEFUL 9 PURSU+ HIS FUNCTION AS A SPECULATOR ?AN A /UD5T :O CAN ABLY ANALYZE ! COMPON5TS ( VALUE BY PROLONG$ & T>DY RESE>*4 ,! TRAD] HELPS SOCIETY MO/ & AT GREATE/ RISK1 SO ?OSE ( !M :O SUCCE$ HAVE ! GREAT] GA91 & IT IS PROBABLY *EAP] TO SOCIETY TO PAY ?IS FIGURE = ! ORGANIZATION ( COMM]CE ?AN DABBLE 9 AMATEURI% S*EMES4 ,! EXP]I5CE ( COOP]ATION--BO? ITS SUCCESSES & ITS FAILURES SEEM TO PO9T 9 ?IS DIRECTION 9 ?IS C\NTRY4 7#f77#g#e 8 #d7  

,GOV]NM5T 9T]F]5CE 9 F9ANCE HAS BROK5 D[N :5EV] IT HAS DONE S]I\S VIOL5CE TO S\ND ECONOMICAL PR9CIPLES4 ,AT PRES5T IT DOES NOT DO SO4 ,IT NE$LESSLY CO9S SOME METAL4 ,?IS IS 9 ,5GL& UNACCOMPANI$ ) ! GROSS ]ROR ( BUY+ & HO>D+ 9CREAS+ QUANTITIES ( A METAL :OSE PRODUCTION HAS BE5 GREATLY *EAP5$ ( LATE4 ,AP>T FROM ! SILV] FOLLY ( Y\R GOV]NM5T ! RESIDUAL EVILS ( GOV]NM5T CO9AGE >E 9F9ITESIMAL1 & !Y >E NOT COMM]CIAL4 ,!Y >E CONF9$ TO ! LOSS >IS+ FROM C>RY+ ON A PRODUCTIVE OR DI/RIBUTIVE PROCESS BY GOV]NM5T UND] MONOPOLY RA!R ?AN BY FREE 9DIVIDUALS 9 COMB9ATION OR SEP>ATELY UND] ! ECONOMIC CONTROL ( COMPETITION4 ,H]E !Y 5D4 ,IT IS PURE FANCY UNSUPPORT$ AS YET BY EVID5CE OR TRUE ANALOGY ?AT !Y 9T]F]E ) ! MOVEM5TS ( ! METAL1 OR MAT]IALLY CO]CE ! M>KETS 9TO US+ AN 9F]IOR COMMODITY AS ITS MO/ RELIABLE & MO/ FLU5T 9VE/M5T4 7#g7 ,!RE IS NOT ! SLI<TE/ USE = ! PURPOSES ( ?IS >GUM5T 9 COMP>+ A LAW 5=C+ ! USE ( GOLD5 DR9K+-VESSELS ) ANY LAWS CONNECT$ ) ! USE ( GOLD AS CURR5CY4 ,A TRUE ANALOGY W\LD BE F\ND 9 /UDY+ ! EFFECT ( MONETIZ+ IRON BY LAW4 ,SU* A LAW W\LD NOT DEMONETIZE GOLD UNLESS IT W]E MU* MORE TYRANNICAL 9 ITS MODE ( PRESCRIB+ IRON AS A LEGAL T5D] ?AN \R PRES5T LAW IS 9 PRESCRIB+ GOLD4 7#h7 ,ALL GOV]NM5T 9COME1 BORR[+S1 TAXES1 PO/AGE1 S*OOL P5CE1 C\RT FEES1 ALL GOV]NM5T \TLAY 9 WAGES1 W> MAT]IAL1 GRANTS TO LOCALITIES1 PAYM5T ( 9T]E/ UPON DEBT & ALL ACC\NTS1 C\RT V]DICTS1 (FICIAL VALUATIONS1 BANKRUPT /ATEM5TS1 & SO ON1 W\LD BE 9 T]MS ( IRON4 ,BUT ,I %\LD BE FREE TO PROMISE FUTURE DELIV]Y1 OR ACCEPTANCE ( GOLD1 OR TO SELL MY S]VICES OR MY PRODUCTS = GOLD AS ,I N[ AM TO PROMISE TO GIVE OR TAKE IRON AT AN AGRE$ TIME & PLACE OR TO HIRE MYSELF = IRON OR = BO>D & LODG+ OR ANY O!R MODE ( RECOMP5SE ,I CAN GET ANY ONE TO AGREE UPON4 7#i7 ,N[ IT IS QUITE LIKELY ! FIR/ EFFECT ( ?IS W\LD BE TO RAISE ! PRICE ( IRON & !REBY L[] ! VALUE ( GOLD 9 COMP>ISON ) IRON1 COAL1 & O!R ECONOMIC COMPON5TS ( ! VALUE ( IRON4 ,IT IS ALSO QUITE LIKELY IT W\LD /IMULATE ! PRODUCTION ( IRON4 ,BUT BO? ( !SE EFFECTS W\LD COMB9E TO MA9TA9 A L>G] /OCK ( IRON HANG+ AS A BUFF] BETWE5 PRODUC] & CONSUM]4 ,?IS W\LD /EADY VALUE1 BUT IT W\LD ALSO 9 TIME C\NT]ACT ! FIR/ TEMPOR>Y EFFECTS ( ! SUPPOS$ MONETIZATION ( IRON1 & NEI!R PRICE NOR PRODUCTION W\LD CONT9UE TO BE EXCESSIVE--) ! SOLE EXCEPTION ( ! SMALL 9CREASE ( CONSUMPTION FROM WE> & TE> ( CO9S4 ,IT W\LD NOT 9 ALL PROBABILITY DISPLACE GOLD AS ! MONEY 9 ! M>KET1 BECAUSE GOV]NM5T1 9/EAD ( DO+ AS IT N[ DOES1 REGI/]+1 & TAK+ PRAISE = ! BE/ MONET>Y SUB/ANCE1 W\LD ATTEMPT TO MONETIZE AN ILL-ADAPT$ COMMODITY1 A TASK BEYOND ITS /R5G?1 & W\LD SU/A9 DEFEAT AS IT HAS (T5 DONE :5 DEBASEM5T OR O!R ANTI-ECONOMIC S*EMES W]E UND]TAK547#g#e 8 #e7  

,IF AS Y\ ASS]T ! MA9 UTILITY ( GOLD CONSI/S 9 ! FACT ?AT IT IS US$ = CURR5CY1 !N Y\R G5]AL POSITION IS IMPREGNABLE4 ,BUT ?AT ?IS IS NOT S\ND IS SOME:AT IMPLI$ BY ,GRE5E1 :O RECOGNIZES GOLD & SILV] AS M]*&ISE4 ,SPECIE IS M]*&ISE HAV+ ITS VALUE DET]M9$1 AS SU*1 BY SUPPLY & DEM&4 ,! WORDS AS SU* MAY SIMPLY IMPLY !RE=E OR MAY IMPLY AN IDEA ON ,GRE5E'S P>T ?AT ! VALUE ( SPECIE AS MONEY WAS O!RWISE DET]M9$4 ,BUT :AT EVID5CE HAVE WE ?AT ! V]Y FREQU5T RESALE ( GOLD--CALL$ ITS MONET>Y CIRCULATION--IS EFFECTUAL 9 ALT]+ ITS PRICE 7WE> & TE> EXCEPT$78 ,EV]Y TIME GOLD IS B\<T 9 OR GA!R$ 9 TAXES ! T5D5CY IS TO PUT UP ! PRICE1 & EV]Y TIME IT IS ?R[N 9TO M>KET OR SP5T BY GOV]NM5T 9 \TLAY IT T5DS TO L[] ITS VALUE4 ,!SE OP]ATIONS DO NOT CON/ITUTE A MONOPOLY4 ,ANY ONE CAN BUY & ANY ONE CAN SELL GOLD CO94 ,!RE IS NO MONOPOLY 9 ! MATT]4 ,! MONET>Y PRIVILEGE IS NOT A MONOPOLY1 & IT GR[S 9 ! OP5 M>KET1 NOT 9 ! FANCI$ =C+-H\SE ( GOV]NM5T4 ,GRE5E ALLEGES 79 SMALL CAPS7 ?AT MUTUAL MONEY W\LD NEI!R RAISE NOR L[] ! PRICE ( SPECIE4 ,Y\ HOLD ?AT IT W\LD BE TANGIBLY R$UC$ BY MUTUAL BANK+8 ,:I* IS CORRECT8 7#a7 ,COMP>+ ! R$UCTION 9 VALUE Y\ ANTICIPATE ) ONE :I* MI<T >ISE 9 ! PRICE ( :ISKEY IF !RE W]E UNRE/RICT$ COMPETITION 9 ! SALE ( IT1 Y\ OV]LOOK ! FACT ?A !RE IS UNRE/RICT$ COMPETITION 9 ! SALE ( GOLD BUILLON & SPECIE4 ,MOREOV]1 ?\< WE CANNOT TELL BY :AT AM\NT ! PRICE ( :ISKEY W\LD BE R$UC$ BY UNRE/RICT$ COMPETITION1 WE CAN TELL ( :AT ! FALL W\LD CONSI/4 ,IT W\LD BE LIMIT$ TO SU* REL9QUI%M5T ( PR(IT AS W\LD BE =C$ UPON ! DEAL]S BY COMPETITION4 ,IF CONSUMPTION 9CREAS$1 IT MI<T RAISE ! PRICE BY ITS EFFECT UPON M>G9AL OR RESIDUAL PRODUCTION YIELD+ A DIM9I%$ RETURN1 OR IT MI<T BE L[]$ BY *EAP5+ PRODUCTION BY REMUN]AT+ ECONOMIC EMPLOYM5T ( CAPITAL4 ,?IS IS A FALSE & 9APPLICABLE ANALOGY4 ,IT IS NO MORE CORRECT TO SAY ?AT GOLD IS 9 ! PROCESS ( BE+ CONSUM$ :5 IT IS 9 USE AS CURR5CY ?AN TO SAY ?AT ! 9EVITABLE WA/E OR DET]IORATION ( COMMODITIES ON ! ROAD FROM PRODUC] TO CONSUM] IS ECONOMICALLY AN ACT ( CONSUMPTION4 7#a#a7 ,PRODUCTION IS NOT COMPLETE UNTIL ! COMMODITY REA*ES ! H&S ( A P]SON :O APPLIES IT TO ! DIRECT GRATIFICATION ( SOME P]SONAL CRAV+4 ,! WA/E ( GOLD 9 ! FUNCTION ( CURR5CY IS P>T ( ! CO/ :I* ! CONSUM] HAS TO REPAY :5 ?AT CO9 HAS BE5 CONV]T$ 9TO A CONSUMABLE PRODUCT :I* HE PUR*ASES4 ,! ONLY EXCEPTION IS ?AT ?IS CO/ MAY FALL UPON SOME O!R PRODUCT :5 ! LESS WA/E ( GOLD IS VOLUNT>ILY SUB/ITUT$ = ! WA/E ( ANY O!R COMMODITY IF ONE SEEKS TO TRANSPORT TO A DI/ANT M>KET M]E VALUE IRRESPECTIVE ( ITS EMBODIM5T4 ,IT IS AS IF ONE TEMPOR>ILY NE$$ A C]TA9 WEI<T TO /EADY A MA*9E1 BUT WAS 9DIFF]5T AS TO :E!R IT WAS EMBODI$ 9 /ONE1 IRON1 OR GOLD1 ALL ( :I* HE HAPP5S TO HAVE 9 /OCK1 BUT :I* HE CAN SUBSEQU5TLY CONSUME OR SELL UNIMPAIR$1 & :OSE EMPLOYM5T = ?IS PURPOSE ONLY 9F9ITESIMALLY DET]IORIATES ! POND]ABLE & DOES NOT IMPOV]I% HIS TRADE /OCK BECAUSE IT DOES NOT )DRAW ! POND]\S >TICLE FROM 9SPECTION OR SALE47#g#e 8 #f7  

,IT IS NOT CORRECT TO REPLY TO A MONET>Y QUE/ION BY PO9T+ \T ?AT GOV]NM5T MI<T KEEP GOLD AS DE> AS IT N[ IS EV5 IF IT W]E AS *EAPLY PRODUC$ AS COPP]1 BY DECREE+ ?AT WE %\LD DR9K ONLY FROM GOLD GOBLETS4 ,IF ?IS C\LD HAVE SU* EFFECT IT W\LD BE 9APPLICABLE TO ?IS DISCUSSION1 BECAUSE IT W\LD BE DECREE+ CONSUMPTION :ILE CURR5CY IS NOT CONSUMPTION1 BUT ONLY M>KET+4 ,BUT IT W\LD FAIL1 BECAUSE ( ! DURABILITY ( ! SUB/ANCE4 ,ONLY BY BUY+ UP ! METAL AT ! DESIR$ VALUE C\LD ! VALUE BE MA9TA9$4 ,NO PUR*ASES ( GOLD ) GOLD W\LD ALT] ITS VALUE4 ,SILV]1 COPP]1 :EAT W\LD HAVE TO BE US$ TO BUY UP GOLD AT ! VALUE IT WAS DESIR$ TO MA9TA91 & ( C\RSE NO GOV]NM5T W\LD HAVE ! /R5G? = ?IS4 7#a#b7 ,IT MU/ BE REMEMB]$ ?AT M9]S W\LD BE SELL]S AT CO/4 ,! ,UNIT$ ,/ATES GOV]NM5T RAISES ! PRICE ( SILV] N[ :ILE IT IS A BUY]4 ,IF IT TIPP$ IT 9 MID-OCEAN IT W\LD !N CONSUME IT 9 AN ECONOMIC S5SE4 ,:5 IT BECOMES A SELL] ! PRICE MU/ FALL4 ,! FACT ?AT !RE IS A POSSIBILITY ?AT ! LAW MAY *ANGE AT ANY MOM5T EV5 N[ KEEPS ! PRICE FROM RIS+ AS IT W\LD IF ! SILV] W]E IMM$IATELY CONSUM$ OR DE/ROY$ 9/EAD ( BE+ HO>D$4 ,SURELY IT IS A V]Y PALPABLE ]ROR TO SAY ?AT :5 GOV]NM5T SELLS OR SP5DS GOLD IT CONSUMES IT 9 AN ECONOMIC S5SE4 ,IF ,I SWAP A HORSE = A C[ & KILL & EAT ! C[1 DO ,I CONSUME ! HORSE8 7#a#c7 ,I TOOK ! HORSE FROM ! M>KET :5 ,I B\<T IT1 & ,I RETURN IT TO ! M>KET :5 ,I (F] TO SELL IT4 ,! QUE/ION ( ! METAL HAS DEM&$ SO MU* ELUCIDATION ?AT DEBTS AS COMMODITIES & AS CURR5CY MU/ WAIT A FUTURE COMMUNICATION47#g#e 8 #g7 

,J4 ,GREEVZ ,FI%] 

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

7#a7 ,NO1 ?IS IS NOT A CORRECT 9T]PRETATION ( MY PHRASE1 BECAUSE IT IS BAS$ UPON A CONCEPTION ( ! T]M PRODUCT S]I\SLY DIFF]+ FROM MY [N4 ,IF A LABOR]'S PRODUCT IS LOOK$ UPON AS ! 5TIRETY ( ?AT :I* HE DELIV]S TO ! CONSUM]1 !N 9DE$ ,MR4 ,FI%]'S PO9T IS WELL TAK51 & TO EXPECT ! LABOR]'S WAGES TO BUY BACK HIS PRODUCT IS TO EXPECT TOO MU*4 ,BUT ?AT IS NOT :AT IS ORD9>ILY MEANT BY A LABOR]'S PRODUCT4 ,A LABOR]'S PRODUCT IS SU* PORTION ( ! VALUE ( ?AT :I* HE DELIV]S TO ! CONSUM] AS HIS [N LABOR HAS CONTRIBUT$4 ,TO EXPECT ! LABOR]'S WAGES TO BUY ?IS VALUE BACK IS TO EXPECT NO MORE ?AN SIMPLE EQUITY4 ,IF SOME O!R LABOR] HAS CONTRIBUT$ TO ! TOTAL VALUE ( ! DELIV]$ >TICLE BY MAK+ A TOOL :I* HAS BE5 US$ 9 ITS MANUFACTURE BY ! LABOR] :O DELIV]S IT1 !N ! WAGES ( ! LABOR] :O MAKES ! TOOL %\LD ALSO BUY BACK HIS PRODUCT OR DUE PROPORTION ( VALUE1 & W\LD DO SO UND] LIB]TY4 ,BUT HIS PORTION ( ! VALUE & !RE=E HIS WAGE W\LD BE MEASUR$ BY ! WE> & TE> :I* ! TOOL HAD SUFF]$ 9 ?IS S+LE ACT ( MANUFACTURE1 & NOT BY ANY SUPPOS$ B5EFIT CONF]R$ BY ! USE ( ! TOOL OV] & ABOVE ITS WE> & TE>4 ,9 O!R WORDS1 ! TOOL-MAK] W\LD SIMPLY SELL ?AT PORTION ( ! TOOL DE/ROY$ 9 ! ACT ( MANUFACTURE 9/EAD ( L5D+ ! TOOL & RECEIV+ IT AGA9 ACCOMPANI$ BY A VALUE :I* W\LD MORE ?AN RE/ORE IT TO ITS ORIG9AL CONDITION4 ,MR4 ,FI%]'S 9T]PRETATION RE/S1 FUR!RMORE1 ON A MISCONCEPTION ( ! T]M WAGES4 ,:5 A F>M] HIRES A DAY-LABOR] = A DOLL> A DAY & HIS BO>D1 ! BO>D IS AS TRULY A P>T ( ! WAGES AS IS ! DOLL>2 & :5 ,I SAY ?AT ! LABOR]'S WAGES %\LD BUY BACK HIS PRODUCT1 ,I MEAN ?AT ! TOTAL AM\NT :I* HE RECEIVES = HIS LABOR1 :E!R 9 ADVANCE OR SUBSEQU5TLY1 & :E!R CONSUM$ BE=E OR AFT] ! P]=MANCE ( HIS LABOR1 %\LD BE EQUAL 9 M>KET VALUE TO HIS TOTAL CONTRIBUTION TO ! PRODUCT UPON :I* HE BE/[S HIS LABOR4 ,IS ?IS EXPECT+ TOO MU*8 ,IF SO1 MI<T ,I ASK TO :OM ! EXCESS ( PRODUCT OV] WAGE %\LD EQUITABLY GO87#g#e 8 #h7  

7#b7 ,EV]Y MAN :O PO/PONES CONSUMPTION TAKES A RISK4 ,IF HE KEEPS COMMODITIES :I* HE DOES NOT WI% TO CONSUME1 !Y MAY P]I% ON HIS H&S4 ,IF HE EX*ANGES !M = GOLD1 ! GOLD MAY DECL9E 9 VALUE4 ,IF HE EX*ANGES !M = GOV]NM5T PAP] PROMIS+ GOLD ON DEM&1 ! PAP] MAY DECL9E 9 VALUE4 ,& IF HE EX*ANGES !M = MUTUAL MONEY1 ?IS TRANSACTION1 LIKE ! O!RS 7?\< 9 A SMALL] DEGREE1 WE CLAIM71 HAS ITS ELEM5T ( RISK4 ,BUT1 AS LONG AS M]*ANTS SEEM TO ?9K ?AT !Y RUN LESS RISK BY TEMPOR>ILY PLAC+ !IR VALUABLES AT ! DISPOSAL ( O!RS ?AN BY RETA9+ POSSESSION ( !M1 ! ADVOCATES ( MUTUAL MONEY WILL NO MORE CONC]N !MSELVES AB\T GIV+ !M RECOMP5SE BEYOND ! B>E RETURN ( !IR VALUABLES UNIMPAIR$ ?AN ! ADVOCATES ( GOLD & GOV]NM5T PAP] WILL CONC]N !MSELVES TO 9SURE ! CON/ANCY ( ! ONE OR ! SOLV5CY ( ! O!R4 ,AS = ! SOME?+ \T ( NO?+ FALLACY1 ?AT IS %>$ BETWE5 ,GOD & ! ,%YLOCKS1 &1 F> FROM BE+ 5T]TA9$ BY ! FRI5DS ( FREE BANK+1 IS !IR SPECIAL ABOM9ATION4 ,CR$IT )\T REMUN]ATION6 %RIEKS ,MR4 ,FI%] 9 HORROR4 ,BUT1 IF CR$IT IS RECIPROCAL1 :Y %\LD !RE BE REMUN]ATION8 ,DEBT )\T CO/6 ,BUT1 IF DEBT IS RECIPROCAL1 :Y %\LD !RE BE CO/8 ,UNLIMIT$ OR V]Y PL5TIFUL MONEY )\T DEPRECIATION6 ,BUT IF ! CONTEMPLAT$ ADDITION TO ! VOLUME ( CURR5CY CONTEMPLATES 9 TURN A BROAD5+ ( ! BASIS ( CURR5CY1 :Y %\LD !RE BE DEPRECIATION8 ,FREE & MUTUAL BANK+ MEANS SIMPLY RECIPROCITY ( CR$IT1 RECIPROCITY ( DEBT1 & AN EXT5SION ( ! CURR5CY BASIS4 ,MR4 ,FI%] HAS BE5 SO 9VET]ATE A DR9K] ( BAD ECONOMIC :ISKEY ?AT HE HAS GOT ! ECONOMIC JIM-JAMS & SEES SNAKES ON EV]Y H&47#g#e 8 #i7  

7#c7 ,9 APPLY+ IT TO HIS [N VIEWS ALSO1 ,MR4 ,FI%] TAKES ! /+ \T ( ! WORD FAD4 ,BUT IT WAS & IS MY IMPRESSION ?AT HE ORIG9ALLY APPLI$ IT TO ! VIEWS ( ! FREE MONEY ADVOCATES1 NOT 9 ! PLAYFUL SPIRIT 9 :I* ALL 9DEP5D5T M5 CALL !MSELVES CRANKS1 BUT 9 ! CONTEMPTU\S SPIRIT 9 :I* !Y >E GIV5 ?AT APPELATION BY ! MOSSBACKS4 ,& IT WAS NATURAL 5\<4 ,9 F9ANCE1 ,MR4 ,FI%] IS A MOSSBACK4 ,CONTEMPT = CONTEMPT1--?AT'S FAIR1 ISN'T IT87#g#e 8 #a7  

7#d7 ,IT HAS BE5 REPEAT$LY /AT$ 9 !SE COLUMNS ?AT WE ASK NO?+ BUT LIB]TY4 ,GIV5 LIB]TY1 IF WE FAIL1 WE WILL SUBSIDE4 ,NEV]!LESS1 ) ,MR4 ,FI%]'S P]MISSION1 WE WILL CONT9UE TO PUT 9 \R BE/ LICKS = LIB]TY 9 ?OSE DIRECTIONS :I* SEEM TO US MO/ PROMIS+ ( GOOD RESULTS4 ,MEAN:ILE WE ACCORD TO ,MR4 ,FI%] ! PRIVILEGE ( RAPP+ AWAY = SPELL+ RE=M SO LONG AS HE DOES IT AT HIS [N EXP5SE1 :I* IS NOT ! CASE AT PRES5T4 7,MY READ]S WILL NOT SEE ! PO9T1 BUT ,MR4 ,FI%] & MY PR9T]S WILL477#g#e 8 #a#a7  

7#e7 ,?IS ,I D5Y4 ,IT IS ! ESPECIAL CLAIM ( FREE BANK+ ?AT IT WILL 9CREASE PRODUCTION4 ,TO MAKE CAPITAL FLU5T IS TO MAKE BUS9ESS ACTIVE & TO KEEP LABOR /EADILY EMPLOY$ AT WAGES :I* WILL CAUSE A TREM5D\S EFFECTIVE DEM& = GOODS4 ,IF FREE BANK+ W]E ONLY A PICAYUNI% ATTEMPT TO DI/RIBUTE MORE EQUITABLY ! SMALL AM\NT ( WEAL? N[ PRODUC$1 ,I W\LD NOT WA/E A MOM5T'S 5]GY ON IT47#g#e 8 #a#b7  

7#f7 ,H]E WE HAVE A V]Y GOOD REASON :Y ,I %\LD CONT9UE TO DEBATE ) ,MR4 ,FI%] RA!R ?AN =M A BANK+ P>TN]%IP ) ,MR4 ,WE/RUP4 ,V]Y LIKELY ! BANK+ FIRM ( ,WE/RUP1 ,TUCK] @& ,CO4 W\LD COME SPE$ILY TO GRIEF4 ,BUT ,I AM NONE ! LESS 9T]E/$ 9 SECUR+ ! GREATE/ POSSIBLE LIB]TY = BANK+ SO ?AT ,I MAY PR(IT BY ! GREAT] COMPETITION ?AT W\LD !N BE C>RI$ ON BETWE5 ?OSE BORN ) A G5IUS = F9ANCE4 ,BUT :AT AB\T ,PR\DHON1 ,MR4 ,FI%]8 ,HE WAS NO AMATEUR4 ,HE C\LD VALUE1 NOT ONLY A HORSE1 BUT A RAILROAD1 ! MONEY K+S UTILIZ$ HIS BUS9ESS BRA9S1 HIS ,MANUAL = A ,B\RSE ,SPECULATOR S]V$ !M AS A GUIDE1 &1 :5 HE />T$ HIS ,BANQUE DU ,PEUPLE1 IT IMM$IATELY ASSUM$ SU* PROPORTIONS ?AT ,NAPOLEON HAD TO CON/RUCT A CRIME = :I* TO CLAP HIM 9TO JAIL 9 ORD] TO SAVE ! ,BANK ( ,FRANCE FROM ?IS DANG]\S COMPETITOR4 ,AMATEUR1 9DE$67#g#e 8 #a#c7  

7#g7 ,ON ! CONTR>Y1 !RE IS AN ABUNDANCE ( EVID5CE4 ,! SUPPRESSION ( ,PR\DHON'S BANK WAS A CO]CION ( ! M>KET4 ,& 9 ?IS C\NTRY ATTEMPT AFT] ATTEMPT HAS BE5 MADE TO 9TRODUCE CR$IT MONEY \TSIDE ( GOV]NM5T & NATIONAL BANK *ANNELS1 & ! PROMPTNESS ( ! SUPPRESSION HAS ALWAYS BE5 PROPORTIONAL TO ! SUCCESS ( ! ATTEMPT47#g#e 8 #a#d7  

7#h7 ,H]E ,MR4 ,FI%] BECOMES H]ETICAL4 ,! *AMPIONS ( GOLD >E PROCLAIM+ ) ONE VOICE ?AT ! MONETIZATION ( SILV] WILL PROVE ! DEMONETIZATION ( GOLD47#g#e 8 #a#e7  

7#i7 ,JU/ AS FREE1 & NO MORE SO4 ,BUT ?IS IS NO FRE$OM AT ALL4 ,I TELL ,MR4 ,FI%] AGA9 ?AT IT IS A CRIME TO ISSUE & CIRCULATE AS CURR5CY A NOTE PROMIS+ TO DELIV] IRON AT A C]TA9 TIME4 ,I KN[ ?AT IT IS A CRIME 9 ?IS C\NTRY1 & ,I BELIEVE ?AT ! LAWS ( ,5GL& CONTA9 RE/RICTIONS ?AT ACCOMPLI% VIRTUALLY ! SAME RESULT47#g#e 8 #a#f7  

7#a7 ,!RE IS NO CONTRADICTION BETWE5 MY POSITION & ,GRE5E'S4 ,GRE5E HELD1 AS ,I HOLD1 ?AT ! EXI/+ MONOPOLY IMP>TS AN >TIFICIAL VALUE TO GOLD1 & ?AT ! ABOLITION ( ! MONOPOLY W\LD TAKE AWAY ?IS >TIFICIAL VALUE4 ,BUT HE ALSO HELD1 AS ,I HOLD1 ?AT1 AFT] ?IS R$UCTION ( VALUE HAD BE5 EFFECT$1 ! V>IATIONS 9 ! VOLUME ( MUTUAL MONEY W\LD BE 9DEP5D5T ( ! PRICE ( SPECIE4 ,9 O!R WORDS1 ?IS R$UCTION ( ! VALUE ( GOLD FROM ! >TIFICIAL TO ! NORMAL PO9T WILL BE EFFECT$ BY ! EQUAL LIB]TY GIV5 TO O!R COMMODITIES TO S]VE AS A BASIS ( CURR5CY2 BUT1 ?IS LIB]TY HAV+ BE5 GRANT$ & HAV+ TAK5 EFFECT1 ! ISSUE ( MUTUAL MONEY AGA9/ !SE COMMODITIES1 EA* NOTE BE+ BAS$ ON A SPECIFIC PORTION ( !M1 CANNOT AFFECT ! VALUE ( ANY ( !SE COMMODITIES1 ( :I* GOLD IS ONE4 ,IT IS NO ANSW] TO ! *>GE ( MONOPOLY TO SAY ?AT ANY ONE CAN BUY & SELL GOLD CO94 ,NO ONE D5IES ?AT4 ,! MONOPOLY COMPLA9$ ( IS ?IS1--?AT ONLY HOLD]S ( GOLD 7&1 9 ?IS C\NTRY1 ( GOV]NM5T BONDS7 CAN USE !IR PROP]TY AS CURR5CY OR AS A BASIS ( CURR5CY4 ,SU* A MONOPOLY HAS EV5 MORE EFFECT 9 5HANC+ ! PRICE ( GOLD ?AN W\LD A MONOPOLY ?AT %\LD ALL[ ONLY C]TA9 P]SONS TO DEAL 9 GOLD4 ,! PRICE ( GOLD IS DET]M9$ LESS BY ! NUMB] ( P]SONS DEAL+ 9 IT ?AN BY ! RATIO ( ! TOTAL SUPPLY TO ! TOTAL DEM&4 ,! MONOPOLY ?AT ! ,AN>*I/S COMPLA9 ( IS ! MONOPOLY ?AT 9CREASES ! DEM& = GOLD BY GIV+ IT ! CURR5CY FUNCTION TO ! EXCLUSION ( O!R COMMODITIES4 ,IF :ISKEY W]E ! ONLY ALCOHOLIC DR9K ALL[$ TO BE US$ AS A BEV]AGE1 IT W\LD COMM& A HI<] PRICE ?AN IT COMM&S N[4 ,I %\LD !N TELL ,MR4 ,FI%] ?AT ! VALUE ( :ISKEY WAS >TIFICIAL & ?AT FREE RUM W\LD R$UCE IT TO ITS NORMAL PO9T4 ,IF HE %\LD !N ASK ME :AT ! NORMAL PO9T WAS1 ,I %\LD ANSW] ?AT ,I HAD NO MEANS ( KN[+4 ,IF HE %\LD RESPOND ?AT ! FALL 9 :ISKEY RESULT+ FROM FREE RUM W\LD BE LIMIT$ TO SU* REL9QUI%M5T ( PR(IT AS W\LD BE =C$ UPON ! DEAL]S BY COMPETITION1 ,I %\LD ACQUIESCE ) ! REM>K ?AT ! DI/ANCE FROM ,LONDON TO ,LIV]POOL IS EQUAL TO ! DI/ANCE FROM ,LIV]POOL TO ,LONDON47#g#e 8 #a#g7  

7#a#a7 ,IT IS ,MR4 ,FI%]'S ANALOGY1 NOT M9E1 ?AT IS FALSE & 9APPLICABLE4 ,! PROP] ANALOGY IS NOT BETWE5 GOLD & ! COMMODITIES C>RI$1 BUT BETWE5 GOLD & ! VEHICLE 9 :I* !Y >E C>RI$4 ,! C>GO ( PEA*ES ?AT ROTS ON ITS WAY FROM ,CALI=NIA TO ,NEW ,5GL& MAY NOT BE ECONOMICALLY CONSUM$ 7?\< = MY LIFE ,I CANNOT SEE :Y SU* CONSUMPTION ISN'T AS ECONOMIC AS ! TIPP+ ( SILV] 9TO ! ,ATLANTIC BY ! ,UNIT$ ,/ATES GOV]NM5T1 :I* ,MR4 ,FI%] CONSID]S PURELY ECONOMIC71 BUT AT ANY RATE ! WE> ( ! C> ?AT C>RIES ! C>GO IS AN 9/ANCE ( ECONOMIC CONSUMPTION4 ,N[ ! GOLD ?AT GOES TO ,CALI=NIA TO PAY = ?OSE PEA*ES & COMES BACK TO ,NEW ,5GL& TO PAY = COTTON CLO?1 & ?US GOES BACK & =? AS CON/ANTLY AS ! RAILWAY C> & FACILITATES EX*ANGE EQUALLY ) ! RAILWAY C> & WE>S \T 9 ! PROCESS JU/ AS ! RAILWAY C> WE>S \T1 IS 9 MY JUDGM5T CONSUM$ PRECISELY AS ! RAILWAY C> IS CONSUM$4 ,?AT ONLY IS A COMPLETE PRODUCT1 ,MR4 ,FI%] TELLS US1 :I* IS 9 ! H&S ( A P]SON :O APPLIES IT TO ! DIRECT GRATIFICATION ( SOME P]SONAL CRAV+4 ,I SUPPOSE ,MR4 ,FI%] WILL NOT D5Y ?AT A RAILWAY C> IS A COMPLETE PRODUCT4 ,BUT IF IT CAN BE SAID TO BE 9 ! H&S ( A P]SON :O APPLIES IT TO ! DIRECT GRATIFICATION ( SOME P]SONAL CRAV+1 !N ! SAME CAN BE SAID ( GOLD47#g#e 8 #a#h7  

7#a#b7 ,I DID NOT MEAN TO SAY = A MOM5T ?AT A GOV]NM5T C\LD C>RY \T SU* AN >BITR>Y POLICY ( FIX+ VALUES TO AN UNLIMIT$ EXT5T )\T A REVOLUTION1 BUT ONLY ?AT AS F> AS ! ATTEMPT %\LD BE MADE1 ! ECONOMIC RESULT1 P5D+ ! REVOLUTION1 W\LD BE AS /AT$47#g#e 8 #a#i7  

7#a#c7 ,YES1 TO A TRIFL+ EXT5T4 ,& IF ! HORSE W]E !N TO BE US$ TO BUY A %EEP1 & !N TO BUY A DOG1 & !N TO BUY A CAT1 & !N TO BUY A CIG>1 UNTIL F9ALLY HE C\LD NOT BE SOLD = 5\< OATS TO KEEP HIM FROM FALL+ 9 HIS TRACKS1 IT IS MY FIRM CONVICTION ?AT ! HORSE 9 ?AT CASE W\LD BE ECONOMICALLY CONSUM$ 9 FULFILL+ ! FUNCTION ( CURR5CY47#g#e 8 #b7 

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