,P>T #b1 ,*APT] #bf 
,P9NEY ,HIS ,[N ,PROCRU/ES 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,P9NEY ,HIS ,[N ,PROCRU/ES4 

.<,LIB]TY1 ,APRIL #b#c1 #a#h#h#g4.> 

,HAV+ EXHAU/$ ! RES\RCES ( SOPHI/RY1 & UNABLE LONG] TO DODGE ! 9EXORABLE & ,PROCRU/EAN LOGIC ( ,P9NEY ! ANTI-,PROHIBITIONI/1 ,P9NEY ! ,PROTECTIONI/ HAS SUBSID$1 & IS N[ PLAY+ POSSUM 9 ! ,PROCRU/EAN B$ 9 :I* ,P9NEY ! ANTI-,PROHIBITIONI/ HAS LAID HIM4 ,BUT ,P9NEY ! ,GRE5BACK] EVID5TLY HOPES /ILL1 BY SOME =TUNATE TWI/ OR D\BLE1 TO F9D AN AV5UE ( ESCAPE YET OP51 & ?US TO AVOID ! NECESSITY ( DO+ ! POSSUM ACT TWICE4 ,ACCORD+LY1 9 HIS ,W9/$ ,PRESS ( ,APRIL #g1 HE MAKES SEV]AL FRANTIC DA%ES 9TO ! D>K1 ! FIR/ ( :I* IS AS FOLL[S37#g#h 8 #a7 

,\R FIR/ OBJECTION TO FREE MONEY WAS ?AT ! GREAT V>IETY ( ISSUES1 C\PL$ ) A QUE/IONABLE SECURITY1 W\LD LIMIT CIRCULATION TO LOCAL CIRCUITS & SUBJECT ! BILL-HOLD] TO H>ASS+ UNC]TA9TY AS TO ! VALUE ( CURR5CY 9 HIS POSSESSION & TO CON/ANT RISK ( LOSS4 ,TO ILLU/RATE ?IS DEFECT WE M5TION$ ! EXP]I5CE ( ! PEOPLE ) ! OLD ,/ATE BANK BILLS1 :I* EXP]I5CE1 DISA/R\S AS IT WAS1 DID NOT (F] A FAIR P>ALLEL1 SIMPLY & SOLELY BECAUSE IT WAS NOT DISA/R\S 5\<1 ! BANKS BE+ LIMIT$ & REGULAT$ I NA MEASURE BY ,/ATE LAWS & MA*9]Y TO 5=CE CONTRACTS4 ,\R ,BO/ON ,PROCRU/ES !REUPON PLUNG$ /RAI<T 9TO TR\BLE BY D5Y+ ITS SIMILITUDE1 BECAUSE =SOO? ! OLD BANKS W]E 9CORPORAT$ 9/ITUTIONS NOT P]FECTLY FREE TO *EAT !IR CR$ITORS1 =GETT+ ?AT1 9 SO F> AS !Y DIFF]$ FROM FREEE BANKS1 ! DIFF]5CE 9 PO9T ( SECURITY1 SCOPE ( CR$IT1 ETC41 WAS 9 \R FAVOR47#g#h 8 #b7 
  

,?AT IS ONE WAY ( PUTT+ IT4 ,H]E IS ANO!R4 ,FREE MONEY ADVOCATES HOLD ?AT SECURITY IS ONE 7ONLY ONE7 ESS5TIAL ( GOOD MONEY1 & ?AT COMPETITION IS SURE TO PROVIDE ?IS ESS5TIAL1 COMPETITION BE+ SIMPLY NATURAL SELECTION OR ! SURVIVAL ( ! FITTE/1 & ! FITTE/ NECESS>ILY POSSESS+ ! QUALITY ( SECURITY4 ,BUT !Y HAVE NEV] HELD ?AT IT WAS IMPOSSIBLE = MONOPOLY TO FURNI% A TEMPOR>ILY SECURE MONEY4 ,IT MAY OR MAY NOT DO SO1 ACCORD+ TO ! PRESCRIB$ CONDITIONS ( ITS EXI/5CE4 ,P5D+ ! UNIV]SAL BANKRUPTCY & REVOLUTION TO :I* IT 9EVITABLY WILL LEAD IF ALL[$ TO LIVE LONG 5\<1 ! NATIONAL BANK MONOPOLY FURNI%ES A MONEY TOL]ABLY WELL SECUR$4 ,BUT ! OLD ,/ATE BANK MONOPOLY FURNI%$ A MONEY F> 9F]IOR 9 PO9T ( SECURITY1 NOT BECAUSE IT WAS A FRE] SY/EM1--= IT WAS NOT1--NOT BECAUSE ! CONDITIONS ( ITS EXI/5CE W]E LESS >TIFICIALLY & COMPULSORILY PRESCRIB$1--= !Y W]E NOT1--BUT BECAUSE ! CONDITIONS ?US PRESCRIB$ W]E LESS 9 ACCORDANCE ) WISE BUS9ESS PR9CIPLES & ADM9I/RATION4 ,! ELEM5T ( COMPETITION1 OR NATURAL SELECTION1 UPON :I* ! FREE MONEY ADVOCATES RELY = ! SUPPLY ( A MONEY ?AT COMB9ES SECURITY ) ALL O!R NECESS>Y QUALITIES1 WAS JU/ AS MU* LACK+ FROM ! OLD ,/ATE BANK SY/EM AS IT IS FROM ! PRES5T NATIONAL BANK SY/EM4 ,!RE=E1 TO SAY ( ! ,/ATE BANKS ?AT1 9 SO F> AS !Y DIFF]$ FROM FREE BANKS1 ! DIFF]5CE 9 PO9T ( SECURITY1 SCOPE ( CR$IT1 ETC4 WAS 9 !IR FAVOR IS TO BEG ! QUE/ION 5TIRELY2 & ACCORD+LY1 :5 ,MR4 ,P9NEY1 AS SOLE PRO( ( AN ASS]TION ?AT FREE MONEY W\LD BE UNSAFE MONEY1 (F]$ ! 9SECURITY ( ! OLD ,/ATE BANK BILLS1 ,I 9=M$ HIM ?AT !RE WAS NOT ! SLI<TE/ P]T95CE 9 HIS ILLU/RATION1 :]EBY ,I PLUNG$1 NOT MYSELF1 BUT ,MR4 ,P9NEY 9TO TR\BLE47#g#h 8 #c7  

,TO GET \T ( IT HE P]=MS A D\BLE :I* ECLIPSES ALL HIS PREVI\S EVOLUTIONS4 ,F9D+ ?AT HE MU/ DEAL 9 SOME WAY ) MY /ATEM5T ?AT ! MONOPOLY ( MONEY 9H]ES 9 ! COMPULSORY CONDITIONS ( ITS ISSUE1 *IEF AMONG :I* >E ! GOV]NM5T BOND BASIS 9 ! NATIONAL BANK SY/EM & ! SPECIE BASIS 9 ! OLD ,/ATE BANK SY/EM1 HE ASKS37#g#h 8 #d7 

,H[ !N AB\T Y\R FREE BANK+8 ,>E !RE NOT ANY COMPULSORY CONDITIONS8 ,FREE BANK NOTES CAN BE ISSU$ ONLY BY ?OSE :O HAVE GOV]NM5T BONDS1 OR SPECIE1 OR PROP]TY ( SOME SORT1 WE SUPPOSE1 SO !RE >E Y\R COMPULSORY CONDITIONS1 5=C$ BY ! BUS9ESS LAW ( SELF-PRES]VATION 7= ,/ATE LAW IS NOT TO BE M5TION$ 9 ,AN>*I/ E>S71 & ! MONOPOLY 9H]ES 9 !SE COMPULSORY CONDITIONS4 ,BEHOLD1 !N1 ! NEW MONOPOLY ( ?OSE :O HAVE PROP]TY67#g#h 8 #e7 
  

,TO ?IS ABSURDITY !RE >E TWO ANSW]S4 ,9 ! FIR/ PLACE1 IT IS NOT TRUE ?AT UND] A FREE BANK+ SY/EM NOTES CAN BE ISSU$ ONLY BY ?OSE :O HAVE PROP]TY ( SOME SORT4 ,!Y CAN BE ISSU$ & (F]$ 9 ! M>KET BY ANYBODY :O DESIRES4 ,TO BE SURE1 NONE WILL BE TAK5 EXCEPT ?OSE ISSU$ BY P]SONS HAV+ EI!R PROP]TY OR CR$IT4 ,BUT !RE IS NO MONOPOLY ( ISSUE OR ! RI<T TO ISSUE1 NO D5IAL ( LIB]TY4 ,IF ,MR4 ,P9NEY %\LD CLAIM ?AT ?IS ANSW] AM\NTS TO NO?+ BECAUSE ISSUE IS VALUELESS )\T CIRCULATION1 ,I %ALL !N REM9D HIM ( MY PREVI\S /ATEM5T ?AT ! CIRCULATION ( AN ABUNDANCE ( *EAP & S\ND MONEY B5EFITS ?OSE :O USE IT NO LESS ?AN ?OSE :O ISSUE IT1 & T5DS TO RAISE ! LABOR]'S WAGES TO A LEVEL ) HIS PRODUCT1--A PO9T :I* HE C>EFULLY AVOIDS 9 HIS LA/ >TICLE1 BECAUSE HE KN[S ?AT HE CANNOT DISPUTE IT1 HAV+ FREQU5TLY MA9TA9$ ! SAME ?+ HIMSELF47#g#h 8 #f7  

,BUT1 9 ! SECOND PLACE1 ,MR4 ,P9NEY'S >GUM5T ?AT ! POSSESSION ( PROP]TY IS A NECESS>Y CONDITION ( ! ISSUE & CIRCULATION ( MONEY1 & ?AT !RE=E FREE MONEY IS AS MU* A COMPULSORY MONOPOLY AS ?AT ( ! GOV]NM5T :I* PRESCRIBES ! POSSESSION ( A C]TA9 K9D ( PROP]TY AS A CONDITION ( EV5 ! ISSUE ( MONEY1 IS PRECISELY ON A P> )--9 FACT1 IS A GL>+ 9/ANCE (--! REASON+ RESORT$ TO BY ?OSE FRI5DS ( DESPOTISM :O D5Y POLITICAL & SOCIAL LIB]TY ON ! GR\ND ( PHILOSOPHICAL NECESSITY4 ,! MOM5T ANY P]SON1 9 ! NAME ( HUMAN FRE$OM1 CLAIMS ! RI<T TO DO ANY?+ :I* ANO!R P]SON DOES NOT WANT HIM TO DO1 Y\ WILL HE> ! SECOND P]SON CRY3 ,FRE$OM6 ,IMPOSSIBLE6 ,!RE'S NO SU* ?+4 ,NONE ( US >E FREE4 ,>E WE NOT ALL GOV]N$ BY CIRCUM/ANCES1 BY \R SURR\ND+S1 BY MOTIVES BEYOND \R CONTROL8 ,B[1 !N1 TO ! P[]S ?AT BE6 ,BOIL$ D[N1 ! >GUM5T ( !SE PEOPLE & ( ,MR4 ,P9NEY IS ?IS3 ,NO ONE CAN DO AS HE PLEASES4 ,!RE=E Y\ MU/ DO AS WE PLEASE4 ,IT NE$S ONLY TO BE /AT$ 9 ?IS BALD =M TO BE IMM$IATELY REJECT$4 ,H5CE ,I %ALL ATTEMPT NO FUR!R REFUTATION ( IT4 ,MR4 ,P9NEY WILL PLEASE BE> 9 M9D H]EAFT] ?AT1 :5 ,I USE ! WORD MONOPOLY1 ,I REF] NOT TO SU* MONOPOLIES AS RESULT FROM NATURAL EVOLUTION 9DEP5D5T ( GOV]NM5T1 BUT TO MONOPOLIES IMPOS$ BY >BITR>Y HUMAN P[]4 ,HE KNEW IT V]Y WELL BE=E1 BUT HE MU/ DODGE1 & ?IS WAS ! ONLY DODGE LEFT4 ,LET ! READ] NOTE H]E1 H[EV]1 H[ HIS D\BLE UNDID HIM4 ,HE SAYS ?AT UND] FREE BANK+ ! CONDITION ( A SECURE BASIS = MONEY W\LD BE 5=C$ BY ! BUS9ESS LAW ( SELF-PRES]VATION1 EXACTLY ! OPPOSITE ( HIS ORIG9AL *>GE ?AT FREE MONEY W\LD BE UNSAFE47#g#h 8 #g7  

,BUT HE IS NOT YET DONE ) ?IS TWADDLE AB\T COMPULSORY CONDITIONS4 ,READ AGA937#g#h 8 #h7 

,MR4 ,TUCK] CANNOT SEE ?AT !RE IS ANY DIFF]5CE 9 PR9CIPLE BETWE5 A LAW :I* ABSOLUTELY PROHIBITS ! SALE ( AN >TICLE1 & A LAW :I* TAXES ! SELL] ( ?AT >TICLE4 ,! TAX IS A COMPULSORY CONDITION :I* PROHIBITS TILL IT IS COMPLI$ )4 ,! POSSESSION ( PROP]TY IS ANO!R COMPULSORY CONDITION :I* PROHIBITS FREE BANK+ TILL IT IS COMPLI$ )4 ,!RE=E !RE IS NO DIFF]5CE BETWE5 ABSOLUTE PROHIBITION ( FREE BANK+ & ! MONOPOLI/IC CONDITION ?AT PRACTICALLY PROHIBITS A MAN FROM BE+ A FREE BANK] UNLESS HE CAN PUT UP ! SECURITY47#g#h 8 #i7 
  

,UTT] CONFUSION AGA96 ,MR4 ,P9NEY SEEMS UNABLE TO DI/+UI% BETWE5 DISABILITIES CREAT$ BY HUMAN M$DLESOM5ESS & ?OSE ?AT >E NOT4 ,! LAW :I* PROHIBITS A SALE & ! LAW :I* TAXES ! SELL] BO? BELONG TO ! =M] CLASS2 ! LACK ( PROP]TY BELONGS TO ! LATT]1 OR RA!R1 IT BELONGS TO ! LATT] :5 CONDITIONS >E NORMAL4 ,IT IS TRUE ?AT ! LACK ( PROP]TY :I* AT PRES5T PREVAILS >ISES 9 MO/ CASES \T ( ?IS V]Y D5IAL ( FREE BANK+1 BUT ,I CANNOT BELIEVE ?AT EV5 ,MR4 ,P9NEY W\LD CAP ! CLIMAX ( HIS ABSURDITY BY ASSIGN+ AS A REASON = ! FUR!R D5IAL ( FREE BANK+ A CONDITION ( AFFAIRS :I* HAS GR[N \T ( ITS D5IAL 9 ! PA/4 ,! NUMB] ( PEOPLE :O N[ [N PROP]TY1 & ! AM\NT ( PROP]TY :I* !Y [N1 >E SUFFICI5T TO 9SURE US AN ABUNDANCE ( MONEY AS SOON AS ITS ISSUE %ALL BE ALL[$1 & FROM ! TIME ?IS ISSUE BEG9S ! TOTAL AM\NT ( PROP]TY & ! NUMB] ( PROP]TY-[N]S WILL /EADILY 9CREASE47#g#h 8 #a7  

,TO MY OBJECTION TO HIS GOV]NM5T MONEY MONOPOLY ?AT IT W\LD BE ,COMMUNI/IC ROBB]Y TO MORTGAGE ALL ! WEAL? ( ! NATION TO SECURE ALL ! MONEY ( ! NATION1 ,MR4 ,P9NEY CAN ONLY MAKE ANSW] ?AT ! POSSIBILITY ?AT ! GOV]NM5T W\LD =ECLOSE ! MORTGAGE--?AT IS1 9CREASE TAXATION--W\LD BE V]Y REMOTE4 ,AS IF ANY POSSIBILITY C\LD BE CONSID]$ REMOTE :I* IS )9 ! P[] & = ! 9T]E/ ( LAWMAK]S TO A*IEVE1 & AS IF IT W]E NOT ! 5D & AIM ( GOV]NM5T TO TAX ! PEOPLE ALL ?AT IT POSSIBLY CAN67#g#h 8 #a#a7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
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