,P>T #b1 ,*APT] #ce 
,FREE ,MONEY 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,FREE ,MONEY4 

.<,LIB]TY1 ,DECEMB] #a#c1 #a#h#h#d4.> 

,TO ! ,$ITOR ( ,LIB]TY37#h#f 8 #a7  

,! ,PICKET ,DUTY REM>KS ( ,NOVEMB] #bb 9 REG>D TO ! IMPORTANCE ( FREE MONEY 7) :I* ,I MA9LY AGREE7 IMPEL ME TO SAY A FEW WORDS UPON ! SUBJECT4 ,IT IS DESIRABLE1 IT SEEMS TO ME1 ?AT ,LIB]TY %\LD GIVE ITS IDEAS UPON ?AT SUBJECT 9 A MORE SY/EMATIC =M ?AN IT HAS YET DONE 7#a74 ,TO BE SURE1 IT IS EASY = ?OSE :O ?9K TO SEE ?AT1 IF ALL LAWS 9 REG>D TO MONEY W]E ABOLI%$1 COMM]CE W\LD READILY PROVIDE ITS 9/RUM5TS ( EX*ANGE4 ,?IS MI<T BE PROMISSORY NOTES1 OR W>EH\SE RECEIPTS1 BILLS ( LAD+1 ETC42 BUT1 :ATEV] IT MI<T BE1 ! ,AN>*I/ C\LD NOT D\BT IT W\LD BE BETT] ?AN ?AT EV] ISSU$ UND] MONOPOLY47#h#f 8 #b7  

,!ORETICALLY1 AT LEA/1 ,LIB]TY EXPRESS$ ! IDEA ?AT ANY CIRCULAT+ M$IUM %\LD BE MADE R$EEMABLE2 BUT 9 :AT8 ,IF 9 GOLD1 OR 9 GOLD & SILV]1 DOES IT NOT 9VOLVE ! PR9CIPLE ( A LEGAL T5D]1 OR ( A T5D] ( COMMON CONS5T8 & !Y DO NOT GREATLY DIFF] 7#b74 ,IT SEEMS TO ME ?AT ! GREAT FRAUD 9 REG>D TO MONEY />TS JU/ H]E1 & VITIATES ALL =MS ( F9ANCE AS ( TRADE 7#c74 ,I DEF9E MONEY TO BE A COMMODITY OR REPRES5TATIVE ( A COMMODITY1 ACCEPT$ BY OR =C$ UPON ! COMMON CONS5T1 AS AN 9V>IABLE RATIO & M$IUM ( EX*ANGE4 ,N[1 S9CE ! PRICE ( ALL ?+S ELSE IS V>IABLE & SUBJECT TO EXTREME FLUCTUATIONS1 ! DOLL> 9 EX*ANGE1 & ESPECIALLY :]E ! EX*ANGE IS SUSP5D$ AS 9 BORR[+1 OR BUY+ ON CR$IT1 BECOMES1 AS FRI5D ,P9K SUGGE/S1 A W> CLUB RA!R ?AN A TOOL OR 9/RUM5T ( COMM]CE47#h#f 8 #c7  

,P>DON ME IF ,I 9FLICT SOME TE*NICALITIES UPON ! READ]S ( ,LIB]TY4 ,I W\LD DISC>D ! USE ( ! WORD VALUE FROM QUE/IONS ( EX*ANGE1 OR ELSE DIVIDE ITS SEV]AL P>TS1 AS VALUE 9 USE1 VALUE 9 S]VICE & COMP5SATION1 & VALUE 9 EX*ANGE4 ,BUT RATIO IS A MU* BETT] WORD4 ,I W\LD !N DEF9E ! ,RATIO ( ,UTILITY TO BE ! PROPORTION 9 :I* ANY ?+ OR S]VICE EFFECTS USEFUL 5DS1 9 SU/A9+ HUMAN LIFE OR ADD+ TO HUMAN 5JOYM5T1--A CON/ANT ,RATIO47#h#f 8 #d7  

,! ,RATIO ( ,S]VICE1 ! PROPORTION 9 :I* DIFF]5T S]VICES1 ( ! SAME DURATION 9 TIME1 EFFECT USEFUL 5DS47#h#f 8 #e7  

,! ,RATIO ( ,EX*ANGE1 ! PROPORTION 9 :I* ONE COMMODITY OR S]VICE WILL EX*ANGE = ANO!R S]VICE OR COMMODITY AT ! SAME TIME & PLACE4 ,?IS IS A V>IABLE RATIO1 :OSE MEAN IS ! RATIO ( S]VICE47#h#f 8 #f7  

,I CANNOT /OP N[ TO >GUE ! CORRECTNESS ( !SE DEF9ITIONS4 ,IT MU/ BE SE51 UNLESS A COMMODITY C\LD BE F\ND :I* W\LD ANSW] EV]Y USEFUL PURPOSE1 & C\LD BE READILY OBTA9$ BY ALL1 IT C\LD NOT BE MADE A T5D] )\T 9FLICT+ A GREAT 9JU/ICE ON ! MANY4 ,BUT AS SU* COMMODITY CANNOT BE F\ND1 A COMMODITY1 GOLD1 HAS BE5 ASSUM$ TO HAVE AN 9V>IABLE VALUE1 AL?\< ! MO/ V>IABLE 9 VALUE ( ALL ! METALS1 & AB\T ! LEA/ USEFUL2 ( A LIMIT$ & IRREGUL> PRODUCTION & WIDELY V>Y+ DEM&4 ,) ! ADDITION ( SILV] TO ! /&>D1 ! GREAT 9JU/ICE TO LABOR IS ONLY DIVID$1 NOT *ANG$47#h#f 8 #g7  

,AS DEF9$ ABOVE1 ! ONLY 9V>IABLE RATIO IS ?AT ( USE4 ,A P\ND ( FL\R ( ! SAME QUALITY WILL AT ALL TIMES & PLACES SATISFY ! SAME DEM& = FOOD4 ,! HUNDR$WEI<T ( COAL WILL AT ALL TIMES & PLACES GIVE (F ! SAME AM\NT ( HEAT 9 COMBU/ION1 ETC41 HAV+ NO REF]5CE EI!R TO ! MONEY OR LABOR CO/4 ,N[1 S9CE LABOR IS ! ONLY ?+ :I* CAN PROCURE OR PRODUCE >TICLES ( USE1 ?AT IS NATURALLY ! CONTROLL+ ELEM5T 9 EX*ANGE1 & ! ONLY ?+ ?AT COMM&S A /ABLE PRICE OR FURNI%ES A /ABLE RATIO47#h#f 8 #h7  

,?\< GOLD IS ASSUM$ AS ! /&>D ( VALUE1 IT IS WELL KN[N ?AT = AGES ! PROMISE TO PAY ?IS HAS CON/ITUT$ MA9LY ! CURR5CY & M$IUM ( EX*ANGE ( MO/ NATIONS47#h#f 8 #i7  

,! ME?OD ( ISSU+ ?IS PROMISSORY MONEY HAS BE5 A GREAT 9JU/ICE TO 9DU/RY1 & ITS ALMO/ 9F9ITE EXT5SION ( ! USURPATION ( ! GOLD-T5D] FRAUD IS N[ ROBB+ LABOR ( A L>GE %>E ( ITS PRODUCTION BY ! CONTROL IT GIVES TO ! USUR] & SPECULATOR1 :O CAN MAKE ! RATE L[ :5 PRODUCE IS COM+ UND] !IR CONTROL1 & HI< :5 IT IS BE+ RETURN$ = USE TO ! PEOPLE2 & CAN MAKE MONEY SC>CE & DE> :5 !Y LOAN IT1 & PL5TY & *EAP :5 !Y GA!R IT 947#h#f 8 #a7  

,I ?9K ,I HAVE %[N ?AT ! BASE ( ! MONEY EVIL LIES MA9LY 9 ! MON/R\S ASSUMPTION ?AT ! VALUE ( ONE ( ! MO/ V>IABLE ( ?+S %\LD BE ASSUM$ TO BE AN 9V>IABLE QUANTITY1 & ! /&>D ( MEASUREM5T ( ALL O!R ?+S4 ,A GUM ELA/IC Y>D/ICK OR GALLON MEASURE1 OR A %IFT+ SCALE-BEAM1 W\LD SUGGE/ F> MORE EQUITABLE DEAL+47#h#f 8 #a#a7  

,I KN[ ( BUT ONE 9V>IABLE /&>D1 & ?AT IS LABOR2 BUT :AT IS ITS UNIT8 ,& BY :AT ME?OD %ALL IT BE EXPRESS$8 ,CAN ,LIB]TY GIVE US LI<T UPON ?IS SUBJECT8 7#d7 ,I HAVE YET SE5 NO FEASIBLE ME?OD BY :I* CR$IT OR DEBT CAN S]VE SAFELY AS MONEY1 NOR ANY HONE/ WAY 9 :I* FIAT MONEY CAN BE PUT 9 CIRCULATION4 ,IT APPE>S TO ME N[ ?AT1 :ILE M5 SEEK CR$IT1 !Y WILL HAVE TO PAY 9T]E/1 & ?AT ONLY BY RE/OR+ OPPORTUNITY TO ?OSE :O >E N[ D5I$ IT BY \R MONOPOLIES ( L&1 ( MONEY1 & ( PUBLIC FRAN*ISES1 & SO RELIEV+ !M ( ! NECESSITY ( BORR[+1 CAN WE HOPE TO MITIGATE ! EVILS ( \R MONEY & TRADE 9IQUITIES4 7#e77#h#f 8 #a#b7  

,CR$IT BE+ AN 9COMPLET$ EX*ANGE1 9 :I* ONE ( ! EQUIVAL5TS IS NOT TRANSF]R$1 IF WE >E TO ACKN[L$GE IT AS AN ECONOMIC TRANSACTION1 ,I SEE NOT :Y WE %\LD NOT ACCEPT ?AT ALSO :]E NEI!R ( ! EQUIVAL5TS >E TRANSF]R$1 AS 9 PRODUCE & /OCK-GAMBL+4 7#f7 ,MC,LEOD1 ,I ?9K1 SAW ?IS DILEMMA1 & !RE=E HOLDS ?AT ! NEGOTIABLE PROMISSORY NOTE IS PAYM5T = ! ?+S = :I* IT IS GIV54 ,YET1 NEV]!LESS1 AT MATURITY IT WILL REQUIRE A TRANSF] ( ! C\NT]BALANC+ EQUIVAL5T1 JU/ ! SAME AS IF A M]E BOOK ACC\NT47#h#f 8 #a#c7  

,CR$IT IS D\BTLESS NECESS>Y UND] AN 9V]T$ SY/EM ( 9DU/RY1 F9ANCE1 & TRADE2 BUT ,I AM UNABLE TO SEE ?AT IT HAS ANY PLACE 9 AN HONE/ /ATE ( ?+S1 EXCEPT TO CONS]VE VALUE1 AS :]E ONE PUTS ?+S 9 ANO!R'S C>E4 ,IT IS VA/LY CONV5I5T1 NO D\BT1 = ! PR(IT-MONG] & SPECULATOR1 AS = ! USUR]1 & )\T IT NEI!R C\LD WELL ?RIVE4 ,9 AGREE+ ) ! ,AN>*I/S ?AT ! ,/ATE %\LD NOT 9T]F]E TO PREV5T1 REGULATE1 OR 5=CE CR$IT CONTRACTS1 P]HAPS ,I GO BEYOND !M 9 EXCLUD+ IT FROM ANY ECONOMIC RECOGNITION :ATEV]1 EXCEPT AS A MEANS ( CONS]V+ GOODS FROM DECAY & DEPRECIATION1 9VOLV+ ALWAYS A S]VICE = :I* ! CR$ITOR %\LD PAY47#h#f 8 #a#d7 

,J4 ,K4 ,+ALLS4 
  

7#a7 ,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--,MUTUAL ,BANK+1 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]S47#h#f 8 #a#e7  

7#b7 ,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 ( COMMON CONS5T1 ?OSE :O DO NOT LIKE IT >E AT LIB]TY TO CONS5T 9 COMMON TO USE ANY O!R & BETT] ONE ?AT !Y CAN DEVISE47#h#f 8 #a#f7  

7#c7 ,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 MONOPOLIZABLE47#h#f 8 #a#g7  

7#d7 ,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 VALUE47#h#f 8 #a#h7  

7#e7 ,DOES ,MR4 ,+ALLS MEAN ?AT ALL MONEY MU/ BE ABOLI%$8 ,I CAN SEE NO O!R 9F]5CE FROM HIS POSITION4 ,= !RE >E ONLY TWO K9DS ( MONEY1--COMMODITY MONEY & CR$IT MONEY4 ,! =M] HE C]TA9LY DOES NOT BELIEVE 91 ! LATT] HE ?9KS FRAUDUL5T & UNSAFE4 ,>E WE1 !N1 TO /OP EX*ANG+ ! PRODUCTS ( \R LABOR87#h#f 8 #a#i7  

7#f7 ,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$4 ,! BORR[] IS NO MORE EXEMPT ?AN ! L5D] FROM ! V>IATIONS 9 VAULE4 ,& ! 9T]E/S ( ! HOLD] ( PROP]TY :O NEI!R BORR[S NOR L5DS IS ALSO JU/ AS MU* AFFECT$ 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 & CIVILIZATION47#h#f 8 #b7 

,FROM 3 FAIR-USE4ORG4 

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

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