,A ,NEW ,BANK+ ,SY/EM 

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,PEOPLE 3 

,AU?OR 3 ,LYS&] ,SPOON] 

,TAGS 3 EQUAL 9 VALUE1 9FLATION ( PRICES1 RATE ( 9T]E/1 DELIV]$ ON DEM&1 RATES ( 9T]E/1 CURR5CY & CR$IT1 REAL E/ATE1 PAP] CURR5CY1 PRODUCTIVE /OCK1 NATIONAL SY/EM4 

,TEXT 3 

  

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 ,5T]$ ACCORD+ TO ,ACT ( ,CONGRESS1 9 ! YE> #a#h#g#c1  

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,*,A,P,T,] ,I4 ,A ,NEW ,BANK+ ,SY/EM    
,*,A,P,T,] ,I,I4 ,SPECIE ,PAYM5TS     
,*,A,P,T,] ,I,I,I4 ,NO ,9FLATION ,PRICES    
,*,A,P,T,] ,I,V4 ,SECURITY ( ! ,SY/EM  
,*,A,P,T,] ,V4 ,! ,SY/EM AS A ,CR$IT ,SY/EM  
,*,A,P,T,] ,V,I4 ,AM\NT ( ,CURR5CY ,NE$$  
,*,A,P,T,] ,V,I,I4 ,IMPORTANCE ( ! ,SY/EM TO ,MASSA*USETTS1  
,*,A,P,T,] ,V,I,I,I4 ,! ,TRUE ,*>ACT] ( ! 0,NATIONAL0 ,SY/EM  
,*,A,P,T,] ,I,X4 ,AMASA ,WALK]'S ,OP9ION (  ! ,AU?OR'S ,SY/EM 

 ,! READ] WILL UND]/& ?AT ! IDEAS PRES5T$ 9 ! FOLL[+ PAGES ADMIT ( A MU* MORE ?OR\< DEMON/RATION ?AN CAN BE GIV5 SO SMALL A SPACE4  ,SU* DEMON/RATION1 IF IT %\LD BE NECESS>Y1 ! AU?OR HOPES TO GIVE A FUTURE TIME4  

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,*,A,P,T,] ,I4  

,A ,N,E,W ,B,A,N,K,+ ,S,Y,/,E,M 

 ,UND] ! BANK+ SY/EM AN \TL9E ( :I* IS H]EAFT] GIV5 ! REAL E/ATE ( ,BO/ON ALONE TAK5 AT ONLY ?REE-F\R?S ITS VALUE1 AS E/IMAT$ BY ! ,/ATE VALUATION  IS CAPABLE ( FURNI%+ ?REE HUNDR$ MILLIONS ( DOLL>S ( LOANABLE CAPITAL4  

 ,UND] ! SAME SY/EM1 ! REAL E/ATE ( ,MASSA*USETTS TAK5 AT ONLY ?REE-F\R?S IS E/IMAT$ VALUE IS CAPABLE ( FURNI%+ SEV5 HUNDR$ & FIFTY MILLIONS ( LOANABLE CAPITAL4  

 ,! REAL E/ATE ( ! ,COMMONWEAL?1 !RE=E1 IS CAPABLE ( FURNI%+ AN AM\NT ( LOANABLE CAPITAL MORE ?AN TWELVE TIMES AS GREAT AS ?AT ( ALL ! 0,NATIONAL0 ,BANKS IS ! ,/ATE2 MORE ?AN TWICE AS GREAT AS ?AT ( ALL ! 0,NATIONAL0 BANKS ( ! :OLE ,UNIT$ ,/ATES 7@s#c#e#c1#i#a#g1#d#g72 & EQUAL TO ! 5TIRE AM\NT 7@s#g#e111 OR !REAB\TS7 BO? ( GRE5BACK & 0,NATIONAL0 BANK CURR5CY ( ! ,UNIT$ ,/ATES4  

 ,IT IS CAPABLE ( FURNI%+ LOANABLE CAPITAL EQUAL TO ONE ?\S& DOLL>S = EV]Y MALE & FEMALE P]SON1 ( SIXTE5 YE>S ( AGE & UPW>DS1 )9 ! ,COMMONWEAL?2 OR TWO ?\S& FIVE HUNDR$ DOLL>S = EV]Y MALE ADULT4  

 ,IT W\LD SC>CELY BE EXTRAVAGANT TO SAY ?AT IT IS CAPABLE ( FURNI%+ AMPLE CAPITAL = EV]Y DES]V+ 5T]PRISE1 & EV]Y DES]V+ MAN & WOMAN1 )9 ! ,/ATE2 & ALSO = ALL SU* O!R 5T]PRISE 9 O!R P>TS ( ! ,UNIT$ ,/ATES1 & 9 =EIGN COMM]CE1 AS ,MASSA*USETTS M5 MI<T DESIRE TO 5GAGE 94  

 ,UNLESS ! SAME SY/EM1 OR SOME EQUIVAL5T ONE1 %\LD BE ADOPT$ 9 O!R ,/ATES1 ! CAPITAL ?US FURNI%$ 9 ?IS ,/ATE1 C\LD BE LOAN$ AT HI< 9T]E/ AT ! ,WE/ & ! ,S\?4  

 ,IF ADOPT$ H]E E>LI] ?AN 9 O!R ,/ATES1 IT W\LD 5ABLE ! CITIZ5S ( ?IS ,/ATE TO ACT AS PIONE]S 9 ! MO/ LUCRATIVE 5T]PRISE ?AT >E TO BE F\ND 9 O!R P>TS ( ! C\NTRY4  

 ,ALL ! CAPITAL IS N[ LY+ DEAD1 SO F> BE+ LOAN$ IS CONC]N$4  

 ,ALL ?IS CAPITAL CAN BE LOAN$ 9 ! =M ( CURR5CY1 IF SO MU* CAN BE US$4  

 ,ALL ! PR(ITS ( BANK+1 UND] ?IS SY/EM1 W\LD BE CLE> PR(ITS1 9ASMU* AS ! USE ( ! REAL E/ATE AS BANK+ CAPITAL1 W\LD NOT 9T]F]E AT ALL ) ITS USE = O!R PURPOSES4  

 ,! USE ( ?IS REAL E/ATE AS BANK+ CAPITAL W\LD BREAK UP ALL MONOPOLIES 9 BANK+1 & 9 ALL O!R BUS9ESS DEP5D+ UPON BANK LOANS4  ,IT W\LD DIFFUSE CR$IT MU* MORE WIDELY ?AN IT HAS EV] BE5 DIFFUS$4  ,IT W\LD R$UCE 9T]E/ TO ! L[E/ RATES TO :I* FREE COMPETITION C\LD R$UCE IT4  ,IT W\LD GIVE IMM5SE ACTIVITY & P[] TO 9DU/RIAL & COMM]CIAL 5T]PRISE4  ,IT W\LD MULTIPLY MA*9]Y1 & DO F> MORE TO 9CREASE PRODUCTION ?AN ANY O!R SY/EM ( CR$IT & CURR5CY ?AT HAS EV] BE5 9V5T$4  ,& BE+ FURNI%$ AT L[ RATES ( 9T]E/1 W\LD SECURE TO PRODUC]S A MU* L>G] %>E ( ! PROCE$S ( !IR LABOR1 ?AN !Y N[ RECEIVE4  

 ,ALL ?IS CAPITAL CAN BE BR\<T 9TO USE AS FA/ AS ! TITLES TO REAL E/ATE CAN BE ASC]TA9$1 & ! NECESS>Y PAP]S BE PR9T$4  

 ,LEGALLY1 ! SY/EM 7AS ! AU?OR CLAIMS1 & IS PREP>$ TO E/ABLI%7 /&S UPON ! SAME PR9CIPLE AS A PAT5T$ MA*9E2 & IS1 !RE=E1 ALREADY LEGALIZ$ BY ,CONGRESS2 & CANNOT1 UNLESS BY A BREA* ( ! PUBLIC FAI?1 ANY MORE BE PROHIBIT$1 OR TAX$1 EI!R BY ,CONGRESS OR ?IS ,/ATE1 ?AN CAN ! USE ( A PAT5T$ MA*9E4  

 ,EV]Y DOLL> ( ! CURR5CY FURNI%$ BY ?IS SY/EM W\LD HAVE ! SAME VALUE 9 ! M>KET AS A DOLL> ( GOLD2 OR SO NE>LY ! SAME VALUE ?AT ! DIFF]5CE W\LD BE A MATT] ( NO APPRECIABLE IMPORTANCE4  

 ,! SY/EM W\LD1 !RE=E1 RE/ORE SPECIE PAYM5TS A ONCE1 BY FURNI%+ A GREAT AM\NT ( CURR5CY1 ?AT W\LD BE EQUAL 9 VALUE TO SPECIE4  

 ,! SY/EM W\LD NO 9FLATE PRICES ABOVE !IR TRUE & NATURAL VALUE1 RELATIVELY TO SPECIE2 = NO POSSIBLE AM\NT ( PAP] CURR5CY1 EV]Y DOLL> ( :I* IS EQUAL 9 VALUE TO SPECIE1 CAN 9FLATE PRICES ABOVE !IR TRUE & NATURAL VALUE1 RELATIVELY TO SPECIE4  

 ,:5EV]1 IF EV]1 ! PAP] %\LD NOT BUY AS MU* 9 ! M>KET AS SPECIE1 IT W\LD BE RETURN$ TO ! BANKS = ! R$EMPTION1 & ?US TAK5 \T ( CIRCULATION4  ,SO ?AT NO MORE C\LD BE KEPT 9 CIRCULATION ?AN %\LD BE NECESS>Y = ! PUR*ASE & SALE ( PROP]TY AT SPECIE PRICES4  

 ,! SY/EM W\LD NOT T5D TO DRIVE SPECIE \T ( ! C\NTRY2 AL?\< V]Y LITTLE ( IT W\LD BE NE$$ BY ! BANKS4  ,IT W\LD RA!R T5D TO BR+ SPECIE 9TO ! C\NTRY1 BECAUSE IT W\LD IMM5SELY 9CREASE \R PRODUCTION4  ,WE %\LD1 !RE=E1 HAVE MU* MORE TO SELL1 & MU* LESS TO BUY4  ,?IS W\LD ALWAYS GIVE A BALANCE 9 \R FAVOR1 :I* W\LD HAVE TO BE PAID 9 SPECIE4  

 ,IT IS1 H[EV]1 A MATT] ( NO PRACTICAL IMPORTANCE :E!R ! SY/EM W\LD BR+ SPECIE 9TO ! C\NTRY1 OR DRIVE IT \T2 = ! VOLUME & VALUE ( ! CURR5CY W\LD BE SUB/ANTIALLY UNAFFECT$ EI!R BY ! 9FLUX OR EFFLUX ( SPECIE4  ,CONSEQU5TLY 9DU/RY1 TRADE1 & PRICES W\LD BE UNDI/URB$ EI!R BY ! PRES5CE OR ABS5CE ( SPECIE4  ,! CURR5CY W\LD REPRES5T PROP]TY ?AT C\LD NOT BE EXPORT$2 ?AT AS FIX$ & WELL KN[N AS ?AT ( SPECIE2 ?AT W\LD ALWAYS BE MANY TIMES MORE ABUNDANT ?AN SPECIE CAN EV] BE2 & ?AT C\LD ALWAYS BE DELIV]$ 79 ! ABS5CE7 9 R$EMPTION ( ! CURR5CY4 ,!SE ATTRIBUTES ( ! CURR5CY W\LD R5D] ALL F9ANCIAL CONTRADICTIONS1 REVULSIONS1 & DISORD]S =EV] IMPOSSIBLE4  

 ,! FOLL[+ IS ,AN ,\TL9E ( ! ,SY/EM  

 ,! PR9CIPLE ( ! SY/EM IS ?AT ! CURR5CY %ALL REPRES5T AN 9VE/$ DOLL>1 9/EAD ( A SPECIE DOLL>4  

 ,! CURR5CY WILL1 !RE=E1 BE R$EEMABLE BY AN 9VE/$ DOLL>1 EXPECT :5 R$EEM$ BY SPECIE1 OR BY BE+ RECEIV$ 9 PAYM5T ( DEBTS DUE TO BANKS4  

 ,! BE/ CAPITAL WILL PROBABLY BE MORTGAGES & RAILROADS2 & !SE WILL V]Y LIKELY BE ! ONLY CAPITAL :I* IT WILL EV] BE EXP$I5T TO USE4  

 ,9ASMU* AS RAILROADS C\LD NOT BE US$ AS CAPITAL1 )\T A MODIFICATION ( !IR PRES5T *>T]S1 MORTGAGES >E PROBABLY ! BE/ CAPITAL ?AT IS IMM$IATELY AVAILABLE4  

 ,SUPPOS+ MORTGAGES TO BE ! CAPITAL1 !Y WILL BE PUT 9TO JO9T /OCK1 HELD BY TRU/EES1 & DIVID$ 9TO %>ES ( ONE HUNDR$ DOLL>S EA*4  

 ,?IS /OCK MAY BE CALL$ ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1 & WILL BE 5TITL$ TO ! DIVID5DS4  

 ,! DIVID5DS WILL CONSI/ ( ! 9T]E/ ON ! MORTGAGES1 & ! PR(ITS ( BANK+4  

 ,! 9T]E/ ON ! MORTGAGES %\LD BE SO HI< SAY SIX OR SEV5 P]C5T AS TO MAKE TO ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K WOR? ORD9>ILY P> ( SPECIE 9 ! M>KET1 9DEP5D5TLY ( ! PR(ITS ( BANK+4  

 ,ANO!R K9D ( /OCK1 :I* MAY BE CALL$ ,CIRCULAT+ ,/OCK1 WILL BE CREAT$1 PRECISELY EQUAL 9 AM\NT TO ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1 & DIVID$ 9TO %>ES ( ONE DOLL> EA*4  

 ,?IS ,CIRCULAT+ ,/OCK WILL BE REPRES5T$ BY C]TIFICATES1 SCRIP1 OR BILLS1 ( V>I\S D5OM9ATIONS1 LIKE  

 \R PRES5T BANK BILLS ?AT IS1 REPRES5T+ ONE1 TWO1 ?REE1 FIVE1 T51 OR MORE %>ES1 ( ONE DOLL> EA*4  

 ,!SE C]TIFICATES1 SCRIP1 OR BILLS ( ! ,CIRCULAT+ ,/OCK2 WILL BE ISSU$ = CIRCULATION AS CURR5CY1 AS \R BANK BILLS >E N[4  

 ,9 LAW1 ?IS ,CIRCULAT+ ,/OCK WILL BE 9 ! NATURE ( A LI5 ON ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K4  ,IT WILL BE 5TITL$ TO NO DIVID5DS4  ,ITS VALUE WILL CONSI/1 FIR/1 9 ITS TITLE TO BE RECEIV$ 9 PAYM5T ( ALL DUES TO ! BANK2 SECOND1 9 ITS TITLE TO BE R$EEM$1 EI!R 9 SPECIE ON DEM&1 OR 9 SPECIE1 ) 9T]E/ FROM ! TIME ( BANK]S2 &1 ?IRD1 9 ITS TITLE1 :5 NOT R$EEM$ ) SPECIE1 TO BE R$EEM$ 79 SUMS ( ONE HUNDR$ DOLL>S EA*7 BY A TRANSF] ( A CORRESPOND+ AM\NT ( ! CAPITAL ITSELF2 ?AT IS1 ( ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K4  

 ,! HOLD]S ( ! ,CIRCULAT+ ,/OCK >E1 !RE=E1 SURE1 FIR/1 TO BE ABLE TO USE IT 7IF !Y HAVE OCCASION TO DO SO7 9 PAYM5T ( !IR DUES TO ! BANK2 SECOND1 TO GET1 9 EX*ANGE = IT1 EI!R SPECIE ON DEM&2 OR1 ?IRD1 A %>E ( ! CAPITAL ITSELF1 ! ,P,R,O,V,A,C,T,I,V,E ,/,O,C,K2 A /OCK WOR? P> ( SPECIE 9 ! M>KET1 & AS M]*ANTABLE AS A %>E ( RAILROAD /OCK1 OR GOV]NM5T /OCK1 OR ANY O!R /OCK :ATEV] IS N[4  

 ,:5EV] ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K %ALL HAVE BE5 TRANSF]R$ 9 R$EMPTION ( ,CIRCULAT+ ,/OCK1 IT 7! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K7 MAY BE ITSELF R$EEM$1 OR BR\<T BACK1 AT PLEASURE1 BY ! BANK]S1 ON !IR PAY+ ITS FACE 9 SPECIE1 ) 9T]E/ 7OR DIVID5DS7 FROM ! TIME ( ! TRANSF]2 & MU/ BE SO BR\<T BACK1 BE=E ANY DIVID5DS CAN BE PAID TO ! ORIG9AL BANK]S4  

 ,! FULFILLM5T ( ALL !SE OBLIGATIONS1 ON ! P>T ( ! BANK1 IS SECOND BY ! FACT ?AT CAPITAL & ALL ! RES\RCES ( ! BANK >E 9 ! H&S ( TRU/EES1 :O >E LEGALLY B\ND BE=E MAK+ ANY DIVID5DS TO ! BANK]S TO R$EEM ALL PAP] 9 ! MANN] M5TION$2 & ALSO TO BUY BACK ALL ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K ?AT %ALL HAVE BE5 TRANSF]R$ 9 R$EMPTION ( ! CIRCULATION4  

 ,SU* >E ! G5]AL PR9CIPLES ( ! SY/EM4  ,! DETAILS >E TOO NUM]\S TO BE GIV5 H]E4  ,!Y WILL BE F\ND 9 ! 0,>TICLES ( ,ASSOCIATION ( A ,MORTGAGE ,/OCK ,BANK+ ,COMPANY10 :I* ! AU?OR HAS DRAWN UP & COPYRI<T$4  

,*,A,P,T,] ,I,I4 

,S,P,E,C,I,E ,P,A,Y,M,5,T,S4  

 ,AL?\< ! BANKS1 UND] ?IS SY/EM1 MAKE NO ABSOLUTE PROMISE TO PAY SPECIE ON DEM&1 ! SY/EM NEV]!LESS AF=DS A MU* BETT] PRACTICAL GU>ANTEE = SPECIE PAYM5TS1 ?AN ! OLD SPECIE PAY+ SY/EM 7SO CALL$72 & = !SE REASONS1 VIZ3  

 #a4 ,! BANKS W\LD BE SO UNIV]SALLY SOLV5T1 & SO UNIV]SALLY KN[N TO BE SOLV5T1 ?AT NO RUNES W\LD EV] BE MADE UPON !M = SPECIE1 ?R\< FE> ( !IR 9SOLV5CY4  ,!Y C\LD1 !RE=E1 MA9TA9 SPECIE PAYM5TS ) MU* LESS AM\NTS ( SPECIE1 ?AN ! OLD SPECIE PAY+ BANKS 7SO CALL$7 C\LD DO4  

 #b4 ,AS !RE W\LD BE NO FE>S ( ! 9SOLV5CY ( ! BANKS1 & AS ! PAP] W\LD BE MORE CONV5I5T ?AN SPECIE = PURPOSE ( TRADE1 BILLS W\LD R>ELY BE PRES5T$ = R$EMPTION O!RWISE ?AN 9 PAYM5T ( DEBTS DUE ! BANKS EXCEPT 9 ?OSE CASES :]E ! HOLD]S DESIR$ TO 9VE/ !IR MONEY2 & W\LD !RE=E PREF] A TRANSF] ( ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1 TO A PAYM5T 9 SPECIE4  ,IF !Y WANT$ SPECIE = EXPORTATION1 !Y W\LD BUY 9 ! M>KET 7) ! BILLS71 AS !Y ANY O!R COMMODITIES = EXPORT4  ,IT W\LD1 !RE=E1 USUALLY BE ONLY :5 !Y WANT$ AN 9VE/M5T1 & C\LD F9D NONE SO GOOD  

 ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1  ?AT !Y W\LD RETURN !IR BILLS = R$EMPTION4  ,& !N !Y W\LD RETURN !M1 NOT REALLY = ! PURPOSE ( HAV+ !M R$EEM$ ) SPECIE1 BUT 9 HOPE ( GETT+ A TRANSF] ( ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1 & HOLD+ IT A:ILE1 & DRAW+ 9T]E/ ON IT4  

 #c4 ,! BANKS W\LD PROBABLY F9D IT = !IR 9T]E/1 AS PROMOT+ ! CIRCULATION ( !IR BILLS1 TO PAY AT ALL TIMES1 SU* SMALL AM\NTS ( SPECIE1 AS ! PUBLIC CONV5I5CE MI<T REQUIRE4  

 #d4 ,IF !RE %\LD BE ANY SUSP5SIONS ( SPECIE PAYM5TS1 !Y W\LD BE ONLY TEMPOR>Y ONES1 BY H]E & !RE A BANK SEP>ATELY1 & NOT BY ALL ! BANKS SIMULTANE\SLY1 AS UND] ! SO CALL$ SPECIE PAY+ SY/EM4  ,NO G5]AL PUBIC 9CONV5I5CE W\LD !RE=E EV] BE FELT FROM ?AT CAUSE4  

 #e4 ,IF ! BANKS %\LD R>ELY1 OR NEV]1 PAY SPECIE ON DEM&1 ?AT FACT W\LD BR+ NO DISCR$IT UPON !IR BILLS1 & BE NO OB/ACLE TO !IR CIRCULATION AT P> ) SPECIE4  ,IT W\LD BE KN[N ?AT UNLESS BAD NOTES HAD BE5 DISC\NT$ ALL ! BILLS ISSUES BY ! BANKS1 W\LD BE WANT$ TO PAY ! DEBTS DUE ! BANKS4  ,?IS W\LD ORD9>ILY BE SUFFICI5T1 ( ITSELF1 TO KEEP ! BILLS AT P> ) SPECIE4  ,IT W\LD ALSO BE KN[N ?AT1 IF SPECIE W]E NOT PAID ON DEM&1 IT W\LD EI!R BE PAID AFT]W>DS1 ) 9T]E/ FROM ! TIME ( DEM&2 OR ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K1 EQUAL 9 VALUE TO SPECIE 9 ! M>KET1 W\LD BE TRANSF]R$ 9 R$EMPTION ( ! BILLS4  ,! BILLS1 !RE=E1 W\LD NEV] DEPRECIATE 9 CONSEQU5CE ( SPECIE NOT BE+ PAID ON DEM&2 NOR W\LD ANY CONTRADICTION ( ! CURR5CY EV] BE OCCASION$ ON ?AT ACC\NT4  

 ,= ! REASONS N[ GIV51 ! SY/EM IS PRACTICALLY ! BE/ SPECIE PAY+ SY/EM ?AT WAS EV] 9V5T$4  ,?AT IS TO SAY1 IT W\LD REQUIRE LESS SPECIE TO WORK IT2 & ALSO LESS TO KEEP ITS BILLS ALWAYS AT P> ) SPECIE4 ,9 PROPORTION TO ! AM\NT ( CURR5CY IT W\LD FURNI%1 IT W\LD NOT REQUIRE SO MU* AS ONE DOLL> 9 SPECIE1 :]E ! SO CALL$ SPECIE PAY+ SY/EM W\LD REQUIRE A HUNDR$4  ,IT W\LD ALSO1 BY IMM5SELY 9CREAS+ \R PRODUCTION & EXPORTS1 DO F> MORE ?AN ANY O!R SY/EM1 T[>DS BR++ SPECIE 9TO ! C\NTRY1 & PREV5T+ ITS EXPORTATION  

 ,IF IT %\LD BE *>G$ ?AT ! SY/EM SUPPLIES NO SPECIE = EXPORTATION2 ! ANSW] IS1 ?AT IT IS REALLY NO P>T ( ! LEGITIMATE BUS9ESS ( A BANK TO FURNI% SPECIE = EXPORTATION4  ,ITS LEGITIMATE BUS9ESS IS SIMPLY TO FURNI% CR$IT & CURR5CY = HOME 9DU/RY & TRADE4  ,& IT CAN NEV] FURNI% !RE CON/ANTLY1 & 9 ADEQUATE AM\NTS1 UNLESS IT CAN BE FRE$ FROM ! OBLIGATION TO SUPPLY SPECIE ON DEM& = EXPORTATION4  ,SPECIE %\LD1 !RE=E1 ALWAYS BE M]ELY AN >TICLE ( M]*&ISE 9 ! M>KET1 LIKE ANY O!R2 & %\LD HAVE NO SPECIAL OR1 AT LEA/1 NO IMPORTANT CONNECTION ) ! BUS9ESS ( BANK+1 EXCEPT AS FURNI%+ ! MEASURE ( VALUE4  ,IF A PAP] CURR5CY IS MADE PAYABLE 9 SPECIE1 ON DEM&1 V]Y LITTLE ( IT CAN EV] BE ISSU$1 OR KEPT 9 CIRCULATION2 & ?AT LITTLE WILL BE SO IRREGUL> & 9CONSI/5T 9 AM\NT AS TO CAUSE CONT9UAL & IRREM$IABLE D]ANGEM5TS4 ,BUT IF A PAP] CURR5CY1 9/EAD ( PROMIS+ TO PAT SPECIE ON DEM&1 PROMISES ONLY AN ALT]NATIVE R$EMPTION1 VIZ3 SPECIE ON DEM&1 OR SPECIE ) 9T]E/ FROM ! TIME ( DEM&1 OR O!R M]*ANTABLE PROP]TY ( EQUAL M>KET VALUE ) SPECIE IT CAN !N BE ISSU$ TO AN AM\NT EQUAL TO SU* PROP]TY2 & YET KEEP ITS PROMISES TO ! LETT]4  ,IT CAN1 !RE=E1 FURNI% ALL ! CR$IT & CURR5CY ?AT CAN BE NE$$2 OR AT LEA/ MANY TIMES MORE ?AN ! SO CALL$ SPECIE PAY+ SY/EM EV] DID1 OR EV] CAN1 FURNI%4  ,& !N ! 9T]E/1 9DU/RY & TRADE ( A NATION WILL NEV] BE DI/URB$ BY ! EXPORTATION ( SPECIE4  ,& YET ! /&>D ( VALUE WILL ALWAYS BE MA9TA9$4  

 ,! DIFF]5CE BETWE5 ! SY/EM H]E PROPOS$1 & ! SO CALL$ SPECIE PAY+ SY/EM 9 RESPECT TO !IR RESPECTIVE CAPACITIES = FURNI%+ CR$IT & CURR5CY1 & AT ! SAME TIME FULFIL+ !IR CONTRACTS TO ! LETT] IS AS FIFTY TO ONE1 AT LEA/1 9 FAVOR ( ! =M]2 PROBABLY MU* MORE ?AN ?AT4  

 ,?US UND] ! SY/EM N[ PROPOS$1 ! REAL E/ATE & RAILROADS ( ! ,UNIT$ ,/ATES1 AT !IR PRES5T VALUES1 >E CAPABLE ( FURNI%+ TW5TY ?\S& MILLIONS 7@s#b1117 ( PAP] CURR5CY2 & FURNI%+ IT CON/ANTLY1 & )\T FLUCTUATION1 & EV]Y DOLL> ( IT WILL HAVE AN EQUAL M>KET VALUE ) GOLD4  ,! CONTRACTS OR C]TIFICATES COMPRIS+ IT1 CAN ALWAYS BE FULFIL$ TO ! LETT]2 ?AT IS1 ! CAPITAL ITSELF 7! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K17 REPRES5T$ BY !SE C]TIFICATES1 CAN ALWAYS BE DELIV]$1 ON DEM&1 9 R$EMPTION ( ! C]TIFICATES1 IF ! BANKS %\LD BE UNABLE TO R$EEM 9 SPECIE4  

 ,ON ! O!R H&1 IT W\LD BE IMPOSSIBLE TO HAVE SO MU* AS F\R HUNDR$ MILLIONS1 7@s#d117 ONE FIFTIE? ( ! AM\NT BE=E M5TION$ ( SO CALL$ SPECIE PAY+ CURR5CY2 ?AT IS1 A PAP] PROMIS+ TO PAY SPECIE ON DEM&2 & CON/ANTLY ABLE TO FULFILL ITS OBLIGATIONS4  

 ,IT IS ( NO APPRECIABLE IMPORTANCE ?AT A PAP] CURR5CY %\LD BE PAYABLE ON DEM& ) SPECIE4  ,IT IS SUFFICI5T1 IF IT BE PAYABLE ACCORD+ TO ITS T]MS1 IF ONLY ?OSE T]MS >E CONV5I5T & ACCEPTABLE4 ,& :5 !SE CONTRACTS >E FULFIL$ TO ! LETT]1 !N1 TO ALL PRACTICAL PURPOSES1 SPECIE PAYM5TS >E MA9TA9$4  ,:51 = EXAMPLE1 A MAN PROMISES TO PAY :EAT1 EI!R ON DEM&1 OR AT A TIME SPECIFI$1 & HE FULFILLS ?AT CONTRACT TO ! LETT]1 ?AT1 TO ALL PRACTICAL PURPOSES1 IS SPECIE PAYM5TS2 AS MU* SO AS IF ! PROMISE & PAYM5T HAD BE5 MADE 9 CO94  ,I,T ,I,S1 ,!,R,E,=,E1 ,! ,S,P,E,C,I,F,I,C ,& ,L,I,T,],A,L ,F,U,L,F,I,L,L,M,5,T ,( ,C,O,N,T,R,A,C,T,S1 ,?,A,T ,C,O,N,/,I,T,U,T,E,S ,S,P,E,C,I,E ,P,A,Y,M,5,T,S2 ,& ,N,O,T ,! ,P,>,T,I,C,U,L,> ,K,9,D ,( ,P,R,O,P,],T,Y ,?,A,T ,I,S ,P,R,O,M,I,S,$ ,& ,P,A,I,D4  

 ,! GREAT SECRET1 ?AN1 ( HAV+ AN ABUNDANT PAP] CURR5CY1 & YET MA9TA9+ ALL ! :ILE SPECIE PAYM5TS1 CONSI/S 9 HAV+ ! PAP] REPRES5T PROP]TY LIKE REAL E/ATE1 = EXAMPLE ?AT EXI/S 9 L>GE AM\NTS1 & CAN ALWAYS BE DELIV]$1 ON DEM&1 9 R$EMPTION ( ! PAP]2 & ALSO HAV+ ?IS PAP] ISSU$ BY ! P]SONS :O ACTUALLY [N ! PROP]TY REPRES5T$ BY IT1 & :O CAN BE COMPELL$  

 BY LAW TO DELIV] IT 9 R$EMPTION ( ! PAP]4  ,& ! GREAT SECRET IF IT BE A SECRET ( HAV+ ONLY A SCANTY CURR5CY1 & ( NOT HAV+ SPECIE PAYM5TS1 CONSI/S 9 HAV+ ! PAP] ISSU$ BY A GOV]NM5T ?AT CANNOT FULFILL ITS CONTRACTS1 & HAS NO 9T5TION ( FULFIL+ !M & BY BANKS ?AT >E NOT EV5 REQUIR$ TO FULFILL !M4  

 ,IT IS SOME:AT REM>KABLE ?AT AFT] T5 YE>S EXP]IM5T1 WE HAVE NOT YET LE>N$ !SE APP>5TLY SELF-EVID5T TRU?S4  

 ,! PALPABLE FACT IS ?AT ! ADVOCATES ( ! PRES5T 0,NATIONAL0 BANKS1 --DO NOT WI% = CLASS SPECIE PAYM5TS4  ,!Y WI% ONLY TO MA9TA91 9 !IR [N H&S1 A MONOPOLY ( BANK+1 &1 AS F> AS POSSIBLE ALSO1 A MONOPOLY ( ALL BUS9ESS DEP5D+ UPON BANK LOANS4  ,!Y WI%1 !RE=E1 TO KEEP ! VOLUME ( ! CURR5CY D[N TO ITS PRES5T AM\NT4  ,AS AN EXCUSE = ?IS1 !Y PR(ESS A GREAT DESIRE = SPECIE PAYM5TS2 & AT ! SAME TIME PRACTICE ?AT IMPO/URE ( DECL>+ ?AT SPECIE PAYM5TS WILL BE IMPOSSIBLE1 IF ! AM\NT ( ! CURR5CY BE 9CREAS$4  

 ,BUT ALL ?IS IS %E] FALSEHOOD & FRAUD4  ,IT IS1 ( C\RSE1 IMPOSSIBLE TO HAVE SPECIE PAYM5TS1 SO LONG AS ! ONLY CURR5CY ISSU$ IS ISSU$ BY A GOV]NM5T ?AT HAS NO?+ TO R$EEM )1 & HAS NO 9T5TION ( R$EEM+ & BY BANKS ?AT >E NOT EV5 REQUIR$ TO R$EEM4  ,BUT !RE IS NO OB/ACLE TO \R HAV+ TW5TY TIMES AS MU* CURR5CY AS WE N[ HAVE1 & YET HAV+ SPECIE PAYM5TS OR ! LIT]AL FULFILLM5T ( CONTRACTS IF WE WILL SUFF] ! BUS9ESS ( BANK+ TO GO 9TO ! H&S ( ?OSE :O HAVE PROP]TY ) :I* TO R$EEM1 & CAN BE COMPELL$ BY LAW TO R$EEM4  

 ,IT IS ) GOV]NM5T PAP]1 & BANK PAP]1 AS IT IS ) ! PAP] ( PRIVATE P]SONS2 ?IS IS1 IT IS WOR? JU/ :AT CAN BE DELIV]$ 9 R$EMPTION ( IT1 & NO MORE4  ,WE ALL UND]/& ?AT ! NOTES ( ! ,A/ROS1 & ,/EW>TS1 & ,V&]BILTS1 ?\< ISSU$ BY MILLIONS1 & T5S ( MILLIONS1 >E REALLY WOR? !IR NOM9AL VALUES4  ,& :Y8  ,SOLELY BECAUSE ! MAK]S ( !M HAVE ! PROP]TY ) :I* TO R$EEM !M 9 FULL1 & CAN BE MADE TO R$EEM !M 9 FULL4  ,WE ALSO ALL UND]/& ?AT ! NOTES ( ,SAM ,JONES1 & ,JIM ,SMI?1 & ,BILL ,NOKES1 ?\< ISSU$ = ONLY FIVE DOLL>S1 >E NOT WOR? TWO C5TS ON ! DOLL>4  ,ANY :Y8  ,SOLELY BECAUSE !Y HAVE NO?+ TO PAY )2 & CANNOT BE MADE TO PAY4  

 ,SUPPOSE1 N[1 ?AT !SE NOTES ( ,SAN ,JONES1 & ,JIM ,SMI?1 & ,BILL ,NOKES1 = FIVE DOLL>S1 W]E ! ONLY CURR5CY ALL[$ BY LAW2 & ?AT !Y W]E WOR? 9 ! M>KET BUT TWO C5TS ON ! DOLL>4  ,& SUPPOSE ?AT ! FEW HOLD]S ( !SE NOTES1 WI%+ TO MAKE ! MO/ ( !M1 AT ! EXP5SE ( ! RI<TS ( EV]YBODY ELSE1 %\LD KEEP UP A CON/ANT H[L = SPECIE PAYM5TS2 & %\LD PROTE/ AGA9/ ANY ISSUE ( ! NOTES ( ! ,A/ROS1 ! ,/EW>TS1 & ! ,V&]BILTS1 UPON ! GR\ND ?AT SU* ISSUE W\LD 9FLATE ! CURR5CY1 & PO/PONE SPECIE PAYM5TS6  ,:AT W\LD WE ?9K ( M5 CAPABLE ( UTT]+ SU* ABSURDITIES8  ,W\LD WE 9 *>ITY TO !IR WEAKNESS1 CALL !M IDIOTS8  ,OR W\LD WE 9 JU/ICE TO !IR VILLA9Y1 D5\NCE !M AS IMPO/ORS & *EATS ( ! MO/ TRANSC5D5T & AMAZ+ IMPUD5CE8  ,& :AT W\LD WE ?9K ( ! WITS ( =TY MILLIONS ( PEOPLE1 :O C\LD BE DUP$ BY SU* PREPO/]\S FALSEHOODS8  

 ,& YET ?IS IS SC>CELY AN EXAGG]AT$ PICTURE ( ! FRAUD ?AT HAS BE5 PRACTIC$ UPON ! PEOPLE = ! LA/ T5 YE>S4  ,A FEW M5 HAVE SECUR$ TO !MSELVES ! MONOPOLY ( A FEW IRR$EEMABLE NOTES2 & NOT WI%+ TO HAVE ANY COMPETITION1 EI!R 9 ! BUS9ESS ( BANK+1 OR 9 ANY BUS9ESS DEP5D+ UPON BANK LOANS1 !Y CRY \T = SPECIE PAYM5TS2 & DECL>E ?AT NO SOLV5T OR R$EEMABLE NOTES MU/ BE PUT 9TO CIRCULATION1 9 COMPETITION ) !IR 9SOLV5T & IRR$EEMABLE ONES1 LE/ ! CURR5CY BE 9FLAT$1 & SPECIE PAYM5TS BE PO/PON$6  

 ,& ?IS IMPO/URE IS LIKELY TO BE PALM$ (F UPON ! PEOPLE 9 ! FUTURE1 AS IT HAS BE5 9 ! PA/1 IF !Y >E SU* DUNCES AS TO P]MIT IT TO BE DONE4  

 ,IT IS P]FECTLY EVID5T1 !N1 ?AT SPECIE PAYM5TS OR ! LIT]AL FULFILLM5T ( CONTRACTS DOES NOT DEP5D AT ALL UPON ! AM\NT ( PAP] 9 CIRCULATION AS CURR5CY2 BUT SOLELY UPON ! FACT :E!R1 ON ! ONE H&1 IT BE ISSU$ BY ?OSE :O HAVE PROP]TY ) :I* TO R$EEM IT1 & CAN BE MADE TO R$EEM IT2 OR :E!R1 ONE ! O!R H&1 IT BE ISSU$ BY ?OSE :O CANNOT R$EEM IT1 & CANNOT BE MADE TO R$EEM IT4  

 ,:5 ! PEOPLE %ALL UND]/& !SE SIMPLE1 MANIFE/ TRU?S1 !Y WILL SOON PUT AN 5D TO ! MONOPOLY1 EXTORTION1 FRAUD1 & TYRANNY ( ! EXI/+ 0,NATIONAL0 SY/EM4  

 ,! 0,NATIONAL0 SY/EM1 SO CALL$1 IS1 9 REALITY1 NO NATIONAL SY/EM AT ALL2 EXCEPT 9 ! M]E FACTS ?AT IT IS CALL$ ! NATIONAL SY/EM1 & WAS E/ABLI%$ BY ! NATIONAL GOV]NM5T4  ,IT IS1 9 TRU?1 ONLY A PRIVATE SY/EM2 A M]E PRIVILEGE CONF]R$ UPON A FEW1 TO 5ABLE !M TO CONTROL PRICES1 PROP]TY1 & LABOR2 & ?US TO SW9DLE1 PLUND]1 & OPPRESS ALL ! RE/ ( ! PEOPLE4  

 ,*,A,P,T,] ,I,I,I4  

 ,N,O ,9,F,L,A,T,I,O,N ,( ,P,R,I,C,E,S4  

 ,S,E,C,T,I,O,N #a4  

 ,9 REALITY !RE IS NOT SU* ?+ AS AN 9FLATION ( PRICES1 RELATIVELY TO GOLD4  ,!RE IS SU* A ?+ AS A DEPRECIAT$ PAP] CURR5CY4  ,?AT IS TO SAY1 !RE IS SU* A ?+ AS A PAP] CURR5CY1 ?AT IS CALL$ BY ! SAME NAMES AS GOLD TO WIT1 MONEY1 DOLL>S1 @&C4 BUT ?AT CANNOT BE R$EEM$ 9 FULL2 & !RE=E HAS NOT ! SAME VALUE AS GOLD4  ,SU* A CURR5CY DOES NOT CIRCULATE AT IT NOM9AL1 BUT ONLY AT ITS REAL1 VALUE4  ,& :5 SU* A CURR5CY IS 9 CIRCULATION1 & PRICES >E MEASUR$ BY IT1 9/EAD ( GOLD1 !Y >E SAID TO BE 9FLAT$1 RELATIVELY TO GOLD4  ,BUT1 9 REALITY1 ! PRICES ( PROP]TY >E NOT !REBY 9FLAT$ AT ALL RELATIVELY TO GOLD4  ,IT IS ONLY ! MEASUR+ ( PRICES BY A CURR5CY1 ?AT IS CALL$ BY ! SAME NAMES AS GOLD1 BUT ?AT IS REALLY 9F]IOR 9 VALUE TO GOLD1 ?AT CAUSES ! APP>5T1 NOT REAL1 9FLATION ( PRICES1 RELATIVELY TO GOLD4  

 ,TO MEASURE PRICES BY A CURR5CY ?AT IS CALL$ BY ! SAME NAMES AS GOLD1 BUT ?AT IS REALLY 9F]IOR 9 VALUE TO GOLD1 & !N BECAUSE ?OSE PRICES >E NOM9ALLY HI<] ?AN GOLD PRICES TO SAY ?AT !Y >E 9FLAT$1 RELATIVELY TO GOLD1 IS A P]FECT ABSURDITY4  

 ,IF WE W]E TO CALL A FOOT MEASURE A Y>D1 & W]E !N TO SAY ?AT ALL CLO? MEASUR$ BY IT BECAME !REBY /RET*$ TO ?REE TIMES ITS L5G?1 RELATIVELY TO A TRUE Y>D-/ICK1 WE %\LD SIMPLY MAKE \RSELVES RIDICUL\S4  ,WE %\LD NOT !REBY PROVE ?AT ! FOOT MEASURE HAD REALLY /RET*$ ! CLO?1 BUT ?AT IT HAD TAX$ \R BRA9S BEYOND !IR CAPACITY4  

 ,IT IS ONLY IRR$EEMABLE PAP] IRR$EEMABLE 9 :OLE OR 9 P>T1 ?AT EV] APPE>S TO 9FLATE PRICES1 RELATIVELY TO GOLD4  ,BUT ?AT IT REALLY CAUSES NO 9FLATION ( PRICES1 RELATIVELY TO GOLD1 IS PROV$ BY ! FACT ?AT IT NO MORE 9FLATES ! PRICES ( O!R PROP]TY1 ?AN IT DOES ! PRICE ( GOLD ITSELF4  ,?US WE SAY ?AT IRR$EEMABLE PAP]1 ?AT IS WOR? BUT FIFTY C5TS ON ! DOLL>1 9FLATES ! PRICES ( COMMODITIES 9 G5]AL TO TWICE !IR REAL VALUE4  ,BY ?IS WE MEAN1 ?AT !Y >E 9FLAT$ TO TWICE !IR VALUE RELATIVELY TO GOLD4  ,& :Y DO WE SAY ?IS8  ,SOLELY BECAUSE IT TAKES TWICE AS MANY ( !SE IRR$EEMABLE PAP] DOLL>S TO BUY ANY COMMODITY1 A B>REL ( FL\R = EXAMPLE1 AS IT ALSO W\LD IF ! PAP] W]E EQUAL 9 VALUE TO GOLD4  ,BUT IT ALSO TAKES TWICE AS MANY ( !SE IRR$EEMABLE PAP] DOLL>S TO BUY GOLD ITSELF1 AS IT W\LD IF ! PAP] W]E EQUAL 9 VALUE TO GOLD4 ,!RE IS1 !RE=E1 JU/ AS MU* REASON = SAY+ ?AT ! PAP] 9FLATES ! PRICE ( FL\R4  ,IT 9FLATES NEI!R4  ,IT IS1 ITSELF1 WOR? BUT FIFTY C5TS ON ! DOLL>2 & IT1 !RE=E1 TAKES TWICE AS MU* ( IT TO BUY EI!R FL\R OR GOLD1 AS IT W\LD IF ! PAP] W]E ( EQUAL VALUE TO GOLD4  

 ,! VALUE ( ! CO9S 9 ANY NATION ?AT IS OP5 TO FREE COMM]CE ) ! RE/ ( ! WORLD IS FIX$ BY !IR VALUE 9 ! M>KETS ( ! WORLD2 & CAN NEI!R BE R$UC$ BEL[ ?AT VALUE1 9 ?AT NATION1 BY ANY POSSIBLE AM\NT ( PAP] CURR5CY1 NOR RAIS$ ABOVE ?AT VALUE1 BU ! 5TIRE DISUSE ( A PAP] CURR5CY4  ,ANY 9CREASE ( ! CURR5CY1 !RE=E1 BY MEANS ( PAP] REPRES5T+ O!R PROP]TY ?AN ! CO9S BUT HAV+ AN EQUAL VALUE ) ! CO9S IS AN ABSOLUTE BONA FIDE 9CREASE ( ! CURR5CY TO ?AT EXT5T2 & NOT A M]E DEPRECIATION ( IT1 AS SO MANY >E 9 ! HABIT ( ASS]T+4  

 ,PRACTICALLY & COMM]CIALLY SPEAK+1 A DOLL> IS NOT NECESS>ILY A SPECIFIC ?+1 MADE ( SILV]1 OR GOLD1 OR ANY O!R S+LE METAL1 OR SUB/ANCE4 ,IT IS ONLY SU* A QUE/ION ( M>KET VALUE AS EXI/S 9 A GIV5 PIECE ( SILV] OR GOLD4  ,& IT IS ! SAME QUANTUM ( VALUE1 :E!R IT EXI/ 9 GOLD1 SILV]1 H\SES1 L&S1 CATTLE1 HORSES1 WOOL1 COTTON1 :EAT1 IRON1 COAL1 OR ANY O!R COMMODITY ?AT M5 DESIRE = USE1 & BUY & SELL 9 ! M>KET4  

 ,EV]Y DOLL>'S WOR? ( V5DIBLE PROP]TY 9 ! WORLD IS EQUAL 9 VALUE TO A DOLL> 9 GOLD4  ,& IF IT W]E POSSIBLE ?AT EV]Y DOLL>'S WOR? ( SU* PROP]TY1 9 ! WORLD1 C\LD BE REPRES5T$1 9 ! M>KET1 BY A CONTRACT ON PAP]1 PROMIS+ TO DELIV] IT ON DEM& & IF EV]Y DOLL>'S WOR? C\LD BE DELIV]$ ON DEM&1 9 R$EMPTION ( ! PAP] ?AT REPRES5T$ IT1 ! WORLD C\LD !N HAVE AN AM\NT ( CURR5CY EQUAL TO ! 5TIRE PROP]TY ( ! WORLD4  ,& YET CLE>LY EV]Y DOLL> ( PAP] W\LD BE EQUAL 9 VALUE TO A DOLL> ( GOLD2 SPECIE PAYM5TS OR ! LIT]AL FULIFLM5T ( CONTRACTS C\LD =EV] BE MA9TA9$2 & YET !RE C\LD BE NO 9FLATION ( PRICES1 RELATIVELY TO GOLD4  ,SU* A CURR5CY W\LD NO MORE 9FLATE ?AT PRICE ( ONE ?+1 ?AN ( ANO!R4  ,IT W\LD AS MU* 9FLATE ! PRICE ( GOLD1 AS ANY ?+ ELSE4  ,GOLD W\LD /& AT ITS TRUE & NATURAL VALUE AS A METAL2 & ALL O!R ?+S W\LD ALSO /& AT !IR TRUE & NATURAL VALUES1 = !IR RESPECTIVE USES4  

 ,ON ?IS PR9CIPLE1 IF EV]Y DOLL>'S WOR? ( V5DIBLE PROP]TY 9 ! ,UNIT$ ,/ATES C\LD BE REPRES5T$ BY A PAP] CURR5CY2 & IF ! PROP]TY C\LD ALL BE DELIV]$ ON DEM&1 9 R$EMPTION ( ! PAP]1 SU* A CURR5CY W\LD NOT 9FLATE ! PRICES ( PROP]TY AT ALL1 & NATURAL VALUE AS A METAL1 OR AT ITS VALUE 9 ! M>KETS ( ! WORLD4  ,& ALL ! PROP]TY REPRES5T$ BY ! PAP]1 W\LD SIMPLY BE MEASUR$ BY ! GOLD1 & W\LD /& AT ITS TRUE & NATURAL VALUE1 RELATIVELY TO GOLD4  

 ,WE C\LD !N HAVE SOME ?IRTY ?\S& MILLIONS 7@s#c1117 ( PAP] CURR5CY1 TAK+ \R PROP]TY AT ITS PRES5T VALUATION4  ,& YET EV]Y DOLL> ( IT W\LD BE EQUAL TO A DOLL> ( GOLD2 & !RE C\LD EVID5TLY BE NO 9FLATION ( PRICES1 RELATIVELY TO GOLD4  ,NO MORE ( ! CURR5CY C\LD BE KEPT 9 CIRCULATION1 ?AN %\LD BE NECESS>Y OR CONV5I5T = ! PUR*ASE & SALE ( PROP]TY AT SPECIE PRICES4  

 ,IT IS PROBABLE NOT PRACTICABLE TO REPRES5T ! 5TIRE PROP]TY ( ! C\NTRY BY SU* CONTRACTS ON PAP] AS W\LD BE CONV5I5T & ACCEPTABLE AS A CURR5CY4  ,?IS IS ESPECIALLY TRUE ( ! P]SONAL PROP]TY2 AL?\< L>GE PORTIONS EV5 ( ?IS >E BE+ CON/ANTLY REPRES5T$ BY SU* CONTRACTS AS BANK NOTES1 PRIVATE PROMISSORY NOTES1 *ECKS1 DRAFTS1 & BILLS ( EX*ANGE2 ALL ( :I* >E 9 ! NATURE ( CURR5CY2 ?AT IS1 !Y S]VE = ! TIME AS A SUB/ITUTE = SPECIE2 AL?\< SOME ( !M DO NOT ACQUIRE ANY EXT5SIVE1 OR EV5 G5]AL1 CIRCULATION4  

 ,BUT ?AT IT IS P]FECTLY PRACTICABLE TO REPRES5T NE>LY ALL ! REAL E/ATE ( ! C\NTRY 9CLUD+ ! RAILROADS BY SU* CONTRACTS ON PAP] AS WILL BE P]FECTLY CONV5I5T & ACCEPTABLE AS A CURR5CY2 & ?AT EV]Y DOLL> ( IT CAN BE KEPT ALWAYS AT P> ) SPECIE ?R\<\T ! 5TIRE C\NTRY ?AT ALL ?IS IS P]FECTLY PRACTICABLE1 ! AU?OR (F]S ! SY/EM ALREADY PRES5T$ 9 PRO(4  

 ,S,E,C,T,I,O,N #b4  

 ,TO SU/A9 !IR !ORY1 ?AT AN ABUNDANT PAP] CURR5CY ?\< EQUAL 9 VALUE TO GOLD 9FLATES PRICES1 RELATIVELY TO GOLD1 IS ADVOCAT$ ASS]T ?AT1 = ! TIME BE+1 ! PAP] DEPRECIATES ! GOLD ITSELF BEL[ ITS TRUE VALUE2 OR AT LEA/ BEL[  ?AT VALUE :I* IT HAD BE=E ! PAP] WAS 9TRODUC$4  ,BUT ?IS IS AN IMPOSSIBILITY2 = 9 A C\NTRY OP5 TO FREE COMM]CE ) ! RE/ ( ! WORLD1 GOLD MU/ ALWAYS HAVE ! SAME VALUE ?AT IS HAS 9 ! M>KETS ( ! WORLD2 NEI!R MORE1 NOR LESS4  ,NO POSSIBLE AM\NT (  

 ,PAP] CAN R$UCE IT BEL[ ?AT VALUE2 AS HAS BE5 ABUNDANTLY DEMON/RAT$ 9 ?IS C\NTRY = ! LA/ T5 YE>S4  ,NEI!R CAN ANY POSSIBLE AM\NT ( PAP] CURR5CY R$UCE GOLD BEL[ ITS ONLY TRUE & NATURAL VALUE1 VIZ3 ITS VALUE AS A METAL1 = USES 9 ! >TS4  ,! PAP] CANNOT R$UCE ! GOLD BEL[ ?IS VALUE1 BECAUSE ! PAP] DOES NOT COME AT ALL 9 COMPETITION ) IT = ?OSE USES4  ,WE CANNOT MAKE A WAT*1 A SPOON1 OR A NECKLACE1 \T ( ! PAP]2 & !RE=E ! PAP] CANNOT COMPETE ) ! GOLD = !SE USES4  

 ,?AT GOLD & SILV] N[ HAVE1 & CAN BE MADE TO HAVE1 NO HI<] VALUE1 AS A CURR5CY1 ?AN !Y HAVE AS METALS = USES 9 ! >TS1 IS PROV$ BY ! FACT ?AT D\BTLESS NOT MORE ?AN ONE T5?1 & V]Y LIKELY NOT MORE ?AN A TW5TIE?1 ( ALL ! GOLD & SILV] 9 ! WORLD 7\T ( ! M9ES71 IS 9 CIRCULATION AS CURR5CY4  ,9 ,ASIA1 :]E !SE METALS HAVE BE5 ACCUMULAT$ FROM TIME IMMEMORABLE1 & :I!R ALL ! GOLD & SILV] ( ,EUROPE & ,AM]ICA EXCEPT :AT IS CAU<T UP1 & CONV]T$ 9TO PLATE1 JEWELRY1 @&C4 IS N[ GO+1 & HAS BE5 GO+ = ! LA/ TWO ?\S& YE>S1 V]Y LITTLE IS 9 CIRCULATION AS MONEY4  ,= ! COMMON TRAFFIC ( ! PEOPLE1 CO9S MADE ( CO>S] METALS1 %ELLS & O!R ?+S ( LITTLE VALUE1 >E ! ONLY CURR5CY4 ,IT IS ONLY = ! L>G] COMM]CIAL TRANSACTIONS1 ?AT GOLD & SILV] >E US$ AT ALL AS A CURR5CY4  ,! GREAT BULK ( !SE METALS >E US$ = PLATE1 JEWELRY1 = EMBELLI%+ TEMPLES & PALACES4  ,L>GE AM\NTS >E ALSO HO>D$4  

 ,BUT ?AT GOLD & SILV] CO9S N[ /&1 & ?AT !Y CAN BE MADE TO /&1 AS CURR5CY1 ONLY AT !IR TRUE & NATURAL VALUES AS METALS1 = USES 9 ! >TS2 & ?AT NEI!R ! USE1 NOR DISUSE1 ( ANY POSSIBLE AM\NT ( PAP] CURR5CY1 9 ANY ONE C\NTRY ! ,UNIT$ ,/ATES1 = EXAMPLE CAN S5SIBLY AFFECT !IR VALUES 9 ?AT C\NTRY1 OR RAISE !M ABOVE1 OR R$UCE !M BEL[1 !IR VALUES 9 ! M>KETS ( ! WORLD1 ! AU?OR HOPES TO DEMON/RATE MORE FULL AT A FUTURE TIME1 IF IT %\LD BE NECESS>Y TO DO SO4  

 ,S,E,C,T,I,O,N #c4  

 ,ANO!R >GUM5T OR RA!R ASS]TION ( ?OSE :O SAY ?AT ANY 9CREASE ( ! CURR5CY1 BY MEANS ( PAP] ?\< ! PAP] BE EQUAL 9 VALUE TO GOLD DEPRECIATES ! VALUE ( ! OLD1 OR 9FLATES PRICES RELATIVELY TO GOLD1 IS ?IS3 ,!Y ASS]T ?AT1 :]E NO O!R CIRCUM/ANCES 9T]V5E TO AFFECT ! PRICES ( P>TICUL> COMMODITIES1 SU* 9CREASE ( ! CURR5CY RAISE ! PRICES ( ALL K9DS ( PROP]TY RELATIVELY TO GOLD 9 A DEGREE PRECISELY CORRESPOND+ ) ! 9CREASE ( ! CURR5CY4  

 ,?IS IS ! UNIV]SAL ASS]TION ( ?OSE :O OPPOSE A SOLV5T PAP] CURR5CY2 OR A PAP] CURR5CY ?AT IS EQUAL 9 VALUE TO GOLD4  

 ,BUT ! ASS]TION ITSELF IS :OLLY UNTRUE4  ,IT IS :OLLY UNTRUE ?AT AN ABUNDANT PAP] CURR5CY ?AT IS EQUAL 9 VALUE TO GOLD RAISES ! PRICES ( ALL COMMODITIES RELATIVELY TO GOLD 9 A PROPORTION CORRESPOND+ TO ! 9CREASE ( ! CURR5CY4  ,9/EAD ( DO+ SO1 IT CAUSES A RAISE ONLY 9 AGRICULTURAL COMMODITIES1 & REAL E/ATE2 :ILE IT CAUSES A GREAT FALL 9 ! PRICES ( MANUFACTURES G5]ALLY4  

 ,?US ! 9CREAS$ CURR5CY PRODUCES A DIRECTLY OPPOSITE EFFECT UPON ! PRICES ( AGRICULTURAL COMMODITIES & REAL E/ATE1 ON ! ONE H&1 & UPON MANUFACTUR]S1 ON ! O!R4  

 ,! REASONS >E !SE3  

 ,AGRICULTURE REQUIRES BUT V]Y FEW EX*ANGES1 & CAN1 !RE=E1 BE C>RI$ ON ) V]Y LITTLE MONEY4  ,MANUFACTURES1 ON ! O!R H&1 REQUIRE A GREAT MANY EX*ANGES1 & CAN1 !RE=E1 BE C>RI$ ON 7EXCEPT 9 A V]Y FEEBLE WAY71 ONLY BY ! AID ( A GREAT DEAL ( MONEY4  

 ,! CONSEQU5CE IS1 ?AT ! PEOPLE ( ALL ?OSE NATIONS1 ?AT HAVE BUT LITTLE MONEY1 >E 5RAG$ MO/LY 9 AGRICULTURE4  ,V]Y FEW ( !M >E MANUFACTUR]S4 ,BE+ MO/LY 5GAG$ 9 AGRICULTURE1 EA* ONE PRODUC+ ! SAME COMMODITIES ) NE>LY ALL ! O!RS2 & EA* ONE PRODUC+ ALL HE WANTS = HIS [N CONSUMPTION1 !RE IS NO M>KET1 OR V]Y LITTLE M>KET1 = AGRICULTURAL COMMODITIES2 & SU* COMMODITIES1 CONSEQU5TLY1 BE> ONLY A V]Y SMALL PRICE4  

 ,MANUFACTUR$ COMMODITIES1 ON ! O!R H&1 >E V]Y SC>CE & DE>1 = ! SOLE REASON ?AT SO FEW P]SONS >E 5GAG$ 9 PRODUC+ !M4  

 ,BUT LET !RE BE AN 9CREASE ( CURR5CY1 & LABOR]S AT ONCE LEAVE AGRICULTURE1 & BECOME MANUFACTUR]S4  

 ,AS MANUFACTUR$ COMMODITIES USUALLY BR+ MU* HI<] PRICES ?AN AGRICULTURAL1 9 PROPORTION TO ! LABOR IT CO/S TO PRODUCE !M1 M5 USUALLY LEAVE AGRICULTURE1 & GO 9TO MANUFACTUR+1 TO ! FULL EXT5D ! 9CREAS$ CURR5CY WILL ALL[4  

 ,! CONSEQU5CES IS ?AT1 UND] AN ABUNDANT CURR5CY1 MANUFACTUR]S BECOME V>I\S1 ABUNDANT1 & *EAP2 :]E BE=E !Y W]E SC>CE & DE>4  

 ,BUT :ILE1 ON ! ONE H&1 MANUFACTURES >E ?US BECOM+ V>I\S1 ABUNDANT1 & *EAP1 AGRICULTURAL COMMODITIES1 ON ! O!R H&1 >E RIS+3 & :Y8 ,NOT BECAUSE ! CURR5CY IS DEPRECIAT+1 BUT SIMPLY BECAUSE SO MANY P]SONS1 :O BE=E UND] A SCANTY CURR5CY W]E 5GAG$ 9 AGRICULTURE1 & PRODUC$ ALL ! AGRICULTURAL COMMODITIES !Y NE$$1 & P]HAPS MORE ?AN !Y NE$$1 = !IR [N CONSUMPTION1 HAV+ N[ LEFT AGRICULTURE1 & BECOME MANUFACTUR]S1 HAVE BECOME PUR*AS]S & CONSUM]S1 9/EAD ( PRODUC]S1 OR AGRICULTURAL COMMODITIES4  

 ,H]E ! SAME CAUSE ABUNDANT CURR5CY ?AT HAS OCCASION$ A RISE 9 ! PRICES ( AGRICULTURAL COMMODITIES1 HAS PRODUC$ A DIRECTLY OPPOSITE EFFECT UPON MANUFACTURES4  ,IT HAS MADE ! LATT] V>I\S1 ABUNDANT1 & *EAP2 :]E BE=E !Y W]E SC>CE & DE>4  

 ,ON ! O!R H&1 :5 ! CURR5CY CONTRACTS1 MANUFACTUR+ 9DU/RY IS 9 A GREAT DEGREE /OPP$2 & ! P]SONS 5GAG$ 9 IT >E DRIV5 TO AGRICULTURE AS !IR ONLY MEANS ( SU/A9+ LIFE4  ,! CONSEQU5CE IS1 ?AT MANUFACTUR$ COMMODITIES BECOME SC>CE & DE>1 FROM NON-PRODUCTION4  ,AT ! SAME TIME1 AGRICULTURAL COMMODITIES BECOME SUP]ABUNDANT & *EAP1 FROM OV]-PRODUCTION & WANT ( M>KET4  

 ,?US1 AN ABUNDANT CURR5CY1 & A SCANTY CURR5CY1 PRODUCE DIRECTLY OPPOSITE EFFECTS UPON ! PRICES ( AGRICULTURAL COMMODITIES1 ON ! ONE H&1 & MANUFACTUR]S1 ON ! O!R4  

 ,! ABUNDANT CURR5CY MAKES MANUFACTURES V>I\S1 ABUNDANT1 & *EAP1 FROM 9CREAS$ PRODUCTION2 :ILE IT RAISES ! PRICES ( AGRICULTURAL COMMODITIES1 BY )DRAW+ LABOR]S FROM ! PRODUCTION ( !M1 & ALSO CREAT+ A BODY ( PUR*AS]S & CONSUM]S1 TO WIT1 ! MANUFACTUR]S4  

 ,ON ! ONE H&1 A SCANTY CURR5CY DRIVES M5 FROM MANUFACTURES 9TO AGRICULTURE1 & ?US CAUSES MANUFACTURES TO BECOME SC>E & DE>1 FROM NON-PRODUCTION2 &1 AT ! SAME TIME1 CAUSES AGRICULTURAL COMMODITIES TO FALL 9 PRICE1 FROM OV]-PRODUCTION1 & WANT ( A M>KET4  

 ,BUT :5EV]1 ON ! O!R H&1 AGRICULTURAL COMMODITIES >E RIS+1 & MANUFACTUR$ COMMODITIES >E FALL+1 UND] ! ABUNDANT CURR5CY2 OR :E!R1 ON ! O!R H&1 MANUFACTUR$ COMMODITIES >E RIS+1 & AGRICULTURAL COMMODITIES >E FALL+1 UND] A SCANTY CURR5CY1 ! VALUE ( ! CURR5CY ITSELF1 DOLL> = DOLL>1 REMA9S ! SAME 9 BO? CASES4  

 ,! VALUE ( ! CURR5CY1 9 EI!R ( !SE CASES1 IS FIXE1 NOT AT ALL BY ! AM\NT 9 CIRCULATION1 BUT BY ITS VALUE RELATIVELY TO GOLD4  ,& ! VALUE ( GOLD1 9 ANY P>TICUL> C\NTRY1 IS FIX$ BY ITS VALUE AS A METAL1 & ITS VALUE 9 ! M>KETS ( ! WORLD2 & NOT AT ALL BY ANY GREAT] OR LESS QUALITY ( PAP] ?AT MAY BE 9 CIRCULATION 9 ?AT C\NTRY4  

 ,S,E,C,T,I,O,N #d4  

 ,BUT IT US NOT ALONE AGRICULTURAL PRODUCTS ?AT RISE 9 PRICE UND] AN ABUNDANT CURR5CY4  ,REAL E/ATE ALSO1 ( ALL K9DS AGRICULTURAL1 MANUFACTUR+1 & COMM]CIAL RISE UND] AN ABUNDANT CURR5CY1 & FALLS UND] A SCANTY CURR5CY4  ,! REASONS >E !SE3  

 ,AGRICULTURAL REAL E/ATE RISES UND] AN ABUNDANT CURR5CY1 BECAUSE AGRICULTURAL PRODUCTS RISE UND] SU* A CURR5CY1 AS ALREADY EXPLA9$4  ,MANUFACTUR+ REAL E/ATE RISES UND] AN ABUNDANT CURR5CY1 SIMPLY BECAUSE MONEY BE+ ! GREAT 9/RUM5TALITY ( MANUFACTUR+ 9DU/RY ?AT 9DU/RY IS ACTIVE & PR(ITABLE UND] AN ABUNDANT CURR5CY4  ,COMM]CIAL REAL E/ATE RISES UND] AN ABUNDANT CURR5CY1 BECAUSE1 UND] SU* A CURR5CY1 COMM]CE1 ! EX*ANGE & DI/RIBUTION ( AGRICULTURAL & MANUFACTUR$ COMMODITIES1 IS ACTIVE & PR(ITABLE4  ,RAILROADS1 ALSO1 RISE UND] AN ABUNDANT CURR5CY1 BECAUSE1 UND] SU* A CURR5CY1 ! TRANSPORTATION ( FREI<T & PASS5G]S IS 9CREAS$4  

 ,ON ! O!R H&1 ALL K9DS ( REAL E/ATE FALL 9 PRICE UND] A SCANTY CURR5CY1 = !SE REASONS1 TO WIT3 ,AGRICULTURAL REAL E/ATE FALLS1 BECAUSE1 MANUFACTURES HAV+ BE5 9 A GREAT MEASURE /OPP$1 & ! MANUFACTUR]S DRIV5 9TO AGRICULTURE1 !RE IS LITTLE M>KET = AGRICULTURAL PRODUCTS1 & ?OSE PRODUCTS BR+ ONLY A SMALL PRICE4  ,MANUFACTUR+ REAL E/ATE FALLS1 BECAUSE1 MANUFACTUR+ 9DU/RY HAV+ BECOME IMPOSSIBLE = LACK ( MONEY1 MANUFACTUR+ REAL E/ATE IS LY+ DEAD1 OR UNPRODUCTIVE4  ,COMM]CIAL REAL E/ATE FALLS1 BECAUSE  

 ,COMM]CE1 ! EX*ANGE & DI/RIBUTION ( AGRICULTURAL & MANUFACTUR$ COMMODITIES1 HAS CEAS$4  ,RAILROADS FALL 9 PRICE1 BECAUSE1 [+ TO ! SUSP5SION ( MANUFACTURES & COMM]CE1 !RE IS LITTLE TRANSPORTATION ( EI!R FREI<T OR PASS5G]S4  

 ,?US IT WILL BE SE5 ?AT AN ABUNDANT CURR5CY CREATES A GREAT RISE 9 AGRICULTURAL PRODUCTS1 & 9 ALL K9DS ( REAL E/ATE  AGRICULTURAL1 MANUFACTUR+1 & COMM]CIAL1 79CLUD+ RAILROADS72 &1 AT ! SAME TIME1 CAUSES MANUFACTUR$ COMMODITIES TO BECOME V>I\S1 ABUNDANT1 & *EAP4  ,:ILE1 ON ! O!R H&1 A SCANTY CURR5CY CAUSES AGRICULTURAL COMMODITIES1 & ALL K9DS ( REAL E/ATE1 TO FALL 9 PRICE2 &1 AT ! SAME TIME1 MAKES MANUFACTUR$ COMMODITIES SC>CE & DE>4  

 ,IT IS A P>TICUL>LY NOTICEABLE FACT1 ?AT ?OSE :O CLAIM ?AT AN ABUNDANT PAP] CURR5CY 9FLATES ! PRICES ALL COMMODITIES1 RELATIVELY TO GOLD1 NEV] F9D IT CONV5I5T TO SPEAK ( ! V>IETY1 ABUNDANCE1 & *EAPNESS ( MANUFACTUR]S1 ?AT EXI/ UND] AN ABUNDANT CURR5CY2 BUT ONLY ( ! HI< PRICES ( AGRICULTURAL COMMODITIES1 & REAL E/ATE4  

 ,! :OLE SUBJECT ( PRICES A SUBJECT ?AT IS V]Y LITTLE UND]/OOD1 & ?AT HAS BE5 =EV] MISREPRES5T$1 9 ORD] TO JU/IFY RE/RA9TS UPON ! CURR5CY1 & KEEP IT 9 A FEW H&S DES]VES A MORE EXT5SIVE DISCUSSION2 BUT ! SPECIAL PURPOSE ( ?IS PAMPHLET DO NOT ADMIT ( IT H]E4  ,BUT 5\< HAS PROBABLY N[ BE5 SAID1 TO %[ ?AT ! GREAT *ANGES ?AT TAKE PLACE 9 PRICES1 UND] AN ABUNDANT CURR5CY1 ON ! ONE H&1 & A SCANTY CURR5CY1 ON  ! O!R1 >E NOT OCCASION$ AT ALL BY ANT *ANGE 9 ! VALUE ( ! CURR5CY ITSELF DOLL> = DOLL> PROVID$ ?AT CURR5CY BE EQUAL 9 VALUE TO CO94  

 ,5\<1 ALSO1 IT IS HOP$1 HAS BE5 SAID1 TO %[ TO ALL HOLD]S ( EI!R AGRICULTURAL1 MANUFACTUR+1 OR COMM]CIAL REAL E/ATE 79CLUD+ RAILROADS71 ?AT ! GREAT] OR LESS VALUE ( !IR PROP]TY DEP5DS ALMO/ :OLLY UPON ! ABUNDANCE OR SC>CITY ( CURR5CY2 & ?AT1 9ASMU*1 UND] ! SY/EM PROPOS$1 !Y HAVE ! P[]1 9 !IR [N H&S1 ( CREAT+ PROBABLY ALL ! CURR5CY ?AT CAN POSSIBLY BE US$ 9 MANUFACTURES & COMM]CE1 ?AT HAVE NO ONE BUT !MSELVES TO BLAME1 IF !Y SUFF] ! VALUE ( !IR PROP]TY TO BE DE/ROY$ BY ANY SU* N>R[ & TYRANNICAL SY/EMS ( CURR5CY & CR$IT AS ?OSE ?AT N[ PREVAIL1 OR ?OSE ?AT HAVE ALWAYS H]ET(ORE PREVAIL$4  

 ,BY US+ !IR REAL E/ATE AS BANK+ CAPITAL1 !Y CAN NOT ONLY GET AN 9COME FROM IT1 9 ! %APE ( 9T]E/ ON MONEY1 BUT BY SUPPLY+ CAPITAL TO ME*ANICS & M]*ANTS1 !Y CREATE A L>GE CLASS :O WILL PAY HI< PRICES = AGRICULTURAL PRODUCTS1 & HI< PRICES & RATES = MANUFACTUR+ & COMM]CIAL REAL E/ATE2 & :O WILL ALSO SUPPLY !M1 9 RETURN1 ) MANUFACTUR$ COMMODITIES ( ! GREATE/ V>IETY1 ABUNDANCE1 & *EAPNESS4  

 ,IT IS1 !RE=E1 MORE SUICIDE = ! HOLD]S ( REAL E/ATE1 :O HAVE ! P[] ( SUPPLY+ AN 9DEF9ITE AM\NT ( CAPITAL = ME*ANICS & M]*ANTS & :O CAN MAKE !MSELVES & EV]YBODY ELSE RI* BY SUPPLY+ IT TO SUFF] ?AT P[] TO BE USURP$ BY ANY SU* SMALL BODY ( M5 AS ?OSE :O N[ MONOPOLIZE IT1 ?R\< M]E FAVORITISM1 CORRUPTION1 & TYRANNY1 ON ! P>T ( ! GOV]NM5T1 & NOT BECAUSE !Y HAVE ANY CLAIM TO IT4  

,*,A,P,T,] ,I,V4  

,S,E,C,U,R,I,T,Y ,( ,! ,S,Y,/,E,M4  

 ,SUPPOS+ ! PROP]TY MORTGAG$ TO BE AMPLE1 ! SY/EM1 AS A SY/EM1 IS ABSOLUTELY SECURE4  ,! CURR5CY W\LD BE ABSOLUTELY 9CAPABLE ( 9SOLV5CY2 = !RE C\LD NEV] BE A DOLL> ( ! CURR5CY 9 CIRCULATION1 )\T A DOLL> ( CAPITAL 7,PRODUCTIVE ,/OCK7 9 BANK1 :I* MU/ BE TRANSF]R$ 9 R$EMPTION ( IT1 UNLESS R$EMPTION BE MADE 9 SPECIE4  

 ,! CAPITAL ALONE1 BE IT OBS]V$ 9DEP5D5TLY ( ! NOTES DISC\NT$ MU/ ALWAYS BE SUFFICI5T TO R$EEM ! 5TIRE CIRCULATION2 = ! CIRCULATION CAN NEV] EXCE$ ! CAPITAL 7,PRODUCTIVE ,/OCK74  ,BUT ! NOTES DISC\NT$ >E ALSO HOLD5 BY ! TRU/EES1 & ! PROCE$S ( !M MU/ BE APPLI$ TO ! R$EMPTION ( ! CIRCULATION4  ,SUPPOS+1 !RE=E ! CAPITAL TO BE SUFFICI5T1 & ! NOTES DISC\NT$ TO BE SOLV5T1 ! R$EMPTION ( ! CIRCULATION IS D\BLY SECUR$4  

 ,:AT GU>ANTEE1 !N1 HAVE ! PUBLIC1 = ! SUFFICI5CY ( ! MORTGAGES8  ,!Y HAVE !SE1 VIZ43  

 #a4 ,! MORTGAGES1 COMPOS+ ! CAPITAL ( A BANK1 WILL BE MATT]S ( PUBLIC RECORD1 & EV]YBODY1 9 ! NEI<BORHOOD1 WILL HAVE ! MEANS ( JUDG+ = HIMSELF ( ! SUFFICI5CY ( ! PROP]TY HOLD54  ,IF !  PROP]TY  %\LD BE 9SUFFICI5CY1 ! BANK W\LD BE DISCR$IT$ AT ONCE2 = ! ABUNDANCE ( SOLV5T CURR5CY W\LD BE SO GREAT1 ?AT NO ONE W\LD HAVE ANY 9DUCEM5T TO TAKE ?AT :I* WAS 9SOLV5T OR D\BTFUL4  

 #b4 ,BY ! ,>TICLES ( ,ASSOCIATION1 ALL ! MORTGAGES ?AT MAKE UP ! CAPITAL ( A BANK1 >E MADE MUTUALLY RESPONSIBLE = EA* O!R2 BECAUSE1 IF ANY ONE MORTGAGE PROVES 9SUFFICI5T1 NO DIVID5D CAN AFT]W>DS BE PAID TO ANY ( ! BANK]S 7MORTGAGES71 UNTIL ?AT DEFICI5CY %ALL HAVE BE5 MADE GOOD BY ! COMPANY4 ,! EFFECT ( ?IS PROVISION WILL BE1 TO MAKE ALL ! F\ND]S ( A BANK LOOK C>EFULLY TO ! SUFFICI5CY ( EA* O!R'S MORTGAGES2 BECAUSE NO MAN WILL BE WILL+ TO PUT 9 A GOOD MORTGAGE ( HIS [N1 ON EQUAL T]MS ) A BAD MORTGAGE ( ANO!R MAN'S1 :5 HE KN[S ?AT HIS [N MORTGAGE WILL HAVE TO CONTRIBUTE TO MAK+ GOOD ANY DEFICI5CY ( ! O!R4  ,! RESULT WILL BE1 ?AT ! MORTGAGES1 ?AT GO TO MAKE UP ! CAPITAL ( ANY BANK1 WILL BE EI!R ALL GOOD 1OR ALL BAD4  ,IF !Y >E ALL GOOD1 ! SOLV5CY ( ! BANK WILL BE APP>5T ALL 9 BAD1 ?AT FACT1 ALSO1 WILL BE APP>5T TO EV]YBODY 9 ! VIC9ITY1 & ! CR$IT ( ! BANK WILL AT ONCE BE E/ABLI%$ AT HOME4 ,IF ! MORTGAGES >E ALL BAD1 ?AT FACT1 ALSO1 WILL BE APP>5T TO EV]YBODY 9 ! VIC9ITY1 & ! BANK IS AT ONCE DISCR$IT$ AT HOME4  

 ,FROM ! =EGO+ CONSID]ATIONS1 IT IS EVID5T ?AT NO?+ IS EASI] ?AN = GOOD BANK TO E/ABLI% ITS CR$IT1 AT HOME2 & ?AT NO?+ IS MORE C]TA9 ?AN ?AT A BAD BANK W\LD BE DISCR$IT$1 AT HOME1 FROM ! \TSET1 & C\LD GET NO CIRCULATION AT ALL4  

 ,IT IS ALSO EVID5T ?AT A BANK1 ?AT HAS NO CR$IT AT HOME1 C\LD GET NONE ABROAD4  ,!RE IS1 !RE=E1 NO DANG] ( ! PUBLIC BE+ SW9DL$ BY ! BAD BANKS4  

 ,A BANK ?AT IS WELL F\ND$1 & ?AT HAS E/ABLI%$ ITS CR$IT AT HOME1 HAS SO MANY WAYS ( E/ABLI%+ ITS CR$IT ABROAD1 ?AT !RE IS NO NE$ ?AT !Y BE ALL SPECIFI$ H]E4  ,! MODE ?AT SEEMS MO/ LIKELY TO BE ADOPT$1 IS ! FOLL[+ VIZ43  

 ,:5 ! CAPITAL %ALL CONSI/ ( MORTGAGES1 IT WILL BE V]Y EASY = ALL ! BANKS1 9 ANY ONE ,/ATE1 TO MAKE !IR SOLV5CY KN[N TO EA* O!R4  ,!RE W\LD BE SO MANY BANKS1 ?AT SOME SY/EM W\LD NATURALLY BE ADOPT$ = ?IS PURPOSE4  

 ,P]HAPS ?IS SY/EM W\LD BE1 ?AT A /&+ COMMITTEE1 APPO9T$ BY ! BANKS1 W\LD BE E/ABLI%$ 9 EA* ,/ATE1 TO :OM EA* BANK 9 ! ,/ATE W\LD BE REQUIR$ TO PROCURE SATISFACTORY EVID5CE ( ITS SOLV5CY1 BE=E ITS BILLS %\LD BE RECEIV$ BY ! O!R BANKS ( ! ,/ATE4  

 ,:5 ! BANKS1 OR ANY CONSID]ABLE NUMB] ( ! BANKS1 ( ANY P>TICUL> ,/ATE ,MASSA*USETTS1 = 9/ANCE1 %ALL HAVE MADE !MSELVES SO F> ACQUA9T$ ) EA* O!R'S SOLV5CY1 AS TO BE READY TO  RECEIVE EA* O!R'S BILLS1 !Y WILL BE READY TO MAKE A /ILL FUR!R >RANGEM5T = !IR MUTUAL B5EFIT1 VIZ3 ,TO UNITE 9 E/ABLI%+ ONE G5]AL AG5CY 9 ,BO/ON1 ANO!R 9 ,NEW ,YORK1 & O!R 9 ,PHILADELPHIA1 ,BALTIMORE1 ,C9C9NATI1 ,*ICAGO1 ,/4 ,L\IS1 ,NEW ,ORLEANS1 ,SAN ,FRANCISCO1 @&C41 @&C41 :]E ! BILLS ( ALL !SE ,MASSA*USETTS BANKS W\LD BE R$EEM$1 EI!R FROM A COMMON FUND CONTRIBUT$ = ! PURPOSE1 OR 9 SU* O!R WAY AS MI<T BE F\ND BE/4  ,& ?US ! BILLS ( ALL ! ,MASSA*USETTS BANKS W\LD BE PLAC$ AT P> AT ALL ! GREAT COMM]CIAL PO9TS4  

 ,EA* BANK1 BELONG+ TO ! ASSOCIATION1 MI<T PR9T ON ! BACK ( ITS BILLS1 0,R$EEMABLE AT ! ,MASSA*USETTS ,AG5CIES 9 ,BO/ON1 ,NEW ,YORK1 ,PHILADELPHIA1 @&C40  

 ,9 ?IS WAY1 ALL ! BANKS ( EA* ,/ATE MI<T UNITE TO E/ABLI% A JO9T AG5CY 9 EV]Y L>GE CITY1 ?R\<\T  ! C\NTRY1 = ! R$EMPTION ( ALL !IR BILLS4 ,9 DO+ SO1 !Y W\LD NOT ONLY C]TIFY1 BUT MAKE !MSELVES RESPONSIBLE =1 ! SOLV5CY ( EA* O!R'S BILLS4  

 ,! BANKS MI<T SAFELY MAKE P]MAN5T >RANGEM5T ( ?IS K9D ) EA* O!R2 BECAUSE ! P]MAN5T SOLV5CY ( ALL ! BANKS MI<T BE RELI$ ON4  

 ,! P]MAN5T SOLV5CY ( ALL ! BANKS MI<T BE RELI$ ON1 BECAUSE1 UND] ?IS SY/EM1 A BANK 7:OSE CAPITAL CONSI/S ( MORTGAGES71 ONCE SOLV5T1 IS NECESS>ILY =EV] SOLV5T1 UNLESS 9 CONT+5CIES SO UTT]LY IMPROBABLE AS NOT TO NE$ TO BE TAK5 9TO ACC\NT4  ,9 FACT1 9 ! ORD9>Y C\RSE ( ?+S1 ! MORTGAG$ PROP]TY W\LD BE CON/ANTLY RIS+ 9 VALUE1 AS ! WEAL? & POPULATION ( ! C\NTRY %\LD 9CREASE4  ,! EXCEPTIONS TO ?IS RULE W\LD BE SOR>E AS TO UNWOR?Y ( NOTICE4  

 ,!RE IS1 !RE=E1 NO DIFFICULTY 9 PUTT+ ! CURR5CY1 FURNI%$ BY EA* ,/ATE1 AT P> ?R\<\T ! ,UNIT$ ,/ATES4  

 ,AT ! G5]AL AG5CIES1 9 ! GREAT CITIES1 ! R$EMPTION W\LD1 D\BTLESS1 SO F> AS NECESS>Y1 BE MADE 9 SPECIE1 ON DEM&2 BECAUSE1 AT SU* PO9TS1 ESPECIALLY 9 CITIES ON ! SEA-BO>D1 !RE W\LD ALWAYS BE AN ABUNDANCE ( SPECIE 9 ! M>KET AS M]*&ISE2 & IT W\LD1 !RE=E1 BE BO? = ! CONV5I5CE & 9T]E/ ( ! BANKS TO R$EEM 9 SPECIE1 ON DEM&1 RA!R ?AN TRANSF] A PORTION ( !IR CAPITAL1 & !N PAY 9T]E/ ON ?AT CAPITAL UNTIL IT %\LD BE R$EEM$1 OR BR\<T BACK1 ) SPECIE4  

 ,(T51 H[EV]1 & V]Y LIKELY EV5 9 ! GREAT MAJORITY ( CASES1 A MAN =M ONE ,/ATE AS ,CALI=NIA1 = EXAMPLE1--PRES5T+ ,MASSA*USETTS BILLS = R$EMPTION AT A ,MASSA*USETTS AG5CY EI!R 9 ,BO/ON1 ,NEW ,YORK1 OR ELSE:]E W\LD PREF] TO HAVE !M R$EEM$ ) BILLS ( HIS [N ,/ATE1 ,CALI=NIA1 RA!R ?AN ) SPECIE4  

 ,IF ! SY/EM W]E ADOPT$ ?R\<\T ! ,UNIT$ ,/ATES1 ! BANKS ( EA* ,/ATE W\LD BE LIKELY TO HAVE AG5CIES ( ?IS K9D 9 ALL ! GREAT CITIES4  ,EA* ( !SE AG5CIES W\LD EX*ANGE ! BILLS ( EV]Y O!R ,/ATE = ! BILLS ( ITS [N ,/ATE2 & ?IS ! BILLS ( EA* ,/ATE W\LD F9D !IR WAY HOME1 )\T ANY DEM& = !IR R$EMPTION 9 SPECIE HAV+ EV] BE5 MADE4  

 ,:]E RAILROADS W]E US$ AS CAPITAL1 ALL ! BANKS 9 ! ,UNIT$ ,/ATES C\LD =M ONE ASSOCIATION1 ( ! K9D JU/ M5TION$1 TO E/ABLI% AG5CIES AT ALL ! GREAT COMM]CIAL PO9TS1 = ! R$EMPTION ( !IR BILLS4 ,( C\RSE EA* RAILROAD W\LD RECEIVE ! BILLS ( ALL O!R ROADS1 = F>E & FREI<T4  

 ,?US ALL RAILROAD CURR5CY1 UND] ?IS SY/EM1 W\LD BE PUT AT P> ?R\<\T ! ,UNIT$ ,/ATES4  

,*,A,P,T,] ,V4  

,! ,S,Y,/,E,M ,A,S ,A ,C,R,$,I,T ,S,Y,/,E,M  

 ,SECTION #a4  

 ,P]HAPS ! M]ITS ( ! SY/EM1 AS CR$IT SY/EM1 CANNOT BE BETT] ILLU/RAT$ ?AN BY COMP>+ ! AM\NT ( LOANABLE CAPITAL IT IS CAPABLE ( SUPPLY+1 ) ! AM\NT :I* ! PRES5T 0,NATIONAL0 BANKS 7SO CALL$7 >E CAPABLE ( SUPPLY+4  

 ,IF WE ?US COMP>E ! TWO SY/EMS1 WE %ALL F9E ?AT ! =M] IS CAPABLE ( SUPPLY+ MORE ?AN FIFTY TIMES AS MU* CR$IT AS ! LATT]4  

 ,?US ! 5TIRE CIRCULATION AU?ORIZ$ BY ALL ! 0,NATIONAL0 BANKS1"9 IS BUT ?REE HUNDR$ & FIFTY-F\R MILLIONS ( DOLL>S 7@s#c#e#d1174  

 ,BUT ! REAL E/ATE & RAILROADS ( ! C\NTRY >E PROBABLY WOR? TW5TY ?\S& MILLIONS ( DOLL>S 7@s#b11174  ,?IS LATT] SUM IS FIFTY-SIX TIMES GREAT] ?AN ! =M]2 & IS ALL CAPABLE ( BE+ LOAN$ 9 ! =M ( CURR5CY4  

 ,CALL+ ! POPULATION ( ! C\NTRY =TY MILLIONS 7#d1171 ! 0,NATIONAL0 SY/EM IS CAPABLE ( SUPPLY+ NOT QUITE N9E DOLL>S 7@s#i7 ( LOANABLE CAPITAL TO EA* 9DIVIDUAL ( ! :OLE POPULATION4  ,! SY/EM PROPOS$ IS CAPABLE ( SUPPLY+ FIVE HUNDR$ DOLL>S 7@s#e7 ( LOANABLE CAPITAL TO EA* 9DIVIDUAL ( ! :OLE POPULATION4  

 ,SUPPOS+ ONE HALF ! POPULATION 7MALE & FEMALE7 TO BE SIXTE5 YE>S ( AGE & UPW>DS1 & TO BE CAPABLE ( PRODUC+ WEAL?1 & TO NE$ CAPITAL = !IR 9DU/RY1 ! 0,NATIONAL0 SY/EM W\LD FURNI% NO QUITE EI<TE5 DOLL>S 7@s#a#h7 = EA* ONE ( !M1 ON AN AV]AGE4  ,! O!R SY/EM IS CAPABLE ( FURNI%+ ONE ?\S& DOLL>S 7@s#a17 = EA* ONE ( !M1 ON AN AV]AGE4  

 ,SUPPOS+ ! ADULTS 7BO? MALE & FEMALE7 ( ! C\NTRY TO BE SIXTE5 MILLIONS 7#a#f1171 ! 0,NATIONAL0 SY/EM IS CAPABLE ( FURNI%+ ONLY TW5TY TWO DOLL>S & TWELVE & A HALF C5TS 7@s#b#b4#a#b7 TO EA* ON ( !SE P]SONS1 ON AN AV]AGE4  ,! SY/EM PROPOS$ IS CAPABLE ( FURNI%+ TWELVE HUNDR$ & FIFTY DOLL>S 7@s#a1#b#e7 TO EA* ONE1 ON AN AV]AGE4  

 ,SUPPOS+ ! NUMB] ( MALE ADULTS 9 ! :OLE C\NTRY TO EI<T MILLIONS 7#h1171 ! 0,NATIONAL0 SY/EM IS CAPABLE FURNI%+ ONLY =TY-F\R DOLL>S & TW5TY-FIVE C5TS 7@s#d#d4#b#e7 TO EA* ONE4  ,! O!R SY/EM IS CAPABLE ( FURNI%+ TW5TY-FIVE HUNDR$ DOLL>S 7@s#b1#e7 TO EA* ONE4  

 ,! PRES5T NUMB] ( 0,NATIONAL0 BANKS IS LITTLE LESS ?AN TWO ?\S& 7#b174  ,CALL+ ! NUMB] TWO ?\S&S 7#b171 & SUPPOS+ ! @s#c#e#d11 ( CIRCULATION TO BE EQUALLY DIVID$ BETWE5 !M1 EA* BANK W\LD BE AU?ORIZ$ TO ISSUE @s#a#g#g14  

 ,UND] ! PROPOS$ SY/EM1 ! REAL E/ATE & RAILROADS ( ! C\NTRY >E CAPABLE ( FURNI%+ ONE HUNDR$ ?\S& 7#a17 BANKS1 HAV+ EA* A CAPITAL ( TWO HUNDR$ ?\S& DOLL>S 7@s#b172 OR IT IS CAPABLE ( FURNI%+ ONE HUNDR$ & TWELVE ?\S& N9E HUNDR$ & N9ETY-F\R 7#a#a#b1#i#i#d7 BANKS1 HAV+ EA* A CAPITAL ( 7@s#a#g#g171 EQUAL1 ON AN AV]AGE1 TO ! CAPITAL ( ! PRES5T 0,NATIONAL0 BANKS4  ,?AT IS1 ?IS SY/EM IS CAPABLE ( FURNI%+ FIFTY-SIX TIMES AS MANY BANKS AS ! 0,NATIONAL0 SY/EM1 HAV+ EA* ! SAME CAPITAL1 ON AN AV]AGE1 AS ! 0,NATIONAL0 BANKS4  

 ,CALL+ ! NUMB] ( ! PRES5T 0,NATIONAL0 BANKS TWO ?\S& 7#b171 & ! POPULATION ( ! C\NTRY =TY MILLIONS 7#d1171 !RE IS ONLY ONE BANK TO #b1 PEOPLE1 ON AN AV]AGE2 EA* BANK BE+ AU?ORIZ$ TO ISSUE1 ON AN AV]AGE1 A CIRCULATION ( @s#a#g#g14  ,UND] ! PROPOS$ SY/EM1 WE C\LD HAVE ONE BANKS = EV]Y FIVE HUNDR$ 7#e7 P]SONS2 EA* BANKS BE+ AU?ORIZ$ TO ISSUE @s#b12 OR @s#b#c1 EA* MORE ?AN ! 0,NATIONAL0 BANKS4  

 ,!SE FIGURES GIVE SOME IDEA ( ! COMP>ATIVE CAPACITY ( ! TWO SY/EMS ( FURNI% CR$IT4  

 ,UND] :I* ( !SE TWO SY/EMS1 N[1 W\LD EV]YBODY1 :O NE$S CR$IT1 & DES]VES IT1 BE MO/ LIKELY TO GET IT8 ,& TO GET ALL HE NE$S TO MAKE HIS 9DU/RY MO/ PRODUCTIVE8  ,& TO GET IT AT ! L[E/ RATES ( 9T]E/8  

 ,! PROPOS$ SY/EM IS AS MU* SUP]IOR TO ! OLD SPECIE PAY+ SY/EM 7SO CALL$7  --  9 RESPECT TO ! AM\NT ( LOANABLE CAPITAL IT IS CAPABLE ( SUPPLY+ -- AS IT IS TO ! PRES5T 0,NATIONAL0 SY/EM4  

 ,SECTION #b4  

 ,BUT ! PROPOS$ SY/EM HAS ONE O!R FEATURE1 :I* IS LIKELY TO BE ( GREAT PRACTICAL IMPORTANCE1 & :I* GIVES IT A /ILL FUR!R SUP]IORITY -- AS A CR$IT SY/EM -- OV] ! SO-CALL$ SPECIE PAY+ SY/EM4  ,IT IS ?IS3  

 ,! OLD SPECIE PAY+ SY/EM 7SO CALL$7 C\LD ADD TO ! LOANABLE CAPITAL ( ! C\NTRY1 ONLY BY SO MU* CURR5CY AS IT C\LD KEEP 9 CIRCULATION1 OV] & ABOVE ! AM\NT ( SPECIE ?AT IT WAS NECESS>Y TO KEEP ON H& = ITS R$EMPTION4  ,BUT ! AM\NT ( LOANABLE CAPITAL :I* ! PROPOS$ SY/EM CAN SUPPLY1 H>DLY DEP5DS AT ALL UPON ! AM\NT ( ITS CURR5CY ?AT CAN BE KEPT 9 CIRCULATION4  ,IT CAN SUPPLY AB\T ! SAME AM\NT ( LOANABLE CAPITAL1 EV5 ?\< ITS CURR5CY %\LD BE RETURN$ = R$EMPTION IMM$IATELY AFT] IT IS ISSU$4  ,IT CAN DO ?IS1 BECAUSE ! BANKS1 BY PAY+ 9T]E/ ON ! CURR5CY RETURN$ = R$EMPTION -- OR1 :AT IS ! SAME ?+1 BY PAY+ DIVID5DS ON ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K TRANSF]R$ 9 R$EMPTION ( ! CURR5CY -- CAN PO/PONE ! PAYM5T ( SPECIE TO SU* TIME AS IT %ALL BE CONV5I5T = !M TO PAY IT4  

 ,ALL ?AT W\LD BE NECESS>Y TO MAKE LOANS PRACTICABLE ON ?IS BASIS1 W\LD BE1 ?AT ! BANKS %\LD RECEIVE A HI<] RATE ( 9T]E/ ON !IR LOANS ?AN !Y W\LD HAVE TO PAY ON ! CURR5CY RETURNS = R$EMPTION2 ?AT IS1 ON ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K TRANSF]R$ 9 R$EMPTION ( ! CURR5CY4  

 ,! RATE ( 9T]E/ RECEIV$ BY ! BANKS1 ON ! LOANS MADE BY !M1 W\LD NE$ TO BE SO MU* HI<] ?AN ?AT PAID BY !M1 ON CURR5CY RETURN$ = R$EMPTION1 AS TO MAKE IT AN OBJECT = !M TO LOAN MORE ( !IR CURR5CY ?AN C\LD BE KEPT 9 CIRCULATION4  ,SUBJECT TO ?IS CONDITION1 ! BANKS C\LD LOAN !IR 5TIRE CAPITALS1 :E!R MU* OR LITTLE ( IT C\LD BE KEPT 9 CIRCULATION4  

 ,= EXAMPLE1 SUPPOSE ! BANKS %\LD PAY SIX P]C5T 9T]E/ ON CURR5CY RETURN$ = R$EMPTION -- 7OR AS DIVID5DS ON ! ,P,R,O,D,U,C,T,I,V,E ,/,O,C,K TRANSF]R$ 9 R$EMPTION ( SU* CURR5CY7 -- !Y C\LD !N LOAN !IR CURR5CY AT N9E P]C5T & /ILL MAKE ?REE P]C5T PR(ITS1 EV5 ?\< ! CURR5CY LOAN$ %\LD COME BACK = R$EMPTION IMM$IATELY AFT] IT WAS ISSU$4  

 ,BUT ?IS IS NOT ALL4  ,EV5 ?\< ! BANKS %\LD PAY1 ON CURR5CY RETURNS = R$EMPTION1 PRECISELY ! SAME RATE ( 9T]E/ !Y RETURN$ ON LOANS -- SAY SIX P]C5T -- !Y C\LD /ILL DO BUS9ESS1 IF !IR CURR5CY %\LD1 ON AV]AGE1 CONT9UE 9 CIRCULATION ONE HALF ! TIMES = :I* IT WAS LOAN$2 = !N ! BANKS W\LD GET ?REE P]C5T NET ON !IR LOANS1 & ?IS W\LD MAKE !IR BUS9ESS A PAY+ ONE4  

 ,BUT ! BANKS W\LD PROBABLY DO MU* BETT] ?AN ?IS2 = BANK CR$ITS W\LD SUP]S$E ALL PRIVATE CR$ITS2 & ! DIV]SITY & AM\NT ( PRODUCTION W\LD BE SO GREAT ?AT AN IMM5SE AM\NT ( CURR5CY W\LD BE CON/ANTLY REQUIR$ TO MAKE ! NECESS>Y EX*ANGES4  ,& :ATEV] AM\NT %\LD BE NECESS>Y = MAK+ !SE EX*ANGES1 W\LD1 ( C\RSE1 REMA9 9 CIRCULATION4  ,H[EV] MU* CURR5CY1 !RE=E1 %\LD BE ISSU$1 IT IS PROBABLE ?AT1 ON AN AV]AGE1 IT W\LD REMA9 9 CIRCULATION MORE ?AN HALF ! TIMES = :I* IT WAS LOAN$4  

 ,OR IF ! BANKS %\LD PAY SIX P]C5T 9T]E/ ON CURR5CY RETURN$ = R$EMPTION2 & %\LD ! LOAN MONEY1 = SIX MON?S1 AT EI<T P]C5T 9T]E/2 & ?IS CURR5CY %\LD REMA9 9 CIRCULATION BUT ONE MON?2 ! BANKS W\LD !N GET EI<T P]C5T = ! ONE MON?1 & TWO P]C5T NET = ! O!R FIVE MON?S2 :I* W\LD BE EQUAL TO ?REE P]C5T = ! :OLE SIX MON?S4  ,OR IF ! CURR5CY %\LD REMA9 9 CIRCULATION TWO MON?S1 ! BANKS W\LD !N GET EI<T P]C5T = ! TWO MON?S1 & TWO P]C5T NET = ! O!R F\R MON?S2 :I* W\LD BE EQUAL TO F\R P]C5T = ! :OLE SIX MON?S4  ,OR IF ! CURR5CY %\LD REMA9 9 CIRCULATION ?REE MON?S1 ! BANKS W\LD BE EQUAL TO FIVE P]C5T = ! :OLE SIX MON?S4  ,OR IF ! CURR5CY %\LD REMA9 9 CIRCULATION F\R MON?S1 ! BANKS W\LD !N GET EI<T P]C5T = ! F\R MON?S1 & TWO P]C5T NET = ! O!R TWO MON?S2 :I* W\LD BE EQUAL TO SIX P]C5T = ! :OLE SIX MON?S4  ,OR IF ! CURR5CY %\LD REMA9 9 CIRCULATION FIVE MON?S1 ! BANKS W\LD !N GET EI<T P]C5T = ! FIVE MON?S1 & TWO P]C5T NET = ! O!R MON?2 :I* W\LD BE EQUAL TO SEV5 P]C5T = ! :OLE SIX MON?S4 

 ,! BANKS W\LD SOON ASC]TA91 BY EXP]IM5T1 H[ LONG !IR CURR5CY WAS LIKELY TO REMA9 9 CIRCULATION2 & :AT RATE ( 9T]E/ IT WAS !RE=E NECESS>Y = !M TO *>GE TO MAKE !IR BUS9ESS A PAY+ ONE4  ,& ?AT RATE1 :ATEV] IT MI<T BE1 ! BORR[]S W\LD HAVE TO PAY4  ,SUBJECT TO ?IS CONDITION1 ! BANKS C\LD ALWAYS LOANS !IR 5TIRE CAPITALS4  

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 ,IT IS ( NO USE TO SAY ?AT WE DO NOT NE$ SO MU* CURR5CY AS ! PROPOS$ SY/EM W\LD SUPPLY2 BECAUSE1 FIR/1 IF WE %\LD NOT NE$ IT1 WE %ALL NOT USE IT4  ,EV]Y DOLL> ( PAP] WILL REPRES5T SPECIFIC PROP]TY ?AT CAN BE DELIV]$ ON DEM& 9 R$EMPTION ( IT1 & ?AT WILL HAVE ! SAME M>KET VALUE AS GOLD4  ,! PAP] DOLL>1 !RE=E1 WILL HAVE ! SAME M>KET VALUE AS ! GOLD DOLL>1 OR AS A DOLL>'S WOR? ( ANY O!R PROP]TY2 & NO ONE WILL P>T ) IT1 UNLESS HE GETS 9 EX*ANGE = IT SOME?+ ?AT WILL S]VE HIS P>TICUL> WANTS BETT]2 & NO ONE WILL ACCEPT IT1 UNLESS IT WILL S]VE HIS P>TICUL> WANTS BETT] ?AN ! ?+ HE P>TS )4  ,NO MORE PAP]1 !RE=E1 CAN CIRCULATE1 ?AN IS WANT$ = ! PUR*ASE & SALE ( COMMODITIES AT !IR TRUE & NATURAL VALUES1 AS MEASUR$ BY GOLD4  

 ,SECONDLY1 WE DO NOT KN[ AT ALL H[ MU* CURR5CY WE DO NE$4  ,?AT IS SOME?+ ?AT CAN BE DET]M9$ ONLY EXP]IM5T4  ,WE KN[ ?AT1 H]ET(ORE1 :5EV] CURR5CY HAS BE5 9CREAS$ TO A CORRESPOND+ EXT5T4  ,& !Y W\LD UNQUE/IONABLY 9CREASE TO AN EXT5T F> BEYOND ANY ?+ ! WORLD HAS EV] SE51 IF ONLY !Y W]E AID$ & P]MITT$ BY AN ADEQUATE CURR5CY4  

 ,WE1 AS YET1 KN[ V]Y LITTLE :AT WEAL? MANK9D >E CAPABLE ( CREAT+4  ,IT IS ONLY )9 A HUNDR$ YE>S1 OR A LITTLE MORE1 ?AT ANY CONSID]ABLE PORTION ( !M HAVE REALLY BEGUN TO 9V5T MA*9]Y1 & LE>N$ ?AT IT IS ONLY BY MA*9]Y ?AT !Y CAN CREATE ANY CONSID]ABLE WEAL?4  ,BUT !Y HAVE NO YET LE>N$ -- AT LEA/1 !Y PR(ESS NOT TO HAVE LE>N$ -- ?AT MONEY IS 9DISP5SABLE TO ! PRACTICAL EMPLOYM5T ( MA*9]Y2 ?AT MONEY IS 9DISP5SABLE TO ! PRACTICAL EMPLOYM5T ( MA*9]Y2 ?AT IT IS AS IMPOSSIBLE TO OP]ATE MA*9]Y )\T MONEY1 AS IT IS TO OP]ATE IT )\T W9D1 WAT]1 OR /EAM4  ,:5 !Y %ALL HAVE LE>N$1 & PRACTICALLY ACCEPT$1 ?IS GREAT FACT1 & %ALL HAVE PROVID$ !MSELVES ) MONEY1 WEAL? WILL SPE$ILY BECOME UNIV]SAL4  ,& IT IS ONLY ?OSE :O W\LD DEPLORE SU* A RESULT1 OR ?OSE :O >E TOO /UPID TO SEE ! PALPABLE & NECESS>Y CONNECTION BETWE5 MONEY & MANUFACTUR+ 9DU/RY1 :O RESI/ ! 9DEF9ITE 9CREASE ( MONEY4  

 ,IT IS SC>CELY A MORE PAT5T FACT ?AT L& IS ! 9DISP5SABLE CAPITAL = AGRICULTURAL 9DU/RY1 ?AN IT IS ?AT MONEY IS ! 9DISP5SABLE CAPITAL = MANUFACTUR+ 9DU/RY4  ,PRACTICALLY1 EV]YBODY RECOGNIZES ?IS FACT1 & VIRTUALLY ACKN[L$GES IT2 AL?\<1 9 WORDS1 SO MANY D5Y IT4  ,M5 AS DELIB]ATELY & ACCURATELY CALCULATE ! AM\NT ( MA*9]Y ?AT A HUNDR$ DOLL>S 9 MONEY WILL OP]ATE1 AS !Y DO ! AM\NT ( MA*9]Y ?AT A TON ( COAL1 OR A GIV5 AM\NT ( WAT]1 WILL OP]ATE4  ,!Y CALCULATE MU* MORE ACCURATELY ! AM\NT ( MANUFACTUR$ GOODS A HUNDR$ DOLL>S WILL PRODUCE1 ?AN !Y DO ! AM\NT ( GRA91 GRASS1 OR VEGETABLES AN ACRE ( L& WILL PRODUCE4  ,!Y NO MORE EXPECT TO SEE ME*ANICS C>RY+ ON BUS9ESS = !MSELVES )\T MONEY1 ?AN !Y DO TO SEE AGRICULTURAL LABOR]S C>RY+ ON F>M+ )\T L&1 OR ?AN !Y DO TO SEE SAILORS GO+ TO SEA )\T %IPS4  ,!Y KN[ ?AT ALL ME*ANICAL1 AS WELL AS AGRICULTURAL1 LABOR]S1 :O HAVE NOT ! APPROPRIATE CAPITAL = !IR SPECIAL BUS9ESS1 MU/ NECESS>ILY /& IDLE1 OR BECOME M]E WAGE-LABOR]S = O!R1 AT SU* P>TICUL> EMPLOYM5TS AS ! LATT] MAY DICTATE1 & AT SU* PRICES AS ! LATT] MAY SEE FIT TO PAY4  

 ,ALL !SE ?+S ATTE/ ! P]FECT KN[L$GE ?AT M5 HAVE1 ?AT A MONEY CAPITAL IS 9DISP5SABLE TO MANUFACTUR+ 9DU/RY2 :ATEV] ASS]TIONS !Y MAY MAKE TO ! CONTR>Y4  

 ,!Y KN[1 !RE=E1 ?AT PROHIBITIONS UPON MONEY >E PROHIBITIONS UPON 9DU/RY ITSELF2 ?AT !RE CAN BE NO SU* ?+ AS FRE$OM ( 9DU/RY1 :]E !RE IS NOT FRE$OM TO L5D & HIRE CAPITAL = SU* 9DU/RY4  

 ,EV]Y ONE KN[S1 TOO -- :O KN[S ANY ?+ AT ALL ON SU* A SUBJECT -- ?AT IT IS1 9TR9SICALLY1 AS FLAGRANT A TYRANNY1 AS FLAGRANT A VIOLATION ( 'M5'S NATURAL RI<TS1 = A GOV]NM5T TO =BID ! L5D+ & HIR+ ( MONEY = MANUFACTUR+ 9DU/RY1 AS IT IS TO =BID ! L5D+ & HIR+ ( L&1 OR AGRICULTURAL IMPLEM5TS1 = AGRICULTURAL 9DU/RY1 OR ! L5D+ & HIR+ ( %IPS = M>ITIME 9DU/RY4  ,!Y KN[ ?AT IT IS AS FLAGRANT A TYRANNY1 AS FLAGRANT A VIOLATION ( M5'S NATURAL RI<TS1 TO =BID ONE MAN TO L5D ANO!R MONEY = ME*ANICAL 9DU/RY1 AS IT W\LD BE TO =BID ! =M] TO L5D ! LATT] A H\SE TO LIVE 91 A %OP TO WORK 91 OR TOOLS TO WORK )4  

 ,IT IS1 !RE=E1 A FLAGRANT1 MANIFE/ TYRANNY1 A FLAGRANT1 MANIFE/ VIOLATION ( M5'S NATURAL RI<TS1 TO LAY ANY CONDITIONS OR RE/RICTIONS :ATEV] UPON ! BUS9ESS ( BANK+ -- ?AT IS1 UPON ! L5D+ & HIR+ ( MONEY -- EXCEPT SU* AS >E LAID UPON ALL O!R TRANSACTIONS BETWE5 MAN & MAN1 VIZ3 ! FULFILLM5T ( CONTRACTS1 & RE/RA9TS UPON =CE & FRAUD4  

 ,A MAN :O IS )\T CAPITAL1 & :O BY PROHIBITIONS UPON BANK+1 IS PRACTICALLY =BIDD5 TO HIRE ANY1 IS 9 A CONDITION ELEVAT$ BUT ONE DEGREE ABOVE ?AT ( A *ATTEL SLAVE4  ,HE MAY LIVE2 BUT HE CAN LIVE ONLY AS ! S]VANT ( O!RS2 COMPELL$ TO P]=M SU* LABOR1 & TO P]=M IT AT SU* PRICES1 AS !Y MAY SEE FIT TO DICTATE4  ,& A GOV]NM5T1 :I*1 AT ?IS DAY1 SUBJECTS ! GREAT BODY ( ! PEOPLE -- OR EV5 ANY PORTION ( !M -- TO ?IS CONDITION1 IS AS FIT AN OBJECT ( POPUL> RETRIBUTION AS ANY TYRANNY ?AT EV] EXI/$4  

 ,TO DEPRIVE MANK9D ( !IR NATURAL RI<T & P[] ( CREAT+ WEAL? = !MSELVES1 IS A GREAT A TYRANNY AS IT IS TO ROB !M ( IT AFT] !Y HAVE CREAT$ IT4  ,& ?IS IS DONE BY ALL LAWS AGA9/ HONE/ BANK+4  

 ,ALL !SE ?+S >E SO SELF-EVID5T1 SO UNIV]SALLY KN[N1 ?AT NO MAN1 ( ORD9>Y M5TAL CAPACITY CAN1 CLAIM TO BE IGNORANT ( !M4 ,& ANY LEGISLATOR1 :O DISREG>DS !M1 %\LD BE TAU<T1 BY A DISCIPL9E %ORT1 %>P1 & DECISIVE1 ?AT HIS P[] IS :OLLY SUBORD9ATE TO ! NATURAL RI<TS ( MANK9D4  

 ,IT IS1 !N1 ONE ( MAN'S 9DISPUTABLE1 NATURAL RI<TS TO L$ & HIRE CAPITAL 9 ANY & EV]Y =M & MANN] ?AT IS 9TR9SICALLY HONE/4  ,& AS MONEY1 OR CURR5CY1 IS ! GREAT1 ! 9DISP5SABLE 9/RUM5TALITY 9 ! PRODUCTION & DI/RIBUTION ( WEAL?2 AS IT IS ! CAPITAL1 ! MOTIVE P[]1 ?AT SETS ALL O!R 9/RUM5TALITIES 9 MOTION2 AS IT IS ! ONE ?+1 )\T :I* ALL ! O!R GREAT AG5CIES ( PRODUCTION -- SU* AS SCI5CE1 SKILL1 & MA*9]Y -- >E PRACTICALLY P>ALYZ$2 TO SAY ?AT WE NE$ NO MORE ( IT1 & %ALL HAVE NO MORE ( IT1 ?AN WE N[ HAVE1 IS TO SAY ?AT WE NE$ NO MORE WEAL?1 & %ALL HAVE NO MORE WEAL?1 ?AT WE N[ HAVE4  ,IT IS TO SAY ?AT ! MASS ( MANK9D -- ! LABOR]S1 ! PRODUC]S ( WEAL? -- NE$ NOT TO PRODUCE1 & %ALL NOT BE P]MITT$ TO PRODUCE1 WEAL? = !MSELVES1 BUT ONLY = O!RS4  

 ,= A GOV]NM5T TO LIMIT ! CURR5CY ( A PEOPLE & TO DESIGNATE ! 9DIVIDUALS 7OR CORPORATIONS7 :O %ALL HAVE ! CONTROL ( ?AT CURR5CY1 IS1 MANIFE/LY1 EQUIVAL5T TO SAY+ !RE %ALL BE BUT SO MU* 9DU/RY & WEAL? 9 ! NATION1 & ?AT !SE %ALL BE UND] ! SPECIAL CONTROL1 & = ! SPECIAL 5JOYM5T1 ( ! 9DIVIDUALS DESIGNAT$ &1 ( C\RSE1 ?AT ALL O!R P]SONS %ALL BE SIMPLY !IR DEP5D5TS & S]VANTS2 RECEIV+ ONLY SU* PRICES = !IR PROP]TY1 & SU* COMP5SATION = !IR LABOR1 AS !SE FEW HOLD]S ( ! CURR5CY %ALL SEE FIT TO GIVE = !M4 ,! EFFECT ( !SE PROHIBITIONS UPON MONEY1 & CONSEQU5TLY UPON 9DU/RY1 >E EV]Y:]E APP>5T 9 ! POV]TY ( ! GREAT BODY ( ! PEOPLE4  

 ,AT ! PRES5T TIME1 ! PEOPLE ( ?IS C\NTRY C]TA9LY DO NOT PRODUCE ONE ?IRD1 V]Y LIKELY NOT ONE FIF?1 ( ! WEAL? !Y MI<T PRODUCE4  ,& ! LITTLE !Y DO PRODUCE IS ALL 9 ! H&S ( A FEW4  ,ALL ?IS IS ATTRIBUTABLE TO ! WANT ( CURR5CY & CR$IT1 & TO ! CONSEQU5T WANT ( SCI5CE1 SKILL1 MA*9]Y1 & WORK+ CAPITAL4  

 ,( ! TW5TY MILLION P]SONS1 MALE & FEMALE1 ( SIXTE5 YE>S ( AGE & UPW>DS CAPABLE ( PRODUC+ WEAL? C]TA9LY NOT ONE 9 FIVE HAS ! SCI5CE1 SKILL1 IMPLEM5TS1 MA*9]Y1 & CAPITAL NECESS>Y TO MAKE HIS OR H] 9DU/RY MO/ EFFECTIVE2  OR TO SECURE TO HIMSELF OR H]SELF ! GREATE/ %>E 9 ! PRODUCTS ( HIS OR H] [N 9DU/RY4  ,A V]Y L>GE PROPORTION ( !SE P]SONS NE>LY ALL ! FEMALES1 & A GREAT MAJORITY ( ! MALES P]SONS CAPABLE ( RUNN+ MA*9]Y1 & ( PRODUC+ EA* ?REE1 FIVE1 OR T5 DOLL>S ( WEAL? P] DAY1 >E N[ )\T SCI5CE1 SKILL1 MA*9]Y1 OR CAPITAL1 & >E EI!R PRODUC+ NO?+1 OR WORK+ ONLY ) SU* 9F]IOR MEANS1 & AT SU* 9F]IOR EMPLOYM5TS1 AS TO MAKE !IR 9DU/RY ( SC>CELY ANY VALUE AT ALL1 EI!R TO !MSELVES OR O!RS1 BEYOND ! PROVISION ( ! CO>SE/ NECESS>IES ( A H>D & CO>SE EXI/5CE4  ,& ?IS IS ALL [+ TO ! LACK ( MONEY2 OR RA!R TO ! LACK ( MONEY & CR$IT4  

 ,!RE >E D\BTLESS1 9 ! C\NTRY1 T5 MILLION 7#a117 P]SONS1 MALE & FEMALE :O >E NATURALLY CAPABLE ( CREAT+ FROM ?REE TO FIVE DOLL>S ( WEAL? P] DAY1 IF !Y HAD ! SCI5CE1 SKILL1 MA*9]Y1 & CAPITAL :I* !Y \<T TO HAVE1 & MI<T HAVE2 BUT :O1 FROM ! WANT ( !RE1 >E N[ CREAT+ NOT MORE ?AN ONE DOLL> EA* P] DAY1 ON AN AV]AGE2 ?US OCCASION+ A LOSS TO !MSELVES & ! C\NTRY ( FROM TW5TY TO =TY MILLIONS ( DOLL>S P] DAY1 = ?REE HUNDR$ DAYS 9 A YE>2 A SUM EQUAL TO FROM SIX TO TWELVE ?\S& MILLIONS P] ANNUM2 OR ?REE TO SIX TIMES ! AM\NT ( \R 5TIRE NATIONAL DEBT4  

 ,& !RE >E ANO!R T5 MILLION ( P]SONS BETT] SUPPLI$1 9DE$1 ) CAPITAL1 MA*9]Y1 @&C41 ?AN ! T5 MILLION BE=E M5TION$ BUT :O1 NEV]!LESS1 FROM ! SAME CAUSES1 >E PRODUC+ F> LESS ?AN !Y MI<T4  

 ,! AGGREGATE LOSS TO ! C\NTRY1 FROM !SE CAUSES1 IS1 D\BTLESS1 EQUAL TO FROM T5 TO FIFTE5 ?\S& MILLIONS P] YE>2 OR FIVE1 SIX1 OR SEV5 TIMES ?AT AM\NT ( ! 5TIRE NATIONAL DEBT4  

 ,9 ?IS E/IMATE1 NO ACC\NT IS TAK5 ( ! LOSS SUFF]$ FROM \R 9ABILITY [+ SIMPLY TO A WANT ( MONEY TO BR+ TO ?IS C\NTRY1 & GIVE EMPLOYM5T TO1 ! MILLIONS ( LABOR]S1 9 ,EUROPE & ,ASIA1 :O DESIRE TO COME H]E1 & ADD ! PRODUCTS ( !IR LABOR TO \R NATIONAL WEAL?4  

 ,IT IS1 PROBABLY1 NO MORE ?AN A REASONABLE E/IMATE TO SUPPOSE ?AT ! NATION1 AS A NATION1 IS LOS+ TW5TY ?\S& 7@s#b117 P] ANNUM AB\T T5 TIMES ! AM\NT ( \R NATIONAL DEBT SOLELY = ! WANT ( MONEY TO GIVE SU* EMPLOYM5T AS !Y NE$1 TO ! POPULATION WE KN[ HAVE1 & TO ?OSE :O DESIRE TO COME H]E FROM O!R C\NTRIES4  

 ,AMONG ! LOSSES WE SUFF]1 FROM ! CAUSES M5TION$1 ! NON-PRODUCTION ( NEW 9V5TORS IS BY NO MEANS ! LA/4  ,AS A G5]AL RULE1 NEW 9V5TIONS >E MADE ONLY :]E MONEY & MA*9]Y PREVAIL4  ,& !Y >E G5]ALLY PRODUC$ 9 A RATIO CORRESPOND+ ) ! AM\NT ( MONEY & MA*9]Y4  ,9 NO P>T ( ! C\NTRY >E ! NEW 9V5TIONS EQUAL 9 NUMB] TO :AT !Y \<T TO BE1 & MI<T BE4  ,9 ?REE-F\R?S ( ! C\NTRY V]Y FEW PRODUC$4  ,9 SOME1 ALMO/ NONE AT ALL4  ,! LOSSES FROM ?IS CAUSE CANNOT BE E/IMAT$ 9 MONEY4  

 ,! GOV]NM5T1 9 ITS IGNORANCE1 >ROGANCE1 & TYRANNY1 EI!R DOES NOT SEE ALL ?IS1 OR1 SEE+ IT1 DOES NOT REG>D IT4  ,:ILE !SE ?\S& ( MILLIONS >E BE+ LO/ ANNUALLY1 FROM ! SUPPRESSION ( MONEY1 & CONSEQU5TLY ( 9DU/RY1 & :ILE ?REE F\R?S ( ! LABOR]S ( ! C\NTRY >E EI!R /&+ IDLE1 OR1 = ! WANT ( CAPITAL1 >E PRODUC+ ONLY A M]E FRACTION ( :AT !Y MI<T BE PRODUCE1 A TWO-P5CE-HA'-P5NY ,SECRET>Y ( ,TREASURY CAN F9D NO BETT] EMPLOYM5T = HAS FACULTIES1 ?AN 9 TRY+1 FIR/1 TO R$UCE ! RATE ( 9T]E/ ON ! PUBLIC DEBT ONE P]C5T !REBY SAV+ TW5TY MILLIONS A YE>1 OR FIFTY C5TS = EA* P]SON1 ON AN AV]AGE6 ,&1 SECONDLY1 9 PAY+ ONE HUNDR$ MILLIONS P] ANNUM ( ! PR9CIPAL2 ?AT IS1 TWO & A HALF = EA* P]SON1 ON AN AV]AGE6 ,& HE 9SI/S ?AT ! ONLY WAY TO A*IEVE !SE A/\ND+ RESULTS1 IS TO DEPRIVE ! PEOPLE AT L>GE ( MONEY6  ,TO DE/ROY1 AS F> AS POSSIBLE1 !IR 9DU/RY6  ,TO DEPRIVE !M1 AS A F> AS POSSIBLE1 ( ALL P[] TO MANUFACTURE = !MSELVES6  ,& TO COMPEL !M TO PAY1 TO ! FEW MANUFACTUR]S IT HAS UND] ITS PROTECTION1 FIFTY OR ONE HUNDR$ P]C5T MORE = !IR MANUFACTURES ?AN !Y >E WOR?6  

 ,HE HAS BE5 TUGG+ AT ?IS TREM5D\S TASK F\R YE>S1 OR !REAB\TS4  ,& HE CONFID5TLY BELIEVES ?AT IF HE CAN BE P]MITT$ TO 5=CE ?IS PLAN = A SUFFICI5T P]IOD ( YE>S1 9 ! FUTURE1 HE WILL ULTIMATELY BE ABLE TO SAVE ! PEOPLE1 ANNUALLY1 FIFTY C5TS EA*1 ON AN AV]AGE1 9 9T]E/6 & ALSO CONT9UE TO PAY1 ANNUALLY1 TWO DOLL>S & A HALF = EA* P]SON1 ON AN AV]AGE1 ( ! PR9CIPAL1 ( ! NATIONAL DEBT6  

 ,HE APP>5TLY DOES NOT KN[1 OR1 IF HE KN[S1 IT IS1 9 HIS EYES1 A MATT] ( COMP>ATIVELY SMALL MOM5T1 ?AT ?IS SAV+ ( @s#b11 P] ANNUM 9 9T]E/1 & ?IS PAYM5T ( @s#a11 P] ANNUM ( PR9CIPAL1 :I* HE PROPOSES TO MAKE ON BEHALF ( ! PEOPLE1 >E NOT EQUAL TO :AT TWO DAYS OR P]HAPS EV5 ONE DAY ( !IR 9DU/RY W\LD AM\NT TO1 IF !Y W]E P]MITT$ TO 5JOY !IR NATIONAL RI<TS ( L5D+ & HIR+ CAPITAL1 & PRODUC+ SU* WEAL? AS ! PLEASE = !MSELVES4  

 ,HE APP>5TLY DOES NOT KN[1 OR1 IF HE KN[S1 IT IS ) HIM A SMALL MATT]1 ?AT IF ! PEOPLE W]E P]MITT$ TO 5JOY !IR NATURAL FRE$OM 9 CURR5CY & CR$IT1 & CONSEQU5TLY !IR NATURAL FRE$OM 9 9DU/RY1 !Y C\LD PAY ! 5TIRE NATIONAL DEBT ?REE1 F\R1 OR A HALF DOZ5 TIMES OV] EV]Y YE>1 MORE EASILY ?AN !Y CAN SAVE ! @s#b111 & PAY ! @s#a111 ANNUALLY1 BY ! PROCESS ?AT HE ADOPTS = SAV+ & PAY+ !M4  

 ,& YET ?IS MAN1 & HIS POLICY1 REPRES5T ! GOV]NM5T & ITS POLICY4  ,! PRESID5T KEEPS HIM 9 (FICE1 & ,CONGRESS SU/A9 HIM 9 HIS MEASURES4  

 ,9 %ORT1 ! GOV]NM5T NOT ONLY DOES NOT (F]1 BUT IS APP>5TLY DET]M9$ NOT TO SUFF]1 & SU* ?+ AS FRE$OM 9 CURR5CY & CR$IT1 OR CONSEQU5TLY1 9 9DU/RY4  ,IT IS1 APP>5TLY1 SO B5T UPON COMPELL+ ! PEOPLE TO GIVE MORE = ITS FEW IRR$EEMABLE NOTES ?AN !Y >E WOR?2 & SO B5T UPON KEEP+ ALL WEAL?1 & ALL MEANS ( WEAL?1 9 ! H&S ( ! FEW UPON :OSE MONEY & FRAUDS 9 RELIES = SUPPORT ?AT IT IS DET]M9$1 IF POSSIBLE1 TO P]PETUATE ?IS /ATE ( ?+S 9DEF9ITELY4  ,& IT WILL PROBABLY SUCCE$ 9 P]PETUAT+ IT 9DEF9ITELY UND] COV] ( SU* FALSE PRET5SES AS ?OSE ( SPECIE PAYM5TS1 9FLATION ( PRICES1 R$UC+ ! 9T]E/1 & PAY+ ! PR9CIPAL1 ( ! NATIONAL DEBT1 @&C4 UNLESS ! PEOPLE AT  L>GE %ALL OP5 !IR EYES TO ! DECEIT & ROBB]Y ?AT >E PRACTIC$ UPON !M2 &1 BY E/ABLI%+ FRE$OM 9 CURR5CY & CR$IT & !REBY FRE$OM 9 9DU/RY & COMM]CE 5D AT ONCE & =EV] ! TYRANNY ?AT IMPOV]I%ES & 5SLAVES !M  

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,I,M,P,O,R,T,A,N,C,E ,( ,! ,S,Y,/,E,M ,T,O ,M,A,S,S,A,*,U,S,E,T,T,S4 

,SECTION #a4 

,! T>IFFS1 BY MEANS ( :I* A FEW MONEY$ M5 ( ,MASSA*USETTS HAVE SO LONG PLUND]$ ! RE/ ( ! C\NTRY1 & ON :I* !Y HAVE SO L>GELY RELI$ = !IR PROSP]ITY1 WILL NOT MU* LONG] BE 5DUR$4 ,! NATION AT L>GE HAS NO NE$ ( T>IFFS4 ,MONEY IS ! GREAT 9/RUM5TALITY = MANUFACTUR+4 ,& ! NATION NE$S NO?+ BUT AN AMPLE SUPPLY ( MONEY---9 ADDITION TO ITS NATURAL ADVANTAGES---TO 5ABLE \R PEOPLE TO MANUFACTURE = !MSELVES MU* MORE *EAPLY ?AN ANY O!R PEOPLE CAN MANUFACTURE = US4 

,TO SAY NO?+ ( ! MANY MILLIONS :O1 IF WE HAD ! MONEY NECESS>Y TO GIVE !M EMPLOYM5T1 MI<T BE BR\<T H]E FROM ,EUROPE & ,ASIA1 & EMPLOY$ 9 MANUFACTURES1 MORE ?AN HALF ! PRODUCTIVE P[] ( \R PRES5T POPULATION---9 ! ,S\? & ,WE/ MU* MORE ?AN HALF---IS UTT]LY LO/ = ! WANT ( MONEY1 & ! CONSEQU5T WANT ( SCI5CE1 SKILL1 & MA*9]Y4 ,& YET ?OSE FEW1 :O MONOPOLIZE ! PRES5T /OCK ( MONEY1 9SI/ ?AT !Y MU/ HAVE T>IFFS TO 5ABLE !M TO MANUFACTURE AT ALL4 ,& ! NATION IS DUP$ BY !SE FALSE PRET5SES4 

,TO GIVE B\NTIES TO 5C\RAGE MANUFACTURES1 & AT ! SAME TIME =BID ALL BUT A FAVOR$ FEW TO HAVE MONEY TO MANUFACTURE )1 IS JU/ AS ABSURD AS IT W\LD BE TO GIVE B\NTIES TO 5C\RAGE MANUFACTURES1 & AT ! SAME TIME =BID ALL BUT A FAVOR$ FEW TO HAVE MA*9]Y ( ANY K9D TO MANUFACTURE )4 ,IT IS JU/ AS ABSURD AS IT W\LD BE TO GIVE B\NTIES TO 5C\RAGE AGRICULTURE1 & AT ! SAME TIME =BID ALL BUT A FAVOR$ FEW TO [N L&1 OR HAVE CATTLE1 HORSES1 SE$ CORN1 SE$ :EAT1 OR AGRICULTURAL IMPLEM5TS4 ,IT IS JU/ AS ABSURD AS IT W\LD BE TO GIVE B\NTIES TO 5C\RAGE NAVIGATION1 & AT ! SAME TIME =BID ALL BUT A FAVOR$ FEW TO HAVE %IPS4 

,! :OLE OBJECT ( SU* ABSURDITIES & TYRANNIES IS TO COMMIT ! D\BLE WRONG ( DEPRIV+ ! MASS ( ! PEOPLE ( ALL P[] TO MANUFACTURE = !MSELVES1 & AT ! SAME TIME COMPEL !M TO PAY EXTORTIONATE PRICES TO ! FAVOR$ FEW :O >E P]MITT$ TO MANUFACTURE4 

,:5 T>IFFS %ALL BE ABOLI%$1 ,MASSA*USETTS WILL HAVE NO MEANS ( 9CREAS+ H] PROSP]ITY1 NOR EV5 ( P]PETUAT+ SU* POOR PROSP]ITY AS %E N[ HAS1 EXCEPT BY A GREAT 9CREASE ( MONEY2 SU* AN 9CREASE ( MONEY AS WILL 5ABLE H] SKILL$ LABOR]S & 5T]PRIS+ Y\NG M5 TO GET CAPITAL = SU* 9DU/RIES & 5T]PRISES AS !Y MAY PREF] TO 5GAGE 9 H]E1 RA!R ?AN GO ELSE:]E4 

,EV5 IF ,MASSA*USETTS W]E WILL+ TO MANUFACTURE = ! ,S\? & ,WE/1 )\T A T>IFF1 %E C\LD HOPE TO DO SO ONLY UNTIL ! ,S\? & ,WE/ %\LD SUPPLY !MSELVES ) MONEY4 ,SO SOON AS !Y %ALL SUPPLY !MSELVES ) MONEY1 !Y WILL BE ABLE TO MANUFACTURE = !MSELVES MORE *EAPLY ?AN ,MASSA*USETTS CAN MANUFACTURE = !M4 ,!IR NATURAL ADVANTAGES = MANUFACTUR+ >E GREATLY SUP]IOR TO ?OSE ( ,MASSA*USETTS4 ,!Y HAVE ! *EAP FOOD1 COAL1 IRON1 LEAD1 COPP]1 WOOL1 COTTON1 HIDES1 @& ETC4 ,!Y LACK ONLY MONEY TO AVAIL !MSELVES ( !SE ADVANTAGES4 ,&1 UND] ! SY/EM PROPOS$1 !IR L&S & RAILROADS >E CAPABLE ( SUPPLY+ ALL ! MONEY !Y NE$4 ,& !Y WILL SOON ADOPT ?AT1 OR SOME O!R SY/EM4 ,& !Y WILL !N NOT ONLY BE 9DEP5D5T ( ,MASSA*USETTS1 BUT WILL BE ABLE TO DRAW AWAY FROM H] H] SKILL$ LABOR]S1 & 5T]PRIS+ Y\NG M51 UNLESS %E %ALL FIR/ SUPPLY !M ) ! MONEY CAPITAL NECESS>Y = SU* 9DU/RIES & 5T]PRISES AS MAY 9DUCE !M TO REMA94 ,!Y WILL1 ( C\RSE1 GO :]E !Y CAN GET CAPITAL1 9/EAD ( /AY+ :]E !Y CAN GET NONE4 

,SO GREAT >E ! NATURAL ADVANTAGES ( ! ,S\? & ,WE/ OV] ?OSE ( ,MASSA*USETTS1 ?AT IT IS D\BTFUL H[ MANY ( !SE M5 CAN BE P]SUAD$ TO REMA91 BY ALL ! 9DUCEM5TS ?AT CAPITAL CAN (F]4 ,BUT )\T SU* 9DUCEM5TS IT IS C]TA9 !Y WILL ALL GO4 

,& ,MASSA*USETTS HAS NO MEANS ( SUPPLY+ ?IS NE$$ MONEY1 EXCEPT BY US+ H] REAL E/ATE AS BANK+ CAPITAL4 

,IT IS1 !RE=E1 PLA9LY A MATT] ( LIFE OR DEA? TO ! HOLD]S ( REAL E/ATE 9 ,MASSA*USETTS TO USE IT = ?AT PURPOSE2 = !IR REAL E/ATE WILL BE WOR? NO?+ :5 ! SKILL$ LABOR & ! 5T]PRIS+ Y\NG M5 ( ,MASSA*USETTS %ALL HAVE DES]T$ H]4 

,ALL ?IS IS SO MANIFE/ AS TO NE$ NO FUR!R DEMON/RATION4 ,& ,MASSA*USETTS WILL DO WELL TO LOOK ! FACTS 9 ! FACE BE=E IT IS TOO LATE4 

,SECTION #b4 

,:AT PROSPECT HAS ,MASSA*USETTS UND] ! PRES5T 0,NATIONAL0 SY/EM8 

,! ,COMPTROLL] ( ! ,CURR5CY1 9 HIS LA/ ANNUAL REPORT1 SAYS1 ?AT ( ! @s#c#e#d11 ( CIRCULATION AU?ORIZ$ BY LAW1 ,MASSA*USETTS HAS N[ @s#e#h1#e#f1#f#h#f4 ,HE SAYS1 FUR!R1 ?AT ?IS IS MORE ?AN F\R TIMES AS MU* AS %E W\LD BE 5TITL$ TO1 IF ! CURR5CY W]E APPORTION$ EQUALLY AMONG ! ,/ATES1 ACCORD+ TO POPULATION2 MORE ?AN TWICE AS MU* AS %E W\LD BE 5TITL$ TO1 IF ! CIRCULATION W]E APPORTION$ AMONG ! ,/ATES1 ACCORD+ TO !IR WEAL?2 & ?REE TIMES AS MU* AS %E IS 5TITL$ TO UPON AN APPORTIONM5T MADE---AS APPORTIONM5TS >E N[ PR(ESS$LY MADE---HALF UPON POPULATION1 & HALF UPON WEAL?4 

,! ,COMPTROLL] FUR!R SAYS1 ?AT A LAW ( ,CONGRESS1 PASS$ ,JULY #a#b1 #a#h#g1 REQUIR+ HIM TO )DRAW CIRCULATION FROM ?OSE ,/ATES HAV+ MORE ?AN !IR JU/ PROPORTION1 & TO DI/RIBUTE IT AMONG ?OSE N[ HAV+ LESS ?AN !IR JU/ PROPORTION1 WILL REQUIRE HIM TO 

)DRAW 0FROM ?IRTY-SIX BANKS 9 ! ,CITY ( ,BO/ON1 @s#a#a1#d#c12 .<&.> FROM FIFTY-?REE C\NTRY BANKS ( ,MASSA*USETTS1 @s#b1#i#i#g140 

,?US ! LAW REQUIRES @s#a#d1#d1 TO BE )DRAWN FROM ! PRES5T BANKS ( ,MASSA*USETTS4 

,:5 ?IS %ALL HAVE BE5 DONE1 %E WILL HAVE BUT @s#d#d1#a#f1#f#h#f LEFT4 ,& AS ?IS WILL BE MORE ?AN ?REE TIMES H] JU/ PROPORTION ON A BASIS ( POPULATION1 & NE>LY TWICE H] JU/ %>E ON A BASIS ( WEAL?1 !RE IS NO KN[+ H[ SOON ! REMA9+ EXCESS OV] H] JU/ %>E MAY BE )DRAWN4 

,BY ! C5SUS ( #a#h#g1 ,MASSA*USETTS HAD A POPULATION ( #a1#d#e#g1#c#e#a4 ,%E HAS N[1 D\BTLESS1 A POPULATION ( #a1#e14 ,CALL+ H] POPULATION #a1#e11 ! @s#e#h1#e#f1#f#h#f ( CIRCULATION :I* %E N[ HAS1 IS EQUAL TO @s#c#i = EA* P]SON1 ON AN AV]AGE4 ,:5 @s#a#d1#d1 ( ?IS AM\NT %ALL HAVE BE5 )DRAWN1 AS ! LAW N[ REQUIRES IT TO BE1 ! CIRCULATION WILL BE R$UC$ TO LESS ?AN @s#c = EA* P]SON1 ON AN AV]AGE4 ,IF ! CIRCULATION %\LD BE R$UC$ TO ! PROPORTION TO :I* ,MASSA*USETTS IS 5TITL$1 ON ! BASIS ( WEAL?---?AT IS1 TO @s#b#e1#i#h1#f---%E WILL !N HAVE LESS ?AN @s#a#g = EA* P]SON1 ON AN AV]AGE4 ,IF ! CIRCULATION %\LD BE R$UC$ TO ! PROPORTION TO :I* ,MASSA*USETTS IS 5TITL$ ON A BASIS ( POPULATION---?AT IS TO @s#a#c1#h#g#i1#g#g#h---%E WILL !N HAVE A TRIFLE LESS ?AN @s#i = EA* P]SON1 ON AN AV]AGE4 

,= YE>S ! 9DU/RY ( ,MASSA*USETTS HAS BE5 GREATLY CRIPPL$ = ! WANT ( BANK CR$ITS1 AL?\< H] BANKS HAVE BE5 AU?ORIZ$ TO ISSUE !IR NOTES TO ! AM\NT ( @s#e#h1#e#f1#f#h#f2 OR @s#c#i TO EA* P]SON1 ON AN AV]AGE4 ,:AT WILL H] 9DU/RY BE :5 H] BANKS %ALL BE AU?ORIZ$ TO ISSUE ONLY @s#d#d1#a#f1#f#h#f1 OR @s#c = EA* P]SON1 ON AN AV]AGE8 ,:AT WILL IT BE1 IF H] BANK ISSUES %ALL BE R$UC$ TO H] PROPORTION ON A BASIS ( WEAL?1 TO WIT1 @s#b#e1#i#h1#f2 OR LESS ?AN @s#a#g = EA* P]SON1 ON AN AV]AGE8 ,OR :AT WILL IT BE1 IF H] BANK CIRCULATION %ALL BE R$UC$ TO H] PROPORTION ON A BASIS ( POPULATION1 TO WIT1 TO @s#a#c1#c#g#i1#g#g#h2 OR LESS ?AN @s#i = EA* P]SON1 ON AN AV]AGE8 

,9 CONTRA/ ) SU* CONTEMPTIBLE SUMS AS !SE1 ,MASSA*USETTS1 UND] ! SY/EM PROPOS$1 C\LD HAVE N9E HUNDR$ MILLIONS 7@s#i117 ( BANK LOANS2 ?AT IS1 @s#f = EV]Y MAN1 WOMAN1 & *ILD1 ON AN AV]AGE2 OR @s#a1#e TO EA* ADULT1 MALE & FEMALE1 ON AN AV]AGE2 OR @s#c1 TO EA* MALE ADULT1 ON AN AV]AGE4 

,:I*1 N[1 ( !SE TWO SY/EMS IS MO/ LIKELY TO SECURE & 9CREASE ! PROSP]ITY ( ,MASSA*USETTS8 ,:I* IS MO/ LIKELY TO GIVE TO EV]Y DES]V+ MAN & WOMAN 9 ! ,/ATE1 ! CAPITAL NECESS>Y TO MAKE !IR 9DU/RY MO/ PRODUCTIVE TO !MSELVES 9DIVIDUALLY1 & TO ! ,/ATE8 ,:I* SY/EM IS MO/ LIKELY TO 9DUCE ! SKILL$ LABOR]S & 5T]PRIS+ Y\NG M5 ( ,MASSA*USETTS TO REMA9 H]E8 ,& :I* IS MO/ LIKELY TO DRIVE !M AWAY8 

,SECTION #c4 

,BUT ! :OLE IS NOT YET TOLD4 ,! PRES5T 0,NATIONAL0 SY/EM IS SO BURD5$ ) TAXES & O!R ON]\S CONDITIONS1 ?AT NO BANK+ AT ALL CAN BE DONE UND] IT1 EXCEPT AT RATES ( 9T]E/ ?AT >E TWO OR ?REE TIMES AS HI< AS !Y \<T TO BE2 OR AS !Y W\LD BE UND] ! SY/EM PROPOS$4 

,! BURD5S IMPOS$ ON ! PRES5T BANKS >E PROBABLY EQUAL TO FROM SIX TO EI<T P]C5T UPON ! AM\NT ( !IR [N NOTES ?AT !Y >E P]MITT$ TO ISSUE4 

,9 ! FIR/ PLACE1 !Y >E REQUIR$1 = EV]Y @s#i ( CIRCULATION1 TO 9VE/ @s#a 9 FIVE OR SIX P]C5T GOV]NM5T BONDS4 ,?IS ALONE IS A GREAT BURD5 TO ALL ?AT CLASS ( P]SONS :O WANT !IR CAPITAL = ACTIVE BUS9ESS4 ,IT AM\NTS TO ACTUAL PROHIBITION UPON ALL :OSE PROP]TY IS 9 REAL E/ATE1 & !RE=E NOT CONV]TIBLE 9TO BONDS4 ,& ?IS IS A PURELY TYRANNICAL PROVISION1 9ASMU* AS REAL E/ATE IS A MU* SAF] & BETT] CAPITAL ?AN ! BONDS4 ,LET US CALL ?IS A BURD5 ( TWO P]C5T ON !IR CIRCULATION4 

,NEXT1 IS ! RISK AS TO ! P]MAN5T VALUE ( ! BONDS4 ,ANY W>1 CIVIL OR =EIGN1 W\LD CAUSE !M TO DROP 9 VALUE1 AS ! FRO/ CAUSES ! M]CURY TO DROP 9 ! !RMOMET]4 ,EV5 ANY DANG] ( W> W\LD AT ONCE R$UCE !M 9 VALUE4 ,LET US CALL ?IS RISK ANO!R BURD5 ( ONE P]C5T ON ! CIRCULATION4 

,NEXT1 EV]Y BANK 9 SEV5TE5 OR EI<TE5 ( ! L>GE/ CITIES---,BO/ON AMONG ! NUMB]--->E REQUIR$ TO KEEP ON H&1 AT ALL TIMES1 A RES]VE---9 DEAD CAPITAL 7LEGAL T5D]S7---0EQUAL TO AT LEA/ TW5TY-FIVE P]C5T10 & ALL O!R BANKS A SIMIL> RES]VE 0EQUAL TO AT LEA/ FIFTE5 P]C5T10 0( ! AGGREGATE AM\NT ( !IR NOTES 9 CIRCULATION1 & ( !IR DEPOSITS40 

,D\BTLESS1 TWO ?IRDS---V]Y LIKELY ?REE F\R?S---( ALL ! BANK CIRCULATION & DEPOSITS >E 9 ! SEV5TE5 CITIES NAM$4 ,& AS !SE CITY BANKS >E REQUIR$ TO KEEP A RES]VE ( DEAD CAPITAL EQUAL TO TW5TY-FIVE P]C5T1 & ALL O!RS A SIMIL> RES]VE EQUAL TO FIFTE5 P]C5T1 BO? ON !IR CIRCULATION & DEPOSITS1 ?IS AV]AGE BURD5 ON ALL ! BANKS IS1 D\BTLESS1 EQUAL TO TWO P]C5T ON !IR CIRCULATION4 

,NEXT1 ! BANKS >E REQUIR$ TO PAY TO ! ,UNIT$ ,/ATES AN ANNUAL TAX ( ONE P]C5T ON !IR AV]AGE CIRCULATION1 & HALF ( ONE P]C5T ON ! AM\NT ( !IR DEPOSITS4 

,H]E IS ANO!R BURD5 EQUAL TO AT LEA/ ONE & A HALF P]C5T ON !IR CIRCULATION4 

,!N ! CAPITALS ( ! BANKS---! ,UNIT$ ,/ATES BONDS--->E MADE LIABLE TO ,/ATE TAXES TO ANY EXT5T1 0NOT AT A GREAT] RATE ?AN IS ASSESS$ UPON ! MONEY$ CAPITAL 9 ! H&S ( 9DIVIDUAL CITIZ5S ( SU* ,/ATE40 ,?IS TAX IS PROBABLY EQUAL TO ONE P]C5T ON !IR CIRCULATION4 

,H]E1 !N1 >E TAXES & BURD5S EQUAL TO SEV5 & A HALF P]C5T ON !IR CIRCULATION4 

,NEXT1 ! BANKS >E REQUIR$ TO MAKE AT LEA/ FIVE REPORTS ANNUALLY1 TO ! ,COMPTROLL] ( ! ,CURR5CY1 ( !IR 0RES\RCES & LIABILITIES40 ,ALSO REPORTS ( 0! AM\NT ( EA* DIVID5D DECL>$ BY ! ASSOCIATION40 

,!N1 TOO1 ! BANKS >E RE/RICT$ AS TO ! RATES ( 9T]E/ !Y >E P]MITT$ TO TAKE4 

,!N 0,CONGRESS MAY AT ANY TIME ALT]1 AM5D1 OR REPEAL ?IS ACT20 & ?US IMPOSE UPON ! BANKS /ILL FUR!R TAXES1 CONDITIONS1 RE/RICTIONS1 RETURNS1 & REPORTS4 ,OR IT MAY AT PLEASURE ABOLI% ! BANKS ALTOGE!R4 

,ALL !SE TAXES1 BURD5S1 & LIABILITIES1 CANNOT BE RECKON$ AT LESS ?AN EI<T OR N9E P]C5T ON ! CIRCULATION ( ! BANKS2 A SUM TWO OR ?REE TIMES AS GREAT AS ! RATE ( 9T]E/ \<T TO BE2 & TWO OR ?REE TIMES AS GREAT AS IT W\LD BE UND] ! SY/EM PROPOS$4 

,& YET ! BANKS MU/ SUBMIT TO ALL !SE BURD5S AS A CONDITION ( BE+ P]MITT$ TO LOAN MONEY AT ALL4 ,& !Y MU/ MAKE UP---9 !IR RATES ( 9T]E/---= ALL !SE BURD5S4 ,UND] ?IS SY/EM1 !RE=E1 ! RATE ( 9T]E/ MU/ ALWAYS BE TWO OR ?REE TIMES AS HI< AS IT \<T TO BE4 

,! OBJECTIONS TO ! SY/EM1 !N1 >E1 FIR/1 ?AT IT FURNI%ES V]Y LITTLE LOANABLE CAPITAL2 &1 SECOND1 ?AT IT NECESS>ILY RAISES ! 9T]E/ ON ?AT LITTLE TO TWO OR ?REE TIMES :AT IT \<T TO BE4 

,SU* A SY/EM1 OBVI\SLY1 C\LD NOT BE 5DUR$ AT ALL1 BUT = !SE REASONS1 VIZ43 FIR/1 ?AT1 BE+ A MONOPOLY1 ?OSE HOLD+ IT >E 5ABL$ TO MAKE 5ORM\S EXTORTIONS UPON BORR[]S2 &1 SECONDLY1 ?AT !SE BORR[]S---MO/ ( :OM >E ! BANK]S !MSELVES---EMPLOY ! MONEY 9 ! MANUFACTURE & SALE ( GOODS ?AT >E PROTECT$1 BY T>IFFS1 FROM =EIGN COMPETITION1 & = :I* !Y >E ?US 5ABL$ TO GET1 SAY1 FIFTY P]C5T MORE ?AN !Y >E WOR?4 

,9 ?IS WAY1 !SE BANK EXTORTIONS & T>IFF EXTORTIONS >E ?R[N ULTIMATELY UPON ! PEOPLE :O CONSUME ! GOODS :I* ! BANK CAPITAL IS EMPLOY$ 9 PRODUC+ & SELL+4 

,?US ! JO9T EFFECT ( ! BANK SY/EM & ! T>IFF IS1 FIR/1 TO DEPRIVE ! MASS ( ! PEOPLE ( ! MONEY CAPITAL ?AT W\LD 5ABLE !M TO MANUFACTURE = !MSELVES2 &1 SECONDLY1 TO COMPEL !M TO PAY EXTORTIONATE PRICES = ! FEW MANUFACTURES ?AT >E PRODUC$4 

,UND] ! SY/EM PROPOS$1 ALL !SE ?+S W\LD BE DONE AWAY4 ,! ,WE/ & ! ,S\?1 ?AT >E N[ RELI$ ON TO PAY ALL !SE EXTORTIONS1 W\LD MANUFACTURE = !MSELVES4 ,!IR L&S & RAILROADS W\LD 5ABLE !M TO SUPPLY ALL ! MANUFACTUR+ CAPITAL ?AT C\LD BE US$4 ,& !Y C\LD SUPPLY IT AT ONE HALF1 OR ONE ?IRD1 ! RATES N[ REQUIR$ BY ! 0,NATIONAL0 BANKS4 ,( C\RSE1 ,MASSA*USETTS C\LD NOT ---UND] ! 0,NATIONAL0 SY/EM---MANUFACTURE A DOLL>'S WOR? = ! ,S\? & ,WE/4 ,%E C\LD NOT KEEP H] MANUFACTUR+ LABOR]S4 ,!Y W\LD ALL GO :]E !Y C\LD GET *EAP CAPITAL1 *EAP SUPPLIES1 & GOOD M>KETS4 ,& !N ! MANUFACTUR+ 9DU/RY ( ,MASSA*USETTS1 & ) IT ! VALUE ( H] REAL E/ATE1 WILL HAVE P]I%$ FROM ! NATURAL & LEGITIMATE EFFECT ( H] MEANNESS1 EXTORTION1 & TYRANNY4 

,LOOK+ TO ! FUTURE1 !N1 !RE IS NO ,/ATE 9 ! ,UNION---C]TA9LY NONE \TSIDE ( ,NEW ,5GL&---?AT HAS A GREAT] 9T]E/ 9 SUPPLY+ H] ME*ANICS ) ! GREATE/ POSSIBLE AM\NT ( CAPITAL2 OR 9 SUPPLY+ IT AT ! L[E/ POSSIBLE RATES ( 9T]E/4 ,& ?IS CAN BE DONE ONLY BY US+ H] REAL E/ATE AS BANK+ CAPITAL4 

,*,A,P,T,] ,V,I,I,I4 

,! ,T,R,U,E ,*,>,A,C,T,] ,( ,! 0,N,A,T,I,O,N,A,L0 ,S,Y,/,E,M4 

,SECTION #a4 

,UND] ! 0,NATIONAL0 SY/EM !RE >E LESS ?AN #b1 BANKS4 ,BUT LET US CALL !M #b14 

,CALL+ ! POPULATION ( ! C\NTRY =TY MILLIONS1 !RE IS BUT ONE BANK TO #b1 PEOPLE4 

,& ?IS ONE BANK IS1 9 LAW1 A P]SON2 & ONLY A S+LE P]SON4 ,9 L5D+ MONEY1 IT ACTS1 & CAN ACT1 ONLY AS A UNIT4 ,ITS SEV]AL /OCKHOLD]S CANNOT ACT SEP>ATELY1 AS SO MANY 9DIVIDUALS1 9 L5D+ MONEY4 

,SO F>1 !RE=E1 AS ?IS SY/EM IS CONC]N$1 !RE IS BUT ONE MONEY L5D] = TW5TY ?\S& PEOPLE6 

,( !SE #b1 PEOPLE1 T5 ?\S& 7MALE & FEMALE7 >E SIXTE5 YE>S ( AGE & UPW>DS1 CAPABLE ( CREAT+ WEAL?1 & REQUIR+ CAPITAL TO MAKE !IR LABOR MO/ PRODUCTIVE4 

,YET1 SO F> AS ?IS SY/EM IS CONC]N$1 !RE IS BUT ONE P]SON AU?ORIZ$ TO L5D MONEY TO1 OR =1 !SE T5 ?\S&1 :O WI% TO BORR[4 

,& ?IS ONE MONEY L5D] IS ONE :O1 PROV]BIALLY 0HAS NO S\L40 ,IT IS NOT A NATURAL HUMAN BE+4 ,IT IS A LEGAL1 AN >TIFICIAL1 & NOT A NATURAL1 P]SON4 ,IT IS NEI!R MASCUL9E NOR FEM99E4 ,IT HAS NOT ! ORD9>Y HUMAN SYMPA?IES1 & IS NOT 9FLU5C$ BY ! ORD9>Y HUMAN MOTIVES ( ACTION4 ,IT IS NO FA!R1 :O MI<T WI% TO L5D MONEY TO HIS *ILDR51 TO />T !M 9 LIFE4 ,IT IS NO NEI<BOR1 :O MI<T WI% TO ASSI/ HIS NEI<BOR4 ,IT IS NO CITIZ51 :O MI<T WI% TO PROMOTE ! PUBLIC WELF>E4 ,IT IS SIMPLY A NONDESCRIPT1 CREAT$ BY LAW1 ?AT WANTS MONEY1 & NO?+ ELSE4 

,MOREOV]1 IT HAS ONLY @s#a#g#g1 TO L5D TO !SE #a1 BORR[]S2 ?AT IS1 A FRACTION LESS ?AN @s#a#h1 ON AN AV]AGE1 = EA* ONE6 

,:AT *ANCE ( BORR[+ CAPITAL HAVE !SE T5 ?\S& P]SONS1 :O >E =BIDD5 TO BORR[1 EXCEPT FROM ?IS ONE S\LLESS P]SON1 :O HAS SO LITTLE TO L5D8 

,IF MONEY L5D]S MU/ BE S\LLESS---AS1 P]HAPS1 TO SOME EXT5T1 !Y MU/ BE---IT IS C]TA9LY ( ! UTMO/ IMPORTANCE ?AT !RE BE SO MANY ( !M1 & ?AT !Y MAY HAVE SO MU* MONEY TO L5D1 AS ?AT !Y MAY BE NECESSITAT$1 BY !IR [N SELFI%NESS1 TO COMPETE ) EA* O!R1 & ?US SAVE ! BORR[]S FROM !IR EXTORTIONS4 

,BUT ! 0,NATIONAL0 SY/EM SAYS1 NOT ONLY ?AT ! MONEY L5D] %ALL BE A S\LLESS P]SON1 & ONE HAV+ ONLY A LITTLE MONEY TO L5D1 BUT ?AT HE %ALL ALSO HAVE ! :OLE FIELD---A FIELD ( #a1 BORR[]S---5TIRELY TO HIMSELF6 

,IT SAYS ?AT ?IS S\LLESS P]SON %ALL HAVE ?IS :OLE FIELD TO HIMSELF1 NOT)/&+ HE HAS SO LITTLE MONEY TO L5D1 & NOT)/&+ !RE >E MANY O!R P]SONS /&+ BY1 HAV+1 9 ! AGGREGATE1 FIFTY TIMES AS MU* MONEY TO L5D AS HE2 & DESIR+ TO L5D IT AT ONE HALF1 OR ONE ?IRD1 ! RATES HE IS DEM&+1 & EXTORT+6 

,IT SAYS1 TOO1 ?AT HE %ALL HAVE ?IS :OLE FIELD TO HIMSELF1 NOT)/&+ ?AT N9ETY-N9E ONE-HUNDR$?S ( ?OSE :O DESIRE TO BORR[1 >E S5T AWAY EMPTY6 & >E !REBY CONDEMN$---SO F> AS SU* A SY/EM CAN CONDEMN !M---TO 9EVITABLE POV]TY6 

,SECTION #b4 

,BUT FUR!R4 ,EA* ONE ( !SE #b1 LEGAL1 OR >TIFICIAL1 P]SONS1 :O ALONE >E P]MITT$ TO L5D MONEY1 IS MADE UP (1 SAY1 FIFTY ACTUAL1 OR NATURAL1 P]SONS1 TO :OM ALONE1 IT IS WELL KN[N1 ?AT ?IS LEGAL P]SON WILL L5D IT6 

,!SE #b1 LEGAL P]SONS1 !N1 :O ALONE >E P]MITT$ TO L5D MONEY1 >E MADE UP ( #a1 ACTUAL P]SONS1 :O ALONE >E TO BORR[ IT4 

,!SE #a1 ACTUAL P]SONS1 :O COMPOSE ! LEGAL P]SONS1 DO NOT1 !N1 BECOME BANK]S BECAUSE !Y HAVE MONEY TO L5D TO O!RS1 BUT ONLY BECAUSE !Y !MSELVES WANT TO BORR[6 

,?US :5 ! SY/EM SAYS ?AT !Y ALONE %ALL L5D1 IT VIRTUALLY SAYS ?AT !Y ALONE %ALL BORR[2 BECAUSE IT IS WELL KN[N ?AT1 9 PRACTICE1 !Y WILL L5D ONLY TO !MSELVES4 

,9 %ORT1 IT SAYS ?AT ONLY !SE #a1 M5---OR ONE 9 F\R HUNDR$ ( ! POPULATION---%ALL HAVE LIB]TY EI!R TO L5D1 OR BORR[1 CAPITAL6 ,SU* CAPITAL AS IS 9DISP5SABLE TO EV]Y PRODUC] ( WEAL?1 IF HE W\LD CONTROL HIS [N 9DU/RY1 OR MAKE HIS LABOR MO/ PRODUCTIVE4 

,CONSEQU5TLY1 IT SAYS1 PRACTICALLY---SO F> AS IT IS 9 ITS P[] TO SAY---?AT ONLY ONE P]SON 9 F\R HUNDR$ ( ! POPULATION %ALL BE P]MITT$ TO HAVE CAPITAL2 OR1 CONSEQU5TLY1 TO LABOR DIRECTLY = HIMSELF2 & ?AT ALL ! RE/ ( ! F\R HUNDR$ %ALL BE COMPELL$ TO LABOR = ?IS ONE1 AT SU* OCCUPATIONS1 & = SU* WAGES1 AS HE %ALL SEE FIT TO DICTATE4 

,9 %ORT1 ! SY/EM SAYS---AS F> AS IT CAN SAY---?AT ONLY #a1 P]SONS---ONLY ONE P]SON 9 F\R HUNDR$ ( ! POPULATION---%ALL BE SUFF]$ TO HAVE ANY MONEY6 ,&1 CONSEQU5TLY1 ?AT ALL ! PROP]TY & LABOR ( ! ?IRTY-N9E MILLION N9E HUNDR$ ?\S& 7#c#i1#i17 P]SONS %ALL BE UND] ! PRACTICAL1 & NE>LY ABSOLUTE1 CONTROL ( !SE #a1 P]SONS6 ,IT SAYS ?AT ?IRTY-N9E MILLION N9E HUNDR$ ?\S& 7#c#i1#i17 P]SONS %ALL BE 9 A /ATE ( 9DU/RIAL & COMM]CIAL S]VITUDE 7TO ! #a171 ELEVAT$ BUT ONE DEGREE ABOVE ?AT ( *ATTEL SLAV]Y4 

,& ?IS S*EME IS SUB/ANTIALLY C>RI$ \T 9 PRACTICE4 ,!SE #a1 M5 CALL !MSELVES 0! BUS9ESS M50 ( ! C\NTRY4 ,BY ?IS IT IS MEANT1 NOT ?AT !Y >E ! PRODUC]S ( WEAL?1 BUT ONLY ?AT !Y ALONE H&LE ! MONEY6 ,O!R P]SONS >E P]MITT$ TO SELL ONLY TO !M6 TO BUY ONLY ( !M6 TO LABOR ONLY = !M6 & TO SELL TO1 BUY (1 & LABOR =1 !M1 ONLY AT SU* PRICES AS !SE #a1 %ALL DICTATE4 

,!SE #a1 SO CALL$ 0BUS9ESS M510 NOT ONLY [N ! GOV]NM5T1 BUT !Y >E ! GOV]NM5T4 ,CONGRESS IS MADE UP ( !M1 & !IR TOOLS4 ,& !Y HOLD ALL ! O!R DEP>TM5TS ( ! GOV]NM5T 9 !IR H&S4 ,!IR SOLE PURPOSE IS P[] & PLUND]2 & !Y SUFF] NO CON/ITUTIONAL OR NATURAL LAW TO /& 9 ! WAY ( !IR RAPACITY4 

,H[ MANY TIMES1 DUR+ ! LA/ PRESID5TIAL CANVASS1 W]E WE TOLD ?AT 0! BUS9ESS M50 ( ! C\NTRY WI%$ ?+S TO REMA9 AS !Y W]E8 ,HAV+ GA!R$ ALL P[] 9TO !IR [N H&S1 HAV+ SUBJECT$ ALL ! PROP]TY & ALL ! LABOR ( ! C\NTRY TO !IR S]VICE & CONTROL1 :O CAN WOND] ?AT !Y W]E CONT5T ) ?+S AS !Y W]E8 ,?AT !Y DID NOT DESIRE ANY *ANGE8 ,& !IR MONEY & !IR FRAUDS BE+ OMNIPOT5T 9 C>RY+ ELECTIONS1 !RE WAS NO *ANGE4 

,!SE #a1 0BUS9ESS M510 HAV+ SECUR$ TO !MSELVES ! CONTROL ( ALL BANK CR$ITS1 & !REBY ! CONTROL ( ALL BUS9ESS DEP5D+ ON BANK LOANS2 HAV+ ALSO OBTA9$ CONTROL ( ! GOV]NM5T1 5ACT ?AT =EIGN]S %ALL NOT BE P]MITT$ TO COMPETE ) !M1 BY SELL+ GOODS 9 \R M>KETS1 EXCEPT UND] A DISADVANTAGE ( FIFTY TO ONE HUNDR$ P]C5T4 

,& ?IS IS ! 9DU/RIAL & F9ANCIAL SY/EM :I* ! 0,NATIONAL0 BANK SY/EM E/ABLI%ES---SO F> AS IT CAN E/ABLI% IT4 ,& ?IS IS ! S*EME BY MEANS ( :I* !SE #a1 M5 CRIPPLE1 & MORE ?AN HALF P>ALYZE1 ! 9DU/RY ( =TY MILLIONS ( PEOPLE1 & SECURE TO !MSELVES SO L>GE A PORTION ( ! PROCE$S ( SU* 9DU/RY AS !Y SEE FIT TO P]MIT4 

,*,A,P,T,] ,I,X4 

,A,M,A,S,A ,W,A,L,K,]',S ,O,P,9,I,O,N ,( ,! ,A,U,?,O,R',S ,S,Y,/,E,M4 

,AS ,MR4 ,AMASA ,WALK] IS CONSID]$ ! HI<E/ AU?ORITY 9 ! C\NTRY1 9 OPPOSITION TO ALL PAP] CURR5CY ?AT DOES NOT REPRES5T GOLD OR SILV] ACTUALLY ON H&1 IT WILL NOT BE IMP]T95T TO GIVE HIS OP9ION ( ! SY/EM N[ PROPOS$4 

,HE REVIEW$ IT 9 A SOME:AT ELABORATE >TICLE1 5TITL$ 0,MOD]N ,AL*EMY10 PUBLI%$ 9 ! ,BANK]S ,MAGAZ9E 7,N4 ,Y47 = ,DECEMB]1 #a#h#f#a4 

,?AT HE HAD NO DISPOSITION TO DO ANY ?+ BUT CONDEMN ! SY/EM TO ! BE/ ( HIS ABILITY1 MAY BE 9F]R$ FROM ! FOLL[+ FACTS4 

,AFT] DESCRIB+ ! EF=TS ( ! OLD AL*EMI/S TO TRANSMUTE ! BAS] METALS 9TO GOLD1 HE REPRES5TS ALL ATTEMPTS TO MAKE A USEFUL PAP] CURR5CY AS ATTEMPTS 0TO TRANSMUTE PAP] 9TO GOLD40 ,HE SAYS ?AT ! IDEA ?AT PAP] CAN BE MADE TO S]VE ! PURPOSES ( MONEY IS 0A P]FECTLY COGNATE IDEA0 ) ?AT ( ! OLD AL*EMI/S1 ?AT ! BAS] METALS CAN BE TRANSMUT$ 9TO GOLD4 7P4 #d#g47 

,HE ALSO 9=MS US ?AT--- 

0,IT IS P]FECTLY IMPRACTICABLE TO TRANSMUTE PAP] 9TO GOLD TO ANY EXT5T OR DEGREE :ATEV]1 & ?AT ALL ATTEMPTS TO DO SO 7B5EFICIALLY TO ! TRADE & COMM]CE ( ! WORLD7 >E AS ABSURD & FUTILE AS ! EF=TS ( ! OLD AL*EMI/S TO *ANGE ! BAS] METALS 9TO ! MO/ PRECI\S40 7P4 #d#a#e74 

,!SE EXTRACTS >E GIV5 TO %[ ! SPIRIT & PR9CIPLE ( HIS >TICLE1 & ! K9D ( >GUM5TS HE EMPLOYS AGA9/ ALL PAP] ?AT REPRES5TS O!R PROP]TY ?AN CO92 EV5 ?\< ?AT PROP]TY HAVE EQUAL VALUE ) CO9 9 ! M>KET4 

,YET HE SAYS3--- 

0,ONE ?+ WE *E]FULLY ACCORD TO ,MR4 ,SPOON]'S SY/EM---IT IS AN HONE/ ONE4 ,H]E IS NO FRAUD1 NO DECEPTION4 ,IT MAKES NO PROMISE ?AT IT CANNOT FULFILL4 ,IT DOES NOT PR(ESS TO BE CONV]TIBLE 9TO SPECIE .<ON DEM&.>4 ,IT IS ! BE/ TRANSMUTATION PROJECT WE HAVE SE540 7P4 #d#a#c74 

,:5 HE SAYS ?AT 0IT IS ! BE/ TRANSMUTATION PROJECT HE HAS SE510 ! CONTEXT %[S ?AT HE MEANS TO SAY ?AT IT COMES NE>] TO TRANSMUT+ PAP] 9TO GOLD1 ?AN ANY O!R SY/EM HE HAS SE54 

,?IS ADMISSION1 COM+ FROM SO VIOL5T AN OPPON5T ( PAP] CURR5CY1 MAY REASONABLY BE SET D[N AS ! HI<E/ COMM5DATION ?AT HE C\LD BE EXPECT$ TO PAY TO ANY PAP] SY/EM4 

,HE ALSO SAYS3--- 

0,MANY S*EMES ( ! SAME K9D HAVE1 AT DIFF]5T TIMES1 BE5 PRES5T$ TO ! WORLD2 BUT NONE ( !M HAVE BE5 MORE COMPLETE 9 DETAIL1 OR MORE SY/EMATICALLY >RANG$1 ?AN ?AT ( ,MR4 ,SPOON]4 7P4 #d#a#d74 

,BUT BY WAY ( CONDEMN+ ! SY/EM AS F> AS POSSIBLE1 HE SAYS3 0,MR4 ,SPOON]1 H[EV]1 CAN1 WE ?9K1 MAKE NO CLAIM TO ORIG9ALITY1 SO F> AS ! G5]AL PR9CIPLE IS CONC]N$4 ,! FAM\S BANK ( ,JOHN ,LAW1 9 ,FRANCE1 WAS ESS5TIALLY ( ! SAME *>ACT]40 7P4 #d#a#c47 

,NO1 IT WAS NOT ESS5TIALLY ( ! SAME *>ACT]4 ,ONE DIFF]5CE---TO SAY NO?+ ( TW5TY O!RS---BETWE5 ! TWO SY/EMS WAS ?IS3 ?AT ,LAW'S BANK ISSU$ NOTES ?AT IT HAD NO MEANS TO R$EEM2 :]EAS ,MR4 ,WALK] HIMSELF ADMITS ?AT 0,MR4 ,SPOON]'S SY/EM MAKES NO PROMISES ?AT IT CANNOT FULFILL40 ,?AT IS TO SAY1 IT PURPORTS TO REPRES5T NO?+ EXCEPT :AT IT ACTUALLY REPRES5TS1 VIZ43 PROP]TY ?AT IS ACTUALLY ON H&1 & CAN ALWAYS BE DELIV]$1 ON DEM&1 9 R$EMPTION ( ! PAP]4 ,IS NOT ?IS DIFF]5CE AN 0ESS5TIAL0 ONE8 ,IF ,MR4 ,WALK] ?9KS IT IS NOT1 HE DIFF]S 0ESS5TIALLY0 FROM ! RE/ ( MANK9D4 ,:AT FAULT WAS EV] F\ND ) ,JOHN ,LAW'S BANK1 EXCEPT ?AT IT C\LD NOT R$EEM ITS PAP]8 ,WILL ,MR4 ,WALK] 9=M US8 

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahgb 3 ,A ,NEW ,BANK+ ,SY/EM -- ,PUBLICATION4 
,FEBRU>Y #a1 #bag 3 ,A ,NEW ,BANK+ ,SY/EM -- ,ADD$4 
,DECEMB] #c1 #bba 3 ,A ,NEW ,BANK+ ,SY/EM -- ,UPDAT$4 

 FILE G5]AT$ FROM 3  
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