,P>T #b1 ,*APT] #a 
,APEX OR ,BASIS 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,APEX OR ,BASIS4 

.<,LIB]TY1 ,DECEMB] #a1 #a#h#h#a4.> 

,APEX SAYS ?AT IT IS A B>B>ISM TO PAY 9T]E/ ON MONEY4 ,?AT IS ANO!R WAY ( SAY+ ?AT A /ATE ( SOCIETY 9 :I* WEAL? IS NOT UNIV]SALIZ$ IS B>B>\S1 S9CE1 9 \R PRES5T /ATE ( EVOLUTION1 ?OSE :O HAVE NO CAPITAL ( !IR [N WILL BE GLAD TO BORR[ FROM ?OSE :O HAVE1 & TO PAY 9T]E/ = ! USE ( ! CAPITAL47#f#b 8 #a7  

,= IT IS REALLY CAPITAL ?AT IS BORR[$1 & NOT MONEY1 ! LATT] BE+ ONLY ! MEANS = OBTA9+ ! =M]1 AS MONEY W\LD BE WOR?LESS IF IT C\LD NOT BE EX*ANG$ = ! CAPITAL NE$$4 ,WE SEE ALREADY ?AT1 AS ! LOANABLE CAPITAL ( A C\NTRY 9CREASES1 ! RATE ( 9T]E/ DIM9I%ES1 & :5 ! ACCUMULAT$ WEAL? ( ! WORLD BECOMES L>GE 5\< NO ONE WILL PAY 9T]E/47#f#b 8 #b7  

,BUT TO D5\NCE ! PAYM5T ( 9T]E/ TO-DAY1 & 7IF IT C\LD BE DONE7 TO =BID ! MAN ( ABILITY1 BUT LACK+ MEANS1 BORR[+ ! CAPITAL HE NE$S1 OR1 9 O!R WORDS1 US+ HIS CR$IT1 W\LD NOT T5D TO UNIV]SALIZE WEAL? & SO DE/ROY USURY2 BUT1 ON ! O!R H&1 IT W\LD DISC\RAGE ! PRODUCTION & ACCUMULATION ( CAPITAL1 S9CE ONE ( ! PR9CIPAL 9C5TIVES TO ?AT PRODUCTION IS ! USE ( CAPITAL TO 9CREASE PRODUCTION & ADD TO ONE'S WEAL?4 ,IT IS OBVI\S1 ?AT UNLESS ! USE ( CAPITAL ADD$ TO ! PRODUCTIV5ESS ( LABOR1 NO ONE W\LD WI% TO BORR[1 & NO USURY C\LD BE HAD4 ,IT %\LD NOT BE =GOTT51 9 CONSID]+ ?IS QUE/ION1 ?AT1 9 ! LA/ ANALYSIS1 R$UC+ ?+S TO !IR SIMPLE/1 9DIVIDUALIZ$ =M1 ! POSSESSOR ( CAPITAL HAS ACQUIR$ IT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S & TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES ?AT HE MAY HAVE ! AID ( CAPITAL TO 9CREASE HIS P[] ( PRODUCTION4 ,= EXAMPLE1 TWO M5 WORK SIDE BY SIDE2 ONE CONSUMES ALL HE PRODUCES1 ! O!R SAVES P>T ( HIS PRODUCT4 ,9 TIME ! LATT] HAS SAV$ 5\< TO 5ABLE HIM TO BUILD OR BUY A TOOL BY ! AID ( :I* HE ACCOMPLI%ES F\R TIMES AS MU* WORK AS BE=E1 & IS ABLE TO GO ON ADD+ TO HIS ACCUMULATION4 ,! ONE :O HAS NOT SAV$1 SEE+ ! ADVANTAGE ( ! USE ( CAPITAL1 NATURALLY DESIRES TO OBTA9 ! SAME B5EFIT = HIMSELF2 BUT1 NOT LIK+ TO SAVE & WAIT UNTIL HE CAN CREATE CAPITAL1 HE PROPOSES TO BORR[ A PORTION ( ! CAPITAL ( ! O!R4 ,BY MEANS ( ?IS BORR[$ CAPITAL HE CAN QUADRUPLE HIS PRODUCT1 & IS V]Y WILL+ TO GIVE A P>T ( HIS 9CREAS$ PRODUCT TO ! NEI<BOR :O HAS BEFRI5D$ HIM4 ,W\LD HE NOT BE A MEAN SNEAK IF HE W]E NOT GLAD TO DO SO8 ,BY ! USE ( ! BORR[$ CAPITAL HE IS NOT ONLY 5ABL$ TO PAY = ! ADVANTAGE GA9$1 BUT1 BY HIS GREAT] P[] TO PRODUCE1 HE CAN1 9 A %ORT TIME1 BUY HIS [N TOOLS & NO LONG] BE =C$ TO BORR[47#f#b 8 #c7  

,AL?\< \R PRES5T SY/EM ( BUS9ESS IS VA/LY COMPLICAT$1 & WE SOMETIMES SEEM TO BORR[ MONEY M]ELY1 ! ACTUAL TRANSACTION BE+ KEPT \T ( SI<T1 YET ! CASE SUPPOS$ IS ! REAL BASIS ( ALL JU/ PAYM5T ( 9T]E/4 ,I BELIEVE !RE WILL BE A /ATE ( SOCIETY 9 :I* MONEY WILL NOT BE NECESS>Y1 BUT ?AT /ATE CANNOT BE BUILT UP BY COMM5C+ AT ! TOP4 ,WE MU/ BUILD FROM ! F\NDATION1 UND]/&+ ?+S AS !Y >E AS WELL AS KN[+ H[ !Y \<T TO BE47#f#b 8 #d7  

,! QUE/ION IS ASK$--& IT IS A V]Y IMPORTANT ONE1 &1 SIMPLE AS IT IS AT BOTTOM1 A COMPLEX ONE AS IT /&S--,:AT IS MONEY8 ,IT W\LD SIMPLIFY ?IS MATT] V]Y MU* IF ALL W\LD AGREE TO CALL CO91 OR MONEY HAV+ VALUE AS M]*&ISE1 MONEY1 & PAP]1 OR REPRES5TATIVE MONEY1 CURR5CY1 OR NOTES4 ,IT IS PLA9 ?AT ! REPRES5TATIVE MONEY IS ?AT :I* MU/ BE & IS PR9CIPALLY US$ 9 ?IS C\NTRY & 9 ALL COMM]CIAL C\NTRIES4 ,CO9 MONEY D]IVES ITS REAL VALUE 9 EX*ANGE1 & AS A MEASURE = ! EX*ANGEABLE VALUE ( O!R PRODUCTS1 FROM ! FACT ?AT IT CO/S LABOR TO PRODUCE IT2 &1 AL?\< GOV]NM5T LAWS MAY FOOLI%LY TRY TO MAKE IT PASS = MORE ?AN ITS CO/ VALUE1 !Y NEV] SUCCE$ 9 DO+ SO4 ,NO GOV]NM5T EV] HAS SUCCE$$ 9 OV]RID+ NATURAL LAW1 ?\< !Y MAY & (T5 DO OB/RUCT ! OP]ATIONS ( ,NATURE'S LAWS TO ! GREAT DETRIM5T ( ,NATURE'S *ILDR547#f#b 8 #e7  

,! SIMPLE/ =M ( REPRES5TATIVE MONEY1 OR CURR5CY1 IS FURNI%$ BY ,JOSIAH ,W>R5'S LABOR NOTE1 :I* WAS SUB/ANTIALLY AS FOLL[S 7,I QUOTE FROM MEMORY737#f#b 8 #f7 

,= VALUE RECEIV$1 ,I PROMISE TO PAY BE>]1 ON DEM&1 ONE H\R'S LABOR1 OR T5 P\NDS ( CORN47#f#b 8 #g7 

,JOSIAH ,W>R54 

,MOD]N ,TIMES1 ,JULY #d1 #a#h#e#b4 
  

,SO LONG AS IT WAS BELIEV$ BY HIS NEI<BORS ?AT ! MAK] ( SU* NOTES ALWAYS HAD ! CORN ON H& ) :I* TO R$EEM !M 7S9CE !IR R$EMPTION 9 LABOR W\LD R>ELY BE PRACTICABLE OR DESIRABLE71 !Y W\LD PASS CURR5T 9 ?AT LOCALITY2 &1 9 FACT1 SU* LABOR NOTES DID PASS TO A LIMIT$ EXT5T AT ,MOD]N ,TIMES4 ,9T]E/+ AS ?AT EXP]IM5T WAS1 & %[+ CLE>LY1 AS IT DOES1 ! PR9CIPLE AT ! BASIS ( ALL GOOD CURR5CY1 IT C\LD NOT BE EXT5D$ SO AS TO SATISFY ! NE$S ( A GREAT COMM]CIAL C\NTRY1 OR1 SAFELY1 ( A L>GE NEI<BORHOOD47#f#b 8 #h7  

,BUT A CURR5CY1 TO BE GOOD1 MU/ POSSESS PRECISELY ! QUALIFICATIONS & QUALITIES ( ?AT LABOR NOTE1 ) ! ADDITION ( A GU>ANTEE1 UNIV]SALLY RECOGNIZABLE1 ?AT ! NOTES ACTUALLY DO REPRES5T SOLID WEAL? ) :I* !Y WILL BE R$EEM$ ON DEM&4 ,N[1 !RE IS ONE ?+1 & ONLY ONE1 ?AT GOV]NM5T CAN RI<TFULLY OR USEFULLY DO 9 ! WAY ( 9T]F]5CE ) ! CURR5CY1 ! EBB & FL[ ( :I* IS GOV]N$ BY NATURAL LAWS ALTOGE!R \T ( ! REA* ( ,/ATE OR NATIONAL GOV]NM5T2 & ?AT IS TO ISSUE ALL ! NOTES US$ = CURR5CY ON SU* T]MS ?AT IT %ALL BE UNIV]SALLY KN[N TRULY TO REPRES5T ACTUAL1 MOVABLE CAPITAL 7NOT L&1 :I* IS NOT PROP]TY 9 ! TRUE S5SE1 & :I* CANNOT BE C>RI$ (F BY ANY ONE WI%+ A NOTE R$EEM$71 PL$G$ = ITS R$EMPTION4 ,!RE %\LD BE NO MONOPOLY1 BUT ANY & EV]Y P]SON COMPLY+ ) ! T]MS %\LD BE FURNI%$ ) ! NATIONAL NOTE4 ,( C\RSE1 NO ONE :O HAD NOT ! REQUISITE CAPITAL C\LD PROCURE !SE NOTES1 & RI<TLY SO1 BECAUSE NOTES MADE BY ?OSE :O HAVE NO CAPITAL W\LD SW9DLE ! PEOPLE4 ,&1 AS \R GOV]NM5T HAS NO PROP]TY OR CAPITAL1 EXCEPT ! NECESS>Y TOOLS = C>RY+ ON ! AFFAIRS OIF ! NATION1 & AS GOV]NM5T %\LD HAVE NO DEBTS & NO GOLD & SILV] ACCUMULAT$1 IT IS OBVI\S ?AT IT CANNOT PROP]LY MAKE A GOOD NOTE BEYOND ! AM\NT :I* C\LD BE R$EEM$ 9 PAYM5T ( TAXES4 ,&1 AS TAXES \<T TO BE DIM9I%$ & ULTIMATELY ABOLI%$1 !RE IS NO VALID BASIS = A GOV]NM5T NOTE TO BE US$ AS CURR5CY4 ,NEI!R WILL ,MUTUAL ,BANKS ANSW] ANY GOOD PURPOSE IF ! NOTES >E BAS$ ON L&47#f#b 8 #i7 

,BASIS4.<#a.> 
  

,! REM>KS ?AT FOLL[ >E NOT 9T5D$ TO DEB> ,APEX FROM ANSW]+ HIS OPPON5T 9 HIS [N TIME & WAY1 BUT SIMPLY TO COMBAT1 FROM ,LIB]TY'S /&PO9T1 SU* ( ! POSITIONS TAK5 BY ,BASIS AS SEEM TO NE$ REFUTATION47#f#b 8 #a7  

,! FIR/ ]ROR 9TO :I* ,BASIS FALLS IS HIS ID5TIFICATION ( MONEY ) CAPITAL4 ,REPRES5TATIVE MONEY IS NOT CAPITAL2 IT IS ONLY A TITLE TO CAPITAL4 ,HE :O BORR[S A PAP] DOLL> FROM ANO!R SIMPLY BORR[S A TITLE4.<#a#a.> ,CONSEQU5TLY HE TAKES FROM ! L5D] NO?+ :I* ! L5D] WI%ES TO USE2 UNLESS1 9DE$1 ! L5D] DESIRES TO PUR*ASE CAPITAL ) HIS DOLL>1 9 :I* CASE HE WILL NOT L5D IT1 OR1 IF HE DOES1 WILL *>GE = ! SACRIFICE ( HIS OPPORTUNITY1--A V]Y DIFF]5T ?+ FROM USURY1 :I* IS PAYM5T1 NOT = ! L5D]'S SACRIFICE1 BUT = ! BORR[]'S USE2 ?AT IS1 NOT = A BURD5 BORNE1 BUT = A B5EFIT CONF]R$4 ,NEI!R DOES ! BORR[] ( ! DOLL> TAKE FROM ! P]SON ( :OM HE PUR*ASES CAPITAL ) IT ANY?+ :I* ?AT P]SON DESIRES TO USE2 =1 9 ORD9>Y COMM]CE1 ! SELL] IS EI!R A MANUFACTUR] OR A DEAL]1 :O PRODUCES OR BUYS HIS /OCK = NO O!R PURPOSE ?AN TO SELL IT4 ,& !NCE ?IS DOLL> GOES ON TRANSF]R+ PRODUCTS = :I* ! HOLD]S !RE( HAVE NO USE1 UNTIL IT REA*ES ITS ISSU] & F9AL R$EEM] & IS CANCEL$1 DEPRIV+1 9 ! C\RSE ( ITS J\RNEY1 NO P]SON ( ANY OPPORTUNITY1 BUT1 ON ! CONTR>Y1 S]V+ ! NE$S ( ALL ?R\< :OSE H&S IT PASSES4 ,H5CE BORR[+ A TITLE TO CAPITAL IS A V]Y DIFF]5T ?+ FROM BORR[+ CAPITAL ITSELF4 ,BUT UND] ! SY/EM ( ORGANIZ$ CR$IT CONTEMPLAT$ BY ,APEX NO CAPABLE & DES]V+ P]SON W\LD BORR[ EV5 A TITLE TO CAPITAL4 ,! SO-CALL$ BORR[] W\LD SIMPLY SO *ANGE ! FACE ( HIS [N TITLE AS TO MAKE IT RECOGNIZABLE BY ! WORLD AT L>GE1 & AT NO O!R EXP5SE ?AN ! M]E CO/ ( ! ALT]ATION4 ,?AT IS TO SAY1 ! MAN HAV+ CAPITAL OR GOOD CR$IT1 :O1 UND] ! SY/EM ADVOCAT$ BY ,APEX1 %\LD GO TO A CR$IT-%OP--9 O!R WORDS1 A BANK--& PROCURE A C]TA9 AM\NT ( ITS NOTES BY ! ORD9>Y PROCESS ( MORTGAG+ PROP]TY OR GETT+ 5DORS$ COMM]CIAL CR$IT DISC\NT$1 W\LD ONLY EX*ANGE HIS [N P]SONAL CR$IT--KN[N ONLY TO HIS IMM$IATE FRI5DS & NEI<BORS & ! BANK1 & !RE=E USELESS 9 TRANSACTIONS ) ANY O!R P>TIES--= ! BANK'S CR$IT1 KN[N & RECEIVABLE = PRODUCTS DELIV]$ ?R\<\T ! ,/ATE1 OR ! NATION1 OR P]HAPS ! WORLD4 ,& = ?IS CONV5I5CE ! BANK W\LD *>GE HIM ONLY ! LABOR-CO/ ( ITS S]VICE 9 EFFECT+ ! EX*ANGE ( CR$ITS1 9/EAD ( ! RU9\S RATES ( DISC\NT BY :I*1 UND] ! PRES5T SY/EM ( MONOPOLY1 PRIVILEG$ BANKS TAX ! PRODUC]S ( UNPRIVILEG$ PROP]TY \T ( H\SE & HOME4 ,SO ?AT ,APEX REALLY W\LD HAVE NO BORR[+ AT ALL1 EXCEPT 9 C]TA9 9DIVIDUAL CASES NOT WOR? CONSID]+2 &1 !RE=E1 :5 ,BASIS1 ANSW]+ ,APEX1 SAYS ?AT IT IS REALLY CAPITAL ?AT IS BORR[$1 & NOT MONEY1 HE MAKES A REM>K = :I* !RE IS NO AUDIBLE CALL47#f#b 8 #a#a7  

,! SECOND ]ROR COMMITT$ BY ,BASIS HE COMMITS 9 COMMON ) ! ECONOMI/S 9 ASSUM+ ?AT AN 9CREASE ( CAPITAL DECREASES ! RATE ( 9T]E/ & ?AT NO?+ ELSE CAN MAT]IALLY DECREASE IT4 ,! FACTS >E JU/ ! CONTR>Y4 ,! RATE ( 9T]E/ MAY1 & (T5 DOES1 DECREASE :5 ! AM\NT ( CAPITAL HAS NOT 9CREAS$2 ! AM\NT ( CAPITAL MAY 9CREASE )\T DECREAS+ ! RATE ( 9T]E/1 :I* MAY 9 FACT 9CREASE AT ! SAME TIME2 & SO F> FROM ! UNIV]SALIZATION ( WEAL? BE+ ! SOLE MEANS ( ABOLI%+ 9T]E/1 ! ABOLITION ( 9T]E/ IS ! S9E QUA NON ( ! UNIV]SALIZATION ( WEAL?47#f#b 8 #a#b7  

,SUPPOSE1 = 9/ANCE1 ?AT ! BANK+ BUS9ESS ( A NATION IS CONDUCT$ BY A SY/EM ( BANKS *>T]$ & REGULAT$ BY ! GOV]NM5T1 !SE BANKS ISSU+ PAP] MONEY BAS$ ON SPECIE1 DOLL> = DOLL>4 ,IF N[ A C]TA9 NUMB] ( !SE BANKS1 BY COMB9+ TO BUY UP ! NATIONAL LEGISLATURE1 %\LD SECURE ! EXCLUSIVE PRIVILEGE ( ISSU+ TWO PAP] DOLL>S = EA* SPECIE DOLL> 9 !IR VAULTS1 C\LD !Y NOT AF=D TO1 & W\LD !Y NOT 9 FACT1 MAT]IALLY R$UCE !IR RATE ( DISC\NT8 ,W\LD NOT ! COMPET+ BANKS BE =C$ TO R$UCE !IR RATE 9 CONSEQU5CE8 ,& W\LD NOT ?IS R$UCTION L[] ! RATE ( 9T]E/ ?R\<\T ! NATION8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY REMA9S ! SAME AS BE=E47#f#b 8 #a#c7  

,SUPPOSE1 FUR!R1 ?AT DUR+ ! FOLL[+ YE>1 9 CONSEQU5CE ( ! /IMULUS GIV5 TO BUS9ESS & PRODUCTION BY ?IS DECREASE 9 ! RATE ( 9T]E/ & ALSO BECAUSE ( UNUSUALLY FAVORABLE NATURAL CONDITIONS1 A GREAT 9CREASE ( WEAL? OCCURS4 ,IF !N ! BANKS ( ! NATION1 HOLD+ FROM ! GOV]NM5T A MONOPOLY ( ! P[] TO ISSUE MONEY1 %\LD COMB9E TO CONTRACT ! VOLUME ( ! CURR5CY1 C\LD !Y NOT1 & W\LD !Y NOT1 RAISE ! RATE ( 9T]E/ !REBY8 ,UND\BT$LY2 & YET ! AM\NT ( CAPITAL 9 ! C\NTRY IS GREAT] ?AN IT EV] WAS BE=E47#f#b 8 #a#d7  

,BUT SUPPOSE1 ON ! O!R H&1 ?AT ALL !SE BANKS1 *>T]$ & REGULAT$ BY ! GOV]NM5T & ISSU+ MONEY DOLL> = DOLL>1 HAD F9ALLY BE5 ALL[$ TO ISSUE PAP] BEYOND !IR CAPITAL BAS$ ON ! CR$IT & GU>ANTE$ CAPITAL ( !IR CU/OM]S2 ?AT !IR CIRCULATION1 ?US D\BLY SECUR$1 HAD BECOME SO POPUL> ?AT PEOPLE PREF]R$ TO PAY !IR DEBTS 9 CO9 9/EAD ( BANK-NOTES1 ?US CAUS+ CO9 TO FL[ 9TO ! VAULTS ( ! BANKS & ADD TO !IR RES]VE2 ?AT ?IS ADDITION HAD 5ABL$ !M TO ADD FUR!R TO !IR CIRCULATION1 UNTIL1 BY A CONT9UATION ( ! PROCESS1 IT AT LA/ AM\NT$ TO EI<T TIMES !IR ORIG9AL CAPITAL2 ?AT BY LEVY+ A HI< RATE ( 9T]E/ ON ?IS !Y HAD BL$ ! PEOPLE NI< UNTO DEA?2 ?AT !N ! GOV]NM5T HAD /EPP$ 9 & SAID TO ! BANKS3 ,:5 Y\ BEGAN1 Y\ RECEIV$ AN ANNUAL 9T]E/ ( SIX P]C5T ON Y\R CAPITAL2 Y\ N[ RECEIVE NE>LY ?AT RATE ON A CIRCULATION EI<T TIMES Y\R CAPITAL BAS$ REALLY ON ! PEOPLE'S CR$IT2 !RE=E AT ONE-EI<? ( ! ORIG9AL RATE Y\R ANNUAL PR(IT W\LD BE AS GREAT AS =M]LY2 H5CE=? Y\R RATE ( DISC\NT MU/ NOT EXCE$ ?REE-F\R?S ( ONE P]C5T4 ,HAD ALL ?IS HAPP5$ 7& ) ! EXCEPTION ( ! LA/ CONDITION ( ! HYPO!SIS SIMIL> CASES HAVE FREQU5TLY HAPP5$71 :AT W\LD HAVE BE5 ! RESULT8 ,PR\DHON %ALL ANSW] = US4 ,9 ! EI<? LETT] ( HIS IMMORTAL DISCUSSION ) ,BA/IAT ON ! QUE/ION ( 9T]E/ HE EXHAU/S ! :OLE SUBJECT ( ! RELATION ( 9T]E/ TO CAPITAL2 & ,BASIS CANNOT DO BETT] ?AN TO READ ! :OLE ( IT4 ,A BRIEF EXTRACT1 H[EV]1 MU/ SUFFICE H]E4 ,HE IS SPEAK+ ( ! ,BANK ( ,FRANCE1 :I* AT ?AT TIME 7#a#h#d#i7 WAS ACTUALLY 9 ALMO/ ! SAME SITUATION AS ?AT DESCRIB$ ABOVE4 ,SUPPOS+1 AS WE HAVE JU/ DONE AFT] HIM1 A R$UCTION ( ! RATE ( DISC\NT TO ?REE-F\R?S ( ONE P]C5T1 HE !N ASKS1 AS WE DO1 :AT ! RESULT W\LD BE4 ,!SE >E HIS WORDS 9 ANSW] TO ,BA/IAT1 ! ,BASIS ( ?AT DISCUSSION37#f#b 8 #a#e7 

,! =TUNE & DE/9Y ( ! C\NTRY >E TO-DAY 9 ! H&S ( ! ,BANK ( ,FRANCE4 ,IF IT W\LD RELIEVE 9DU/RY & COMM]CE BY A DECREASE ( ITS RATE ( DISC\NT PROPORTIONAL TO ! 9CREASE ( ITS RES]VE2 9 O!R WORDS1 IF IT W\LD R$UCE ! PRICE ( ITS CR$IT TO ?REE-F\R?S ( ONE P]C5T1 :I* IT MU/ DO 9 ORD] TO QUIT /EAL+1--?IS R$UCTION W\LD 9/ANTLY PRODUCE1 ?R\<\T ! ,REPUBLIC & ALL ,EUROPE1 9CALCULABLE RESULTS4 ,!Y C\LD NOT BE 5UM]AT$ 9 A VOLUME3 ,I WILL CONF9E MYSELF TO ! 9DICATIONS ( A FEW47#f#b 8 #a#f7  

,IF1 !N1 ! CR$IT ( ! ,BANK ( ,FRANCE %\LD BE LOAN$ AT ?REE-F\R?S ( ONE P]C5T 9/EAD ( AT F\R P]C5T1 ORD9>Y BANK]S1 NOT>IES1 CAPITALI/S1 & EV5 ! /OCKHOLD]S ( ! BANK ITSELF1 W\LD BE IMM$IATELY COMPELL$ BY COMPETITION TO R$UCE !IR 9T]E/1 DISC\NT1 & DIVID5DS TO AT LEA/ ONE P]C5T1 9CLUD+ 9CID5TAL EXP5SES & BROK]AGE4 ,:AT H>M1 ?9K Y\1 W\LD ?IS R$UCTION DO TO BORR[]S ON P]SONAL CR$IT1 OR TO COMM]CE & 9DU/RY1 :O >E =C$ TO PAY1 BY REASON ( ?IS FACT ALONE1 AN ANNUAL TAX ( AT LEA/ TWO ?\S& MILLIONS87#f#b 8 #a#g7  

,IF F9ANCIAL CIRCULATION C\LD BE EFFECT$ AT A RATE ( DISC\NT REPRES5T+ ONLY ! CO/ ( ADM9I/RATION1 DRAFT+1 REGI/RATION1 ETC41 ! 9T]E/ *>G$ ON PUR*ASES & SALES ON CR$IT W\LD FALL 9 ITS TURN FROM SIX P]C5T TO Z]O1 -- ?AT IS TO SAY1 BUS9ESS W\LD !N BE TRANSACT$ ON A CA% BASIS3 !RE W\LD BE NO MORE DEBTS4 ,AGA91 TO H[ GREAT A DEGREE1 ?9K Y\1 W\LD ?AT DIM9I% ! %AMEFUL NUMB] ( SUSP5SIONS1 FAILURES1 & BANKRUPTCIES87#f#b 8 #a#h7  

,BUT1 AS 9 SOCIETY NET PRODUCT IS UNDI/+UI%ABLE FROM RAW PRODUCT1 SO 9 ! LI<T ( ! SUM TOTAL ( ECONOMIC FACTS CAPITAL IS UNDI/+UI%ABLE FROM PRODUCT4 ,!SE TWO T]MS DO NOT1 9 REALITY1 /& = TWO DI/9CT ?+S2 !Y DESIGNATE RELATIONS ONLY4 ,PRODUCT IS CAPITAL2 CAPITAL IS PRODUCT2 !RE IS A DIFF]5CE BETWE5 !M ONLY 9 PRIVATE ECONOMY2 NONE :ATEV] 9 PUBLIC ECONOMY4 ,IF1 !N1 9T]E/1 AFT] HAV+ FALL5 9 ! CASE ( MONEY TO ?REE-F\R?S ( ONE P]C5T1--?AT IS1 TO Z]O1 9ASMU* AS ?REE-F\R?S ( ONE P]C5T REPRES5TS ONLY ! S]VICE ( ! BANK1--%\LD FALL TO Z]O 9 ! CASE ( M]*&ISE ALSO1 BY ANALOGY ( PR9CIPLES & FACTS IT W\LD SOON FALL TO Z]O 9 ! CASE ( REAL E/ATE3 R5T W\LD DISAPPE> 9 BECOM+ ONE ) LIQUIDATION4 ,DO Y\ ?9K1 SIR1 ?AT ?AT W\LD PREV5T PEOPLE FROM LIV+ 9 H\SES & CULTIVAT+ L&87#f#b 8 #a#i7  

,IF1 ?ANKS TO ?IS RADICAL RE=M 9 ! MA*9]Y ( CIRCULATION1 LABOR WAS COMPELL$ TO PAY TO CAPITAL ONLY AS MU* 9T]E/ AS W\LD BE A JU/ REW>D = ! S]VICE R5D]$ BY ! CAPITALI/1 SPECIE & REAL E/ATE BE+ DEPRIV$ ( !IR REPRODUCTIVE PROP]TIES & VALU$ ONLY AS PRODUCTS1--AS ?+S ?AT CAN BE CONSUM$ & REPLAC$1--! FAVOR ) :I* SPECIE & CAPITAL >E N[ LOOK$ UPON W\LD BE :OLLY TRANSF]R$ TO PRODUCTS2 EA* 9DIVIDUAL1 9/EAD ( RE/RICT+ HIS CONSUMPTION1 W\LD /RIVE ONLY TO 9CREASE IT4 ,:]EAS1 AT PRES5T1 ?ANKS TO ! RE/RICTION LAID UPON CONSUMABLE PRODUCTS BY 9T]E/1 ! MEANS ( CONSUMPTION >E ALWAYS V]Y MU* LIMIT$1 !N1 ON ! CONTR>Y1 PRODUCTION W\LD BE 9SUFFICI5T3 LABOR W\LD !N BE SECURE 9 FACT AS WELL AS 9 RI<T47#f#b 8 #b7  

,! LABOR+ CLASS GA9+ AT ONE /ROKE ! FIVE ?\S& MILLIONS1 OR !REAB\TS1 N[ TAK5 9 ! =M ( 9T]E/ FROM ! T5 ?\S& :I* IT PRODUCES1 PLUS FIVE ?\S& MILLIONS :I* ?IS SAME 9T]E/ DEPRIVES IT ( BY DE/ROY+ ! DEM& = LABOR1 PLUS FIVE ?\S& MILLIONS :I* ! P>ASITES1 CUT (F FROM A LIV+1 W\LD !N BE COMPELL$ TO PRODUCE1 ! NATIONAL PRODUCTION W\LD BE D\BL$ & ! WELF>E ( ! LABOR] 9CREAS$ F\RFOLD4 ,& Y\1 SIR1 :OM ! WOR%IP ( 9T]E/ DOES NOT PREV5T FROM LIFT+ Y\R ?\<TS TO ANO!R WORLD1--:AT SAY Y\ TO ?IS IMPROVEM5T ( AFFAIRS H]E BEL[8 ,DO Y\ SEE N[ ?AT IT IS NOT ! MULTIPLICATION ( CAPITAL :I* DECREASES 9T]E/1 BUT ON ! CONTR>Y1 ?AT ! DECREASE ( 9T]E/ MULTIPLIES CAPITAL87#f#b 8 #b#a7 
  

,N[1 ?IS R$UCTION ( ! RATE ( DISC\NT TO ! BANK'S S]VICE1 & ! RESULTS !REFROM AS ABOVE DESCRIB$1 >E PRECISELY :AT W\LD HAPP5 IF ! :OLE BUS9ESS ( BANK+ %\LD BE ?R[N OP5 TO FREE COMPETITION4 ,IT BEHOOVES ,BASIS TO EXAM9E ?IS >GUM5T WELL2 =1 UNLESS HE CAN F9D A FATAL FLAW 9 IT1 HE MU/ /& CONVICT$1 9 SAY+ ?AT :5 ! ACCUMULAT$ WEAL? ( ! WORLD BECOMES L>GE 5\<1 NO ONE WILL PAY 9T]E/1 ( PUTT+ ! C>T BE=E ! HORSE47#f#b 8 #b#b7  

,BASIS IS 9 ]ROR A ?IRD TIME 9 ASSUM+ ?AT ,APEX WI%ES TO =BID ! MAN ( ABILITY1 BUT LACK+ MEANS1 US+ HIS CR$IT ,IT IS PRECISELY BECAUSE SU* M5 >E N[ VIRTUALLY PROHIBIT$ FROM US+ !IR CR$IT ?AT ,APEX1 & ,LIB]TY ) HIM1 COMPLA9S4 ,?IS S+UL> MISCONCEPTION ON ! P>T ( ,BASIS 9DICATES ?AT HE DOES NOT YET UND]/& :AT HE IS FI<T+47#f#b 8 #b#c7  

,! F\R? ]ROR = :I* ,BASIS ASSUMES RESPONSIBILITY IS F\ND 9 HIS /ATEM5T ?AT 9 ! LA/ ANALYSIS ! POSSESSOR ( CAPITAL HAS ACQUIR$ IT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S & TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES ?AT HE MAY HAVE ! AID ( CAPITAL TO 9CREASE HIS P[] ( PRODUCTION4 ,A MAN :O ?OR\<LY MEANS TO TELL ! TRU? H]E REIT]ATES ONE ( ! MO/ DEVILI% ( ! MANY 9F]NAL LIES = :I* ! ECONOMI/S HAVE TO ANSW]4 ,IT IS 9DE$ TRUE ?AT ! POSSESSOR ( CAPITAL MAY1 9 R>E CASES1 HAVE ACQUIR$ IT BY ! ME?OD /AT$1 ?\< EV5 !N BE C\LD NOT BE EXCUS$ = MAK+ ! CAPITAL SO ACQUIR$ A LEE* UPON HIS FELL[-M54 ,BUT N9ETY-N9E TIMES 9 A HUNDR$ ! MOD]N POSSESSOR ( ANY HUGE AM\NT ( CAPITAL HAS ACQUIR$ IT1 NOT BY A WILL+NESS TO WORK H>D] ?AN HIS FELL[S1 BUT BY A %REWDNESS 9 GETT+ POSSESSION ( A MONOPOLY :I* MAKES IT NE$LESS = HIM TO DO ANY REAL WORK AT ALL2 NOT BY A WILL+NESS TO SACRIFICE HIS LOVE ( SP5D+ ALL HE PRODUCES1 BUT BY A CLEV]NESS 9 PROCUR+ FROM ! GOV]NM5T A PRIVILEGE BY :I* HE IS ABLE TO SP5D 9 WANTON LUXURY HALF ( :AT A L>GE NUMB] ( O!R M5 PRODUCE4 ,! *IEF PRIVILEGE TO :I* WE REF] IS ?AT ( SELL+ ! PEOPLE'S CR$IT = A PRICE47#f#b 8 #b#d7  

,BASIS IS GUILTY ( SEV]AL O!R ]RORS :I* WE HAVE NOT SPACE TO DISCUSS AT L5G?4 ,HE SUPPOSES ?AT TO CONF9E ! T]M MONEY TO CO9 & TO CALL ALL O!R MONEY CURR5CY W\LD SIMPLIFY MATT]S1 :5 9 REALITY IT IS ! 9SI/5CE UPON ?IS FALSE DI/9CTION ?AT IS ! PREVAIL+ CAUSE ( MY/IFICATION4 ,IF ! IDEA ( ! ROYALTY ( GOLD & SILV] C\LD BE ONCE KNOCK$ \T ( ! PEOPLE'S HEADS1 & !Y C\LD ONCE UND]/& ?AT NO P>TICUL> K9D ( M]*&ISE IS CREAT$ BY NATURE = MONET>Y PURPOSES1 !Y W\LD SETTLE ?IS QUE/ION 9 A TRICE4 ,SOME P]SONS SEEM TO ?9K ?AT ,JOSIAH ,W>R5 BAS$ HIS NOTES ON CORN4 ,NO?+ ( ! K9D4 ,W>R5 SIMPLY TOOK CORN AS HIS /&>D1 BUT MADE LABOR & ALL ITS PRODUCTS HIS BASIS4 ,HIS LABOR NOTES W]E R>ELY R$EEM$ 9 CORN4 ,IF HE HAD MADE CORN HIS EXCLUSIVE BASIS1 !RE W\LD BE NO DI/9CTION 9 PR9CIPLE BETWE5 HIM & ! SPECIE M54 ,P]HAPS ! C5TRAL PO9T 9 HIS MONET>Y !ORY WAS HIS D5IAL ( ! IDEA ?AT ANY ONE PRODUCT ( LABOR CAN PROP]LY BE MADE ! ONLY BASIS ( MONEY4 ,TO QUOTE HIM 9 ?IS CONNECTION AT ALL IS ! HEI<T ( PRESUMPTION ON ! P>T ( ,BASIS4 ,A *>GE ?AT HIS SY/EM1 :I* RECOGNIZ$ CO/ AS ! ONLY GR\ND ( PRICE1 EV5 CONTEMPLAT$ A PROMISE TO PAY ANY?+ = VALUE RECEIV$1 HE W\LD DEEM ! CLIMAX ( 9SULT TO HIS MEMORY4 ,BASIS1 9 DONN+ ! G>M5TS ( ,JOSIAH ,W>R5 TO DEF5D ! SPECIE FRAUD1 HAS /OL5 ! LIV]Y ( HEAV5 TO S]VE ! DEVIL 94 ,BASIS IS WRONG1 TOO1 9 ?9K+ ?AT L& IS NOT A GOOD BASIS = CURR5CY4 ,TRUE1 UNIMPROV$ VACANT L&1 NOT HAV+ PROP]LY A M>KET VALUE1 CANNOT PROP]LY GIVE VALUE TO ANY?+ ?AT REPRES5TS IT2 BUT P]MAN5T IMPROVEM5TS ON L&1 :I* %\LD HAVE A M>KET VALUE & C>RY ) !M A TITLE TO POSSESSION1 >E AN EXCELL5T BASIS = CURR5CY4 ,IT IS NOT ! RAW MAT]IAL ( ANY PRODUCT ?AT FITS IT = A BASIS1 BUT ! LABOR ?AT HAS BE5 EXP5D$ 9 %AP+ ! MAT]IAL4 ,AS = ! IMMOVABILITY ( L& UNFITT+ IT = A BASIS1 IT HAS JU/ ! OPPOSITE EFFECT4 ,H]E ,BASIS IS MISL$ BY ! IDEA ?AT CURR5CY CAN BE R$EEM$ ONLY 9 ?AT ON :I* IT IS BAS$47#f#b 8 #b#e7  

,BUT ?IS F]TILE SUBJECT HAS TAK5 US F>!R ?AN WE 9T5D$ TO FOLL[ IT4 ,SO H]E1 = ! PRES5T1 WE WILL QUIT ITS COMPANY1 MEAN:ILE H&+ OV] ,BASIS TO ! T5D] M]CIES ( ,APEX1 & HE>TILY 5DORS+ ALMO/ ALL ?AT ,BASIS SAYS AT ! CLOSE ( HIS >TICLE CONC]N+ ! TRUE DUTY ( GOV]NM5T1 AS LONG AS IT %ALL EXI/1 REG>D+ ! CURR5CY47#f#b 8 #b#f7 

#fb N4 #a4 ,IT IS 9T]E/+ TO NOTE ?AT ,BASIS1 AB&ON+ LAT] ! !ORY ( 9T]E/ MA9TA9$ BY HIM 9 ! ABOVE >TICLE1 TOOK ! 9ITIATIVE 9 ! =MATION ( A SOCIETY = ! ABOLITION ( 9T]E/1 & N[ CONSID]S SU* ABOLITION ESS5TIAL TO ! SOLUTION ( ! SOCIAL PROBLEM4 8 

ITEM D#e#f#g#d#b#a4 ,NEV]!LESS1 TO EV]YBODY BUT ! ISSU]1 REPRES5TATIVE MONEY IS CAPITAL TO ALL 9T5TS & PURPOSES1 BECAUSE IT WILL PROCURE CAPITAL4 ,BUT TO ! ISSU] IT IS NOT CAPITAL1 BECAUSE HE ISSUES IT AGA9/ SECURITY BELONG+ NOT TO HIMSELF BUT TO ! BORR[]1 W\LD NOT BE ABLE TO ISSUE IT W]E IT NOT = SU* SECURITY1 & !RE=E P>TS ) NO?+ 9 ISSU+ IT4 ,N[ ! IDEA ?AT MONEY IS CAPITAL DOES NOT SU/A9 ! POSITION ( ,BASIS1 UNLESS IT BE TAK5 TO MEAN ?AT MONEY IS CAPITAL TO ! ISSU]4 8 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #a -- ,PUBLICATION4 
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