,P>T #b1 ,*APT] #af 
,MONEY & ,CAPITAL 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,MONEY & ,CAPITAL4 

.<,LIB]TY1 ,DECEMB] #a1 #a#h#h#h4.> 

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

,I HAVE READ ATT5TIVELY ,MR4 ,WE/RUP'S F>!R /ATEM5T ON MUTUAL BANK+1 BUT FAIL TO SEE :]E9 HE T\*ES :AT IS TO MY M9D ! VITAL PO9T4 ,HE SAYS ?AT ! SY/EM W\LD NOT BE MAK+ USE ( CAPITAL ?AT BELONG$ TO SOME ONE ELSE4 ,!N ,I CANNOT SEE H[ IT W\LD ANSW] ITS PURPOSE4 ,! BANK ITSELF HAS NO CAPITAL SAVE ! PL$GES ADVANC$ BY BORR[]S1 & IF !Y TAKE \T NO MORE ?AN !Y PUT 91 !Y MAKE NO GA91 BUT >E M]ELY TO ! EXP5SE ( ! TRANSACTION4 ,ON ! O!R H&1 IF !Y DO TAKE \T MORE1 SOME ONE ELSE MU/ HAVE PUT IT 94 ,!Y DO NOT 9CREASE !IR WEAL? BY US+ !IR [N PROP]TY AS A BASIS ON :I* TO MAKE ADVANCES TO !MSELVES4 ,IT IS ONLY :5 SOME ONE ELSE ACCEPTS IT AS A PL$GE ON :I* TO ADVANCE HIS PROP]TY ?AT !Y HAVE MADE A GA94 ,& IF !RE IS NO ONE TO BE PAID A DIVID5D BUT ! SAME BORR[]S1 ?AT SOME ONE ELSE WILL GO UNPAID47#f#h 8 #b7  

,! BORR[]'S OBJECT IS TO GET ! USE ( ADDITIONAL CAPITAL1 NOT ( ! MONEY ?AT REPRES5TS IT DUR+ ! TRANSF]4 ,IF HE GETS IT1 SOME ONE .<ELSE.> IS DEPRIV$ ( ! USE ( ?AT MU* WEAL?1 AS TWO CANNOT USE ! SAME PROP]TY AT ! SAME TIME4 ,\R F>M] WOR? @s#a11 :O BORR[$ @s#e & 9VE/$ IT1 F\ND AT ! 5D ( ! TRANSACTION ?AT HE HAD AT HIS DISPOSAL @s#a1#e WOR? ( PROP]TY4 ,N[1 :]E DID ! LA/ @s#e WOR? COME FROM8 ,LIKE ALL CREAT$ ?+S1 ITS [N]%IP VE/$ RI<TFULLY 9 ITS CREATOR2 ! F>M] WAS NOT ?AT CREATOR1 OR HE W\LD NOT HAVE HAD TO BORR[ IT4 ,! BANK1 9 ISSU+ A VOLUME ( CIRCULAT+ M$IUM1 NEI!R 9CREAS$ NOR DIM9I%$ ! AGGREGATE WEAL? ( ! C\NTRY APPRECIABLY4 ,IT 5GAG$ 9 NO PRODUCTIVE 9DU/RY4 ,IT DID NOT CREATE #e DOLL>S' NOR #e C5TS' WOR? ( PROP]TY4 ,9 FACT1 ,MR4 ,WE/RUP'S RATE ( 9T]E/ REPRES5TS :AT IT DID CREATE 9 ADDITIONAL VALUE 9 MAK+ \T ! TRANSF] PAP]S1--A FRACTION ( ONE P]C5T ( ! @s#e4 ,IF1 !N1 NEI!R ! BANK NOR ! F>M] CREAT$ IT1 IS IT NOT CLE> ?AT !Y MADE USE ( CAPITAL ?AT BELONG$ TO SOME ONE ELSE7#f#h 8 #c7  

,! DI/9CTION BETWE5 [N+ PROP]TY & M]ELY HAV+ ! USE ( IT HAS BE5 PO9T$ \T TO ME1 BUT APPE>S L>GELY V]BAL1 = ! ONLY VALUE ( PROP]TY IS ! USE !RE(4 ,AT ANY RATE1 IT SEEMS CLE> ?AT \R F>M] GETS ! USE ( @s#e WOR? ( PROP]TY SO LONG AS HE PAYS ! EXP5SE ( KEEP+ @s#e ( CIRCULAT+ M$IUM AFLOAT4 ,HE USES HIS @s#a1 WOR? ( PROP]TY AS A GU>ANTEE TO ! PRODUC] ( ! @s#e ( VALUE ?AT ! LATT] %ALL RECEIVE BACK HIS PROP]TY 9TACT1 BUT ) NO PAYM5T = USE47#f#h 8 #d7  

,IF ,I HAVE UND]/OOD CORRECTLY ! REPLY TO MY =M] LETT]1 ?IS IS ,LIB]TY'S IDEA2 BUT ,I DO NOT SEE ?AT ,MR4 ,WE/RUP CO9CIDES4 ,H[EV]1 IF ,I AM 9 ]ROR1 ,I TRU/ ,I AM OP5 TO CONVICTION & AWAIT FUR!R LI<T47#f#h 8 #e7 

,J4 ,H]B]T ,FO/] 
  

,MR4 ,FO/]'S DIFFICULTY >ISES FROM ! FUTILE ATTEMPT1 :I* MANY O!RS HAVE MADE BE=E HIM1 TO DI/+UI% MONEY FROM CAPITAL1 ! REAL FACT BE+ ?AT MONEY1 ?\< NOT CAPITAL 9 A MAT]IAL S5SE1 IS1 9 ! ECONOMIC S5SE & TO ALL 9T5TS & PURPOSES1 ! MO/ P]FECT & DESIRABLE =M ( CAPITAL1 = ! REASON ?AT IT IS ! ONLY =M ( CAPITAL :I* WILL AT ANY TIME ALMO/ 9/ANTLY PROCURE ALL O!R =MS ( CAPITAL4 ,PRACTICALLY SPEAK+1 ?AT MAN HAS CAPITAL :O HOLDS AN 9/ANTLY CONV]TIBLE TITLE TO CAPITAL4.<#a#b.>7#f#h 8 #f7  

,IF ?IS BE TRUE1 !N ,MR4 ,FO/]'S CLAIM ?AT MUTUAL BANK+ 9VOLVES ! MAK+ USE ( CAPITAL ?AT BELONGS TO SOME ONE ELSE FALLS IMM$IATELY4 ,DOES HE MEAN TO SAY ?AT1 :5 ! BORR[] ( A MUTUAL BANK'S NOTES GOES 9TO ! M>KET & BUYS CAPITAL ) !M1 HE IS !REBY KEEP+ ! SELL] \T ( HIS CAPITAL8 ,IF SO1 !N ,MR4 ,FO/]1 :5 HE PAYS HIS BUT*] CA% = A BEEF/EAK = HIS TO-MORR['S BREAKFA/1 IS KEEP+ HIS BUT*] \T ( HIS CAPITAL4 ,BUT DOES EI!R HE OR HIS BUT*] EV] LOOK AT HIS CONDUCT 9 ?AT LI<T8 ,IF ?AT IS BE+ KEPT \T ( CAPITAL1 !N IS ! BUT*] ONLY TOO GLAD TO BE ?US DEPRIV$4 ,HE KEEPS A %OP = ! EXPRESS PURPOSE ( BE+ KEPT \T ( HIS CAPITAL1 & HE FEELS ?AT IT'S V]Y H>D L9ES & A V]Y DULL SEASON :5 HE ISN'T KEPT \T ( IT4 ,HE KN[S ?AT1 :5 HE SELLS A BEEF/EAK TO ,MR4 ,FO/] = CA%1 HE P>TS ) CAPITAL = :I* HE HAS NO USE HIMSELF & GETS 9 EX*ANGE A TITLE CONV]TIBLE :5EV] HE MAY *OOSE 9TO SU* CAPITAL AS HE HAS USE =1 & HE KN[S FUR!R ?AT HE GREATLY B5EFITS BY ! TRANSACTION4 ,! POSITION ( ,MR4 ,FO/]'S BUT*] IS PRECISELY P>ALLEL TO ?AT ( ! MANUFACTUR] ( MA*9]Y :O SELLS A PL[ OR A PRESS OR AN 5G9E TO A BORR[] FROM A MUTUAL BANK4 ,CLE>LY1 !N1 ,MR4 ,FO/]'S SYMPA?Y = ?IS MANUFACTUR] IS MISPLAC$47#f#h 8 #g7  

,( C\RSE ! POSITION :I* ,I HAVE JU/ TAK5 DOES NOT HOLD ) NOTES ?AT WILL NOT COMM& CAPITAL1--?AT IS1 ?AT >E NOT READILY RECEIV$ AS MONEY4 ,BUT ?AT IS NOT ! PO9T UND] DISPUTE4 ,:5 ,MR4 ,FO/] %ALL QUE/ION ! SOLV5CY ( MUTUAL MONEY1 ,I WILL MEET HIM ON ?AT PO9T ALSO4 ,= ! PRES5T MY SOLE CONT5TION AGA9/ HIM IS ?AT ! MAN :O EX*ANGES A MAT]IAL VALUE = GOOD MONEY IS NOT !REBY KEPT \T ( HIS CAPITAL47#f#h 8 #h7 

#fh N4 #a4 ,?IS P>AGRAPH ON ! SURFACE SEEMS CONTRADICTORY ( ! POSITION TAK5 ON A PREVI\S PAGE 9 ANSW] TO ,BASIS4 ,& 9 =M & T]MS IT DOES CONTRADICT IT4 ,BUT A C>EFUL READ+ ( BO? PASSAGES1 9 CONNECTION ) ! ACCOMPANY+ EXPLANATORY S5T5CES1 WILL %[ ?AT !RE IS NO 9CONSI/5CY BETWE5 !M4 8 

,FROM 3 FAIR-USE4ORG4 

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