,P>T #b1 ,*APT] #ag 
,TO-DAY'S ,VIEW ( ,9T]E/ 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,TO-DAY'S ,VIEW ( ,9T]E/4 

.<,LIB]TY1 ,JULY #b#f1 #a#h#i4.> 

,:5 ,I SAW ! WORD ,9T]E/ AT ! TOP ( AN >TICLE 9 A REC5T ISSUE ( ,TO-DAY1 ,I SAID TO MYSELF3 ,?IS LOOKS PROMIS+2 EI!R ! $ITOR ( ,TO-DAY IS AB\T TO REMOVE ! BASIS 7SO F> AS HIS PAP] IS CONC]N$7 ( ,MR4 ,Y>ROS'S VIGOR\S CRITICISM UPON J\RNALS ( ITS CLASS ?AT !Y FAIL ( 9FLU5CE BECAUSE !Y NEGLECT TO %[ ?AT 9DIVIDUALISM WILL R$RESS ECONOMIC GRIEVANCES1 OR ELSE HE HAS DISCOV]$ SOME VITAL FLAW 9 ! ,AN>*I/ ECONOMICS & IS AB\T TO SAVE US FUR!R WA/E ( 5]GY BY %[+ ?AT ECONOMIC LIB]TY WILL NOT PRODUCE ! RESULTS WE PR$ICT FROM IT4 ,FANCY MY DISAPPO9TM5T :51 ON READ+ ! >TICLE1 ,I F\ND IT MADE UP1 SEV5 EI<?S1 ( FACTS & HI/ORICAL REM>KS :I* W\LD BE MORE-9T]E/+ IF LESS V5]ABLE1 BUT :I*1 ?\< P]T95T AS ?R[+ LI<T UPON ! CONDITIONS UND] :I* 9T]E/ >OSE1 PREVAIL$1 & FLUCTUAT$1 HAVE NOT ! REMOTE/ BE>+ UPON ! >GUM5TS ( ?OSE :O DISPUTE ! VIABILITY ( 9T]E/ TO-DAY2 ONE-SIXTE5?1 ( ! ASS]TION ( AN ECONOMIC TRUISM1 EQUALLY )\T SIGNIFICANCE 9 CONNECTION ) ?OSE >GUM5TS2 &1 ONE-SIXTE5?1 ( ! ASS]TION ( AN ECONOMIC ]ROR1 :I* ASS]TION BETRAYS NO FAMILI>ITY ) ?OSE >GUM5TS 7AL?\< IT IS )9 MY KN[L$GE ?AT ! $ITOR ( ,TO-DAY POSSESSES SU* FAMILI>ITY 9 A CONSID]ABLE DEGREE71 & :I* ]ROR CAN BE SUFFICI5TLY REFUT$ BY /AT+ IT 9 A SLI<TLY DIFF]5T =M47#f#i 8 #a7  

,! IRRELEVANT FACTS ,I IGNORE4 ,I DO NOT C>E A COPP] :E!R 9T]E/ WAS TWELVE P]C5T 9 ,>I/OTLE'S TIME OR EI<TE5 9 ,SOLON'S2 :E!R ,CA?OLICISM & ,MOHAMM$ANISM W]E UNIT$ 9 !IR AV]SION TO IT2 :E!R ,JEW OR ,*RI/IAN HAS BE5 ! GREAT] USUR]4 ,! MOD]N OPPON5TS ( 9T]E/ >E P]FECTLY WILL+ TO CONSID] FACTS T5D+ TO REFUTE !IR POSITION1 BUT NO FACTS CAN HAVE SU* A T5D5CY UNLESS !Y BELONG TO ONE ( TWO CLASSES3 FIR/1 FACTS %[+ ?AT 9T]E/ HAS G5]ALLY 7NOT SPORADICALLY7 EXI/$ 9 A COMMUNITY 9 :OSE ECONOMY MONEY WAS AS IMPORTANT A FACTOR AS IT IS ) US TO-DAY & 9 :OSE LAWS !RE WAS NO RE/RICTION UPON ITS ISSUE2 OR1 SECOND1 FACTS %[+ ?AT 9T]E/ IS SU/A9$ BY CAUSES ?AT W\LD /ILL BE EFFECTIVELY1 9V9CIBLY OP]ATIVE AFT] ! ABOLITION ( ! BANK+ MONOPOLY4 ,I DO NOT F9D ANY SU* FACTS AMONG ?OSE CIT$ BY ,TO-DAY4 ,! >RAY IS =MIDABLE 9 APPE>ANCE ONLY4 ,POSSESSION ( 5CYCLOPA$IC KN[L$GE IS A VIRTUE :I* ,SP5C] SOMETIMES EXAGG]ATES 9TO A VISE1 & A VISE :I* SOME ( HIS DISCIPLES TOO SELDOM R$UCE TO ! PROPORTIONS ( A VIRTUE47#f#i 8 #b7  

,TO ! ECONOMIC TRUISM ,I WILL GIVE A LITTLE MORE ATT5TION1 ITS IRRELEVANCY BE+ LESS APP>5T4 ,H]E IT IS3 ,! EXI/5CE ( 9T]E/ DEP5DS1 ( C\RSE1 PRIM>ILY UPON ! EXI/5CE ( PRIVATE PROP]TY4 ,I CALL ?IS A TRUISM1 ?\< ! WORD PRIM>ILY 9TRODUCES AN ELEM5T ( ]ROR4 ,IF WE >E TO 9QUIRE UPON :AT 9T]E/ PRIM>ILY DEP5DS1 WE %ALL />T UPON AN 5DLESS J\RNEY 9TO ! REALM ( METAPHYSICS4 ,BUT )\T 5T]+ ?AT REALM WE C]TA9LY CAN GO F>!R BACK 9 ! S]IES ?AN PRIVATE PROP]TY & F9D ?AT 9T]E/ DEP5DS /ILL MORE REMOTELY UPON ! EXI/5CE ( HUMAN BE+S & EV5 ( ! UNIV]SE ITSELF4 ,H[EV]1 9T]E/ UND\BT$LY DEP5DS ON PRIVATE PROP]TY1 &1 IF ?IS FACT HAD ANY SIGNIFICANCE1 ,I %\LD NOT /OP TO TRIFLE OV] ! WORD PRIM>ILY4 ,BUT IT HAS NO SIGNIFICANCE4 ,IT ONLY SEEMS TO HAVE SIGNIFICANCE BECAUSE IT C>RIES1 OR SEEMS TO BE SUPPOS$ TO C>RY1 ! IMPLICATION ?AT1 IF PRIVATE PROP]TY IS A NECESS>Y CONDITION ( 9T]E/1 9T]E/ IS A NECESS>Y RESULT ( PRIVATE PROP]TY4 ,! 9F]5CE1 ( C\RSE1 IS :OLLY UNW>RANT$ BY LOGIC1 BUT ?AT IT IS 9T5D$ APPE>S FROM A REM>K ALMO/ IMM$IATELY FOLL[+3 ,EXPECTATIONS HAVE BE5 5T]TA9$ ?AT IT .<9T]E/.> WILL EV5TUALLY BECOME Z]O2 BUT ?IS /AGE WILL PROBABLY BE REA*$ ONLY :5 ECONOMIC PRODUCTS BECOME COMMON FREE PROP]TY ( ! HUMAN RACE4 ,! WORD PROBABLY LEAVES ! WRIT]1 TO BE SURE1 A SMALL LOGICAL LOOPHOLE ( ESCAPE1 BUT IT IS NOT EXPECT$ ?AT ! READ] WILL NOTICE IT1 ! EMPHASIS BE+ ALL 9 ! O!R DIRECTION4 ,! READ] IS EXPECT$ TO LOOK UPON 9T]E/ AS A NECESS>Y RESULT ( PRIVATE PROP]TY SIMPLY BECAUSE )\T PRIVATE PROP]TY !RE C\LD BE NO 9T]E/4 ,N[1 MY HAT SOMETIMES HANGS UPON A HOOK1 &1 IF !RE W]E NO HOOK1 !RE C\LD BE NO HANG+ HAT2 BUT IT BY NO MEANS FOLL[S ?AT BECAUSE !RE IS A HOOK !RE MU/ BE A HANG+ HAT4 ,!RE=E1 IF ,I WANT$ TO ABOLI% HANG+ HATS1 IT W\LD BE IDLE1 IRRELEVANT1 & ILLOGICAL TO DECL>E ?AT ,I MU/ FIR/ ABOLI% HOOKS4 ,LIKEWISE IT IS IDLE1 IRRELEVANT1 & ILLOGICAL TO DECL>E ?AT BE=E 9T]E/ CAN BE ABOLI%$ PRIVATE PROP]TY MU/ BE ABOLI%$4 ,TAKE ANO!R ILLU/RATION4 ,IF !RE W]E NO W9T]1 WAT]-PIPES W\LD NEV] FREEZE UP1 BUT IT IS NOT NECESS>Y TO ABOLI% W9T] TO PREV5T ?IS FREEZ+4 ,HUMAN DEVICE HAS SUCCE$$ 9 PREV5T+ IT AS A G5]AL ?+4 ,SIMIL>LY1 )\T PRIVATE PROP]TY !RE W\LD BE NO BORR[+ ( CAPITAL & !RE=E NO 9T]E/2 BUT IT IS CLAIM$ ?AT1 )\T ABOLI%+ PRIVATE PROP]TY1 A HUMAN DEVICE--NAMELY1 MONEY & BANK+--WILL1 IF NOT RE/RICT$1 PREV5T ! NECESSITY ( BORR[+ CAPITAL AS A G5]AL ?+1 & !RE=E VIRTUALLY ABOLI% 9T]E/2 ?\< 9T]E/ MI<T /ILL BE PAID 9 EXTRAORD9>Y CASES1 JU/ AS WAT]-PIPES /ILL FREEZE UP UND] EXTRAORD9>Y CONDITIONS4 ,IS ?IS CLAIM TRUE8 ,?AT IS ! ONLY QUE/ION47#f#i 8 #c7  

,?IS CLAIM IS MET 9 ! S+LE RELEVANT SIXTE5? ( ,TO-DAY'S >TICLE1--?AT ALREADY REF]R$ TO AS AN ECONOMIC ]ROR4 ,BUT IT IS MET SIMPLY BY D5IAL1 :I* IS NOT DISPRO(4 ,I GIVE ! WRIT]'S WORDS37#f#i 8 #d7 

,! MO/ POPUL> FALLACY UPON ! SUBJECT N[ IS ?AT ! RATE ( 9T]E/ CAN BE L[]$ BY 9CREAS+ ! AM\NT ( CURR5CY4 ,:AT M5 REALLY WI% TO BORR[ USUALLY IS CAPITAL1--AG5CIES ( PRODUCTION1--& MONEY IS ONLY A MEANS = ! TRANSF] ( !SE4 ,! AM\NT ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL1 & EV5 AN 9CREASE 9 ! ABUNDANCE ( CAPITAL DOES NOT ALWAYS L[] ! RATE ( 9T]E/2 ?IS IS P>TLY DET]M9$ BY ! VALUE ( CAPITAL 9 USE47#f#i 8 #e7 
  

,?IS P>AGRAPH1 ?\< 9TRODUC$ ) A RA!R NON*ALANT AIR1 SEEMS TO HAVE BE5 ! OBJECTIVE PO9T ( ! 5TIRE >TICLE4 ,ALL ! RE/ WAS APP>5TLY WRITT5 TO FURNI% AN OCCASION = VOIC+ ! EXTREMELY SILLY NOTION ?AT ! AM\NT ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL4 ,AS ,I HAVE ALREADY SAID1 TO %[ H[ SILLY IT IS1 IT IS ONLY NECESS>Y TO SLI<TLY *ANGE ! WORD+ ( ! PHRASE4 ,LET IT BE /AT$ ?US3 ,! ABOLITION ( CURR5CY CAN HAVE NO EFFECT UPON ! ABUNDANCE ( CAPITAL4 ,( C\RSE1 IF ! =M] /ATEM5T IS TRUE1 ! LATT] FOLL[S4 ,BUT ! LATT] IS MANIFE/LY ABSURD1 & H5CE ! =M] IS FALSE4 ,TO AFFIRM IT IS TO AFFIRM ?AT CURR5CY DOES NOT FACILITATE ! DI/RIBUTION ( WEAL?2 = IF IT DOES1 !N IT 9CREASES ! EFFECTIVE DEM& = WEAL?1 & H5CE ! PRODUCTION ( WEAL?1 & H5CE ! ABUNDANCE ( CAPITAL4 ,IT IS TRUE ?AT AN 9CREASE 9 ! ABUNDANCE ( CAPITAL DOES NOT ALWAYS L[] ! RATE ( 9T]E/4 ,AN EXTRA HORSE ATTA*$ TO A HEAVY LOAD DOES NOT ALWAYS MOVE ! LOAD4 ,IF ! LOAD IS HEAVY 5\<1 TWO EXTRA HORSES WILL BE REQUIR$ TO MOVE IT4 ,BUT IT IS ALWAYS ! T5D5CY ( ! FIR/ EXTRA HORSE TO MOVE IT1 :E!R HE SUCCE$S OR NOT4 ,9 ! SAME WAY1 9CREASE ( CAPITAL ALWAYS T5DS TO L[] 9T]E/ UP TO ! TIME :5 9T]E/ DISAPPE>S 5TIRELY4 ,BUT ?\< 9CREAS$ CAPITAL L[]S 9T]E/ & 9CREAS$ CURR5CY 9CREASES CAPITAL1 9CREAS$ CURR5CY ALSO ACTS DIRECTLY 9 L[]+ 9T]E/ BE=E IT HAS 9CREAS$ ! AM\NT ( CAPITAL4 ,IT IS H]E ?AT ! $ITOR ( ,TO-DAY SEEMS TO %[ UNFAMILI>ITY ) ! POSITION ( ! OPPON5TS ( 9T]E/4 ,IT IS TRUE ?AT :AT M5 REALLY WI% TO GET IS CAPITAL1--! AG5CIES ( PRODUCTION4 ,& IT IS PRECISELY BECAUSE MONEY IS A MEANS = ! TRANSF] ( !SE ?AT ! ABILITY TO ISSUE MONEY SECUR$ BY !IR [N PROP]TY W\LD MAKE IT UNNECESS>Y = !M TO BORR[ !SE AG5CIES BY 5ABL+ !M TO BUY !M4 ,?IS RAISES A QUE/ION :I* ,I HAVE ASK$ HUNDR$S ( TIMES ( DEF5D]S ( 9T]E/ & :I* HAS 9V>IABLY PROV$ A POS]4 ,I WILL N[ PUT IT TO ! $ITOR ( ,TO-DAY4 ,A IS A F>M] [N+ A F>M4 ,HE MORTGAGES ! F>M TO A BANK = @s#a11 GIV+ ! BANK A MORTGAGE NOTE = ?AT SUM & RECEIV+ 9 EX*ANGE ! BANK'S NOTES = ! SAME SUM1 :I* >E SECUR$ BY ! MORTGAGE4 ,) ! BANK-NOTES ,A BUYS F>M+ TOOLS ( ,B4 ,! NEXT DAY ,B USES ! NOTES TO BUY ( ,C ! MAT]IALS US$ 9 ! MANUFACTURE ( TOOLS4 ,! DAY AFT]1 ,C 9 TURN PAYS !M TO ,D 9 EX*ANGE = SOME?+ ?AT HE NE$S4 ,AT ! 5D ( A YE>1 AFT] A CON/ANT SUCCESSION ( EX*ANGES1 ! NOTES >E 9 ! H&S ( ,Z1 A DEAL] 9 F>M PRODUCE4 ,HE PAYS !M TO ,A1 :O GIVES 9 RETURN @s#a1 WOR? ( F>M PRODUCTS :I* HE HAS RAIS$ DUR+ ! YE>4 ,!N ,A C>RIES ! NOTES TO ! BANK1 RECEIVES 9 EX*ANGE = !M HIS MORTGAGE NOTE1 & ! BANK CANCELS ! MORTGAGE4 ,N[1 9 ?IS :OLE CIRCLE ( TRANSACTIONS1 HAS !RE BE5 ANY L5D+ ( CAPITAL8 ,IF SO1 :O WAS ! L5D]8 ,IF NOT1 :O IS 5TITL$ TO ANY 9T]E/8 ,I CALL UPON ! $ITOR ( ,TO-DAY TO ANSW] ?IS QUE/ION4 ,IT IS NE$LESS TO ASSURE HIM ?AT IT IS VITAL47#f#i 8 #f7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
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