,P>T #b1 ,*APT] #bi ,A ,NECESSITY OR A ,DELUSION1--,:I*8 #ahigahig ,PEOPLE 3 ,AU?OR 3 ,B5JAM9 ,R4 ,TUCK] ,TEXT 3 ,A ,NECESSITY OR A ,DELUSION1--,:I*8 .<,LIB]TY1 ,JUNE #b#g1 #a#h#i#a4.> ,TO ! ,$ITOR ( ,LIB]TY37#h#a 8 #a7 ,IT IS NOT ONLY A DELUSION1 BUT A MISUSE ( LANGUAGE TO TALK AB\T A /&>D ( VALUE4 ,GIVE US A /&>D ( PA9 & PLEASURE1 & Y\ MAY CONV9CE US ?AT !RE CAN BE A /&>D ( VALUE4 ,I AM WELL AW>E ( ! DIFFICULTY ( DISCUSS+ ?IS QUE/ION1 EV5 ) SO PRECISE AN $ITOR AS ,MR4 ,TUCK]2 BUT S9CE HE HAS CALL$ 9TO QUE/ION ! VIEWS PRES5T$ 9 MY PAMPHLET1 ,I FEEL CALL$ UPON TO LAY BE=E ! READ]S ( ,LIB]TY SOME ADDITIONAL >GUM5TS TO %[ ! CORRECTNESS ( :AT ,MR4 ,TUCK] HAS HONOR$ BY CALL+ ! ,WE/RUP VIEW47#h#a 8 #b7 ,LET US CONSID] = A MOM5T ! PRACTICAL WORK+S ( A ,MUTUAL ,BANK1 AS NE> AS WE CAN =ETELL !M47#h#a 8 #c7 ,! 9C5TIVE TO ORGANIZE A ,MUTUAL ,BANK IS ! OPPORTUNITY ( BORR[+ MONEY AT A V]Y L[ RATE ( 9T]E/ & NO ADDITIONAL EXP5SE4 ,?IS DESID]ATUM IS NOT CONF9$ TO A FEW 9DIVIDUALS1 BUT IS WELL-NI< UNIV]SAL4 ,IT FOLL[S1 !RE=E1 ?AT ! />T+ ( A BANK WILL DRAW TO IT A L>GE NUMB] ( PEOPLE1 EMBRAC+ PRODUC]S & DEAL]S 9 ALMO/1 P]HAPS ALL1 COMMODITIES4 ,ONE ( ! CONDITIONS 9 OBTA9+ ! NOTES 7PAP] MONEY7 ( ! ,MUTUAL ,BANK IS ?AT !Y WILL BE TAK5 9 LIEU ( CURR5T MONEY )\T V>IATION 9 ! PRICE ( ! COMMODITIES BY ?OSE :O BORR[ !M4 ,?IS CONDITION IS JU/1 & WILL BE READILY ACQUIESC$ 9 )\T A MURMUR4 ,AT ! V]Y \TSET ( ! ,MUTUAL ,BANK1 !N1 WE HAVE AT LEA/ DEAL]S 9 MO/ ( ! ORD9>Y COMMODITIES :O WILL ACCEPT ITS MONEY 9 PLACE ( CURR5T MONEY4 ,?IS C]TA9TY ( ITS R$EMPTION 9 COMMODITIES AT !IR M>KET-PRICE 9 CURR5T MONEY GU>ANTEES ITS CIRCULATION47#h#a 8 #d7 ,/RICTLY SPEAK+1 ! ,MUTUAL ,BANK DOES NOT ISSUE ! MONEY2 IT SIMPLY FURNI%ES IT & IS ! CU/ODIAN ( ! COLLAT]AL PL$G$ TO 9SURE ITS RETURN4 ,IT IS ! BORR[]S :O BO? ISSUE & R$EEM47#h#a 8 #e7 ,! TRANSACTION BETWE5 ! BANK & ! BORR[] IS ( NO 9T]E/ TO ! PUBLIC PREVI\S TO ! ISSUE ( ANY ( ! MONEY BY ! BORR[]4 ,NEI!R IS IT CONC]N$ ) ! TRANSACTION BETWE5 ! BORR[] & ! BANK AFT] ! =M] HAS R$EEM$ ALL ! MONEY HE BORR[$47#h#a 8 #f7 ,DISCUSS+ !ORIES IS F> LESS IMPORTANT ?AN EF=TS TO PUT 9 PRACTICE SU* MOM5T\S RE=MS AS ! APPLICATION ( ! MUTUAL FEATURE TO ! SUPPLY ( ! M$IUM ( EX*ANGE4 ,IF ,COMRADE ,TUCK] REALLY DESIRES ! E/ABLI%M5T ( ,MUTUAL ,BANKS1 IT SEEMS TO ME HE W\LD NATURALLY DISCUSS ! PRACTICABILITY ( SU* 9/ITUTIONS4 ,LET HIM PO9T \T :]E9 ! ABOVE =ECA/ IS UNS\ND4 ,LET HIM %[ ! NECESSITY = A /&>D ( VALUE & SUGGE/ H[ TO 9TRODUCE ONE3 P]HAPS ,I MAY BECOME CONV]T$4 ,I %ALL MO/ SURELY ACKN[L$GE MY ]ROR IF ,I AM CONV9C$1 BUT ,I HAVE NO TIME OR 9CL9ATION TO DISCUSS ANY AB/RACT !ORY AB\T A /&>D ( VALUE4 ,! ONE QUE/ION ?AT SEEMS TO ME ( IMPORTANCE IS ! PRACTICABILITY ( ! ,MUTUAL ,BANK4 ,IF IT IS NOT PRACTICABLE1 :Y IS IT NOT SO8 ,IF IT IS1 :Y WA/E TIME & SPACE 9 DISCUSS+ :E!R ! FIR/ OR ! SECOND OR ANY O!R COMMODITY EX*ANG$ BECOMES ! MEASURE OR /&>D ( VALUE2 ESPECIALLY AS ! :OLE TR\BLE DISAPPE>S ) ! ABOLITION ( ! BASIS PRIVILEGE47#h#a 8 #g7 ,ALFR$ ,B4 ,WE/RUP ,MR4 ,WE/RUP'S >TICLE SU/A9S 9 ! CLE>E/ MANN] MY CONT5TION ?AT MONEY IS IMPOSSIBLE )\T A /&>D ( VALUE4 ,/>T+ \T TO %[ ?AT SU* A /&>D IS A DELUSION1 HE DOES NOT SUCCE$ 9 WRIT+ F\R S5T5CES DESCRIPTIVE ( HIS PROPOS$ BANK BE=E HE ADOPTS ?AT DELUSION4 ,HE TELLS US ?AT ONE ( ! CONDITIONS 9 OBTA9+ ! NOTES 7PAP] MONEY7 ( ! ,MUTUAL ,BANK IS ?AT !Y WILL BE TAK5 9 LIEU ( CURR5T MONEY4 ,:AT DOES ?IS MEAN8 ,:Y1 SIMPLY ?AT ! PATRONS ( ! BANK AGREE TO TAKE ITS NOTES AS ! EQUIVAL5T ( GOLD CO9 ( ! SAME FACE VALUE4 ,9 O!R WORDS1 !Y AGREE TO ADOPT GOLD AS A /&>D ( VALUE4 ,!Y WILL P>T ) AS MU* PROP]TY 9 RETURN = ! NOTES AS !Y W\LD P>T ) 9 RETURN = GOLD4 ,& IF !RE W]E NO SU* /&>D1 ! NOTES W\LD NOT PASS AT ALL1 BECAUSE NOBODY W\LD HAVE ANY IDEA ( ! AM\NT ( PROP]TY ?AT HE \D ( VALUE47#h#a 8 #h7 ,9DE$1 ,COMRADE ,WE/RUP1 ,I ASK NO?+ BETT] ?AN TO DISCUSS ! PRACTICABILITY ( MUTUAL BANKS4 ,ALL ! WORK ?AT ,I HAVE BE5 DO+ = LIB]TY !SE N9ETE5 YE>S HAS BE5 DIRECT$ /EADILY TO ! E/ABLI%M5T ( ! CONDITIONS ?AT ALONE WILL MAKE !M PRACTICABLE4 ,I HAVE NO OCCASION TO %[ ! NECESSITY = A /&>D ( VALUE4 ,SU* NECESSITY IS ALREADY RECOGNIZ$ BY ! PEOPLE :OM WE >E TRY+ TO CONV9CE ( ! TRU? ( MUTUAL BANK+4 ,IT IS = Y\1 :O D5Y ?IS NECESSITY1 TO GIVE Y\R REASONS4 ,& 9 ! V]Y MOM5T 9 :I* Y\ UND]TAKE TO TELL US :Y Y\ D5Y IT1 Y\ ADMIT IT )\T KN[+ IT4 ,IT W\LD NEV] HAVE OCCURR$ TO ME TO DISCUSS ! AB/RACT !ORY ( A /&>D ( VALUE4 ,I REG>D IT AS TOO WELL SETTL$4 ,BUT :5 Y\1 ONE ( ! MO/ CONSPICU\S & FAI?FUL APO/LES ( MUTUAL BANK+1 BEG9 TO BR+ ! !ORY 9TO DISCR$IT & RIDICULE BY BAS+ Y\R >GUM5TS 9 ITS FAVOR ON A *ILDI% ATTACK AGA9/ ONE ( ! SIMPLE/ ( F9ANCIAL TRU?S1 ,I AM AS MU* B\ND TO REPUDIATE Y\R H]ESY AS AN 5G9E] W\LD BE TO DISAV[ ! CALCULATIONS ( A MAN :O %\LD BEG9 AN ATTEMPT TO SOLVE A DIFFICULT PROBLEM 9 5G9E]+ BY D5Y+ ! MULTIPLICATION TABLE47#h#a 8 #i7 ,I FULLY RECOGNIZE ,MR4 ,WE/RUP'S FAI?FUL WORK = FRE$OM 9 F9ANCE & ! ABILITY ) :I* HE (T5 DEF5DS IT4 ,9 FACT1 IT IS MY APPRECIATION ( HIM ?AT HAS PREV5T$ ME FROM CRITICIZ+ HIS ]ROR E>LI]4 ,I DID NOT WI% TO ?R[ ANY OB/ACLE 9 ! PA? OR 9 ANY WAY DAMP5 ! 5?USIASM ( ?IS >D5T PROPAG&I/4 ,BUT :5 ,I SEE ?AT ADMIRABLE PAP]1 ,EGOISM1 ( ,SAN ,FRANCISCO1 PUTT+ =W>D ?OSE WRIT+S ( ,MR4 ,WE/RUP :I* CONTA9 ! OBJECTIONABLE H]ESY2.<#a#d.> & :5 ,I SEE ?AT O!R ADMIRABLE PAP]1 ,! ,H]ALD ( ,AN>*Y1 ( ,LONDON1 L$ BY HIS OR SIMIL> IDEAS TO ADVOCATE ! ISSUE ( PAP] BE>+ ON ITS FACE ! NATURAL PRICES ( ALL COMMODITIES 7672 & :5 ,I SEE ,9DIVIDUALI/S HOLD+ ,AN>*ISM RESPONSIBLE = !SE ABSURDITIES & ON ! /R5G? ( !M MAK+ EFFECTIVE ATTACKS UPON A F9ANCIAL !ORY :I*1 :5 PROP]LY DEF5D$1 IS 9VULN]ABLE1--IT SEEMS HI< TIME TO DECL>E ?AT ! FREE & MUTUAL BANK+ ADVOCAT$ BY ,PR\DHON1 ,GRE5E1 & ,SPOON] NEV] CONTEMPLAT$ = A MOM5T ! DESIRABILITY OR ! POSSIBILITY ( DISP5S+ ) A /&>D ( VALUE4 ,IF O!RS ?9K ?AT A /&>D ( VALUE IS A DELUSION1 LET !M SAY SO BY ALL MEANS2 BUT LET !M NOT SAY SO 9 ! NAME ( F9ANCIAL !ORIES & PROJECTS :I* ! ORIG9AL ADVOCATES ( MUTUAL BANK+ GAVE TO ! WORLD47#h#a 8 #a7 #ha N4 #a4 ,EGOISM LAT] SAW ITS ]ROR1 & RECOGNIZ$ ! NECESSITY ( A /&>D ( VALUE4 8 ,FROM 3 FAIR-USE4ORG4 ,*RONOLOGY 3 ,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #bi -- ,PUBLICATION4 ,FEBRU>Y #b1 #bag 3 ,P>T #b1 ,*APT] #bi -- ,ADD$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/