,P>T #b1 ,*APT] #cb 
,A ,BOOK ?AT IS ,NOT ,MILK = ,BABES 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,A ,BOOK ?AT IS ,NOT ,MILK = ,BABES4 

.<,LIB]TY1 ,NOVEMB] #b#c1 #a#h#h#i4.> 

,! MO/ IMPORTANT BOOK ?AT HAS BE5 PUBLI%$ ?IS YE> COMES TO ,LIB]TY FROM ! PRESS ( ! ,J4 ,B4 ,LIPP9COTT ,COMPANY1 ( ,PHILADELPHIA4 ,IT IS A LITTLE VOLUME ( SOME?+ OV] A HUNDR$ V]Y SMALL PAGES1 PR9T$ FROM V]Y L>GE TYPE4 ,= T5 YE>S TO COME IT PROBABLY WILL BE READ BY ONE P]SON :]E ,LOOK+ ,BACKW>D IS READ BY A ?\S&1 BUT ! ECONOMIC TEA*+ :I* IT CONTA9S WILL DO MORE 9 ! LONG RUN TO SETTLE ! LABOR QUE/ION ?AN WILL EV] BE DONE BY ,LOOK+ ,BACKW>D1 ,PROGRESS & ,POV]TY1 & ,! ,COOP]ATIVE ,COMMONWEAL? COMB9$4 ,ITS TITLE IS ,9VOLUNT>Y ,IDL5ESS3 ,AN ,EXPOSITION ( ! ,CAUSE ( ! ,DISCREPANCY ,EXI/+ BETWE5 ! ,SUPPLY (1 & ! ,DEM& =1 ,LABOR & ,ITS ,PRODUCTS4 ,! BOOK CONSI/S ( A PAP] READ AT ! MEET+ ( ! ,AM]ICAN ,ECONOMIC ,ASSOCIATION 9 ,PHILADELPHIA ON ,DECEMB] #b#i1 #a#h#h#h1 BY ,HUGO ,BILGRAM1 ! AU?OR ( ?AT ADMIRABLE LITTLE PAMPHLET1 ,! ,IRON ,LAW ( ,WAGES1 ) :I* MO/ READ]S ( ,LIB]TY >E FAMILI>4 ,I AM /RONGLY 9CL9$ TO HAIL ,MR4 ,BILGRAM'S NEW WORK AS ! BE/ TREATISE ON MONEY & ! RELATION ( MONEY TO LABOR ?AT HAS BE5 WRITT5 9 ! ,5GLI% LANGUAGE S9CE ,COLONEL ,WILLIAM ,B4 ,GRE5E PUBLI%$ HIS ,MUTUAL ,BANK+47#h#c 8 #a7  

,! AU?OR PREFACES HIS ESSAY ) A V]Y CONV5I5T & C>EFULLY PREP>$ SKELETON ( HIS >GUM5T1 :I* ,I REPRODUCE H]E1 S9CE IT GIVES A MU* BETT] IDEA ( ! BOOK ?AN ANY COND5SATION ?AT ,I MI<T ATTEMPT37#h#c 8 #b7 

,! AIM ( ! TREATISE IS TO SE>* = ! CAUSE ( ! LACK ( EMPLOYM5T1 :I* IS OBVI\SLY DUE TO ! OBS]V$ FACT ?AT ! SUPPLY ( COMMODITIES & S]VICES EXCE$S ! DEM&1 AL?\< REASON DICTATES ?AT SUPPLY & DEM& 9 G5]AL %\LD BE PRECISELY EQUAL4 ,! FACTOR DE/ROY+ ?IS NATURAL EQUATION IS LOOK$ = AMONG ! CONDITIONS ?AT REGULATE ! DI/RIBUTION ( WEAL?1--I4E41 ITS DIVISION 9TO ,R5T1 ,9T]E/1 & ,WAGES47#h#c 8 #c7  

,! >GUM5TS EVOLV$ BY ! DISCUSSION ( ! ,R5T QUE/ION1 :I* ( LATE HAS EXCIT$ MU* PUBLIC 9T]E/1 BE+ UNABLE TO ACC\NT = ! APP>5T SURFEIT ( ALL K9DS ( RAW MAT]IALS1 ! TOPIC ( R5T IS ELIM9AT$ BY ASSUM+ ALL LOCAL ADVANTAGES TO BE EQUAL47#h#c 8 #d7  

,AT FIR/ AN EXAM9ATION IS MADE ( ! RELATION ( CAPITAL TO ! PRODUCTIVITY ( LABOR1 & ?AT ( 9T]E/ ON CAPITAL TO ! REMUN]ATION = LABOR1 %[+ ?AT HI< 9T]E/ T5DS TO R$UCE ! PRODUCTIVITY (1 AS WELL AS ! REMUN]ATION =1 LABOR4 ,L[ WAGES BE+ ALSO CONCOMITANT ) A SC>CITY ( EMPLOYM5T1 IT IS 9F]R$ ?AT A CLOSE RELATION EXI/S BETWE5 ! ECONOMIC CAUSE ( 9VOLUNT>Y IDL5ESS & ! LAW ( 9T]E/47#h#c 8 #e7  

,FOLL[+ ?IS CLUE1 ! TWO SEP>ATE MEAN+S ( ! AMBIGU\S WORD ,CAPITAL >E COMP>$1 %[+ ?AT MONEY1 :I* CAN NEV] BE US$ 9 ! ACT ( PRODUCTION1 CANNOT BE CAPITAL :5 ?AT T]M IS US$ 9 ITS CONCRETE S5SE2 & S9CE CAPITAL IS CAPABLE ( PRODUC+ A PR(IT ONLY :5 ! SAME IS US$ PRODUCTIVELY1 ! FACT ?AT 9T]E/ IS PAID = MONEY-LOANS1 :5 ?AT :I* IS LOAN$ CANNOT BE US$ PRODUCTIVELY1 MU/ BE TRAC$ TO AN 9DEP5D5T CAUSE4 ,! USUAL >GUM5T ?AT ) MONEY ACTUAL CAPITAL CAN BE PUR*AS$ IS REJECT$1 BECAUSE MONEY & CAPITAL W\LD NOT BE 9T]*ANGEABLE IF !IR ECONOMIC PROP]TIES W]E NOT HOMOG5E\S4 ,?IS COMPELS A SE>* = A PROP]TY 9H]5T 9 MONEY ?AT CAN ACC\NT = ! WILL+NESS ( BORR[]S TO PAY 9T]E/ ON MONEY-LOANS47#h#c 8 #f7  

,IT IS !N %[N ?AT 9T]E/ ON MONEY-LOANS IS PAID BECAUSE MONEY AF=DS SPECIAL ADVANTAGES AS A M$IUM ( EX*ANGE1 & ! VALUE ( ?IS PROP]TY ( MONEY IS TRAC$ TO ITS ULTIMATE UTILITY1 OR1 9 O!R WORDS1 TO ! 9CREM5T ( PRODUCTIVITY :I* ! LA/ ADD5DUM TO ! VOLUME ( MONEY AF=DS BY FACILITAT+ ! DIVISION ( LABOR47#h#c 8 #g7  

,RETURN+ TO ! QUE/ION ( 9T]E/ ON ACTUAL CAPITAL1--I4E41 ! EXCESS ( VALUE PRODUC$ OV] ! CO/ ( PRODUCTION1--! QUE/ION AS TO :AT DET]M9ES ! VALUE ( A PRODUCT LEADS TO ! ASS]TION ?AT CAPITAL-PR(IT MU/ BE DUE TO AN ADVANTAGE :I* ! PRODUC] POSSESSES OV] ! M>G9AL PRODUC]4 ,?IS IS F\ND TO BE DUE TO ! 9T]E/ PAYABLE BY ! M>G9AL PRODUC] ON MONEY-LOANS47#h#c 8 #h7  

,AN IDEAL SEP>ATION ( ! F9ANCIAL FROM ! 9DU/RIAL WORLD REVEALS A T5D5CY ( ! 9DU/RIAL CLASS TO DRIFT 9TO BANKRUPTCY BY =CE ( CONDITIONS OV] :I* !Y HAVE NO CONTROL4 ,?OSE :O >E AT ! V]GE ( BANKRUPTCY BE+ ! M>G9AL PRODUC]S1 O!RS :O >E FREE ( DEBT WILL REAP A PR(IT CORRESPOND+ TO ! 9T]E/ PAYABLE BY ! M>G9AL PRODUC]S ON DEBTS EQUAL TO ! VALUE ( ! CAPITAL !Y EMPLOY2 H5CE ! RATE ( CAPITAL-PR(IT WILL T5D TO BECOME EQUAL TO ! RATE ( 9T]E/ PAYABLE ON MONEY-LOANS1 & ! P[] ( MONEY TO COMM& 9T]E/1 9/EAD ( BE+ ! RESULT1 IS 9 REALITY ! CAUSE ( CAPITAL-PR(IT47#h#c 8 #i7  

,! 9ABILITY ( ! DEBTOR CLASS TO MEET !IR OBLIGATIONS 9CREASES ! RISK ( BUS9ESS 9VE/M5TS1 & ! ACCUMULATION ( MONEY 9 ! H&S ( ! F9ANCIAL CLASS DEPRIV+ ! *ANNELS ( COMM]CE ( ! NE$$ M$IUM ( EX*ANGE1 A /AGNATION ( BUS9ESS WILL 5SUE1 :I* READILY ACC\NTS = ! ACCUMULATION ( ALL K9DS ( PRODUCTS 9 ! H&S ( ! PRODUC]S & = ! CONSEQU5T DE>? ( EMPLOYM5T4 ,! LOSSES SU/A9$ BY ! L5D]S ( MONEY 9VOLVE A SEP>ATION ( 9T]E/ 9TO TWO BRAN*ES1 RISK-PREMIUM & 9T]E/ PROP]1 & CONSID]+ ?AT ! RISK-PREMIUMS EQUAL ! SUM TOTAL ( ALL REL9QUI%$ DEBTS1 ! LAW ( 9T]E/ IS EVOLV$ BY AN ANALYSIS ( ! MONET>Y CIRCULATION BETWE5 ! DEBTORS & CR$ITORS47#h#c 8 #a7  

,?IS ANALYSIS LEADS TO ! 9F]5CE ?AT AN EXPANSION ( ! VOLUME ( MONEY1 BY EXT5D+ ! ISSUE ( CR$IT-MONEY1 WILL PREV5T BUS9ESS /AGNATION & 9VOLUNT>Y IDL5ESS47#h#c 8 #a#a7  

,! OBJECTIONS USUALLY URG$ AGA9/ CR$IT-MONEY >E CONSID]$ & F\ND UNT5ABLE1 ! CLAIM ?AT 9T]E/ NATURALLY ACCRUES TO CAPITAL IS DISPUT$ AT EA* SUCCESSIVE /&-PO9T1 & 9 ! CONCLUD+ REM>KS AN EXPLANATION IS GIV5 ( ! PRES5T EXCESS ( SUPPLY OV] ! DEM& ( COMMODITIES & S]VICE1 CONFIRM+ ! CONCLUSION ?AT ! CORRECTION ( ?IS ABNORMAL /ATE IS CONT+5T UPON ! F9ANCIAL MEASURE SUGGE/$47#h#c 8 #a#b7 
  

,ADMIRABLY ACCURATE AS ! =EGO+ IS AS AN \TL9E1 IT CONVEYS ONLY A FA9T IDEA ( ! BEAUTIFULLY CALM1 LOGICAL1 & CONV9C+ WAY 9 :I* ! >GUM5T IS WORK$ \T & SU/A9$4 ,IT SEEMS IMPOSSIBLE ?AT ANY UNBIAS$ M9D %\LD FOLL[ ! AU?OR'S REASON+ C>EFULLY FROM ! />T TO ! F9I% & NOT ACCEPT ! CONCLUSION :I* HE REA*ES 9 COMMON ) ,LIB]TY1--NAMELY1 ?AT \R F9ANCIAL LEGISLATION IS ! REAL SEAT ( ! PREVAIL+ SOCIAL DISORD]1 & ?AT ! ONLY WAY TO SECURE REMUN]ATIVE EMPLOYM5T TO ALL :O >E ABLE & WILL+ TO WORK IS TO ABOLI% ! RE/RICTIONS UPON ! ISSUE ( MONEY47#h#c 8 #a#c7  

,MOREOV]1 ! AU?OR NOT ONLY E/ABLI%ES ! /R5G? ( HIS [N POSITION1 BUT ?R[S NUM]\S & P[]FUL SIDELI<TS UPON ! WEAKNESSES ( O!RS4 ,HE %[S ! 9ADEQUACY ( ,H5RY ,GEORGE'S !ORY AS AN EXPLANATION ( 5=C$ IDL5ESS1 ! FUTILITY ( PROTECTION1 T>IFF RE=M1 FACTORY ACTS1 & ANTI-IMMIGRATION LAWS AS MEASURES ( RELIEF FROM /AGNATION ( COMM]CE1 & ! ABSURDITY ( ! FIAT-MONEY !ORI/S & ALL :O HOLD ) !M ?AT ! VALUE ( MONEY IS DEP5D5T UPON ITS VOLUME4 ,IF ,MR4 ,LLOYD1 :O LATELY PROPOS$ ! USE ( COMMUNI/IC CR$IT-MONEY1 WILL GET ,MR4 ,BILGRAM'S BOOK & C>EFULLY READ PAGES #f#d-#g#g 9CLUSIVE1 ,I ?9K HE WILL BE SATISFI$ ( ! UNS\NDNESS ( ANY CR$IT-MONEY SY/EM ?AT DOES NOT SPECIFICALLY ASSURE ! ULTIMATE R$EMPTION ( EA* NOTE BY VALUE PL$G$ = ITS SECURITY47#h#c 8 #a#d7  

,HAV+ ?US DECL>$ MY HI< APPRECIATION ( ?IS BOOK1 ,I MAY ADD A WORD OR TWO BY WAY ( CRITICISM4 ,! POLICY ( ! AU?OR 9 AB&ON+ :AT HE HIMSELF CONSID]S ! TRUE DEF9ITION ( ! WORD CAPITAL & ADOPT+ ! DEF9ITION G5]ALLY SANCTION$ BY ! ECONOMI/S IS ( V]Y QUE/IONABLE UTILITY4 ,IT IS TRUE ?AT HE DOES NOT ALL[ ?IS CONFESS$ MISUSE ( A WORD TO VITIATE HIS >GUM5T1 BUT IT =CES HIM NEV]!LESS TO SEP>ATE CAPITAL FROM MONEY2 & !REBY HE /R5G!NS ! HOLD ( ! DELUSION :I* IS EXPLOIT$ SO EFFECTIVELY BY ! *AMPIONS ( 9T]E/1--NAMELY1 ?AT 9 AN EX*ANGE ( GOODS = MONEY ! MAN :O P>TS ) ! GOODS IS DEPRIV$ ( CAPITAL :ILE ! MAN :O P>TS ) ! MONEY IS NOT4 ,IF ,MR4 ,BILGRAM HAD US$ ! WORD CAPITAL TO MEAN :AT HE ?9KS IT MEANS1--ALL WEAL? CAPABLE ( BR++ A REV5UE TO ITS [N]1--HE W\LD HAVE DEPRIV$ HIS OPPON5TS ( !IR FAVORITE DEVICE = CONFUS+ ! POPUL> M9D47#h#c 8 #a#e7  

,BUT ?IS IS A QUE/ION ( WORDS ONLY4 ,IT 9VOLVES NO DIFF]5CE ( IDEAS BETWE5 ,MR4 ,BILGRAM & ,LIB]TY4 ,ON ANO!R PO9T1 H[EV]1 !RE IS SUB/ANTIAL DISAGREEM5T4 ,:5 ,MR4 ,BILGRAM PROPOSES ?AT ! GOV]NM5T %ALL C>RY ON 7& PRESUMABLY MONOPOLIZE1 ?\<1 ?IS IS NOT CLE>LY /AT$7 ! BUS9ESS ( ISSU+ MONEY1 IT IS H>DLY NECESS>Y TO SAY ?AT ,LIB]TY CANNOT FOLL[ HIM4 ,IT GOES ) HIM 9 HIS ECONOMY1 BUT NOT 9 HIS POLITICS4 ,!RE >E AT LEA/ ?REE VALID REASONS1 & D\BTLESS O!RS ALSO1 :Y ! GOV]NM5T %\LD DO NO?+ ( ! K9D47#h#c 8 #a#f7  

,FIR/1 ! GOV]NM5T IS A TYRANT LIV+ BY !FT1 & !RE=E HAS NO BUS9ESS TO 5GAGE 9 ANY BUS9ESS47#h#c 8 #a#g7  

,SECOND1 ! GOV]NM5T HAS NONE ( ! *>ACT]I/ICS ( A SUCCESSFUL BUS9ESS MAN1 BE+ WA/EFUL1 C>ELESS1 CLUMSY1 & %ORT-SI<T$ 9 ! EXTREME47#h#c 8 #a#h7  

,?IRD1 ! GOV]NM5T IS ?OR\<LY IRRESPONSIBLE1 HAV+ IT 9 ITS P[] TO EFFECTIVELY REPUDIATE ITS OBLIGATIONS AT ANY TIME47#h#c 8 #a#i7  

,) !SE QUALIFICATIONS ,LIB]TY GIVES ,MR4 ,BILGRAM'S BOOK 5?USIA/IC WELCOME4 ,ITS HI< PRICE1 @s#a41 WILL DEB> MANY FROM READ+ IT2 BUT MONEY CANNOT BE EXP5D$ MORE WISELY ?AN 9 LE>N+ ! TRU? AB\T MONEY47#h#c 8 #b7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #cb -- ,PUBLICATION4 
,FEBRU>Y #b1 #bag 3 ,P>T #b1 ,*APT] #cb -- ,ADD$4 

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