,P>T #b1 ,*APT] #ci 
,LEL& ,/AN=D'S ,L& ,BANK 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,LEL& ,/AN=D'S ,L& ,BANK4 

.<,LIB]TY1 ,JUNE #g1 #a#h#i4.> 

,! 9TRODUCTION 9 CONGRESS BY ,LEL& ,/AN=D ( A BILL PROPOS+ TO ISSUE ONE HUNDR$ MILLIONS OR MORE ( ,UNIT$ ,/ATES NOTES TO HOLD]S ( AGRICULTURAL L&1 SAID NOTES TO BE SECUR$ BY FIR/ MORTGAGES ON SU* L& & TO BE> TWO P]C5T 9T]E/1 IS ONE ( ! MO/ NOTABLE EV5TS ( ?IS TIME1 & ITS SIGNIFICANCE IS 9CREAS$ BY ! /ATEM5T ( ,/AN=D1 9 HIS SPEE* SUPPORT+ ! BILL1 ?AT ITS PROVISIONS WILL PROBABLY BE EXT5D$ ULTIMATELY TO O!R K9DS ( PROP]TY4 ,?IS BILL IS PREGNANT ) ! ECONOMICS 7NOT ! POLITICS7 ( ,AN>*ISM4 ,IT CONTA9S ! G]M ( ! SOCIAL REVOLUTION4 ,IT PROVIDES A SY/EM ( GOV]NM5T MUTUAL BANK+4 ,IF IT W]E POSSIBLE TO HONE/LY & EFFICI5TLY EXECUTE ITS PROVISIONS1 IT W\LD HAVE ONLY TO BE EXT5D$ TO O!R K9DS ( PROP]TY & TO GRADUALLY L[] ITS RATE ( 9T]E/ FROM TWO P]C5T 7AN EM95TLY SAFE FIGURE TO BEG9 )7 TO ONE P]C5T1 OR ONE HALF ( ONE P]C5T1 OR :ATEV] FIGURE MI<T BE F\ND SUFFICI5T TO COV] ! CO/ ( OP]AT+ ! SY/EM1 9 ORD] TO /EADILY & SURELY TRANSF] A GOOD ?REE-F\R?S ( ! 9COME ( IDLE CAPITALI/S TO ! POCKETS ( ! WAGE-WORK]S ( ! C\NTRY4 ,! AU?OR ( ?IS BILL IS SO MANY TIMES A MILLIONAIRE ?AT1 EV5 IF EV]Y C5T ( HIS 9COME W]E TO BE CUT (F1 HIS PR9CIPAL W\LD /ILL BE SUFFICI5T TO SUPPORT HIS FAMILY = G5]ATIONS TO COME1 BUT IT IS NONE ! LESS TRUE ?AT HE HAS PROPOS$ A MEASURE :I*1 ) ! QUALIFICATIONS ALREADY SPECIFI$1 W\LD ULTIMATELY MAKE HIS DESC5DANTS EI!R PAUP]S OR TOIL]S 9/EAD ( GIGANTIC P>ASITES LIKE HIMSELF4 ,9 %ORT1 ,LEL& ,/AN=D HAS 9DICAT$ ! ONLY BL[ 7CONSID]$ SOLELY 9 ITS ECONOMIC ASPECT7 ?AT CAN EV] REA* CAPITALISM'S HE>T4 ,FROM HIS SEAT 9 ! ,UNIT$ ,/ATES ,S5ATE HE HAS TOLD ! PEOPLE ( ?IS C\NTRY1 9 EFFECT1 ?AT ! FUNDAM5TAL ECONOMIC TEA*+ REIT]AT$ BY ,LIB]TY FROM ! DAY ( ITS FIR/ PUBLICATION IS VITALLY TRUE & S\N47#i 8 #a7  

,UNHAPPILY HIS BILL IS VITIAT$ BY ! S]I\S DEFECT ( GOV]NM5TALISM4 ,IF IT HAD SIMPLY ABOLI%$ ALL ! RE/RICTIONS & TAXES ON BANK+1 & HAD EMP[]$ ALL 9DIVIDUALS & ASSOCIATIONS TO DO JU/ :AT ITS PASSAGE W\LD EMP[] ! GOV]NM5T TO DO1 IT W\LD NOT ONLY HAVE BE5 SIGNIFICANT1 BUT1 ADOPT$ BY CONGRESS1 IT W\LD HAVE BE5 ! MO/ TREM5D\SLY & B5EFICIALLY EFFECTIVE LEGISLATIVE MEASURE EV] RECORD$ ON A /ATUTE BOOK4 ,BUT1 AS IT IS1 IT IS MADE P[]LESS = GOOD BY ! VIRUS ( POLITICAL CORRUPTION ?AT LURKS )9 IT4 ,! BILL1 IF PASS$1 W\LD BE 5TRU/$ = EXECUTION EI!R TO ! EXI/+ F9ANCIAL CABAL OR TO SOME O!R ?AT W\LD BECOME JU/ AS BAD4 ,ALL ! B5EFIC5T RESULTS ?AT1 AS AN ECONOMIC MEASURE1 IT IS CALCULUT$ TO A*IEVE W\LD BE NE>LY C\NT]ACT$1 P]HAPS F> MORE ?AN C\NT]ACT$1 BY ! CUMULATIVE EVILS 9H]5T 9 ,/ATE ADM9I/RATION4 ,IT DEPRIVES ITSELF1 9 ADVANCE1 ( ! VITALIZ+ P[] ( FREE COMPETITION4 ,IF ! EXP]IM5T %\LD BE TRI$1 ! NET RESULT W\LD PROBABLY BE EVIL4 ,IT W\LD FAIL1 DISA/R\SLY FAIL1 & ! FAILURE & DISA/] W\LD BE FALSELY & /UPIDLY ATTRIBUT$ TO ITS REAL VIRTUE1 ITS ECONOMIC *>ACT]4 ,= P]HAPS ANO!R C5TURY FREE BANK+ W\LD HAVE TO BE> ! ODIUM ( EVILS G5]AT$ BY A =M ( GOV]NM5TAL BANK+ MORE OR LESS SIMIL> TO IT ECONOMICALLY4 ,SOME BAD NAME W\LD BE AFFIX$ TO ! ,/AN=D NOTES1 & ?IS W\LD REPLACE ! ASSIGNAT1 ! WILD CAT1 & ! RAG BABY1 AS A MORE EFFECTIVE SC>ECR[4 ,IT W\LD BE UN5DURABLY PROLONG ! BRAY ( ?OSE F9ANCIAL ASSES ( :OM ! MO/ REC5T TYPICAL EXAMPLE IS FURNI%$ 9 ! P]SON ( ,G5]AL ,M4 ,M4 ,TRUMBULL1 ( ,*ICAGO4.<#a#e.>7#i 8 #b7  

,:ILE HOP+1 !N1 ?AT IT MAY NEV] PASS1 LET US NEV]!LESS MAKE ! MO/ ( ITS 9TRODUCTION BY US+ IT AS A TEXT 9 \R $UCATIONAL WORK4 ,?IS MAY BE DONE 9 ONE WAY BY %[+ ITS ECONOMIC SIMIL>ITY TO ,AN>*I/IC F9ANCE & BY DISPUT+ ! A/\ND+ CLAIM ( ORIG9ALITY PUT =W>D BY ,/AN=D4 ,9 HIS ,S5ATE SPEE* ( ,MAY #b#c1 HE SAID3 ,!RE IS NO ANALOGY BETWE5 ?IS S*EME = A GOV]NM5T ( #f#e11 PEOPLE1 ) ITS B\NDLESS RES\RCES1 ISSU+ ITS MONEY1 SECUR$ DIRECTLY BY AT LEA/ @s#b = @s#a1 ON ! BE/ POSSIBLE SECURITY ?AT C\LD BE DESIR$1 & ANY O!R F9ANCIAL PROPOSITION ?AT HAS EV] BE5 SUGGE/$4 ,IF ,/AN=D SAID ?IS HONE/LY1 HIS WORDS %[ HIM TO BE BO? AN 9TELLECTUAL PIONE] & A LIT]>Y LAGG>D4 ,MORE FAMILI>ITY ) ! LIT]ATURE ( ! SUBJECT W\LD %[ HIM ?AT HE HAS HAD SEV]AL PR$ECESSORS 9 ?IS PA?4 ,COL4 ,WILLIAM ,B4 ,GRE5E US$ TO SAY ( ,LYS&] ,SPOON]'S F9ANCIAL PROPOSALS ?AT !IR ONLY ORIG9ALITY LAY 9 ! FACT ?AT HE HAD TAK5 \T A PAT5T ON !M4 ,! ONLY ORIG9ALITY ( ,/AN=D LIES 9 ! FACT ?AT IT IS MADE = A GOV]NM5T ( #f#e11 ( PEOPLE4 ,= GOV]NM5TS ( O!R SIZES ! SAME PROPOSAL HAS BE5 MADE BE=E4 ,P>ALLEL TO IT 9 ALL ESS5TIALS1 BO? ECONOMICALLY & POLITICALLY1 >E ,PR\DHON'S ,BANK ( ,EX*ANGE & ! PROPOSAL ( ,HUGO ,BILGRAM4 ,P>ALLEL TO IT ECONOMICALLY >E ,PR\DHON'S ,BANK ( ! ,PEOPLE1 ,GRE5E'S ,MUTUAL ,BANKS1 & ,SPOON]'S REAL E/ATE MORTGAGE BANKS4 ,& ! F9ANCIAL ?\<T ?AT UND]LIES IT IS CLOSELY P>ALLEL$ 9 ! WRIT+S ( ,JOSIAH ,W>R51 ,/EPH5 ,PE>L ,&REWS1 & ,JOHN ,RUSK94 ,IF ,/AN=D WILL SIT AT ! FEET ( ANY ( !SE M5 = A TIME1 HE WILL RISE A WIS] & MORE MODE/ MAN47#i 8 #c7  

,LIKE MO/ S]I\S MATT]S1 ?IS AFFAIR HAS ITS AMUS+ SIDE4 ,IT IS SE5 9 ! IDOLIZATION ( ,/AN=D BY ! ,GRE5BACK]S4 ,?IS %[S H[ IGNORANT !SE M5 >E ( !IR [N PR9CIPLES4 ,MISL$ BY ! RESEMBLANCE ( ! PROPOS$ MEASURE TO ,GRE5BACKISM 9 SOME 9CID5TAL RESPECTS1 !Y HURRAH !MSELVES HO>SE OV] ! ,CALI=NIA S5ATOR1 BLISFULLY UNAW>E ?AT HIS BILL IS UTT]LY SUBV]SIVE ( ! SOLE ESS5TIAL ( ,GRE5BACKISM1--NAMELY1 ! FIAT IDEA4 ,! ,GRE5BACK] IS DI/+UI%$ FROM ALL O!R M5 9 ?IS & ONLY 9 ?IS1--?AT 9 HIS EYES A DOLL> IS A DOLL> BECAUSE ! GOV]NM5T /AMPS IT AS SU*4 ,N[ 9 ,/AN=D'S EYES A DOLL> IS A DOLL> BECAUSE IT IS BAS$ UPON & SECUR$ BY A SPECIFIC PIECE ( PROP]TY ?AT WILL SELL 9 ! M>KET = AT LEA/ A C]TA9 NUMB] ( GRA9S ( GOLD4 ,TWO VIEWS MORE ANTAGONI/IC ?AN !SE IT W\LD BE IMPOSSIBLE TO CITE4 ,& YET ! LEAD+ ORGANS ( ,GRE5BACKISM APP>5TLY REG>D !M AS ID5TICAL47#i 8 #d7 

#i N4 #a4 ,AT ! TIME :5 ?IS WAS WRITT5 ,G5]AL ,TRUMBULL HAD JU/ BE5 GUILTY1 & NOT = ! FIR/ TIME1 ( /UPIDLY CONFUS+ MUTUAL MONEY ) FIAT MONEY1 & AS HIS IGNORANCE ( ! DIFF]5CE BETWE5 !M WAS UTT]LY )\T EXCUSE & YET WAS GIV5 VOICE 9 ?AT TONE ( SUP]IORITY :I* IGNORANCE IS WONT TO ASSUME1 IT SEEM$ PROP] TO ADM9I/] ?IS REBUKE1 :I*1 ?\< CONC$$ TO BE JU/ BY SOME ( ,G5]AL ,TRUMBULL'S BE/ FRI5DS1 WAS CONSID]$ BY O!RS UNDULY SEV]E4 ,! WRIT] IS NOT BEH9D !SE LA/ 9 HIS ADMIRATION ( ,G5]AL ,TRUMBULL AS A MAN & A ?9K]4 ,AS A PUBLICI/ HE IS USUALLY & UNUSUALLY WITTY & WISE2 ONLY :5 DISCUSS+ F9ANCE DOES HE UTT] ABSURDITIES ?AT JU/IFY ! EPI!T ABOVE APPLI$4 8 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #b1 ,*APT] #ci -- ,PUBLICATION4 
,FEBRU>Y #b#a1 #bag 3 ,P>T #b1 ,*APT] #ci -- ,ADD$4 

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