,P>T #b1 ,*APT] #dg 
,ON ,PICKET ,DUTY 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,ON ,PICKET ,DUTY4 

,! \TCRY AGA9/ MIDDLEM5 IS S5SELESS4 ,AS ,E4 ,H4 ,HEYWOOD PUTS IT1 ,MIDDLEM5 >E AS IMPORTANT AS 5D M54 ,& !Y >E AS TRULY PRODUC]S4 ,DI/RIBUTION IS A P>T ( PRODUCTION4 ,NO?+ IS :OLLY PRODUC$ UNTIL IT IS READY = USE1 & NO?+ IS READY = USE UNTIL IT HAS REA*$ ! PLACE :]E IT IS TO BE US$4 ,:OEV] BR+S IT TO ?AT PLACE IS A PRODUC]1 & AS SU* 5TITL$ TO *>GE = HIS WORK4 ,! TR\BLE ) MIDDLEM5 IS ?AT !Y *>GE CONSUM]S NOT ONLY = !IR WORK1 BUT = ! USE ( !IR 9VE/$ CAPITAL4 ,AS IT IS1 !Y >E USEFUL MEMB]S ( SOCIETY4 ,ELIM9ATE USURY FROM !IR ME?ODS1 & !Y WILL BECOME RESPECTABLE MEMB]S ALSO4--,LIB]TY1 ,OCTOB] #a1 #a#h#h#a47#i#h 8 #a7  

,?OSE :O W\LD HAVE ! USUR] REW>D$ = R5D]+ A S]VICE ALWAYS F9D IT CONV5I5T TO =GET ?AT ! USUR]'S VICTIMS W\LD NOT NE$ HIS S]VICE W]E IT NOT ?AT ! LAWS MADE AT HIS BIDD+ PREV5T !M FROM S]V+ !MSELVES4--,LIB]TY1 ,OCTOB] #a#e1 #a#h#h#a47#i#h 8 #b7  

,( ! ABSOLUTE CORRECTNESS ( ! PR9CIPLE1 & ADVISABILITY ( ! POLICY1 ( FREE TRADE !RE CAN BE NO REASONABLE D\BT2 BUT IT MU/ BE ?OR\<-GO+ FREE TRADE1--NO SU* HALF-WAY >RANGEM5T AS ?AT :I* ! SO-CALL$ FREE TRAD]S W\LD HAVE US ADOPT4 ,DAVID ,A4 ,WELLS1 ,PR(ESSOR ,P]RY1 & ALL ! ECONOMI/S ( ! ,MAN*E/] S*OOL >E FOND ( CLAMOR+ = FREE TRADE2 BUT AN EXAM9ATION ( !IR POSITION ALWAYS %[S !M ! MO/ >D5T ADVOCATES ( MONOPOLY 9 ! MANUFACTURE ( MONEY1--! BITT]E/ OPPON5TS ( FREE TRADE 9 CR$IT4 ,!Y AGREE & 9SI/ ?AT IT IS NO?+ LESS ?AN TYRANNY = GOV]NM5T TO CLIP A L>GE SLICE \T ( ! =EIGN PRODUCT :I* ANY ONE *OOSES TO IMPORT1 BUT >E UNABLE TO DETECT ANY VIOLATION ( FRE$OM 9 ! EXCLUSIVE LIC5SE GIV5 BY ! GOV]NM5T TO A CONSPIRACY ( NOTE-%AV+ CORPORATIONS CALL$ NATIONAL BANKS1 :I* >E 5ABL$ BY ?IS MONOPOLY TO CLIP ANY:]E FROM ?REE TO FIFTE5 P]C5T \T ( ! CR$IT :I* ! PEOPLE >E COMPELL$ TO BUY ( !M4 ,SU* FREE TRADE AS ?IS IS ! MO/ PALPABLE %AM TO ANY ONE :O REALLY LOOKS 9TO IT4 ,IT MAKES GOLD A PRIVILEG$ PRODUCT1 ! K+ ( COMMODITIES4 ,& AS LONG AS ?IS ROYALTY ( GOLD EXI/S1 ! PROTECTIONI/S :O MAKE SO MU* ( ! !ORY ( ! BALANCE ( TRADE WILL OCCUPY AN 9VULN]ABLE POSITION4 ,:ILE GOLD IS K+1 ! NATION :I* ABSORBS IT--?AT IS1 ! NATION :OSE EXPORTS L>GELY EXCE$ ITS IMPORTS--WILL SURELY GOV]N ! WORLD4 ,BUT DE?RONE ?IS WOR/ ( DESPOTS1 & ?AT C\NTRY WILL BE ! MO/ P[]FUL :I* SUCCE$S TO ! L>GE/ EXT5T 9 GETT+ RID ( ITS GOLD 9 EX*ANGE = PRODUCTS MORE USEFUL4 ,9 O!R WORDS1 ! REPUBLICANIZATION ( SPECIE MU/ PREC$E ! FRE$OM ( TRADE4--,LIB]TY1 ,M>* #a#h1 #a#h#i#b47#i#h 8 #c7  

,SOME N9COMPOOP1 WRIT+ TO ! ,DETROIT ,SPECTATOR 9 OPPOSITION TO *EAP MONEY1 SAYS3 ,IF L[ 9T]E/ 9SUR$ HI< WAGES1 DUR+ TIMES ( BUS9ESS DEPRESSION WAGES W\LD BE HI<1 = !N 9T]E/ REA*ES ITS M9IMUM4 ,ANO!R MAN UNABLE TO SEE BEL[ ! SURFACE ( ?+S & DI/+UI% ASSOCIATION FROM CAUSATION6 ,! FRI5DS ( *EAP MONEY DO NOT CLAIM ?AT L[ 9T]E/ 9SURES HI< WAGES4 ,:AT !Y CLAIM IS ?AT FREE COMPETITION 9 CURR5CY-ISSU+ & ! CONSEQU5T ACTIVITY ( CAPITAL 9SURE BO? L[ 9T]E/ & HI< WAGES4 ,!Y DO NOT D5Y ?AT L[ 9T]E/ SOMETIMES RESULTS FROM O!R CAUSES & UNACCOMPANI$ BY ANY 9CREASE 9 WAGES4 ,:5 ! MONEY MONOPOLI/S ?R\< !IR PRIVILEGE HAVE BL$ ! PRODUC]S NE>LY ALL !Y CAN1 H>D TIMES SET 91 BUS9ESS BECOMES V]Y 9SECURE1 NO ONE D>ES TO V5TURE 9 NEW DIRECTIONS OR PROCE$ MU* FUR!R 9 OLD DIRECTIONS1 !RE IS NO DEM& = CAPITAL1 & !RE=E 9T]E/ FALLS2 BUT1 !RE BE+ A DECREASE 9 ! VOLUME ( BUS9ESS1 WAGES FALL ALSO4 ,SUPPOSE1 N[1 ?AT GREAT LEVEL]1 BANKRUPTCY1 /EPS 9 TO WIPE \T ALL EXI/+ CLAIMS1 & ECONOMIC LIFE BEG9S OV] AGA9 UND] A SY/EM ( FREE BANK+4 ,:AT HAPP5S !N8 ,ALL CAPITAL IS AT ONCE MADE AVAILABLE BY ! ABUNDANCE ( ! CURR5CY1 & ! SUPPLY IS SO GREAT ?AT 9T]E/ IS KEPT V]Y L[2 BUT CONFID5CE BE+ RE/OR$ & ! WAY BE+ CLE> = ALL SORTS ( NEW 5T]PRISES1 !RE IS ALSO A GREAT DEM& = CAPITAL1 & ! CONSEQU5T 9CREASE 9 ! VOLUME ( BUS9ESS CAUSES WAGES TO RISE TO A V]Y HI< PO9T4 ,:5 PEOPLE >E AFRAID TO BORR[1 9T]E/ IS L[ & WAGES >E L[2 :5 PEOPLE >E ANXI\S TO BORR[1 BUT CAN F9D ONLY A V]Y LITTLE AVAILABLE CAPITAL 9 ! M>KET1 9T]E/ IS HI< & WAGES >E L[2 :5 PEOPLE >E BO? ANXI\S TO BORR[ & CAN READILY DO SO1 9T]E/ IS L[ & WAGES >E HI<1 ! ONLY EXCEPTION BE+ ?AT1 :5 FROM SOME SPECIAL CAUSE LABOR IS EXTRAORD9>ILY PRODUCTIVE 7AS WAS ! CASE 9 ! E>LY DAYS ( ,CALI=NIA71 9T]E/ TEMPOR>ILY IS HI< ALSO4--,LIB]TY1 ,NOVEMB] #b#b1 #a#h#h#d47#i#h 8 #d7  

,TO PRODUCE WEAL? 9 ! %APE ( COAL1 SAYS ,H5RY ,GEORGE1 NO?+ IS NE$$ BUT A B$ ( COAL & A MAN4 ,YES1 ONE ?+ ELSE IS NE$$1--A PICK-AX4 ,?IS NEGLECT ( ! PICK-AX & ( ! MEANS ( OBTA9+ IT IS A VITAL FLAW 9 ,MR4 ,GEORGE'S ECONOMY4 ,IT LEADS HIM TO SAY ?AT :AT H9D]S ! PRODUCTION ( WEAL? IS NOT ! LACK ( MONEY TO PAY WAGES )1 BUT ! 9ABILITY ( M5 :O >E WILL+ TO WORK TO OBTA9 ACCESS TO NATURAL OPPORTUNITIES4 ,?AT ?IS LACK ( ACCESS1 9 ! PROPORTION ?AT IT EXI/S1 IS A H9DRANCE TO PRODUCTION IS 9DISPUTABLE1 BUT 9 ?IS C\NTRY IT IS BUT A MOLEHILL 9 LABOR'S PA? COMP>$ ) ! M\NTA9 ?AT CONFRONTS LABOR 9 CONSEQU5CE ( ! LACK ( MONEY4 ,9 FACT1 ! LACK ( ACCESS IS L>GELY DUE TO ! LACK ( MONEY4--,LIB]TY1 ,JULY #c1 #a#h#h#g47#i#h 8 #e7  

,9 DISPOS+ ) HIS USUAL CLEV]NESS ( ! ECONOMI/S' APOLOGI/S = 9T]E/ ,G4 ,B]N>D ,%AW TAKES A POSITION UPON ! MONEY QUE/ION NOT AT ALL 9 H>MONY ) ! ,/ATE ,SOCIALISM T[>D :I* HE USUALLY 9CL9ES4 ,HE W\LD BE TAK51 9 FACT1 = A FIR/-CLASS ,AN>*I/4 ,SPEAK+ ( ! TAX :I* ! BANK] :O HAS A MONOPOLY LEVIES UPON ALL COMM]CE1 HE SAYS3 ,ONLY BY ! FRE$OM ( O!R F9ANCI]S TO ADOPT HIS SY/EM & TEMPT HIS CU/OM]S BY (F]+ TO %>E ! ADVANTAGE ) !M1 CAN ?AT ADVANTAGE EV5TUALLY BE DI/RIBUT$ ?R\<\T ! COMMUNITY4 ,ONLY1 OBS]VE4 ,NO O!R ME?OD WILL DO IT4 ,GOV]NM5T MONOPOLY WILL NOT DO IT4 ,NO?+ BUT LAISSEZ-FAIRE1 FREE COMPETITION1 FREE MONEY1 9 %ROT1 AS F> AS IT GOES1 PURE ,AN>*ISM1 CAN ABOLI% 9T]E/ ON MONEY4 ,:5 ,MR4 ,%AW %ALL APPLY ?IS PR9CIPLE 9 ALL DIRECTIONS1 HE & ,LIB]TY WILL /& ON ! SAME PLAT=M4--,LIB]TY1 ,SEPTEMB] #b#d1 #a#h#h#g47#i#h 8 #f7  

,IT IS A COMMON SAY+ ( ,GEORGE1 ,MC,GLYNN1 ,R$PA?1 & !IR ALLIES ?AT !Y1 AS DI/+UI%$ FROM ! ,/ATE ,SOCIALI/S1 WANT LESS GOV]NM5T 9/EAD ( MORE1 & ?AT IT IS NO P>T ( ! FUNCTION ( GOV]NM5T TO 9T]F]E ) PRODUCTION & DI/RIBUTION EXCEPT TO ! EXT5T ( ASSUM+ CONTROL ( ! B\NTIES ( NATURE & ( SU* 9DU/RIES AS >E NATURALLY & NECESS>ILY MONOPOLIES1--?AT IS1 SU* AS >E1 9 ! NATURE ( ?+S1 BEYOND ! REA* ( COMPETITION'S 9FLU5CE4 ,9 ! LATT] CATEGORY !Y PLACE ! CONDUCT ( RAILROADS & TELEGRAPHS & ! ISSUE ( MONEY4 ,N[1 9ASMU* AS IT TAKES AN 5ORM\S CAPITAL TO BUILD A RAILROAD1 & AS /RIPS ( L& ?REE ?\S& MILES LONG BY ?IRTY FEET WIDE >E NOT TO BE PICK$ UP EV]Y DAY1 ,I CAN SEE SOME %AD[ ( JU/IFICATION = ! CLAIM ?AT RAILROADS >E NECESS>ILY EXEMPT TO A M>K$ EXT5T FROM COMPETITION1 AL?\< ,I DO NOT ?9K ON ?AT ACC\NT ?AT IT WILL BE NECESS>Y TO H& !M OV] TO ! GOV]NM5T 9 ORD] TO SECURE !IR B5EFITS = ! PEOPLE4 ,/ILL1 IF ,I W]E TO ACCEPT ,MR4 ,GEORGE'S PREMISE ?AT 9DU/RIES :I* >E NECESS>ILY MONOPOLIES %\LD BE MANAG$ BY ! ,/ATE1 ,I MI<T POSSIBLY CONCLUDE ?AT RAILROADS & SOME O!R 5T]PRISES BELONG UND] ?AT HEAD4 ,BUT H[ HIS PREMISE IS RELAT$ TO ! ISSUE ( MONEY ,I DO NOT UND]/& AT ALL4 ,?AT ! ISSUE ( MONEY IS AT PRES5T A MONOPOLY ,I ADMIT & 9SI/1 BUT IT SU* ONLY BECAUSE ! ,/ATE HAS LAID VIOL5T H&S UPON IT1 EI!R TO HOLD = ITSELF OR TO F>M \T AS A PRIVILEGE4 ,IF LEFT FREE1 !RE IS NO?+ 9 ITS NATURE ?AT NECESS>ILY EXEMPTS IT FROM COMPETITION4 ,IT TAKES LITTLE OR NO CAPITAL TO />T A BANK ( ISSUE :OSE OP]ATIONS MAY BECOME WORLDWIDE1 &1 IF A ?\S& BANKS %\LD PROVE NECESS>Y TO ! PREV5TION ( EXORBITANT RATES1 IT IS AS FEASIBLE TO HAVE !M AS TO HAVE ONE4 ,:Y1 !N1 IS ! ISSUE NECESS>ILY A MONOPOLY1 & AS SU* TO BE 5TRU/$ EXCLUSIVELY TO ! ,/ATE8 ,I HAVE ASK$ ,MR4 ,GEORGE A GREAT MANY QUE/ION 9 ! LA/ HALF-DOZ5 YE>S1 NOT ONE ( :I* HE HAS EV] CONDESC5D$ TO ANSW]4 ,!RE=E ,I SC>CELY D>E HOPE ?AT HE WILL V\*SAFE ! IMPORTANT 9=MATION :I* ,I N[ BEG ( HIM4--,LIB]TY1 ,OCTOB] #h1 #a#h#h#g47#i#h 8 #g7  

,! DIFF]5T USES ( ! WORD FREE LEAD TO MANY MISUND]/&+S4 ,= 9/ANCE1 A WRIT] 9 ! ,D5V] ,>BITRATOR GIVES ! PREF]5CE TO FREE TRADE & FREE L& OV] FREE MONEY & FREE TRANSPORTATION ON ! GR\ND ?AT ! =M] >E NATURAL RI<TS :ILE ! LATT] >E PRIVILEGES ?AT CAN BE CONF]R$ ONLY BY SOCIETY4 ,H]E FREE MONEY IS EVID5TLY TAK5 TO MEAN ! SUPPLY ( MONEY TO ! PEOPLE FREE ( CO/ BY SOME EXT]NAL P[]4 ,BUT IT NO MORE MEANS ?AT ?AN FREE RUM MEANS ! SUPPLY ( RUM FREE ( CO/4 ,IT MEANS FRE$OM TO MANUFACTURE MONEY & (F] IT 9 ! M>KET1 & IS A P>T ( FREE TRADE ITSELF4 ,ONE MAY LOOK UPON FREE MONEY & FREE TRADE AS PRIVILEGES1 OR AS RI<TS1 OR AS SIMPLE EQUALITIES RECOGNIZ$ BY CONTRACT2 ?AT IS A MATT] ( E?ICS & POLITICS4 ,BUT :I*EV] WAY ONE VIEWS !M1 HE MU/ VIEW BO? ALIKE1 = ECONOMICALLY !Y >E ! SAME 9 PR9CIPLE4 ,!RE IS NO POSSIBLE JU/IFICATION = CALL+ ONE A RI<T & ! O!R A PRIVILEGE1 & GIV+ A PREF]5CE TO ONE OR ! O!R ON ! BASIS ( ?AT DI/9CTION4--,LIB]TY1 ,SEPTEMB] #b#i1 #a#h#h#h47#i#h 8 #h7  

,A RI<T !ORY ( ! FUNCTIONS ( MONEY1 WRITES ,ROB]T ,ELLIS ,?OMPSON 9 ! ,IRI% ,WORLD1 IS ( ! FIR/ NECESSITY = UND]/&+ ! CONTROV]SY BETWE5 PROTECTION & FREE TRADE4 ,?IS IS AN IMPORTANT TRU?1 FIR/ EXPRESS$1 ,I ?9K1 BY ,PR\DHON4 ,IT IS PRECISELY BECAUSE ,MR4 ,?OMPSON DOES NOT UND]/& ! MONEY QUE/ION ?AT HE IS A PROTECTIONI/4 ,SUPPOS+ ?AT ,/ATE CONTROL ( MONEY IS A =EGONE CONCLUSION1 HE SEES AS A LOGICAL RESULT ( ?IS FALSE PREMISE ?AT ! ,/ATE MU/ ALSO CONTROL ! BALANCE ( TRADE4 ,?AT HIS PREMISE MAY BE D\BT$ DOES NOT SEEM TO HAVE OCCURR$ TO HIM4 ,! MO/ EXTREME FREE TRAD]1 HE SAYS1 OPPOSES FREE TRADE 9 MONEY4 ,EVID5TLY HE IS UNAW>E ?AT ! EXTREMITY ( FREE TRADE IS NOT TO BE F\ND 9 ! ,NEW ,YORK ,EV5+ ,PO/4 ,! ,AN>*I/S >E ! EXTREME FREE TRAD]S2 & !Y1 TO A MAN1 FAVOR FREE TRADE 9 MONEY1--MO/ ( !M1 9 FACT1 RECOGNIZ+ IT AS A NECESS>Y CONDITION ( FREE TRADE 9 PRODUCTS4 ,=1 AS ,MR4 ,?OMPSON TRULY SAYS1 IT IS ! HEI<T ( FOLLY = A C\NTRY TO EX*ANGE 9DU/RIAL P[] = 9DU/RIAL PRODUCTS4 ,9 ! ABS5CE ( A T>IFF1 ! T5D5CY W\LD BE TO JU/ ?AT SORT ( EX*ANGE1 PROVID$ ! ,/ATE %\LD CONT9UE TO DEPRIVE ALL PRODUCTS1 SAVE ONE OR TWO1 ( ! MONET>Y FUNCTION1 & !RE=E ( 9DU/RIAL P[]4 ,MR4 ,?OMPSON1 SUPPOS+ ?IS RE/RICTION ( ! MONET>Y FUNCTION TO BE NECESS>Y & WISE1 CL+S V]Y S5SIBLY TO ! T>IFF4 ,HE W\LD HAVE ! ,/ATE HEM 9 9DU/RIAL P[] & B> \T 9DU/RIAL PRODUCTS4 ,( TWO WRONGS HE TRIES TO MAKE A RI<T4 ,! SIMPL] WAY1 9VOLV+ NO WRONG AT ALL1 IS TO GIVE 9DU/RIAL P[] TO 9DU/RIAL PRODUCTS BY 5D[+ !M ) ! MONET>Y FUNCTION1 & !N /RIKE D[N ALL COMM]CIAL B>RI]S :ATSOEV]4--,LIB]TY1 ,FEBRU>Y #b1 #a#h#h#i47#i#h 8 #i7 

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,*RONOLOGY 3 
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