,P>T #d1 ,*APT] #e 
,WILL ,PR(ESSOR ,SUMN] ,*OOSE8 

#ahigahig 

,PEOPLE 3 

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

,TEXT 3 

,WILL ,PR(ESSOR ,SUMN] ,*OOSE8 

.<,LIB]TY1 ,NOVEMB] #a#d1 #a#h#h#e4.> 

,PR(ESSOR ,SUMN]1 :O OCCUPIES ! *AIR ( POLITICAL ECONOMY AT ,YALE1 ADDRESS$ LA/ ,SUNDAY ! ,NEW ,HAV5 ,EQUAL ,RI<TS ,DEBAT+ ,CLUB4 ,HE TOLD ! ,/ATE ,SOCIALI/S & ,COMMUNI/S ( ?AT CITY MU* :OLESOME TRU?4 ,BUT1 AS F> AS ,I CAN LE>N FROM ! NEWSPAP] REPORTS1 :I* MAY ( C\RSE HAVE LEFT \T1 AS USUAL1 ! MO/ IMPORTANT ?+S ?AT ! SPEAK] SAID1 HE MADE NO DISCRIM9ATION 9 HIS CRITICISMS4 ,HE APPE>S TO HAVE 5TIRELY IGNOR$ ! FACT ?AT ! ,AN>*I/IC ,SOCIALI/S >E ! MO/ UNFL9*+ *AMPIONS 9 EXI/5CE ( HIS [N PET PR9CIPLE ( LAISSEZ FAIRE4 ,HE BR&$ ,SOCIALISM AS ! SUMMIT ( ABSURDITY1 UTT]LY FAIL+ TO NOTE ?AT ONE GREAT S*OOL ( ,SOCIALISM SAYS ,AM5 :5EV] HE SCOLDS GOV]NM5T = 9VAD+ ! 9DIVIDUAL1 & ONLY REGRETS ?AT HE DOESN'T SCOLD IT (T5] & MORE UNI=MLY47#a#b#c 8 #a7  

,REF]R+ TO ,K>L ,M>X'S POSITION ?AT ! EMPLOYEE IS =C$ TO GIVE UP A P>T ( HIS PRODUCT TO ! EMPLOY] 7:I*1 BY ! WAY1 WAS ,PR\DHON'S POSITION BE=E IT WAS ,M>X'S1 & ,JOSIAH ,W>R5'S BE=E IT WAS ,PR\DHON'S71 ,PR(ESSOR ,SUMN] ASK$ :Y ! EMPLOYEE DOES NOT1 !N1 GO TO WORK = HIMSELF1 & ANSW]$ ! QUE/ION V]Y TRU?FULLY BY SAY+ ?AT IT IS BECAUSE HE HAS NO CAPITAL4 ,BUT HE DID NOT PROCE$ TO TELL :Y HE HAS NO CAPITAL & H[ HE CAN GET SOME4 ,YET ?IS IS ! VITAL PO9T 9 DISPUTE BETWE5 ,AN>*ISM & PRIVILEGE1 BETWE5 ,SOCIALISM & SO-CALL$ POLITICAL ECONOMY4 ,HE DID 9DE$ RECOMM5D ! TIME-DI%ONOR$ VIRTUES ( 9DU/RY & ECONOMY AS A MEANS ( GETT+ CAPITAL1 BUT EV]Y OBS]V+ P]SON KN[S ?AT ! MO/ 9DU/RI\S & ECONOMICAL P]SONS >E PRECISELY ! ONES :O HAVE NO CAPITAL & CAN GET NONE4 ,9DU/RY & ECONOMY WILL BEG9 TO ACCUMULATE CAPITAL :5 IDL5ESS & EXTRAVAGANCE LOSE !IR P[] TO /EAL IT1 & NOT BE=E47#a#b#c 8 #b7  

,PR(ESSOR ,SUMN] ALSO TOLD ,H]R ,MO/ & HIS FOLL[]S ?AT !IR PROPOSITION TO HAVE ! EMPLOYEE GET CAPITAL BY =CIBLE SEIZURE IS ! MO/ %ORT-SI<T$ ECONOMIC MEASURE POSSIBLE TO CONCEIVE (4 ,H]E AGA9 HE IS 5TIRELY WISE & S\ND4 ,NOT ?AT !RE MAY NOT BE CIRCUM/ANCES :5 SU* SEIZURE W\LD BE ADVISABLE AS A POLITICAL1 W>1 OR T]RORI/IC MEASURE CALCULAT$ TO 9DUCE POLITICAL *ANGES ?AT WILL GIVE FRE$OM TO NATURAL ECONOMIC PROCESSES2 BUT AS A DIRECTLY ECONOMIC MEASURE IT MU/ ALWAYS & 9EVITABLY BE1 NOT ONLY FUTILE1 BUT REACTION>Y4 ,9 OPPOSITION TO ALL >BITR>Y DI/RIBUTION ,I /& ) ,PR(ESSOR ,SUMN] ) ALL MY HE>T & M9D4 ,& SO DOES EV]Y LOGICAL ,AN>*I/47#a#b#c 8 #c7  

,BUT1 IF ! EMPLOYEE CANNOT AT PRES5T GET CAPITAL BY 9DU/RY & ECONOMY1 & IF IT WILL DO HIM NO GOOD TO GET IT BY =CE1 H[ IS HE TO GET IT ) B5EFIT TO HIMSELF & 9JURY TO NO O!R8 ,:Y DON'T Y\ TELL US ?AT1 ,PR(ESSOR ,SUMN]8 ,Y\ DID1 TO BE SURE1 S5D A /RAY %OT SOME:]E NE> ! M>K :51 9 ANSW] TO A QUE/ION :Y %OEMAK]S HAVE NO %OES1 Y\ SAID ?AT1 :]E SU* A CONDITION ( ?+S PREVAIL$1 IT WAS DUE TO SOME EVIL WORK ( ! GOV]NM5T1--SAID EVIL WORK BE+ MANIFE/ AT PRES5T 9 ! CURR5CY & TAXATION4 ,BUT :AT IS ! PRECISE NATURE ( ! EVILS ?US MANIFE/8 ,TELL ME ?AT DEF9ITELY1 & !N ,I WILL TELL Y\ :E!R Y\ >E A CONSI/5T MAN47#a#b#c 8 #d7  

,I FANCY ?AT1 IF ,I %\LD ASK Y\ :AT ! GREAT EVIL 9 \R TAXATION IS1 Y\ W\LD ANSW] ?AT IT IS ! PROTECTIVE T>IFF4 ,N[1 ! PROTECTIVE T>IFF IS AN EVIL C]TA9LY1 & AN \TRAGE2 BUT1 SO F> AS IT AFFECTS ! P[] ( ! LABOR] TO ACCUMULATE CAPITAL1 IT IS A COMP>ATIVELY SMALL ONE4 ,9 FACT1 ITS ABOLITION1 UNACCOMPANI$ BY ! ABOLITION ( ! BANK+ MONOPOLY1 W\LD TAKE AWAY FROM V]Y L>GE CLASSES ( LABOR]S NOT ONLY :AT LITTLE *ANCE !Y N[ HAVE ( GETT+ CAPITAL1 BUT ALSO !IR P[] ( SU/A9+ ! LIVES ( !MSELVES & !IR FAMILIES4 ,! AM\NT AB/RACT$ FROM LABOR'S POCKETS BY ! PROTECTIVE T>IFF & BY ALL O!R ME?ODS ( GETT+ GOV]NM5TAL REV5UE IS SIMPLY ONE ( ! SMALL] DRA9S ON 9DU/RY4 ,! AM\NT ( CAPITAL :I* IT IS ?US PREV5T$ FROM GETT+ WILL H>DLY BE WOR? CONSID]+ UNTIL ! L>G] DRA9S >E /OPP$4 ,AS F> AS TAXATION GOES1 ! GREAT EVILS 9VOLV$ 9 IT >E TO BE F\ND1 NOT 9 ! MAT]IAL DAMAGE DONE TO LABOR BY A LOSS ( E>N+S1 BUT 9 ! ASSUMPTION ( ! RI<T TO TAKE M5'S PROP]TY )\T !IR CONS5T1 & 9 ! USE ( ?IS PROP]TY TO PAY ! SAL>IES ( ! (FICIALS ?R\< :OM1 & ! EXP5SES ( ! MA*9E ?R\< :I*1 LABOR IS OPPRESS$ & GR\ND D[N4 ,>E Y\ H]OIC 5\<1 ,PR(ESSOR ,SUMN]1 TO ADOPT ?IS APPLICATION ( LAISSEZ FAIRE8 ,I SUMMON Y\ TO IT UND] P5ALTY ( CONVICTION ( AN 9FIDELITY TO LOGIC :I* \<T TO \/ Y\ FROM Y\R POSITION AS A TEA*] ( Y\?47#a#b#c 8 #e7  

,IF TAXATION1 !N 7LEAV+ \T ! 5ORM\S MIS*IEF ?AT IT DOES AS AN 9/RUM5T ( TYRANNY71 IS ONLY ONE ( ! M9OR ME?ODS ( KEEP+ CAPITAL FROM LABOR1 :AT EVIL IS !RE 9 ! CURR5CY ?AT CON/ITUTES ! MAJOR ME?OD8 ,Y\R ANSW] TO ?IS QUE/ION1 ,PR(ESSOR ,SUMN]1 WILL AGA9 TE/ Y\R CONSI/5CY4 ,BUT ,I AM NOT SO SURE :AT IT WILL BE 9 ?IS CASE AS ,I WAS 9 ! O!R4 ,IF Y\ ANSW] IT AS MO/ ( Y\R FELL[-PR(ESSORS W\LD1 Y\ WILL SAY ?AT ! GREAT EVIL 9 ! CURR5CY IS ! ROBB]Y ( LABOR ?R\< A DI%ONE/ SILV] DOLL>4 ,BUT ?IS IS A GREAT] BUGBE> ?AN ! PROTECTIVE T>IFF4 ,! SILV] DOLL> IS JU/ AS HONE/ & JU/ AS DI%ONE/ AS ! GOLD DOLL>1 & NEI!R ( !M IS DI%ONE/ OR A ROBB] ( LABOR EXCEPT SO F> AS IT IS A MONOPOLY DOLL>4 ,BO?1 H[EV] BE+ MONOPOLY DOLL>S1 & ALL \R O!R DOLL>S BE+ MONOPOLY DOLL>S1 LABOR IS BE+ ROBB$ BY !M ALL TO AN EXT5T P]FECTLY APPALL+4 ,& RI<T H]E IS TO BE F\ND ! REAL REASON :Y LABOR CANNOT GET CAPITAL4 ,IT IS BECAUSE ITS WAGES >E KEPT L[ & ITS CR$IT R5D]$ NEXT TO VALUELESS BY A F9ANCIAL SY/EM ?AT MAKES ! ISSUE ( CURR5CY A MONOPOLY & A PRIVILEGE1 ! RESULT ( :I* IS ! MA9T5ANCE ( 9T]E/1 R5T1 & PR(ITS AT RATES RU9\S TO LABOR & DE/RUCTIVE TO BUS9ESS4 ,& ! ONLY WAY ?AT LABOR CAN EV] GET CAPITAL IS BY /RIK+ D[N ?IS MONOPOLY & MAK+ ! ISSUE ( MONEY AS FREE AS ! MANUFACTURE ( %OES4 ,TO DEMONETIZE SILV] OR GOLD WILL NOT HELP LABOR2 :AT LABOR NE$S IS ! MONETIZATION ( ALL M>KETABLE WEAL?4 ,OR1 AT LEA/1 ! OPPORTUNITY ( SU* MONETIZATION4 ,?IS CAN ONLY BE SECUR$ BY ABSOLUTELY FREE COMPETITION 9 BANK+4 ,AGA9 ,I ASK Y\1 ,PR(ESSOR ,SUMN]1 DOES Y\R ANXIETY LE/ ! 9DIVIDUAL BE 9T]F]$ ) COV] ! FIELD ( F9ANCE8 ,>E Y\ WILL+ ?AT ! 9DIVIDUAL %ALL BE LET ALONE 9 ! EX]CISE ( HIS RI<T TO MAKE HIS [N MONEY & (F] IT 9 OP5 M>KET TO BE TAK5 BY ?OSE :O *OOSE8 ,TO ?IS TE/ ,I S5D Y\ A SECOND SUMMONS UND] ! SAME P5ALTY ?AT ,I HAVE ALREADY HUNG OV] Y\R HEAD 9 CASE Y\ FAIL TO RESPOND TO ! FIR/4 ,! COLUMNS ( ,LIB]TY >E OP5 = Y\R ANSW]47#a#b#c 8 #f7  

,BE=E Y\ MAKE IT1 LET ME URGE Y\ TO CONSI/5CY4 ,! BATTLE BETWE5 FREE TRADE & PROTECTION IS SIMPLY ONE PHASE ( ! BATTLE BETWE5 ,AN>*ISM & ,/ATE ,SOCIALISM4 ,TO BE A CONSI/5T FREE TRAD] IS TO BE AN ,AN>*I/2 TO BE A CONSI/5T PROTECTIONI/ IS TO BE A ,/ATE ,SOCIALI/4 ,Y\ >E ASSAIL+ ?AT =M ( ,/ATE ,SOCIALISM KN[N AS PROTECTION ) A VIGOR EQUAL$ BY NO O!R MAN1 BUT Y\ >E R5D]+ Y\R BL[S ( LITTLE EFFECT BY MA9TA9+1 OR 5C\RAG+ ! BELIEF ?AT Y\ MA9TA91 ?OSE =MS ( ,/ATE ,SOCIALISM KN[N AS COMPULSORY TAXATION & ! BANK+ MONOPOLY4 ,Y\ ASSAIL ,M>X & ,MO/ M]CILESSLY1 BUT FAIL TO PROTE/ AGA9/ ! MO/ DANG]\S MANIFE/ATIONS ( !IR PHILOSOPHY4 ,:Y PURSUE ?IS CONFUS+ C\RSE8 ,9 REASON'S NAME1 BE ONE ?+ OR ! O!R6 ,CEASE Y\R 9DISCRIM9ATE RAIL+ AT ,SOCIALISM1 = TO BE CONSI/5T Y\ MU/ BE ,SOCIALI/ Y\RSELF1 EI!R ( ! ,AN>*I/IC OR ! GOV]NM5TAL SORT3 EI!R BE A ,/ATE ,SOCIALI/ & D5\NCE LIB]TY EV]Y:]E & ALWAYS1 OR BE AN ,AN>*I/ & D5\NCE AU?ORITY EV]Y:]E & ALWAYS2 ELSE Y\ MU/ CONS5T TO BE TAK5 = :AT Y\ WILL APPE> TO BE1--AN IMPOT5T HYBRID47#a#b#c 8 #g7 

,FROM 3 FAIR-USE4ORG4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahif 3 ,P>T #d1 ,*APT] #e -- ,PUBLICATION4 
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