,9T]E/ & ,PR9CIPAL3 ,A ,LOAN IS A ,S]VICE 

#ahdi 

,PEOPLE 3 

,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON 

,TAGS 3 LOAN IS A S]VICE1 TO LIVE )\T WORK+1 LOAN+ ( CAPITAL1 LIVE )\T WORK+1 !ORY ( USURY1 PRODUCTIVITY ( CAPITAL1 QUE/ION ( 9T]E/1 L5D+ AT 9T]E/1 9T]E/ ON MONEY1 PRICE ( PRODUCTS4 

,TEXT 3 

  

,PHOTO BY ,M>C ,G>NAUT1,C,C ,B,Y-,N,C ,LIC5SE ,!SE LETT]S1 ADDRESS$ TO ,FR$]IC ,BA/IAT1 AN ECONOMI/1 ORIG9ALLY APPE>$ 9 A DEBATE PUBLI%$ 9 ,! ,VOICE ( ! ,PEOPLE1 9 #a#h#d#i4 

,9T]E/ & ,PR9CIPAL 

,A ,LOAN IS A ,S]VICE  

 ,ON ! ONE H&1 IT IS V]Y TRUE1 AS Y\ HAVE UNQUE/IONABLY E/ABLI%$1 ?AT A LOAN IS A S]VICE4  ,& AS EV]Y S]VICE HAS A VALUE1 &1 9 CONSEQU5CE1 IS 5TITL$ BY ITS NATURE TO A REW>D1 IT FOLL[S ?AT A LOAN \<T TO HAVE ITS PRICE1 OR1 TO USE ! TE*NICAL PHRASE1 \<T TO BE> 9T]E/4 

 ,BUT IT IS ALSO TRUE1 & ?IS TRU? IS CONSI/5T ) ! PREC$+ ONE1 ?AT HE :O T5DS1 UND] ! ORD9>Y CONDITIONS ( ! PR(ESSIONAL L5D]1 DOES NOT DEPRIVE HIMSELF1 AS Y\ PHRASE IT1 ( ! CAPITAL :I* BE L5DS4  ,HE L5DS IT1 ON ! CONTR>Y1 PRECISELY BECAUSE ! LOAN IS NOT A DEPRIVATION TO HIM2 HE L5DS IT BECAUSE HE HAS NO USE = IT HIMSELF1 BE+ SUFFICI5TLY PROVID$ ) CAPITAL )\T IT2 BE L5DS IT1 F9ALLY1 BECAUSE HE NEI!R 9T5DS NOR IS ABLE TO MAKE IT VALUABLE TO HIM P]SONALLY1--BECAUSE1 IF HE %\LD KEEP IT 9 HIS [N H&S1 ?IS CAPITAL1 /]ILE BY NATURE1 W\LD REMA9 /]ILE1 :]EAS1 BY ITS LOAN & ! RESULT+ 9T]E/1 IT YIELDS A PR(IT :I* 5ABLES ! CAPITALI/ TO LIVE )\T WORK+4  ,N[1 TO LIVE )\T WORK+ IS1 9 POLITICAL AS WELL AS MORAL ECONOMY1 A CONTRADICTORY PROPOSITION1 AN IMPOSSIBLE ?+4 

,! PROPRIETOR :O POSSESSES TWO E/ATES1 ONE AT ,T\RS1 & ! O!R AT ,ORLEANS1 & :O IS OBLIG$ TO FIX HIS RESID5CE ON ! ONE :I* HE USES1 & CONSEQU5TLY TO AB&ON HIS RESID5CE ON ! O!R1 CAN ?IS PROPRIETOR CLAIM ?AT HE DEPRIVES HIMSELF ( ANY?+1 BECAUSE HE IS NOT1 LIKE ,GOD1 UBIQUIT\S 9 ACTION & PRES5CE8 ,AS WELL SAY ?AT WE :O LIVE 9 ,P>IS >E DEPRIV$ ( A RESID5CE 9 ,NEW ,YORK6  ,CONFESS1 !N1 ?AT ! PRIVATION ( ! CAPITALI/ IS AK9 TO ?AT ( ! MA/] :O HAS LO/ HIS SLAVE1 TO ?AT ( ! PR9CE EXPELL$ BY HIS SUBJECTS1 TO ?AT ( ! ROBB] :O1 WI%+ TO BREAK 9TO A H\SE1 F9DS ! DOGS ON ! WAT* & ! 9MATES AT ! W9D[S4 

 ,N[1 9 ! PRES5CE ( ?IS AFFIRMATION & ?IS NEGATION DIAMETRICALLY OPPOS$ TO EA* O!R1 BO? SUPPORT$ BY >GUM5TS ( EQUAL VALIDITY1 BUT :I*1 ?\< NOT H>MONIZ+1 CANNOT DE/ROY EA* O!R1 :AT C\RSE %ALL WE TAKE8 

 ,Y\ P]SI/ 9 Y\R AFFIRMATION1 & SAY3 0,Y\ DO NOT WI% TO PAY ME 9T]E/8 ,V]Y WELL6 ,I DO NOT WI% TO L5D Y\ MY CAPITAL4  ,TRY WORK+ )\T CAPITAL40 ,ON ! O!R H&1 WE P]SI/ 9 \R NEGATION1 & SAY3 0,WE WILL NOT PAY Y\ 9T]E/1 BECAUSE 9T]E/1 9 SOCIAL ECONOMY1 IS A PREMIUM ON IDL5ESS1 ! PRIM>Y CAUSE ( MIS]Y & ! 9EQUALITY ( WEAL?40  ,NEI!R ( US IS WILL+ TO YIELD1 WE COME TO A /&-/ILL4 

 ,?IS1 !N1 IS ! PO9T AT :I* ,SOCIALISM TAKES UP ! QUE/ION4  ,ON ! ONE H&1 ! COMMUTATIVE JU/ICE ( 9T]E/2 ON ! O!R1 ! ORGANIC IMPOSSIBILITY1 ! IMMORALITY ( 9T]E/2 &1 TO TELL Y\ ! TRU? AT ONCE1 ,SOCIALISM AIMS TO CONV]T NEI!R P>TY--! ,*UR*1 :I* D5IES 9T]E/1 NOR ! POLITICAL ECONOMY1 :I* SUPPORTS IT--ESPECIALLY AS IT IS CONV9C$ ?AT BO? >E RI<T4  ,LET US SEE1 N[2 H[ IT ANALYZES ! PROBLEM1 & :AT IT PROPOSES1 9 ITS TURN1 ?AT IS SUP]IOR TO ! >GUM5TS ( ! OLD MONEYL5D]S1 TOO VITALLY 9T]E/$ TO BE WOR?Y ( BELIEF1 & TO ! 9EFFECTUAL D5UNCIATIONS UTT]$ BY ! ,FA!RS ( ! ,*UR*4 

 ,S9CE ! !ORY ( USURY HAS F9ALLY PREVAIL$ 9 ,*RI/IAN AS WELL AS 9 ,PAGAN C\NTRIES2 S9CE ! HYPO!SIS1 OR FICTION1 ( ! PRODUCTIVITY ( CAPITAL HAS BECOME A PRACTICAL FACT AMONG NATIONS--LET US ACCEPT ?IS ECONOMIC FICTION AS WE HAVE ACCEPT$ = ?IRTY-?REE YE>S ! CON/ITUTIONAL FICTION1 & LET US SEE :AT IT RESULTS 9 :5 C>RI$ TO ITS ULTIMATE4  ,9TEAD ( SIMPLY REJECT+ ! IDEA1 AS ! ,*UR* HAS DONE --A FUTILE POLICY--LET US MAKE FROM IT A HI/ORICAL & PHILOSOPHICAL D$UCTION2 &1 S9CE ! WORD IS MORE 9 FA%ION ?AN EV]1 LET US TRACE ! EVOLUTION4 

 ,MOREOV]1 ?IS IDEA MU/ CORRESPOND TO SOME REALITY2 IT MU/ 9DICATE SOME NECESSITY ( ! M]CANTILE SPIRIT2 ELSE NATIONS NEV] W\LD HAVE SACRIFIC$ TO IT !IR DE>E/ & MO/ SACR$ BELIEFS4 

 ,SEE1 !N1 H[ ,SOCIALISM1 5TIRELY CONV9C$ ( ! 9ADEQUACY ( ! ECONOMIC !ORY AS WELL AS ( ! ECCLESIA/ICAL DOCTR9E1 TREATS 9 ITS TURN ! QUE/ION ( USURY4 

 ,FIR/1 IT OBS]VES ?AT ! PR9CIPLE ( ! PRODUCTIVITY ( CAPITAL IS NO RESPECT] ( P]SONS1 GRANTS NO PRIVILEGES2 IT APPLIES TO EV]Y CAPITALI/1 REG>DLESS ( RANK OR DIGNITY4  ,?AT :I* IS LEGITIMATE = ,PET] IS LEGITIMATE = ,PAUL2 BO? HAVE ! SAME RI<T TO USURY AS WELL AS TO LABOR4  ,:51 !N1--L GO1 BACK TO ! EXAMPLE :I* Y\ HAVE US$1--:5 Y\ L5D ME1 AT 9T]E/1 ! PLANE :I* Y\ HAVE MADE = SMOO?+ Y\R PLANKS1 IF1 9 MY TURN1 ,I L5D Y\ ! SAW :I* ,I HAVE MADE = CUTT+ UP MY LUMB]1 ,I ALSO %ALL BE 5TITL$ TO 9T]E/4 

 ,! RI<T ( CAPITAL IS ALIKE = ALL2 ALL1 9 ! PROPORTION ?AT !Y L5D & BORR[1 \<T TO RECEIVE & PAY 9T]E/4  ,SU* IS ! FIR/ CONSEQU5CE ( Y\R !ORY1 :I* W\LD NOT BE A !ORY1 W]E NOT ! RI<T :I* IT E/ABLI%ES UNIV]SAL & RECIPROCAL2 ?IS IS SELF-EVID5T4 

 ,LET US SUPPOSE1 !N1 ?AT ( ALL ! CAPITAL ?AT ,I USE1 :E!R 9 ! =M ( MA*9]Y OR ( RAW MAT]IAL1 HALF IS L5T TO ME BY Y\2 SUPPOSE ALSO ?AT ( ALL ! CAPITAL US$ BY Y\ HALF IS L5T TO Y\ BY ME2 IT IS CLE> ?AT ! 9T]E/S :I* WE MU/ PAY WILL (FSET EA* O!R2 &1 IF EQUAL AM\NTS ( CAPITAL >E ADVANC$1 ! 9T]E/S CANCEL+ EA* O!R1 ! BALANCE WILL BE Z]O4 

 ,9 SOCIETY1 IT IS TRUE ?+S DO NOT GO ON PRECISELY 9 ?IS WAY4  ,! LOANS ?AT ! PRODUC]S RECIPROCALLY MAKE TO EA* O!R >E NOT ALWAYS EQUAL 9 AM\NT1 !RE=E ! 9T]E/S ?AT !Y HAVE TO PAY >E ALSO UNEQUAL2 H5CE ! 9EQUALITY ( CONDITIONS & =TUNES4 

 ,BUT ! QUE/ION IS TO ASC]TA9 :E!R ?IS EQUILIBRIUM 9 ! LOAN+ ( CAPITAL1 LABOR1 & SKILL1 &1 CONSEQU5TLY1 EQUALITY ( 9COME = ALL CITIZ5S1 P]FECTLY ADMISSIBLE 9 !ORY1 IS CAPABLE ( REALIZATION 9 PRACTICE2 :E!R ?IS REALIZATION IS 9 ACCORDANCE ) ! T5D5CIES ( SOCIETY2 :E!R1 F9ALLY & UNQUE/IONABLY1 IT IS NOT ! 9EVITABLE RESULT ( ! !ORY ( USURY ITSELF4 

 ,N[1 ?IS IS :AT ,SOCIALISM AFFIRMS1 N[ ?AT IT HAS >RIV$ AT AN UND]/&+ ( ITSELF1 ! ,SOCIALISM :I* NO LONG] DI/+UI%ES ITSELF FROM ECONOMIC SCI5CE1 /UDI$ AT ONCE 9 ! LI<T ( ITS ACCUMULAT$ EXP]I5CE & 9 ! P[] ( ITS D$UCTIONS4  ,9 FACT1 :AT DOES ! HI/ORY ( CIVILIZATION1 ! HI/ORY ( POLITICAL ECONOMY1 TELL US CONC]N+ ?IS GREAT QUE/ION ( 9T]E/8 

 ,IT TELLS US ?AT ! MUTUAL LOAN+ ( CAPITAL1 MAT]IAL1 OR IMMAT]IAL1 T5DS MORE & MORE T[>DS EQUILIBRIUM1 [+ TO ! V>I\S CAUSES 5UM]AT$ BEL[1 :I* ! MO/ CONS]VATIVE ECONOMI/S CANNOT DISPUTE3-- 

 ,FIR/--,! DIVISION ( LABOR1 OR ! SEP>ATION ( 9DU/RIES1 :I*1 9F9ITELY MULTIPLY+ BO? TOOLS & RAW MAT]IAL1 MULTIPLIES 9 ! SAME PROPORTION ! LOANS ( CAPITAL4 

 ,SECOND--,! ACCUMULATION ( CAPITAL1 AN ACCUMULATION :I* RESULTS FROM DIV]SITY ( 9DU/RIES1 PRODUC+ BETWE5 CAPITALI/S A COMPETITION SIMIL> TO ?AT BETWE5 M]*ANTS1 &1 CONSEQU5TLY1 EFFECT+ GRADUALLY A L[]+ ( ! R5T ( CAPITAL1 A R$UCTION ( ! RATE ( 9T]E/4 

 ,?IRD--,! CONT9UALLY 9CREAS+ P[] ( CIRCULATION :I* CAPITAL ACQUIRES ?R\< ! USE ( SPECIE & BILLS ( EX*ANGE4 

 ,F\R?--,F9ALLY1 PUBLIC SECURITY4 

 ,SU* >E ! G5]AL CAUSES :I*1 = C5TURIES HAVE DEVELOP$ AMONG PRODUC]S A RECIPROCITY ( LOANS T5D+ MORE & MORE TO EQUILIBRIUM & CONSEQU5TLY TO A MORE & MORE EV5 BALANCE ( 9T]E/S1 TO A CONT9UAL DIM9UTION ( ! PRICE ( CAPITAL4 

 ,!SE FACTS CANNOT BE D5I$2 Y\ Y\RSELF ADMIT !M2 ONLY Y\ MI/AKE !IR PR9CIPLE & PURPORT1 BY GIV+ CAPITAL ! CR$IT = ! PROGRESS MADE 9 ! DOMA9 ( 9DU/RY & WEAL?1 :]EAS ?IS PROGRESS IS CAUS$ NOT BY CAPITAL1 BUT BY ! CIRCULATION ( CAPITAL4 

 ,! FACTS BE+ ?US ANALYZ$ & CLASSIFI$ ,SOCIALISM ASKS :E!R1 9 ORD] TO BR+ AB\T ?IS EQUILIBRIUM ( CR$IT & 9COME1 IT IS NOT POSSIBLE TO ACT DIRECTLY1 NOT ON CAPITAL1 REMEMB]1 BUT ON CIRCULATION2 :E!R IT IS NOT POSSIBLE SO TO ORGANIZE ?IS CIRCULATION AS TO 9AUGURATE1 AT ONE BL[1 BETWE5 CAPITALI/S & PRODUC]S 7TWO CLASSES N[ HO/ILE1 BUT !ORETICALLY ID5TICAL7 EQUIVAL5CE ( LOANS1 OR1 9 O!R WORDS1 EQUALITY ( =TUNES4 

 ,TO ?IS QUE/ION ,SOCIALISM AGA9 REPLIES3 ,YES1 IT IS POSSIBLE1 & 9 SEV]AL WAYS4 

,SUPPOSE1 9 ! FIR/ PLACE1 TO CONF9E \RSELVES TO ! PRES5T CONDITIONS ( CR$IT1 ! OP]ATIONS ( :I* >E C>RI$ ON MA9LY ?R\< ! 9T]V5TION ( SPECIE--SUPPOSE ?AT ALL ! PRODUC]S 9 ! REPUBLIC1 NUMB]+ MORE ?AN T5 MILLIONS1 TAX !MSELVES1 EA* ONE1 TO ! AM\NT ( ONLY ONE P]C5T ( !IR CAPITAL4  ,?IS TAX ( ONE P]C5T UPON ! TOTAL AM\NT ( ! CAPITAL ( ! C\NTRY1 BO? REAL & P]SONAL1 W\LD AM\NT TO MORE ?AN A ?\S& MILLION ( FRANCS4 

 ,SUPPOSE ?AT BY MEANS ( ?IS TAX A BANK BE F\ND$1 9 COMPETITION ) ! ,BANK 7MISCALL$7 ( ,FRANCE1 DISC\NT+ & GIV+ CR$IT ON MORTGAGES AT ! RATE ( ONE-HALF ( ONE P]C5T4 

 ,IT IS EVID5T1 9 ! FIR/ PLACE1 ?AT ! RATE ( DISC\NT ON COMM]CIAL PAP]1 ! RATE ( LOANS ON MORTGAGES1 ! DIVID5D ( 9VE/$ CAPITAL1 ETC41 BE+ ONE-HALF ( ONE P]C5T1 ! CA% CAPITAL 9 ! H& ( ALL USUR]S & MONEYL5D]S W\LD BE IMM$IATELY /RUCK ) ABSOLUTE /]ILITY2 9T]E/ W\LD BE Z]O1 & CR$IT GRATUIT\S4 

 ,IF COMM]CIAL CR$IT & ?AT BAS$ ON MORTGAGES--9 O!R WORDS1 IF MONEY CAPITAL1 ! CAPITAL :OSE EXCLUSIVE FUNCTION IS TO CIRCULATE--WAS GRATUIT\S1 H\SE CAPITAL W\LD SOON BECOME SO2 9 REALITY1 H\SES NO LONG] W\LD BE CAPITAL2 !Y W\LD BE M]*&ISE1 QUOT$ 9 ! M>KET LIKE BR&Y & *EESE1 & R5T$ OR SOLD--T]MS :I* W\LD !N BE SYNONYM\S--AT CO/4 

 ,IF H\SES1 LIKE MONEY1 W]E GRATUIT\S--?AT IS TO SAY1 IF USE WAS PAID = AS AN EX*ANGE1 & NOT AS A LOAN--L& W\LD NOT BE SL[ 9 BECOM+ GRATUIT\S ALSO2 ?AT IS1 F>MR5T1 9/EAD ( BE+ R5T PAID TO A NON-CULTIVAT+ PROPRIETOR1 W\LD BE ! COMP5SATION = ! DIFF]5CE BETWE5 ! PRODUCTS ( SUP]IOR & 9F]IOR SOILS2 OR1 BETT]1 !RE NO LONG] W\LD EXI/1 9 REALITY1 EI!R T5ANTS OR PROPRIETORS2 !RE W\LD BE ONLY HUSB&M5 & W9E-GR[]S1 JU/ AS !RE >E JO9]S & MA*9I/S4 

 ,DO Y\ WI% ANO!R PRO( ( ! POSSIBILITY ( MAK+ ALL CAPITAL GRATUIT\S BY ! DEVELOPM5T ( ECONOMIC 9/ITUTIONS8 

 ,SUPPOSE ?AT 9/EAD ( \R SY/EM ( TAXES1 SO COMPLEX1 SO BURD5SOME1 SO ANNOY+1 :I* WE HAVE 9H]IT$ FROM ! FEUDAL NOBILITY1 A S+LE TAX %\LD BE E/ABLI%$1 NOT ON PRODUCTION1 CIRCULATION1 CONSUMPTION1 HABITATION1 ETC41 BUT 9 ACCORDANCE ) ! DEM&S ( JU/ICE & ! DICTATES ( ECONOMIC SCI5CE1 ON ! NET CAPITAL FALL+ TO EA* 9DIVIDUAL4  ,! CAPITALI/1 LOS+ BY TAXATION AS MU* AS OR MORE ?AN HE GA9S BY R5T & 9T]E/1 W\LD BE OBLIG$ EI!R TO USE HIS PROP]TY HIMSELF OR TO SELL IT2 ECONOMIC EQUILIBRIUM AGA9 W\LD BE E/ABLI%$ BY ?IS SIMPLE & MOREOV] 9EVITABLE 9T]V5TION ( ! TREASURY DEP>TM5T4 

 ,SU* IS1 SUB/ANTIALLY1 ,SOCIALISM'S !ORY ( CAPITAL & 9T]E/4 

 ,NOT ONLY DO WE AFFIRM1 9 ACCORDANCE ) ?IS !ORY 7:I*1 BY ! WAY1 WE HOLD 9 COMMON ) ! ECONOMI/S7 & ON ! /R5G? ( \R BELIEF 9 9DU/RIAL DEVELOPM5T1 ?AT SU* IS ! T5D5CY & ! IMPORT ( L5D+ AT 9T]E/2 WE EV5 PROVE1 BY ! DE/RUCTIVE RESULTS ( ECONOMY AS IT IS1 & BY A DEMON/RATION ( ! CAUSES ( POV]TY1 ?AT ?IS T5D5CY IS NECESS>Y1 & ! ANNIHILATION ( USURY 9EVITABLE4 

 ,9 FACT1 R5T1 REW>D ( CAPITAL1 9T]E/ ON MONEY1 9 ONE WORD1 USURY1 CON/ITUT+1 AS HAS BE5 SAID1 AN 9TEGRAL P>T ( ! PRICE ( PRODUCTS1 & ?IS USURY NOT BE+ ! SAME = ALL1 IT FOLL[S ?AT ! PRICE ( PRODUCTS1 COMPOS$ AS IT IS ( WAGES & 9T]E/1 CANNOT BE PAID BY ?OSE :O HAVE ONLY !IR WAGES1 & NO 9T]E/ TO PAY IT )2 SO ?AT1 BY ! EXI/5CE ( USURY1 LABOR IS CONDEMN$ TO IDL5ESS & CAPITAL TO BANKRUPTCY4 

 ,?IS >GUM5T1 ONE ( ?AT CLASS :I* MA!MATICIANS CALL ! R$UCTIO AD ABSURDUM1 %[+ ! ORGANIC IMPOSSIBILITY ( L5D+ AT 9T]E/1 HAS BE5 REPEAT$ A HUNDR$ TIMES BY ,SOCIALISM4 

 ,:Y DO NOT ! ECONOMI/S NOTICE IT8 ,DO Y\ REALLY WI% TO REFUTE ! IDEAS ( ,SOCIALISM ON ! QUE/ION ( 9T]E/8 ,LI/51 !N1 TO ! QUE/IONS :I* Y\ MU/ ANSW]3-- 

 #a4 ,IS IT TRUE ?AT1 ?\< ! LOAN+ ( CAPITAL1 :5 VIEW$ OBJECTIVELY1 IS A S]VICE :I* HAS ITS VALUE1 & :I* CONSEQU5TLY %\LD BE PAID =1 ?IS LOAN+1 :5 VIEW$ SUBJECTIVELY1 DOES NOT 9VOLVE AN ACTUAL SACRIFICE ON ! P>T ( ! CAPITALI/2 & CONSEQU5TLY ?AT IT DOES NOT E/ABLI% ! RI<T TO SET A PRICE ON IT8 

 #b4 ,IS IT TRUE ?AT USURY1 TO BE UNOBJECTIONABLE1 MU/ BE EQUAL2 ?AT ! T5D5CY ( SOCIETY IS T[>DS ?IS EQUALIZATION2 SO ?AT USURY WILL BE 5TIRELY LEGITIMATE ONLY :5 IT HAS BECOME EQUAL = ALL1--?AT IS1 NONEXI/5T8 

 #c4 ,IS IT TRUE ?AT A NATIONAL BANK1 GIV+ CR$IT & DISC\NT GRATIS1 IS A POSSIBLE 9/ITUTION8 

 #d4 ,IS IT TRUE ?AT ! EFFECTS ( ! GRATUITY ( CR$IT & DISC\NT1 AS WELL AS ?AT ( TAXATION :5 SIMPLIFI$ & RE/OR$ TO ITS TRUE =M1 W\LD BE ! ABOLITION ( R5T ( REAL E/ATE1 AS WELL AS ( 9T]E/ ON MONEY8 

 #e4 ,IS IT TRUE ?AT ! OLD SY/EM IS A CONTRADICTION & A MA!MATICAL IMPOSSIBILITY8 

 #f4 ,IS IT TRUE ?AT POLITICAL ECONOMY1 AFT] HAV+1 = SEV]AL ?\S& YE>S1 OPPOS$ ! VIEW ( USURY HELD BY !OLOGY1 PHILOSOPHY1 & LEGISLATION1 COMES1 BY ! APPLICATION ( ITS [N PR9CIPLES1 TO ! SAME CONCLUSION8 

 #g4 ,IS IT TRUE1 F9ALLY1 ?AT USURY HAS BE51 AS A PROVID5TIAL 9/ITUTION1 SIMPLY AN 9/RUM5T ( EQUALITY & PROGRESS1 JU/ AS1 9 ! POLITICAL SPH]E1 ABSOLUTE MON>*Y WAS AN 9/RUM5T ( LIB]TY & PROGRESS1 & AS1 9 ! JUDICIAL SPH]E1 ! BOIL+-WAT] TE/1 ! DUEL1 & ! RACK W]E1 9 !IR TURN1 9/RUM5TS ( CONVICTION & PROGRESS8 

 ,!SE >E ! PO9TS ?AT \R OPPON5TS >E B\ND TO EXAM9E BE=E *>G+ US ) SCI5TIFIC & 9TELLECTUAL WEAKNESS2 !SE1 ,MONSIEUR ,BA/IAT1 >E ! PO9TS ON :I* Y\R FUTURE >GUM5TS MU/ TURN1 IF Y\ WI% !M TO PRODUCE A DEF9ITE RESULT4  ,! QUE/ION IS /AT$ CLE>LY & CATEGORICALLY3 P]MIT US TO BELIEVE ?AT1 AFT] HAV+ EXAM9$ IT1 Y\ WILL P]CEIVE ?AT !RE IS SOME?+ 9 ! ,SOCIALISM ( ! N9ETE5? C5TURY ?AT IS BEYOND ! REA* ( Y\R ANTIQUAT$ POLITICAL ECONOMY4 

,FROM 3 ,AN>*Y ,>*IVES4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ahdh 3 ,9T]E/ & ,PR9CIPAL3 ,A ,LOAN IS A ,S]VICE -- ,PUBLICATION4 
,FEBRU>Y #a1 #bag 3 ,9T]E/ & ,PR9CIPAL3 ,A ,LOAN IS A ,S]VICE -- ,ADD$4 
,DECEMB] #c1 #bba 3 ,9T]E/ & ,PR9CIPAL3 ,A ,LOAN IS A ,S]VICE -- ,UPDAT$4 

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