,9T]E/ & ,PR9CIPAL3 ,>GUM5TS ,DRAWN FROM ! ,OP]ATIONS ( ! ,BANK ( ,FRANCE #ahdi ,PEOPLE 3 ,AU?OR 3 ,PI]RE-,JOSEPH ,PR\DHON ,TAGS 3 BANK ( FRANCE1 RATE ( DISC\NT1 MILLIONS ( M51 REAL E/ATE1 PUBLIC DEBT1 9T]E/1 CAPITAL1 C5T1 BANK1 SPECIE4 ,TEXT 3 ,PHOTO BY ,TASAYU ,TASNAPHUN1,C,C ,B,Y-,N,C-,N,D ,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 ,>GUM5TS ,DRAWN FROM ! ,OP]ATIONS ( ! ,BANK ( ,FRANCE ,IT IS NOT TRUE--& ! FACTS JU/ CIT$ PROVE BEYOND A D\BT ?AT IT IS NOT--?AT ! DECREASE ( 9T]E/ IS PROPORTIONAL TO ! 9CREASE ( CAPITAL4 ,BETWE5 ! PRICE ( M]*&ISE & 9T]E/ ( CAPITAL !RE IS NOT ! LEA/ ANALOGY2 ! LAWS GOV]N+ !IR FLUCTUATIONS >E NOT ! SAME2 & ALL Y\R D9N+ ( ! LA/ SIX WEEKS 9 RELATION TO CAPITAL & 9T]E/ HAS BE5 UTT]LY DEVOID ( S5SE4 ,! UNIV]SAL CU/OM ( BANKS & ! COMMON S5SE ( ! PEOPLE GIVE Y\ ! LIE ON ALL !SE PO9TS 9 A MO/ HUMILIAT+ MANN]4 ,N[1 W\LD Y\ BELIEVE1 SIR1--= 9DE$ Y\ DO NOT SEEM TO BE WELL-9=M$ AB\T ANY?+1--?AT ! ,BANK ( ,FRANCE1 AN ASSOCIATION COMPOS$ ( HONE/ PEOPLE1 PHILAN?ROPI/S1 ,GOD-FE>+ M51 UTT]LY 9CAPABLE ( COMPROMIS+1 ) !IR CONSCI5CES1 CONT9UES TO *>GE F\R P]C5T ON ALL ITS DISC\NTS )\T ALL[+ ! PUBLIC TO D]IVE ! SLIKET1 ON ?IS BASIS ( F\R P]C5T ON A CAPITAL ( F\R HUNDR$ & ?IRTY-ONE MILLIONS NOT ITS [N8 ,SAY1 IS ?AT ROBB]Y1 YES OR NO8 ,BUT WE HAVE NOT REA*$ ! 5D4 ,I HAVE NOT BEGUN TO TELL Y\ ( ! CRIMES ( ?IS SOCIETY ( /OCK-JOBB]S1 F\ND$ BY ,NAPOLEON = ! EXPRESS PURPOSE ( SUPPORT+ P>ASITIC (FICIALS & PROPRIETORS & SUCK+ ! NATION'S LIFE-BLOOD4 ,A FEW MILLIONS1 MORE OR LESS1 >E NOT SUFFICI5T TO AFFECT DANG]\SLY A POPULATION ( ?IRTY-SIX MILLIONS ( M54 ,?AT PORTION ( ! ROBB]IES COMMITT$ BY ! ,BANK ( ,FRANCE :I* ,I HAVE EXPOS$ IS BUT A TRIFLE3 ONLY ! RESULTS >E WOR?Y ( CONSID]ATION4 ,! =TUNE & DE/9Y ( ! C\NTRY IS TODAY 9 ! H&S ( ! ,BANK ( ,FRANCE4 ,IF IT W\LD RELIEVE 9DU/RY & COMM]CE BY A DECREASE ( ITS RATE ( DISC\NT PROPORTIONAL TO ! 9CREASE ( ITS RES]VES2 9 O!R WORDS1 IF IT W\LD R$UCE ! PRICE ( ITS CR$IT TO ?REE-F\R?S ( ONE P]C5T1 :I* IT MU/ DO 9 ORD] TO QUIT /EAL+1--?IS R$UCTION W\LD 9/ANTLY PRODUCE1 ?R\<\T ! REPUBLIC & ALL ,EUROPE1 9CALCULABLE RESULTS4 ,!Y C\LD NOT BE 5UM]AT$ 9 A VOLUME3 ,I WILL CONF9E MYSELF TO ! 9DICATIONS ( A FEW4 ,IF1 !N1 ! CR$IT ( ! ,BANK ( ,FRANCE1 :5 ?AT BANK HAS BECOME A ,NATIONAL ,BANK1 %\LD BE LOAN$ AT ?REE-F\R?S ( ONE P]C5T 9/EAD ( AT F\R P]C5T1 ORD9>Y BANK]S1 NOT>IES1 CAPITALI/S1 & EV5 ! /OCKHOLD]S ( ! BANK ITSELF1 W\LD BE IMM$IATELY COMPELL$ BY COMPETITION TO R$UCE !IR 9T]E/1 DISC\NT1 & DIVID5DS TO AT LEA/ ONE P]C5T1 9CLUD+ 9CID5TAL EXP5SES & BROK]AGE4 ,:AT H>M1 ?9K Y\1 W\LD ?IS R$UCTION DO TO BORR[]S ON P]SONAL CR$IT1 OR TO COMM]CE & 9DU/RY1 :O >E =C$ TO PAY1 BY REASON ( ?IS FACT ALONE1 AN ANNUAL TAX ( AT LEA/ TWO ?\S& MILLIONS8 ,IF F9ANCIAL CIRCULATION C\LD BE EFFECT$ AT A RATE ( DISC\NT REPRES5T+ ONLY ! CO/ ( ADM9I/RATION1 DRAFT+1 REGI/RATION1 ETC41 ! 9T]E/ *>G$ ON PUR*ASES & SALES ON CR$IT W\LD FALL 9 ITS TURN FROM SIX P]C5T TO Z]O1--?AT IS TO SAY1 BUS9ESS W\LD !N BE TRANSACT$ ON A CA% BASIS3 !RE W\LD BE NO MORE DEBTS4 ,AGA91 TO H[ GREAT A DEGREE1 ?9K Y\1 W\LD ?AT DIM9I% ! %AMEFUL NUMB] ( SUSP5SIONS1 FAILURES1 & BANKRUPTCIES8 ,BUT AS 9 SOCIETY NET PRODUCT IS UNDI/+UI%ABLE FROM RAW PRODUCT1 SO 9 ! LI 9 BECOM+ ONE ) LIQUIDATION4 ,DO Y\ ?9K1 SIR1 ?AT ?AT W\LD PREV5T PEOPLE FROM LIV+ 9 H\SES & CULTIVAT+ L&8 ,IF1 ?ANKS TO ?IS RADICAL RE=M 9 ! MA*9]Y ( CIRCULATION1 LABOR WAS COMPELL$ TO PAY TO CAPITAL ONLY AS MU* 9T]E/ AS W\LD BE A JU/ REW>D = ! S]VICE R5D]$ BY ! CAPITALI/1 SPECIE & REAL E/ATE BE+ DEPRIV$ ( !IR REPRODUCTIVE PROP]TIES & VALU$ ONLY AS PRODUCTS1--AS ?+S ?AT CAN BE CONSUM$ & REPLAC$1--! FAVOR ) :I* SPECIE & CAPITAL >E N[ LOOK$ UPON W\LD BE :OLLY TRANSF]R$ TO PRODUCTS2 EA* 9DIVIDUAL1 9/EAD ( RE/RICT+ HIS CONSUMPTION1 W\LD /RIVE ONLY TO 9CREASE IT4 ,:]EAS1 AT PRES5T1 ?ANKS TO ! RE/RICTION LAID UPON CONSUMABLE PRODUCTS BY 9T]E/1 ! MEANS ( CONSUMPTION >E ALWAYS V]Y MU* LIMIT$1 !N1 ON ! CONTR>Y1 PRODUCTION W\LD BE 9SUFFICI5T3 ,LABOR W\LD !N BE SECURE 9 FACT AS WELL AS 9 RIASITES1 CUT (F FROM A LIV+1 W\LD !N BE COMPELL$ TO PRODUCE1 ! NATIONAL PRODUCTION W\LD BE D\BL$ & ! WELF>E ( ! LABOR] 9CREAS$ F\R-FOLD4 ,& Y\1 SIR1 :OM ! WOR%IP ( 9T]E/ DOES NOT PREV5T FROM LIFT+ Y\R ?\Y1 ?AT ! DECREASE ( 9T]E/ MULTIPLIES CAPITAL8 ,BUT ALL ?IS IS DISPLEAS+ TO ! CAPITALI/S & DI/A/EFUL TO ! BANK4 ,! BANK HOLDS 9 ITS H& ! HORN ( PL5TY :I* ! PEOPLE HAVE 5TRU/$ TO IT3 ?AT HORN IS ! ?REE HUNDR$ & =TY-ONE MILLIONS ( SPECIE ACCUMULAT$ 9 ITS VAULTS1 :I* TE/IFY SO L\DLY TO ! P[] ( ! PUBLIC CR$IT4 ,TO REVIVE LABOR & DIFFUSE WEAL? EV]Y:]E1 ! BANK NE$S TO DO BUT ONE ?+2 NAMELY1 R$UCE ITS RATE ( DISC\NT TO SU* A FIGURE ?AT ! SUM TOTAL ( ! 9T]E/ IT RECEIVES %ALL BE EQUAL TO F\R P]C5T ( N9ETY MILLIONS4 ,IT WILL NOT DO IT4 ,= ! SAKE ( A FEW MILLIONS MORE TO DI/RIBUTE AMONG ITS /OCKHOLD]S1 & :I* IT /EALS1 IT PREF]S TO CAUSE AN ANNUAL LOSS TO ! C\NTRY ( T5 ?\S& MILLIONS4 ,9 ORD] TO REW>D P>ASITISM1 REMUN]ATE CRIME1 SATISFY ! 9TEMP]ATE CRAV+S ( TWO MILLIONS ( (FICIALS1 /OCK-JOBB]S1 USUR]S1 PRO/ITUTES1 & SPIES1 & PRES]VE ?IS LEP] ( A ,GOV]NM5T1 IT WILL CAUSE1 IF NECESS>Y1 ?IRTY-F\R MILLIONS ( M5 TO ROT 9 POV]TY4 ,ONCE MORE1 ,I ASK1 IS ?AT ROBB]Y8 ,IS ?AT RAP9E1 PLUND]1 PREM$ITAT$ & WILLFUL MURD]8 ,HAVE ,I TOLD ALL8--,NO2 ?AT W\LD REQUIRE T5 VOLUMES1 BUT ,I MU/ /OP4 ,I WILL CLOSE BY CONSID]+ A /ROKE :I* SEEMS TO ME A MA/]PIECE ( ITS K9D1 & TO :I* ,I ASK Y\R UNDIVID$ ATT5TION4 ,A DEF5D] ( CAPITAL1 Y\ >E NOT ACQUA9T$ ) ITS TRICKS4 ,! AM\NT ( SPECIE1 ,I WILL NOT SAY EXI/+1 BUT CIRCULAT+ 9 ,FRANCE1 9CLUD+ ! BANK'S RES]VE1 DOES NOT EXCE$1 BY COMMON E/IMATION1 ONE ?\S& MILLIONS4 ,AT F\R P]C5T 9T]E/--,I AM REASON+ ON ! SUPPOSITION ( PAID CR$IT--! LABOR+ PEOPLE %\LD PAY =TY MILLIONS ANNUALLY = ! USE ( ?IS CAPITAL4 ,CAN Y\1 SIR1 TELL ME :Y1 9/EAD ( =TY MILLIONS1 WE >E PAY+ SIXTE5 HUNDR$ MILLIONS--,I SAY SIXTE5 HUNDR$ MILLIONS--AS ! REW>D ( ?IS CAPITAL8 0,SIXTE5 HUNDR$ MILLIONS6 ,ONE HUNDR$ & SIXTY P]C5T6 ,IMPOSSIBLE60 Y\ EXCLAIM4 ,DID ,I NOT TELL Y\1 SIR1 ?AT Y\ KNEW NO?+ AB\T POLITICAL ECONOMY8 ,?IS IS ! FACT1 ?\< TO Y\1 ,I AM SURE1 IT IS /ILL AN 5IGMA4 ,! AM\NT ( MORTGAGES1 ACCORD+ TO ! MO/ RELIABLE AU?ORITIES1 IS TWELVE ?\S& MILLIONS2 SOME PUT IT AT F\RTE5 ?\S& MILLIONS2 ,WE WILL SAY 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4#a#b1 MILLIONS ,AM\NT ( NOTES ( H&1 AT LEA/ 4 4 4 4 4 4 4 4 4 #f1 MILLIONS ,AM\NT 9VE/$ 9 SLEEP+ P>TN]%IP1 AB\T 4 4 #b1 MILLIONS ,TO :I* %\LD BE ADD$ ! PUBLIC DEBT 4 4 4 4 4 #h1 MILLIONS --------------- ,TOTAL 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4#b#h1 MILLIONS :I* AGRICULTURE1 MANUFACTURES1 & COMM]CE1 9 A WORD1 LABOR1 :I* PRODUCES EV]Y?+1 & ! ,/ATE1 :I* PRODUCES NO?+ & IS SUPPORT$ BY LABOR1 [E TO CAPITAL4 ,ALL !SE DEBTS--NOTE ?IS PO9T-->ISE FROM MONEY LOAN$1 OR SAID TO HAVE BE5 LOAN$1 AT F\R1 FIVE1 SIX1 EICITY ( SPECIE ?AT CAUSES ! 5ORM\S AM\NT ( 9T]E/8 ,NO1 = ALL !SE AM\NTS W]E LOAN$1 AS WE HAVE SE51 AT AN AV]AGE RATE ( SIX P]C5T4 ,H[1 !N1 HAS AN 9T]E/1 /IPULAT$ AT SIX P]C5T1 BECOME AN 9T]E/ ( ONE HUNDR$ & SIXTY P]C5T8 ,I WILL TELL Y\4 ,Y\1 SIR1 :O REG>D ALL CAPITAL AS NATURALLY & NECESS>ILY PRODUCTIVE1 KN[ ?AT ?IS PRODUCTIVITY IS NOT POSSESS$ BY ALL K9DS ( PROP]TY 9 ! SAME DEGREE2 ?AT IT BELONGS MA9LY TO TWO K9DS1 ! K9D KN[N AS REAL E/ATE 7L& & H\SES71 IF WE HAVE A *ANCE TO LEASE !M 7:I* IS NOT ALWAYS EASY OR ALWAYS SAFE71 & ! K9D KN[N AS MONEY4 ,MONEY1 MONEY ESPECIALLY6 ?AT IS ! CAPITAL P> EXCELL5CE1 ! CAPITAL :I* IS L5T1 :I* IS HIR$1 :I* IS PAID =1 :I* PRODUCES ALL ?OSE WOND]FUL F9ANCI]S :OM WE SEE MANEUV]+ AT ! BANK1 AT ! /OCK EX*ANGE1 & AT ALL ! 9T]E/ & USURY %OPS4 ,BUT MONEY IS NOT1 LIKE L&1 CAPABLE ( CULTIVATION1 NOR1 LIKE H\SES OR CLO!S1 CAN IT BE CONSUM$ BY USE4 ,IT IS ONLY A TOK5 ( EX*ANGE1 RECEIVABLE BY ALL M]*ANTS & PRODUC]S1 & ) :I* A %OEMAK]1 = EXAMPLE1 CAN BUY HIM A HAT4 ,9 VA91 ?R\< ! AG5CY ( ! BANK1 DOES PAP]1 LITTLE BY LITTLE & ) UNIV]SAL CONS5T1 GET SUB/ITUT$ = SPECIE3 ! PREJUDICE /ICKS FA/1 & IF BANK PAP] IS RECEIV$ 9 LIEU ( SPECIE1 IT IS ONLY BECAUSE ! OP9ION PREVAILS ?AT IT CAN BE EX*ANG$ AT WILL = SPECIE4 ,SPECIE ALONE IS 9 DEM&4 ,:5 ,I L5D MONEY1 !N1 IT IS REALLY ! P[] TO EX*ANGE MY UNSOLD PRODUCT ( TODAY OR ( ! FUTURE :I* ,I L5D3 MONEY1 9 ITSELF1 IS USELESS4 ,I TAKE IT ONLY TO EXP5D IT2 ,I NEI!R CONSUME NOR CULTIVATE IT4 ,! EX*ANGE ONCE CONSUMMAT$1 ! MONEY AGA9 BECOMES TRANSF]ABLE1 & CAPABLE1 CONSEQU5TLY1 ( BE+ LOAN$ ANEW4 ,?US IT GOES ON1 & AS1 BY ! ACCUMULATION ( 9T]E/1 MONEY-CAPITAL1 9 ! C\RSE ( EX*ANGE1 ALWAYS RETURNS TO ITS S\RCE1 IT FOLL[S ?AT ! NEW LOAN1 ALWAYS MADE BY ! SAME H&1 ALWAYS B5EFITS ! SAME P]SONS4 ,DO Y\ SAY ?AT1 9ASMU* AS MONEY S]VES TO FACILITATE ! EX*ANGE ( CAPITAL & PRODUCTS1 ! 9T]E/ PAID ON IT IS A COMP5SATION NOT SO MU* = ! MONEY ITSELF AS = ! CAPITAL EX*ANG$2 & ?AT1 ?US VIEW$1 ! SIXTE5 HUNDR$ MILLIONS ( 9T]E/ PAID AN ONE ?\S& MILLIONS ( SPECIE REPRES5T REALLY ! REW>D ( FROM TW5TY-FIVE TO ?IRTY ?\S& MILLIONS ( CAPITAL8 ,?AT HAS BE5 SAID OR WRITT5 SOME:]E BY AN ECONOMI/ ( Y\R S*OOL4 ,SU* AN ALLEGATION CANNOT BE SU/A9$ = ONE MOM5T4 ,H[ HAPP5S IT1 ,I ASK Y\1 ?AT H\SES >E R5T$1 ?AT L&S >E LEAS$1 ?AT M]*&ISE SOLD ON CR$IT BE>S 9T]E/8 ,JU/ BECAUSE ( ! USE ( SPECIE2 SPECIE1 :I* 9T]V5ES1 AS A FISCAL AG5T1 9 ALL TRANSACTIONS2 SPECIE1 :I* PREV5TS H\SES & L&S FROM BE+ EX*ANG$ 9/EAD ( LOAN$1 & M]*&ISE FROM BE+ SOLD = CA%4 ,SPECIE1 !N1 9T]V5+ EV]Y:]E AS A SUPPLEM5T>Y CAPITAL1 AS AN AG5T ( CIRCULATION1 AS A MEANS ( SECURITY1--?IS IT IS PRECISELY ?AT WE PAY =1 & ! REMUN]ATION ( ! S]VICE R5D]$ BY IT IS EXACTLY ! PO9T N[ 9 QUE/ION4 ,& S9CE 9 ANO!R PLACE WE HAVE SE5 FROM AN EXPLANATION ( ! WORK+S ( ! ,BANK ( ,FRANCE & ! CONSEQU5CES ( ! ACCUMULATION ( ITS METALLIC RES]VE1 ?AT A CAPITAL ( N9ETY MILLIONS ( SPECIE1 HAV+ TO PRODUCE AN ANNUAL 9T]E/ ( F\R P]C5T1 ADMITS ( A RATE ( DISC\NT ( ?REE1 TWO1 ONE1 OR EV5 ?REE-F\R?S ( ONE P]C5T1 ACCORD+ TO ! AM\NT ( BUS9ESS TRANSACT$ BY ! BANK1 IT IS V]Y EVID5T1 FUR!R1 ?AT ! SIXTE5 HUNDR$ MILLIONS ( 9T]E/ :I* ! NATION PAYS TO ITS USUR]S1 BANK]S1 BONDHOLD]S1 NOT>IES1 & SLEEP+-P>TN]S >E SIMPLY ! R5T ( ONE ?\S& MILLIONS ( GOLD & SILV]1 UNLESS Y\ PREF] TO ACKN[L$GE ) ME ?AT !SE SIXTE5 HUNDR$ MILLIONS >E OBTA9$ BY ROBB]Y4 ,FROM 3 ,AN>*Y ,>*IVES4 ,*RONOLOGY 3 ,NOVEMB] #c1 #ahdh 3 ,9T]E/ & ,PR9CIPAL3 ,>GUM5TS ,DRAWN FROM ! ,OP]ATIONS ( ! ,BANK ( ,FRANCE -- ,PUBLICATION4 ,FEBRU>Y #a1 #bag 3 ,9T]E/ & ,PR9CIPAL3 ,>GUM5TS ,DRAWN FROM ! ,OP]ATIONS ( ! ,BANK ( ,FRANCE -- ,ADD$4 ,DECEMB] #c1 #bba 3 ,9T]E/ & ,PR9CIPAL3 ,>GUM5TS ,DRAWN FROM ! ,OP]ATIONS ( ! ,BANK ( ,FRANCE -- ,UPDAT$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/