,*APT] #c 
,ECONOMICAL ,RESULTS FROM ! ,PREC$+ ,PROPOSITIONS 

#ahdfahdf 

,PEOPLE 3 

,AU?OR 3 ,LYS&] ,SPOON] 

,TEXT 3 

,LYS&] ,SPOON]1 ,POV]TY3 ,ITS ,ILLEGAL ,CAUSES & ,LEGAL ,CURES4 ,BO/ON3 ,BELA ,M>%1 ,NO4 #be ,CORNHILL4 #a#h#d#f4 

,*,A,P,T,] #c3 ,E,C,O,N,O,M,I,C,A,L ,R,E,S,U,L,T,S ,F,R,O,M ,! ,P,R,E,C,$,+ ,P,R,O,P,O,S,I,T,I,O,N,S 

  

,! LA/ F\R ( ! PREC$+ PROPOSITIONS ASS]T ! FOLL[+ PR9CIPLES1 TO WIT3 

#a4 ,! RI<T ( ! P>TIES TO CONTRACTS TO MAKE !IR [N B>GA9S 9 REG>D TO ! RATE ( 9T]E/4 

#b4 ,! RI<T ( FREE COMPETITION 9 ! BUS9ESS ( BANK+4 

#c4 ,?AT ! LEGAL OBLIGATION ( A DEBT1 ) SPECIFIC EXCEPTIONS1 IS EXT+UI%$ BY ! DEBTOR'S MAK+ PAYM5T TO ! EXT5T ( HIS MEANS1 :5 ! DEBT BECOMES DUE4 

#d4 ,?AT ! SEV]AL CR$ITORS ( ! SAME DEBTOR HOLD SUCCESSIVE LI5S UPON HIS PROP]TY1 = ! FULL AM\NT ( !IR DEBTS1 9 ! ORD] 9 :I* !IR DEBTS RESPECTIVELY W]E CONTRACT$4 

,IT WILL H]EAFT] BE %[N ?AT !SE SEV]AL PR9CIPLES >E LEGAL ONES1 F\ND$ 9 NATURAL & CON/ITUTIONAL LAW1 ?AT IS B9D+ UPON ALL \R JUDICIAL TRIBUNALS1 & 9CAPABLE ( BE+ 9VALIDAT$1 OR SET ASIDE1 BY ANY LEGISLATIVE 5ACT95TS ?AT >E )9 ! CON/ITUTIONAL P[] ( ANY ( \R GOV]NM5TS4 

,IT HAS ALREADY BE5 %[N1 9 P>T1 H[ !SE PR9CIPLES >E ADAPT$ TO ! ACCOMPLI%M5T ( ! FOLL[+ OBJECTS1 TO WIT3 

#a4 ,?AT ( 5ABL+ EA* POOR MAN TO OBTA91 ON CR$IT1 CAPITAL SUFFICI5T TO EMPLOY HIS [N H&S UPON4 

#b4 ,?AT ( 5ABL+ HIM TO OBTA9 ?IS CAPITAL ON ! MO/ ADVANTAGE\S T]MS AS TO 9T]E/1 & 9 ! MO/ ADVANTAGE\S =M = HIS USE4 

#c4 ,?AT ( 5ABL+ HIM TO OBTA9 ?IS CAPITAL ON CR$IT1 )\T ! RISK ( 9CURR+ AN >RE>AGE ( DEBT 9 CASE ( MIS=TUNE1 OR ( MISCALCULATION1 ON HIS P>T1 AS TO HIS ABILITY TO PAY 9 FULL4 

#d4 ,?AT ( 5ABL+ CAPITALI/S TO LOAN CAPITAL TO POOR M51 & HOLD ! FIR/ LI5 UPON IT1 9 ! H&S ( ! DEBTOR1 = !IR PAYM5T2 & )\T ! RISK ( HAV+ ! CAPITAL SO LOAN$ TAK5 & APPLI$1 EI!R BY ! LAW1 OR BY ! DEBTOR1 TO ! PAYM5T ( DEBTS TO O!R M54 

,IF SU* BE ! OP]ATION ( !SE PR9CIPLES1 IT SEEMS TO FOLL[1 ?AT1 IF !Y W\LD NOT FULLY1 !Y W\LD YET V]Y NE>LY ACCOMPLI% ! OBJECT ( SECUR+ TO EV]Y POOR MAN1 :O WAS HONE/1 9DU/RI\S1 & ORD9>ILY SKILLFUL1 ! 5JOYM5T ( HIS RI<T TO LABOR TO ! BE/ POSSIBLE ADVANTAGE1 7BY 5ABL+ HIM TO OBTA9 CAPITAL UPON :I* TO LABOR17 & ALSO ( HIS RI<T TO ! POSSESSION ( ALL ! FRUITS ( HIS LABOR1 EXCEPT :AT1 9 ! NATURE ( ?+S1 MU/ BE PAID = ! USE ( ! CAPITAL UPON :I* HE LABORS4 

,IF !RE CAN BE ANY D\BT AS TO SU* BE+ ! RESULT ( !SE PR9CIPLES1 IT CAN >ISE ONLY FROM A D\BT :E!R CAPITALI/S W\LD LOAN !IR CAPITAL TO LABOR]S1 OR POOR M51 IF ! PR9CIPLES ( LAW APPLICABLE TO ! LOAN1 W]E SU* AS HAVE BE5 DESCRIB$4 ,?IS QUE/ION1 !RE=E1 BECOMES IMPORTANT1 VIZ41 :E!R CAPITALI/S W\LD LOAN CAPITAL TO POOR M5 UND] SU* CIRCUM/ANCES8 

,! TRUE ANSW] TO ?IS QUE/ION IS1 ?AT1 AL?\< !Y MI<T NOT DO IT IMM$IATELY1 !Y YET W\LD DO IT SPE$ILY-& = ! FOLL[+ REASONS3 

#a4 ,IT IS OBVI\S ?AT1 O!R ?+S BE+ EQUAL1 IT W\LD BE MU* MORE SAFE = CAPITALI/S1 ESPECIALLY :5 !Y LOAN ON P]SONAL SECURITY1 TO LOAN !IR CAPITAL 9 SMALL SUMS TO A L>GE NUMB] ( 9DIVIDUALS1 :O W]E EA* !IR [N EMPLOY]S1 ?AN 9 L>GE SUMS TO A SMALL NUMB]1 :O EMPLOY$ ! LABOR ( O!RS4 ,IT W\LD1 = 9/ANCE1 BE MU* MORE SAFE TO LOAN FIFTY ?\S& DOLL>S1 9 SUMS ( FIVE HUNDR$ DOLL>S EA*1 TO ONE HUNDR$ M51 :O %\LD EA* BE/[ !IR [N LABOR UPON IT1 ?AN TO LOAN ! :OLE FIFTY ?\S& TO ONE MAN1 :O %\LD EMPLOY AN HUNDR$ O!R LABOR]S 9 ! MANAGEM5T ( IT4 ,EA* ( ! ONE HUNDR$ M5 W\LD BE MORE LIKELY TO REPAY ! :OLE ( HIS FIVE HUNDR$ DOLL>S1 ?AN ! ONE MAN TO REPAY ! :OLE ( HIS FIFTY ?\S& DOLL>S4 ,& :Y8 ,BECAUSE A MAN CAN MANAGE1 ) F> LESS RISK & WA/E1 & ) MU* MORE COMP>ATIVE PR(IT1 A CAPITAL ( FIVE HUNDR$ DOLL>S1 ON :I* HE EXP5DS HIS [N1 & ONLY HIS [N LABOR1 SKILL1 & CALCULATION1 ?AN HE CAN A CAPITAL ( FIFTY ?\S& DOLL>S1 ON :I* HE IS OBLIG$ TO EMPLOY ! LABOR ( AN HUNDR$ O!RS1 :OSE SKILL1 9DU/RY1 & ECONOMY HE CANNOT /IMULATE TO ! SAME DEGREE1 TO :I* !Y W\LD BE /IMULAT$1 :5 LABOR+ = !MSELVES4 ,SMALL BORR[]S >E ALSO LESS LIKELY TO SQU&] !IR LOANS 9 EXTRAVAGANT LIV+1 & 9 EXTRAVAGANT1 FANCIFUL1 & HAZ>D\S 5T]PRISES1 ?AN L>GE BORR[]S4 ,! COMM& ( L>GE BORR[$ CAPITALS (T5 9TOXICATES M5 ) ! CONCEIT ( !IR SUP]IOR JUDGM5T 9 ! MANAGEM5T ( PROP]TY1 OR ) A VA9 AMBITION = DISPLAY1 OR ) DREAMS ( SUDD5 WEAL?1 OR ) A PASSION = MAGNIFIC5T S*EMES-! CONSEQU5CES ( ALL :I* >E TOLD 9 DEEP1 P]HAPS RU9\S LOSSES TO !IR CR$ITORS4 ,ON ! O!R H&1 A MAN :O BORR[S M]ELY CAPITAL 5\< TO EMPLOY HIS [N H&S UPON1 AVOIDS ?IS 9TOXICATION 5TIRELY4 ,HE ?9KS ONLY ( RESULTS1 & ( SKILL1 9DU/RY1 & FRUGALITY1 AS ! MEANS4 ,! SMALL BORR[] IS !RE=E MU* MORE LIKELY1 ?AN ! L>GE BORR[]1 TO BE ABLE TO REPAY HIS LOAN4 ,HE IS ALSO MU* MORE LIKELY TO BE WILL+ TO REPAY IT4 ,! TEMPTATION TO FRAUD 9 HIS CASE IS TRIVIAL1 COMP>$ ) ?AT 9 ! CASE ( ! O!R4 

#b4 ,9 ! CASE ( SMALL LOANS TO A L>GE NUMB] ( 9DIVIDUALS1 EA* 9DIVIDUAL IS NOT ONLY MORE LIKELY1 = ! REASONS ALREADY GIV51 TO REPAY ! LOAN1 ?AN ! S+LE 9DIVIDUAL IS 9 ! CASE ( A L>GE LOAN1 BUT !RE IS ?IS FUR!R SECURITY1 :I* IS ( GREAT CONSID]ATION ) CAPITALI/S1 :O LOAN MONEY1 VIZ41 ?AT 9 CASES ( MIS=TUNE OR FRAUD ON ! P>T ( A DEBTOR1 ! LOSS IS SMALL1 NOT RU9\S4 ,IF ! HUNDR$? DEBTOR FAIL TO PAY1 ! N9ETY-N9E >E /ILL SOLV5T4 ,! CAPITALI/ IS NOT RU9$4 ,HE LOSES BUT ONE P]C5T ( HIS :OLE CAPITAL4 ,BUT 9 ! CASE ( ! L>GE LOAN1 IF ! DEBTOR FAIL1 ! CR$ITOR IS RU9$1 OR S]I\SLY 9JUR$-SIMPLY BECAUSE HE HAS EMB>K$ A L>GE FREI<T 9 ONE %IP4 

,CAPITALI/S UND]/& !SE PR9CIPLES1 AS WE SEE 9 ! CASE ( 9SURANCE COMPANIES1 :I* ACT UNI=MLY ON ! POLICY ( TAK+ A L>GE NUMB] ( SMALL RISKS1 9 PREF]5CE TO A FEW L>GE ONES4 

#c4 ,!RE IS /ILL ANO!R CONSID]ATION 9 FAVOR ( SMALL LOANS TO A L>GE NUMB] ( 9DIVIDUALS1 :O >E !IR [N EMPLOY]S1 OV] L>GE LOANS TO A SMALL NUMB]1 :O EMPLOY ! LABOR ( O!RS4 ,IT IS ?IS4 ,! LABOR ( 9DIVIDUALS1 :O LABOR = !MSELVES ALONE1 BE+1 = ! REASONS ALREADY GIV51 MU* MORE PRODUCTIVE1 ECONOMICAL1 & PR(ITABLE1 ?AN ! LABOR ( HIREL+S1 9DIVIDUALS C\LD AF=D TO PAY A HI<] RATE ( 9T]E/-MU* HI<] IF IT W]E NECESS>Y= ! LITTLE CAPITAL ?AT EA* MAN NE$S TO EMPLOY HIS [N H&S UPON1 ?AN !Y CAN = CAPITAL ON :I* TO EMPLOY ! LABOR ( HIREL+S4 

,! HI<] SELF-RESPECT ALSO1 :I* A MAN FEELS1 & ! HI<] SOCIAL POSITION HE 5JOYS1 :5 HE IS MA/] ( HIS [N 9DU/RY1 ?AN :5 HE LABORS = ANO!R1 W\LD 9DUCE HIM1 IF IT W]E NECESS>Y1 TO PAY EV5 SU* A RATE ( 9T]E/ = CAPITAL AS W\LD CUT D[N ! NET PR(ITS ( HIS LABOR TO ! SAME AM\NT ?AT HE W\LD RECEIVE AS A LABOR] = WAGES4 

,! 9EVITABLE RESULT ( !SE PR9CIPLES W\LD BE ?AT ! CLASS ( EMPLOY]S1 :O N[ /& BETWE5 ! CAPITALI/ & LABOR]1 &1 BY MEANS ( USURY LAWS1 SPONGE MONEY FROM ! =M]1 & LABOR FROM ! LATT]1 & PUT ! PLUND] 9TO !IR [N POCKETS1 W\LD BE =C$ ASIDE2 & ! CAPITALI/ & LABOR] W\LD COME TOGE!R1 FACE TO FACE1 & MAKE SU* B>GA9S ) EA* O!R1 AS ?AT ! :OLE PROCE$S ( !IR JO9T CAPITAL & LABOR W\LD BE DIVID$ BETWE5 !MSELVES1 9/EAD ( BE+ BE/[$1 9 P>T1 AS N[1 AS A GRATUITY1 UPON AN 9T]M$IATE 9TRUD]4 ,! CAPITALI/ W\LD NOT ONLY GET ALL HE N[ GETS AS 9T]E/1 & ! LABOR] ALL HE N[ GETS AS WAGES1 BUT !Y W\LD ALSO DIVIDE BETWE5 !MSELVES ?AT SUM :I* N[ GOES 9TO !1 POCKETS ( ! EMPLOY]4 ,:AT PORTION ( ?IS LATT] SUM W\LD GO TO ! LABOR]1 & :AT TO ! CAPITALI/1 W\LD DEP5D UPON ! CIRCUM/ANCES & B>GA9S 9 EA* P>TICUL> CASE4 ,! PROBABILITY IS ?AT = ! FIR/ FEW YE>S AFT] !SE PR9CIPLES W5T 9TO OP]ATION1 CAPITALI/S W\LD ASK & OBTA9 A PRETTY HI< RATE ( 9T]E/4 ,! COMPETITION AMONG LABOR]S1 9 !IR BIDS = CAPITAL1 W\LD PRODUCE ?IS EFFECT4 ,BUT AS ! G5]AL SAFETY ( ! SY/EM %\LD BE TE/$1 & AS LABOR]S %\LD GRADUALLY MAKE ACCUMULATIONS1 :I* W\LD S]VE AS SOME SECURITY = LOANS1 & AS ! BUS9ESS ( BANK+ %\LD BE 9CREAS$1 ! RATE ( 9T]E/ W\LD GRADUALLY DECL9E1 UNTIL -PROBABLY )9 T5 OR TW5TY YE>S-CAPITAL W\LD GO BEGG+ = BORR[]S1 & ! CURR5T RATE ( 9T]E/ W\LD PROBABLY NOT EXCE$ ?REE OR F\R P]C5T4 ,& ALL ! PROCE$S ( LABOR & CAPITAL1 OV] & ABOVE ?IS 9T]E/1 W\LD GO 9TO ! POCKETS ( ! LABOR]4 

,!RE OBVI\SLY W\LD BE LITTLE OR NO RISK 9 LOAN+ CAPITAL TO ! G5]ALITY ( LABOR]S1 IF ! L5D] C\LD HOLD ! FIR/ LI5 UPON ! CAPITAL LOAN$2 = 9DU/RY1 GUID$ BY ORD9>Y SKILL & JUDGM5T 9 ! APPLICATION ( LABOR1 IS ALMO/ C]TA9 TO ADD MORE VALUE TO ! CAPITAL EMPLOY$ ?AN IS NECESS>Y = ! COM=TABLE SUBSI/5CE ( ! LABOR]4 ,! CASES1 :]E IT W\LD FAIL ( DO+ ?IS1 >E FEW1 & EV5 9 ?OSE FEW CASES ! DEFICI5CY W\LD BE V]Y SMALL4 ,! PR9CIPAL RISK1 !N1 9 LOAN+ TO A POOR MAN1 W\LD BE ! RISK ( HIS DEA?1 & ( LOSS 9 W9D+ UP HIS AFFAIRS4 ,BUT ?IS RISK C\LD BE GU>D$ AGA9/ BY ! DEBTOR'S KEEP+ HIS LIFE 9SUR$4 ,! CO/ ( KEEP+ HIS LIFE 9SUR$ = AN AM\NT EQUAL TO ! CAPITAL BE HIR$1 W\LD NOT ORD9>ILY BE MORE ?AN ONE1 OR AT MO/ TWO P]C5T UPON ?AT CAPITAL4 ,& HE W\LD ?US ACCOMPLI% ! D\BLE PURPOSE ( GIV+ HIS CR$ITORS A GU>ANTEE = !IR LOANS 9 CASE ( HIS DEA?1 & ( SECUR+ SOME?+ = ! SUPPORT ( HIS FAMILY4 

,! RISK ( LOSS TO ! CR$ITOR1 FROM ! DEA? ( HIS DEBTOR1 IS N[ MADE ALTOGE!R GREAT] ?AN IT O!RWISE W\LD BE1 BY ?OSE LAWS ?AT GIVE TO A DECEAS$ DEBTOR'S FAMILY1 7AT ! DISCRETION ( A ,PROBATE ,JUDGE17 ! :OLE1 OR A P>T1 ( ! EFFECTS 9 HIS B&S1 9 PREF]5CE TO APPLY+ !M TO ! PAYM5T ( HIS DEBTS4 ,SU* LAWS >E AS 9JURI\S T[>DS DEBTORS1 AS A CLASS1 AS !Y >E UNJU/ T[>DS CR$ITORS4 ,!Y VIRTUALLY =BID CAPITALI/S TO LOAN CAPITAL TO A POOR MAN1 UND] P5ALTY ( BE+ COMPELL$ TO CONTRIBUTE ! AM\NT ( SU* LOANS TO ! SUPPORT ( HIS FAMILY1 9 CASE ( HIS DECEASE4 ,SU* ABSURD & DI%ONE/ LEGISLATION DEFEATS ! V]Y OBJECT IT PR(ESSES TO HAVE 9 VIEW4 ,9/EAD ( ITS ACCOMPLI%+ ! PURPOSE ( COMPELL+ CR$ITORS TO SUPPORT ! FAMILIES ( ,POOR M51 IT ONLY S]VES1 AS A G5]AL RULE1 TO DET] CAPITALI/S FROM BECOM+ ! CR$ITORS ( POOR M5 AT ALL4 ,?US ! LAWS NOT ONLY FAIL ( PROVID+ = A POOR MAN'S FAMILY AFT] HIS DEA?1 BUT !Y CONTRIBUTE L>GELY TO MAKE IT IMPOSSIBLE = HIM1 :ILE LIV+1 TO BORR[ CAPITAL UPON :I* TO LABOR1 & ?US TO MAKE ANY ACCUMULATIONS ( HIS [N = !IR SUPPORT4 

,!RE IS NO JU/ICE1 OR EV5 APPE>ANCE ( JU/ICE1 9 SU* LAWS4 ,IF ,A HAVE LOAN$ CAPITAL TO ,B1 & TAK5 A NOTE = IT1 HE1 9 EQUITY1 HOLDS A LI5 UPON ?AT PROP]TY = HIS DEBT4 ,IT IS UNREASONABLE TO EXPECT HIM TO LOAN HIS CAPITAL TO A POOR MAN ON ANY O!R CONDITION4 ,& !RE IS NO MORE REASON :Y HE %\LD BE COMPELL$ TO SUPPORT ! DEBTOR'S FAMILY1 BY LOS+ HIS LI51 9 CASE ( ! DEBTOR'S DECEASE1 ?AN !RE IS :Y ANY O!R P>TICUL> 9DIVIDUAL %\LD BE COMPELL$ BY LAW TO SUPPORT !M BY GIFTS FROM HIS [N POCKET4 ,IF1 UND] !SE CIRCUM/ANCES1 A DEBTOR DIE1 LEAV+ HIS FAMILY DE/ITUTE1 !Y MU/ DEP5D1 = !IR SUPPORT1 UPON !IR [N LABOR1 & ! ASSI/ANCE ( RELATIVES & FRI5DS1 OR UPON SU* PROVISION AS ! PUBLIC MAKE1 BY G5]AL TAXATION1 = ! SUPPORT ( ALL :O HAVE NO O!R MEANS ( SUBSI/5CE4 ,!RE IS NO JU/ICE 9 COMPELL+ ?OSE FEW 9DIVIDUALS1 :O MAY HAVE BEFRI5D$1 OR LOAN$ CAPITAL TO ! DEBTOR1 9 HIS LIFETIME1 TO ASSUME ! BURD5 ( SUPPORT+ HIS FAMILY AFT] HIS DEA?1 BY GIV+ UP TO !M !IR LI5 ON ! CAPITAL !Y HAVE LOAN$ HIM4 ,IF A POOR MAN WI% TO PROVIDE = HIS FAMILY1 9 CASE ( HIS DEA?1 HE %\LD KEEP HIS LIFE 9SUR$4 ,HE WILL ?US PROVIDE = HIS FAMILY1 & HIS CR$ITORS TOO4 

,ONE OBJECT ( !SE LAWS IS TO ?R[ UPON ! CR$ITORS ( A DECEAS$ P]SON A BURD51 ?AT MI<T O!RWISE FALL UPON ! PUBLIC AT L>GE4 ,BUT !IR EFFECT IS TO CREATE T5 TIMES AS MU* PAUP]ISM AS !Y PREV5T-BECAUSE !Y DET] CAPITALI/S FROM LOAN+ CAPITAL TO POOR M51 & ?US PREV5T ! LATT] FROM MAK+ SU* ACCUMULATIONS1 9 !IR LIFETIMES1 AS !Y O!RWISE MI<T1 = ! SUPPORT ( !IR FAMILIES AFT] !IR DEA?4 

,IT WILL BE %[N1 9 A SUBSEQU5T *APT]1 ?AT ALL LEGISLATION1 ( ! K9D M5TION$1 :I* DE/ROYS A CR$ITOR'S LI51 ON ! EFFECTS ( HIS1 DEBTOR1 9 ORD] TO GIVE !M TO ! DEBTOR'S FAMILY1 IS UNCON/ITUTIONAL & VOID4 

,IF ! RISK ( LOSS TO ! CR$ITOR1 BY ! DEA? ( ! DEBTOR1 W]E OBVIAT$ 9 ! MANN] N[ SUGGE/$1 & IF ! PRIOR CR$ITOR HELD A PRIOR LI5 UPON ! PROP]TY ( HIS DEBTOR11 !RE W\LD BE LITTLE OR NO DANG] 9 LOAN+ CAPITAL TO POOR M51 9 AM\NTS SUFFICI5T TO EMPLOY !IR [N H&S RESPECTIVELY4 

,! RISK ( ! DEBTOR'S SUCCESS 9 BUS9ESS W\LD BE SMALL-AS SMALL AS ! RISK ( SUCCESS CAN BE 9 ANY BUS9ESS1 9 :I* CAPITAL IS HAZ>D$-BECAUSE ! BUS9ESS1 9 :I* EA* DEBTOR W\LD EMPLOY HIS BORR[$ CAPITAL1 W\LD BE SU* AS BO? HIMSELF & HIS1 CR$ITOR %\LD HAVE APPROV$- 9ASMU* AS ! CR$ITOR W\LD NOT ( C\RSE LOAN HIS CAPITAL TO A POOR MAN1 UNLESS HE %\LD HAVE FIR/ ASC]TA9$ ! BUS9ESS 9 :I* IT WAS TO BE EMPLOY$1 & SATISFI$ HIMSELF ?AT IT WAS A SAFE ONE4 ,! BUS9ESS1 !RE=E1 9 :I* EA* DEBTOR W\LD EMPLOY HIS BORR[$1 CAPITAL1 W\LD BE SU* AS COMM5D$ ITSELF1 79 ITS PROSPECTS ( PR(IT17 TO ! JUDGM5TS ( BO? DEBTOR & CR$ITOR4 ,SU* BUS9ESS W\LD ORD9>ILY BE MORE SAFE ?AN ?AT1 9 ! PLANN+ ( :I* ! JUDGM5T ( ONLY ONE P]SON HAD BE5 CONSULT$4 

,! RISKS FROM FIRE1 !FT1 SICKNESS ( ! DEBTOR & HISFAMILY1 & O!R EXTRAORD9>Y MIS=TUNES1 W\LD BE NO GREAT] ?AN ?OSE TO :I* PROP]TY IS ALWAYS LIABLE1 & W\LD BE GU>D$ AGA9/ BY ! CR$ITOR BY ! RATE ( 9T]E/4 

,! ONLY REMA9+ RISK1 TO ! CR$ITOR1 IS ?AT ( ! FRUGALITY & 9DU/RY ( ! DEBTOR4 

,!RE >E UND\BT$LY P]SONS1 :O1 IF !Y C\LD BORR[ MONEY1 W\LD BE IDLE & PRODIGAL SO LONG AS IT LA/$1 ) LITTLE REG>D EI!R TO ! RI<TS ( !IR CR$ITORS1 OR TO !IR [N SUBSEQU5T 9T]E/S4 ,BUT SU* P]SONS >E V]Y FEW1 & !IR PRODIGAL HABITS G5]ALLY BECOME SO PUBLICLY KN[N ?AT CAPITALI/S W\LD BE 9 V]Y LITTLE DANG] ( LOAN+ MONEY TO !M ?R\< IGNORANCE ( !IR *>ACT]S4 

,BUT ! MASS ( M51 :5 !Y HAVE1 9 !IR H&S1 ! MEANS ( BETT]+ !IR CONDITION1 >E ZEAL\S TO DO IT2 & IF !Y C\LD BORR[ CAPITAL1 ON :I* TO BE/[ !IR LABOR1 & C\LD HAVE ALL ! FRUITS ( !IR LABOR EXCEPT :AT !Y %\LD PAY AS 9T]E/1 !Y W\LD ALMO/ UNIV]SALLY EX]T !MSELVES1 BO? BY 9DU/RY & FRUGALITY1 TO MAKE SU* ACCUMULATIONS AS W\LD PLACE !MSELVES BEYOND ! REA* EI!R ( POV]TY1 OR ( DEP5D5CE UPON LOANS FROM O!RS4 ,& :]E SU* EX]TIONS W]E MADE1 !Y W\LD BE SUCCESSFUL1 ) BUT FEW EXCEPTIONS2 & ?OSE FEW EXCEPTIONS W\LD G5]ALLY BE ! RESULT ONLY ( SOME SU* UNUSUAL MIS=TUNE AS PROP]TY & BUS9ESS >E ALWAYS LIABLE TO4 ,9 FEW OR NO CASES W\LD ANY CONSID]ABLE PORTION ( ! LOAN BE SUNK BY MISMANAGEM5T1 OR ]RONE\S JUDGM5T1 ON ! P>T ( ! DEBTOR-= AS LOANS W\LD USUALLY BE MADE = NO LONG] ?AN ?REE OR SIX MON?S EA*1 !RE W\LD NOT BE OPPORTUNITY = MU* WA/E ( CAPITAL1 UNLESS BY MISMANAGEM5T ?AT WAS SO GROSS AS TO BE CULPABLE1 OR BY MIS=TUNES ,( ,T>E & EXTRAORD9>Y *>ACT]4 ,9 ALL O!R CASES1 !N1 CAPITALI/S W\LD EI!R OBTA9 ! :OLE ( !IR LOANS ) 9T]E/1 OR AT LEA/ ! GREAT] P>T ( !IR LOANS4 ,! PROBABILITY IS1 ?AT 9 ! AGGREGATE ( LOAN-1 ! :OLE AM\NT ( LOSSES W\LD NOT BE ONE FIF?1 OR EV5 ONE T5? AS GREAT AS CAPITALI/S /IFF] UND] ! PRES5T SY/EM4 ,! SY/EM1 AS A SY/EM-AT LEA/ DUR+ ! FIR/ FEW YE>S ( ITS OP]ATION-W\LD BE ALTOGE!R BETT] = CAPITALI/S ?AN ! PRES5T ONE-= ! LOSSES W\LD BE LESS1 & ! RATES ( 9T]E/ HI<]4 ,COMPETITION ON ! P>T ( BORR[]S W\LD PRODUCE ?IS RESULT4 

,BUT IT IS TO BE UND]/OOD ?AT ?IS /ATE ( ?+S-?IS COMPETITION AMONG BORR[]S1 >IS+ FROM POV]TY ON ! P>T ( SO L>GE A PORTION ( ! COMMUNITY AS >E N[ POOR-C\LD CONT9UE BUT A %ORT TIME4 ,MO/ ( !M-P>TICUL>LY  

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

,*RONOLOGY 3 
,NOVEMB] #c1 #ahde 3 ,*APT] #c -- ,PUBLICATION4 
,FEBRU>Y #a1 #bag 3 ,*APT] #c -- ,ADD$4 

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