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,AS A MATT] ( PUBLIC POLICY1 ! EXP$I5CY ( ALL[+ A MAN A P]PETUAL PROP]TY 9 HIS IDEAS1 IS AS CLE> AS IS ?AT ( ALL[+ HIM A P]PETUAL PROP]TY 9 MAT]IAL ?+S4 

,:AT IS ! >GUM5T ( POLICY AGA9/ A P]PETUAL PROP]TY 9 IDEAS8 ,PR9CIPALLY ?IS--?AT ! WORLD WILL GET IDEAS *EAP]1 IF !Y GET !M = NO?+1 ?AN IF !Y PAY = !M4 

,?IS >GUM5T W\LD BE JU/ AS GOOD 9 FAVOR ( ABOLI%+ ! RI<T ( PROP]TY 9 ! MAT]IAL PRODUCTS ( M5'S LABOR1 AS IT IS = ABOLI%+ IT 9 9TELLECTUAL ONES4 ,TAKE :EAT1 = EXAMPLE4 ,IF ! RI<T ( PROP]TY 9 :EAT W]E ABOLI%$1 ! WORLD W\LD GET ! /OCK ( :EAT1 ?AT IS N[ ON H&1 = NO?+4 ,BUT ! NEXT CROP ( :EAT W\LD BE A SMALL ONE2 & PEOPLE W\LD !N LE>N1 ?AT 9 ! LONG RUN1 ! *EAPE/ MODE1 & ! ONLY MODE1 ( PROCUR+ A CON/ANT & AMPLE SUPPLY ( :EAT1 IS TO ACKN[L$GE ?AT :EAT IS ! PROP]TY ( ! PRODUC]S1 & !N TO BUY IT ( !M BY VOLUNT>Y CONTRACT4 ,UND] ! SY/EM ( A RI<T ( PROP]TY 9 :EAT1 !RE WILL BE A P]PETUAL SUPPLY ( :EAT2 BECAUSE M5 HAVE A SUFFICI5T MOTIVE TO PRODUCE IT2 & A MAN CAN ALWAYS PROCURE 5\< = HIS USES1 BY GIV+ A REASONABLE PROPORTION ( ! PRODUCTS ( HIS [N LABOR 9 EX*ANGE4 ,BUT UND] ! SY/EM ( NO RI<T ( PROP]TY 9 :EAT1 HE W\LD BE ABLE TO GET :EAT AT NO PRICE :ATEV]1 AFT] ! PRES5T /OCK %\LD BE CONSUM$2 SIMPLY BECAUSE M5 W\LD HAVE NO SUFFICI5T MOTIVE TO PRODUCE :EAT1 UNLESS !IR RI<T ( PROP]TY 9 IT W]E ACKN[L$G$4 

,! PR9CIPLE IS ! SAME 9 REG>D TO VALUABLE IDEAS4 ,WE CAN GET ! FREE USE ( ! PRES5T /OCK ( IDEAS1 BY DE/ROY+ ! RI<TS ( ! PRODUC]S TO !IR PROP]TY 9 !M4 ,BUT IF WE DO1 ! NEXT CROP ( IDEAS WILL BE A SMALL ONE1 AS 9 ! CASE ( ! :EAT4 

,IF WE WANT NO NEW IDEAS1 BUT ONLY WI% TO GET ! USE ( ! PRES5T /OCK = NO?+1 )\T REG>D TO JU/ICE1 ! TRUE WAY UND\BT$LY IS1 TO ABOLI% ALL RI<TS ( PROP]TY 9 !M4 ,BUT IF WE WI% TO 9DUCE M5 ( 9V5TIVE M9DS TO GO ON PRODUC+ NEW IDEAS1 ! TRUE WAY C]TA9LY1 IF NOT ! ONLY WAY1 IS TO RESPECT !IR RI<TS ( PROP]TY 9 ?OSE !Y HAVE ALREADY PRODUC$4 

,BUT GOV]NM5TS HAVE ! IDEA ?AT 9TELLECTUAL M5--ESPECIALLY AU?ORS & 9V5TORS--CAN BE 9DUC$ TO WORK1 IF !Y CAN BUT BE P]MITT$ TO 5JOY A P>TIAL OR TEMPOR>Y PROP]TY 9 ! PRODUCTS ( !IR LABOR2 :ILE IT IS CONC$$ ?AT ALL ! RE/ ( MANK9D %\LD 5JOY A FULL & P]PETUAL PROP]TY1 9 ! PRODUCTS ( !IRS4 ,BUT !RE >E ! SAME REASONS ( POLICY1 = ALL[+ M5 A P]PETUAL PROP]TY 9 !IR IDEAS1 ?AT !RE >E = ALL[+ !M A P]PETUAL PROP]TY 9 ! MAT]IAL PRODUCTS ( !IR LABOR4 

,:AT >E ! GREAT 9C5TIVES TO 5T]PRISE & 9DU/RY 9 ! PRODUCTION ( MAT]IAL WEAL?8 ,PLA9LY !SE--! ?\<TS ?AT :ATEV] A MAN ACQUIRES1 WILL BE HIS DUR+ LIFE1 OR DUR+ PLEASURE1 & ?AT1 AT HIS DEA?1 :ATEV] HE LEAVES1 WILL GO TO ?OSE :OM HE WI%ES TO PROVIDE =4 ,!SE >E ! ALL-P[]FUL SPR+S1 & ALMO/ ! ONLY SPR+S1 ?AT KEEP ALL PHYSICAL 9DU/RY 9 MOTION1 & SUPPLY ! WORLD ) WEAL?4 

,! POLICY ( NATURE1 = SUPPLY+ MANK9D ) SUBSI/5CE1 IS1 ?AT EA* MAN %ALL LABOR1 FIR/ & PR9CIPALLY1 = HIMSELF1 & ?OSE MO/ DE> TO HIM2 & ONLY SECOND>ILY & DISCRETIONALLY1 = MANK9D 9 G5]AL2 UNLESS1 9DE$1 HIS LABORS = MANK9D AT L>GE1 CAN BE MADE PRODUCTIVE ( SUPPORT TO HIMSELF1 & ?OSE NATURALLY DEP5D5T ON HIM4 ,9 ?IS WAY1 EA* MAN LABOR+ =1 & SUPPLY+1 ?OSE NE>E/ TO HIM1 ALL >E LABOR$ =1 & SUPPLI$4 ,?IS POLICY IS DICTAT$ & IMPELL$ BY ! NATURAL /R5G? ( ! HUMAN AFFECTIONS1 :I* >E UNCONTROLLABLE BY HUMAN /ATUTES2 & NO ADV]SE POLICY1 DEVIS$ OR DICTAT$ BY LAWGIV]S1 SU* AS ?AT ( REQUIR+ A MAN TO WORK = MANK9D AT L>GE1 9/EAD ( WORK+ = HIMSELF & HIS FRI5DS1 CAN EI!R /IFLE !SE NATURAL MOTIVES1 OR SUPPLY O!RS ( ANY ?+ LIKE EQUAL P[] OV] ! 5]GIES ( M54 

,BUT H[ W\LD !SE MOTIVES BE WEAK5$1 & NE>LY DEAD5$1 BY ! KN[L$GE ?AT1 AT ! 5D ( A BRIEF P]IOD1 ! PRODUCTS ( A MAN'S LABOR W\LD BE TAK5 FROM HIM1 AGA9/ HIS WILL1 & GIV5 TO M51 :OM HE NEV] KNEW1 OR KN[+1 DOES NOT LOVE8 ,& H[ W\LD ! G5]AL PRODUCTION ( WEAL? BE *ECK$1 & NE>LY P>ALYZ$1 BY ! E/ABLI%M5T ( SU* A PR9CIPLE1 AS A UNIV]SAL LAW8 ,H[ MANY FRUITFUL F>MS1 = EXAMPLE1 W\LD EV] HAVE BE5 RECLAIM$ FROM !IR WILD]NESS /ATE1 IF ?OSE1 :O FELL$ ! TREES1 & SUBDU$ ! SOIL1 HAD KN[N ?AT1 AFT] A P]IOD ( F\RTE5 YE>S1 ! FRUITS ( !IR LABORS W\LD BE TAK5 FROM !M & !IR FAMILIES1 & BE MADE ! COMMON PROP]TY ( ! WORLD8 ,H[ MANY SUB/ANTIAL1 COM=TABLE1 & ELEGANT DWELL+S W\LD EV] HAVE BE5 ]ECT$1 IF ?OSE1 :O BUILT !M1 HAD KN[N ?AT1 AFT] OCCUPY+ !M1 ) !IR FAMILIES1 = F\RTE5 YE>S1 !Y W\LD BE REQUIR$ TO ADMIT ! WORLD AT L>GE TO AN EQUAL OCCUPANCY ) !MSELVES8 ,! UNIV]SAL1 & ! UNIV]SALLY KN[N1 NATURE ( MAN ANSW]S !SE QUE/IONS2 & TELLS US ?AT1 ) SU* A PROSPECT BE=E !M1 MANK9D1 AS A G5]AL RULE1 W\LD LABOR ONLY = ! PRODUCTION ( SU* ?+S1 AS !Y & !IRS C\LD ACTUALLY CONSUME )9 ! TIME !Y W]E ALL[$ TO POSSESS !M2 ?AT !Y W\LD NOT LABOR = ! B5EFIT ( ROBB]S1 9TRUD]S1 OR /RANG]S2 ?AT !Y W\LD !RE=E ATTEMPT NONE ( ?OSE ACCUMULATIONS = ! FUTURE1 :I* EA* MAN & EA* G5]ATION ( M5 N[ ATTEMPT1 UND] ! 9DUCEM5TS FURNI%$ BY ! PR9CIPLE ( P]PETUAL PROP]TY1 9 ONE'S SELF & HIS DESC5DANTS4 

,! CONSEQU5CE1 !RE=E1 ( SU* A PR9CIPLE W\LD BE UNIV]SAL POV]TY4 ,M5 W\LD PRODUCE ONLY AS !Y CONSUM$4 ,& ?IS /ATE ( POV]TY W\LD CONT9UE SO LONG AS ! RI<T ( 9DIVIDUAL & P]MAN5T PROP]TY WAS D5I$4 ,BUT LET ! RI<T ( 9DIVIDUAL & P]PETUAL PROP]TY1 9 ! PRODUCTS ( ONE'S LABOR1 BE ACKN[L$G$1 & ! :OLE FACE ( ?+S *ANGES AT ONCE4 ,EA* MAN1 SECUR$ 9 HIS RI<T TO :AT HE PRODUCES1 COMM5CES TO ACCUMULATE = ! B5EFIT ( HIMSELF1 & ?OSE :OM HE DESIRES TO PROTECT4 ,HE CONTROLS & 5JOYS HIS ACCUMULATIONS DUR+ LIFE1 & AT DEA? LEAVES AN IMPORTANT PORTION ( !M TO HIS *ILDR51 TO AID !M 9 MAK+ /ILL GREAT] ACCUMULATIONS1 :I* !Y1 9 TURN1 LEAVE TO !IR *ILDR54 ,& ?IS PROCESS CONT9UES1 UNTIL ! WORLD >RIVES AT ?AT /ATE ( WEAL?1 9 :I* WE N[ F9D IT2 ! :OLE WORLD 5RI*$ BY ! WEAL? ( 9DIVIDUAL PROPRIETORS2 9/EAD ( ! :OLE WORLD BE+ IMPOV]I%$1 AS 9 ! O!R CASE1 ?R\< ! IMPOV]I%M5T ( ! 9DIVIDUAL PRODUC]S ( WEAL?4 

,SU* BE+ ! LAW ( MAN'S NATURE1 IMP]ATIVELY CONTROLL+ HIS MOTIVES & 5]GIES1 !RE IS NO REASON :Y ! TRUE POLICY 9DICAT$ BY IT--?AT IS1 ! POLICY ( P]PETUAL PROP]TY--%\LD NOT BE APPLI$ AS WELL TO ! PRODUC]S ( 9TELLECTUAL1 AS ( MAT]IAL1 WEAL?4 ,!RE IS NO REASON :Y ! PR9CIPLE ( 9DIVIDUAL & P]PETUAL PROP]TY1 9 IDEAS1 WILL NOT PROVE AS B5EFICI5T T[>DS ! :OLE HUMAN FAMILY1 BY /IMULAT+ ! PRODUCTION ( VALUABLE IDEAS1 AS DOES ! SAME PR9CIPLE :5 APPLI$ TO CORPOREAL ?+S4 ,M5 PRODUCE VALUABLE IDEAS JU/ 9 PROPORTION AS !Y >E FURNI%$ ) ! NECESS>Y FACILITIES1 & /IMULAT$ BY ADEQUATE MOTIVES4 ,?IS !Y DO UND] ! 9FLU5CE ( ! SAME LAW1 :I* /IMULATES !M TO ! PRODUCTION ( MAT]IAL WEAL?4 ,& ! 9CREASE ( 9TELLECTUAL WEAL? W\LD BE AS MU* ACCEL]AT$1 BY ! ADOPTION ( ! PR9CIPLE ( P]PETUITY1 9 REF]5CE TO 9TELLECTUAL PROP]TY1 AS IS ! 9CREASE ( MAT]IAL WEAL?1 BY ! ADOPTION ( ! SAME PR9CIPLE1 9 REF]5CE TO MAT]IAL PROP]TY4 ,ON ! O!R H&1 ! PRODUCTION ( 9TELLECTUAL WEAL? IS AS MU* *ECK$1 & DISC\RAG$1 BY ! SY/EMATIC PLUND] ( ! PRODUC]S1 AS ! PRODUCTION ( MAT]IAL WEAL? W\LD BE1 BY ! SY/EMATIC PLUND] ( ITS PRODUC]S4 ,! PRODUCTION ( 9TELLECTUAL & ( MAT]IAL WEAL? OBEYS ! SAME LAWS 9 !SE P>TICUL>S4 ,& !SE LAWS >E UTT]LY IRREVOCABLE BY HUMAN 5ACTM5TS4 ,GOV]NM5T CANNOT COMPEL ! ,>KWRI<TS1 & ,FULTONS1 & ,MORSES TO 9V5T !IR GREAT IDEAS1 & GIVE !M TO MANK9D4 ,IT CAN ONLY 9DUCE & 5ABLE !M TO DO IT4 ,& ?IS ! GOV]NM5T MU/ DO1 OR MANK9D MU/ LOSE ! B5EFITS ( ! IDEAS !MSELVES4 

,SU*1 !N1 BE+ ! 9EVITABLE CONDITIONS1 ON :I* ALONE !SE VALUABLE IDEAS CAN BE OBTA9$1 ! QUE/IONS = SOCIETY TO SETTLE >E1 SIMPLY1 :E!R GOV]NM5T %ALL 5C\RAGE ! PRODUCTION ( !SE IDEAS1 BY PROTECT+ !M AS PROP]TY TO !IR PRODUC]S8 ,& :E!R1 :5 ! PUBLIC WANT !M1 !Y %ALL BE NECESSITAT$ TO BUY !M1 & PAY = !M1 AS = O!R PROP]TY8 ,OR :E!R ! PRODUCTION ( !M %ALL BE DISC\RAG$ & SUPPRESS$1 BY ! SY/EMATIC & LEGALIZ$ ROBB]Y ( ! PRODUC]S8 

,AT PRES5T1 ! ,UNIT$ ,/ATES1 ,5GL&1 & SOME O!R NATIONS SAY1 BY !IR LAWS1 0WE WILL GIVE ?IS PROP]TY A P>TIAL PROTECTION--?AT IS1 ! PROTECTION ( CIVIL1 BUT NOT ( CRIM9AL1 LAWS2 & EV5 ?AT PROTECTION IT %ALL HAVE ONLY = A BRIEF P]IOD2 AFT] :I*1 IT %ALL BE A SUBJECT = FREE PLUND] BY ALL40 

,:AT EFFECT ?IS SY/EM HAS UPON ! PRODUCTION ( VALUABLE IDEAS1 MAY BE JUDG$ (1 BY ! EFFECT1 :I* A SIMIL> SY/EM CONFESS$LY W\LD HAVE1 UPON ! PRODUCTION ( WEAL?1 BY ! PHYSICAL 9DU/RY ( M54 ,IF SU* A SY/EM W\LD DISC\RAGE ALL PHYSICAL 9DU/RY1 IT N[ DISC\RAGES ALL 9TELLECTUAL EF=T1 9 A CORRESPOND+ DEGREE4 ,&1 CONSEQU5TLY1 WE N[ HAVE A CORRESPOND+LY LESS NUMB] ( VALUABLE 9V5TIONS1 ?AN WE O!RWISE %\LD HAVE4 ,UND] A SY/EM ( FULL PROTECTION--?AT IS1 ! PROTECTION ( BO? CIVIL & CRIM9AL LAWS--& ( P]PETUAL PROP]TY 9 ! PRODUC]S1 WE %\LD D\BTLESS HAVE FIVE1 T51 TW5TY1 OR MORE TIMES AS MANY VALUABLE 9V5TIONS1 AS WE N[ HAVE4 ,?IS MAY BE SAFELY PR$ICAT$1 BO? FROM ! G5]AL PR9CIPLES GOV]N+ ! PRODUCTION ( ALL VALUABLE COMMODITIES1 NAMELY1 ?AT !Y >E PRODUC$ 9 QUANTITIES CORRESPOND+ TO ! PROTECTION AF=D$ !M1 & ! PRICES PAID = !M2 & ALSO FROM AN OBS]VATION ( ! PRES5T CONDITION ( 9V5TORS G5]ALLY1 & ( ! DIFFICULTIES !Y 5C\NT] 9 BR++ \T !IR IDEAS4 ,:AT IS ?AT CONDITION8 ,& :AT >E ?OSE DIFFICULTIES8 ,9 ! FIR/ PLACE1 ! G5]AL CONDITION1 ( BO? AU?ORS & 9V5TORS1 IS ?AT ( POV]TY4 ,DO+ 9COMP>ABLY MORE TO 5LI<T5 & 5RI* MANK9D1 ?AN ANY O!R P]SONS1 !Y >E PROBABLY1 AS A CLASS1 POOR] ?AN ANY O!R 9DU/RI\S CLASS 9 ! COMMUNITY4 ,?IS IS ALL [+1 ESPECIALLY 9 ! CASE ( 9V5TORS1 TO ! MIS]ABLE PROTECTION AF=D$ TO !IR PROP]TY1 & ! CONSEQU5TLY SMALL PRICE !Y OBTA9 = !IR LABOR4 ,9 ! SECOND PLACE1 ! DIFFICULTIES !Y EXP]I5CE 9 BR++ \T !IR IDEAS1 >ISE SOLELY FROM !IR POV]TY1 & !IR 9ABILITY TO OBTA9 ! NECESS>Y CAPITAL ) :I* TO MAKE !IR EXP]IM5TS1 & UPON :I* TO LIVE :ILE MAK+ !M4 ,?IS 9ABILITY TO OBTA9 CAPITAL1 RESULTS :OLLY FROM ! WANT ( PROTECTION GIV5 TO SU* PROP]TY2 :]EBY ! VALUE ( EA* 9V5TOR'S PROSPECTIVE PROP]TY1 9 HIS 9V5TIONS1 IS R5D]$ SO PREC>I\S AS TO BE A :OLLY 9ADEQUATE SECURITY = 9VE/M5TS4 ,! NATURAL RISKS ( AN 9V5TOR'S FAILURE TO MAKE AN 9V5TION1 9T]POSE SU* AN OB/ACLE TO ! PROCUR+ ( CAPITAL1 AS CAN BE OV]COME ONLY BY ! PROSPECT ( L>GE PR(ITS 9 CASE ( SUCCESS4 ,BUT :5 ?IS PROSPECT ( L>GE PR(ITS1 9 CASE ( SUCCESS1 IS CUT (F BY ! 9ADEQUATE PROTECTION AF=D$ TO ! PROP]TY TO BE PRODUC$1 & ! BRIEF P]IOD = :I* EV5 ?AT PROTECTION IS AF=D$1 !RE IS NO ADEQUATE SECURITY LEFT1 AS A BASIS = 9VE/M5TS4 ,& NE>LY ALL CAPITALI/S VIEW ! MATT] 9 ?IS LI<T4 ,9V5TORS1 !RE=E1 AS A G5]AL RULE1 >E UNABLE TO PROCURE CAPITAL4 ,! CONSEQU5CE ( ?IS WANT ( CAPITAL IS ! SAME1 9 ! CASE ( 9V5TORS1 ?AT IT IS 9 ! CASE ( ANY ( ! O!R 9DU/RIAL CLASSES2 = AN 9V5TOR CAN NO MORE PRODUCE IDEAS1 )\T A MONEY CAPITAL1 ?AN O!R M5 CAN PRODUCE H\SES1 %IPS1 OR RAILROADS1 )\T A SIMIL> CAPITAL4 ,! RESULT IS1 ?AT A L>GE PORTION ( ! 9V5TIONS1 ?AT O!RWISE W\LD BE MADE1 >E NEV] BR\<T \T2 & ! WORLD LOSES ! B5EFIT ( !M4 ,! OP]ATION ( !SE CAUSES1 9 CRIPPL+ ! P[]S ( 9V5TORS1 IS SO G5]AL1 SO NE>LY UNIV]SAL1 & SO SEV]E1 AS TO HAVE BECOME A MATT] ( ! MO/ PUBLIC NOTORIETY4 ,YET ! TRUE REM$Y1 & :AT MU/1 9 ! NATURE ( ?+S1 BE ! ONLY TRUE & PRACTICABLE REM$Y1 IS SELDOM PROPOS$1 & HAS NEV] BE5 ADOPT$4 

,IF ! PROP]TY ( 9V5TORS W]E FULLY PROTECT$1 & MADE P]PETUAL1 !Y W\LD F9D NO MORE DIFFICULTY 9 OBTA9+ ! CAPITAL NECESS>Y = !IR PURPOSES1 ?AN O!R M5 DO 9 F9D+ IT = !IRS2 BECAUSE1 AL?\< !RE MAY BE MORE RISK AS TO ! SUCCESS ( A S+LE EXP]IM5T ( !IRS1 ?AN !RE IS ( ! SUCCESS ( ! ORD9>Y OP]ATIONS ( BUS9ESS1 YET1 9 ! LONG RUN1 !IR LABORS W\LD BE MU* MORE LUCRATIVE1 ?AN ! BUS9ESS ( O!R M52 & ?IS PROSPECT ( SUP]IOR PR(IT1 W\LD 5ABLE !M EASILY TO COMM& ! NECESS>Y CAPITAL4 ,9V5TION W\LD BECOME A REGUL> BUS9ESS1 A DI/9CT PR(ESSION1 ON ! P>T ( L>GE NUMB]S ( M5 :O HAVE A TAL5T = IT1 9/EAD ( BE+1 AS N[1 LITTLE MORE ?AN ! M]ELY OCCASIONAL OCCUPATION ( H]E & !RE AN 9DIVIDUAL4 ,! NUMB] ( 9V5TORS W\LD ?US1 NOT ONLY BE GREATLY 9CREAS$1 BUT 9DIVIDUAL 9V5TORS W\LD PRODUCE MANY MORE 9V5TIONS ?AN !Y N[ DO4 ,! NUMB] ( P]SONS1 :O HAVE A NATURAL CAPACITY = 9V5TION1 IS PROBABLY AS GREAT AS ! NUMB] ( ?OSE1 :O HAVE A NATURAL CAPACITY = POETRY1 PA9T+1 SCULPTURE1 OR ORATORY4 ,& D\BTLESS AS MANY HAVE BE5 DISABL$ & DISSUAD$1 BY WANT ( MEANS & 9DUCEM5TS1 FROM BECOM+ 9V5TORS1 AS HAVE BE5 DISABL$ & DISSUAD$1 BY ! SAME CAUSES1 FROM BECOM+ POETS1 PA9T]S1 SCULPTORS1 OR ORATORS4 ,BUT UND] A SY/EM ( FULL PROTECTION1 & P]PETUAL PROP]TY 9 !IR 9V5TIONS1 !SE NATURALLY BORN 9V5TORS W\LD NE>LY ALL DEVOTE !MSELVES TO 9V5TION1 AS !IR MO/ CONG5IAL & LUCRATIVE PURSUIT4 ,& ! RESULT D\BTLESS W\LD BE1 ?AT WE %\LD HAVE T51 TW5TY1 & MO/ PROBABLY FIFTY1 OR ONE HUNDR$ TIMES AS MANY1 VALUABLE 9V5TIONS1 AS WE N[ HAVE4 

,MANK9D DO NOT P]CEIVE !IR TRUE 9T]E/S ON ?IS SUBJECT2 & !Y >E PAY+ ! P5ALTY = !IR BL9DNESS1 9 ! HEAVY TOIL1 & ! LACK ( WEAL?1 :I* SO L>GE A PORTION ( !M 5DURE4 ,!Y HAVE NOT YET FULLY LE>N$ ?AT !IR BRA9S1 & NOT !IR H&S1 W]E DESIGN$ = ! P]=MANCE ( ALL HEAVY & RAPID LABOR--?AT IS1 ?R\< ! M$IUM ( LABOR-P]=M+ 9V5TIONS4 ,YET SU* IS ! TRU?1 AS WITNESS ! WAT] :EELS1 ! /EAM 5G9ES1 ! ELECTRIC TELEGRAPHS1 ! P[] LOOMS1 ! SP9N+ MA*9ES1 ! COTTON G9S1 ! C>D+ MA*9ES1 ! SEW+ MA*9ES1 ! PLAN+ MA*9ES1 ! PR9T+ PRESSES1 ! RAILROADS1 ! VESSELS PROPELL$ BY W9D & /EAM1 & ! ?\S&S ( O!R 9V5TIONS1 7V]Y MANY ( :I* >E SO OLD1 & 9 SU* COMMON USE1 ?AT WE >E APT TO =GET ?AT !Y >E 9V5TIONS17 BY MEANS ( :I* ! P[] & SPE$ ( LABOR >E SO WOND]FULLY1 & ALMO/ MIRACUL\SLY1 9CREAS$4 ,COMP>E ! SPE$1 & ! AM\NT ( ! LABOR1 P]=M$ BY !SE 9/RUM5TALITIES1 ) ! SPE$1 & ! AM\NT ( ! LABOR1 P]=M$ BY M51 )\T ! USE ( !SE OR O!R 9V5TIONS2 9 O!R WORDS1 COMP>E ! LABORS ( CIVILIZ$ M51 ACCOMPLI%$ ?R\< ! 9/RUM5TALITY ( LABOR-P]=M+ 9V5TIONS1 ) ! LABOR ( SAVAGES1 ACCOMPLI%$ ) ! H&S1 UNAID$ BY SU* 9V5TIONS2 & WE %ALL SEE AT ONCE ! DIFF]5CE BETWE5 M5'S BRA9S & !IR H&S1 AS 9/RUM5TS ( LABOR4 ,IF1 N[1 ! PRODUCTS ( M5'S BRA9 LABOR1 W]E AS FULLY SECUR$ TO ! PRODUC]S1 AS >E ! PRODUCTS ( !IR H& LABOR1 WE %\LD SEE SU* A DEVELOPM5T ( BRA9 LABOR1 79 ! %APE ( LABOR-P]=M+ 9V5TIONS17 & ( CONSEQU5T WEAL?1 AS ! WILDE/ DREAMS ( M5 HAVE D\BTLESS NEV] CONCEIV$ (4 

,ANO!R CONSID]ATION1 ?AT SPECIALLY COMM5DS !SE 9V5TIONS TO ! PROTECTION ( ! LAW1 IS1 ?AT ! WEAL?1 ?AT RESULTS FROM !M1 CANNOT BE MONOPOLIZ$ BY ! [N]S ( ! 9V5TIONS2 BUT IS G5]ALLY DI/RIBUT$1 ) GREAT IMP>TIALITY1 AMONG ALL CLASSES ( SOCIETY1 FROM ! RI*E/ TO ! POORE/4 ,H[ IS ?IS DONE8 ,9 ?IS WAY4 ,IF ! 9V5TOR BECOMES ! MANUFACTUR] ( ! ?+ 9V5T$1 HE1 LIKE ALL O!R M51 F9DS IT = HIS 9T]E/ TO MAKE QUICK SALES1 AT SMALL PR(ITS1 RA!R ?AN SL[ & SMALL SALES1 AT L>GE PR(ITS2 BECAUSE HE WILL !REBY D]IVE ! GREATE/ AGGREGATE 9COME FROM HIS 9V5TION4 ,IF1 ON ! O!R H&1 HE *OOSES TO LIC5SE O!RS TO MANUFACTURE ! ?+ HE HAS 9V5T$1 ! SAME PR9CIPLE OP]ATES2 & HE F9DS IT = HIS 9T]E/ TO LIC5SE A L>GE NUMB] ( MANUFACTUR]S1 AT L[ PRICES1 RA!R ?AN A SMALL NUMB]1 AT HI< PRICES4 ,HE !REBY 9SURES SU* A COMPETITION BETWE5 !M1 AS WILL COMPEL !M TO MAKE QUICK & L>GE SALES1 AT SMALL PR(ITS1 RA!R ?AN SL[ & SMALL SALES1 AT L>GE PR(ITS4 

,IF ! ?+ 9V5T$ BE ( MU* IMPORTANCE1 & ONE = :I* !RE IS A L>GE DEM& 9 ! COMMUNITY1 ! 9V5TOR G5]ALLY F9DS IT = HIS 9T]E/ TO LIC5SE O!RS TO MANUFACTURE IT1 RA!R ?AN BECOME ! MANUFACTUR] HIMSELF2 BECAUSE HE !REBY D]IVES A GREAT] PR(IT FROM HIS 9V5TION1 & ALSO F9DS LEISURE & MEANS = ! MORE AGREEABLE & LUCRATIVE EMPLOYM5T ( MAK+ /ILL O!R 9V5TIONS1 ! USE ( :I* HE WILL SELL OR R5T 9 LIKE MANN]4 

,?US1 9 ALL CASES1 ! NECESS>Y OP]ATION ( ! LAWS ( TRADE1 OR ! PR9CIPLES ( SELF-9T]E/1 ON ! P>T ( ! 9V5TOR1 IS TO 9DUCE HIM1 7EI!R DIRECTLY1 AS HIS [N MANUFACTUR]1 OR 9DIRECTLY1 ?R\< ?OSE :OM HE LIC5SES17 TO 9SURE A SUPPLY ( ! COMMODITY TO ! :OLE COMMUNITY1 AT MOD]ATE PRICES4 ,& ?IS DEPRESSION ( PRICES IS1 9 MO/ CASES1 /ILL FUR!R 5=C$ BY RIVAL 9V5TIONS1 :I* ACCOMPLI% ! SAME RESULTS BY DIFF]5T PROCESSES4 ,9 ?IS WAY1 ! WEAL? PRODUC$ BY AN 9V5TION1 IS SPREAD ABROAD AMONG ! PEOPLE AT L>GE1 AT SU* L[ RATES ( COMP5SATION1 ?AT ! 9V5TOR SECURES BUT A V]Y SMALL PORTION ( ?AT WEAL? TO HIMSELF1 TO WIT3 ?AT PORTION ONLY1 :I* IS PAID HIM = ! PRIVILEGE ( MANUFACTUR+ & US+ ! ?+ HE HAS 9V5T$4 ,& ?AT PORTION1 ,I PRESUME1 IS C]TA9LY1 ON AN AV]AGE1 NOT MORE ?AN ONE P]C5T ( ! WEAL? ACTUALLY CREAT$ BY HIS 9V5TION4"9 

,?US1 9 EFFECT1 AN 9V5TOR REALLY GIVES1 \TRI<T TO SOCIETY1 N9ETY-N9E ONE-HUNDR$?S ( ALL ! WEAL?1 :I* HIS 9V5TION PRODUCES4 ,YET SOCIETY >E SO UNWISE1 IMPOLITIC1 UNG5]\S1 & UNJU/1 AS TO WI% TO DEPRIVE HIM EV5 ( ! ONE P]C5T1 :I* HE WI%ES TO RETA91 ( ! PRODUCTS ( HIS LABOR4 ,& AFT] A P]IOD ( F\RTE5 YE>S1 !Y DO DEPRIVE HIM ( IT4 

,O!R PRODUC]S1 9 !IR EX*ANGES ) !IR FELL[ M51 GIVE ONLY DOLL> = DOLL>2 & YET ! GOV]NM5T1 BY BO? CIVIL & CRIM9AL LAWS1 PROTECTS ! PRODUCTS ( !IR LABOR TO !M 9 P]PETUITY--?AT IS1 TO !M & !IR HEIRS & ASSIGNS =EV]4 ,BUT 9V5TORS1 :O PRODUCE 9COMP>ABLY MORE ?AN O!R M51 & :O1 9 !IR EX*ANGES ) !IR FELL[ M51 >E HABITUALLY ACCU/OM$ TO GIVE ONE HUNDR$ = ONE1 >E SY/EMATICALLY DISC\RAG$1 DISABL$1 & EV5 DET]R$ FROM PRODUC+ 9V5TIONS1 BY BE+ D5I$ ALL BUT AN IMP]FECT PROTECTION1 & ALL[$ EV5 ?AT ONLY = A BRIEF P]IOD2 AFT] :I* !IR PROP]TY IS MADE FREE PLUND] = ALL4 

,TO ASK IF ?IS BE JU/ICE1 W\LD BE AN 9SULT TO ! REASON ( ALL4 ,! QUE/ION N[ IS1 :E!R IT BE GOOD POLICY = ! PUBLIC !MSELVES1 TO DISC\RAGE & SUPPRESS1 BY ?IS SY/EMATIC & :OLESALE ROBB]Y1 ?OSE PRODUC]S1 :O1 IF PROTECT$ LIKE O!R M51 WILL GIVE !M AN HUNDR$ = ONE8 ,:E!R ! PEOPLE AT L>GE CAN AF=D ?US TO IMPOV]I% !MSELVES1 BY DISC\RAG+ & SUPPRESS+ ! PRODUCTION ( ?OSE 9V5TIONS1 :I* DO NO?+ BUT 5RI* !M8 ,CAN !Y AF=D TO DEPRIVE !MSELVES ( ! B5EFITS ( ?OSE 9V5TIONS1 :I* !Y O!RWISE MI<T HAVE1 BY REFUS+ TO 9V5TORS EV5 ONE P]C5T ( ! WEAL? !Y PRODUCE8 ,CAN !Y1 9 O!R WORDS1 AF=D TO LOSE ! N9ETY-N9E P]C5T !MSELVES1 TO AVOID PAY+ ! ONE P]C5T TO ! PRODUC]S8 ,!SE 9V5TIONS CANNOT1 & WILL NOT1 BE PRODUC$ 9 ADEQUATE NUMB]S1 UNLESS ADEQUATELY PAID =4 ,?AT IS A FIX$ PR9CIPLE 9 ! NATURAL LAW ( PRODUCTION4 ,H[ MU* CLE> GA91 !N1 7= ?AT IS ! TRUE QUE/ION TO BE SOLV$ BY !M17 WILL MANK9D REALIZE1 9 ! LONG RUN1 FROM REFUS+ TO TRADE )1 OR 5C\RAGE1 A CLASS ( PRODUC]S1 :O (F] !M1 9 EX*ANGE1 A HUNDR$ = ONE8 ,! WORLD HAS LONG AGO DECID$1 ?AT IT IS ! WISE/ POLICY TO PROTECT ! PROP]TY (1 & !REBY 5C\RAGE1 ?OSE M]ELY ORD9>Y PRODUC]S ( MAT]IAL WEAL?1 :O1 9 !IR EX*ANGES ) !IR FELL[ M51 DEM& DOLL> = DOLL>4 ,YET1 /RANGE TO SAY1 ! WORLD HAS NOT YET LE>N$1 ?AT IT IS AN UNWISE POLICY1 TO SY/EMATICALLY PLUND]1 & !REBY SY/EMATICALLY DISC\RAGE1 ?OSE EXTRAORD9>Y PRODUC]S1 7! 9V5TORS17 :O1 9 !IR EX*ANGES ) !IR FELL[ M51 ASK BUT ONE DOLL> 9 EX*ANGE = A HUNDR$6 ,! FABL$ FOLLY ( />V+ ! H51 ?AT LAID ! GOLD5 EGGS1 IS FULLY REALIZ$ 9 ! CONDUCT ( SOCIETY 9 PLUND]+ & />V+ !IR 9V5TORS4 ,!SE LABOR-SAV+ & LABOR-P]=M+ 9V5TIONS >E ! GREAT F\NTA9S ( WEAL?1 )\T :I* MANK9D1 7IF ! RACE C\LD SUBSI/ AT ALL17 W\LD BE ONLY A FEW WRET*$ SAVAGES1 SC>CELY ELEVAT$1 EI!R 9 M5TAL DEVELOPM5T1 OR PHYSICAL COM=T1 ABOVE ! CONDITION ( WILD BEA/S4 ,YET !Y PRET5D TO REG>D IT AS AN ACT ( BO? POLICY & JU/ICE1 TO \TLAW1 PLUND]1 & TREAT AS AN 5EMY1 EV]Y MAN :O D>ES TO OP5 ONE ( !SE F\NTA9S = !IR B5EFIT--AS IF IT W]E A MORAL DUTY1 & W\LD BE A PECUNI>Y PR(IT1 TO DET] & PREV5T HIM1 & ALL O!RS LIKE HIM1 FROM EV] DO+ = !M AGA9 A DE$ ( SU* TRANSC5D5T B5EFIC5CE6 ,TO BE CONSI/5T 9 ?IS POLICY1 !Y %\LD MAKE IT A CAPITAL (F5SE1 = ANY MAN TO SUPPLY ! WANTS1 RELIEVE ! TOIL1 MULTIPLY ! COM=TS1 PROMOTE ! HEAL?1 PROLONG ! LIFE1 5LI<T5 ! M9DS1 OR 9CREASE ! HAPP9ESS1 ( HIS FELL[ M54 

,! IMPOLICY & 9CONSI/5CY ( GOV]NM5TS1 ON ?IS SUBJECT1 >E AS PALPABLE & 5ORM\S AS !IR 9JU/ICE4 ,TAKE1 = EXAMPLE1 ! GOV]NM5TS ( ,5GL& & ! ,UNIT$ ,/ATES4 ,! SO CALL$ /ATESM5 ( ,5GL& HAVE H]ET(ORE ATTEMPT$ TO IMPROVE ! AGRICULTURE ( !IR C\NTRY4 ,& H[ DID !Y PROCE$8 ,DID !Y 5C\RAGE *EMI/S TO PROSECUTE !IR RESE>*ES1 & MAKE EXP]IM5TS1 TO DISCOV] NEW PROCESSES OR SUB/ANCES1 BY :I* ! SOIL MI<T BE *EAPLY F]TILIZ$1 & MADE MORE PRODUCTIVE8 ,DID !Y 5C\RAGE +5I\S M5 TO 9V5T NEW IMPLEM5TS1 BY ! USE ( :I* M5 & ANIMALS MI<T P]=M MORE AGRICULTURAL LABOR ?AN !Y C\LD BE=E8 ,DID !Y 5C\RAGE EI!R ( !SE CLASSES ( 9V5TORS1 BY SECUR+ TO !M1 BY ADEQUATE LAWS1 !IR JU/ & P]PETUAL PROP]TY 9 !IR 9V5TIONS8 ,SU* LAWS AS W\LD 5ABLE !M TO SECURE TO !MSELVES EV5 ONE P]C5T ( ! WEAL? !IR 9V5TIONS W\LD CREATE8 ,NO4 ,!Y DID NO?+ ( ?IS4 ,ON ! CONTR>Y1 !Y NE>LY \TLAW$ !IR PROP]TY1 BY GIV+ IT ONLY ! P>TIAL PROTECTION ( CIVIL LAWS1 & ?AT = A P]IOD ( BUT F\RTE5 YE>S4 ,?IS IS ALL ! 5C\RAGEM5T !Y GAVE1 TO ?OSE EXTRAORD9>Y WEAL? PRODUC]S1 ! 9V5TORS1 :O W]E WILL+ & READY TO GIVE TO ! PEOPLE ( ,5GL& AN HUNDR$ P\NDS WOR? ( AGRICULTURAL PRODUCTS1 9 EX*ANGE = ONE P\ND 9 MONEY4 ,BUT1 9 PLACE ( ?US GIV+ ANY FUR!R OR BETT] 5C\RAGEM5T TO 9V5TORS1 !Y PROCE$$ TO IMPROVE ! AGRICULTURE ( ! NATION1 BY LAY+ DUTIES (1 SAY1 FIFTY P]C5T1 ON AN AV]AGE1 UPON ALL BREAD/UFFS IMPORT$ FROM =EIGN C\NTRIES2 ! EFFECT ( :I* WAS TO 5ABLE ! DOME/IC AGRICULTURI/ TO DEM& & OBTA91 ( HIS FELL[ M51 = ALL HIS AGRICULTURAL PRODUCTIONS1 FIFTY P]C5T MORE ?AN !IR JU/ M>KET VALUE4 ,9 O!R WORDS1 ! GOV]NM5T VIRTUALLY LEVI$1 UPON ! PEOPLE AT L>GE1 A TAX EQUAL TO FIFTY P]C5T UPON ! TRUE VALUE ( ALL ! AGRICULTURAL COMMODITIES PRODUC$ & SOLD 9 ! K+DOM1 & GAVE ?AT 5ORM\S AM\NT ( MONEY ANNUALLY1 AS A GRATUITY1 TO ?OSE M]ELY ORD9>Y AGRICULTURI/S1 :OSE 9DU/RY WAS NO MORE M]ITORI\S OR PRODUCTIVE1 ?AN ! 9DU/RY ( ?OSE O!R PEOPLE1 :O W]E ?US TAX$1 OR RA!R ROBB$1 = !IR B5EFIT4 ,9 /ILL O!R WORDS1 ! GOV]NM5T1 UND] PRET5SE ( PROMOT+ & IMPROV+ ! AGRICULTURE ( ! NATION1 VIRTUALLY COMPELL$ ! PEOPLE AT L>GE TO PAY1 TO ! M]ELY ORD9>Y AGRICULTURI/S ( ,5GL&1 A P\ND & A HALF 9 MONEY1 = EV]Y P\ND'S WOR? ( FOOD PRODUC$ & SOLD 9 ! K+DOM2 :ILE1 AT ! SAME TIME1 IT DISC\RAG$1 \TLAW$1 PLUND]$1 & ?US 9 A GREAT MEASURE DROVE \T ( M>KET1 ?OSE EXTRAORD9>Y AGRICULTURAL PRODUC]S1 ! *EMI/S & 9V5TORS1 :O W]E ANXI\S & READY TO FURNI% FOOD TO ! PEOPLE ( ,5GL&1 AT ! RATE ( A HUNDR$ P\NDS WOR? ( FOOD1 9 EX*ANGE = ONE P\ND 9 MONEY4 

,IT IS QUITE EASY TO SEE H[ ?IS SY/EM ( :OLESALE ROBB]Y WAS ADAPT$ TO FILL ! POCKETS ( ! M]ELY ORD9>Y AGRICULTURI/S1 AT ! EXP5SE ( M51 :OSE 9DU/RY WAS EQUALLY DES]V+ & LABORI\S ) !IR [N4 ,BUT IT IS NOT SO EASY TO SEE :AT EXTRAORD9>Y ADAPTATION IT HAD1 TO ADVANCE EI!R ! >T1 OR ! SCI5CE1 ( AGRICULTURE ITSELF4 ,YET ?IS WAS ! MODE1 9 :I* ! SO CALL$ /ATESM5 ( ,5GL& ATTEMPT$ TO IMPROVE ! AGRICULTURE ( !IR C\NTRY4 ,& !Y P]SI/$ 9 ! ATTEMPT UNTIL ! FE> ( CIVIL W> COMPELL$ !M TO AB&ON ! SY/EM4 ,BUT !RE IS /ILL EQUAL1 & 9DE$ VA/LY MORE1 NE$ ( A CIVIL W>1 7IF ! OBJECT CANNOT BE O!RWISE ATTA9$17 TO COMPEL ! GOV]NM5T TO PROTECT ! PROP]TY (1 & !REBY 5C\RAGE1 ?OSE EXTRAORD9>Y AGRICULTURI/S1 ! 9V5TORS1 79CLUD+ *EMI/S17 :O VIRTUALLY (F] TO FE$ ! PEOPLE ( ,5GL& = ONE P]C5T ( ! EXI/+ PRICES4"9 

,! /ATESM5 ( ! ,UNIT$ ,/ATES ( ,AM]ICA ATTEMPT$ TO PROMOTE ! MANUFACTUR+ >TS 9 !IR C\NTRY1 BY A SY/EM ( LEGISLATION1 SIMIL> TO ?AT ADOPT$ 9 ,5GL& = ! PROMOTION ( AGRICULTURE4 ,!Y1 9 A GREAT MEASURE1 \TLAW$ ! PROP]TY (1 & !REBY DISC\RAG$1 ?OSE 9V5TIVE M51 :O W\LD HAVE DEVIS$ NEW PROCESSES 9 ! ME*ANIC >TS1 :]EBY GREAT WEAL? C\LD BE PRODUC$ BY A SMALL AM\NT ( HUMAN LABOR2 & :O1 AS A COMP5SATION = !IR 9V5TIONS1 W\LD HAVE DEM&$ BUT ONE P]C5T ( ! WEAL? ?OSE 9V5TIONS W\LD CREATE4 ,HAV+ DONE ?IS1 !Y LEVI$ SU* DUTIES ON IMPORT$ MANUFACTURES1 AS W\LD MAKE IT NECESS>Y = ! PEOPLE AT L>GE TO PUR*ASE !IR MANUFACTUR$ COMMODITIES1 ( ! DOME/IC MANUFACTUR]1 7A M]E ORD9>Y PRODUC]1 :OSE 9DU/RY WAS NO MORE M]ITORI\S ?AN ?AT ( O!R M5 G5]ALLY17 AT ! RATE (1 SAY1 FIFTY P]C5T ABOVE !IR TRUE M>KET VALUE4 ,9 O!R WORDS1 !Y COMPELL$ ! PEOPLE ( ! C\NTRY1 TO BUY !IR MANUFACTUR$ COMMODITIES ( ! M]E ORD9>Y PRODUC]S1 & PAY !M ONE DOLL> & A HALF 9 MONEY1 = EV]Y DOLL>'S WOR? ( GOODS2 & AT ! SAME TIME \TLAW$1 PLUND]$1 & ?US DISC\RAG$1 & 9 A GREAT MEASURE DROVE \T ( M>KET1 ?OSE EXTRAORD9>Y MANUFACTUR]S1 ! 9V5TORS1 :O W\LD HAVE SUPPLI$ ! PEOPLE ) ! SAME COMMODITIES1 AT ! RATE ( ONE P]C5T ON EXI/+ PRICES4"9 ,& !Y P]SI/$ 9 ?IS POLICY UNTIL1 AS 9 ,5GL&1 ! IMM95T DANG] ( CIVIL W> COMPELL$ !M1 NOT TO AB&ON ! SY/EM1 7= ! SY/EM IS NOT YET AB&ON$17 BUT TO MITIGATE ITS SEV]ITY4 ,BUT A CIVIL W> IS NE$$ /ILL MORE N[1 ?AN !N1 7IF ! OBJECT CANNOT O!RWISE BE SECUR$17 TO COMPEL ! GOV]NM5T TO PROTECT ! PROP]TY (1 & !REBY 5C\RAGE1 ?OSE EXTRAORD9>Y MANUFACTUR]S1 ! 9V5TORS1 :O 9 !IR EX*ANGES ) !IR FELL[ M51 VIRTUALLY GIVE A HUNDR$ DOLL>S WOR? ( MANUFACTUR$ COMMODITIES1 = ONE DOLL> 9 MONEY4 

,! SY/EM ( POLICY ?US 5=C$ UPON ! PEOPLE1 9 ,5GL& & ! ,UNIT$ ,/ATES1 IS AN EXAMPLE ( ?AT PRET5D$ WISDOM1 BY :I* ! AFFAIRS ( NATIONS >E MANAG$2 & :I*1 IT IS CLAIM$1 IS F> SUP]IOR TO ! WISDOM ( JU/ICE6 ,:5 WILL MANK9D LE>N--& COMPEL !IR GOV]NM5TS TO CON=M TO ! KN[L$GE--?AT JU/ICE IS BETT] POLICY ?AN ANY S*EME ( ROBB]Y1 ?AT WAS EV] DEVIS$8 ,& ?AT ! TRUE WAY ( /IMULAT+ EQUALLY1 JU/LY1 & TO ! UTMO/1 BO? ! PHYSICAL & M5TAL 9DU/RY ( ALL M51 9 ! PRODUCTION ( WEAL?1 IS SIMPLY TO PROTECT EA* & EV]Y MAN EQUALLY1 9 ! EXCLUSIVE & P]PETUAL RI<T TO ! PRODUCTS ( HIS LABOR--:E!R ?OSE PRODUCTS BE IDEAS1 OR MAT]IAL ?+S8 

,IF ONE T5?1 7D\BTLESS ,I MI<T SAY ONE HUNDR$?17 ( ?OSE IMM5SE SUMS1 :I* GOV]NM5T HAS ROBB$ FROM ! PEOPLE ( ,5GL&1 & GIV51 AS A GRATUITY1 TO ?OSE ORD9>Y AGRICULTURI/S1 :OSE 9DU/RY HAD NO M]IT ABOVE ?AT ( O!R M51 HAD BE5 PAID TO *EMI/S1 :O %\LD HAVE DISCOV]$ NEW PROCESSES & SUB/ANCES = *EAPLY F]TILIZ+ ! SOIL1 & MAK+ IT MORE PRODUCTIVE2 & TO ?OSE ME*ANICAL 9V5TORS1 :O %\LD HAVE DEVIS$ SUP]IOR IMPLEM5TS & 9/RUM5TALITIES = AGRICULTURAL LABOR2 :O CAN RATIONALLY D\BT1 ?AT ! AGRICULTURE ( ,5GL&1 BO? AS A SCI5CE & AN >T1 W\LD HAVE BE5 IMMEASURABLY 9 ADVANCE ( :AT IT IS N[8 ,OR IF ONE T5?1 7,I ?9K ,I MI<T SAY ONE HUNDR$?17 ( ?OSE MANY HUNDR$S ( MILLIONS ( MONEY1 :I* 9 ! ,UNIT$ ,/ATES1 ! GOV]NM5T HAS PLUND]$ FROM ! PEOPLE1 & GIV51 AS A GRATUITY1 TO ?OSE ORD9>Y MANUFACTUR]S1 :OSE 9DU/RY HAD NO M]IT ABOVE ?AT ( O!R M51 HAD BE5 PAID TO ?OSE 9V5TORS1 :O %\LD HAVE DEVIS$ NEW PROCESSES ( MANUFACTURE1 NEW MA*9]Y1 NEW MOTIVE =CES1 & O!R 9/RUM5TALITIES = P]=M+ MANUFACTUR+ LABOR1 NEW >TICLES TO BE MANUFACTUR$1 & NEW MAT]IALS SUSCEPTIBLE ( MANUFACTURE2 :AT RATIONAL MAN CAN D\BT1 ?AT ! MANUFACTUR+ >TS W\LD1 AT ?IS DAY1 HAVE BE5 IMMEASURABLY 9 ADVANCE ( :AT !Y N[ >E8 

,BUT1 ) A CONSID]ABLE PORTION ( MANK9D1 ROBB]Y HAS BE5 ! FAVORITE MODE ( ACQUIR+ WEAL? 9 ALL AGES4 ,ALL M5 DESIRE EXEMPTION FROM SEV]E TOIL2 & ! /RONG HAVE USUALLY S\<T TO OBTA9 IT BY ROBB+ ! WEAK4 ,?US /RONG NATIONS HAVE ALWAYS BE5 9 ! HABIT ( MAK+ W> UPON WEAK NATIONS1 REALLY FROM MOTIVES ( PLUND]1 ?\< O!R MOTIVES MAY HAVE BE5 ASSIGN$4 ,SO ALSO ! RI* & /RONG CLASSES 9 A NATION1 HAVE ALWAYS BE5 9 ! HABIT ( COMB9+1 = ! PURPOSE ( PLUND]+ ! WEAK] CLASSES ( ! SAME NATION1 BY UNEQUAL & RAPACI\S MODES ( TAXATION1 & NUM]\S O!R DEVICES4 ,9 BO? CASES ! ROBB]S SEEM NOT TO HAVE BE5 AW>E1 & PROBABLY HAVE NOT BE5 AW>E1 ?AT IF ALL MANK9D W]E P]MITT$ TO LIVE 9 PEACE1 & EA* 9DIVIDUAL TO 5JOY ! FRUITS ( HIS [N LABOR1 79CLUD+ IDEAS1 AS WELL AS MAT]IAL PROP]TY17 ! WEAL? ( ! WORLD W\LD 9CREASE AT A RATE ?AT W\LD 5RI* SUB/ANTIALLY ALL ITS 9HABITANTS1 9COMP>ABLY FA/] EV51 ?AN ! /RONG CAN N[ 5RI* !MSELVES1 BY ! ROBB]Y ( ! WEAK4 ,TAKE1 = EXAMPLE1 ! CO/1 TO ! CONQU]ORS1 ( ANY W>1 ANCI5T OR MOD]N1 ?AT HAS BE5 C>RI$ ON = PURPOSES ( PLUND]4 ,SUPPOSE ONE T5? ( ?AT CO/1 9/EAD ( BE+ EXP5D$ 9 W>1 HAD BE5 PAID TO 9V5TORS2 DOES ANY ONE D\BT ?AT1 = ?AT SUM1 9V5TIONS C\LD HAVE BE5 PRODUC$1 ?AT W\LD HAVE ADD$ MORE TO ! WEAL? ( ! NATION1 ?AN WAS GA9$ BY ! CONQUE/8 ,& !SE 9V5TIONS W\LD NOT ONLY HAVE 5RI*$ ! NATION ?AT PRODUC$ !M1 BUT W\LD HAVE BE5 ALSO COMMUNICAT$ TO O!R NATIONS4 ,?US MANY NATIONS W\LD HAVE BE5 5RI*$1 AT ONE T5? ( ! CO/1 AT :I* ONE NATION 5RI*$ ITSELF1 BY ! SUBJECTION & ROBB]Y ( ANO!R4 

,AT ! PRES5T DAY1 ?IS POLICY ( ROBB]Y IS /ILL PR$OM9ANT 9 ! WORLD2 SO MU* SO1 ?AT NE>LY ALL ! CIVILIZ$ NATIONS ( ! WORLD1 KEEP IMM5SE >MIES1 OR NAVIES1 OR BO?1 = ! D\BLE PURPOSE ( ROBB+ O!R NATIONS1 & ( PROTECT+ !MSELVES AGA9/ SIMIL> ROBB]Y4 ,IF ONE TI! ( ! MONEY1 ?AT IS ANNUALLY PAID = !SE PURPOSES1 BY ! SEV]AL NATIONS ( ,EUROPE1 W]E PAID TO 9V5TORS1 !SE SEV]AL NATIONS MI<T NOT ONLY LIVE 9 PEACE ) EA* O!R1 BUT EA* & ALL W\LD V]Y SPE$ILY ATTA9 TO A WEAL?1 GREAT] ?AN CONQUE/ EV] AIM$ AT1 OR CONQU]ORS EV] CONCEIV$ (4 

,TO SU/A9 ! LIT]AL TRU? ( ?IS CALCULATION1 LET US CONSID] ! WEAL? ACQUIR$ BY CONQUE/1 COMP>$ ) ?AT CREAT$ BY ME*ANICAL 9V5TIONS4 ,( C\RSE1 NEI!R CAN BE E/IMAT$ ) ANY ?+ LIKE PRECISION2 BUT ,I APPREH5D IT W\LD BE 5TIRELY )9 ! LIMITS ( TRU? TO SAY1 ?AT ALL ! W>S ( ,EUROPE & ,AM]ICA1 9 ! LA/ ?\S& YE>S1 HAVE NOT BR\<T AS MU* NET WEAL? TO ! CONQU]ORS1 AS HAS BE5 CREAT$ BY ! /EAM 5G9E1 & ITS SUBSIDI>Y 9V5TIONS1 9 ! LA/ T51 OR EV5 FIVE1 YE>S4 ,I APPREH5D ALSO ?AT ALL ! ,BRITI% CONQUE/S 9 ,9DIA1 )9 ! LA/ HUNDR$ YE>S1 & ALL ! OPPRESSIONS PRACTIC$1 )9 ?AT TIME1 UPON #a11 ( PEOPLE1 HAVE NOT SUCCE$$ 9 EXTRACT+ SO MU* NET WEAL? FROM ?AT C\NTRY1 AS HAS BE5 CREAT$ BY ! SP9DLES & LOOMS ( ,5GL&1 9 ! LA/ T51 OR P]HAPS EV5 FIVE1 YE>S4 

,IF !SE CONJECTURES BE TRUE1 OR ANY ?+ LIKE ! TRU?1 !Y \<T TO DO SOME?+ T[>DS OP5+ M5'S EYES TO ! COMP>ATIVE POLICY ( 5C\RAG+ 9V5TORS1 & SUPPORT+ SOLDI]S4 ,& :5 IT IS CONSID]$ ?AT ALL !SE W>S HAVE BE5 C>RI$ ON1 AT ! 9/IGATION & DICTATION ( SO CALL$ /ATESM51 WE HAVE AN OPPORTUNITY TO JUDGE1 :E!R /ATESM5 & SOLDI]S1 OR 9V5TORS1 >E ! REAL B5EFACTORS ( MANK9D1 & DES]V+ ( !IR SUPPORT4 

,I IMAG9E ?AT FEW PEOPLE /OP TO CONSID] H[ L>GE A PROPORTION ( ! WEAL?1 N[ EXI/+ 9 ! WORLD1 IS ! PRODUCT ( LABOR-P]=M+ 9V5TIONS4 ,I REC5TLY SAW IT E/IMAT$1 BY A MO/ RESPECTABLE AU?ORITY1 ?AT ! /EAM 5G9E HAD QUADRUPL$ ! WEAL? ( ! ,UNIT$ ,/ATES4 ,H[ NE> ! TRU? ?IS E/IMATE MAY BE1 ,I DO NOT V5TURE TO ASS]T4 ,BUT IT IS PROBABLY SUFFICI5TLY NE> ! TRU? = ! PURPOSES ( ?IS DISCUSSION4 ,N[ IT IS H>DLY FIFTY YE>S1 S9CE ! /EAM 5G9E WAS BR\<T TO SU* P]FECTION1 & PUT 9TO SU* EXT5SIVE OP]ATION1 9 ! ,UNIT$ ,/ATES1 AS TO CONTRIBUTE V]Y MAT]IALLY TO ! WEAL? ( ! C\NTRY4 ,YET IT IS N[ SAID ?AT IT HAS QUADRUPL$ ?AT WEAL?6 

,& H[ MU* HAVE ! PEOPLE ( ?IS C\NTRY EV] PAID TO ! 9V5TORS ( ! /EAM 5G9E1 9 RETURN = ! IMM5SE WEAL?1 :I* IT HAS CREAT$8 ,H[ MU*6 ,IT CAN H>DLY BE SAID ?AT !Y HAVE PAID ANY ?+4 ,IF !Y HAVE PAID ANY ?+1 ! AM\NT HAS BE5 SO UTT]LY CONTEMPTIBLE1 AS ?AT NO ONE1 :O HAS ANY S5SE ( %AME1 OR ANY S5TIM5T ( JU/ICE1 C\LD H>DLY WI% TO SEE ! AM\NT PUT 9 PR9T4 ,BUT HAS SU* MEANNESS & 9JU/ICE BE5 A WISE POLICY = ! PEOPLE !MSELVES8 ,NO4 ,IF !Y HAD PAID TO ! 9V5TORS ( ! /EAM 5G9E BUT ONE P]C5T ANNUALLY ( ! WEAL? ?AT 9V5TION WAS CREAT+1 !Y W\LD !REBY HAVE GIV5 SU* A /IMULUS TO 9V5TION1 ?AT WE %\LD D\BTLESS1 LONG BE=E N[1 HAVE HAD 9 USE O!R MOTIVE =CES F> *EAP]1 SAF]1 & BETT] ?AN /EAM4 ,& :AT W\LD HAVE BE5 GOOD POLICY T[>DS ! 9V5TORS ( ! /EAM 5G9E1 W\LD BE GOOD POLICY T[>DS ALL O!R 9V5TORS4 ,! AM\NTS1 ?AT W\LD BE PAID !M1 UND] A SY/EM ( P]PETUAL PROP]TY1 & FULL PROTECTION1 W\LD BE1 AS WE HAVE BE=E SUPPOS$1 BUT ONE P]C5T ( ! WEAL? CREAT$ BY !M4 ,?IS ONE P]C5T IS C]TA9LY BUT A TRIFLE1 A M]E BAGATELLE1 = ! PEOPLE TO PAY1 \T ( ! WEAL? CREAT$ = !M1 & GIV5 TO !M1 BY ! 9V5TORS4 ,YET ?IS TRIFLE1 PAID BY ! PEOPLE1 W\LD BE =TUNES TO ?OSE RECEIV+ IT2 & W\LD GIVE SU* 5C\RAGEM5T TO 9V5TORS G5]ALLY1 ?AT 9V5TIONS W\LD BE MULTIPLI$ ) A RAPIDITY1 ( :I* WE HAVE N[ LITTLE CONCEPTION4 ,& ! PEOPLE W\LD HAVE ! B5EFIT ( !M4 ,BUT SO LONG AS !Y REFUSE TO PAY EV5 ONE P]C5T ( ! WEAL? PRODUC$1 = ! 9V5TIONS !Y N[ HAVE1 IT IS REASONABLE TO CONCLUDE !Y WILL HAVE ! B5EFIT ( BUT FEW NEW ONES1 COMP>$ ) ! NUMB] !Y O!RWISE MI<T HAVE4"9 

,LET US N[ CONSID] ! REASONS ( POLICY1 O!R ?AN *EAPNESS1 AGA9/ GIV+1 TO ! PROP]TY ( 9V5TORS1 ?AT FULL & P]PETUAL PROTECTION1 :I* IS GIV5 TO ! PROP]TY ( O!R M54 

#a4 ,IT IS OBJECT$ ?AT ! PROP]TY ( 9V5TORS \<T NOT TO HAVE ! PROTECTION ( ! CRIM9AL LAWS4 

,:AT F\NDATION !RE IS = ?IS OBJECTION1 ,I HAVE NEV] HE>D4 ,& ,I APPREH5D ?AT NO REASON :ATEV]1 WOR?Y ( A MOM5T'S CONSID]ATION1 CAN BE (F]$1 :Y ! PROP]TY ( 9V5TORS %\LD NOT HAVE ! PROTECTION ( !SE LAWS1 AS FULLY AS ANY O!R PROP]TY4 ,! WILLFUL 9VASION ( ANO!R MAN'S PROP]TY1 FROM MOTIVES EI!R ( MALICE OR GA91 IS A CRIME2 & IF CRIMES AGA9/ PROP]TY >E TO BE PUNI%$ AT ALL1 CRIMES AGA9/ ! PROP]TY ( 9V5TORS %\LD BE PUNI%$ AS WELL AS O!RS4 ,:AT SECURITY W\LD !RE BE = MAT]IAL PROP]TY1 IF ! [N] HAD NO REM$Y = TRESPASSES AGA9/ IT1 EXCEPT ! PRIVILEGE ( BR++ A CIVIL SUIT = DAMAGES1 AT HIS [N EXP5SE8 ,EV]Y ONE CAN SEE ?AT1 9 ?AT CASE1 PROP]TY W\LD BE OV]RUN ) TRESPASS]S1 :O W]E IRRESPONSIBLE 9 DAMAGES1 & :O W\LD COMMIT !IR TRESPASSES ) ! 9T5T ( GETT+ :AT !Y C\LD BY !M1 & CONSUM+ IT1 SO AS TO HAVE NO?+ LEFT1 ) :I* TO ANSW] ! JUDGM5TS1 ?AT MI<T BE OBTA9$ AGA9/ !M4 ,IT W\LD !RE=E BE AN UTT] F>CE TO PRET5D TO PROTECT PROP]TY AT ALL1 )\T ! AID ( CRIM9AL LAWS4 ,IT W\LD BE EQUIVAL5T TO GRANT+ A FREE LIC5SE TO ALL IRRESPONSIBLE TRESPASS]S4 ,M5 MI<T AS WELL SURR5D] !IR PROP]TY AT ONCE1 AS TO ?9K ( PROTECT+ IT BY CIVIL SUITS M]ELY2 = !Y W\LD CONSUME !IR PROP]TY 9 EXP5SES1 & W\LD GET PROTECTION1 ONLY :5 !Y HAD NO PROP]TY LEFT TO BE PROTECT$4 ,YET ?IS IS ! K9D ( PROTECTION1 & SUB/ANTIALLY ALL ! PROTECTION1 :I* \R LAWS1 AS AT PRES5T ADM9I/]$1 GIVE TO ! PROP]TY ( 9V5TORS4 ,& ! CONSEQU5CE G5]ALLY IS1 ?AT ! EXP5DITURE ( TIME & MONEY1 REQUIR$ TO PROTECT AN 9V5TOR 9 HIS RI<TS1 IS SU* AS TO IMPOV]I% HIM1 & MAKE IT IMPOSSIBLE = HIM TO PROTECT HIMSELF TO ANY CONSID]ABLE DEGREE1 EV5 DUR+ ! BRIEF P]IOD1 = :I* ! GOV]NM5T PR(ESSES TO PROTECT HIM4 

,CANNOT ! PUBLIC SEE ?AT SU* ?+S >E A DISC\RAGEM5T TO 9V5TION & 9V5TORS8 ,& CAN !Y NOT SEE ?AT1 IF !Y WI% TO 5C\RAGE 9V5TORS1 & HAVE ! B5EFIT ( !IR 9V5TIONS1 IT IS PLA9LY = !IR 9T]E/ TO GIVE1 TO ! PROP]TY ( 9V5TORS1 ! SAME PROTECTION ( ! CRIM9AL LAWS1 :I* IS ACCORD$ TO MAT]IAL PROP]TY8 

#b4 ,IT IS OBJECT$ ?AT 9V5TIONS1 IF SECUR$ TO !IR AU?ORS1 BECOME MONOPOLIES1 & !RE=E \<T NOT TO BE P]PETUAL4 

,! ANSW] TO ?IS OBJECTION IS1 ?AT ALL PROP]TY IS A MONOPOLY4 ,! V]Y F\NDATION & PR9CIPLE ( ! RI<T ( PROP]TY >E1 ?AT EA* MAN HAS A RI<T TO MONOPOLIZE :AT HE PRODUCES1 & :AT IS HIS [N4 ,! RI<T ( ALL M5 TO !IR PROP]TY1 RE/S ON ?IS F\NDATION ALONE4 ,MONOPOLIES >E UNJU/ & IMPOLITIC1 ONLY :5 !Y GIVE TO ONE :AT BELONGS ( RI<T TO O!RS4 ,& IT IS ONLY TO SU* MONOPOLIES ?AT ! WORD MONOPOLY IS USUALLY APPLI$4 ,IT IS AN ABUSE ( ! T]M TO APPLY IT TO A MAN'S LEGITIMATE & RI<TFUL PROP]TY4 ,IF AN 9V5TION DO NOT RI<TFULLY BELONG TO HIM ALONE1 :O PRODUC$ IT1 HE ( C\RSE %\LD NOT BE ALL[$ TO MONOPOLIZE IT4 ,BUT IF IT DO RI<TFULLY BELONG TO HIM ALONE1 !N HE HAS A RI<T TO MONOPOLIZE IT2 & O!R M5 HAVE NO MORE RI<T OR REASON TO COMPLA9 ?AT HE IS ALL[$ TO MONOPOLIZE IT1 ?AN HE HAS TO COMPLA9 ?AT !Y >E ALL[$ TO MONOPOLIZE :ATEV] IS !IR [N4 

,!RE IS NO MORE REASON OR JU/ICE1 9 APPLY+ ! WORD MONOPOLY1 9 AN ODI\S S5SE1 TO AN 9V5TION1 :I* ONE MAN HAS PRODUC$1 & !RE=E RI<TFULLY [NS1 ?AN !RE W\LD BE 9 APPLY+ ! SAME T]M TO ANY O!R WEAL? :ATEV]1 :I* ONE MAN HAS PRODUC$1 & !RE=E RI<TFULLY [NS4 ,!RE IS NO RESEMBLANCE AT ALL BETWE5 SU* MONOPOLIES1 & ?OSE MONOPOLIES1 :I* >E >BITR>ILY CREAT$ BY LEGISLATURES2 :]EBY !Y GIVE TO ONE MAN1 OR TO A FEW M51 AN EXCLUSIVE PRIVILEGE TO EX]CISE A RI<T1 OR PRACTICE AN EMPLOYM5T1 :I* O!R M5 HAVE NATURALLY & JU/LY ! SAME RI<T TO EX]CISE & PRACTICE4 ,ALL SU* MONOPOLIES >E PLA9 VIOLATIONS ( NATURAL JU/ICE2 BECAUSE !Y TAKE FROM ONE MAN A RI<T ?AT BELONGS TO HIM1 & GIVE IT TO ANO!R4 ,BUT AN 9V5TION IS ! PRODUCT ( 9DIVIDUAL LABOR1 & ( RI<T BELONGS TO HIM :O PRODUCES IT2 & !RE=E !RE IS NO 9JU/ICE 9 SAY+ ?AT HE ALONE %ALL HAVE A RI<T TO IT--! SAME RI<T ?AT HE HAS TO ANY O!R PROP]TY LIE HAS PRODUC$--?AT IS1 ! RI<T TO EX]CISE ABSOLUTE DOM9ION OV] IT1 & TO DO ) IT AS HE PLEASES1 :E!R IT BE TO KEEP IT1 SELL IT1 OR GIVE IT AWAY4 

,?IS OBJECTION ( MONOPOLY1 :5 APPLI$ TO 9V5TIONS1 IS M]E S\ND )\T MEAN+4 ,IT HAS NEI!R REASON NOR JU/ICE TO SU/A9 IT4 ,IT IS SIMPLY AN ODI\S NAME1 WRONGFULLY APPLI$ TO A JU/ & NATURAL RI<T1 BY ?OSE :O WANT A PRETEXT = TAK+ A MAN'S PROP]TY FROM HIM1 & APPLY+ IT TO !IR [N USE4 

#c4 ,A ?IRD OBJECTION IS1 ?AT IF 9V5TORS W]E ALL[$ A P]PETUAL PROP]TY 9 !IR 9V5TIONS1 !Y W\LD BECOME TOO RI*4 

,?IS OBJECTION1 IF GOOD AGA9/ ANY 9V5TORS1 CAN BE GOOD ONLY AGA9/ A V]Y FEW1 9 COMP>ISON ) ! :OLE NUMB]2 = BUT A FEW1 IF ANY1 C\LD EV] ACQUIRE 9ORD9ATE WEAL? BY !IR 9V5TIONS4 ,IT IS C]TA9LY UNJU/ TO DEPRIVE ! :OLE ( !IR RI<TS1 SIMPLY TO GU>D AGA9/ EXTRAVAGANT =TUNES ON ! P>T ( A FEW4 ,BUT \R LAWS MAKE NO DI/9CTIONS ( ?IS K9D4 ,ON ! CONTR>Y1 !Y CONDEMN NE>LY ALL TO 9DISCRIM9ATE POV]TY1 UND] PRET5SE ( PREV5T+ ANY FROM ACCUMULAT+ IMMOD]ATE WEAL?4 

,IF ANY >E TO BE DEPRIV$ ( !IR RI<T TO A P]PETUAL PROP]TY 9 !IR 9V5TIONS1 CLE>LY IT %\LD BE ?OSE FEW1 & ONLY ?OSE FEW1 :OSE WEAL? W\LD O!RWISE BECOME 5ORM\S4 ,& EV5 ?OSE FEW1 IT W\LD BE UNJU/ TO DEPRIVE ( !IR PROP]TY1 ! PRODUCTS ( !IR HONE/ LABOR1 UNTIL !IR =TUNES HAD ACTUALLY REA*$ ! UTMO/ LIMIT1 TO :I* SOCIETY SEES FIT TO ALL[ PRIVATE =TUNES TO GO4 ,TO DEPRIVE !M ( !IR PROP]TY1 BE=E !IR =TUNES HAVE ATTA9$ ! LEGAL LIMIT1 SIMPLY ?R\< FE> ?AT !Y MAY SOMETIME GO BEYOND IT1 W\LD BE A V]Y ABSURD & PREMATURE ROBB]Y4 

,BUT :AT RI<T HAS SOCIETY TO SET LIMITS TO ! =TUNES1 ?AT 9DIVIDUALS %ALL ACQUIRE8 ,C]TA9LY IT HAS NO SU* RI<T2 & IT ATTEMPTS TO EX]CISE NO SU* P[]1 EXCEPT 9 ! CASE ( 9V5TORS4 ,TO ALL O!R P]SONS IT SAYS1 GO ON ACCUMULAT+ TO ! EXT5T ( Y\R ABILITY1 SUBJECT ONLY TO ?IS RE/RICTION1 ?AT Y\ USE ONLY HONE/ MEANS 9 ACQUIR+4 ,:Y %\LD ANY O!R RE/RICTION BE IMPOS$ UPON ! ACCUMULATIONS ( 9V5TORS1 ?AN IS IMPOS$ UPON ! ACCUMULATIONS ( O!R M58 ,:O HAS SU* A RI<T TO BE RI* AS AN 9V5TOR8 ,:O GIVES SU* WEAL? TO MANK9D AS HE8 ,C]TA9LY1 IF A MAN1 :O NOT ONLY PRODUCES WEAL? AS HONE/LY AS ANY O!R MAN1 BUT :O PRODUCES 9CALCULABLY MORE ?AN O!R M51 & :O VIRTUALLY GIVES N9ETY-N9E P]C5T ( IT1 AS A GRATUITY1 TO ! PUBLIC1 CANNOT BE ALL[$ TO BECOME RI*1 :O >E ! M5 :O >E 5TITL$ TO ?AT PRIVILEGE8 ,O!R M51 :O PRODUCE H>DLY ANY ?+1 COMP>$ ) AN 9V5TOR1 & :O1 IF !Y CAN AVOID IT1 GIVE NEV] A DOLL> ( !IR E>N+S TO MANK9D1 )\T RECEIV+ A FULL DOLL> 9 RETURN1 >E NEV]!LESS ALL[$ TO ACQUIRE !IR MILLIONS1 & 9DE$ TO ACCUMULATE )\T RE/RICTION1 SO LONG AS !Y ACCUMULATE HONE/LY4 ,BUT AN 9V5TOR1 :O CREATES IMMEASURABLY MORE WEAL? ?AN ANY O!R MAN1 & :O RES]VES BUT ONE P]C5T ( IT TO HIMSELF1 GIV+ ! RE/ TO ! PUBLIC1 MU/ BE LIMIT$ BY LAW 9 HIS ACQUISITIONS1 & DEPRIV$ EV5 ( ?AT ONE P]C5T ( HIS [N E>N+S1 LE/ HE BECOME TOO RI*6 

,EV]Y VALUABLE 9V5TION \<T TO GIVE C]TA9 WEAL? TO ! 9V5TOR2 ! MORE VALUABLE ! 9V5TION1 ! MORE WEAL? %\LD IT BR+ TO HIM4 ,! MO/ VALUABLE 9V5TIONS1 %\LD BR+ GREAT WEAL? TO ! 9V5TORS4 ,IT IS NOT ONLY JU/ TO ! 9V5TORS1 BUT IT IS = ! 9T]E/ ( SOCIETY AT L>GE1 ?AT IT %\LD BE SO2 BECAUSE ! PRODUCTION ( 9V5TIONS IS /IMULAT$1 SUB/ANTIALLY 9 ! RATIO ( ! WEAL? ( ! 9V5TORS4 

,BUT IS !RE REALLY ANY DANG] ?AT1 IF 9V5TORS W]E ALL[$ A P]PETUAL PROP]TY 9 !IR IDEAS1 ANY V]Y 5ORM\S OR IMMOD]ATE WEAL? W\LD ACCUMULATE 9 !IR H&S8 ,!RE >E MANY1 & PROBABLY 9SUP]ABLE1 OB/ACLES TO SU* A RESULT4 ,LET US LOOK AT ! SUBJECT SOME:AT CLOSELY4 

,9 ! FIR/ PLACE1 WEAL?1 9 ! ASPECT 9 :I* WE >E N[1 CONSID]+ IT1 IS RELATIVE4 ,A MAN IS RI*1 OR POOR1 9 PROPORTION AS HE HAS MORE OR LESS ?AN AN AV]AGE %>E ( ! WEAL? ( ! WORLD4 ,A MAN1 :O1 9 ,5GL&1 W\LD HAVE BE5 V]Y RI*1 RELATIVELY ) HIS NEI<BORS1 FIVE HUNDR$ YE>S AGO1 W\LD N[1 ) PROP]TY ( ! SAME NOM9AL VALUE1 AS !N1 BE V]Y POOR1 RELATIVELY ) HIS NEI<BORS2 BECAUSE HIS NEI<BORS HAVE N[ 9CREAS$ SO MU* 9 WEAL?4 ,9 JUDG+1 !RE=E1 :E!R 9V5TORS W\LD BECOME IMMOD]ATELY RI*1 UND] A SY/EM ( P]PETUAL PROP]TY 9 !IR 9V5TIONS1 WE MU/ CONSID] :AT W\LD BE ! G5]AL /ATE ( WEAL? >\ND !M1 UND] ! SAME SY/EM4 

,WE >E TO CONSID]1 !N1 ?AT UND] ?AT SY/EM1 7( P]PETUAL PROP]TY 9 9V5TIONS17 ! NUMB] ( 9V5TIONS W\LD BE V]Y GREATLY AUGM5T$1 & CONSEQU5TLY ! G5]AL WEAL? ( SOCIETY A/ONI%+LY 9CREAS$4 ,& IT W\LD CONSEQU5TLY REQUIRE VA/LY MORE ACTUAL WEAL?1 TO MAKE A MAN RELATIVELY RI*1 ?AN IT DOES N[4 ,?IS S+LE CONSID]ATION WILL PROBABLY BE SUFFICI5T1 ) MO/ M9DS1 TO R$UCE ! BUGBE> ( 5ORM\S WEAL?1 7ON ! P>T ( 9V5TORS17 TO AB\T HALF ITS ORIG9AL DIM5SIONS4 

,9 ! SECOND PLACE1 FEW 9V5TIONS >E V]Y LONG LIV$4 ,BY ?IS ,I MEAN ?AT FEW 9V5TIONS >E 9 PRACTICAL USE A V]Y LONG TIME1 BE=E !Y >E SUP]S$$ BY O!R 9V5TIONS1 ?AT ACCOMPLI% ! SAME PURPOSES BETT]4 ,A V]Y L>GE PORTION ( 9V5TIONS LIVE BUT A FEW YE>S1 SAY1 FIVE1 T51 OR TW5TY YE>S4 ,I D\BT IF ONE 9V5TION 9 FIVE1 7( SUFFICI5T IMPORTANCE TO BE PAT5T$17 LIVES FIFTY YE>S4 ,& ,I ?9K IT D\BTFUL IF FIVE 9 A HUNDR$ LIVE A HUNDR$ YE>S4"9 

,UND] A SY/EM ( P]PETUITY 9 9TELLECTUAL PROP]TY1 9V5TIONS W\LD BE /ILL %ORT] LIV$ ?AN AT PRES5T2 BECAUSE1 [+ TO ! ACTIVITY GIV5 TO M5'S 9V5TIVE FACULTIES1 ONE 9V5TION W\LD BE E>LI] SUP]S$$ BY ANO!R4 

,I ?9K !SE CONSID]ATIONS ALONE \<T TO DIM9I% ! BUGBE> AGA9 TO ONE HALF ITS ALREADY R$UC$ DIM5SIONS--?AT IS1 TO ONE F\R? ITS ORIG9AL SIZE4 

,9 ! ?IRD PLACE1 ! DANG] ( OV]GR[N =TUNES IS OBVIAT$ BY /ILL ANO!R CONSID]ATION1 TO WIT1 ?AT FEW OR NO IMPORTANT 9V5TIONS >E BR\<T TO P]FECTION BY A S+LE M9D4 ,ONE MAN BR+S \T AN 9V5TION 9 AN IMP]FECT /ATE2 ANO!R IMPROVES UPON IT2 ANO!R IMPROVES UPON ! IMPROVEM5T1 & SO ON1 UNTIL ! ?+ IS P]FECT$ ONLY BY ! LABOR ( TWO1 ?REE1 FIVE1 OR T5 DIFF]5T M9DS4 ,! COMPLETE 9V5TION ?US BECOMES ! JO9T PROP]TY ( SEV]AL DIFF]5T P]SONS1 :O %>E 9 ! 9COME FROM IT 9 SU* PROPORTIONS RESPECTIVELY AS !Y CAN AGREE UPON4 ,! OBVI\S PRESUMPTION IS1 ?AT NO S+LE 9DIVIDUAL WILL EV] D]IVE A SUFFICI5T 9COME FROM IT1 TO GIVE HIM A =TUNE IMMOD]ATELY1 OR GROSSLY1 DISPROPORTION$ TO ! WEAL? ( O!RS4 

,I ?9K IT MU/ BE SAFE N[ TO SAY1 ?AT ! BUGBE>1 ?AT WAS AT FIR/ SO FRI<TFUL1 IS NO LONG] A ?+ TO BE S]I\SLY DREAD$4 

,BUT A F\R? CONSID]ATION1 :I* MU/ ABSOLUTELY ANNIHILATE ! PHANTOM1 IS ?IS--?AT IF ANY P>TICUL> 9V5TION %\LD BE F\ND TO BE A S\RCE ( IMMOD]ATE WEAL? TO ITS POSSESSORS1 ?AT FACT W\LD BE SUFFICI5T1 ( ITSELF1 TO TURN ! M9DS ( 9V5TORS1 9 ! DIRECTION ( ?AT 9V5TION2 & ! RESULT W\LD SOON BE ! PRODUCTION ( ONE OR MORE COMPET+ 9V5TIONS1 ?AT W\LD ACCOMPLI% ! SAME 5D BY A DIFF]5T PROCESS2 & EI!R SUP]S$E ! FIR/ 9V5TION ALTOGE!R1 OR AT LEA/ DIVIDE ) IT ! PR(ITS ( ! BUS9ESS1 TO :I* IT WAS APPLI$4 

,I N[ TAKE IT = GRANT$ ?AT ! OBJECTION ( 9ORD9ATE WEAL?1 ON ! P>T ( 9V5TORS1 HAS BE5 FAIRLY DISPOS$ (4 

#d4 ,A F\R? OBJECTION IS1 ?AT IF 9V5TORS W]E ALL[$ A P]PETUAL PROP]TY 9 !IR 9V5TIONS1 !IR P[] W\LD BECOME DANG]\S TO ! LIB]TIES ( ! PEOPLE AT L>GE4 

,?IS IDEA1 AL?\< ONE ?AT MI<T NATURALLY 5\< OCCUR TO AN OBJECTOR1 WILL YET1 ON REFLECTION1 BE SE5 TO BE :OLLY )\T F\NDATION 9 REASON4 ,POLITICAL P[] DEP5DS PR9CIPALLY UPON ! COMM& ( WEAL?2 & !RE=E ! CONSID]ATIONS1 ?AT HAVE JU/ BE5 /AT$1 9 ANSW] TO ! OBJECTION ( 5ORM\S WEAL?1 ON ! P>T ( 9V5TORS1 >E SUFFICI5T TO %[1 ?AT IT W\LD BE ! F>!/ ?+ FROM POSSIBILITY1 = AN 9DIVIDUAL TO MONOPOLIZE 5\< ( ANY ONE OR MORE 9V5TIONS1 TO GIVE HIM ANY DANG]\S POLITICAL P[]4 

,ANO!R CONSID]ATION1 SUFFICI5T ( ITSELF TO DISSIPATE ?IS DANG]1 IS1 ?AT ! NUMB] ( 9V5TORS W\LD BE GREAT1 & IF ANY ONE ( !M %\LD PROVE AMBITI\S ( A DANG]\S POLITICAL SUPREMACY1 ! P[] ( ! O!RS W\LD BE SUFFICI5T TO HOLD HIM 9 *ECK4 

,/ILL ANO!R CONSID]ATION IS1 ?AT1 9 ! NATURE ( ?+S1 ! PEOPLE1 :O RECEIVE N9ETY-N9E P]C5T ( ALL ! WEAL? CREAT$ BY 9V5TIONS1 CAN BE 9 NO DANG] FROM ! P[] ( 9V5TORS1 :O RETA9 BUT ONE P]C5T ( IT4 ,EV]Y 9V5TOR1 !RE=E1 PUTS 9TO ! H&S ( ! PEOPLE1 N9ETY-N9E TIMES MORE P[] ?AN HE RETA9S 9 HIS [N H&S4 ,H[ LONG A TIME W\LD BE REQUISITE = HIM1 TO ACQUIRE ABSOLUTE P[] OV] ! PEOPLE1 BY SU* A PROCESS8 

,A LA/ REFLECTION1 WOR?Y ( NOTICE1 ON ?IS HEAD1 IS1 ?AT 9V5TORS >E NOT CON/ITUTIONALLY AMBITI\S ( POLITICAL P[]4 ,SU* A ?+ AS A GREAT 9V5TOR1 AMBITI\S ( POLITICAL P[]1 WAS PROBABLY NEV] KN[N4 ,!IR AMBITION IS ( A F> LESS DEPRAV$ & VULG> K9D4 ,! TRIUMPHS1 ( :I* !Y >E AMBITI\S1 >E TRIUMPHS OV] NATURE1 = ! B5EFIT ( MANK9D2 NOT OV] MANK9D1 = ! B5EFIT ( !MSELVES4 

,9V5TIONS1 9/EAD ( T5D+ TO ! 5SLAVEM5T ( MANK9D1 T5D TO !IR LIB]ATION1 BY PUTT+ WEAL? & P[] 9TO ! H&S ( ALL1 & ?US LIB]AT+ EA* FROM HIS DEP5D5CE UPON O!RS4 

#e4 ,! FIF? OBJECTION TO ! PR9CIPLE ( P]PETUITY 9 9TELLECTUAL PROP]TY1 IS ! OBJECTION ( 9CONV5I5CE4 

,IT IS NO D\BT AN 9CONV5I5CE1 = A MAN TO BE UND] ! NECESSITY TO BUY AN IDEA1 :5 HE WANTS IT4 ,BUT ON ! O!R H&1 IT IS A GREAT CONV5I5CE TO ! PRODUC] ( ! IDEA1 ?AT HE CAN COMM& PAY = IT1 FROM ?OSE :O WI% TO USE IT4 ,! 9CONV5I5CE & ! CONV5I5CE TO !SE P>TIES RESPECTIVELY1 >E PRECISELY ! SAME1 & NO O!R1 ?AN !Y >E TO ! BUY] & SELL] ( ANY O!R PROP]TY4 ,& ! >GUM5T FROM 9CONV5I5CE IS JU/ AS /RONG1 AGA9/ ALL[+ ANY RI<T ( PROP]TY 9 MAT]IAL COMMODITIES1 AS IT IS AGA9/ ALL[+ ANY RI<T ( PROP]TY 9 9TELLECTUAL COMMODITIES4 

,BUT BECAUSE A MAN HAS A NATURAL RI<T ( PROP]TY 9 EV]Y IDEA HE ORIG9ATES1 IT IS NOT !RE=E TO BE 9F]R$1 ?AT EV]Y MAN W\LD WI% TO RETA9 HIS EXCLUSIVE RI<T TO EV]Y IDEA1 H[EV] UNIMPORTANT1 ?AT HE MI<T ORIG9ATE1 & DEM& PAY ( EV]Y ONE :O WI%$ TO USE IT4 ,IT IS ONLY A FEW IDEAS1 ?AT HAVE SUFFICI5T M>KET VALUE1 TO MAKE IT WOR? A MAN'S :ILE TO MAKE !M >TICLES ( M]*&ISE4 ,IT IS ONLY A FEW IDEAS1 ?AT W\LD F9D ANY PUR*AS]S1 IF A PRICE W]E SET ON !M BY ! [N]4 ,IF A MAN W]E TO SET A PRICE ON M]ELY TRIVIAL IDEAS1 HE W\LD F9D NO PUR*AS]S4 ,! RESULT W\LD BE1 ?AT A MAN W\LD RETA9 HIS EXCLUSIVE PROP]TY1 ONLY 9 ?OSE IDEAS1 ?AT W\LD SELL 9 ! M>KET = SU* PRICES1 AS W\LD MAKE IT WOR? HIS :ILE TO SELL !M4 ,& = SU* IDEAS M5 CAN AS WELL AF=D TO PAY1 AS = MAT]IAL ?+S ( ! SAME M>KET VALUE4 

,A FEW WORDS AS TO ! EFFECTS ( ! PR9CIPLE ( P]PETUITY UPON LIT]ATURE4 

,LIT]>Y LABOR IS CONTROLL$ BY ! SAME LAW AS O!R 9TELLECTUAL LABOR--?AT IS1 ! NATURE ( ! M>KET DET]M9ES1 9 A GREAT MEASURE1 ! *>ACT] ( ! SUPPLY4 ,IF ! LAW ALL[ AN AU?OR BUT A BRIEF PROP]TY 9 HIS WORKS1 LIT]ATURE WILL BE MO/LY ( A SUP]FICIAL1 FRIVOL\S1 & EPHEM]AL *>ACT]2 SU* AS M9I/]S TO ! APPETITE ( ! H\R1 & F9DS A RAPID1 BUT TEMPOR>Y SALE--AS1 = EXAMPLE1 ROMANCES & O!R WORKS1 :I* NATURALLY HAVE A %ORT LIFE1 & :I* IT REQUIRES BUT LITTLE ?\<T OR LABOR TO PRODUCE4 ,! PREVAIL+ LIT]ATURE WILL BE ( ?IS K9D1 = ! REASON ?AT ?IS IS ! ONLY K9D :I* CAN BE AF=D$4 ,IF1 ON ! O!R H&1 A P]PETUAL PROP]TY BE ALL[$1 5C\RAGEM5T IS GIV5 TO ! PRODUCTION ( A WIDELY DIFF]5T CLASS ( WORKS1 NAMELY1 ?OSE PR(\ND1 SCI5TIFIC1 & PHILOSOPHICAL WORKS1 :I* >E WRITT51 NOT M]ELY = ! PRES5T1 BUT = ! FUTURE2 & :I*1 9/EAD ( P&]+ TO ! FRIVOLITIES1 FANCIES1 APPETITES1 OR ]RORS ( ! H\R1 SEEK TO SUPPLANT & CORRECT !M1 BY CREAT+ & SUPPLY+ A DEM& = MORE VALUABLE KN[L$GE4 ,!SE WORKS F9D FEW] READ]S AT FIR/1 ?AN ! O!RS2 & ! PROSPECT ( A MORE LA/+ DEM& = !M1 IS ! ONLY *ANCE !IR AU?ORS HAVE ( REMUN]ATION = ! GREAT] LABOR REQUIR$ = !IR PRODUCTION4 ,UND] ! PRES5T SY/EM1 FEW SU* WORKS >E PRODUC$ AT ALL2 & ?OSE G5]ALLY AT GREAT SACRIFICES TO !IR AU?ORS4 ,BUT IF A P]PETUAL PROP]TY 9 !M W]E ALL[$1 M51 COMPET5T TO PRODUCE !M1 C\LD AF=D TO PRODUCE !M2 = ! REASON ?AT !IR COPYRI<TS1 IF SOLD1 W\LD BR+ A HI<] PRES5T PRICE1 OR1 IF RETA9$1 W\LD BE GOOD E/ATES = !M TO LEAVE TO !IR *ILDR54 

,!SE PR(\ND WORKS1 :I* IT REQUIRES GREAT P[]S1 GREAT PATI5CE1 & GREAT LABOR1 TO PRODUCE1 >E ! ONLY WORKS ?AT REALLY DO MU* = ! PROGRESS ( ! RACE1 OR ! ADVANCEM5T ( KN[L$GE AMONG M54 ,!Y >E 9DISP5SABLE TO ! RAPID 9TELLECTUAL GR[? ( MANK9D4 ,YET1 LIKE O!R ?+S1 ! PRODUCTS ( HUMAN LABOR1 !Y CAN1 AS A G5]AL RULE1 BE HAD ONLY = MONEY4 ,! GREATE/ M9DS 9HABIT BODIES1 ?AT MU/ BE F$ & CLO!D1 LIKE ! BODIES ( O!R M54 ,! WISE/ M51 TOO1 AS WELL AS ! LESS WISE1 HAVE FAMILIES :OSE WANTS MU/ BE SUPPLI$4 ,IF !SE WANTS CANNOT BE SUPPLI$ BY AU?OR%IP1 !RE IS NO ALT]NATIVE = !SE M51 BUT TO 5GAGE 9 SOME ( ! ORD9>Y AVOCATIONS ( SOCIETY4 ,! CONSEQU5CE IS1 ?AT MANY ( ! GREATE/ M9DS1 ?OSE1 :O \<T TO DO1 & :O1 UND] ! PR9CIPLE ( P]PETUITY 9 9TELLECTUAL PROP]TY1 W\LD DO1 MU* = ! P]MAN5T 5LI<T5M5T1 & ! LA/+ 9TELLECTUAL ADVANCEM5T ( MANK9D1 >E N[1 FROM NECESSITY1 OCCUPI$ 9 PURSUITS1 = :I* SMALL] M9DS >E AMPLY COMPET5T--SU* AS ! COMMON R\T9E ( PR(ESSIONAL & POLITICAL LIFE--9 :I* PURSUITS1 !Y PASSIVELY ADOPT1 ACT UPON1 & !REBY PROMULGATE1 AT BE/1 ONLY SU* COMMON KN[L$GE1 & ) IT SU* COMMON IGNORANCE1 AS ! PUBLIC DEM& CALLS = 9 ?OSE LABORS4 ,?IS !Y DO1 SIMPLY BECAUSE ! LAWS DEPRIVE !M ( ! NATURAL & JU/ REW>DS ( ?OSE HI<] LABORS1 = :I* !IR CAPACITIES & !IR ASPIRATIONS NATURALLY QUALIFY !M4 ,& !Y CONSEQU5TLY PASS ?R\< ! WORLD1 DO+ LITTLE OR NO?+ = ITS P]MAN5T WELF>E2 & REALLY LIV+ UPON1 & ASSI/+ TO P]PETUATE1 ! IGNORANCE1 FOLLIES1 CRIMES1 & SUFF]+S ( MANK9D1 SOLELY BECAUSE ! LAWS VIRTUALLY =BID !M TO LIVE BY REMOV+ !M4 

,IT W\LD BE EASY TO FOLL[ \T ?IS IDEA1 & %[ MORE 9 DETAIL :AT EFFECT ! P]PETUITY ( 9TELLECTUAL PROP]TY W\LD HAVE UPON ! PROGRESS ( KN[L$GE2 BUT ! PR9CIPLE IS SO SELF-EVID5T1 ?AT IT CAN H>DLY NE$ ANY FUR!R ILLU/RATION4 

,NO OBJECTION CAN BE MADE TO ! P]PETUITY ( LIT]>Y PROP]TY1 ON ! GR\ND ?AT AU?ORS W\LD BECOME EXTRAVAGANTLY RI*4 ,! GREAT COMPETITION AMONG !MSELVES2 ! %ORT LIFE1 :I* MO/ WORKS W\LD HAVE2 & ! SL[ SALE ( ?OSE HAV+ A LONG] LIFE1 W\LD ALL CONSPIRE TO MAKE IT IMPOSSIBLE = AU?ORS TO ACQUIRE GREAT WEAL?4 ,9 ?IS RESPECT !Y W\LD DIFF] FROM 9V5TORS4 

,5\< HAS PROBABLY N[ BE5 SAID1 TO %[ ?AT AU?ORS WILL 5LI<T51 & 9V5TORS 5RI*1 MANK9D1 IF !Y CAN BUT BE PAID = IT1 & NOT O!RWISE4 

,MANIFE/LY IT CANNOT BE = ! 9T]E/ ( MANK9D1 TO />VE & DISC\RAGE AU?ORS & 9V5TORS1 IF SCI5CE & >T1 LIKE ALL O!R M>KETABLE COMMODITIES1 >E REALLY PRODUC$ JU/ 9 PROPORTION TO ! DEM& = !M1 & ! PRICES !Y BE> 9 ! M>KET4 ,MANK9D HAVE ABUNDANT NE$ ( ALL ! KN[L$GE1 & ALL ! WEAL?1 :I* AU?ORS & 9V5TORS CAN FURNI% !M4 ,& !Y CAN C]TA9LY AF=D TO PAY = !M1 AT ! L[ PRICES1 AT :I* KN[L$GE IS (F]$ BY AU?ORS1 & WEAL? BY 9V5TORS2 = !RE >E NO O!R MEANS BY :I* SU* KN[L$GE & SU* WEAL? CAN BE OBTA9$ SO *EAPLY4 ,:Y1 !N1 DO NOT MANK9D PUR*ASE & PAY = !M AT !SE PRICES1 9/EAD ( /RIV+ TO LIVE UPON SU* A SUPPLY ONLY1 AS !Y CAN OBTA9 BY NIGG>DLY PUR*ASES1 & DI%ONE/ PLUND]8 ,!RE IS C]TA9LY AS LITTLE S\ND ECONOMY1 AS S\ND MORALITY1 9 ! C\RSE !Y PURSUE ON ?IS SUBJECT4 ,:Y1 !N1 DO !Y CONT9UE 9 IT8 ,MY [N OP9ION IS ?IS4 

,IT IS NOT ?AT MANK9D AT L>GE >E SO WILLFULLY DI%ONE/1 AS TO WI% TO DEPRIVE AU?ORS & 9V5TORS1 ANY MORE ?AN O!R M51 ( ! FRUITS ( !IR LABORS4 ,IT IS CONTR>Y TO NATURE1 ?AT MANK9D AT L>GE %\LD BE1 EI!R SO UNJU/1 OR SO UNG5]\S1 TO !IR GREATE/ B5EFACTORS4 ,NEI!R IS IT BECAUSE !Y >E WILLFULLY IGNORANT ( !IR [N TRUE 9T]E/S 9 ! MATT]2 = IT IS CONTR>Y TO NATURE ?AT ANY MAN1 HONE/1 OR DI%ONE/1 %\LD BE WILLFULLY IGNORANT ( HIS [N TRUE 9T]E/S4 ,BUT IT IS BECAUSE !Y >E DECEIV$1 BO? AS TO !IR [N 9T]E/S1 & AS TO ! JU/ RI<TS ( AU?ORS & 9V5TORS1 BY ?OSE :O >E 9T]E/$ TO DECEIVE !M4 

,:O1 !N1 >E ! P>TIES1 :O >E 9T]E/$ TO DECEIVE ! PEOPLE AT L>GE1 AS TO ! TRUE 9T]E/S ( ! LATT]1 & AS TO ! JU/ RI<TS ( AU?ORS & 9V5TORS8 ,!RE >E AT LEA/ ?REE CLASSES4 ,FIR/1 ! :OLE CLASS ( PIRATES1 :O HAVE A DIRECT & P[]FUL PECUNI>Y 9T]E/1 9 PLUND]+ AU?ORS & 9V5TORS2 BECAUSE !Y !REBY PUT 9TO !IR [N POCKETS SOME PORTION1 AT LEA/1 ( ?AT WEAL?1 :I* W\LD O!RWISE GO TO ! AU?ORS & 9V5TORS !MSELVES4 ,SECONDLY1 M5 AMBITI\S ( ! REPUTATION & 9FLU5CE ( WEAL?1 :O FE> ?AT !IR WEAL? MAY BE ECLIPS$ BY ! WEAL? ( 9V5TORS4 ,?IRDLY1 POLITICAL M51 AMBITI\S ( 9TELLECTUAL REPUTATIONS1 :O FE> ?AT !IR [N W\LD BE ECLIPS$1 AS !Y REALLY W\LD BE1 BY ! REPUTATIONS ( BO? AU?ORS & 9V5TORS4 ,! S]VICES R5D]$ TO MANK9D BY GREAT AU?ORS1 & GREAT 9V5TORS1 >E SO 9COMP>ABLY SUP]IOR1 9 BRILLIANCY1 P]MAN5CY1 & VALUE1 TO ANY ?AT CAN BE P]=M$ BY POLITICAL M51 7) POSSIBLY H]E & !RE A R>E EXCEPTION17 ?AT IT IS NOT TO BE EXPECT$ ?AT ! LATT]1 ) :OM AMBITION IS A RUL+ PASSION1 %\LD LOOK ) FAVOR ON SU* RIVALS AS ! =M]4 

,!RE >E1 !N1 ?REE CLASSES ( M51 :O HAVE A SPECIAL & SELFI% 9T]E/ TO DECRY ! RI<TS ( AU?ORS & 9V5TORS2 & TO DECEIVE ! PEOPLE AT L>GE 9 REG>D TO !M4 ,& !Y DO IT BY SU* BUGBE>S & SOPHI/RY1 AS HAVE BE5 EXPOS$ 9 ! PREC$+ PAGES4 ,! 9FLU5CE ( ! TWO LATT] CLASSES IS ESPECIALLY P[]FUL2 = !Y HAVE A DIRECT1 & NE>LY ABSOLUTE1 CONTROL OV] LEGISLATION4 ,& IT IS PROBABLY [+ TO ! JEAL\SY ( !SE TWO CLASSES1 MORE ?AN TO ALL O!R CAUSES1 ?AT ! RI<TS ( AU?ORS & 9V5TORS HAVE NOT BE5 ALREADY ACKN[L$G$4 ,! NOBILITY ( ,5GL&1 = EXAMPLE1 :OSE WEAL? & P[] >E H]$IT>Y1 & F\ND$ ON NO P]SONAL M]IT OR S]VICE1 COMPOSE ONE BRAN* ( ! LEGISLATIVE P[] ( ,5GL&1 & HAVE GREAT 9FLU5CE 9 ! ELECTION & CONTROL ( ! O!R2 & !Y D\BTLESS HAVE SAGACITY 5\< TO SEE1 ?AT ! PR9CIPLE ( P]PETUITY 9 9TELLECTUAL PROP]TY1 W\LD SOON RAISE UP A G5]ATION ( AU?ORS & 9V5TORS1 ! LATT] ( :OM W\LD RIVAL !M 9 WEAL?1 & BO? ( :OM W\LD :OLLY ECLIPSE !M 9 DE$S COMM&+ PUBLIC ADMIRATION & GRATITUDE2 & BO? ( :OM ALSO W\LD CONTRIBUTE P[]FULLY1 & PROBABLY IRRESI/IBLY1 TO PRO/RATE !IR USURP$ & 9IQUIT\S POLITICAL P[]4 ,IT IS NOT !RE=E TO BE EXPECT$ ?AT ! ,H\SE ( ,LORDS1 OR ?OSE :OM !Y CAN CONTROL 9 ! ,H\SE ( ,COMMONS1 WILL EV] LEGISLATE = ! PR9CIPLE ( P]PETUITY 9 9TELLECTUAL PROP]TY4 ,& ! PR9CIPLE MAY P]HAPS TRIUMPH1 9 ,5GL&1 ONLY ON ! RU9S ( EXI/+ POLITICAL 9/ITUTIONS4 ,ON ! CONT95T ( ,EUROPE1 !RE >E OB/ACLES TO BE OV]COME1 9 ! JEAL\SIES ( WEAL?1 & ( H]$IT>Y & TYRANNICAL RUL]S1 ( A SIMIL> NATURE TO ?OSE 9 ,5GL&4 ,9 ! ,UNIT$ ,/ATES1 ! OB/ACLES >E NOT SO PALPABLE1 & PROBABLY NOT SO GREAT4 ,BUT !Y >E NEV]!LESS SU* AS >E NOT TO BE DESPIS$4 ,9 ALL C\NTRIES1 !Y >E D\BTLESS SU*1 AS CAN BE OV]COME1 ONLY BY DISSEM9AT+ WIDELY AMONG ! PEOPLE ! TRUE PR9CIPLES ( LAW1 & ! TRUE PR9CIPLES ( POLITICAL ECONOMY1 APPLICABLE TO ! QUE/ION4 

,*RONOLOGY 3 
,NOVEMB] #c1 #ah$ 3 ,P>T #a1 ,*APT] #e -- ,PUBLICATION4 
,JANU>Y #i1 #bb 3 ,P>T #a1 ,*APT] #e -- ,ADD$4 

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