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,! ,PR9CIPLE ( ,EQUIVAL5TS 

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,PEOPLE 3 

,AU?OR 3 ,JOSIAH ,W>R5 

,TEXT 3 

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#a#h#d4 ,WE CAN BOLD AN OBJECT SO NE> TO \R EYES ?AT WE CANNOT SEE IT4 ,ANALOG\S TO ?IS IS ! (T5-NOTIC$ FACT ?AT ?+S ) :I* WE >E MO/ FAMILI> ATTRACT ! LEA/ ATT5TION 

#a#h#e4 ,I FEEL ! =CE ( ! ABOVE MO/ PA9FULLY1 9 APPROA*+ A SUBJECT ( GREAT] MAGNITUDE ?AN AN O!R ?AT CAN OCCUPY ! M9D ( ?IS G5]ATION 2 & YET1 *ILDR5 >E ! FIR/ TO COMPREH5D IT6 ,! PR9CIPAL OB/ACLE TO ! APPRECIATION ( IT IS ITS EXTREME SIMPLICITY6 

#a#h#f4 ,:5 WE CONSID] ! PRES5T 9T]NAL W> 9 ?IS C\NTRY1 :I* IS 9CREAS+ 9 BL9D F]OCITY EV]Y H\R1 & :I* ?REAT5S TO DESOLATE EV]Y HE>? 9 IT1 & ?AT O!R C\NTRIES >E 9 CONT9U\S CONVULSIONS1 -ALL FROM ,9,J,U,/,I,C,E ,T,[,>,D,S ,L,A,B,O,R2 & :5 WE REFLECT ?AT ! :OLE ( :AT IS CALL$ CIVILIZATION RE/S UPON LABOR1 & ?AT IT IS EV]Y:]E PRO/RATE - />V+ - GROAN+1 & IMPLOR+LY LIFT+ ,UP ITS H&S 9 SIL5T AGONY = HELP2 ?AT IT HAS NO LONG] ! /R5G? TO GIVE VOICE TO ITS SUFF]+S1 & ?AT AS IT DIES CIVILIZATION DIES ) IT 2 & ?AT ?IS FRI<TFUL CON4 DITION IS ! NATURAL & 9EVITABLE RESULT1 NOT SO MU* ( DE4 LIB]ATE DESIGN AS = WANT ( ! MEANS ( DET]M9+ :AT W\LD CON/ITUTE JU/ICE T[>DS LABOR1 & H[ TO APPLY A REM$Y1 WE CAT* A GLIMPSE1 & ONLY A GLIMPSE1 ( ! IMM5SE MAGNITUDE ( ! SUBJECT BE=E US4  
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#a#h#g4 ,/,R,A,N,G,E AS ! /ATEM5T MAY APPE>1 CIVILIZATION TO-DAY KN[S NO O!R PR9CIPLE OR =MULA = ! REGULATION ( PRICES ?AN ?AT #aa ! PRICE ( A ?+ %\LD BE :AT IT WILL BR+0 OR ?AT ! PRICE %\LD BE MEASUR$ & LIMIT$ BY ! DEM&1 OR ! NECESSITIES ( ! RECEIV]4 ,!RE=E ,JOHN ,AL4 ,SE>+ 79 A CASE ON TRIAL BY ! ,U4 ,S4 ,GOV]NM5T AGA9/ ANO!R P>TY = EXTORTION AGA9/ ITSELF 71 :5 QUE/ION$ AB\T PRICE1 REPLI$1 #aa ,IF ,I ?\<T ! ,GOV]NM5T WANT$ ! PROP]TY & MU/ HAVE IT1 & C\LD NOT POSSIBLY DO )\T IT1 IF ,I HAD GIV5 ONLY FIFTE5 DOLL>S = IT1 ,I W\LD ASK TWO HUNDR$ & FIFTY ?\S& DOLL>S = IT1 OR AS MU* MORE AS ,I ?\<T ,I C\LD GET4 ,I W\LD TAKE ADVANTAGE ( ! NECESSITIES ( ! ,GOV]NM5T JU/ AS ,I W\LD ( ! NECESSITIES ( A PRIVATE 9DIVIDUAL 9 ANY BUS9ESS TRANSACTION40 

#a#h#h4 ,MR4 ,SE>+ HAS H]E /AT$ ! PRES5T E?ICS ( PRICE SO FRANKLY & SIMPLY ?AT IT DEM&S *ILDR51 OR *ILDLIKE M9DS ?AT HAVE NEV] BECOME CONTAM9AT$ BY #aa TRADE10 TO UND]/& ITS 9H]5T 9IQUITY4 ,IT IS A SIMPLE1 CLE>1 FRANK EXHIBITION ( ! G]M ( ! ,CANNIBALISM :I* UND]LIES ALL ! WORLD'S 9IQUITY & CONFUSION4 ,IT IS SAID ?AT ,MR4 ,SE>+ LO/ HIS POPUL>ITY BY HIS FRANKNESS2 !RE IS1 !RE=E1 SOME GR\ND TO SUPPOSE ?AT CIVILIZATION HAS NOT LO/ ALL P[] TO BLU%1 BUT ?AT :5 IT IS G5]ALLY P]CEIV$ ?AT ?IS HIDE\S PR9CIPLE IS ! ROOT ( ALL PUBLIC EVILS1 & ?AT RECTIFICATION IS POSSIBLE1 IT WILL1 FROM ! M]E 9/9CT ( SELF-PRES]VATION1 PURSUE ITS 9T]E/S 9 A NEW DIRECTION4 

#a#h#i4 ,!RE IS A G]M ( TRUE CIVILIZATION ALSO EXI/+ AMONG US1 BUT 9 HUMBLE LIFE1 & ALL UNCONSCI\SLY BECAUSE SO NATURALLY4 

#a#i4,IF A TRAVEL]1 9 A HOT DAY1 /OP AT A F>MH\SE = A DR9K ( WAT]1 HE G5]ALLY GETS IT )\T ANY ?\<T ( PRICE4 ,:Y 8 ,BECAUSE IT CO/S NO?+1 OR ! CO/ IS IMMAT]IAL4 ,IF ! WAT] WAS BR\<T FROM A GREAT DI/ANCE1 OV] DIFFICULT PASSES1 !RE MI<T BE A PRICE SET UPON IT :I* EV]Y ,ONE W\LD SANCTION1 IF ?AT PRICE WAS GOV]N$ BY ITS ,CO/1 OR ! LABOR ( PROCUR+ & DELIV]+ IT4 

#a#i#a4,IF ! TRAVEL] ASK$ = W9E1 HE W\LD EXPECT TO PAY = IT1 BECAUSE IT4 CO/S MORE ?AN WAT]2 & IF ?IS CO/ WAS MADE ! LIMIT ( ITS PRICE1 ALL W\LD SEEM JU/ & H>MONI\S4 ,BUT IF ! F>M]1 :5 ASK$ = WAT]1 W]E TO 5DEAVOR TO F9D \T H[ ?IR/Y ! TRAVEL] WAS1 & H[ MU* MONEY HE C\LD 9DUCE HIM TO PAY = ! WAT] RA!R ?AN NOT GET A DR9K1 & !N *>GE HIM ACCORD+LY1 ?IS PRICE W\LD BE #aa :AT IT W\LD BR+2 0 & IF ! F>M] W]E TO MONOPOLIZE ALL ! WAT] 9 ! NEI<BORHOOD1 OR FILL UP OR CONCEAL SOME ( ! SPR+S1 & CUT (F ALL ACCESS TO WAT] EXCEPT ?R\< HIM1 & !N *>GE A FA9T+ TRAVEL] A ?\S& DOLL>S = A DR9K TO SAVE HIS LIFE1 HE W\LD BE C>RY+ \T ! RULE ?AT #aa ! PRICE ( A ?+ IS :AT IT WILL BR+10 :I* IS ! MOTTO & SPIRIT ( ALL ! PR9CIPAL BUS9ESS ( ! WORLD6 ,IT IS LIMIT+ PRICE BY ! WOR? OR VALUE TO ! RECEIV] 9/EAD ( ! ,C,O,/ TO ! GIV]4 

#a#i#b4 ,! WAT] OR ! W9E MU/ POSSESS A VALUE TO ! RECEIV] 9 ORD] TO GIVE RISE TO ANY TRANSACTION 9 ! CASE3 BUT TO MAKE ?IS VALUE OR WOR? ! MEASURE ( ITS PRICE1 CON/ITUTES ! GL>+ 9IQUITY ( ! CASE1 & W\LD CLASS ! F>M] AMONG ! WRECK]S ON ! COA/ ( ,NORWAY1 :O FIR/ S9K ROCKS 9 ORD] TO WRECK4 VESSELS1 & !N DEM& ( ! CREWS ALL !IR C>GOES & VESSELS = SAV+ !IR LIVES6 ,& IT W\LD CLASS HIM ) FL\R-DEAL]S & EV]Y O!R HUCK/] ( PROVISIONS OR CLO?+1 ) BANK]S & ALL O!R MONEYMONG]S & SY/EMATIC SPECULATORS1 FROM ,JOHN ,M4 ,SE>+ TO ! HUCK/] ( C&IES & APPLES ON ! SIDEWALKS2 !Y ALL ACT ON ! SAME PR9CIPLE4 ,! ONLY DIFF]5CE BETWE5 !M IS ?AT ! WRECK] MU/ KN[ ?AT HE \<T TO BE %OT1 :ILE ! O!RS MAY SUPPOSE ?AT !Y >E FOLL[+ A V]Y #aa LEGITIMATE BUS9ESS 06 

#a#i#c4 ,! MO/ COMMON EXHIBITION ( ?IS 9IQUIT\S PR9CIPLE IS SE5 9 ! NEWSPAP]S 9 ! #aa PRICES CURR5T40 ,! FOLL[+ IS A SAMPLE3-- 

#a#i#d4 #aa ,NO NEW >RIVALS ( ,F,L,\,R - DEM& 9CREAS+2 PRICES ROSE ACCORD+LY1 S9CE YE/]DAY AT TWELVE O'CLOCK1 #be CTS4 P] B>REL4 ,NO *ANGE 9 ,C,(,F,E,E S9CE \R LA/4 ,S,U,G,> RAIS$ ON ,?URSDAY #a-#b C5T 9 CONSEQU5CE ( NEWS RECEIV$ ( %ORT CROPS2 BUT LAT] >RIVALS CONTRADICT$ ! REPORT1 & PRICES FELL AGA94 ,M,O,L,A,S,S,E,S 9 DEM&1 & HOLD]S NOT ANXI\S TO SELL4 ,P,O,R,K - LITTLE 9 M>KET1 & PRICES RIS+4 ,B,A,C,O,N - ,PL5TY & DULL 2 FELL S9CE \R LA/ FROM #ae TO #ac CTS4 ,C,O,T,T,O,N - ,ALL 9 FEW H&S1 B\<T UP ON SPECULATION40 ,AGA91 FROM A NEWSPAP] NE>E/ AT H&3 - 

#a#i#e4 0,! /OCK M>KET ADVANC$ ?IS MORN+1 & = A TIME WAS QUITE BUOYANT4 ,! AG5TS ( ,BRITI% H\SES H]E ASS]T ?AT 9/EAD ( SELL+ !IR /OCKS1 ! ,5GLI% WILL TAKE1 ADVANTAGE ( \R PANIC TO BUY MORE4 ,?IS /IMULATES SPECULATORS TO BUY ,NEW ,YORK ,C5TRAL1 ,]IE1 ,ILL9OIS ,C5TRAL1 & O!R /OCKS :I* >E HELD ABROAD1 & AT ONE TIME TO-DAY ALL !SE /OCKS W]E CONSID]ABLY HI<]4 4 4 4 4 4 4,! ADVANCE 9 ,COTTON WAS BAS$ ON ! PROBABILITY ( A R$UCTION 9 ! SUPPLY10 ETC4 

#a#i#f4 ,!SE >E ONLY AV]AGE SPECIM5S1 BUT !Y EXHIBIT ! PR9CIPLE UND] CONSID]ATION 3 !Y %[ ?AT WOR? OR VALUE TO ! RECEIV]1 RA!R ?AN ,C,O,/,S TO ! PRODUC] & V5DOR1 IS MADE ! BASIS & MEASURE ( EX*ANGEABLE PRICE4 ,!Y %[ A SY/EMATIC WAT*FULNESS ( ! FLUCTUATIONS ( ?IS VALUE1 & ?AT ! PRICE IS SET1 ACCORD+LY1 UP TO ! LA/ PO9T ! RECEIV] CAN BE> 2 & WE SEE ! DEGREES ( !IR WANTS OR NECESSITIES AS CLOSELY CALCULAT$ AS ! PULSATIONS ( ! VICTIMS ( TORTURE1 :]E ! PHYSICIAN /&S TO EXAM9E & REPORT H[ MU* ! VICTIM CAN BE> & LIVE 2 & ! P>T :I* ! PHYSICIAN ACTS 9 ! ONE CASE1 ! NEWSPAP]S ACT 9 ! O!R4 

#a#i#g4 0,BUY+ UP ON SPECULATION0 MEANS CREAT+WANT 9 ORD] TO PR(IT BY ITS SUPPLY2 & HE IS ! MO/ SUCCESSFUL SPECULATOR :O CAN CREATE ! MO/ DI/RESS & EXTORT ! MO/ FROM IT4 ,?IS IS ,C,I,V,I,L,I,Z,$ ,C,A,N,N,I,B,A,L,I,S,M4 

#a#i#h4 ,AS PRICES >E RAIS$1 ! RI* HAVE ! BE/ *ANCES ( LIFE4 ,! *ANCE ( ! POOR IS TO SUFF]1 & H5CE ! G5]AL SCRAMBLE TO AVOID UNPAID LABOR1 & TO BECOME RI* AT ANY CO/2 & :AT IS CALL$ #da SOCIETY #aa RESEMBLES A L>GE BASKET ( SLIMY WORMS1 EA* ONE WRIGGL+ & /RUGGL+ TO GET AT ! TOP RA!R ?AN TO BE CRU%$ AT ! BOTTOM4 

#a#i#i4 ,MAK+ ,C,O,/,S ! BASIS & LIMIT ( ALL PRICE4 ,W\LD UPSET ! BASKET1 & EA* /RUGGL] W\LD F9D ! NATURAL LEVEL & HIS APPROPRIATE SPH]E ( LIFE4 

#b4 ,! WORD CO/ IS US$ 9 ITS MO/ PHILOSOPHICAL & MO/ COMPREH5SIVE & EXACT S5SE - ,SIGNIFY+ ! 5DURANCE ( :ATEV] IS DI/KGREEABLE4 

#b#a4 ,FATIGUE ( M9D OR BODY IS ,CO/4 ,RESPONSIBILITY :I* CAUSES ANXIETY IS ,CO/4 ,TO HAVE \R TIME OR ATT5TION TAK5 UP AGA9/ \R PREF]5CES -TO MAKE A SACRIFICE ( ANY K9D - A FEEL+ ( MORTIFICATION - PA9FUL SUSP5SE - FE>- SUFF]+ OR 5DUR+ ANY?+ AGA9/ \R 9CL9ATION1 IS H]E CONSID]$ ,C,O,/4 

#b#b4 ,IF A B>REL ( FL\R CO/ ITS PRODUC]S1 C>RI]S1 & V5DORS ?IRTY H\RS' LABOR1 !N ?IRTY H\RS ( ANY O!R LABOR1 :E!R ) ! H&S OR ! M9D1 :I* WAS EQUALLY PA9FUL1 DISAGREEABLE1 OR REPUGNANT 7IF ,WANT$ BY ! O!R P>TIES71 W\LD CON/ITUTE AN EQUITABLE & LEGITIMATE PRICE = ! FL\R4 

#b#c4 ,! VALUE ( A LOAF ( BREAD TO A />V+ MAN IS EQUAL TO ! VALUE ( HIS LIFE 3 & IF ! PRICE ( A ?+ %\LD BE :AT IT WILL BR+1 !N A V5DOR MI<T DEM& ( ! PASS5G]S ( A WRECK$ VESSEL1 ! :OLE ( !IR FUTURE LIVES 9 S]VITUDE1 AS ! PROP] PRICE ( ! BREAD ?AT SAV$ !IR LIVES6 ,BUT ANY ONE :O %\LD MAKE SU* A DEM& W\LD BE LOOK$ UPON AS 9SANE -- A ,CANNIBAL2 & ONE SIMULTANE\S VOICE W\LD D5\NCE ! \TRAGE\S 9JU/ICE1 & ,W\LD CRY AL\D = RETRIBUTION4 ,:Y 8 ,:AT IS IT ?AT CON/ITUTES ! CANNIBALISM 9 ?IS CASE 8 ,IS IT NOT MEASUR+ ! PRICE ( ! BREAD ACCORD+ TO ITS VALUE 9/EAD ( ITS CO/1 OR SETT+ A PRICE UPON ! 0?+0 ACCORD+ TO #aa :AT IT W\LD BR+ 0 8 

#b#d4 ,IF ! PRODUC]S1 C>RI]S1 & V5DORS ( ! BREAD HAD BE/[$ ONE H\R'S LABOR UPON ?AT GIV54 TO EA* PASS5G]1 !N ONE H\R'S LABOR FROM EA*1 ,:I* WAS EQUALLY REPUGNANT1 W\LD CON/ITUTE ! JU/ COMP5SATION = ! BREAD4 

#b#e4 ,A ,W,A,T,* HAS A CO/ & A VALUE4 ,! CO/ CONSI/S ( ! CO/ ( ! LABOR BE/[$ ON ! M9]ALS 9 CONV]T+ !M 9TO METALS1 ! CO/S 7EI!R PHYSICAL OR M5TAL7 5DUR$ BY ! WORKM5 9 CON/RUCT+ ! WAT*1 ! CO/S 9 ! WE> ( TOOLS1 R5T1 FIREWOOD1 9SURANCE1 TAXES1 CL]K%IP1 SUP]9T5D5CE1 & V>I\S O!R CONT+5T EXP5SES ( ITS MANUFACTURE1 TOGE!R ) ! LABOR & O!R CO/S ( ITS TRANSMISSION TO ! ONE :O USES IT4 ,9 SOME ( !SE DEP>TM5TS1 ! LABOR IS MORE DISAGREEABLE OR MORE DELET]I\S TO HEAL? ?AN 9 O!RS1 & !RE=E %\LD BE HI<] PAID2 BUT ALL !SE ITEMS1 OR MORE1 CON/ITUTE ! ,CO/ ( ! WAT*4 

#b#f4 ,! VALUE ( A WELL-MADE WAT* DEP5DS UPON ! NATURAL QUALITIES ( ! METALS OR M9]ALS EMPLOY$2 UPON ! NATURAL PR9CIPLES ( ITS ME*ANISM2 UPON ! USES TO :I* IT IS APPLI$1 & UPON ! FANCY & WANTS ( ! PUR*AS]1 & W\LD BE DIFF]5T ) EV]Y DIFF]5T PUR*AS]1 & W\LD *ANGE EV]Y DAY 9 ! H&S ( ! [N]1 & ) EV]Y DIFF]5T USE TO :I* HE APPLI$ IT4 ,N[ :O WILL UND]TAKE TO SET A PRICE UPON ! ,VALUE ( ! WAT* 8 ,! ,CO/ WE CAN MEASURE & E/IMATE SATISFACTORILY1 BUT :O CAN DET]M9E ! VALUE ( COPP] & Z9C ORE8 OR :O HAS ANY RI<T TO SET ANY PRICE UPON !M1 OR ANY O!R NATURAL WEAL?1 BE=E HE HAS BE/[$ ANY LABOR UPON IT8 ,:O HAS ANY RI<T TO *>GE = ! PR9CIPLES ( ME*ANISM1 EXCEPT = HIS LABOR 9 APPLY+ !M8 ,:O HAS ! CAPACITY TO MEASURE1 & :O HAS ANY RI<T TO SET A PRICE ACCORD+ TO ?IS VALUE ( ! WAT*8 ,! ATTEMPT IS AS RIDICUL\S AS ! PR9CIPLE IS 9IQUIT\S4 

#b#g4 ,CO/1 !N1 IS ! TRUE BASIS & LIMIT ( PRICE1 EV5 9 ! MO/ COMPLICAT$ TRANSACTIONS4 ,! VALUE ( A ?+ IS NO MORE FIT TO MEASURE ITS PRICE ?AN A FLOAT+ LOG IS FIT = A B\ND>Y ( A PIECE ( L&4 

#b#h4 ,AN >TICLE MU/ HAVE A VALUE TO ! RECEIV] EQUAL TO ITS CO/ TO 9DUCE ANY PUR*ASE AT ALL2 BUT ,CO/1 NOT VALUE1 %\LD SET ! LIMIT ( ! PRICE4 

#b#i4 ,A MAN MAY 9=M HIS NEI<BOR ?AT HIS H\SE IS ON FIRE4 ,! 9=MATION MAY BE ( GREAT VALUE TO ! OCCUPANTS1 BUT TO MAKE ?IS A GR\ND ( PROPORTIONAL PRICE1 OR ( AN 9DEF9ITE OBLIGATION1 W\LD BE SETT+ A PRICE ACCORD+ TO ! 0WOR? ( A ?+40 

#b#a4,! P]=MANCE ( A PIECE ( MUSIC 9 :I* ! P]=M] FEELS PLEASURE BUT NO PA91 & :I* IS ATT5D$ ) NO CONT+5T CO/1 HAS NO LEGITIMATE GR\ND ( PRICE1 AL?\< IT MAY BE ( GREAT VALUE TO ALL )9 HE>+4 

#b#a#a4 ,A WORD ( SYMPA?Y TO ! DI/RESS$ MAY BE ( GREAT VALUE TO !M2 BUT TO MAKE ?IS VALUE A GR\ND ( PRICE1 OR ( AN 9DEF9ITE OBLIGATION1 IS GETT+ :AT ! 0?+ WILL BR+10 & CONTAM9AT+ ONE ( ! MO/ HOLY DEP>TM5TS ( HUMAN 9T]C\RSE4 

#b#a#b4 ,A MAN HAS A LAWSUIT P5D+1 UPON :I* HANGS HIS PROP]TY1 HIS SECURITY1 HIS P]SONAL LIB]TY1 OR HIS LIFE4 ,! LAWY] :O UND]TAKES HIS CASE MAY DEM& T51 TW5TY1 FIFTY1 FIVE HUNDR$1 OR FIVE ?\S& DOLL>S1 = A FEW H\RS' ATT5DANCE ON ! CASE4 ,?IS PRICE W\LD BE BAS$ *IEFLY ON ! VALUE ( HIS S]VICES TO HIS CLI5T4 ,N[ !RE IS NO?+ 9 ?IS /ATEM5T ?AT S\NDS WRONG1 BECAUSE \R C>S >E FAMILI>IZ$ ) WRONG4 ,BUT LET US ANALYZE IT4 ,! ,CO/S TO ! LAWY] MI<T BE TW5TY H\RS' LABOR 9 ATT5DANCE AT C\RT1 :I*1 IF REPUGNANT1 W\LD 5TITLE HIM TO COMP5SATION2 & ALL[+ A PORTION = HIS APPR5TICE%IP1 SAY TW5TY-TWO H\RS 9 ALL1 ) ALL CONT+5T EXP5SES1 W\LD CON/ITUTE A LEGITIMATE1 A JU/ GR\ND ( PRICE2 BUT ! V]Y NEXT /EP BEYOND ?IS RE/S ON VALUE1 & IS ! FIR/ /OP 9 ,CANNIBALISM4 

#b#a#c4 ,! LABOR]1 :5 HE COMES TO DIG ! LAWY]'S CELL>1 NEV] ?9KS ( SETT+ A PRICE UPON ITS FUTURE VALUE TO ! [N]2 LIE ONLY CONSID]S H[ LONG IT WILL TAKE HIM1 H[ H>D ! GR\ND IS1 :AT WILL BE ! WEA!R TO :I* HE WILL BE EXPOS$1 :AT WILL BE ! WE> ( ! TEAMS1 TOOLS1 CLO!S1 ETC42 BUT 9 ALL !SE ITEMS HE CONSID]S NO?+ BUT ! DIFF]5T ITEMS ( CO/ TO HIMSELF4 

#b#a#d4 ,R,5,T,S ,( L& & BUILD+S1 ESPECIALLY 9 ! CITIES1 >E G5]ALLY 0:AT !Y WILL BR+2 ',I & !SE R5TS >E BAS$ *IEFLY ON ! VALUE ( ! USE ( ! PROP]TY1 ACCORD+ TO ! NECESSITIES ( ! OCCUPANTS1 9/EAD ( ! CO/S TO ! [N]S1 :I* CONSI/ ( NATURAL DECAY1 9SURANCE1 TAXES1 & ! LABOR ( LETT+ ! PROP]TY1 COLLECT+ R5TS1 ETC4 

#b#a#e4 ,! DOCTOR DEM&S ( ! WOODCUTT] ! PROCE$S ( FIVE1 T51 OR TW5TY DAYS' LABOR = ! ATT5DANCE ( AN H\R1 & ASKS1 9 EXCUSE1 IF ! SICK MAN W\LD NOT PREF] TO PAY ?IS PRICE RA!R ?AN SUBMIT TO CONT9U\S DISEASE OR DEA?4 ,?IS1 AGA91 IS BAS+ A PRICE UPON AN ASSUM$ VALUE ( HIS ATT5DANCE 9/EAD ( ITS ,CO/4 ,IT IS COMMON TO PLEAD ! #aa SKILL0 REQUIR$ TO PRESCRIBE = ! SICK4 4 ,)\T WAIT+ TO DET]M9E H[ MU* SKILL MI<T BE EMPLOY$ 9 ! CASE1 IT MAY BE SUFFICI5T TO %[ ?AT SKILL OR TAL5TS :I* RESULT FROM LABOR ( BODY OR M9D1 :E!R EMPLOY$ 9 CUTT+ WOOD OR CUTT+ (F A LEG OR AN >M1 ALL CONT+5CIES CONSID]$1 SO F> AS !Y CO/ ! POS4 SESSOR1 >E A LEGITIMATE GR\ND ( E/IMATE & ( PRICE2 BUT ,SKILL OR TAL5TS :I* CO/ NO?+ >E NATURAL WEAL?1 & %\LD BE ACCESSIBLE 7IF AT ALL71 LIKE WAT] 9 \R NEI<BOR'S BROOK1 )\T PRICE4 

#b#a#f4 ,ALL PAT5TS & COPYRI<TS GIVE TO ! 9V5TOR1 DISCOV]]1 OR ! AU?OR :ATEV] HE 0CAN GET10 & ONLY :AT HE CAN GET1 = HIS PRODUCTION3 & HE MAY GET A ?\S& TIMES PAID1 OR NOT A ?\S&? P>T PAID4 ,HIS PROP] COMP5SATION W\LD BE AN EQUIVAL5T = ! CO/S ( HIS PHYSICAL OR M5TAL LABOR ADD$ TO ?AT ( HIS MAT]IALS1 ! EXP5SES ( EXP]IM5TS1 9VE/IGATIONS1 & O!R CONT+5CIES4 

#b#a#g4 ,A SPECULATOR BUYS A PIECE ( L& = A TRIFLE1 & HOLDS IT TILL SURR\ND+ IMPROVEM5TS1 MADE BY O!RS1 9CREASE ITS VALUE1 & IT IS !N SOLD 0ACCORD+LY10 = FIVE1 T51 OR A HUNDR$ TIMES ITS ORIG9AL PRICE2 YET ?IS IS ONLY 0:AT IT WILL BR+20 BUT1 FROM ?IS OP]ATION ( CIVILIZ$ CANNIBALISM :OLE FAMILIES LIVE FROM G5]ATION TO G5]ATION1 9 IDL5ESS & LUXURY1 UPON ! LABOR ( ! SURR\ND+ PEOPLE1 :O MU/ HAVE ! L& AT ANY PRICE4 ,?IS IS ONE =M ( SLAV]Y4 ,9/EAD ( ?IS1 ! PRIME CO/ ( L&1 ! TAXES1 & O!R CONT+5T EXP5SES ( SURVEY+1 ETC41 TOGE!R ) ! LABOR ( MAK+ CONTRACTS1 W\LD CON/ITUTE ! TRUE BASIS = ! PRICE ( L& PUR*AS$ = SALE4 ,IF ,I PUR*ASE A LOT = MY [N USE1 & Y\ WANT IT1 ,I MAY PROP]LY CONSID] :AT W\LD COMP5SATE ME = ! SACRIFICE ,I %\LD MAKE1 OR ! CO/ ( P>T+ ) IT2 BUT ?IS IS A V]Y DIFF]5T ?+ FROM PUR*AS+ IT ON PURPOSE TO P>T ) IT1 & :5 NO SU* SACRIFICE IS MADE4 

#b#a#h4 ,! PRODUCTS ( MA*9]Y >E N[ SOLD = :AT !Y WILL BR+10 & ITS ADVANTAGES GO *IEFLY TO ITS [N]S4 ,IF !SE PRODUCTS W]E PRIC$ BY ! WE> ( ! MA*9]Y1 ITS ATT5DANCE1 & O!R CONT+5T ITEMS ( CO/1 ! [N]S W\LD NOT BE 9T]E/$ 9 GR9D+ D[N ! WAGES ( ITS ATT5DANTS2 & 9 PROPORTION AS IT ?REW ! WORK+ CLASSES \T ( EMPLOYM5T1 IT W\LD WORK = !M4 ,H]E IS ! LONG-S\<T SOLUTION ( ! ANTAGONISM BETWE5 MA*9]Y & MANUAL LABOR6 

#b#a#i4 ,AN IMPORT] WRITES A LETT] TO A =EIGN C\NTRY = GOODS TO ! AM\NT ( =TY ?\S& DOLL>S4 ,ON !IR >RIVAL HE SELLS !M = #aa :AT !Y WILL BR+40 ,P]HAPS !Y 0BR+0 =TY-FIVE ?\S&1 P]HAPS SEV5TY ?\S&4 ,IF SIXTY ?\S&1 !N1 ALL[+ SAY TWO ?\S& = CO/S ( IMPORTATION & SALE1 HE OBTA9S EI<TTE5 ?\S& DOLL>S = P]HAPS EI<T OR T5 H\RS' LABOR OR ?\<T 9 M]*&IZ+6 

#b#b4 ,) ?IS SUM HE C\LD OBTA9 ?IRTY-SIX ?\S& TIMES AS MU* LABOR ( ! H>DE/ WORK+ M51 OR SEV5TY-TWO ?\S& TIMES AN EQUIVAL5T FROM WOM5 :O WORK = TW5TY-FIVE C5TS A DAY1 OR A HUNDR$ & =TY-F\R ?\S& TIMES AN EQUIVAL5T FROM *ILDR5 AT TWELVE C5TS A DAY6 

#b#b#a4 ,A4 L5DS TO ,B4 T5 ?\S& DOLL>S1 AT SIX P]C5T1 = ONE YE>4 ,AT ! 5D ( ! YE> HE RECEIVES BACK ! T5 ?\S& L5T1 & SIX HUNDR$ DOLL>S MORE6 ,= :AT8 ,BECAUSE IT WAS ( ?AT OR MORE VALUE TO ! BORR[]4 ,= ! SAME REASON1 :Y NOT *>GE A ?\S& DOLL>S = A BOX ( PILLS1 BECAUSE !Y SAVE ! LIFE ( ! PATI5T 8 

#b#b#b4 ,) ?IS SIX HUNDR$ DOLL>S1 :I* ! LAWS DECL>E NOT TO BE USURY1 ! CAPITALI/ CAN KEEP ?REE ( ! H>DE/ WORK+ M5 CON/ANTLY DRUDG+ = HIM A :OLE YE> OR HE C\LD COMM& ! CON/ANT WAT*FUL & SLAVI% ATT5DANCE & DEP5D5CE & LABOR ( EI<T DE/ITUTE WOM5 = A :OLE YE>1 OR HE C\LD 5?RALL$ SIXTE5 DE/ITUTE *ILDR5 = A :OLE YE>1 = FIVE OR SIX H\RS ( HIS LABOR 9 L5D+ MONEY4 ,OR = ?IS FIVE OR SIX H\RS' 7( NOT ! H>DE/7 LABOR1 HE W\LD OBTA9 AT ! RATE ( AB\T A HUNDR$ DOLL>S P] H\R1 OR AB\T ONE ?\S& SIX HUNDR$ TIMES AN EQUIVAL5T FROM ! H>DE/ WORK+ M51 OR AB\T F\R ?\S& FIVE HUNDR$ TIMES AN EQUIVAL5T FROM ! H>DE/ WORK+ WOM51 OR N9E ?\S& FIVE HUNDR$ TIMES AN EQUIVAL5T FROM SUFF]+ & DEF5SELESS *ILDR56 

#b#b#c4 ,IF Y\ SACRIFICE TW5TY DOLL>S 7TO :I* Y\ >E EQUITABLY 5TITL$7 9 L5D+ ME A HUNDR$1 !N NOT SIX P]C5T1 BUT TW5TY DOLL>S1 OR TW5TY P]C5T1 TOGE!R ) PAY = Y\R LABOR1 W\LD BE Y\R PROP] COMP5SATION4 

#b#b#d4 ,ONE1 9 GETT+ ALL HIS LABOR #aa WILL BR+10 GETS A ?\S& TIMES AN EQUIVAL5T1 :ILE ANO!R1 FOLL[+ ! SAME PR9CIPLE1 DOES NOT GET A ?\S&? P>T PAID1 :ILE ALL >E 9VOLV$ 9 A DEGRAD+ SCRAMBLE TO AVOID ! UNPAID & MORE REPUGNANT PURSUITS1 & TO CR[D 9TO ! MORE PR(ITABLE & LESS REPUGNANT 2 & ! MA9 BUS9ESS ( LIFE IS TO CONDUCT ?IS W>F>E TO ! BE/ ADVANTAGE1 AL?\< ! MO/ SUCCESSFUL >E NEV] SECURE FROM BE+ VICTIMIZ$1 UPON ! SAME PR9CIPLE BY :I* !Y SUCCE$$6 ,LAWS & GOV]NM5TS >E PR(ESS$LY 9V5T$ TO REM$Y ! 9SECURITY ?US PRODUC$1 BUT !Y CONFIRM ! V]Y PR9CIPLE ?AT PRODUCES IT1 & ADD ALL !IR [N ELEM5TS ( CONFUSION & VIOL5CE TO ! G5]AL AN>*Y4 

#b#b#e4 ,CO/S BE+ MADE ! BASIS & LIMIT ( PRICE1 !RE W\LD BE NO DI/URB+ PREF]5CE = ONE PURSUIT RA!R ?AN ANO!R2 ! ,/RIFE W\LD BE AT AN 5D - ! SUPPLY 9 ALL DEP>TM5TS W\LD BE 9 PROPORTION TO ! DEM& -NO DI/URB+ FLUCTUATIONS 9 PRICES W\LD EV] OCCUR - W>S = ! PR(ITS ( TRADE W\LD BE AT AN 5D -! POORE/ W\LD BE ABUNDANTLY RI*TEMPTATIONS TO FRAUDS & 5CROA*M5TS ( ALL K9DS W\LD CEASE1 & LAWS & GOV]NM5TS = ! #aa PROTECTION ( P]SON & PROP]TY0 W\LD BE UNNECESS>Y1 & !IR DESOLAT+ C>E] MI<T BE BR\<T TO A CLOSE6 ,?IS SIMPLE JU/ICE 7CO/ - ! LIMIT ( PRICE7 W\LD MAKE IT NECESS>Y = EV]Y ONE TO E>N AS MU* AS HE CONSUM$1 & -W\LD IRRESI/IBLY ABOLI% EV]Y =M ( SLAV]Y UND] ! SUN1 EV5 ! MO/ DEGRAD+ ( ALL -! SLAV]Y ( HOLD+ & DEP5D+ ON SLAVES6 

#b#b#f4 ,A,V,>,I,C,E 7SUPPOS$ BY SOME TO BE ! ROOT ( ALL HUMAN EVILS71 BE+ ONE ( ! EFFECTS ( 9SECURITY ( CONDITION1 W\LD NATURALLY DIE AWAY :5 ! FUTURE %\LD REPOSE ON A PUBLICLY APPROV$ PR9CIPLE :I* %\LD 5SURE AN ABUNDANCE TO EV]Y ONE AT LESS CO/ ?AN ?AT ( TAK+ C>E ( L>GE ACCUMULATIONS4 ,9 O!R WORDS1 ! PRIM>Y OBJECT ( L>GE ACCUMULATIONS ( PROP]TY IS = FUTURE SECURITY4 ,IF ! FUTURE IS SECUR$ )\T IT1 NO SU* ACCUMULATIONS W\LD BE ?\<T WOR?Y ( PURSUIT4 

#b#b#g4 ,CO/S BE+ MADE ! LIMIT ( PRICE1 EV]Y ONE BECOMES 9T]E/$ TO R$UCE CO/1 - TO LI<T5 EA* O!R'S BURD5S 6 ,!N1 EV]Y MAN'S H& ACTS ) 9/EAD ( 0AGA9/ EV]Y MAN10 & ,H,U,M,A,N ,9,T,],E,/,S ,>,E ,H,>,M,O,N,I,Z,$6 

#b#b#h4 ,LEGISLATORS6 ,FRAM]S ( 9/ITUTIONS 6 ,LEAD]S ( ! PUBLIC M9D6 BEHOLD Y\R MO/ FATAL ]ROR6 ,Y\ HAVE SUFF]$ ,VALUE 9/EAD ( ,CO/ TO BECOME ! MEASURE ( PRICE 9 ALL ! BUS9ESS ( ! WORLD6 ,H5CE ! RU9\S RAGE ( COMPETITION1 & ! DE/RUCTIVE FLUCTUATIONS 9 BUS9ESS1 & ! REMOTE ORIG9 & PR9CIPAL CAUSE ( ! W>S ( NATIONS & ( 9DIVIDUAL ANTAGONISMS6 ,H5CE1 ALSO1 ! 9SECURITY 9 ALL CONDITIONS ( LIFE1 & ! UNIV]SAL SCRAMBLE = UNLIMIT$ ACCUMULATIONS ( PROP]TY1 AS ! HI<E/ ATTA9ABLE GOOD6 ',H5CE1 TOO1 ! TEA*+ & P]PETUATION ( IGNORANCE = ! SAKE ( PR(IT1 & ALL ! DEGRADATION & CRIME & ! HORRORS ( PUNI%M5TS >IS+ FROM !SE CAUSES6 ,BEHOLD1 ALSO1 ! ,O,R,I,G,9 ,( ,R,I,* ,& ,P,O,O,R6 - ,! DEEP- SEAT$ G]M ( SPECULATION1 AT ONCE ! CURSE ( 9DIVIDUALS & ( NATIONS6,! DIABOLICAL *>M ?AT WORKS -UNSE5 EV5 BY ?OSE :O USE IT6- ,! FATAL PIT-FALL ( ! WORK+ CLASSES6,! PEOPLE'S MI/AKE6 - ,! LEGISLATIVE FRAUD6 -,! POLITICAL BLUND]6--,! H]$IT>Y TA9T ( ,B>B>ISM - ,! SUBTLE & ALL-P]VAD+ POISON ( CIVILIZATION6 

#b#b#i4 ,!SE /ATEM5TS MAY BE TOO BRIEF1 & ! CONCLUSIONS TOO SUDD5LY DRAWN = MANY M9DS1 BUT !Y WILL BE MORE ELABORATELY CONSID]$ 9 ! FOLL[+ PAGES4 

#b#c4 ,LET US N[ PROCE$ TO CONSID] :AT A CIRCULAT+ M$IUM OR MONEY1 %\LD BE4 

#b#c#a4 ,! EXP]IM5TS W]E BEGUN 9 ,C9C9NATI1 9 #a#h#b#g1 UPON ! SIMPLE BASIS ( H\R = H\R 9 ALL PURSUITS1 )\T ANY ELEM5T ( MEASUREM5T BUT ?AT ( TIME1 ACCORD+ TO A SUGGE/ION BELIEV$ TO HAVE ORIG9AT$ 9 ,5GL&4 ,IT SOON APPE>$1 H[EV]1 ?AT ! MORE PLEASANT PURSUITS W\LD BE OV]CR[D$ BY COMPETITORS :O W\LD RU9 EA* O!R1 :ILE ! EQUALLY NECESS>Y PR(ESSIONS W]E %UNN$1 & A L>GE PORTION ( WANTS W\LD BE LEFT UNSUPPLI$4 ,= 9/ANCE1 A /EAM SAW- MILL WAS TO BE KEPT RUNN+ NI<T & DAY 9 ! W9T] TIME4 ,! NI<T T\R WAS A GREAT DEAL MORE DISAGREEABLE OR UNCOM=TABLE ?AN ! DAY T\R4 ,ALL H&S PREF]R$ ! DAY T\R AT ! SAME PRICE4 ,IT WAS >RANG$ SO ?AT ! COMP5SATION = T5 H\RS AT NI<T W\LD EQUAL ?AT = F\RTE5 H\RS ( ! DAYTIME4 ,H]E WAS ONE RECOGNITION ( ! ELEM5T ( REPUGNANCE OR CO/ AS ! NECESS>Y ADJU/+ P[]4 

#b#c#b4 ,TO APPLY ?IS IDEA AS A REGULATOR ( ALL 9T]*ANGES ( LABOR IS A MATT] ( 9V5TION & ! MO/ +5I\S 9V5TOR W\LD PROBABLY SUCCE$ BE/2 BUT ?US F>1 IT HAS BE5 EFFECT$ ?US 3 - 

#b#c#c4 ,SOME /APLE >TICLE ( ! P>TICUL> LOCALITY1 SU* AS CORN OR :EAT1 IS SELECT$ AS A ,UNIT BY :I* TO COMP>E & MEASURE ALL O!R LABORS1 AS WE N[ MEASURE !M BY DOLL>S & C5TS4 ,= 9/ANCE1 AFT] ASC]TA9+ H[ MANY P\NDS ( CORN IS ! AV]AGE PRODUCT ( AN H\R'S LABOR1 SAY IT IS T5 P\NDS1 !N ANY LABOR1 :I* ! P]=M] ( IT CONSID]S AS CO/LY AS CORN-RAIS+1 W\LD BE RAT$ AT T5 P\NDS P] H\R4 ,IF ONLY HALF AS CO/LY1 ONLY FIVE P\NDS1 ETC4 

#b#c#d4 ,( C\RSE IT IS NECESS>Y ?AT BO? P>TIES CO9CIDE 9 ! PRICES SET1 :I* !Y >E LIKELY TO DO AFT] 9VE/IGATION1 = IT IS NOT EXACTNESS SO MU* AS IT IS P]MAN5CE ?AT WE WANT2 BECAUSE1 ?IS FIX$NESS ONCE ATTA9$1 SECURITY BEG9S4  
,E,X,*,A,N,G,E,S4 

  

#b#c#e4 ,WE CANNOT C>RY :EAT1 %OES1 C>P5T] WORK1 ETC41 AB\T US SO AS TO COMPLETE ALL \R EX*ANGES ON ! SPOT1 & !RE=E1 WE NE$ SOME?+ ?AT REPRES5TS !SE PRODUCTS1 :I* WE CAN C>RY AB\T US1 & GIVE & RECEIVE1 & :I* WILL PROCURE ALL !SE ?+S :5 WE NE$ !M4 

#b#c#f4 #a GET A PAIR ( %OES1 ! LABOR 9 :I* IS E/IMAT$ AS EQUIVAL5T TO ! LABOR CO/S 9 A HUNDR$ P\NDS ( CORN1 & ,I GIVE ! %OEMAK] MY NOTE = C>P5T] WORK EQUIVAL5T ALSO TO A HUNDR$ P\NDS4 

#b#c#g4 ,! ,CO/S ( EI<T H\RS ( MY C>P5T] WORK MAY EQUAL ! ,CO/S ( T5 H\RS ( ! %OEMAK]4 ,?IS W\LD GIVE HIM T5 P\NDS & ME TWELVE & A HALF P\NDS P] H\R4 

#b#c#h4 ,9 ?IS MANN] ANY PR(ESSION :ATEV] CAN BE COMP>$1 MEASUR$1 & EX*ANG$ ) EV]Y O!R1 EA* ISSU+ NOTES REPRES5T+ HIS OR H] LABOR1 & !SE NOTES1 PASS+ FROM H& TO H& BE=E !Y >E R$EEM$1 W\LD CON/ITUTE A CIRCULAT+ M$IUM BAS$ ON ,R,E,A,L,I,T,I,E,S--ON ! BONE & MUSCLE1 ON ! MANUAL & M5TAL CAPACITIES1 ! PROP]TY & PROP]TY-PRODUC+ P[]S ( ! :OLE ( ! PEOPLE 7! S\NDE/ ( ALL F\NDATIONS7 6 -A MONEY ( ! ONLY K9D ?AT EV] \<T TO HAVE BE5 ISSU$6 

#b#c#i4 ,! NATURAL RESULTS TO :I* SU* A MONEY W\LD LEAD >E SO EXTRAORD9>Y ?AT !Y MAKE US D\BT \R [N REASON1 &1 IF /AT$1 MI<T SUBJECT US TO ! IMPUTATION ( 9SANITY4 ,WE ASK1 !RE=E1 ! JUDGM5T ( O!RS4 

#b#d4 ,W\LD NOT EV]Y ,MAN1 ,WOMAN1 & ,*ILD 7TO ! EXT5T ( HIS OR H] USEFULNESS7 BECOME A ,B,A,N,K,]1 & ?US EQUALIZE MONEY 8 

#b#d#a4 ,C\LD ,HOT ! POORE/ BE ABUNDANTLY RI* 8 

#b#d#b4 ,W\LD NOT ! BURD5 ( NECESS>Y LABOR BE R$UC$ TO ONE OR TWO H\RS A DAY1 & C\LD !RE BE ANY 9DUCEM5T TO SP5D ! :OLE DAY 9 CONTRIV+ UNC]TA9 MEANS TO SW9DLE OR ROB ! PRODUCTS ( LABOR FROM !IR PROP] [N]S 8 ,IF NOT1 !N W\LD NOT ?IS PR9CIPLE & ?IS MONEY PEACEABLY ABOLI% EV]Y SY/EM ( FRAUD & SLAV]Y UND] ! SUN8 

#b#d#c4 ,C\LD !RE EV] BE SU* A ?+ AS A MONEY PANIC OR A MONEY PRESSURE8 

#b#d#d4 ,W\LD NOT ?IS NATURAL & JU/ DI/RIBUTION ( MONEY NECESS>ILY COMPLETE ! TRUE & ONLY PRACTICAL 0BALANCE ( P[]10 & SOLVE ! GREAT PROBLEM ?AT CONVULSES & DESOLATES ! WORLD 8 

#b#d#e4 ,?AT \T ( ?IS PR9CIPLE ( ,EQUIVAL5TS >ISES NATURALLY ?AT COOP]ATION BETWE5 ! 9DIVIDUAL & ! PUBLIC 9T]E/S1 SO MU* DESIR$ & /RIV5 =1 -SEEMS SO SELF-EVID5T1 ?AT TO ATTEMPT ILLU/RATIONS MAY SEEM TO SOME M9DS LIKE ! ATTEMPTS TO ILLU/RATE ! %9+ ( ! SUN2 BUT AT ! RISK ( OBSCUR+ ! SUBJECT1 ,I ,WILL FURNI% A FEW HI/ORICAL FACTS4 

#b#d#f4 ,9 ! EXP]IM5TAL /ORES1 CONDUCT$ ON ?IS PR9CIPLE1 IT WAS SE5 ?AT1 9 ORD] TO PUT ! LABOR ( ! M]*ANT FAIRLY AGA9/ ! LABOR ( HIS CU/OM]S1 HIS COMP5SATION MU/ BE SEP>AT$1 DIS9TEGRAT$ FROM ! PRICE ( ! GOODS4 ,?IS ,WAS DONE2 & HIS LABOR 9 -WAIT+ ON EA* CU/OM] WAS MEASUR$ BY ! TIME EMPLOY$ :I* WAS ,%[N BY A CLOCK BE=E ! EYES ( BO? P>TIES4 

#b#d#g4 ,! GOODS ,W]E SOLD = !IR FIR/ CO/ ADD$ TO A C]TA9 FIX$ & PUBLICLY KN[N P]C5TAGE1 SUFFICI5T TO PAY ALL CONT+5T EXP5SES1 & EV]Y POSSIBLE EVID5CE WAS FURNI%$ TO ! CU/OM]S TO PROVE ?AT !Y PAID ONLY AN EQUIVAL5T 94 !IR [N LABOR = ! LABOR ( ! KEEP] ( ! /ORE4 

#b#d#h4 ,:ITE ?IS SECUR$ !IR CONFID5CE & RESPECT1 IT CREAT$ 9 SOME ( !M AN 9T]E/ 9 ! PR9CIPLE ITSELF1 & ANO!R K9D ( 9T]E/ :I* ALL C\LD FEEL2 NAMELY1 TO TAKE UP AS LITTLE ( ! KEEP]'S TIME AS POSSIBLE1 & TO VOLUNTE] TO ROLL B>RELS1 MOVE BOXES1 FOLD CLO?1 ETC41 TO ABRIDGE ! LABOR TO BE PAID =4 ,9 COMMON BUS9ESS1 ! PRICE NOT BE+ LIMIT$ BY CO/S1 !RE >E NO SU* CO9CID+ OR COOP]AT+ 9T]E/S4 

#b#d#i4 ,IT WAS AMUS+1 & MORE ?AN AMUS+1 TO SEE H[ C>EFUL SOME W]E ,DOT TO TAKE UP ! TIME ( ! KEEP] 9 #aa %OPP+40 ,! CU/OM]S W]E NOT AT ALL TR\BLESOME 9 ?IS RESPECT4 ,! GOODS W]E SO >RANG$ ?AT !Y C\LD SEE ! PRICES & QUALITIES1 & ! PRICES BE+ POSITIVELY FIX$ BY A PR9CIPLE :I* !Y APPROV$1 ! BUY] & SELL] W]E NO LONG] AT W>6 

#b#e4 ,A MAN CAME 9TO ! /ORE SAY+1 AS FA/ AS HE C\LD SPEAK1 #aa #a WANT A B>REL ( Y\R MACK]EL ,I KN[ !Y >E EI<T DOLL>S !RE IS ! MONEY & A C5T = Y\R TIME ( PUTT+ IT 9TO ! DRAW] ,I CAN GET IT 9TO ! WAGON Y\ NE$N'T COME \T GOOD-BY40 ,! PR(IT OR COMP5SATION = SELL+ ?AT B>REL ( MACK]EL WAS ONE C5T6 ,IS IT WOND]FUL ?AT SU* A PR9CIPLE %\LD F9D COOP]ATORS8 

#b#e#a4 ,ANO!R MAN CAME 9 & SAID1 #aa ,!RE IS A LOT ( MO/ EXCELL5T SUG> - N9E HOG%EADS - = SALE AT ,H----'S AUCTION /ORE1 *EAP60 

#b#e#b4 ,:AT WAS HIS MOTIVE = GIV+ ?IS 9=MATION TO ! KEEP] ( ?IS /ORE 9 P>TICUL> 8 ,HE FELT DEEPLY 9T]E/$ 9 ITS PR9CIPLE = ! G5]AL GOOD1 & HE WAS SLI<TLY 9T]E/$ AS ONE ( ! CONSUM]S ( ! SUG>1 :I* LIE KNEW LIE W\LD GET AT CO/1 :ATEV] ! 0M>KET-PRICE0 MI<T BE4 ,HE WAS 9T]E/$ MORALLY & PECUNI>ILY TO COOP]ATE = ! RESULT1 :I* B5EFIT$ ALL ! O!R CU/OM]S TO ! SUG> AS WELL AS HIMSELF4 

#b#e#c4 ,OBS]VE ?AT ,I AM N[ ILLU/RAT+ ! MANN] 9 :I* ! PR9CIPLE ( ,EQUIVAL5TS NEUTRALIZES ! ANTAGONISM ( 9T]E/S1 & PRODUCES ?AT H>MONY OR COOP]ATION ( 9T]E/S ?AT HAS ALWAYS BE5 ! GREATE/ CONSID]ATION = SOCIETY1 & )\T :I* WE MU/ LOOK 9 VA9 = TRUE CIVILIZATION2 BUT ) :I*1 IT CAN REA* A HI<] PLANE ?AN MANY M9DS >E N[ PREP>$ TO UND]/&4 

#b#e#d4 ,!SE COOP]AT+ 9T]E/S 9DUC$ TWO G5TLEM5 7?\< UNKN[N TO ! KEEP] BE=E ! /ORE COMM5C$7 TO (F] TO BECOME SECURITY = HIM 9 ! ,UNIT$ ,/ATES ,BANK4 ,H]E WAS COOP]ATION )\T A WORD ( PL$GE OR PROMISE2 OR1 COOP]ATION & FRE$OM H>MONIZ$6 ,NO ORGANIZATION 7AS ?AT WORD IS COMMONLY UND]/OOD7 ( ANY K9D WAS NECESS>Y2 BUT ON ! CONTR>Y ANY PROPOSITION ( ! K9D W\LD ONLY HAVE H9D]$1 & P]HAPS PREV5T$1 COOP]ATION1 = BO? ( !SE G5TLEM5 BELONG$ TO *UR*ES :I* !Y C\LD NOT WELL DISREG>D 9 =M+ NEW CONNECTIONS1 ,IF UNIV]SAL PR9CIPLES MOVE US TO \R SATISFACTION1 WE NE$ NO O!R CONNECTIONS ?AN SU* AS NATURALLY GR[ \T ( ?OSE PR9CIPLES4 

#b#e#e4 ,A Y\NG MAN CAME 9 & SAID1 #aa ,H]E >E FIFTY DOLL>S ?AT ,I MAY NOT HAVE A USE = AT PRES5T4 ,P]HAPS Y\ W\LD LIKE TO USE IT 9 'PUR*AS+ TO ! BE/ ADVANTAGE40 ,:AT WAS HIS MOTIVE8 

#b#e#f4 ,A L>GE :OLESALE M]*ANT SAID TO ! KEEP] ( ! /ORE 9 ,NEW ,H>MONY1 #a#h#d#b1 #aaa HAD RESOLV$ ?AT ,I NEV] W\LD CR$IT ANO!R MAN ) A DOLL>'S WOR? ( GOODS2 BUT AS Y\ SEEM TO BE DO+ ! SAFE/ BUS9ESS ( ANY MAN 9 ! WORLD1 IF Y\ WANT MORE GOODS ?AN Y\ CAN PAY = AT ONCE1 TAKE !M1 & PAY = !M :5 !Y >E SOLD40 ,! KEEP] DID TAKE SEV5 HUNDR$ DOLL>S' WOR?1 & CONT9U$ TO DO ,S,O4 ,:AT WAS ?IS M]*ANT'S MOTIVE8 ,Y\ MAY SUPPOSE ?AT IT WAS SOLELY TO GET A QUICK M>KET = HIS GOODS4 ,IT IS V]Y WELL IF ?IS MOTIVE ALSO COOP]ATES ) A GREAT B5EFIC5T REVOLUTION2 BUT HE HAD SAID1 ) MU* FEEL+ & EMPHASIS1 9 A CONV]SATION ON ! SUBJECT1 #aa ,IF SU* PR9CIPLES AS ?OSE C\LD BE G5]ALLY 9TRODUC$1 ,I W\LD GIVE N9ETY-N9E DOLL>S 9 EV]Y HUNDR$ ,I POSSESS6 0 & HE WAS REPUT$ TO BE V]Y RI*4 

#b#e#g4 ,AN ,5GLI% G5TLEMAN ( =TUNE WAS 9TRODUC$ TO ! KEEP]1 & FRANKLY (F]$ TO ASSI/ ) HIS CAPITAL1 BUT ! KEEP] DID NOT ,WI% TO UND]TAKE ! MANAGEM5T ( ANY L>G] BUS9ESS ?AN HE ALREADY BAD4 ,:AT WAS ?IS G5TLEMAN'S MOTIVE8 ,HE HAD RETIR$ FROM BUS9ESS1 & DID NOT WANT TO ACCUMULATE MORE MONEY4 ,:ILE ALL !SE G5TLEM5 W]E COOP]AT+ FROM !IR [N PRIVATE MOTIVES1 !Y PUT IT 9 ! P[] ( ! KEEP] TO SUPPLY HUNDR$S :O COOP]AT$ FROM V>I\S MOTIVES1 ! :OLE BE+ MOV$ & REGULAT$ BY A PR9CIPLE1 & NOT BY ANY =MAL ORGANIZATION OR CLAN%IP :ATEV]4 

#b#e#h4 ,NO ONE D5IES ?AT :5 WE SEE IT = \R 9T]E/ TO COOP]ATE1 WE %ALL DO SO1 IF CONDITIONS ALL[ ( IT4 ,TO SEE IT = \R 9T]E/ & TO 9/ALL ! CONDITIONS1 !N1 IS :AT WE NE$1 BUT TO MAKE AN EF=T TO OBTA9 COOP]ATION BY ANY O!R /IMULUS IS VA91 WA/$ LABOR4 ,BUT :AT DO WE MEAN BY \R 9T]E/S8 ,DO WE MEAN ! MONEY WE CAN MAKE OR GET AT ! PRES5T MOM5T1 DISREG>D+ ! SACRIFICE ( ALL FUTURE OPPORTUNITIES8 OR DO WE MEAN ! MO/ MONEY WE CAN MAKE N[ & 9 ! FUTURE TAK5 TOGE!R8 OR DO WE MEAN ?AT IT IS = \R 9T]E/ TO HAVE CONDITIONS FIT = \RSELVES & HUMAN NATURE G5]ALLY TO LIVE 9 8 ,DIFF]5T PEOPLE WILL ACT FROM ALL !SE DIFF]5T MOTIVES1 & ALL !SE MOTIVES1 & V>I\S O!RS1 BR\<T MULTITUDES TO COOP]ATE 9 ?OSE /ORES1 %[+ ?AT !RE WAS NO NE$ ( ANY CON=MITY ( MOTIVE TO 5SURE COOP]ATION4 ,BUT ANY SU* DEM& W\LD HAVE DRIV5 ! CU/OM]S AWAY2 :ILE FRE$OM TO DIFF] MADE !M FEEL FREE TO COME6 ,BUT :AT WAS ( /ILL GREAT] IMPORTANCE1 ?IS DIV]SITY ( MOTIVE & *>ACT] PREV5T$ CLAN%IP FROM TAK+ ROOT & GR[+ UP4 

#b#e#i4 #a %\LD NOT EXPECT1 NOR WI% TO SEE1 GREAT PECUNI>Y SACRIFICES MADE :]E !RE IS NOT COMP5SATION 9 SOME =M1 - EI!R 9 SIMIL> SACRIFICES BE+ MADE ON OCCASION BY ! B5EFIT$ P>TY1 OR COMP5SATION 9 '! PLEASURE D]IV$ FROM PROMOT+ GOOD & GREAT OBJECTS4 ,UNCOMP5SAT$ SACRIFICES W\LD CONTRADICT ! 9/9CT ( SELF- PRES]VATION1 & W\LD NOT LONG CONT9UE4 

#b#f4 ,! P]C5TAGE CONT+5T FUND HAD ACCUMULAT$ 9 ! /ORE BEYOND ! EXP5SES1 & ! KEEP] HAD GIV5 \T WORD ?AT ?IS MI<T BE US$ 7IF WELL,SECUR$7 = G5]AL PURPOSES )\T 9T]E/4 ,A COOP]ATOR 9TRODUC$ A /RANG] 7A FRI5D ( HIS71 SAY+1 #aa ,Y\ TELL US ?AT Y\ HAVE ON H& A SURPLUS FUND4 ACCUMULAT$ BEYOND EXP5SES1 :I* Y\ PROPOSE TO USE OR HAVE US$ 9 V>I\S WAYS1 = ! B5EFIT ( ! DEAL]S H]E :O HAVE ?US OV]PAID ! ,EQUITABLE DEM& UPON !M 2 & ?AT ALL Y\ REQUIRE IS ?AT IT %\LD BE KEPT SAFE4 & AVAILABLE :5 Y\ MAY BE OBLIG$ TO CALL ON IT TO SU/A9 LOSSES4 ,!RE=E1 IF ,Y\ WILL L5D TO MY FRI5D H]E ?IRTE5 DOLL>S1 ,I WILL GU>ANTEE ?AT IT %ALL BE RETURN$ 9 TWO WEEKS40 

#b#f#a4 ,! MONEY WAS L5T - ! NOTE & SECURITY TAK54 ,9 TWO WEEKS ! /RANG] RETURN$1 & LAY+ D[N ! MONEY SAID1 ?AT1 AS IT HAD SAV$ HIM & HIS FAMILY FROM SO MU* LOSS & DI/RESS1 HE WI%$ TO COMP5SATE ! KEEP] 9 PROPORTION TO ! B5EFITS !Y HAD RECEIV$4 #aa ,& N[10 ADD$ HE1 #aa #a AM READY TO PAY Y\ ANY PREMIUM Y\ MAY *OOSE TO ASK40 

#b#f#b4 0,Y\ >E A /RANG]1 ,SIR1 TO ! PR9CIPLES UPON :I* BUS9ESS IS DONE H]E10 SAID ! KEEP]4 

#b#f#c4 0,YES1 ,SIR2 BUT ,I %ALL NOT QUE/ION ANY PRICE Y\ MAY SET4 ,I CAN NEV] FEEL MYSELF ABSOLV$ FROM OBLIGATIONS TO Y\ AT ANY PRICE4 ,TAKE :ATEV] Y\ PLEASE1 ,I %ALL NOT QUE/ION IT40 

#b#f#d4 0,I SEE1 ,SIR1 ?AT Y\R FRI5D HAS NOT 9=M$ Y\ ( ! PECULI> OP]ATIONS ( ! NEW PR9CIPLES AS APPLI$ TO L5D+ MONEY4 ,! COMP5SATION OR 9T]E/ HAS NO REF]5CE TO ! B5EFIT CONF]R$ UPON ! BORR[]1 BUT IT IS BAS$ ON1 & LIMIT$ BY1 ! CO/S TO ! L5D]4 ,I EMPLOY$ AB\T FIVE M9UTES 9 L5D+ Y\ ! MONEY2 ,I %ALL EMPLOY AB\T FIVE MORE 9 RECEIV+ IT BACK AGA94 ,IT WAS SECUR$ & !RE WAS NO RISK OR LOSS4 ,I HAVE NOT BE5 OBLIG$ TO BORR[ MONEY 9 ITS PLACE2 Y\ HAVE ,ONLY TO COMP5SATE ME = MY LABOR 6 ,IF Y\ C\LD GIVE ME AN EQUIVAL5T 9 Y\R [N LABOR1 ?IS W\LD MAKE ALL RI<T2 BUT AS Y\ CANNOT1 ,I WILL RECEIVE T5 C5TS 9/EAD40 

#b#f#e4 0,I DO NOT UND]/& Y\1 ,SIR4 ,I AM REALLY 9 E>NE/ 9 :AT ,I SAY4 ,! MONEY HAS SAV$ ME & MY FAMILY FROM ! MORTIFICATION ( BE+ TURN$ 9TO ! /REET1 & HAV+ \R FURNITURE SOLD = R5T4 ,I AM A /RANG] H]E1 DISAPPO9T$ 9 MY EXPECTATIONS ( BUS9ESS1 :I* BR\<T ME FROM ,PHILADELPHIA4 ,PAY :AT ,I MAY TO Y\1 ,I CAN NEV] FEEL ABSOLV$ FROM ! GREATE/ OBLIGATIONS40 

#b#f#f4 0,I P]FECTLY UND]/& Y\1 ,SIR1 & %ALL BE ,EQUITABLY PAID ) ! T5 C5TS4 ,DON'T Y\ ?9K ,I MI<T BE SATISFI$ ) SIXTY C5TS P] H\R = MY LABOR 9 L5D+ MONEY1 :5 ! H>DE/ WORK+ M5 GET ONLY FIFTY C5TS = WORK+ A :OLE DAY AT ! MO/ DISAGREEABLE LABOR1 & GET ABUS$ & 9SULT$ BESIDES = BE+ OBLIG$ TO DO IT80 

#b#f#g4 0,WELL1 ?IS IS A MO/ EXTRAORD9>Y ?+6 ,& Y\ >E CONT5T TO L5D MONEY BY BE+ PAID ONLY = ! LABOR ( IT1 )\T TAK+ ANY ADVANTAGE ( ! NECESSITIES ( ! BORR[]8 

#b#f#h4 0,IS IT AS /RANGE1 ,SIR1 ?AT ,I %\LD BE CONT5T ) SIXTY C5TS P] H\R = MY LABOR1 AS ?AT !WORLD %\LD HAVE GONE ON = SO MANY C5TURIES 9 ,SETT+ ! PRICES ( ?+S ACCORD+ TO ! NECCESSITIES ( ! RECEIV]S8 ,?IS PR9CIPLE FOLL[$ \T 9 Y\R CASE W\LD HAVE SU/A9$ ME 9 ASK+ Y\ AS MU* = ! USE ( ! ?IRTE5 DOLL>S 7:I* IT CO/ ME NO SACRIFICE TO L5D7 AS Y\ C\LD BE 9DUC$ TO GIVE1 RA!R ?AN HAVE Y\R FAMILY TURN$ \T 9TO ! /REET1 & Y\R FURNITURE SACRIFIC$ BY ! CON/ABLE2 :I* MI<T HAVE BE5 AS MU* AS Y\ C\LD HAVE E>N$ 9 YE>S ( ANXIETY & LABOR6 ,?IS W\LD HAVE LEFT Y\ LITTLE TO *OOSE BETWE5 ABSOLUTE RU9 & BORR[+ ?IRTE5 DOLL>S1 -LITTLE TO *OOSE BETWE5 ! PRISON1 />VATION1 & ! USUR]4 ,NO WOND] ?AT M5 HAVE LOOK$ ON EA* O!R AS NATURAL 5EMIES1 SEE+ ?AT1 :E!R !Y TURN TO ONE OR ANO!R1 ! RESULT IS NE>LY ! SAME4 ,! L&LORD GETS ALL HE CAN FROM Y\R NECESSITIES4 ,IF Y\ TURN TO ! USUR] = RELIEF1 LIE DEV\RS Y\ ON ! SAME PR9CIPLE4 

#b#f#i4 0 ,IF Y\ TURN TO ! LAWY]S !Y DEV\R :AT IS LEFT ( Y\4 ,SOME ( !M WILL EV5 TELL Y\ ?AT ! GREAT LAW IS = ! BIG FI% TO EAT UP ! LITTLE ONES1 NEV] SUSPECT+ ANY?+ WRONG 9 !IR E?ICS TILL !Y HAPP5 TO BE ! LITTLE ONES 6 ,! FACT IS ?AT !Y KN[ NO?+1 ! WORLD KN[S NO?+ WOR? KN[+1 ON !SE SUBJECTS2 PR9CIPALLY = ! REASON ?AT !IR />T+--PO9TS HAVE BE5 WRONG1 CONSEQU5TLY1 ALL !IR CONCLUSIONS >E WRONG4 ,!Y HAVE />T$ ) SAY+ ?AT ! PRICE ( A ?+ %\LD BE :AT IT WILL BR+4 ,IT IS EQUIVAL5T TO SAY+ ?AT IT IS RI<T & JU/ TO DEM& A PRICE = A ?+ PROPORTION$ TO ! DI/RESS ( ! RECEIV] ( IT4 ,?IS IS ! ROOT ( ALL ! CANNIBALISM ( CIVILIZATION1 & M5 FALL TO EAT+ EA* O!R2 BUT1 AS NO ONE LILIES TO BE EAT51 !Y AGREE TO PROTECT EA* O!R AGA9/ ! OP]ATION ( !IR [N PR9CIPLES & DAILY PRACTICES1 & =M A COMB9ATION CALL$ A ,/ATE1 = ! PURPOSE2 -! MULTITUDE CANNOT CONDUCT ! BUS9ESS ( A ,/ATE1 BUT !Y SET AP>T A FEW TO SEE TO ! PROTECTION ( ALL1 & !Y PROTECT ALL AS WE PROTECT *ICK5S1 ?AT WE MAY EAT !M )\T ! TR\BLE ( CAT*+ !M4 

#b#g4 0,?IS IS ONLY ANO!R =M ( CANNIBALISM4 ,!RE HAS NEV] BE5 ANY CORRECT ?\<T ON ! SUBJECT1 & NEV] WILL BE TILL WE BEG9 RI<T4 ,! BEG9N+ ( CORRECT ?\<T = JU/ICE1 PEACE1 SECURITY1 & SUCCESSFUL SOCIETY IS1 ?AT ! PRICE ( :AT Y\ RECEIVE FROM ME %\LD BE LIMIT$1 NOT BY ITS VALUE TO Y\1 BUT BY ! TR\BLE OR SACRIFICE IT HAS CO/ ME4 ,:5 WE BEG9 TO ?9K FROM ?IS />T+- PO9T1 WE SEE ?AT ! ALL-P]VAD+ VICI\SNESS ( TRADE1 & DIRE CONFUSION & DI/RESS ?AT EV]Y:]E PREVAILS1 HAVE ORIG9AT$1 NOT 9 \R PRIM>Y NATURE1 AS HAS BE5 SO EXT5SIVELY ?\<T & TAU<T1 BUT 9 ?IS SUBTLE & UNDETECT$ ]ROR 9 ONE ( ! />T+-PO9TS ( \R 9T]C\RSE ) EA* O!R4 ,?AT ?IS BE+ CORRECT$1 ! CANNIBALISM CEASES2-! DEM& = 'PROTECTION CEASES ALONG ) IT1 & WE BEG9 TO EM]GE FROM D>KNESS & CONFUSION 9TO LI<T1 ORD]1 & REPOSE4' 0 

#b#g#a4 0,!SE ?\<TS1 ,SIR1 >E - >E - V]Y - REALLY1 ,SIR1 ,I DO NOT KN[ :AT - :AT TO SAY40 ,H]E ! G5TLEMAN BECAME TOO MU* AFFECT$ TO SPEAK DI/9CTLY1 BUT 9 A L[ & V]Y TREMUL\S TONE HE V]Y RESPECTFULLY TOOK HIS LEAVE4 

#b#g#b4 ,IS IT NOT PROBABLE ?AT G5TLEMAN HAS1 ?R\< LIFE1 COOP]AT$ :]EV] HE MAY HAVE BE51 ?\< NOT BELONG+ TO ANY =MAL ORGANIZATION OR CLAN1 9 ! SPREAD & /R5G!N+ ( ! PR9CIPLE ( ,EQUIVAL5TS1 SO F> AS HE UND]/OOD & FELT ITS PRACTICAL BE>+S8 

#b#g#c4 ,IT WILL PROBABLY BE ADMITT$ ?AT IF ! PR9CIPLE ITSELF WILL PROMPT & SECURE ALL ! DESIR$ COOP]ATION )\T CLAN%IP1 & NEUTRALIZE ALL ANTAGONISM ( 9T]E/S1 & GIVE TO ALL EX]TION ITS JU/ REW>D1 ! GREATE/ ( ALL HUMAN PROBLEMS IS SOLV$ BY IT4 

#b#g#d4 ,9,T,R,O,D,U,C,T,I,O,N ,( ,E,Q,U,I,T,A,B,L,E ,M,O,N,E,Y4 ,! KEEP] ( ! /ORE WAS TO RECEIVE ! LABOR ( HIS CU/OM]S 9 EX*ANGE = HIS [N4 ,!Y C\LD NOT PAY IRON WORK1 MASON WORK1 DOCTOR'S WORK1 WA%+1 SEW+1 ETC41 ON ! SPOT 9 ! /ORE1 &1 !RE=E1 = !SE K9DS ( LABOR !Y GAVE !IR NOTES1 PAYABLE ON DEM&1 :I* ! KEEP] ISSU$ \T AGA9 TO %OE4 MAK]S1 TAILORS1 WOODSAWY]S1 ETC41 & HE HAD AT ONE TIME1 ! NOTES ( FIVE DIFF]5T PHYSICIANS1 PROMIS+ A C]TA9 NUMB] ( H\RS ( !IR S]VICES TO ! HOLD]S ( ! NOTES1 & !SE NOTES PASS$ \T TO WA%]WOM51 SEAM/RESSES1 DRAYM51 WOODSAWY]S1 C>P5T]S1 MASONS1 ETC41 ANY ( :OM C\LD GO TO ! PHYSICIANS & GET !IR S]VICES = !SE NOTES1 :I* HAD CO/ !M ONLY EQUIVAL5TS 9 !IR [N LABOR2 & ?\< ! WA%]WOMAN PAID1 P]HAPS1 NOT MORE ?AN A HUNDR$? P>T AS MU* LABOR AS ! DOCTOR'S S]VICES HAD G5]ALLY CO/ H]1 YET ! PHYSICIANS W]E CONT5T & PLEAS$ ) ! OP]ATION4 ,SOME CU/OM]S C\LD BR+ >TICLES TO ! /ORE :I* W]E 9 DEM&1 ! LABOR 9 :I* HAD BE5 PREVI\SLY ASC]TA9$ & SETTL$1 BE=E ! >TICLES W]E BR\<T4 ,! KEEP] TOOK !SE1 & GAVE EI!R SOME O!R >TICLES :I* #aa CO/ 0 ! SAME AM\NT ( LABOR 7D$UCT+ ! TIME ( DELIV]Y71 OR HE GAVE NOTES ( O!R PR(ESSIONS1 OR HIS [N NOTES1 PAYABLE 9 M]*&IZ+2 & !SE NOTES = M]*&IZ+ W\LD CIRCALATE AMONG ALL ! CU/OM]S ( ! /ORE2 & AS NE>LY EV]YBODY )9 REA* WI%$ TO BE A CU/OM]1 !Y W]E READY TO TAKE ! NOTES = ANY?+ !Y HAD OR C\LD DO1 & ! KEEP] C\LD HAVE ISSU$ ANY AM\NT ( !M2 & H]E IS A DANG] TO BE GU>D$ AGA9/4 ,ALL IS MADE SAFE BY EA* ONE US+ SU* NOTES AS HE CANNOT MAKE HIMSELF1 & ! PR9T] OR MAK] ( !M KEEP+ AN ACC\NT ( ALL ! BLANKS ISSU$ TO EA* P]SON2 & ?IS AM\NT IS /AT$ ON ! NOTE ITSELF1 SO ?AT ! RECEIV] ( IT MAY KN[ :AT AM\NT ! SIGN] ( IT HAS ISSU$1-! NOTES ALL HAV+ ! PR9T]'S ADDRESS UPON !M4 ,IF ANY D\BT >ISES1 ! PUBLIC CAN RESORT TO ! PR9T]1 :O CAN TELL AT ONCE :AT QUANTITY ( BLANK NOTES HAVE BE5 ISSU$ TO ANY P]SON4 

#b#g#e4 ,SW>TW\T+ & ALL SIMIL> FRAUDS W\LD AT ONCE BE IMPOSSIBLE1 IF MONEY WAS SIMPLY :AT IS REQUIR$ ( IT1 NAMELY1 A CIRCULAT+ M$IUM4 ,AS SOON AS IT BECOMES CAPITAL TO LAY UP1 - IT BE+ 9 A CLOSE1 COMPACT1 PORTABLE =M1 - IT IS EASILY /OL5 & C>RI$ BEYOND RECOV]Y6 ,IT IS USELESS TO EXPECT IMPROVEM5T 9 ! MORALS ( PUBLIC FUNCTION>IES :ILE !Y POSSESS P[] & CAN BE TEMPT$ TO DEFRAUD ! PUBLIC ,SW>TW\T ONLY E/ABLI%$ A FA%ION :I* HAS RAG$ MORE & MORE EV] S9CE HIS TREA*]Y D[N TO ?IS PRES5T WRIT+4 ,TO MAKE SU* FRAUDS IMPOSSIBLE1 AS WELL AS TO SECURE MANY O!R GREAT 5DS1 :5 CAPITAL IS TO BE LAID BY1 IT %\LD CONSI/ ( SOME?+ AS NE>LY IMP]I%ABLE AS POSSIBLE2 SOME?+ 9TR9SICALLY VALUABLE1 :I* VALUE CAN NEV] BECOME NEUTRALIZ$1 NOR SUP]S$$4 ,IT %\LD BE SOME?+ ! S\RCE ( :I* CANNOT BE MONOPOLIZ$1 & :I*1 !RE=E1 CAN NEV] BE RAIS$ 9 PRICE BEYOND COMP5SATION = ! LABOR BE/[$ UPON IT2 & IF MADE ! BASIS ( A CIRCULAT+ M$IUM1 IT %\LD AT ALL TIMES BE )9 REA* ( ! PUBLIC EYE1 SUBJECT AT ALL TIMES TO PUBLIC 9SPECTION & E/IMATE1 )\T DANG] ( ITS BE+ /OL54 ,IRON IS A COMMODITY ANSW]+ ALL !SE DEM&S4 

#b#g#f4 ,?AT ! M]CANTILE WORLD - ! M5 ( 5T]PRISE1 ! F9ANCI]S & LEGISLATORS ( CONT9U\S AGES - %\LD SO LONG HAVE ADMITT$ ! CANNIBAL PR9CIPLE AS ! BASIS ( !IR OP]ATIONS1 IS A /RIK+ PRO( ( ! A/ONI%+ DOCILITY ) :I* ! HUMAN RACE RECEIVE TRADITIONS UNQUE/ION$1 & FOLL[ PREC$5TS & SELF-]ECT$ AU?ORITIES UNEXAM9$2 & IT EXPOSES A WEAKNESS ?AT L[]S \R RESPECT = EXI/+ CU/OMS1 & GIVES TO ! C>EFUL /UD5T ( HUMAN AFFAIRS A C\RAGE & /R5G? EQUAL TO ! DEM&S = !M3 BUT :AT A FIELD IT FURNI%ES = ! RECKLESS & UNSCRUPUL\S6 ,:AT CONFUSION ?IS READY CR$ULITY & CON=MITY BR+ UPON ALL6 

#b#g#g4 ,ONE NEWSPAP] SAYS ?AT SU* OR SU* AN AU?ORITY SAYS #aa ?AT M>TIAL LAW SUP]S$ES ALL O!R LAWS40 ,IF ?IS IS TRUE AT ALL1 IT IS TRUE 9 A S5SE NOT UND]/OOD BY READ]S 9 G5]AL4 ,IT IS TRUE ONLY 9 ! S5SE ?AT MILIT>Y =CE IS ! LA/ & F9AL APPEAL1 OR ! ABSOLUTE GOV]NM5T3 BUT ! M]E OP9IONS1 OR RULES1 OR /ATUTES ( M5 >E NOT LAWS AT ALL4 ,ALL ?AT W]E EV] CON/RUCT$ 9 ! WORLD1 & ALL ! MILIT>Y P[] 9 ! WORLD CONC5TRAT$ AGA9/ ONE 9DIVIDUAL1 C\LD NOT = A MOM5T OV]COME OR #aa SUP]S$E #aa ! LAW ( SELF- PRES]VATION 9 ?AT 9DIVIDUAL :ILE HE RETA9$ LIFE4 ,IT IS ?IS PRIMITIVE OR ,DIV9E LAW :I* RISES ABOVE & #aa SUP]S$ES ALL O!R LAWS40 

#b#g#h4 ,AGA91 A NEWSPAP] SAYS ! 0LAWS ,( NATIONS0 9 TIME ( W> MAKE ALL ! MEMB]S ( EA* NATION 5EMIES TO EA* O!R4 ,?IS IS NOT ONLY 9HUMAN BUT FALSE4 ,!RE >E P]SONS BELONG+ TO DIFF]5T NATIONS1 ?ANKS TO SIMPLE COMMON S5SE1 ?AT CAN NEV] BE MADE 5EMIES TO EA* O!R2 BUT1 TO REMA9 FRI5DS1 SAY ! NEWSPAP]S1 IS #aa TREASON40 ,?US ! NEWSPAP]S DE/ROY ALL RESPECT = !MSELVES FROM ANY :OSE RESPECT IS WOR? HAV+4 

#b#g#i4 ,ANO!R NEWSPAP] DELIV]S ITSELF ( ?IS SAGE APO!GM1 #aa ,! ONLY FRE$OM ( SPEE* WE WANT N[ IS ! SPEE* = FRE$OM40 ,I ASK :OSE SPEE* = FRE$OM IS IT ?AT IS WANT$ JU/ N[2 IS IT Y\RS OR M9E 8 ,ONE PAP] HAV+ SPOK51 O!RS ( ! SAME P>TY OR ,CLAN COPY2 ! CLAN REPEAT & JO9 9 ! *ORUS1 & CONFUSION FOLL[S2 & :]E CONFUSION AB\NDS ! IGNORANT >E NOISY1 ! PRUD5T >E SIL5T1 & IMPO/ORS TRIUMPH4  
,C,O,M,P,E,T,I,T,I,O,N4 

  

#b#h4 ,COMPETITION IS SO IMPORTANT AN ELEM5T 9 HUMAN AFFAIRS IT DES]VES P>TICUL> CONSID]ATION4 ,:ILE SOME ASS]T ?AT IT IS ! REGULATOR ( TRADE1 O!RS MAY ASK :]E OR :5 TRADE WAS EV] REGULAT$6 ,COMPETITION 9 TRADE1 MANUFACTURES1 & 9 EV]Y O!R PECUNI>Y DEP>TM5T1 GR9DS ! WEAK] P>TIES TO P[D]1 :ILE ?OSE :O CAN MOVE AT ALL >E 9 CON/ANT W>F>E & /RUGGLE ) EA* O!R1 9 :I* ! LONGE/ PURSES >E SURE TO PREVAIL2 ALL O!RS MU/ YIELD1 & :AT IS CALL$ SOCIETY1 PROMISES1 EV5 BY PECUNI>Y COMPETITION ALONE1 TO BECOME DIVID$ 9TO ONLY TWO CLASSES - CAPITALI/S & CRIM9ALS2 & ! CAPITALI/ ) ! LONGE/ PURSE ( #aa C[RIES #aa WILL BE MA/] ( ALL AT LA/1 ONLY TO BE RU9$ AT LA/4 

#b#h#a4 ,LET US SEE H[ ! PR9CIPLE ( ,EQUIVAL5TS AFFECTS COMPETITION4 

#b#h#b4 ,9 ONE ( ! EXP]IM5TAL /ORES1 9 #a#h#d#b1 A %OEMAK]1 BE+ PRESS$ = MONEY1 (F]$ A LOT ( %OES = SIX C5TS LESS P] PAIR ?AN !Y HAD USUALLY BE5 SOLD =4 ,BUT AS ! KEEP]'S COMP5SATION WAS 5TIRELY SEP>AT$ FROM ! PRICES ( ! GOODS1 & ! GOODS SOLD AT #aa CO/S10 HE C\LD NOT PUT ?IS EXTRA SIX C5TS 9TO HIS [N POCKET )\T VIOLAT+ ! V]Y PR9CIPLE UPON :I* HE PREF]R$ TO ACT1 &1 !RE=E1 HAD NO 9T]E/ 9 GETT+ ! %OES *EAP] ?AN USUAL1 AS LONG AS HIS CU/OM]S W]E SATISFI$ ) ! PRICES4 ,HE !RE=E RE PAID ! FULL USUAL PRICE TO ! %OEMAK]1 :O1 9 ?IS CASE1 GOT ?REE DOLL>S MORE ?AN HE EXPECT$1 AT ! V]Y TIME ?AT HE NE$$ MONEY MO/4 ,!RE WAS NO CONTE/ OR COMPETITION BETWE5 BUY] & SELL] H]E TO R$UCE ! PRICE BEL[ :AT ! CU/OM]S W]E WILL+ TO PAY4 ,& AGA91 HAD ! %OES BE5 ( POOR QUALITY1 SU* AS TO *EAT & DISAPPO9T ! CU/OM]S1 !RE WAS NO TEMPTATION TO PUR*ASE !M AT ANY PRICE1 = LET ! PRICE BE :ATEV] IT MI<T1 !Y W]E TO BE SOLD AT CO/4 ,COMPETITION C\LD NOT ACT TO R$UCE ! PRICE ( ! %OES1 & GR9D D[N ?IS %OEMAK] OR HIS COMPETITORS1 NOR TEMPT ! KEEP] BY L>GE PR(ITS TO *EAT ! CU/OM]S ) A WOR?LESS >TICLE4 

#b#h#c4 ,A MAN CAME 9TO ! /ORE 9 GREAT DI/RESS1 SAY+ ?AT HE ,I-LAD A HOG%EAD ( EXCELL5T SUG> :I* WAS 9 DANG] ( BE+ SACRIFIC$ TO PAY ! EXP5SES ( ITS /ORAGE1 & IF ! KEEP] W\LD TAKE IT1 HE %\LD HAVE IT AT A C5T LESS P] P\ND ?AN ! L[E/ PRICE ?AT HAD BE5 KN[N ?AT SEASON4 ,! KEEP] HAV+ A FULL SUPPLY ( SUG> ON H& DECL9$ TAK+ IT2 BUT ! [N] URG$ IT SO E>NE/LY1 HE CONS5T$ TO LOOK AT IT1 & F\ND IT TO BE ( UNUSUALLY GOOD QUALITY & CONCLUD$ TO TAKE IT2 BUT HE TOLD ! [N] ?AT AS HE HAD NO 9T]E/1 EXCEPT AS ONE ( ! CONSUM]S1 9 TAK+ ADVANTAGE ( HIS NECESSITIES1 HE %\LD GIVE HIM ! FULL PRICE = ! SUG>2 & HE PAID HIM ELEV5 DOLL>S MORE ?AN HE EXPECT$ TO GET = HIS HOG%EAD ( SUG>2 & YET ! PRICE WAS SO L[ :5 SOLD AT CO/S1 ?AT ! CU/OM]S W]E P]FECTLY WILL+ TO PAY IT4 

#b#h#d4 ,! LITTLE 9T]E/ ! KEEP] HAD AS CONSUM] ( ! SUG> WAS JU/ 5\< TO PREV5T HIM FROM BE+ 5TIRELY 9DIFF]5T TO ! PRICE1 BUT IT WAS NOT 5\< TO 9DUCE HIM TO TAKE ADVANTAGE ( ! NECESSITIES ( ! EMB>RASS$ [N]4 ,AT ! SAME TIME1 IF HE HAD GIV5 MU* MORE ?AN ! USUAL PRICE = ! SUG>1 HE C\LD NOT HAVE SOLD IT 9 COMPETITION ) ! O!R SUG> ?AT HE HAD ON H&4 ,COMPETITION H]E TOOK ! SUG> AWAY FROM ! ONE :O WAS LAY+ HIS PLAN TO HAVE IT SACRIFIC$ TO HIM AT AUCTION1 & GAVE TO ITS [N] ! USUAL PRICE4 

#b#h#e4 ,A PIECE ( L& WAS LAID \T1 9 #a#h#d#g1 9TO H\SE LOTS = A VILLAGE1 UND] CONTRACT ) ! [N] ( ! L& ?AT HE W\LD HOLD ! LOTS AT A FIX$ PRICE 7NAM$ 9 ! BOND7 = ?REE YE>S4 ,HE FULFILL$ HIS CONTRACT1 BUT AT ! EXPIRATION ( ! TIME1 HE BEGAN TO RAISE ! PRICES ( ! LOTS ACCORD+ TO !IR 9CREAS$ VALUE4 ,ONE MAN /EPP$ 9 & PUR*AS$ A HALF ( ALL ! UNSOLD LOTS1 & GAVE A BOND TO ! 9HABITANTS ?AT ! LOTS %\LD BE HELD AT ! PRICE HE HAD PAID = !M 7IT BE+ M5TION$ 9 ! BOND7 )\T 9T]E/1 & ) NO ADDITION TO ! PRICE NAM$1 EXCEPT TAXES & O!R CONTR+5T CO/S ( DE$S1 ETC4 ,?IS IMM$IATELY *ECK$ ! RISE 9 ! PRICES ( ! O!R LOTS1 = IT WAS IMPOSSIBLE = ! [N] TO SELL !M AT ANY HI<] RATES ?AN ?OSE SOLD = CO/S4 ,N[ COMPETITION BEGAN TO #aa REGULATE TRADE10 SOME ( !SE LOTS HAVE REMA9$ = SALE T5 YE>S AT CO/S2 & ?\< A RAILROAD HAS BE5 SURVEY$ DIRECTLY ?R\< !M1 ?IS HAS MADE NO DIFF]5CE 9 !IR PRICES4 

#b#h#f4 ,?US 0EQUITABLE0 COMPETITION BECOMES A *ECK TO L& SPECULATION1 :I* NO /ATUTES OR DEVICES ( LEGISLATORS HAVE EV] BE5 ABLE TO REA*1 :]E *ECK IS MO/ NE$$ 79 H\SE LOTS71 & ?US1 TOO1 ?IS COMPETITION MAY & W\LD NECESS>ILY BECOME A REGULATOR 9 EV]Y DEP>TM5T ( BUS9ESS1 :ILE IT W\LD OPPRESS NO ONE4 

#b#h#g4 ,AS LONG AS ! V5DOR ( GOODS1 OR L&1 OR ANY?+ ELSE1 HAS HIS COMP5SATION MIX$ UP & COMB9$ ) !IR PRICES1 )\T ANY FIX$ LIMIT TO HIS 9COME1 HE IS 9T]E/$ 9 GETT+ ! GOODS OR >TICLES AT ! L[E/ RATES1 & SELL+ !M AT ! HI<E/ RATES1 BECAUSE ALL ?AT IS GA9 OV] CO/S GOES 9TO HIS [N POCKET4 ,! MANUFACTUR] OR PRODUC] MU/ !N UND]WORK HIS COMPETITOR 9 ORD] TO GET ! CU/OM ( ! V5DOR3 !N COMES HIS [N DANG]S1 ANXIETIES1 & RISKS1 & ! GR9D+ D[N ( WAGES TO ! L[E/ LIV+ PO9T4 

#b#h#h4 ,LET ! PRODUCTS ( MA*9]Y & ( ! L& BE SOLD = EQUIVAL5TS1 & ALL ?IS BECOMES *ANG$4 ,COMPETITION IS DIVE/$ ( ITS DE/RUCTIVE P[]1 YET !RE IS /ILL 9T]E/ 5\< FELT AMONG ALL 7& ?AT 9T]E/ COOP]ATES7 TO GET MODES ( PRODUCTION SUFFICI5TLY LABOR-SAV+ TO AF=D ALL ! LEISURE OR EXEMPTION FROM DRUDG]Y ?AT CAN BE DESIR$4 

#b#h#i4 ,IS IT ASK$ :AT CAN 9DUCE CAPITALI/S TO 9VE/ !IR CAPITAL 9 MA*9]Y1 )\T ANY PROSPECT ( GA9 OV] & ABOVE PAY = !IR OV]SI<T OR C>ES1 :I* MI<T NOT AM\NT TO MORE ?AN EA* ( ! HUMBLE/ WORKM5 RECEIV$8 

#b#i4 ,?IS QUE/ION TAKES = GRANT$ ?AT ! CAPITALI/ HAS NO CAPACITY TO SEE ANY VALUE 9 ALL ?AT HAS BE5 SAID 9 ?IS WORK1 :I* IS A POOR COMPLIM5T TO HIM OR TO ! AU?OR4 ,H[EV]1 ?IS IS A QUE/ION ?AT EV]Y P]SON HAS A SOV]EIGN RI<T TO DECIDE = HIMSELF 2 BUT IT IS V]Y QUE/IONABLE :E!R MANY CAPITALI/S1 5GAG$ 9 ANY USEFUL BUS9ESS1 >E 9 ! /EADY RECEIPT ( MORE ?AN FROM F\R TO EI<T DOLL>S P] DAY2 & ON ! PR9CIPLE ( EQUIVAL5TS1 ! COMP5SATION TO WORKM5 W\LD PROBABLY BE EQUIVAL5T 9 VALUE TO A SUM BETWE5 !SE TWO1 DEP5D+ ON ! REPUGNANCE ( ! LABOR P]=M$2 & :AT HE GOT W\LD BE SECURE FROM !FT1 FRAUD1 & DE/RUCTION BY W>S & RU9\S TAXATION4 ,IT IS WELL1 TOO1 TO CONSID]1 9 ! MEAN TIME1 :AT MOTIVE ANY MAN CAN HAVE TO KEEP UP ! PRES5T B>B>ISM :5 ! MEANS ( CIVILIZATION COME TO BE UND]/OOD4 ,EQUITABLE COMPETITION HAS P[] TO REGULATE ALL UNMI/AKABLY1 & ! M]E CAPITALI/ WILL BE ! WEAKE/ & MO/ DEP5D5T ( M5 AS SOON AS TRUE1 SCI5TIFIC1 EQUITABLE MONEY GETS 9TO VOGUE4 ,!N ! H>DE/ WORK] WILL BECOME ! GREATE/ REAL CAPITALI/1 & ANY QUANTITY ( 0C[RIES0 OR M]E BITS ( COMP>ATIVELY USELESS METAL1 WILL GIVE NO ASSURANCE = BREAD = ANY L5G? ( TIME4 

#b#i#a4 ,BESIDES ALL CAPITALI/S HAVE NOT LO/ ALL !IR MANHOOD 9 GETT+ !IR #aa C[RIES40 ,ONE ( ! RI*E/ M5 9 ,C9C9NATI1 9 A CONV]SATION RELATIVE TO ! EXP]IM5TAL /ORE !N 9 OP]ATION ON ! CORN] ( ,FIF? & ,ELM ,/REETS1 SAID1 #aa ,IF SU* A /ATE ( SOCIETY C\LD BE PRODUC$1 ,I %\LD WANT TO BE ONE ( ! FIR/ 9 IT40 

#b#i#b4 ,! /ORE HAD NOT BE5 9 OP]ATION A MON? :5 A :OLESALE M]*ANT1 :O WAS QUITE FAMILI> ) IT1 SAID TO A FRI5D1 #fa ,Y\ & #a1 ,MR4 ,C---1 MAY NOT LIVE TO SEE IT2 BUT ! TIME WILL COME :5 ALL ! BUS9ESS 9 ! WORLD WILL BE CONDUCT$ ON ?AT PR9CIPLE40 

#b#i#c4 ,ANO!R :OLESALE M]*ANT ( ! SAME PLACE SAID1 #aa ,!Y >E ! TRUE & ! ONLY TRUE PR9CIPLES = ! REGULATION ( BUS9ESS4 ,! SOON] !Y PREVAIL ! BETT]4 ,I DESPISE MYSELF = ! MANN] 9 :I* ,I AM OBLIG$ TO GET MY LIV+ \T ( MY CU/OM]S40 

#b#i#d4 ,ANO!R M]*ANT ( ! SAME CITY SAID TO ! KEEP]1 #aaa CAN F9D NO FAULT ) ! PR9CIPLE4 ,I WAS TELL+ ,MR4 ,C----4 ! O!R DAY1 ?AT IT WAS NOT TO BE SUCCESSFULLY DISPUT$40 

#b#i#e4 ,ANO!R M]*ANT SAID1 9 ! PRES5CE ( F\R CU/OM]S1 0,!RE IS NO DISPUT+ ?AT ?AT IS ! TRUE PR9CIPLE = ! BASIS ( ALL BUS9ESS4 ,I CANNOT WORK ON IT AS ,I AM SITUAT$4 ,I WI% ,I C\LD40 

#b#i#f4 ,AS ,I HAVE BE=E /AT$1 A G5TLEMAN 9 A L>GE RETAIL & :OLESALE BUS9ESS 9 ,9DIANA1 SAID1 9 #a#h#d#b1 ) GREAT E>NE/NESS & MANLY FEEL+1 #aa ,IF SU* PR9CIPLES AS ?OSE C\LD BE 9TRODUC$1 ,I W\LD GIVE N9ETYN9E DOLL>S \T ( EV]Y HUNDR$ ,I POSSESS40 ,YET1 AT ! V]Y TIME ( MAK+ ?IS REM>K1 ! EQUITABLE /ORE 9 ,NEW ,H>MONY1 TW5TY-FIVE MILES DI/ANT1 HAD JU/ BROK5 UP HIS RETAIL TRADE1 & HE ACKN[L$G$ ?AT HE C\LD DO NO?+ 9 ?AT L9E6 ,HIS P>TICUL> PECUNI>Y 9T]E/S DID NOT BL9D HIM TO GREAT] G5]AL 9T]E/S4 

#b#i#g4 ,IT IS (T5 ASK$ :Y !SE /ORES W]E DISCONT9U$4 

#b#i#h4 ,!Y W]E />T$ ONLY ) ! VIEW ( BR++ PR9CIPLES TO TE/1 TRIAL1 & CRITICISM1 & TO SET !M4 BE=E ! PUBLIC 9 A PRACTICAL1 DEMON/RAT$ ATTITUDE1 PREVI\SLY TO =M+ MODEL VILLAGES2 & TO GET COOP]ATORS = ?AT PURPOSE1 ) ! IDEA ?AT ONE SUCCESSFUL MODEL VILLAGE W\LD DO ! WORK- REQUIR$ MORE EXP$ITI\SLY ?AN ANY O!R /EP ?AT C\LD AT ?AT TIME BE TAK52 :]EAS M]E /OREKEEP+ WAS BUT A SMALL ITEM1 A ,S+LE :EEL 9 ! VA/ MA*9]Y ( SOCIETY2 &1 MOREOV]1 !SE /ORES V]Y SOON BR+ ALL SURR\ND+ PRICES D[N TO !IR [N LEVEL1 :5 !RE IS NO?+ LEFT = !M TO WORK UPON6 

#b#i#i4 ,! ONE />T$ 9 ,NEW ,H>MONY 9 ,M>*1 #a#h#d#b1 ) ONLY TWO HUNDR$ DOLL>S CA% CAPITAL1 9 ! C\RSE ( ! FIR/ YE>1 BY ITS IRRESI/IBLE COMPETILION BROKE UP FIVE \T ( ! T5 /ORES ?AT W]E 9 OP]ATION 9 ?AT T[N AT ITS COMM5CEM5T1 & BR\<T D[N ! PRICES AT ! REMA9+ /ORES TO ITS [N LEVEL1 AL?\< SOME ( !M C\LD COMM& UNLIMIT$ CAPITAL4 ,BUT1 HAV+ DONE ?IS1 & BR\<T ! O!R /ORES 9 ! NEI<BOR+ C\NTRY TO ! LEVEL ( EQUIVAL5TS1 ! EQUITABLE /ORE1 LIKE ! #aa GOV]NOR #aa ( A /EAM-5G9E 7NOT ( #af /ATE 071 CEAS$ TO OP]ATE :]E !RE WAS NO?+ TO RECTIFY2 & ! NEXT PURPOSE WAS TO =M A MODEL VILLAGE1 TAK+ IT = GRANT$ ?AT PR9CIPLES SO V]Y SIMPLE1 SO UNASSAILABLE1 SO CAPABLE ( SCI5TIFIC DEMON/RATION1 & SO 9DISP5SABLY NECESS>Y TO ORD]1 PEACE1 ABUNDANCE1 & #aa SECURITY10 ONLY NE$$ TO BE SE5 9 !IR BEAUTIFUL & CONSI/5T SYMMETRY TO BE AT ONCE APPROV$ & ADOPT$4 ,BUT ?AT MODEL VILLAGE HAS NEV] BE5 P]MITT$4 ,! MO/ SUBTLE & 7TO G5]AL OBS]VATION17 ! MO/ 9COMPREH5SIBLE OB/ACLES HAVE BE5 PLAC$ DIRECTLY & 9DIRECTLY ACROSS ITS PA?4 ,IT IS PROBABLY SE51 BY ?OSE :O CAN SEE NO?+- ELSE1 ?AT SU* A MODEL VILLAGE W\LD  

 0,LIKE A :IRLW9D1 SCATT] 9 ITS BREEZE  

 ,! :OLE D>K PILE ( HUMAN MOCK]I]S0  

 & !Y ?9K ?IS W\LD NOT BR+ !M #aa C[RIES NOR (FICES4 ,MISAPPREH5SION1 MISREPRES5TATION1 DIRECT FALSEHOODS1 9S9UATIONS1 SL&]S1 & CUNN+LY CONTRIV$ DEVICES TO SET ! PUBLIC AGA9/ ! DEVELOPM5T( SU* A MODEL1 HAVE RESULT$ 9 A *ANGE ( MODE1 & ! ADOPTION ( ONE :I*1 ?\< DEM&+ GREAT] RES\RCES1 IS MORE 9 ACCORDANCE ) ! UNIV]SALITY ( ! OBJECTS 9 VIEW & ! PR9CIPLES TO BE 9TRODUC$4 

#c4 ,?IS MODE IS SUGGE/$ 9 ! FIR/ *APT] 7ON GOV]NM5T71 NAMELY1 9 EV]Y CITY1 T[N1 VILLAGE1 & NEI<BORHOOD1 TO 9VITE ?OSE SUPPOS$ TO BE MO/ COMPET5T TO UNBIASS$ & CORRECT 9VE/IGATION TO ASSEMBLE AS C\NCILS1 OR C\RTS ( 9QUIRY1 OR DELIB]ATIVE TRIBUNALS1 TO 9VE/IGATE !SE SUBJECTS 9 ! PRES5CE ( ALL ! 9HABITANTS :O *OOSE TO ATT5D AS LI/5]S1 & TO CONT9UE !SE 9VE/IGATIONS TILL A G5]AL1 CLE> UND]/&+ IS HAD ( ! MO/ IMPORTANT 9T]E/S ( LIFE4 ,AN 9TELLIG5T & CORRECT PUBLIC OP9ION WILL !N BECOME1 AS IT W]E1 A GREAT BALANCE-:EEL1 TO REGULATE PROGRESS1 & TO NURSE & PROTECT TRUE CIVILIZATION 9 ITS 9FANTILE /RUGGLES = EXI/5CE4 

#c#a4 ,\R FRI<TFUL W> IS N[ EXT5SIVELY ?\<T TO HAVE BE5 FIR/ /IMULAT$ & SET GO+ BY TRAD]S :O W]E AFRAID ( A FREE PORT BE+ OP5$ AT ! ,S\? :ILE ,NOR!RN PORTS W\LD BE HAMP]$ ) T>IFFS1 & BY (FICE-SEEK]S & BY SPECULATORS LOOK+ =W>D TO ! ADVANTAGES TO BE TAK5 ( ! NECESSITIES ?AT W\LD >ISE FROM W>4 

#c#b4 ,FROM ! HI/ORY ( ! PROGRESS ( #aa ROA/ PIG10 MAY WE NOT HOPE ?AT1 9 ! C\RSE ( A ?\S& YE>S OR MORE1 ! EXAMPLE ( ,L\IS ,NAPOLEON ( ,FRANCE WILL HAVE SO F> PROGRESS$ AS TO 9DUCE ! 0PIONE] GOV]NM5TS 0( CIVILIZATION TO EMPLOY AG5TS1 AT A FIX$ & LIMIT$ SAL>Y1 TO DO !IR L>GE PUR*AS+ & =W>D+1 9/EAD ( EMPLOY+ M5 :OSE GA9S 9CREASE 9 PROPORTION TO ! NECESSITIES ( ! GOV]NM5TS1 & ! EXTRAVAGANCE ( ! PRICES :I* !Y1 AS AG5TS1 PAY = %IPS1 ETC4 

#c#c4 ,& ! NEWSPAP]S6 ,ONE NEWSPAP] WILL MAKE 0 TWO HUNDR$ DOLL>S EXTRA 9 ONE DAY BY ! ANN\NCEM5T ( 0,T,W,5,T,Y ,?,\,S,& ,M,5 ,K,I,L,L,$ ,& ,W,\,N,D,$60 ,:ILE ! $ITOR%IP ( NEWSPAP]S IS ! DIRECT ROAD TO (FICE1 & :ILE ! 0C[RY 0 & (FICE >E ! ALL-ABSORB+ OBJECTS ( PURSUIT1 :O WILL EXPECT COMMON NEWSPAP]S TO ADVOCATE ANY PR9CIPLE T5D+ TO PUT AN 5D TO W>S8 ,:O WILL EXPECT !M TO CEASE 9FLAM+ P>TY AGA9/ P>TY & NATION AGA9/ NATION 2 OR TO PAY ANY ATT5TION TO ! RESPONSIBILITY ( PUBLIC C\NSELORS8 

#c#d4 ,ONE S+LE NEWSPAP]1 :OSE CONDUCTOR %\LD TAKE A POSITION BE=E ! PUBLIC1 GIV+ EVID5CE ?AT HIS 9COME WAS LIMIT$ TO A C]TA9 SUM P] WEEK1 EV5 IF ?IS LIMIT WAS NOT QUITE D[N TO ! LEVEL ( ,EQUIVAL5TS1 -?AT PAP] 7AT LEA/ ITS ADV]TISEM5TS7 W\LD COMM& ! CONFID5CE ( ! PUBLIC1 & C\LD1 !RE=E1 HAVE ALL ! ADV]TIS+ PATRONAGE SO F> AS IT C\LD SUPPLY ! DEM&1 &1 AS ALL ! UNPR9CIPL$ PAP]S >E SU/A9$ *IEFLY BY !IR ADV]TISEM5TS1 ! HO/ ( !SE CORRUPT DI/URB]S ( ! PUBLIC PEACE W\LD S9K AS RAPIDLY 9TO OBLIVION AS DID ! SW9E ( OLD 9TO ! SEA1 & ITS $ITOR W\LD F9D HIMSELF 9/ALL$ 9 AN (FICE ( MORAL P[] & GR&EUR FROM :I* NO VULG> TEMPTATIONS C\LD S$UCE HIM4 ,SU* IS ! IRRESI/IBLE REGULAT+ P[] ( ,EQUITABLE COMPETITION4 ,AS A FIR/ /EP T[>DS ,EQUIVAL5TS1 ?IS SIMPLE ONE ( SETT+ A PUBLIC LIMIT TO COMP5SATION WILL BE AN IMM5SE REGULAT+ P[]2 & IT IS1 P]HAPS1 AS GREAT A /EP AS CAN BE IMM$IATELY TAK5 9 ! CONFUSION ( CITIES4 ,PROVISION DEAL]S1 COAL DEAL]S1 CLO?+ /ORES1 FURNITURE /ORES1 DRY GOODS & FANCY /ORES1 LAWY]S1 MANUFACTUR]S1 PAT5TEES1 BANK]S1 & SPECULATORS ( ALL K9DS1 SET NO KN[N LIMIT TO !IR DEM&S UPON ! PUBLIC1 & H5CE ! BL9D W>F>E EV]Y:]E C>RI$ ON BETWE5 !M4 ,LET EV]Y PR(ESSION HAVE SOME KN[N LIMIT SET TO ITS DEM&S UPON ! PUBLIC1 SO ?AT COMPETITION CAN ACT UND]/&+LY1 & ALL W\LD SOON COME TO ! PEACEFUL LEVEL ( ,EQUIVAL5TS1 EV5 ?\< ! PR9CIPLE ( ,EQUIVAL5TS MI<T NOT BE UND]/OOD4 

#c#e4 ,IT IS (T5 ASK$1 #aa ,:AT WILL 9DUCE ! LAWY]1 ! PHYSICIAN1 ! >TI/1 ! 9V5TOR1 ! SKILLFUL ME*ANIC TO EX*ANGE EQUALLY ) ! WOODSAWY]1 ! NE$LEWOMAN1 ! POOR BOY OR GIRL1 ! WA%]WOMAN80 ETC4 ,! QUE/ION IMPLIES ?AT !SE PR(ESSIONS CAN BE MOV$ BY NO?+ BUT M]C5>Y CONSID]ATIONS1 & ?AT !Y W\LD NECESS>ILY HAVE LESS 9COMES ?AN !Y N[ HAVE4 ,IT IS PROBABLE ?AT ! PR9CIPLE ( ,EQUIVAL5TS W\LD RESULT 9 GREAT] 9COMES TO !SE PR(ESSIONS ?AN !Y N[ RECEIVE4 ,!Y MAY NOT COME D[N 9 !IR PRICES2 IT IS ! DEPRESS$ ?AT W\LD COME UP TO P]HAPS :AT W\LD BE EQUIVAL5T TO FROM ?REE OR F\R TO EI<T OR T5 DOLL>S A DAY1 DEP5D+ ON ! REPUGNANCE ( !IR LABORS4 ,!SE PRICES >E PROBABLY MORE ?AN !SE PR(ESSIONS /EADILY RECEIVE4 ,IF !Y SEE NO TEMPTATION TO EX*ANGE ,EQUITABLY1 NEI!R FROM !IR DIRECT PECUNI>Y 9T]E/S NOR FROM ! BEAUTIFUL & SUBLIME T5D5CIES ( SU* JU/ICE1 !N ,E,Q,U,I,T,A,B,L,E ,C,O,M,P,E,T,I,T,I,O,N WILL DO ALL ?AT IS NE$$4 

#c#f4 ,IF ONLY ONE LAWY] IS WILL+ TO EX*ANGE ,EQUITABLY 7& SEV]AL HAVE ALREADY DONE IT71 HE PUTS IT \T ( ! P[] ( O!RS TO GET MORE ?AN EQUIVAL5TS1 PROVID$ ?AT HE CAN SUPPLY ALL ! DEM&S = ?AT K9D ( LABOR 2 BUT IF NOT1 HE CAN COMM5CE TO 9/RUCT O!RS :O >E SUFF]+ = EMPLOYM5T4 ,PHYSICIANS1 >TI/S1 ME*ANICS1 ONE ( EA*1 ACT+ ON ! SAME PR9CIPLE1 DO+ ! SAME1 ?OSE :O HAD ' NEV] DREAM$ ( ANY?+ BUT A LIFE ( DRUDG]Y & ABUSE WILL F9D !MSELVES BECOM+ LAWY]S1 PHYSICIANS1 M]*ANTS1 BANK]S1 %OEMAK]S1 TAILORS1 5G9E]S1 [N]S ( HOMES1 & RESPONSIBLE & COM=TABLE CITIZ5S -EA* VILLAGE OR NEI<BORHOOD :]E ! IDEAS >E ACT$ ON1 GR[+BY ALMO/ IMP]CEPTIBLE DEGREES 9TO A ,P,O,L,Y,T,E,*,N,I,C ,U,N,I,V,],S,I,T,Y = ! $UCATION1 OR RE$UCATION1 ( ALL :O DESIRE TO PREP>E !MSELVES = LIFE1 OR TO *ANGE !IR PURSUITS4 

#c#g4 ,ONE S+LE 9DIVIDUAL MAY HAVE A BUILD+ -A POLYTE*NIC COLLEGE - ) DIFF]5T ROOMS1 & TOOLS 9 EA* = DIFF]5T >TS1 TRADES1 OR /UDIES1 :]E ANY ONE1 Y\NG OR OLD1 CAN COME & LE>N ANY BRAN* ( BUSI,HESS1 PAY+ = R5T1 USE ( TOOLS1 & 9/RUCTION1 BY ! H\R1 ON ! PR9CIPLE ( ,EQUIVAL5TS1 :I* ! POORE/ CAN (T5 EASILY PAY 9 !IR [N LABOR4 ,DOES ?IS LOOK REMOTE & IMPROBABLE8 ,IT IS1 AS ALREADY BE+ DONE4 

#c#h4 ,C,O,M,P,E,T,I,T,I,O,N1 !N1 9/EAD ( BE+ ! FI]CE & T]RIBLE OGRE- ! ,JUGG]NAUT ( ,CIVILIZATION1 CRU%+ ITS VICTIMS ( ALL AGES & PR(ESSIONS & ( BO? SEXES AT EV]Y TURN ( ITS BLOODY :EELS1 IT COMES TO A HALT ON ! GR\ND ( ,EQUIVAL5TS1 & BECOMES CONV]T$ 9TO A V]Y COM=TABLE C>RIAGE = ! CONVEYANCE ( PASS5G]S TO ! ,HOLY ,L&6 I4E41 ! L& NOT CURS$ ) UNSCRUPUL\S SPECULATION4 

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

,*RONOLOGY 3 
,NOVEMB] #c1 #ahfb 3 ,*APT] #d -- ,PUBLICATION4 
,FEBRU>Y #b#c1 #bag 3 ,*APT] #d -- ,ADD$4 

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