You are on page 1of 15

Gold & Work

Ezra Pound

Ezra Pound by Wyndham Lewis 7,181 words In memory of AURELIO BAI I !rans"a#ed by $ohn %rummond Editors Note: The following text is surely the most compelling and clear of Ezra Pounds economic writings. I want to thank Kerry olton for making a copy a!aila"le for scanning. #$om"een man% is Irish slang for a money&lender "ut it also refers to unethical "usinessmen in general. A# &'() *+m+ on ,onday, () $anuary 1-(( ./ear 0I1, #he au#hor of #he fo""owin2 no#es submi##ed a "is# of ei2h#een *oin#s #o a *ersona2e of #he I#a"ian 3o4ernmen#+ !en years "a#er #hese *oin#s were *ub"ished in #he Meridiano di Roma wi#h #he resu"# #ha# #ha# news*a*er was banned by #he Uni#ed #a#es *os#a" au#hori#ies+ !here are 5er#ain ideas #ha# are no# we"5ome in "ibera" 5ir5"es+ A 5om*"e#e bib"io2ra*hy of #he au#hor6s wor7s wou"d in5"ude, a*ar# from wri#in2s of a non8 e5onomi5 5hara5#er, hundreds of "e##ers and ar#i5"es on money, and se4era" boo7s and *am*h"e#s, in5"udin2' A.B.C. of Economics, London, 1-(( Jefferson and/or Mussolini, 1-(& Social Credit: an Impact, 1-(&

What is Mone !or" 1-(and, in I#a"ian' Confucio, Studio lnte#rale .in 5o""abora#ion wi#h A"ber#o Lu5hini1, Ra*a""o, 1-9: Carta da $isita, Rome, 1-9: ;on#ribu#ions #o #he Meridiano di Roma, Rasse#na Monetaria, e#5+ The Way of Utopia On #he 1)#h of e*#ember "as#, I wa"7ed down #he <ia a"aria and in#o #he Re*ub"i5 of U#o*ia, a =uie# 5oun#ry "yin2 ei2h#y years eas# of >ara abina+ ?o#i5in2 #he 5heerfu" dis*osi#ion of #he inhabi#an#s, I en=uired #he 5ause of #heir 5on#en#men#, and I was #o"d #ha# i# was due bo#h #o #heir "aws and #o #he #ea5hin2 #hey re5ei4ed from #heir ear"ies# s5hoo" days+ !hey main#ain .and in #his #hey are in a2reemen# wi#h Aris#o#"e and o#her an5ien# sa2es of Eas# and Wes#1 #ha# our 7now"ed2e of uni4ersa"s deri4es from our 7now"ed2e of *ar#i5u"ars, and #ha# #hou2h# hin2es on #he defini#ions of words+ In order #o #ea5h sma"" 5hi"dren #o obser4e *ar#i5u"ars #hey *ra5#ise a 7ind of 2ame, in whi5h a number of sma"" ob@e5#s, e+2+, #hree 2rains of bar"ey, a sma"" 5oin, a b"ue bu##on, a 5offee bean, or, say, one 2rain of bar"ey, #hree differen# 7inds of bu##ons, e#5+, are 5on5ea"ed in #he hand+ !he hand is o*ened for an ins#an#, #hen =ui57"y 5"osed a2ain, and #he 5hi"d is as7ed #o say wha# i# has seen+ >or o"der 5hi"dren #he 2ame is 2radua""y made more e"abora#e, un#i" fina""y #hey a"" 7now how #heir ha#s and shoes are made+ I was a"so informed #ha# by "earnin2 how #o define words #hese *eo*"e ha4e su55eeded in definin2 #heir e5onomi5 #erms, wi#h #he resu"# #ha# 4arious ini=ui#ies of #he s#o57 mar7e# and finan5ia" wor"d ha4e en#ire"y disa**eared from #heir 5oun#ry, for no one a""ows himse"f #o be foo"ed any "on2er+ And #hey a##ribu#e #heir *ros*eri#y #o a sim*"e me#hod #hey ha4e of 5o""e5#in2 #aAes or, ra#her, #heir one #aA, whi5h fa""s on #he 5urren5y i#se"f+ >or on e4ery no#e of 1)) mone#ary uni#s #hey are ob"i2ed, on #he firs# of e4ery mon#h, #o affiA a s#am* wor#h one uni#+ And as #he 2o4ernmen# *ays i#s eA*enses by #he issue of new 5urren5y, i# ne4er needs #o im*ose o#her #aAes+ And no one 5an hoard #his 5urren5y be5ause af#er 1)) mon#hs i# wou"d ha4e "os# a"" i#s 4a"ue+ And #his so"4es #he *rob"em of 5ir5u"a#ion+ And be5ause #he 5urren5y is no more durab"e #han 5ommodi#ies su5h as *o#a#oes, 5ro*s, or fabri5s, #he *eo*"e ha4e a5=uired a mu5h hea"#hier sense of 4a"ues+ !hey do no# worshi* money as a 2od, #hey do no# "i57 #he boo#s of b"oa#ed finan5iers or sy*hi"i#i5s of #he mar7e#8*"a5e+ And, of 5ourse, #hey are no# mena5ed by inf"a#ion, and #hey are no# 5om*e""ed #o ma7e wars #o *"ease #he usurers+ In fa5#, #his *rofessionBor 5rimina" a5#i4i#yBis eA#in5# in #he 5oun#ry of U#o*ia, where no one is ob"i2ed #o wor7 more #han fi4e hours a day, be5ause #heir mode of "ife ma7es a 2rea# dea" of bureau5ra#i5 a5#i4i#y unne5essary+ !rade has few res#rain#s+ !hey eA5han2e #heir woo""en and si"7 fabri5s a2ains# 5offee and 2roundnu#s from #heir Afri5an *ossessions, whi"e #heir 5a##"e are so numerous #ha# #he fer#i"izer *rob"em a"mos# so"4es i#se"f+ Bu# #hey ha4e a 4ery s#ri5# "aw whi5h eA5"udes e4ery 7ind of surro2a#e from #he who"e of #heir re*ub"i5+ Edu5a#ion for #hese *eo*"e is a"mos# a @oy, and #here are no redundan# *rofessors+ !hey say #ha# i# is im*ossib"e #o e"imina#e idio#i5 boo7s, bu# #ha# i# is easy #o dis#ribu#e #he an#ido#e, and #hey do #his by means of a 4ery sim*"e sys#em+ E4ery boo7se""er is ob"i2ed #o s#o57 #he bes# boo7sC some of ou#s#andin2 meri# mus# be dis*"ayed in his window for a 5er#ain number of mon#hs ea5h year+ As #hey be5ome fami"iar wi#h #he 4ery bes# boo7s, #he dis2us#in2 messes

ser4ed u* *eriodi5a""y by %he %imes or #he &ou'elle Re'ue !ran(aise 2radua""y disa**ear from #he drawin28rooms of #he more em*#y8headed youn2 "adiesDof bo#h seAes+ !hey a##a5h #he im*or#an5e #o s7i"" in a2ri5u"#ura" #as7s #ha# I a##a5hed in my you#h #o s7i"" a# #ennis or foo#ba""+ In fa5#, #hey ha4e *"ou2hin2 5on#es#s #o see who 5an dri4e #he s#rai2h#es# furrow+ As for myse"f, I fe"# I was #oo o"d for su5h a5#i4i#ies, and re5a""ed #he 5ase of a youn2 friend who had a"so been seized #his ar5hai5 *assion' he wro#e #ha# his firs# a5re E"oo7ed as if a *i2 had been roo#in2 abou# a"" o4er i#+F Af#er I had heard #hese 4ery sim*"e eA*"ana#ions of #he ha**iness of #hese *eo*"e, I wen# #o s"ee* under #he abine s#ars, *onderin2 o4er #he as#onishin2 effe5#s of #hese reforms, a**aren#"y so #rif"in2, and mar4e""in2 a# #he 2rea# dis#an5e se*ara#in2 #he #wen#ie#h85en#ury wor"d from #he wor"d of 5on#en#men#+ Ins5ribed o4er #he en#ran5e #o #heir ;a*i#o" are #he words' !GE !REA URE O> A ?A!IO? I I! GO?E !/+ Particulars of the Crime I# is no use assemb"in2 a ma5hine if a *ar# is missin2 or defe5#i4e+ One mus# firs# ha4e a"" #he essen#ia" *ar#s+ >u""y #o unders#and #he ori2ins of #he *resen# war i# wi"" be usefu" #o 7now #ha#' !he Ban7 of En2"and, a fe"onious 5ombina#ion or, more *re5ise"y, a 2an2 of usurers #a7in2 siA#y *er 5en#+ in#eres#, was founded in 1H-9+ Pa#erson, #he founder of #he ban7, 5"ear"y s#a#ed #he ad4an#a2es of his s5heme' E#he ban7 ha#h benefi# of #he in#eres# on a"" moneys whi5h i# 5rea#es ou# of no#hin2+FI1J In 17&) #he *a*er 5urren5y of #he ;o"ony of Pennsy"4ania was su**ressed+ !his mean# #ha# #his 5onfedera5y of 2ombeen8men, no# 5on#en# wi#h #heir siA#y *er 5en#+, name"y, #he in#eres# on #he moneys #hey 5rea#ed ou# of no#hin2, had, in #he fif#y8siA in#er4enin2 years, be5ome *owerfu" enou2h #o indu5e #he Bri#ish 3o4ernmen# #o su**ress, ille#all , a form of 5om*e#i#ion whi5h had, #hrou2h a sane mone#ary sys#em, brou2h# *ros*eri#y #o #he 5o"ony+ !wen#y8siA years "a#er, in 177H, #he Ameri5an 5o"onies rebe""ed a2ains# En2"and+ !hey were #hir#een inde*enden# or2ans, di4ided amon2 #hemse"4es, bu# fa4oured by 2eo2ra*hi5a" fa5#ors and Euro*ean dis5ords+ !hey 5on=uered #heir *erennia" enemy, En2"and, bu# #heir re4o"u#ion was be#rayed by in#erna" enemies amon2 #hem+ !heir diffi5u"#ies mi2h# ser4e #o s#imu"a#e I#a"ians #oday, and #he *rob"ems of #ha# #ime mi2h# su22es# so"u#ions in I#a"y now+ !he im*erfe5#ions of #he Ameri5an e"e5#ora" sys#em were a# on5e demons#ra#ed by #he s5anda" of #he ;on2ressmen who s*e5u"a#ed in #he E5er#ifi5a#es of owed *ayF #ha# had been issued by #he 4arious ;o"onies #o #he so"diers of #he Re4o"u#ion+ I# was an o"d #ri57, and a sim*"e one' a =ues#ion of a"#erin2 #he 4a"ue of #he mone#ary uni#+ !wen#y8nine ;on2ressmen 5ons*ired wi#h #heir asso5ia#es and bou2h# u* #he 5er#ifi5a#es from 4e#erans and o#hers a# #wen#y *er 5en#+ of #heir fa5e 4a"ue+ !he na#ion, ha4in2 now es#ab"ished i#se"f as an adminis#ra#i4e uni#, #hen EassumedF res*onsibi"i#y for redeemin2 #he 5er#ifi5a#es a# #heir fu"" fa5e 4a"ue+

!he s#ru22"e be#ween #he finan5ia" in#eres#s and #he *eo*"e was 5on#inued in #he ba##"e be#ween $efferson and Gami"#on, and s#i"" more o*en"y when #he *eo*"e were "ed by $a57son and <an Buren+ !he de5ade be#ween 18() and 189) has *ra5#i5a""y disa**eared from #he s5hoo"8boo7s+ !he e5onomi5 fa5#s behind #he Ameri5an E;i4i"F War are eA#reme"y in#eres#in2+ Af#er #he ?a*o"eoni5 wars, af#er #he E;i4i"F one, af#er <ersai""es, #he same *henomena may be obser4ed+ Usuro5ra5y ma7es wars in su55ession+ I# ma7es #hem a55ordin2 #o a *rees#ab"ished *"an for #he *ur*ose of 5rea#in2 deb#s+ >or e4ery deb# in5urred when a bushe" of 2rain is wor#h a 5er#ain sum of money, re*aymen# is demanded when i# re=uires fi4e bushe"s or more #o raise #he same sum+ !his is a55om*anied by mu5h #a"7 of de4a"ua#ion, inf"a#ion, re4a"ua#ion, def"a#ion, and a re#urn #o 2o"d+ By re#urnin2 #o 2o"d, ,r+ ;hur5hi"" for5ed #he Indian *easan# #o *ay #wo bushe"s of 2rain in #aAes and in#eres# whi5h a shor# #ime before he had been ab"e #o *ay wi#h one on"y+ ;+ G+ %ou2"as, Ar#hur Ki#son, ir ,on#a2u Webb 2i4e #he de#ai"s+ !he Uni#ed #a#es were so"d #o #he Ro#hs5hi"ds in 18H(+ !he Ameri5ans ha4e #a7en ei2h#y years #o dis5o4er #he fa5#s #ha# are s#i"" un7nown in Euro*e+ ome of #hem were made 7nown in ;on2ress by ;har"es A+ Lindber2h, #he a4ia#or6s fa#her, and "a#er in5"uded by Wi""is A+ O4erho"ser in his )istor of Mone in the *nited States+ A "e##er from #he London ban7in2 firm of Ro#hs5hi"d Bros, da#ed :& $une, 18H(, addressed #o #he ?ew /or7 ban7 I7"eheimer, ,or#on L <ander 3ou"d, 5on#ains #he fo""owin2 words of fire' $er fe+ people +ill understand this. %hose +ho do +ill ,e occupied #ettin# profits. %he #eneral pu,lic +ill pro,a,l not see it-s a#ainst their interest+I:J !he fa4ouri#e #ri57s of #he usuro5ra5y are sim*"e, and #he word EmoneyF is no# defined in #he 5"er7s6 manua" issued by #he Ro#hs5hi"ds, nor in #he offi5ia" 4o5abu"ary E ynonyms and Gomonyms of Ban7in2 !ermino"o2y+F !he #ri57s are sim*"e' #a7in2 usury a# siA#y *er 5en#+ and u*wards, and a"#erin2 #he 4a"ue of #he in#e2er of a55oun# a# momen#s ad4an#a2eous #o #hemse"4es+ Ignorance I2noran5e of #hese #ri57s is no# a na#ura" *henomenonC i# is brou2h# abou# ar#ifi5ia""y+ I# has been fos#ered by #he si"en5e of #he *ress, in I#a"y as mu5h as anywhere e"se+ Wha# is more, i# has been *a#ien#"y and 5arefu""y bui"# u*+ !he #rue basis of 5redi# was a"ready 7nown #o #he founders of #he ,on#e dei Pas5hi of iena a# #he be2innin2 of #he se4en#een#h 5en#ury+ !his basis was, and is, #he abundan5e, or *rodu5#i4i#y, of na#ure #o2e#her wi#h #he res*onsibi"i#y of #he who"e *eo*"e+ !here are usefu" and *o#en#ia""y hones# fun5#ions for ban7s and ban7ers+ One who *ro4ides a measure of *ri5es in #he mar7e# and a# #he same #ime a means of eA5han2e is usefu" #o #he na#ion+ Bu# one who fa"sifies #his measure and #his means is a 5rimina"+

A sound ban7in2 *o"i5y aims, and in #he *as# has aimed, as Lord O4ers#one . amue" Loyd1 has said, E#o mee# #he rea" wan#s of 5ommer5e, and #o dis5oun# a"" 5ommer5ia" bi""s arisin2 ou# of "e2i#ima#e #ransa5#ions+FI(J ?e4er#he"ess, a# a 5er#ain momen# a# abou# #he be2innin2 of #he 5en#ury, Broo7s Adams was mo4ed #o wri#e' Perha*s no finan5ier has e4er "i4ed ab"er #han amue" Loyd+ ;er#ain"y he unders#ood as few men, e4en of "a#er 2enera#ions, ha4e unders#ood, #he mi2h#y en2ine of #he sin2"e #andard+ Ge 5om*rehended #ha#, wi#h eA*andin2 #rade, an ine"as#i5 5urren5y mus# rise in 4a"ueC he saw #ha#, wi#h suffi5ien# resour5es a# 5ommand, his 5"ass mi2h# be ab"e #o es#ab"ish su5h a rise, a"mos# a# *"easureC 5er#ain"y #ha# #hey 5ou"d mani*u"a#e i# when i# 5ame, by #a7in2 ad4an#a2e of forei2n eA5han2e+ Ge *er5ei4ed moreo4er #ha#, on5e es#ab"ished, a 5on#ra5#ion of #he 5urren5y mi2h# be for5ed #o an eA#reme, and #ha# when money rose beyond *ri5e, as in 18:&, deb#ors wou"d ha4e #o surrender #heir *ro*er#y on su5h #erms as 5redi#ors mi2h# di5#a#e+I9J o now you unders#and why #he B+B+;+, *ro5"aimin2 #he "ibera#ion of Euro*e, and of I#a"y in *ar#i5u"ar, ne4er re*"ies #o #he =ues#ion' And the li,ert of not #ettin# into de,t.ho+ a,out that" And you wi"" unders#and why Broo7s Adams wro#e #ha# af#er Wa#er"oo no *ower had been ab"e #o resis# #he for5e of #he usurers+I&J And you wi"" unders#and why ,usso"ini was 5ondemned #wen#y years a2o by #he 5en#ra" 5ommi#ee of #he usuro5ra5y+ And why wars are made, i+e+, in order #o 5rea#e deb#s whi5h mus# be *aid in a**re5ia#ed money, or no# *aid a# a"", a55ordin2 #o 5ir5ums#an5es+ War is #he hi2hes# form of sabo#a2e, #he mos# a#ro5ious form of sabo#a2e+ Usurers *ro4o7e wars #o im*ose mono*o"ies in #heir own in#eres#s, so #ha# #hey 5an 2e# #he wor"d by #he #hroa#+ Usurers *ro4o7e wars #o 5rea#e deb#s, so #ha# #hey 5an eA#or# #he in#eres# and ra7e in #he *rofi#s resu"#in2 from 5han2es in #he 4a"ues of mone#ary uni#s+ If #his is no# 5"ear #o #he no4i5e, "e# him read and medi#a#e #he fo""owin2 sen#en5es from #he Gazard ;ir5u"ar of #he year 18H:' !he 2rea# deb# #ha# .our friends #he1 5a*i#a"is#s .of Euro*e1 wi"" see #o i# is made ou# of #he war mus# he used #o 5on#ro" #he 4o"ume of money+ + + + I# wi"" no# do #o a""ow #he 2reenba57, as i# is 5a""ed, #o 5ir5u"a#e + + + for we 5anno# 5on#ro" #hem .i+e+, #heir issue, e#5+1+IHJ In fa5#, af#er #he assassina#ion of Presiden# Lin5o"n no serious measures a2ains# #he usuro5ra5y were a##em*#ed un#i" #he forma#ion of #he Rome8Ber"in AAis+ I#a"y6s ambi#ion #o a5hie4e e5onomi5 "iber#yB#he "iber#y of no# 2e##in2 in#o deb#B*ro4o7ed #he un"eashin2 of #he e4er8a55ursed san5#ions+ Bu# #he 2rea# I#a"ian *ub"ishin2 houses, more or "ess o*en a55om*"i5es of #he *erfidious I#a"ian *ress, ha4e no# *ub"ished #he wor7s of Broo7s Adams and Ar#hur Ki#son in whi5h #hese fa5#s are 2i4en+ !he *ress has been *erfidious, and #he 2rea# *ub"ishin2 houses ha4e been more or "ess 5ons5ious a55om*"i5es a55ordin2 #o #heir o*a5i#y+ One 5anno# ho*e #o *re4ai" a2ains# bad fai#h by ma7in2 7nown #he fa5#s, bu# one mi2h# a2ains# i2noran5e+ !he *ub"ishers ha4e re5ei4ed #heir informa#ion #hrou2h 5er#ain 5hanne"sC #hey ha4e #a7en #heir

#one from #he %imes /iterar Supplement and from boo7s dis#ribu#ed #hrou2h Ga5he##e and W+ G+ mi#h L on, or a**ro4ed by #he &ou'elle Re'ue !ran(aise+ ?o#hin2, or *ra5#i5a""y no#hin2, has arri4ed in I#a"y #ha# has no# been *i57ed o4er by #he in#erna#iona" usurers and #heir b"ind or shif#y8eyed ser4i#ors+ And #he resu"# is #o be seen in an ar#ifi5ia""y 5rea#ed i2noran5e and snobbery+ ?eoma"#husianism needs "oo7in2 in#o+ In I#a"y, as e"sewhere, 5rime fi5#ion has ser4ed #o dis#ra5# a##en#ion from #he 2rea# under"yin2 5rime, #he 5rime of #he usuro5ra#i5 sys#em i#se"f+ If #his may seem of no im*or#an5e #o *o"i#i5ians and men of a5#ion, i# has none#he"ess 5rea#ed a 4as# b"o57a2e of *assi4e iner#ia in #he 4ery so8 5a""ed E"i#eraryF or E5u"#uredF 5ir5"es whi5h se# #he #one of *rin#ed ma##er+ !hey read, #hey wri#e, and #he *ub"i5 2e#s #he swee*in2s+ And from #his dishwashin2 *ro5ess deri4es #he ;RE%ULI!/ #ha# has 5on#amina#ed a 2rea# *ar# of #he *ub"i5 wi#h #he EEn2"ish disease,F name"y, a *a#ho"o2i5a" dis*osi#ion #o be"ie4e #he fan#as#i5 #a"es *u# ou# from London and dissemina#ed 2ra#is by indi2enous sim*"e#ons+ Of #he "ibera"s .who are no# a"ways usurers1 we wou"d as7, Why are usurers a"ways "ibera"sM Of #hose who demand #he di5#a#orshi* of #he *ro"e#aria# we wou"d as7, ,us# #he *ro"e#aria# of one 5oun#ry im*ose di5#a#orshi* on #he *ro"e#aria# of ano#herM !o #hose who in4ei2h a2ains# #he 5on5e*# of au#ar5hy, sayin2 i# 5os#s #oo mu5hC #ha# 2rain shou"d be bou2h# in #he 5hea*es# mar7e#Bwe wou"d re5a"" #ha# i# was *re5ise"y #he im*or#in2 of 5hea* 2rain from E2y*# #ha# ruined I#a"ian a2ri5u"#ure under #he Roman Em*ire+ And if #his fa5# a**ears #oo remo#e from our own #imes, i# may be no#ed #ha# #hose who s*ea7 of #his 7ind of #rade usua""y end u* by #a"7in2 abou# #he eA*or# of la,our, #ha# is, #he eA*or# of wor7ers, #he eA*or# of human bein2s, in eA5han2e for 5ommodi#ies+ ,any are be2innin2 #o unders#and #ha# En2"and, in her sadis#i5 a##em*# des#roy I#a"y, is des#royin2 herse"f, #hou2h #he *ub"i5 s#i"" fai"s #o unders#and #he ori2in of #his mania for des#ru5#ion+ %eny, if you "i7e, #ha# #he *ure"y and eA5"usi4e"y e5onomi5 man eAis#s, ye# #he ana"ysis of e5onomi5 mo#i4es is usefu" for an unders#andin2 of a4ari5e+ !he 2reed for mono*o"y is a fundamen#a" e4i"+ I# may be seen in #he #rans2ression of #he un@us# *ri5e, 5ondemned by #he e5onomi5 do5#rine of #he ;hur5h #hrou2hou# #he *eriod of i#s 2rea#es# s*"endour+ I# mus# be unders#ood #ha# #he who"e of #he 5urren# #as#e in "i#era#ure and en#ire @ourna"is#i5 sys#em are 5on#ro""ed by #he in#erna#iona" usuro5ra5y, whi5h aims a# *reser4in2 in#a5# #he *ub"i56s i2noran5e of #he usuro5ra#i5 sys#em and i#s wor7in2s+ !he de#ai"s of #he mi"i#ary be#raya" are 7nown, bu# #he in#e""e5#ua" be#raya" has no# ye# been unders#ood+ I2noran5e of #his sys#em and i#s me5hanisms is no# a na#ura" *henomenonC i# has been 5rea#ed+ Libera"ism and Bo"she4ism are in in#ima#e a2reemen# in #heir fundamen#a" 5on#em*# for #he human *ersona"i#y+ #a"in Edis*osesF of for#y #ru57"oads human Ema#eria"F for wor7 on a 5ana"+ We find d1e "ibera"s #a"7in2 abou# eA*or# of E"abour+F Libera"ism 5on5ea"s i#s banefu" e5onomi5s under #wo *re#eA#s' #he freedom of #he s*o7en and wri##en word, and #he freedom of #he indi4idua", *ro#e5#ed in #heory, by #ria" in o*en 5our#, 2uaran#eed by #he formu"a of ha,eas corpus+ En=uire in India, or in En2"and, #o wha# eA#en# #hese *re#eA#s are res*e5#e5+ As7 any Ameri5an @ourna"is# wha# freedom of eA*ression is "ef# him by #he ad4er#isers+

ome fur#her i#ems of usefu" 7now"ed2e' .11 We need a means of eA5han2e and a means of sa4in2, bu# i# does fo""ow #ha# #he means mus# be #he same in ea5h 5ase+ .:1 !he s#a#e 5an LE?%+ !he f"ee# #ha# was 4i5#orious a# a"amis was bui"# wi#h money "en# #o #he shi*bui"ders by #he A#henian s#a#e+ .(1 !o sim*"ify bo#h 2o4ernmen# and *ri4a#e mana2emen#, a sys#em whi5h 5an o*era#e a# #he 5oun#er, whe#her of a 2o4ernmen# or *ri4a#e offi5e, is *referab"e+ A ?A!IO? !GA! WILL ?O! 3E! I! EL> I?!O %EB! %RI<E !GE U URER !O >UR/ The Pivot A"" #rade hin2es on money+ A"" indus#ry hin2es on money+ ,oney is #he *i4o#+ I# is #he midd"e #erm+ I# s#ands midway be#ween indus#ry and wor7ers+ !he *ure e5onomi5 man may no# eAis#, bu# #he e5onomi5 fa5#or, in #he *rob"em of "i4in2, eAis#s+ If you "i4e on 5"i5hNs and "ose your res*e5# for words, you wi"" "ose your Eben de""6 in#e""e##o+FI7J !rade brou2h# *ros*eri#y #o Li2uriaC usury "os# i# ;orsi5a+ Bu# in "osin2 #he abi"i#y #o dis#in2uish be#ween #rade and usury one "oses a"" sense of #he his#ori5a" *ro5ess+ !here has been some 4a2ue #a"7 in re5en# mon#hs abou# an in#erna#iona" *ower, des5ribed as finan5ia", bu# i# wou"d be be##er #o 5a"" i# Eusuro5ra5y,F or #he ru"e of #he bi2 usurers 5ombined in 5ons*ira5y+ ?o# #he 2un mer5han#s, bu# #he #raffi57ers in money i#se"f ha4e made #his warC #hey ha4e made wars in su55ession, for 5en#uries, a# #heir own *"easure, #o 5rea#e deb#s so #ha# #hey 5an en@oy #he in#eres# on #hem, #o 5rea#e deb#s when money is 5hea* in order #o demand re*aymen# when money is dear+ Bu# as "on2 as #he word EmoneyF is no# 5"ear"y defined, and as "on2 as i#s defini#ion is no# 7nown #o a"" #he *eo*"es of #he wor"d, #hey wi"" 2o b"ind"y #o war wi#h ea5h o#her, ne4er 7nowin2 #he reason why+ !his war was no whim of ,usso"ini6s, nor of Gi#"er6s+ !his war is a 5ha*#er in #he "on2 and b"oody #ra2edy whi5h be2an wi#h #he founda#ion of #he Ban7 of En2"and in far8away 1H-9, wi#h #he o*en"y de5"ared in#en#ion of Pa#erson6s now famous *ros*e5#us, whi5h 5on#ains #he words a"ready =uo#ed' E#he ban7 ha#h benefi# of #he in#eres# on a"" moneys whi5h i# 5rea#es ou# of no#hin2+F !o unders#and wha# #his means i# is ne5essary #o unders#and wha# money is+ ,oney is no# a sim*"e ins#rumen# "i7e a s*ade+ I# is made u* of #wo e"emen#s' one whi5h measures #he *ri5es on #he mar7e#, one whi5h bes#ows #he *ower #o *ur5hase #he 2oods+ I# is #his #wofo"d as*e5# #ha# #he usurers ha4e #a7en ad4an#a2e of+ /ou 7now we"" enou2h #ha# a wa#5h 5on#ains #wo *rin5i*"es, a mains*rin2 and a hair8s*rin2, wi#h a #rain of whee"s be#ween #he #wo+ Bu# if someone as7s you wha# money is, you don6# 7now wha# #he #en "ire no#es and #he #wen#y 5en#esimi *ie5es, whi5h you ha4e in your *o57e#s, are+ Un#i" #he se4en#h 5en#ury af#er ;hris#, when an Em*eror of #he !6an2 %ynas#y issued s#a#e no#es .state no#es, no# ban7 no#es, mind you1, #he wor"d was *ra5#i5a""y 5om*e""ed #o use as

money a de#ermined =uan#i#y of some 5ommon"y used 5ommodi#y, su5h as sa"# or 2o"d a55ordin2 #o #he de2ree of "o5a" so*his#i5a#ion+ Bu# sin5e A+%+ H&9, a# "eas#, #his me#a" has no "on2er been ne5essary for #radin2 be#ween 5i4i"ized *eo*"e+ !he s#a#e no#e of #he !6an2 %ynas#y, of #he year 8&H, whi5h is s#i"" in eAis#en5e, has an ins5ri*#ion a"mos# iden#i5a" wi#h #he one you read on your #en "ire no#es+ !he no#e measures #he *ri5e, no# #he 4a"ueC or in o#her words, *ri5es are 5a"5u"a#ed in mone#ary uni#s+ Bu# who su**"ies #hese no#esM And, before #he *resen# war, who 5on#ro""ed #he issue of in#erna#iona" moneyM If you wan# #o dis5o4er #he 5auses of #he *resen# war, #ry and find ou# who 5on#ro""ed international money, and how i# 5ame under su5h 5on#ro"+ >or #he momen# I wi"" 2i4e you on"y one hin# from #he his#ory of #he Uni#ed #a#es of Ameri5a' !he 2rea# deb# #ha# .our friends #he1 5a*i#a"is#s .of Euro*e1 wi"" see #o i# is made ou# of #he war mus# be used #o 5on#ro" #he 4o"ume of money+ + + + I# wi"" no# do #o a""ow #he 2reenba57, as i# is 5a""ed, #o 5ir5u"a#e + + + for we 5anno# 5on#ro" #hem+I8J !his is from #he Gazard ;ir5u"ar of #he year 18H:+ I# seems #o me #ha# a simi"ar si#ua#ion eAis#ed in 1-(-+ I wou"d say #ha# I#a"y, no# wan#in2 #o 2e# herse"f in#o deb#, dro4e #he 2rea# usurers #o fury+ !hin7 i# o4erO And #hin7 of #he na#ure of money i#se"f, and of #he e5onomis#s6 in4ariab"e irres*onsibi"i#y when we as7 #hem #o define su5h words as money, 5redi#, in#eres#, and usury+ If we are 2oin2 #o #a"7 abou# mone#ary *o"i5y, mone#ary reform, or a mone#ary re4o"u#ion, we mus# 7now firs# of a"" eAa5#"y wha# money is+ The Enemy !he enemy is i2noran5e .our own1+ A# #he be2innin2 of #he nine#een#h 5en#ury $ohn Adams .Pa#er Pa#riae1 saw #ha# #he defe5#s and errors of #he Ameri5an 2o4ernmen# deri4ed no# so mu5h from #he 5orru*#ion of 2o4ernmen# offi5ia"s as from i2noran5e of 5oin, 5redi#, and 5ir5u"a#ion+ !he si#ua#ion is #he same #oday+ !he sub@e5# is 5onsidered #oo dry by #hose who do no# unders#and i#s si2nifi5an5e+ >or eAam*"e, a# abou# #he end of "as# %e5ember a ban7er boas#ed #o me #ha# a# a 5er#ain *eriod he 5ou"d remember I#a"ian *a*er money was wor#h more #han 2o"d+ One 5on5"udes #ha# in #ha# *ar#i5u"ar E2o"den a2eF #he Ro#hs5hi"ds were wan#in2 #o *ur5hase 2o"d 5hea*, in order #o send i#s *ri5e ro57e#in2 "a#er+ In #he same way #he assoons and #heir a55om*"i5es *rofi#ed from #he s"um* in si"4er+ A# one *eriod, in fa5#, si"4er fe"" #o :( 5en#s *er oun5e, and was "a#er bou2h# by 5er#ain Ameri5an idio#s a# 7& 5en#s *er oun5e, in order #o *"ease #heir mas#ers and #o Esa'e India,F where, wi#h #he re#urn #o 2o"d, ,r+ ;hur5hi"", as we ha4e remar7ed, for5ed #he *easan#s #o *ay #wo bushe"s of 2rain in #aAes and in#eres# whi5h a shor# #ime before 5ou"d ha4e been *aid wi#h on"y one+ !o 5omba# #his ri22in2 of #he 2o"d and si"4er mar7e#s we mus# 7now wha# money is+ !oday money is a dis7 of me#a" or a s"i* of *a*er whi5h ser4es #o measure *ri5es and whi5h 5onfers, on i#s *ossessor, #he ri2h# #o re5ei4e in eA5han2e any 2oods on sa"e in #he mar7e# u* #o a *ri5e

e=ua" #o #he fi2ure indi5a#ed on me dis7 or s"i* of *a*er, wi#hou# any forma"i#y o#her #han #he #ransfer of #he money from hand #o hand+ !hus money differs from a s*e5ia" 5ou*on, su5h as a rai"way or #hea#re #i57e#+ !his uni4ersa" =ua"i#y 5onfers s*e5ia" *ri4i"e2es on money whi5h #he s*e5ia" 5ou*on does no# *ossess+ Of #hese I wi"" s*ea7 ano#her #ime+ Besides #his #an2ib"e money, #here is a"so in#an2ib"e money, 5a""ed Emoney on a55oun#,F whi5h is used in a55oun#in2 and ban7in2 #ransa5#ions+ !his in#an2ibi"i#y be"on2s #o a dis5ussion of 5redi# ra#her #han a #rea#ise on money+ Our immedia#e need is #o 5"arify 5urren# 5on5e*#ions wi#h re2ard #o #he so85a""ed Ewor78money,F and #o ma7e 5"ear #ha# money 5anno# be a Esymbo" of wor7F wi#hou# any o#her =ua"ifi5a#ion+ I# 5ou"d be a Ecertificate of +or0 doneF on 5ondi#ion #ha# #he wor7 is done wi#hin a sys#em+ !he 4a"idi#y of #he 5er#ifi5a#e wou"d de*end on #he hones#y of #he sys#em, and on #he au#hori#y of #he 5er#ifier+ And #he 5er#ifi5a#e wou"d ha4e #o refer #o some wor7 usefu"Bor a# "eas# *"easurab"eB#o #he 5ommuni#y+ An i#em of wor7 no# ye# 5om*"e#ed wou"d ser4e as an e"emen# of 5redi# ra#her #han as a basis for money *ro*er"y unders#ood+ *ea7in2 me#a*hori5a""y, one mi2h# 5a"" 5redi# #he Efu#ure #ense of money+F !he e"abora#e assay *ro5edure of min#s has been de4e"o*ed #o 2uaran#ee #he =ua"i#y and =uan#i#y of #he me#a" in 5oined moneyC no "ess e"abora#e *re5au#ions wou"d be ne5essary #o 2uaran#ee #he =ua"i#y, =uan#i#y, and a**ro*ria#eness of me wor7 whi5h wi"" ser4e as #he basis for wha# is #o be 5a""ed Ewor7 moneyF .meanin2 E5er#ifi5a#e8of8wor78done8moneyF1+ !he same frauds of accountin# *ra5#ised by #he 2ombeen8men of #he *as# in order #o swind"e #he *ub"i5 under a me#a""i5 mone#ary sys#em wi"", of 5ourse, be a##em*#ed by #he 2ombeen8 men of #he fu#ure in #heir a##a57s on so5ia" @us#i5e, irres*e5#i4e of #he 7ind of mone#ary sys#em #ha# may be es#ab"ished+ And #hey wi"" be @us# as "i7e"y #o su55eed un"ess #he na#ure and wor7in2s of #hese *ra5#i5es ha4e been fu""y unders#ood by #he *ub"i5Bor a# "eas# by an a"er# and effi5ien# minori#y+ I# is on"y one *"a2ue8s*o# #ha# #he 5rea#ion of wor78money wou"d e"imina#e+ I mean #ha# #he ad4an#a2es of #he 2o"d8s#andard sys#em "auded by #he ban7ers are ad4an#a2es for #he ban7ers on"yBfor some ban7ers on"y, in fa5#+ o5ia" @us#i5e demands e=ua" ad4an#a2es for a""+ !he ad4an#a2e of wor78money main"y deri4es from one fa5# a"one' wor7 5anno# be mono*o"ized+ And #his is #he 4ery reason for #he bi##er o**osi#ion, for #he u*roar of *ro#es#, na#ura" and ar#ifi5ia", whi5h issues from me ran7s of #he 2ombeen8men, whe#her #hey be eAo#i5 or indi2enous+ !he idea #ha# wor7 mi2h# ser4e as a measure of *ri5es was a"ready 5urren# in me ei2h#een#h 5en#ury, and was 5"ear"y eA*ounded by Ben@amin >ran7"in+ As for mono*o"izabi"i#y' no one is su5h a foo" as #o "e# someone e"se ha4e #he run of his own *ri4a#e ban7 a55oun#C ye# na#ions, indi4idua"s, indus#ria"is#s, and businessmen ha4e a"" been =ui#e *re*aredBa"mos# ea2erB#o "ea4e #he 5on#ro" of #heir na#iona" 5urren5ies, and of in#erna#iona" money, in #he hands of #he mos# s#in7in2 dre2s of humani#y+ Wor7 5anno# be mono*o"ized+ !he fun5#ion of wor7 as a measure is be2innin2 #o be unders#ood+ !he *rin5i*"e has been 5"ear"y *u# before #he I#a"ian *ub"i5 as, for eAam*"e, when

me Re#ime !ascista re*or#s ma# #he Russian wor7er mus# *ay (8) wor7in2 hours for an o4er5oa# whi5h a 3erman wor7er 5an *ro5ure wi#h on"y 8)+ An ar#i5"e by >ernando Ri##er in #he !ascio of ,i"an, 7 $anuary, 1-99, refers #o money no# in 2eneri5 words and abs#ra5# #erms su5h as E5a*i#a"F and Efinan5e,F bu# in #erms of 2rain and fer#i"izers+ As for #he 4a"idi#y of *rimi#i4e forms of money su5h as a *romissory no#e wri##en on "ea#her, we ha4e ;+ G+ %ou2"as6s memorab"e 5ommen# #ha# i# was 4a"id enou2h as "on2 as #he man who *romised #o *ay an oA had an oA+ In #he same way #he 5er#ifi5a#es of wor7 done wi"" be 4a"id *ro4ided #ha# #he u#i"i#y of #he wor7 done is hones#"y es#ima#ed by some *ro*er au#hori#y+ I# shou"d be remembered #ha# #he soi" does no# re=uire mone#ary 5om*ensa#ion for #he wea"#h eA#ra5#ed from i#+ Wi#h her wonderfu" effi5ien5y na#ure sees #o i# #ha# #he 5ir5u"a#ion of ma#eria" 5a*i#a" and i#s frui#s is main#ained, and #ha# wha# 5omes ou# of #he soi" 2oes ba57 in#o #he soi" wi#h ma@es#i5 rhy#hm, des*i#e human in#erferen5e+ The Toxicology of Money ,oney is no# a *rodu5# of na#ure bu# an in4en#ion of man+ And man has made i# in#o a *erni5ious ins#rumen# #hrou2h "a57 of foresi2h#+ !he na#ions ha4e for2o##en #he differen5es be#ween anima", 4e2e#ab"e, and minera"C or ra#her, finan5e has 5hosen #o re*resen# a"" #hree of #he na#ura" 5a#e2ories by a sin2"e means of eA5han2e, and fai"ed #o #a7e a55oun# of #he 5onse=uen5es+ ,e#a" is durab"e, bu# i# does no# re*rodu5e i#se"f+ If you sow 2o"d you wi"" no# be ab"e #o rea* a har4es# many #imes 2rea#er #han #he 2o"d you sowed+ !he 4e2e#ab"e "eads a more or "ess au#onomous eAis#en5e, bu# i#s na#ura" re*rodu5#i4eness 5an be in5reased by 5u"#i4a#ion+ !he anima" 2i4es #o and #a7es from #he 4e2e#ab"e wor"d' manure in eA5han2e for food+ >as5ina#ed by #he "us#re of a me#a", men made i# in#o 5hains+ !hen he in4en#ed some#hin2 a2ains# na#ure, a fa"se re*resen#a#ion in #he minera" wor"d of "aws whi5h a**"y on"y #o anima"s and 4e2e#ab"es+ !he nine#een#h 5en#ury, #he infamous 5en#ury of usury, wen# e4en fur#her, 5rea#in2 a s*e5ies of mone#ary B"a57 ,ass+ ,arA and ,i"", in s*i#e of #heir su*erfi5ia" differen5es, a2reed in endowin2 money wi#h *ro*er#ies of a =uasi8re"i2ious na#ure+ !here was e4en #he 5on5e*# of ener2y bein2 E5on5en#ra#ed in money,F as if one were s*ea7in2 of #he di4ine =ua"i#y of 5onse5ra#ed bread+ Bu# a ha"f8"ira *ie5e has ne4er 5rea#ed #he 5i2are##e or #he *ie5e of 5ho5o"a#e #ha# used, in *re8war days, #o issue from #he s"o#8ma5hine+ !he durabi"i#y of me#a" 2i4es i# 5er#ain ad4an#a2es no# *ossessed by *o#a#oes or #oma#oes+ Anyone who has a s#o57 of me#a" 5an 7ee* i# un#i" 5ondi#ions are mos# fa4ourab"e for eA5han2in2 i# a2ains# "ess durab"e 2oods+ Gen5e #he ear"ies# forms of s*e5u"a#ion on #he *ar# of #hose in *ossession of me#a"sBes*e5ia""y #hose me#a"s whi5h ar5 5om*ara#i4e"y rare and do no# rus#+ Bu# in addi#ion #o #his *o#en#ia"i#y for un@us# mani*u"a#ion inheren# in me#a""i5 money by 4ir#ue of i#s bein2 me#a""i5, man has in4en#ed a do5umen# *ro4ided wi#h 5ou*ons #o ser4e as a more 4isib"e re*resen#a#ion of usury+ And usury is a 4i5e, or a 5rime, 5ondemned by a""

re"i2ions and by e4ery an5ien# mora"is#+ >or eAam*"e, in ;a#o6s 1e Re Rustica we find #he fo""owin2 *ie5e of dia"o2ue' EAnd wha# do you #hin7 of usuryMF EWha# do you #hin7 of murderMF And ha7es*eare' EOr is your 2o"d + + + ewes and ramsMF ?oO i# is no# money #ha# is #he roo# of #he e4i"+ !he roo# is 2reed, #he "us# for mono*o"y+ P;AP!A? A??O?A,, ,ALE%I;!U I? PLEBE I!O6 #hundered # Ambrose BEGo22ers of har4es#, 5ursed amon2 #he *eo*"eOF !he o**or#uni#y of dishones# dea"in2 was a"ready offered #o #he *ossessors of 2o"d a# #he dawn of his#ory+ Bu# wha# man has made he 5an unma7e+ A"" #ha# is needed is #o de4ise a 7ind of money #ha# 5anno# be 7e*# wai#in2 in #he safe un#i" su5h #ime as i# may be mos# ad4an#a2eous for i#s owner #o brin2 i# ou#+ !he *ower #o swind"e #he *eo*"e by means of 5oined or *rin#ed money wou"d #hus disa**ear a"mos# au#oma#i5a""y+ !he idea is no# new+ Bisho*s in #he ,idd"e A2es were a"ready issuin2 money #ha# was re5a""ed #o #he min# for re5oinin2 af#er a defini#e *eriod+ !he 3erman, 3ese"", and #he I#a"ian, A4i2"iano, a"mos# 5on#em*oraneous"y, de4ised a s#i"" more in#eres#in2 means of a5hie4in2 a 2rea#er e5onomi5 @us#i5e+ !hey *ro*osed a *a*er8money sys#em by whi5h e4eryone was ob"i2ed, on #he firs# of #he mon#h, #o affiA a s#am* on e4ery no#e he *ossessed e=ua" #o one *er 5en#+ of #he no#e6s fa5e 4a"ue+ !his sys#em has 2i4en su5h *raisewor#hy resu"#s in 5er#ain res#ri5#ed areas where i# has been *u# in#o o*era#ion, #ha# i# is #he du#y of any far8si2h#ed na#ion #o 2i4e i# serious 5onsidera#ion+ !he means is sim*"e+ I# is no# beyond #he men#a" 5a*a5i#y of a *easan#+ Anyone is 5a*ab"e of s#i57in2 a s#am* on an en4e"o*e, or on a re5ei*#ed ho#e" bi""+ >rom #he humani#arian *oin# of 4iew, #he ad4an#a2e of #his form of #aAa#ion o4er a"" o#hers is #ha# i# 5an on"y fa"" on *ersons who ha4e, a# #he momen# #he #aA fa""s due, money in #heir *o57e#s wor#h 1)) #imes #he #aA i#se"f+ Ano#her ad4an#a2e is #ha# i# doesn6# in#erfere wi#h #rade or dis5oura2e bui"din2 a5#i4i#yC i# fa""s on"y on su*erf"uous money, name"y on #he money ma# #he ho"der has no# been ob"i2ed #o s*end in #he 5ourse of #he *re5edin2 mon#h+ As a remedy for inf"a#ion i#s ad4an#a2es wi"" be seen immedia#e"y+ Inflation 5onsis#s in a su*erf"ui#y of money+ Under 3ese""6s sys#em ea5h issue of no#es 5onsumes i#se"f in 1)) mon#hsBei2h# years and four mon#hsB#hus brin2in2 #o #he #reasury a sum e=ua" #o #he ori2ina" issue+ .!o ma7e #his s#i"" 5"earer, ima2ine a no#e "ef# in #he safe for 1)) mon#hs+ I# wi"" be a no#e on s#ri7e whi5h, for 1)) mon#hs, fai"s #o fun5#ion as a means of eA5han2e and does no# ser4e i#s *ur*ose+ We"" #hen, #he #aA on #his "aziness wi"" e=ua" i#s fa5e 4a"ue+ On #he o#her hand, a no#e #ha# *asses from hand #o hand 5an *"ay i#s *ar# in hundreds of #ransa5#ions ea5h mon#h before i# has #o be #aAed a# a""+1 !he eA*ense of numerous de*ar#men#s whose *resen# fun5#ion is #o s=ueeze #aAes ou# of #he *ub"i5 wou"d be redu5ed #o a minimum and *ra5#i5a""y 4anish+ Offi5e wor7ers don6# 2o #o #he offi5e #o amuse #hemse"4es+ !hey 5ou"d be 2i4en #he 5han5e of s*endin2 #heir #ime as #hey

"i7ed, or of raisin2 #he 5u"#ura" "e4e" of #heir so5ia" 5ir5"e, whi"e s#i"" re5ei4in2 #heir *resen# sa"aries wi#hou# #he need of diminishin2 #he ma#eria" wea"#h of I#a"y by a sin2"e bushe" of 2rain, or by a "i#re of wine+ !hose who are no# s#udious"y in5"ined wou"d ha4e #ime #o *rodu5e some#hin2 usefu"+ A 5ardina" error of so85a""ed "ibera" e5onomi5s has been #o for2e# #he differen5e be#ween food and s#uff you 5an nei#her 5a# nor 5"o#he yourse"f wi#h+ A re*ub"i5anI-J rea"ism shou"d 5a"" #he *ub"i56s a##en#ion #o 5er#ain fundamen#a" rea"i#ies+ Phi"i* 3ibbs, wri#in2 of I#a"y for An2"o8 Ameri5an readers, 5anno# see #ha# any#hin2 5an be done wi#h a *rodu5# eA5e*# se"" i#+ !he idea of usin# i# does no# *ene#ra#e #he Bo"she4i78Libera" *sy5ho"o2y+ The Error !he error has been pecuniolatr , or #he ma7in2 of money in#o a 2od+ !his was due #o a *ro5ess of dena#ura"iza#ion, by whi5h our money has been 2i4en fa"se a##ribu#es and *owers #ha# i# shou"d ne4er ha4e *ossessed+ 3o"d is durab"e, bu# does no# re*rodu5e i#se"fBno# e4en if you *u# #wo bi#s of i# #o2e#her, one sha*ed "i7e a 5o57, #he o#her "i7e a hen+ I# is absurd #o s*ea7 of i# as bearin2 frui# or yie"din2 in#eres#+ 3o"d does no# 2ermina#e "i7e 2rain+ !o re*resen# 2o"d as doin2 #his is #o re*resen# i# fa"se"y+ I# is a fa"sifi5a#ion+ And #he #erm Efalsifica2ione della monetaF .5oun#erfei#in2 or fa"se85oinin21 may *erha*s be deri4ed from #his+ !o re*ea#' we need a means of eA5han2e and a means of sa4in2, bu# i# does no# fo""ow #ha# #he means mus# be #he same in ea5h 5ase+ We are no# for5ed #o use a hammer for an aw"+ !he s#am* affiAed #o #he no#e a5#s as #he hair8s*rin2 in #he wa#5h+ Under #he usuro5ra#i5 sys#em #he wor"d has suffered from a"#erna#e wa4es of inf"a#ion and def"a#ion, of #oo mu5h money and #oo "i##"e+ E4eryone 5an unders#and #he fun5#ion of a *endu"um or hair8s*rin2+ A simi"ar men#a" 2ras* shou"d be brou2h# #o bear in #he fie"d of money+ A sound e5onomi5 sys#em wi"" be a##ained when money has nei#her #oo mu5h nor #oo "i##"e *o#en#ia"+ !he dis#in5#ion be#ween #rade and usury has been "os#+ !he dis#in5#ion be#ween deb# and in#eres#8bearin2 deb# has been "os#+ As "on2 a2o as 1878 #he idea of non8in#eres#8bearin2 deb# was 5urren#Be4en of non8in#eres#8bearin2 national deb#+ !he in#eres# #ha# you ha4e re5ei4ed in #he *as# has been "ar2e"y an i""usion' i# has fun5#ioned on a shor#8#erm basis "ea4in2 you wi#h a sum of money ari#hme#i5a""y somewha# 2rea#er #han #ha# whi5h you had Esa4ed,F bu# eA*ressed in a 5urren5y whose uni#s ha4e "os# a *ar# of #heir 4a"ue in #he mean#ime+ %eA#er Kimba"" 5o""e5#ed s#a#is#i5s of Ameri5an rai" bonds issued o4er a *eriod of ha"f a 5en#ury, and made in#eres#in2 dis5o4eries as #o #he *ro*or#ion of #hese ob"i2a#ions #ha# had sim*"y been annu""ed for one reason or ano#her+ If my memory doesn6# be#ray me, #he fi2ure was as hi2h as se4en#y *er 5en#+ !ha# indus#ria" 5on5erns and *"an#s shou"d *ay in#eres# on #heir borrowed 5a*i#a" is @us#, be5ause #hey ser4e #o in5rease *rodu5#ion+ Bu# #he wor"d has "os# #he dis#in5#ion be#ween *rodu5#ion and 5orrosion+ Un*ardonab"e imbe5i"i#yO >or #his dis#in5#ion was 7nown in #he ear"ies# years of re5orded his#ory+ !o re*resen# some#hin2 5orrosi4e as some#hin2 *rodu5#i4e is a fa"sifi5a#ionBa for2ery+ On"y foo"s be"ie4e in fa"se re*resen#a#ions+ 3i4e money i#s 5orre5# *o#en#ia"C ma7e i# "as# as "on2 as #hin2s "as# in #he ma#eria" wor"dC 2i4e i#, abo4e a"", i#s

due ad4an#a2e .i+e+, #ha# of bein2 eA5han2eab"e for any 2oods a# any momen#, *ro4ided #he 2oods in =ues#ion eAis#1Bbu# do no# 2i4e money, beyond #his ad4an#a2e, *owers #ha# 5orres*ond nei#her #o @us#i5e nor #o #he na#ure of #he 2oods i# is issued a2ains# or used #o *ur5hase+ !his is #he way #ha# "eads #o so5ia" @us#i5e and e5onomi5 sani#y+ Military alour !here 5an be no mi"i#ary 4a"our in a 5"ima#e of in#e""e5#ua" 5owardi5e+ ?o indi4idua" shou"d 2e# an2ry if #he 5ommuni#y refuses #o a55e*# his *ro*osa"s, bu# i# is in#e""e5#ua" 5owardi5e if one is afraid #o formu"a#e one6s own 5on5e*# of so5ie#y+ !his is a"" #he more so a# a #ime fu"" of *ossibi"i#ies, a# a #ime when #he formu"a#ion of a new sys#em of 2o4ernmen# is announ5ed+ E4eryone who has some 5om*e#en5e as an his#orian, and is in *ossession of 5er#ain his#ori5a" fa5#s, shou"d formu"a#e his 5on5e*#s in re"a#ion #o #ha# *ar# of #he so5ia" or2anism in whi5h his s#udies ha4e 2i4en him au#hori#y #o a5# as a @ud2e+ !o 5u"#i4a#e #his 5om*e#en5e in fu#ure 2enera#ions one mus# be2in, in #he s5hoo"s, wi#h #he obser4a#ion of *ar#i5u"ar ob@e5#s, as an in#rodu5#ion #o #he a**rehension of *ar#i5u"ar fa5#s in his#ory+ !he indi4idua" does no# need #o 7now e4ery#hin2 on an en5y5"o*aedi5 s5a"e, bu# e4eryone wi#h any 7ind of *ub"i5 res*onsibi"i#y mus# ha4e 7now"ed2e of #he essen#ia" fa5#s of #he *rob"em he has #o dea" wi#h+ I# be2ins wi#h #he 2ame of #he ob@e5#s shown #o #he 5hi"d for an ins#an# in #he hand #ha# is #hen =ui57"y 5"osed a2ain+ !hou2h# hin2es on #he defini#ion of words+ Aris#o#"e and ;onfu5ius bear wi#ness+ I wou"d 5on5"ude #he 5om*u"sory s#udies of e4ery uni4ersi#y s#uden# wi#h a 5om*arisonBe4en a brief oneBbe#ween #he #wo ma@or wor7s of Aris#o#"e .#he &icomachean Ethics and #he 3olitics1, on #he one hand, and, on #he o#her, #he >our Boo7s of ;hina .i+e+, #he #hree 5"assi5s of #he ;onfu5ian #radi#ionB#he %a )s4eh or E3rea# Learnin2,FI1)J %he *n+o,,lin# A5is,I11J and #he AnalectsB#o2e#her wi#h #he Wor0s of Mencius1+ EA#ra8uni4ersi#y edu5a#ion and #ha# of #he *ub"i5 in 2enera" 5ou"d be #a7en 5are of by means of a sim*"e ordinan5e re"a#in2 #o boo7sho*s' e4ery boo7se""er shou"d be ob"i2ed #o s#o57 and, in #he 5ase of 5er#ain more im*or#an# wor7s, dis*"ay in #he window for a de#ermined number of wee7s *er year 5er#ain boo7s of 5a*i#a" im*or#an5e+ Anyone who is fami"iar wi#h #he mas#er*ie5es, es*e5ia""y #hose of Aris#o#"e, ;onfu5ius, %emos#henes, #o2e#her wi#h %a4ana#i6s E!a5i#us,FI1:J wi"" no# be #a7en in by #he nas#y messes now offered #o #he *ub"i5+ As for money, i# wi"" be enou2h if e4eryone #hin7s for himse"f of #he *rin5i*"e of #he hair8s*rin2, of #he na#iona" and so5ia" effe5#s, in o#her words, #ha# wou"d resu"# from #he mere a**"i5a#ion of a s#am* in #he mos# a**ro*ria#e *"a5e+ Be##er on #he 5urren5y no#e #"1an on #he re5ei*#ed ho#e" bi""+ One used #o s*ea7 of E;a4a"ieri di an 3ior2io,FI1(J ne4er iden#ifyin2 #hem wi#h due *re5ision+ ,oney 5an 5ause in@ury, and e5onomi5 7now"ed2e is #oday abou# as 5rude as was medi5a" s5ien5e when i# was rea"ized #ha# a bro7en "e2 was dama2in2 bu# when #he effe5#s of 2erms were un7nown+ I# is no# so mu5h #he money #ha# buys a Bado2"io, bu# #he hidden wor7 of in#eres# #ha# is e4erywhere 2nawin2 away, 5orrodin2+ !his is no# #he in#eres# *aid #o #he *ri4a#e indi4idua" on his ban7 a55oun#, bu# in#eres# on money #ha# does no# eAis#, on a mira2e of moneyC in#eres# e=ui4a"en# #o siA#y *er 5en#+ and o4er as o**osed #o money #ha# re*resen#s hones# wor7 or 2oods usefu" #o man7ind+

!o re*ea#' #he dis#in5#ion be#ween *rodu5#ion and 5orrosion has been "os#C and so has #he dis#in5#ion be#ween #he sharin28ou# of #he frui#s of wor7 done in 5o""abora#ion .a #rue and @us# di4idend, 5a""ed parta##io in #he ,idd"e A2es1 and #he 5orrosi4e in#eres# #ha# re*resen#s no in5rease in usefu" and ma#eria" *rodu5#ion of any sor#+ I# is, of 5ourse, use"ess #o indu"2e in an#i8 emi#ism, "ea4in2 in#a5# #he Gebrai5 mone#ary sys#em whi5h is #heir mos# #remendous ins#rumen# of usury+ And we wou"d as7 #he ,azzinians why #hey ne4er read #hose *a2es of #he 1uties of Man whi5h dea" wi#h ban7s+ !ulletin of Civic "iscipline Ar2umen#s are 5aused by #he i2noran5e of ALL #he dis*u#an#s+ Un#i" you ha4e 5"arified your own #hou2h# wi#hin yourse"f you 5anno# 5ommuni5a#e i# #o o#hers+ Un#i" you ha4e brou2h# order wi#hin yourse"f you 5anno# be5ome an e"emen# of order in #he *ar#y+ !he for#une of war de*ends on #he hones#y of #he rN2ime+ #otes 1+ Quo#ed by ;hris#o*her Go""is, %he %+o &ations, 5ha*+ III+ ee a"so Pound6s ;an#o 0L<I+ B!rans+ :+ !he I#a"ian #eA# fo""ows #he au#hor6s own *ara*hrase in ;an#o 0L<I, whi5h is #herefore used here+ !hese *ar#i5u"ar words are =uo#ed .en#husias#i5a""y1 from a "e##er re5ei4ed by #he Ro#hs5hi"d firm from Ea 5er#ain ,r $ohn herman,F *resumab"y #o be iden#ified wi#h #he Ameri5an s#a#esman who was #hen ena#or for Ohio and "a#er e5re#ary of #he !reasury+ O4erho"ser 2i4es #he fu"" #eA# in #he four#h 5ha*#er of his boo7+B!rans+ (+ Quo#ed by Broo7s Adams, %he /a+ of Ci'ili2ation and 1eca .new edi#ion1, Kno*f, ?ew /or7, 1-9(, **+ ()788+B!rans+ 9+ Broo7s Adams, *+ (1&+B!rans+ &+ Ibid+ **+ ()H, (1), (:H87, and 5ha*+ 0I 2enera""y+B!rans+ H+ Quo#ed by O4erho"ser, o*+ 5i#, 5ha*+ I<+ A"so by G+ $erry <oorhis' EA#ension of Remar7s in #he Gouse of Re*resen#a#i4es, H $une, 1-(8, Con#ressional Record, A**endiA, <o"+ 8(, Par# II, *+ :(H(+B!rans+ 7+ %an#e, Inferno III, 18+ EGome"y en2"ish wd+ 2e# #ha# down #o PU E O> /OUR WI! 6 bu# I re57on %an#e mean# some#hin2 nearer #o ,en5ius6 meanin2' + + + sense of EQUI!/+FBE+ P+ in a radio s*ee5h, see If %his Be %reason, *+ (:+B!r+ 8+ ee no#e *+ H, abo4e+B!rans+

-+ A# #he #ime of wri#in2 #he >as5is# o5ia" Re*ub"i5 was es#ab"ished in nor#hern I#a"y, whi"e E"ibera#edF I#a"y was s#i"" a monar5hy+B!rans+ 1)+ E #udio ,a#uroF in #he #eA#+B!rans+ 11+ i+e+, #he Chun# 6un#, or E%o5#rine of #he $us# ,ean,F rendered in #he #eA# as EL6Asse5he non <a5i""aF a# a #ime when a more no#orious AAis was any#hin2 bu# unwobb"in2+ !he au#hor6s "a#es# renderin2 of #his #i#"e is E!he Unwobb"in2 Pi4o#+FB!rans+ 1:+ Bernardo %a4anza#i .1&:-81H)H1, 5e"ebra#ed #rans"a#or of !a5i#us+B!rans+ 1(+ I#a"ian ni57name for 2o"d so4erei2ns+B!rans+

You might also like