,! ,rural ,sci5ce ,s]ies ,edit$ by ,l4 ,h4 ,bailey ,rural ,weal? & ,welf>e ,economic ,pr9ciples ,illu/rat$ & ,appli$ 9 ,f>m ,life ,by ,geo4 ,t4 ,fair*ild1 ,,ll4,d4 ,new ,york ,! ,mac,millan ,company ,london3 ,mac,millan ,co41 ,ltd4 #aijj ,,cont5ts ,d$ication ,preface4 ,introduction4 ,g5]al ,welf>e4 ,"p ,i4 ,productive ,indu/ries3 ,analysis ( ,aims1 ,=ces1 ,means & ,me?ods4 ,*apt] ,i4 ,aims ,( ,indu/ry4 ,*apt] ,,ii4 ,=ces ,9 ,production ,( ,weal?4 ,*apt] ,,iii4 ,labor ,def9$ ,& ,classifi$4 ,*apt] ,,iv4 ,capital ,def9$ ,& ,classifi$4 ,*apt] ,v4 ,p]sonal ,atta9m5ts4 ,*apt] ,,vi4 ,comb9ation ,( ,=ces ,= ,individual ,effici5cy4 ,*apt] ,,vii4 ,me?ods ,( ,association4 ,*apt] ,,viii4 ,ex*ange3 ,advantages1 ,limitations ,& ,t5d5cies4 ,*apt] ,,ix4 ,value ,! ,basis ,( ,ex*ange4 ,*apt] ,x4 ,ex*ange--,its ,ma*9]y4 ,*apt] ,,xi4 ,banks ,& ,bank+4 ,*apt] ,,xii4 ,def]r$ ,settlem5t ,& ,cr$it ,expansion4 ,*apt] ,,xiii4 ,te*nical ,division ,( ,labor4 ,*apt] ,,xiv4 ,aggregation ,( ,indu/ry4 ,*apt] ,,xv4 ,special ,inc5tives ,to ,production4 ,*apt] ,,xvi4 ,bus9ess ,security4 ,"p ,,ii4 ,di/ribution ( ,weal? = ,welf>e4 ,*apt] ,,xvii4 ,g5]al ,pr9ciples ,( ,fair ,di/ribution4 ,*apt] ,,xviii4 ,wages ,& ,pr(its4 ,*apt] ,,xix4 ,conflict ,betwe5 ,wage-,e>n]s ,& ,pr(it-,mak]s4 ,*apt] ,,xx4 ,proce$s ,( ,capital3 ,int]e/ ,& ,r5t4 ,*apt] ,,xxi4 ,pr9ciples ,( ,int]e/4 ,*apt] ,,xxii4 ,pr9ciples ,( ,l& ,r5t4 ,"p ,,iii4 ,consumption ( ,weal?4 ,*apt] ,,xxiii4 ,weal? ,us$ ,by ,individuals4 ,*apt] ,,xxiv4 ,prud5t ,consumption4 ,*apt] ,,xxv4 ,imprud5t ,consumption4 ,*apt] ,,xxvi4 ,social ,organization ,= ,consumption4 ,*apt] ,,xxvii4 ,economic ,functions ,( ,gov]nm5t4 ,*apt] ,,xxviii4 ,economic ,ma*9]y ,( ,gov]nm5t4 ,conclusion4 ,index4 ,adv]tisem5ts4 ,,d$ication ,to ,! ,?\s&s ,( ,/ud5ts ,9 ,agricultural ,colleges ,) ,:om ,i ,h ,/udi$ ,economic ,que/ions ,dur+ ,! ,pa/ ,?irty-,five ,ye>s ,?is little volume is ?ankfully d$icat$ ,9 ,remembrance ,( ,_m ,pleasant ,h\rs ,geo4 ,t4 ,fair*ild ,,preface4 ,9 giv+ ^! pages to ! public ,i (f] no apology = a re/atem5t ( fundam5tal pr9ciples always requir+ adju/m5t to new life & circum/ances2 b economic lit]ature has usually dealt too exclusively ) ! ph5om5a ( manufactures & comm]ce to ga9 ! sympa?y ( rural p4 ,an exp]i5ce ( m ?an ?irty ye>s 9 h&l+ su* subjects at ! ,mi*igan & ,kansas ,agricultural ,colleges1 toge!r ) ! express$ confid5ce ( =m] pupils ^: judgm5t ,i tru/1 has l$ me into ! ef=t to br+ ! subject home to f>m]s & f>m]s' families 9 ?is elem5t>y way4 ,i h c>efully refra9$ f quotations1 or ev5 ref]5ces to works consult$1 = ! obvi\s reason t su* =malities w\ld di/ract ! att5tion ( mo/ read]s f ! direct1 common-s5se ?9k+ desir$1 & r5d] ! /yle ( ! book m complex4 ,i h]eby ackn[l$ge my debt to ! lead+ writ]s ( pa/ & pres5t ^u mo/ ( ! topics treat$1 n exclud+ any s*ool or p>ty4 ,! /atem5ts ( facts ,i h tak5 f be/ au?orities1 ) c>e to v]ify1 if possible1 by comp>isons4 ,_m data h be5 dilig5tly compil$ & re>rang$ = m exact pres5tation ( facts1 & ! ph5om5a ( prices ( f>m crops h be5 analyz$ ) especial c>e4 ,! necessities ( ! pr9t$ volume h to "s ext5t obscur$ ! *>ts by r$uction1 b ,i tru/ !y may be intelligible & int]e/+ to all /ud5ts ( agricultural int]e/s4 ,no attempt has be5 made to argue or to exp\nd difficulties beyond a simple /atem5t ( pr9ciples involv$1 & ! _s ( controv]sy has be5 abs5t f my ?\ghts ?r\gh\t4 ,:atev] bias ( op9ion may appe> is )\t a t+e ( bitt]ness t[>d ^? :o may diff]4 ,i tru/ t m5 ( all views may recognize 9 ^! pages ! wi% ( _! au?or to h only tru? prevail4 ,9 (f]+ ?is volume to f>m]s ,i d n assume t all que/ions ( weal? & welf>e c be settl$ by rule4 ,i hope to po9t out ! actual tr5d ( facts1 ! univ]sal pr9ciples su/a9$ by ! facts1 & means ( mo/ ready adju/m5t to circum/ances 9 ! evolutions ( trade & manufacture4 ,! bus9ess s5se ( f>m]s is appeal$ to = ! sake ( _! own welf>e4 ,sev]al important que/ions ( rural welf>e h be5 t\*$ only sugge/ively because ! limits ( ! volume c\ld n admit ( full] treatm5t4 ,my gratitude is (f]$ especially to ,pr(essor ,lib]ty ,h4 ,bailey1 ( ,cornell ,univ]sity1 to ^: sugge/ion & pati5t att5tion ! exi/5ce ( ?is volume is due4 ,george ,t4 ,fair*ild4 ,,b]ea ,,college1 ,,k5tucky1 ,m>* #a1 #aijj4 ,,introduction4 ,,g5]al ,,welf>e4 ,elem5ts ( welf>e4--,! welf>e ( communities1 l t ( individuals1 is made up ( heal?1 weal?1 wisdom & virtue4 ,if we c say ( any human be+ t lie is heal?y1 weal?y1 wise & good1 we are sure ( 8 satisfaction s f> z x dep5ds ^u self4 ,:5 a community is made up ( individuals kept 9 heal? & /r5g? f bir? to old age1 su/a9$ ) accumulat$ treasures1 wise en\gh to use bo? /r5g? & weal? to advantage1 & upright1 j & k9d 9 all human relations1 our ideals ( welf>e are met4 ,^! are f\r diff]5t k9ds ( welf>e1 ea* ( :i* is ess5tial1 & only confusion ( ?\ght foll[s any attempt to treat !m all z weal?1 h[ev] !y may be int]m+l$ & ex*ang$4 ,heal? is ess5tial 9 ga9+ a full measure ( weal? & wisdom1 & p]haps 9 ma9ta9+ g5u9e "*2 b a heal?y life gives no assurance ( complete welf>e4 ,! facts conc]n+ heal? 9 a community make a di/9ct subject ( /udy = promotion ( welf>e1 & we call x public hygi5e4 ,! sci5ce ( education deals ) ways & means ( secur+ public wisdom4 ,! sci5ce ( gov]nm5t includes all facts relative to public virtue4 ,s ! facts by :i* we "k ! nature & uses ( accumulat$ weal? 9 any community make a di/9ct /udy "u ! "n economic sci5ce2 x deals ) c]ta9 def9ite gr\ps ( facts4 ,to call ev]y?+ good 8weal?0 & ev]y?+ evil 8il?0 adds no?+ b confusion to our ?\ghts4 ,mutual welf>e4--,e human be+ 9 society is directly int]e/$ 9 ! /udy ( weal? z relat$ to 8 own & 8 neighbors' welf>e4 ,no "o c und]/& 8 relations to ^? ab\t him 9 ! family1 ! neighborhood1 8 c\ntry & ! _w )\t "s und]/&+ ( ! s\rces & uses ( weal? all ab\t him4 ,8 v indu/ry ga9s its rew>d by c]ta9 means 9 society dep5d+ ^u economic pr9ciples4 ,8 motives = accumulat+ weal? h a di/9ct place4 ,8 uses ( accumulat$ weal? are a "p ( ! g5]al facts :i* make weal? desirable4 ,s ! /udy ( weal? 9 society mu/ be ev]ybody's /udy1 if ea* wi%es to d be/ = himself or = 8 neighbors4 ,9 su* /udy ( welf>e e "o f9ds 8 int]e/s completely bl5d$ ) ! int]e/s ( o!rs4 ,8 exi/5ce is "p ( a l>g] exi/5ce call$ society1 f :i* he receives himself 9 l>ge measure & mo/ ( 8 satisfaction2 to :i* he contributes 9 l measure a portion ( its ess5tial "* & future exi/5ce4 ,! old idea t "o gives up fre$om ( self = ! advantages giv5 by society has no f\ndation 9 fact1 because we are born into our place 9 society )\t p[] to escape its advantages1 disadvantages or responsibilities4 ,! maxim 8,ea* = all & all = ea*0 is ?or\ghly gr\nd$ 9 ! con/itution ( man2 8 ne$s & abilities en=ce society & insi/ ^u community ( int]e/s4 ,ev5 p]sonal weal? conf]s little welf>e outside ( its relations to o!r human be+s4 ,! :ole progress ( ! human race t5ds t[>d acceptance ( ! cle> vision ( ,t5nyson1 :]e 8,all m5 f9d _! good 9 all m5's good1 ,& all m5 jo9 9 noble bro!rhood40 ,ea* /age 9 ! progress ( ! conque/ ( nature to meet human wants1 f ! ga!r+ ( wild fruits1 ?r\gh hunt+ & fi%+1 dome/ication ( animals1 h]d+1 & tillage ( p]man5t fields1 to ! manufacture ( univ]sal com=ts & tools1 & to g5]al comm]ce1 has made m important ! welf>e ( neighbors4 ,ev5 ! w>s ( our c5tury are wag$ 9 ! "n ( & = ! sake ( humanity4 ,! /udy ( individual welf>e involves ! public welf>e4 ,welf>e ( a class is dep5d5t ^u ! welf>e ( all classes4 ,weal? ( individuals is g5u9e weal? 9 connection only ) ! weal? ( ! _w4 ,welf>e )\t weal? w\ld imply ! annihilation ( space1 ( "t1 & ( all =ces act+ 9 opposition to wi%es4 ,weal? 9 f>m+4--,! subject ( ! foll[+ pages is weal?1 h[ x is accumulat$1 h[ di/ribut$ to individual control & h[ f9ally consum$ = ! welf>e ( all conc]n$4 ,b special ref]5ce is made to ! s\rces ( weal? z a means ( welf>e 9 rural life1 & to ! be>+ ( def9ite economic pr9ciples ^u f>m+1 especially 9 ^! ,unit$ ,/ates ( ,am]ica4 ,f>m+ is1 & mu/ always rema91 a *ief factor 9 bo? weal? & welf>e1 & its relations to ! indu/ry ( ! _w gr[ m important to e f>m] z ! _w comes ne>] to him4 ,we _c n[ live 9 su* isolation z our fa!rs lov$4 ,! m>kets ( ! _w & ! me?ods ( o!r f>m]s all ov] ! _w affect ! daily life ( e till] ( ! soil today4 ,comm]ce 9 ! products ( f>m & h\sehold rea*es e int]e/1 :5 ! ord9>y mail sack goes r\nd ! _w 9 less "t ?an x took our imm$iate ance/ors to g z pione]s f ,massa*usetts to ,ohio4 ,x seems possible to %[ f ! exp]i5ces ( f>m life ! ess5tial pr9ciples ( weal?-mak+ & weal?-h&l+1 includ+ ! t5d5cies "u a _w-wide comm]ce4 ,^! e f>m] & labor] ne$s = 8 bus9ess1 = 8 home1 & = 8 c\ntry4 ,nature ,( ,weal? ,weal? def9$4--,if we look at ! objects :i* m5 numb] 9 speak+ ( _! weal?1 we %all soon f9d ! li/ diff]+ 9 important p>ticul>s f ! li/ ( ?+s :i* !y enjoy4 ,all enjoyable ?+s contribute to welf>e1 b n all are weal?4 ,"s1 l ! air & ! sun%9e1 if nev] lack+1 _c be c\nt$1 because no /or+ aga9/ future ne$ is practicable2 b ! fan t cools ! air & ! coal t gives heat are c\nt$ :5 !y are /or$ z means ( meet+ future wants4 ,if we c\ld n =esee wants ( ourselves or ( ^? dep5d5t ^u u1 we c\ld n ga!r means ( supply = ^? wants4 ,if we _h all wants suppli$ at a wi% or a pray]1 we %\ld h no inc5tive to /ore4 ,! pamp]$ *ild ^: e wi% is met has no cle> conception ( weal? or its uses4 ,let him be )\t a meal1 & he seeks provision = ! future by an ef=t to save :at is left ov] f 8 la/ meal & by ex]tion to add to 8 /ore 9 anticipation ( want4 ,?us wants1 to be met only by ex]tion1 are ! f\ndation ( ! univ]sal ideas ( weal?1 & :atev] we h /or$ z a provision aga9/ wants becomes our weal?4 ,if hung] 7 our only desire1 our weal? w\ld include only /ores ( food1 conv5i5ces = /or+1 means ( increas+ ! /ore1 & means ( utiliz+ ! articles to be eat54 ,ea* desire adds to ! range ( articles :i* may ent] our li/ ( objects ( weal? until enum]ation is impossible4 ,none ( ^!1 h[ev]1 w be /or$ z weal? beyond ! limits ( anticipat$ use3 if s /or$1 !y add no?+ to ! suppos$ weal?4 ,an isolat$ family1 able to consume only ?irty bu%els ( potatoes 9 a season1 is n m weal?y f hav+ ?ree hundr$ bu%els /or$3 ! weal? is measur$ by actual relations to wants n o!rwise suppli$4 ,ev5 9 a popul\s city1 ! ?ree hundr$ bu%els ( potatoes become a /ore ( weal? only :5 o!r p ne$ !m & are able 9 turn to meet o!r wants ( ! own]s4 ,inde$1 we soon come to e/imate any object ( weal? accord+ to its p[]1 directly or indirectly1 to meet ! fir/ want t comes4 ,a *]i%$ mem5to ( fri5d%ip may be ev] s gratify+1 & yet f9d no place 9 our acc\nt ( weal?1 because x c s]ve no purpose 9 meet+ o!r wants4 ,any object ( weal? may cease to be c\nt$1 n because x has *ang$1 b because wants h *ang$4 ,! la/ ye>'s bonnet goes = a song1 because ! fa%ion *anges2 ! reap] rots beh9d ! b>n or at ! roadside1 because ! h>ve/] is want$ 9 its place4 ,s ! weal? 9 any object is limit$ by its relation to ! pres5t or prospective wants ( its own]1 & 8 control to meet ^! wants4 ,! weal? ( any community is its /ore ( mat]ial objects suit$ to ! curr5t wants or fitt$ to ex*ange ) o!r communities = m suitable articles ( use4 ,we e/imate x only by ?9k+ ( uses 9 produc+ pleasure or prev5t+ pa91 its limitations 9 quantity to a c]ta9 range ( wants1 & its control = use or transf] by an own]4 ,weal? di/+ui%$ f p[]4--,weal? is n to be confus$ ) p[] ( o!r k9ds4 ,p[] may be = future ex]tion2 weal? is ! result ( ex]tion4 ,p[] may take any =m ( welf>e1--heal?1 wisdom1 "*1 z well z weal?4 ,s no p]sonal abilities c be c\nt$ z weal?1 h[ev] useful !y may be z means ( ga9+ x4 ,j5ny ,l9d's abilities z a s+] may h be5 bett] ?an weal?2 b ex]tion ( ^? abilities 9 ! ,unit$ ,/ates enabl$ h] to c>ry back to ,europe weal? ( :i* %e _h none be=e com+4 ,! +5uity ( ,elias ,h[e ex]t$ ^u ! sew+ ma*9e has be5 an imm5se s\rce ( weal? & welf>e to ! _w1 b x alone c\ld n secure him daily food4 ,y\r words & my music comb9$ 9 a song fit to tickle ! fancy ( ! multitude may transf] weal? to our pockets1 b x 0 9 nei!r ! words nor ! music1 nor yet 9 ! song1 & /ill less 9 ! p[] to contrive !m4 ,if weal? 9 mat]ial ?+s _h n be5 9 possession ( ! multitude1 ! same sweet s\nds might h giv5 satisfaction to ! cr[ds )\t an idea ( weal? 9 ! transaction4 ,mu* ( ! welf>e ( ! _w is f ex]tion ( p[]s entirely indep5d5t ( weal?4 ,! *ief joys ( home are n measur$ by ! weal? 9 our t5em5t4 ,! *ief welf>e ( society is only incid5tally connect$ ) weal?4 ,*>t ,no4 ,i ,fluctuation ( ,f>ms & ,f>m ,int]e/s s9ce #ahej ,at ! top is %[n ! relative size ( f>ms at ! close ( ea* c5sus p]iod1 ) ! numb] ( acres till$ & untill$4 ,! l[] "p ( ! *>t %[s ! *anges 9 diff]5t f>m int]e/s1 especially 9 ! am\nt & "* ( capital employ$ & ! numb] ( p engag$ 9 agriculture4 ,assum+ ! conditions ( #ahej to be p>1 ! increase or decrease is %[n = ea* k9d ( live /ock1 ! numb] ( f>ms1 ! total f>m population1 & ! numb] ( f>m manag]s1 z well z ! valuation ( real e/ate & ( live /ock4 ,to illu/rate1 take ,no4 #d1 ! numb] ( cattle1 exclud+ ! c[s4 ,9 #ahfj !re 7 #a4e times z _m z 9 #ahej4 ,9 #ahgj1 on acc\nt ( ! consumption & di/urbance ( ! w>1 ! numb] 0 r$uc$ to #a4d times z _m4 ,9 #ahhj !re 7 m ?an #b4c times z _m1 & 9 #ahij !re 7 #c4dh times z _m4 ,9 a few in/ances ! e/imate = #ahig1 ?\gh n an accurate enum]ation1 is add$ = comp>ison4 ,a c>eful /udy ( ^! v>i\s *anges w %[ t :ile ! total population 9 #ahij 0 only #b4g times ! population ( #ahej1 ! total numb] ( p employ$ 9 f>m occupations ( e k9d 0 #b4hh times z great2 al?\gh ! numb] ( indep5d5t f>m]s 0 only #b4bh times z great4 ,! total value ( real e/ate 9 f>ms 0 ov] f\r times z great1 & ! total value ( live /ock exactly correspond$4 ,! numb] ( c[s1 %eep & hogs _h n kept up ) ! population2 :ile ! numb] ( beef cattle & horses & mules _h increas$ mu* m rapidly4 ,! fact t ! value ( live /ock _h increas$ 9 mu* great] proportion ?an ! numb]s %[s t !re has be5 great improvem5t 9 ! individual "* ( ! animals4 ,t ! av]age weal? ( f>m proprietors is m ?an ?ree-f\r?s z l>ge aga9 is %[n by comp>ison ( ! numb] ( f>m]s ) ! value ( ! f>ms4 ,t ! numb] ( mules1 cattle & hogs actually decreas$ betwe5 #ahfj & #ahgj indicates ! enorm\s consumption ( ! armies 9 ! ,civil ,w>4 ,*>t4 ,*>t ,i4 ,%[+ ! rate ( increase 9 f>ms & f>m live /ock z comp>$ ) population4 ,see explanation1 p4 #h4 ,*>t ,no4 ,,ii ,progress ( ! ,unit$ ,/ates 9 ,f>m ,crops s9ce #ahej ,?is *>t indicates to ! eyes facts %[n by ! c5sus reports z to ! relative increase or decrease ( c]ta9 /aple crops 9 comp>ison ) ! population4 ,assum+ ! conditions ( #ahej to be p>1 ! sev]al l9es indicat$ by numb]s %[ ! ratio ( ! sev]al crops to ! crop ( #ahej4 ,?us ! :eat crop 9 #ahfj 0 ne>ly 4#ge great] ?an 9 #ahej2 9 #ahgj x 0 #b4hg times z great2 9 #ahhj x 0 ne>ly #d4f times z great2 only a little great] 9 #ahij1 b 9 #ahig 0 ne>ly #f times z great4 ,x %\ld be rem>k$ t ! c5sus returns are f\nd$ ^u ! crop ( ! previ\s ye>1 & !re=e1 w n exactly correspond ) curr5t e/imates4 ,at a glance x w appe> t rye1 buck:eat1 sweet potatoes1 sug> & rice h n[h]e ne>ly kept up ) ! increase ( population1 :ile all ! o!r crops h be5 consid]ably 9 excess4 ,! b>ley crop c\ld n be %[n ^u ! *>t = want ( room1 b is m ?an fifte5 times z great4 ,! cultivation ( fruits is e/imat$ to be tw5ty times z great1 al?\gh ! c5sus returns give insuffici5t figures = accuracy4 ,x is evid5t t ! p ( ! ,unit$ ,/ates dem& a bett] liv+1 z well z raise m pr(itable crops1 ?an 9 #ahej4 ,"s /rik+ illu/rations ( ! effects ( ! ,civil ,w> are se5 9 ! fall+ (f ( _m crops dur+ t p]iod4 ,only oats1 :eat & potatoes increas$ beyond ! increase 9 population4 ,mo/ ( ! o!rs actually dim9i%$2 & ! /aple products ( ! s\!rn /ates prior to ! w> h sc>cely z yet rega9$ _! previ\s /&+4 ,?is is acc\nt$ = 9 "p by ! imm5se de/ruction ( capital1 b 9 l>g] "p by ! entire *ange 9 conditions ( plantation cultivation4 ,*>t4 ,*>t ,,ii4 ,%[+ ! rate ( increase 9 total crops = ! giv5 p]iod4 ,see explanation1 p4 #aj4 ,weal? 9 mat]ial objects4--,our att5tion is call$ to weal? 9 comp>+ two mat]ial objects ( desire4 ,"o has m uses1 m important uses1 m r>e uses1 ?an ano!r2 or "o is less easily obta9$ ?an ano!r4 ,9 ei!r case we prize t "o 9 /ore1 z ! m important4 ,we comp>e two f>ms1 z mat]ial aids to diff]5t own]s1 & call bo? weal? 9 diff]5t degrees4 ,we note ! condition ( two c\ntries z to all ! ma*9]y ( indu/ry1 & "k t "o has great] weal? ?an ! o!r4 ,we comp>e ! accumulations ( ?is g5]ation ) ^? ( our fa!rs1 & rejoice 9 our advance 9 weal? z "o important =m ( p[] to ga9 a g5u9e welf>e4 ,?us1 9 comp>+ our c\ntry's inv5tory by ! c5sus ( #ahij ) t ( #ahej1 we f9d t :ile its p are only #b4g times z _m1 !re are #c4ae times z _m f>ms ( exactly ! same numb] ( acres1 ?\gh m ( ea* is cultivat$1 & t ! value ( prop]ty us$ 9 f>m+ is m ?an f\r times z great2 s we "k t ! f>m]s h increas$ 9 weal? & welf>e z comp>$ ) our fa!rs4 ,see ,*>ts ,i & ,,ii4 ,rural weal? analyz$4--,a brief analysis ( rural weal? 9 any e/abli%$ community w help to und]/& ! mean+ ( ! ^w & its relation to welf>e4 ,fir/ may be nam$ ! f>m fields & plantations br\ght by ex]tions cont9u$ ?r\gh long ye>s f raw =e/ or prairie to pres5t til? & productiv5ess4 ,an ,engli% f>m]1 :5 ask$ h[ long x took to e/abli% a c]ta9 p]man5t pa/ure1 repli$1 8,?ree hundr$ ye>s40 ,second1 all f5ces1 drives & f>m build+s1 = conv5i5ce ( h&l+ & /or+ produce & /ock4 ,?ird1 all ! tools & implem5ts ( ! trade4 ,f\r?1 all dome/ic animals ( e k9d1 & all att5dants ( _! su/5ance & gr[?1 includ+ fe$ & manure4 ,fif?1 all contrivances = m>ket+ & prep>+ = m>ket4 ,six?1 all highways betwe5 neighbors & t[>d m>ket4 ,sev5?1 all local elevators1 /ock-y>ds & depot facilities4 ,eigh?1 ! homes1 ) all mat]ial com=ts & ut5sils4 ,n9?1 any /ore ( provisions 9 cell>1 pantry1 smokeh\se or b94 ,t5?1 all p]sonal belong+s = clo?+1 adornm5t & enjoym5t4 ,elev5?1 ! family libr>ies & associat$ treasures4 ,twelf?1 any actual /ore ( gold1 silv] or o!r curr5t weal? available = future wants4 ,?is does n include notes1 mortgages1 bonds1 or any o!r promises to pay1 nor c]tificates ( /ock 9 any bus9ess ent]prise1 because ^! are m]e titles to weal? suppos$ to exi/ else:]e1--z di/9ct f ! weal? z ! de$ is f ! f>m4 ,?irte5?1 any peculi> advantages ( location1 sc5]y1 pure air1 pure wat] & agreeable temp]ature1 t are controll$ by own]s = p]sonal advantage or enjoym5t1 & c be objects ( desire to o!rs4 ,f\rte5?1 any 8good w0 atta*$ to1 & "p (1 p>ticul> f>ms1 due to long e/abli%$ me?ods & facilities 9 prep>+ or m>ket+ produce4 ,if su* 8good w0 is atta*$ to a p]son r ?an to ! place1 x is n weal?1 b p[]4 ,! la/ two are seldom di/9ctly enum]at$ by ! assessor1 yet !y are cle>ly e/imat$ 9 any ex*ange ( places or transf] ( titles4 ,!y are own$1 us$ & transf]r$ l o!r =ms ( weal?1 & save future ex]tions to obta9 !m4 ,all ^! are weal? because !y contribute to welf>e ?r\gh be+ accumulat$ mat]ials to meet future wants1 & are to be measur$ 9 any e/imate by _! relation to ! wants !y w satisfy & ! ex]tions !y w save4 ,future wants c]ta94--,wants & ex]tions are readily se5 to be at ! f\ndation ( all ideas ( weal? z indicat$ above4 ,if we are unc]ta9 z to ! cont9uance ( any wants or unc]ta9 z to ! conditions = meet+ ^? wants1 we /op accumulation ( mat]ials = satisfy+ !m4 ,ex]tion /ops unless ! satisfaction to be ga9$ by our ef=t is =ese5 ) a reasonable c]ta9ty4 ,! f>m] is nev] absolutely sure ( returns = 8 labor ^u ! cornfield2 b he is reasonably c]ta91 & is absolutely c]ta9 t ! crop w n come )\t labor4 ,?is assum$ cont9uance ( individual wants & _! relations gives ! gr& motive = weal? ga!r+4 ,! means ( protection & support = physical life w be ne$$ by ourselves & our *ildr54 ,tools ( bett] =m & ma*9]y ( bett] manufacture w be ne$$ to r$uce ex]tion 9 future4 ,r$uc$ ex]tion = a giv5 satisfaction w mean a full] supply ( ?+s we are go+ to ne$ /ill4 ,if ^! wants are fully met1 we are go+ to h leisure to satisfy l>g] & high] wants4 ,x is ! c]ta9ty t ea* advance ( weal? w br+ advanc+ wants to consume m weal?1 t gives a g5u9e motive to activity 9 ga9+ weal?1 i4e41 9 accumulat+ ! ?+s to be us$4 ,! degree ( unc]ta9ty 9 all future plans leads to ov]-e/imat+ ! importance ( gold1 diamonds or any =ms ( weal? t c mo/ easily be transf]r$ betwe5 places or individuals1 or be turn$ to acc\nt 9 ea* *ange ( necessities4 ,own]%ip4--,! importance ( wants & ex]tion emphasizes ! importance ( ! individual self 9 all ideas ( weal?4 ,! own]%ip ( "o's own abilities & _! products is absolutely ess5tial to 8 c>e = accumulation1 & t c>e is 9 proportion to 8 security 9 su* own]%ip4 ,directly or indirectly1 e ex]tion & e sacrifice mu/ dep5d ^u confid5ce t x w br+ its object2 b weal?-gett+ has no object )\t control1 9 "s measure1 ( results4 ,?is fact makes individual own]%ip an ess5tial to ! highe/ ex]tion1 a natural sequ5ce to ! "r ( lib]ty4 ,prop]ty rights are gr\nd$ 9 ! g5]al & individual welf>e1 z %[n 9 human nature & 9 ! progress ( ! _w along ! l9e ( protection to prop]ty4 ,^? communities are mo/ happy :i* be/ protect individual prop]ty4 ,z ,j4 ,e4 ,?orold ,rog]s rem>ks1 8,sacr$ness is accord$ to private prop]ty1 because society prosp]s by x40 ,ev5 !oriz]s :o d5\nce individual prop]ty-hold+ f\nd _! argum5t ^u ! equity ( individual rights 9 prop]ty4 ,w> is less h>mful ?an an>*y1 because x ensures a measure ( control4 ,slav]y has sometimes be5 less injuri\s ?an w> 9 giv+ security to enjoy a portion ( self4 ,b a conque/ ( fre$om by blood%$ is wor? its co/ 9 self-control4 ,civilization advances z individual responsibility = prop]ty1 z well z ev]y?+ else1 is recogniz$4 ,*ri/ianity is ideally practical 9 uphold+ e man's "r to self-control 9 ! int]e/ ( all4 ,x di/+ui%es equity f equality 9 di/ribution ( all good1 weal? includ$4 ,public prop]ty is rightly public :5 ! wants & en]gies ( all ! community are be/ provid$ = by su* common own]%ip4 ,pro( 9 ea* p>ticul> case is ess5tial aga9/ ! presumption t individual ne$s are ! be/ impulses to provision = welf>e4 ,ev5 common prop]ty is limit$ necess>ily to ! numb]s :o c use x4 ,no prop]ty or weal? c exi/ = anybody )\t ! control ( "s human individuals = :om x is accumulat$4 ,wants individual4--,we are likely to lose sight ( ! ess5tial individuality ( wants & ex]tions :i* make weal? possible1 because 9 any community ex*ange ( s]vices modifies ! direct relation ( ea* man's wants to 8 accumulations4 ,assum+ t o!rs1 want+ food1 w ex*ange clo?+ = x1 "o man /ores food alone1 b 9 quantities f> beyond 8 own ne$1 measur+ its relation to all 8 mat]ial wants ?r\gh ! wants & ex]tions ( o!rs4 ,he feels ev5 m sure ( ! cont9u$ activity ( wants & p[]s among a multitude ?an if he _h b "o neighbor2 b individuals1 aft] all1 mu/ ne$ 8 products & ex]t !mselves to meet ! ne$1 or all 8 calculations fail4 ,progress 9 welf>e4--,economic progress mu/ %[ a l>g] welf>e to individuals ( ! community4 ,! famili> figure by :i* a commonweal? is comp>$ to an animal organism fails to include ! important fact t ! individuals ( ! commonweal? furni% ! only reason = ! exi/5ce ( ! commonweal? itself1 z well z its only means ( exi/5ce4 ,! cells ( ! animal1 or ev5 ! mo/ important organs1 h no reason = exi/5ce 9 !mselves4 ,ea* individual man furni%es ! reasons = 8 activity1 & ! ne$s ( individual m5 furni% ! only reason = hav+ a commonweal?4 ,we c speak ( progress1 !n1 only :5 ^! individuals secure a bett] use ( weal? 9 "s way4 ,x may be by accumulation ?r\gh sav+ f ! full ye>s = ! empty1 z old] communities c endure a dr\ght ) little suff]+1 :ile pione]s are ru9$4 ,x may be by an increas$ product = a giv5 ex]tion1 z illu/rat$ by e labor-sav+ implem5t ^u ! f>m or 9 ! factory4 ,x may be by less5+ ex]tion = a giv5 product1 z 9 ! devices ( kit*5 & dairy to make tasks light]4 ,x may be 9 bett] di/ribution ( ! total product ?r\gh readi] & fair] ex*anges ( s]vices or products1 z happ5s ) e improvem5t 9 transportation & e means = fair] und]/&+ 9 a b>ga94 ,la/ly1 x may be 9 m economical exp5diture = common wants1 z 9 ma9ta9+ gov]nm5t ma*9]y4 ,usually1 progress has be5 m>k$ along sev]al ( ^! l9es at once1 if n all ( !m4 ,!re is reason 9 ! /atem5t ( ,*>les ,francis ,adams t ! la/ c5tury f> exce$s ! ga9 ( a ?\s& ye>s be=e4 ,production1 di/ribution1 consumption4--,full consid]ation ( rural weal? z relat$ to welf>e mu/ fir/ give ! pr9ciples ^u :i* weal? is produc$1 includ+ ex*ange ) all its ma*9]y2 = ! m>ket+ ( produce is today "o ( ! *ief /eps 9 secur+ weal? by f>m+4 ,! ?rifty f>m] ( today is ! man ( mo/ bus9ess tact & en]gy1 :o uses mo/ approv$ means ( rais+1 h&l+ & m>ket+ 8 goods4 ,x also requires a c>eful /udy ( pr9ciples ^u :i* any product ( ex]tions1 :]e m ?an "o p]son has contribut$ t[>d ! :ole1 c be fairly %>$ betwe5 ! produc]s1 h[ev] !y h help$4 ,a f>m] is z ?or\ghly int]e/$ 9 problems ( r5t1 int]e/ & pr(its1 if n 9 wages1 z any o!r work] = weal? or welf>e4 ,x fur!r involves ! /udy ( economic uses = weal?1 private & public1 s9ce no weal? has f\nd ! true reason = its exi/5ce till ! uses to :i* x is put are kn[n4 ,?is includes all que/ions ^u ! economic functions ( gov]nm5t1 ! ends to be s]v$1 & ! rais+ & h&l+ ( rev5ues4 ,if any patriots ne$ to "k = :at1 h[ & 9 :at measure _! c\ntry is dep5d5t ^u _! own res\rces1 x is ! f>m]s1 ^: homes make ! bulk ( ! l& we love1 ^: *ildr5 furni% ! bone & s9ew ( indu/ry1 & ^: int]e/s are mo/ s5sitive to misdirect$ en]gy 9 public adm9i/ration4 ,security 9 /able gov]nm5t4--,agriculture1 ( all indu/ries1 c fl\ri% 9 t c\ntry alone :]e p]sonal & prop]ty rights are fully und]/ood & respect$1 :]e claims are equitably adju/$ by a /able gov]nm5t1 & :]e taxes are prop]ly apportion$ & rev5ues economically exp5d$4 ,,"p ,i4 ,,productive ,,indu/ries3 ,,analysis ,,( ,,aims1 ,,=ces1 ,,means ,,& ,,me?ods4 ,*apt] ,i4 ,aims ,( ,indu/ry4 ,production def9$4--,a v little ?\ght %[s t m5 produce no?+ 9 ! s5se ( creat+4 ,all production is simply ov]com+ ob/acles to satisfaction ( wants z we f9d ^! ob/acles 9 space1 "t & =m or sub/ance ( natural objects4 ,9 do+ ?is we are conf9$ to m]e ability to move ?+s4 ,! v highe/ ef=t ( man's en]gy today b proves ! say+ ( ,"l ,bacon1 8,all t man c d is to move natural objects to & f ea* o!r3 nature work+ )9 accompli%es ! re/40 ,?is is fully illu/rat$ 9 f>m op]ations4 ,! br++ toge!r ( soil1 se$1 sun%9e & %[]1 accord+ to _! natures1 secures ! product ( nature--a crop4 ,mov+ food & wat] to ! /e]s1 or ! /e]s to food & wat]1 "u prop] conditions ( w>m?1 air & ex]cise1 produces beef4 ,to "k h[ & :5 & :]e to move ?+s s t nature may meet our wi%es by :at always happ5s "u ! same circum/ances1 w\ld be to h all ! arts ( life2 9 %ort1 production is ! art ( mov+ ?+s4 ,b we di/+ui% diff]5t k9ds ( production accord+ to ! direct results expect$ f our motion1 z r$uc+ space & "t1 modify+ ! =m1 or *ang+ ! sub/antial qualities ( ?+s h&l$4 ,transportation 9 production4--,! *ange ( place necess>y to br+ toge!r wants & ^? ?+s :i* satisfy !m is a me?od ( produc+ weal? mo/ app>5t ev]y:]e4 ,! br++ ( wild fruits f ! =e/ or ! swamp to ! home gives !m wor?4 ,! m]e transportation1 *ange ( place1 gives !m an importance !y did n h on ! trees or bu%es4 ,9 ?is transportation we put ! en]gy necess>y to take gra9 f ! fields all ! way to ! bake-ov5s1 & f9ally to our m\?s1 or to c>ry ! milk f ! /able or y>d 9 pail1 c1 wagon1 tra91 deliv]y c>t & bottle1 to ! lips ( ! *ild ^: life x ma9ta9s4 ,e k9d ( mat]ial or =ce exp5d$ 9 ?is process ( ov]com+ space is us$ 9 ! idea t ! object is wor? ! exp5diture 9 ! place f9ally rea*$4 ,if ! motion /ops any:]e along ! way1 ! weal? is n obta9$1 or at lea/ is held only 9 expectation until ! motion c be complet$4 ,:ile ea* ( fifty individuals may give a h&1 & pass 8 claim to ! next = a consid]ation1 ! weal? is all ! way increas+ 9 anticipation1 z ! object comes ne>] its use4 ,9 ?is progress "t z well z space is an important ob/acle to be ov]come1 & we employ all means ( increas+ spe$1 or pres]v+ aga9/ :at we call 8! ravages ( "t10 i4 e41 ! op]ation ( injuri\s =ces act+ 9 "t ^u mo/ mat]ial sub/ances4 ,! me?ods employ$ = /or+1 cur+ & =c+ to maturity ! v>i\s =ms ( food ne$$ 9 a community are aim$ at meet+ ?is ob/acle1 & add to its f9al wor?2 inde$ ^! may be ! means ( giv+ value to all ! o!r ef=ts 9 transportation1 z 9 mov+ beef f ,kansas ,city to ,new ,york1 or fre% fruit f ,san ,francisco to ,bo/on4 ,9 ! same process ( putt+ ?+s :]e !y are ne$$1 all m]*ants are engag$4 ,)\t ! /ore1 ! ord] ^u ! %elves1 ! ready att5dant & 8 despat* 9 meet+ y\r dem&1 ! p\nds ( sug> or salt ess5tial to y\r com=t c\ld n be _h = love or money4 ,^! ef=ts are an ess5tial "p 9 ! motion betwe5 wants & objects to satisfy !m4 ,mu* ( ?is k9d ( motion we include "u ! "n comm]ce1 ?\gh t ^w m directly implies ! ex*anges involv$4 ,! ma*9]y ( comm]ce is *iefly ! means ( br++ ?+s want$ to ! p :o want !m4 ,mu*1 h[ev]1 ( ! ex]tion requir$ 9 all indu/ries1 especially 9 f>m+1 is simply 8to fet* & c>ry40 ,x w emphasize ?is fact to /udy1 :ile y eat a piece ( *]ry pie1 ! processes involv$ 9 br++ x f ! treetop1 gra9field1 dairy & cane-field1 ?r\gh mill & /ore & pantry & ov51 to y\r plate4 ,transportation cuts a trem5d\s figure 9 production ( weal?4 ,9 ! fir/ /ages ( social life x is almo/ ! :ole4 ,! hunt] talks ( 8br++ 90 8 game4 ,au/ralians1 ,hott5tots & ,digg] ,indians liv$ by c>ry+ !mselves f "o supply ( food to ano!r4 ,trans=mation 9 production4--,mu* ( ! mat]ial ga!r$ by u ne$s "s *ange ( =m to suit our wants4 ,an ax-helve has 9 x ! orig9al wood ( ! "y hickory br\ght f ! =e/1 b its =m is fa%ion$ by ef=t ) ax1 draw%ave1 scrap] & s&pap]1 until x satisfies ! judgm5t ( an exp]t *opp]4 ,?is trans=mation is employ$ 9 any indu/ries :]e wood1 ivory1 ! metals & o!r m9]als are %ap$ by tools1 or by mold+1 or press+ or b5d+1 to our wi%es4 ,mo/ fabrics are mat]ials put into =m4 ,! ^w manufacture cov]s mo/ ( su* "w :]e mat]ials are manipulat$ by %ap+2 b x also includes _m op]ations ) a diff]5t aim1 to *ange ! sub/ance itself4 ,transmutation 9 production4--,m5 h f\nd t two metals1 t9 & copp]1 melt$ toge!r produce brass1 diff]5t 9 qualities f ei!r4 ,f>m]s h = _m c5turies contriv$1 by keep+ nature's =ces "u control 9 ! :eat field1 to comb9e c]ta9 elem5ts ( ! soil1 includ+ its moi/ure1 into gra94 ,! s+le se$ has multipli$ a hundr$fold ?r\gh be+ plac$ 9 favorable conditions1 ) ! raw mat]ials at h& 9 ! f]tile soil4 ,! process ( ma9ta9+ animals ) suitable food = ! production ( milk or fle% is simil>4 ,! comb9ation ( fl\r1 wat]1 salt & yea/1 by heat1 fir/ mild & !n int5se1 into a loaf ( bread is a good illu/ration ( a *ange ( qualities by re>rangem5t ( ! elem5ts ( a sub/ance4 ,x is sometimes call$ transmutation1 & comes ! ne>e/ possible to creation ( mat]ial ?+s4 ,! *emi/'s laboratory exi/s = mak+ su* new comb9ations1 & _m ( ! arts produce mat]ials1 l /eel1 :i* w\ld n exi/ )\t su* comb9ation4 ,b _m h se5 9 ! art ( agriculture a mo/ prom95t illu/ration ( transmut+ co>s] elem5ts into products adapt$ to human wants = food1 %elt] & adornm5t4 ,all su* "w1 h[ev]1 is done by br++ objects & =ces into su* contact t *emical or vital *anges w take place :ile we wait4 ,production ext5d$4--,9 all ^! ?ree directions1 or 9 any comb9ation ( !m1 transport+1 trans=m+ & transmut+ mat]ials1 m5 seek ! production ( a supply = meet+ anticipat$ wants1 & s contribute directly or indirectly to welf>e4 ,no "o way ( produc+ :at m5 ne$1 :]e !y ne$ x1 & :5 !y ne$ x1 has any sup]ior claim to ! "n production4 ,all are mak+ ! mat]ial yield up welf>e to ! "o :o ne$s x1 & produce weal? j s f> z _! s]vices are necess>y 9 br++ ! welf>e4 ,if ev] any /ep 9 ! process becomes useless1 x ceases to be productive ( weal? & becomes wa/e4 ,! inv5tive p[]s ( mank9d are always at "w to %ort5 ! processes & ha/5 ! advantages ( production4 ,m5 /udy ! m9ute/ work+s ( nature to f9d ! conditions "u :i* %e does h] "p ( ! "w4 ,! application ( su* m9ute k is a *ief "p ( e art4 ,?is is also ! object ( sci5ce2 =1 z ,guizot says1 8,x only began to h a well def9$ exi/5ce :5 x conf9$ itself to seek+ ! #8h[' r ?an ! #8:y' ( nature's work+s40 ,?is purpose su/a9s 9 ! ,unit$ ,/ates m ?an fifty agricultural exp]im5t /ations1 unit$ 9 a great organization1 to f9d h[ ! natural =ces us$ by f>m]s d _! "w4 ,?is prophecy ( a not$ economi/ is w>rant$3 8,probably ! greate/ economic revolution :i* ! y\? ( today may 9 8 old age behold1 w be f\nd 9 ?is all-important bran* ( our indu/ries40 ,:5 we "k h[ nature works1 we c adju/ our little motions 9 "t & place to promote t "w2 we %all h ! art ( mov+ ?+s to suit our ne$s4 ,no?+ c be tru] ?an ,t5nyson's l9e1 8,we rule by obey+ nature's p[]s40 ,*apt] ,,ii4 ,=ces ,9 ,production ,( ,weal?4 ,nature4--,:5 m5 le>n to meet _! wants by ex]tion 9 accord ) nature's ways1 !y are said to use ! =ces ( nature 9 production ( weal?4 ,e accumulation ( mat]ials = satisfy+ future ne$s implies "s control ov] natural objects4 ,if advantage is tak5 ( natural motions or o!r activities to br+ ab\t l>g] accumulation1 ! man ^: plans secure ?is has ga9$ control ov]1 & s prop]ty-rights 91 ! natural =ce :i* he has h>ness$4 ,! w9d caught by a sail & ! wat] controll$ by a dam contribute to ! p[]1 & indirectly to ! weal?1 ( ! man :o contrives to make !m move ?+s = him4 ,! directive actions ( m5 necess>ily appropriate ! natural objects :i* !y use1 toge!r ) all ! qualities ( ^? objects4 ,en]gy4--,human ex]tion produces weal?1 z we h se51 :5ev] x anticipates & provides = future wants by secur+ at h& ! ?+s to be us$4 ,s f> z ?is anticipation includes control ( =ces or qualities 9 nature1 ^! natural ag5cies contribute to weal? ( individuals or communities4 ,s volunt>y human ex]tion is comb9$ ) involunt>y =ces ( outside nature to give weal?4 ,no am\nt ( gold 9 ,alaska is weal? until "s human ability has appropriat$ x to human uses2 b ! m]e fact ( locat+ a claim = m9+ purposes gives ! prospector advantage ov] any o!r man because ( 8 =esight4 ,s e activity ( nature may become a factor 9 weal? by human +5uity 9 mak+ x useful4 ,natural =ces4--,su* natural ag5cies = produc+ weal? are se5 9 ! simple prop]ties ( mat]ial bodies1 su* z ! metals or woods or gra9s or fruits or fl[]s possess4 ,we secure ^! prop]ties = our uses4 ,gravity1 s\nd1 heat1 light1 electricity1 *emical aff9ity1 cry/allization1 ev5 life itself1 are names = c]ta9 =ms ( en]gy 9 nature :i* m5 are us+ m or less to meet _! wants4 ,:5ev] ex]tion is ne$$ to provide = us+ ^!1 ! ?\ght ( weal? is connect$ ) ! =ces !mselves4 ,! fi% 9 ! sea & riv]s become weal? to "o :o has caught !m1 & ev5 m di/9ctly ! prop]ty ( ! community :i* has protect$ !m 9 bre$+4 ,sunlight may rea* all alike 9 welf>e1 b ! man :o has contriv$ to make x pr9t pictures = him has made sunlight into weal? 9 ! picture4 ,equally s ! f>m]'s en]gy & contrivance use ! prop]ties ( soil & climate & ! vital en]gies ( se$s to make weal? 9 a crop4 ,control = welf>e4--,z ea* individual work] ga9s control ov] any ( ^! prop]ties or =ces he advances 9 weal? & welf>e4 ,x becomes 8 own means ( meet+ wants4 ,if all individuals 9 a community %>e 9 su* control1 !y ?9k ( ! good ?+s z "p ( ! g5]al welf>e1 & d n enum]ate !m 9 anybody's weal? except :5 comp>+ _! own condition ) t ( ano!r community4 ,advantages ( ?is k9d con/antly t5d to become m univ]sal1 & s to c\nt v little 9 individual weal?4 ,_m advantages ( civilization today belong to all ! _w alike1 s t nature seems to meet our wants gratuit\sly2 b ! /ory ( progress %[s t ^! are gifts inh]it$ f ! weal? ( pa/ ages4 ,! human ex]tion :i* !y once co/ is ov]look$ 9 ! ease ( ! pres5t4 ,m]e fire 0 once a treasure to be *]i%$ & kept at mu* exp5diture ( /r5g? & =esight4 ,n[ we k9dle a fire s easily t nobody ?9ks ( x z a "p ( ! _w's weal?4 ,l& z a =ce4--,l& repres5ts a comb9ation ( natural en]gies & prop]ties s important z to be nam$ sometimes z a di/9ct =ce 9 production4 ,x implies1 fir/1 ne$$ space = v>i\s k9ds ( ex]tion 9 bo? c\ntry & t[n4 ,second1 x includes all m9]al1 vegetable & animal bodies t are f\nd above1 on or "u ! surface4 ,?ird1 x is soil1 an ess5tial "p ( a f>m]'s equipm5t 9 us+ nature's processes ( gr[?4 ,z mo/ ( ^! prop]ties ( l& c be put to use only by repeat$ & cont9u$ ex]tion 9 ! same place1 a l>ge portion ( ! e>? is necess>ily apportion$ to individual control1 i4 e41 to ! own]%ip ( ^? :o c direct its uses1 & s x becomes weal?4 ,! sea 9 mo/ ( its uses to m5 requires no su* local control1 & s is n own$ by a nation ev52 b ! h>bors1 %ips & :>ves1 ! oy/]-b$s & fi%+ banks1 soon become ! prop]ty ( "s body ( m5 t w make & keep !m useful4 ,ev5 a pa?way ov] ! high seas may yet be controll$ = ! safety ( ! huge /eam]s t da% across4 ,l&1 except :5 us$ = absolutely univ]sal welf>e1 mu/ be "u individual control1 & ev5 !n o!r individuals may h ! "r ( way because ( its necessity 9 ! common use4 ,peculi>ities ( prop]ty 9 l& aris+ f limitations 9 quantity or quality w be spok5 ( "u ,sc>city ,prices & ,r5t4 ,!y diff] f simil> que/ions z to any o!r =m ( prop]ty only because ?is =m ( prop]ty seems m p]man5t4 ,any =ce ( nature br\ght "u control by individual ef=t contributes to weal? ( individuals till all ga9 equal control4 ,peculi>ities ( climate affect ! quality ( wool1 cotton1 gra9s & fruit1 & ev5 ! beef & mutton rais$ "u x4 ,b ^! effects we connect ) ! l&4 ,su* peculi>ities also affect manufactures ( v>i\s k9ds1 & s location has value4 ,ef=t = ga94--,volunt>y human ef=t is always made ) ! expectation ( ga9 f its ex]tion2 o!rwise x w\ld n be made4 ,z ,guizot says1 8,our ideal is to procure ! maximum ( utility ) ! m9imum ( ef=t40 ,! ex]tion is always c\nt$ 9 ! co/ ( any product1 :atev] ! natural =ces employ$4 ,if ! crop fails1 or ! product is unsalable1 ! ef=t has lo/ its expect$ rew>d1 & prospective losses are e/imat$ ) m or less c>e 9 judg+ :e!r a product is wor? ! ex]tion4 ,! half crop ( a dr\ghty ye> co/s z mu* z ! full crop ( a pl5te\s ye>1 & comp5sation = ! loss is expect$ f ! surplus ( ! full crop4 ,9 e/imat+ ! ex]tion giv51 all human en]gies are c\nt$1 :e!r !y belong to ! pres5t1 l muscul> p[]1 good eyesight1 quick intellig5ce2 or to ! pa/1 l dext]ity f tra9+1 sup]ior k1 accumulat$ tools1 e/abli%$ "*4 ,if ! imm$iate ex]tion is mo/ prom95t1 ! ^w labor includes ! :ole ex]tion4 ,if tools & ma*9]y are us$1 capital is a contributor to ! product & takes its %>e4 ,if skill or k or "* become important1 p]sonal atta9m5ts are a *ief cause ( ! product1 & s a *ief claimant 9 ! rew>d4 ,*apt] ,,iii4 ,labor ,def9$ ,& ,classifi$4 ,labor def9$4--,ex]tion ( any k9d = meet+ individual wants we call labor1 :e!r x simply ga!rs food f ! =e/1 or contrives ! mo/ intricate ma*9]y = satisfy+ wants t may take ye>s to gr[4 ,ex]tion t has no end beyond itself1 no matt] h[ sev]e x may be1 we call play1 & consid] x important 9 public welf>e only z x aids 9 heal? & morals4 ,labor is sep>at$1 too1 f all ex]tions to de/roy or injure ! welf>e ( o!rs1 if we c see _! object4 ,any p]son claim+ to labor pr(esses to h giv5 8 ex]tions = ! satisfaction ( somebody's wants )\t do+ viol5ce to ! welf>e ( o!rs 9 ! community4 ,:5ev] we d n assume ?is we conc$e a /ate ( w>1 viol5ce & de/ruction tak+ ! place ( production & accumulation4 ,^! may require ex]tions usually class$ ) labor2 b are puni%$ in/ead ( be+ rew>d$1 unless we c e/abli% _! f9al advantage 9 a l>g] welf>e = humanity1 or 9 def5se ( society4 ,productive labor4--,! v>i\s classifications ( labor s]ve m]ely to call att5tion to peculi> relations impli$ 9 ! results4 ,if ex]tion results 9 giv+ additional weal?1 or p[] to produce weal?1 x is call$ productive labor2 b if x contributes only to imm$iate com=t or pleasure or safety x is call$ unproductive4 ,! di/9ction is useful s f> z x enables u to be prud5t 9 adju/+ en]gies to meet real wants4 ,all labor is ma9ta9$ by ! product ( ex]tions4 ,any labor exp5d$ )\t a product mu/ be provid$ = by an increas$ product f "s o!r =m ( labor4 ,a f>m] may su/a9 life ^u ! food he raises2 b ! wife :o makes 8 h\se a home _c live on ! product ( h] labors4 ,%e may add to ! value ( "s products directly1 z 9 turn+ milk into butt]1 & raw mat]ials into palatable food2 b h] *ief en]gy may be 9 gett+ satisfaction = ! h\sehold out ( mat]ials ga9$ by h] husb&4 ,bo? are ess5tial to ! welf>e ( ei!r1 & prud5ce requires a prop] adju/m5t betwe5 !m4 ,a =ce ( physicians may be ne$$ to keep a community 9 work+ condition2 b if a :ole community tri$ to live z doctors "s o!r community mu/ furni% ! mat]ial weal? to su/a9 !m4 ,any increase ( labor ^u mat]ial products1 ei!r directly or indirectly1 may increase ability to meet future wants1 :ile increase ( labor ^u pres5t uses ( weal? may dim9i% ability = ! future4 ,! weal? ( a community is ! product ( all ! labors t contribute to make mat]ial nature useful4 ,?is classification is important 9 /udy+ ! "q ( productive consumption ( weal?1 b does n decide :i* gives be/ results4 ,x is a s]i\s error to assume t ! work]1 ^: labor is directly appli$ to mat]ials1 gives to our weal? all its value4 ,if sev]al m5 are build+ a h\se1 "o may contribute z mu* to ! build+ by cook+ = ! re/ z if he work$ 9 turn 9 ! con/ruction4 ,9 ! same way all ! h\sehold1 if well ord]$1 aid t[>d ! result ( _! unit$ labors4 ,! physician :o %ort5s ! illness ( a f>m] contributes 8 %>e t[>d rais+ ! f>m]'s crop4 ,! lawy] :o makes prop]ty saf]1 & ! m9i/] :o gives /rong] motives = ex]tion1 are %>]s 9 ! =ce t br+s ! product4 ,physical1 m5tal1 moral labor4--,! classification ( labor accord+ to ! p[]s employ$ s]ves to call att5tion to ! wide range ( ex]tions rightly class$ z labor4 ,if ! ex]tion is *iefly muscul>1 labor ( h&s1 %\ld]s1 legs or any "p ( ! body1 x is prop]ly call$ physical4 ,if ! ma9 ef=t is t ( ! intellect 9 plann+1 inv5t+1 contriv+ ways & means1 or 9 rememb]+1 c\nt+ or ?9k+ ( any k9d1 x is j z truly labor1 b m5tal4 ,if ! *ief ex]tion is 9 ! good w t resi/s temptations1 gu>ds int]e/s1 controls viol5ce & folly1 secures ord] & devises lib]al ?+s = society1 ! labor is moral4 ,moral labor is (t5 recogniz$ 9 wages1 fai?fulness be+ m important 9 "s s]vices ?an 9 o!rs1 & paid =4 ,me*anical devices = promot+ hone/y or wat*fulness may save1 9 "p1 moral labor4 ,?is view ( labor helps u to see ! wide range ( ef=ts t unite 9 production ( weal?1 s9ce all ! en]gies ( a man may be employ$ 9 8 "w4 ,! successful f>m] is "o :o makes ! mo/ ( all 8 abilities--8 muscles1 8 m9d & 8 he>t--& 8 h>d "w is f> f be+ conf9$ to 8 h&s4 ,! ?ree k9ds ( labor are comb9$ 9 "s proportion 9 e life1 b ! be/ & mo/ productive life 8 mo/ room = h>d ?9k+ & self-control4 ,op]ative1 executive1 speculative labor4--,9 ! advanc+ complexity ( society a /ill m important classification ( labor is app>5t4 ,if a man's ef=t ( any k9d is simply to foll[ directions 9 an e/abli%$ r\t9e1 x is call$ op]ative labor1 & ! labor] becomes an op]ative4 ,he works usually by ! day1 h\r or piece1 "u a =eman or ov]se]4 ,beyond ! task set = him1 he has no ?\ght nor w4 ,ov] him is a director--! =eman1 ov]se]1 contractor or boss--^: *ief ef=t is to c>ry =w>d to completion "s plan committ$ to him z a tru/4 ,! =eman's labor is l>gely m5tal & moral 9 adju/+ tasks & keep+ ! op]atives1 8! h&s10 well employ$4 ,?is is well nam$ executive labor1 & requires peculi> abilities & "*4 ,/ill f>!r away f ! m]e task is ! ef=t t devises ! plan2 adju/s "p to "p1 decides ^u mat]ials suitable = ea* "p1 e/abli%es ! ideal ( excell5ce = e "p & = ! :ole1 & =esees its actual uses4 ,inv5tion ( e k9d illu/rates ! ex]tion ( =esight 9 plann+1 b su* ex]tion is n conf9$ to te*nical inv5tion4 ,! f>m] :o lies awake nights to plan 8 ye>'s "w s t he may h ! l>ge/ returns = 8 und]tak+s 9 m>ketable products1 gives ! same k9d ( ef=t z ! inv5tor4 ,a good "n = ?is is speculative labor1--an ex]tion to =esee & provide = future ne$s ( society4 ,9 mu* ( f>m life all ^! are m+l$3 ! same man devises ! plan1 executes 8 own ideas1 & p]=ms ! tasks himself4 ,b e "o realizes ! diff]5ce ( success gr[+ out ( ! plann+4 ,_m a good man ne$s to foll[ ano!r's plans1 & n a few 8"w bett] = o!rs ?an !y c = !mselves40 ,9 "s great und]tak+s ! projector & plann]1 ! contractor & ov]se] & ! work] ( details are necess>ily sep>at$4 ,?is may be well illu/rat$ 9 ! con/ruction ( a great build+1 = :i* an ar*itect gives all att5tion to a plan1 & may require a consid]able =ce ( assi/ants & draftsm5 to embody 8 ideas on pap]2 !n contractors1 "o or sev]al1 secure mat]ial1 employ m5 & direct !m 9 plac+ mat]ials 9 =m & comb9ation to suit ! plans2 b a ho/ ( workm5 move z direct$ at ! w ( a =eman to pile brick1 mort>1 /one1 iron or timb] accord+ to ! plan4 ,! labor ( ! ar*itect makes possible ! entire /ructure--makes ! "w = all t ent] into 8 labors4 ,?is classification into speculative1 executive & op]ative labor helps to a fair e/imate 9 %>+ ! proce$s ( comb9$ labors1 & gives a prop] importance to ! inv5tive & =esee+ en]gy :i* causes ! gr[? ( civilization4 ,t =m ( ex]tion :i* has done mo/ to meet ! _w's wants is speculative labor4 ,inv5tion 9 f>m+4--,a capital illu/ration ( speculative labor1 productive 9 ! highe/ degree1 is ! inv5tion ( reap+ ma*9]y4 ,! inv5tor has ga9$ ri*es by 8 contrivance1 b ! _w has ga9$ f> m by 8 =esight & +5uity4 ,simil> en]gy has be5 put into all labor-sav+ ma*9]y1 & /ill plays an important "p 9 devis+ ! be/ uses = x4 ,e f>m] has a simil> ne$ ( plann+ = e field he pl[s4 ,!re is a c]ta9 draft = ea* horse1 a c]ta9 spe$ = ! pl[1 a c]ta9 adju/m5t ( h>ness to ! team1 :i* gives a full return = ! =ce employ$4 ,a failure to f9d ?is causes wa/e4 ,all ! ef=t ( sci5tific rese>* into causes & conditions ( gr[? or disease ( plants & animals is speculative labor1 out ( :i* ! next advance ( agriculture mu/ come4 ,! m]e op]ative p[] ( a labor] c be supplant$ by brute =ce or by ma*9]y1 b no?+ c ev] supplant ! intellig5t =esight t inv5ts1 plans & devises ! end to be rea*$1 & ! ways & ! means = rea*+ x4 ,! v f\ndation ( any success 9 f>m+ is cle> =esight & di/9ct plann+ = a succession ( crops1 ea* to be t5d$1 h>ve/$1 /or$ & m>ket$ 9 ! v nick ( "t4 ,! be/ en]gy ( e f>m] is prop]ly giv5 to f9d+ :at crop to raise1 h[ & :5 to h x ready = ! _w t is go+ to ne$ x4 ,he be/ meets 8 own daily wants :5 8,mr4 ,contrivance0 /&s by him 9 all 8 ef=ts4 ,?is contrivance is ! *ief ex]tion ( a successful f>m]'s life4 ,*apt] ,,iv4 ,capital ,def9$ ,& ,classifi$4 ,capital di/+ui%$ f weal?4--,:5ev] mat]ial weal? is us$ n directly 9 meet+ pres5t wants1 b to produce m weal? suit$ to future wants1 x is call$ capital4 ,any /ore ( good ?+s devot$ only to meet+ wants z !y come is ?\ght ( z weal?1 z well z possible capital1 s9ce at any "t x may be made ! means ( creat+ o!r weal? to m ?an take its place4 ,! di/9ction gr[s :olly out ( ! uses ( weal?1 n its =ms4 ,a horse us$1 or to be us$1 z a =ce 9 production by draw+ loads is c\nt$ z capital2 b if us$ = m]e pleasure-rid+ is only weal?1 :i* leaves no mat]ial return :5 consum$4 ,?us ! same horse may1 9 ! h&s ( a bre$]1 a tra9]1 or a liv]yman be capital1 b 9 ! h&s ( a fanci] or a pleasure seek] be only weal?1 to be us$ z want$4 ,weal? 9 dwell+s or public build+s con/ruct$ = enjoym5t r ?an protection ( a work+ community is n capital1 & may be de/roy$ by fire or /orm )\t s]i\s di/urbance ( indu/ry4 ,! loss is bravely met1 ! h>d%ip endur$ & extra en]gy put into re/oration4 ,a f>m] may lose a f9e h\se & by liv+ 9 less com=t = a "t re/ore x1 :ile ! loss ( 8 teams or 8 b>ns may cripple 8 indu/ry4 ,9 ! great ,*icago fire ( #ahga ! weal? de/roy$ is e/imat$ at #ej1jjj1jjj1 :ile ! loss ( actual capital may h be5 only #e1jjj1jjj4 ,an en]getic use ( ! capital rema9+ wr\ght app>5t wond]s 9 ! re/oration ( weal?4 ,inde$1 ! total capital ( our c\ntry is suppos$ to be only ?ree times ! annual product ( indu/ry1 ?\gh a c5tury ( labor c\ld n re/ore x if de/roy$ entirely1 because effective tools w\ld be want+4 ,! capital ( an individual is su* a portion ( 8 weal? z he is us+ to ma9ta9 & increase 8 weal?4 ,! capital ( a c\ntry includes all ! f>ms1 s f> z !y are made su* by improvem5ts directly or indirectly1 includ+ all ways & means ( communication & transportation1 = roads contribute to all goods drawn ov] !m2 all build+s devot$ to sy/ems ( production1 includ+ necess>y protection ( labor]s !mselves2 all tools1 ma*9es & contrivances = p[]2 all animals employ$ 9 connection ) indu/ry2 all mat]ials ( con/ruction or gr[?2 all mat]ials consum$ 9 secur+ & ma9ta9+ p[]1 z fuel1 lubricat+ oil1 etc41 or 9 p]=m+ op]ations ( manufacture1 z dye /uffs2 subsi/5ce = ! work]s1 ! brutes !y use1 & ! families :i* keep up ! life & com=t ( ! p2 ! necess>y /ock 9 trade1 t all wants may be readily suppli$2 all ! ma*9]y ( trade = ready transf]s1 includ+ any actual weal? 9 =m ( money2 all ! gov]nm5tal ma*9]y = protection & ma9t5ance ( ord]1 z a fir/ ess5tial to weal?-produc+4 ,all ^! are m simply gr\p$ 9 _! diff]5t relations to labor "u ?ree classes3 fir/1 z su/a9+ labor by food1 clo?+1 protection & mat]ial on :i* to "w2 second1 z aid+ effici5cy by tools1 ma*9es & /or$ up =ces2 ?ird1 z /imulat+ ex]tion by r$uc+ pres5t anxieties & ar\s+ m f>-rea*+ plans = future und]tak+s1 illu/rat$ by possession ( satisfactory /ocks ( goods or com=table homes = families4 ,capital a "t-sav]4--,all ^! =ms ( weal? s]ve 9 production by ext5d+ ! possible wait+ betwe5 an ef=t ( any k9d & ! great] satisfaction secur$ by x4 ,no community c\ld beg9 f>m+ z a bus9ess until x _h secur$ h\s+ & se$s & tools & provisions 9 "s =m = mo/ ( a ye>'s su/5ance4 ,all ! capital t con/ructs a great ?or\ghf>e is us$ 9 gett+ ready to satisfy wants 9 _m future ye>s4 ,capital furni%es subsi/5ce = labor]s ( e k9d dur+ ^? ye>s ( wait+ = a product4 ,?is is true capital1 because ! object ( its use is a great] product ( weal?2 b ! product may be long delay$4 ,s all accumulat$ weal? 9 e =m repres5ts su/a9$ labor dur+ ! pa/4 ,pr(essor ,taussig e/imates ! accumulation ( subsi/5ce 9 all exi/+ goods at five ye>s ( labor = ! community4 ,! total value ( f>ms 9 our c\ntry is j ab\t five times ! av]age annual product ( ! f>ms1 ?\gh a l>ge portion ( ! l& is unus$4 ,capital circulat+ or fix$4--,a fur!r di/9ction is desirable betwe5 capital 9 food1 fuel or /ock 9 trade1 :i* may be turn$ at a s+le use into new weal?1 & capital 9 build+s1 bridges1 roads & f>ms1 :i* may be us$ _m times 9 add+ new weal? be=e !y entirely disappe> or give place to new =ms ( capital4 ,! fir/ is call$ circulat+ capital1 & ! la/ fix$ capital4 ,! degree ( p]man5ce 9 fix$ capital is indef9ite ( c\rse--ev5 dra9s v>y 9 p]man5ce--& ! l9e betwe5 ! two is n always easily drawn1 yet ! di/9ction is real4 ,mo/ m5 di/+ui% 8! plant0 9 any ent]prise f 8! curr5t supplies10 & realize t "s fit proportion exi/s betwe5 !m4 ,a f>m well equipp$ c n be h&l$ to advantage )\t a proportional inve/m5t 9 curr5t supplies4 ,_m a r5t] _c pay 8 r5t = want ( means to "w 8 f>m pr(itably4 ,if ! f>m 7 giv5 him1 he w\ld /ill be hamp]$ by ! same lack ( consumable goods to turn at once into l>g] products4 ,_m a 8l& poor0 f>m] w\ld ga9 at once by ex*ange ( acres = m 8curr5t supplies0 = 8 f>m+1 su* z food = help1 fe$ = teams & /ock1 se$ or f]tiliz]s = 8 crops1 or "y /ock to consume ! raw product ( 8 fields4 ,9 ! f\rte5? c5tury ! /ock ( ,european f>ms 0 wor? ?ree times ! value ( ! f>ms4 ,simil> conditions are f\nd n[ 9 "s new] portions ( ! ,unit$ ,/ates4 ,x is impossible to e/imate exactly ! exi/+ ratio betwe5 fix$ & circulat+ capital f /ati/ics at h&4 ,f>m]s 9 old]1 m develop$ regions c use1 )\t suff]+1 a l>g] p] c5t ( fix$ capital ?an pione]s c1 because ! circulation is m rapid4 ,= ! same reason ! rais+ ( /aple annual crops gives place to d\ble cropp+1 dairy+ & full fe$+ z l& gr[s m valuable1 frequ5t returns s]v+ in/ead ( l>ge circulat+ capital4 ,9 g5]al1 ! weal? ( a community is bett] judg$ by its fix$ capital1 :ile its ?rift is kn[n f its circulat+ capital4 ,fix$ capital is always secur$ by consumption ( circulat+ capital4 ,! ext5sion ( railroads always implies great r$uction ( ready supplies4 ,money betwe5 individuals & communities ranks z circulat+ capital1 b )9 any community ! /ock ( money ne$$ = dome/ic trade may be ?\ght ( z a p]man5t ma*9e4 ,ev5 ma*9]y may be circulat+ capital 9 ! h&s ( "o :o manufactures or sells x1 ?\gh fix$ :5 locat$ 9 its "w1 & = ! :ole community is 8fix$0 z soon z its de/9$ use is det]m9$ by its =m4 ,?us ! di/9ction1 ?\gh real1 is flexible4 ,its importance 9 discuss+ ! indu/ries ( a c\ntry1 or 9 und]/&+ ! relations ( v>i\s indu/ries to ea* o!r & to ! _w1 w appe> lat] 9 ! book4 ,capital unproductive4--,capital is sometimes said to be unproductive 9 contra/ ) productive1 al?\gh ! v nature ( capital requires productiv5ess4 ,! occasion = ?is di/9ction is 9 ! fact t means devot$ to future production ( weal? 9 a p>ticul> way may be ye>s 9 return+ ! product2 ! de/9ation is evid5t & ! return confid5tly expect$1 yet ! own] is )\t income or ne> prospect ( income4 ,su* v5tures are se5 9 ! reclaim+ ( wa/e l&s by dra9age1 ! equipm5t ( ext5sive m9es1 & ! con/ruction ( dykes & levees4 ,l& held = sale or use 9 ! indef9ite future is a mo/ common illu/ration ( unproductive capital4 ,if weal? 9 "s readily ex*angeable =m is int5d$ = productive use1 b is held = a satisfactory opportunity1 x is sometimes call$ free or float+ capital4 ,x may be available = any tempor>y use1 & s afloat among a v>iety ( inve/m5ts4 ,"s great ent]prises1 l ! build+ ( ! ,suez canal1 are begun 9 view ( attract+ float+ capital4 ,borr[]s g5]ally look to su* accumulations = _! supply ( funds4 ,capital 9 f>m+4--,a cle> view ( ! uses ( capital may be ga9$ f e/imat+ ! ne$s ( a "y f>m] j />t+ out = himself4 ,= all 8 equipm5ts he mu/ dep5d ^u ! "t & ef=t ( somebody embodi$ 9 =m ( tools1 mat]ial & su/5ance1 = capital 9 any =m is simply ?is4 ,a f>m ( #afj acres improv$1 or already out ( ! crude pione] /age1 repres5ts ab\t t5 ye>s ( "o man's "t1 say #c1jjj4 ,a h\se suitably furni%$ = himself & 8 "y wife means ?ree ye>s ( "t1 #a1jjj4 ,8 b>ns & corrals & int]sect+ f5ces co/ two ye>s ( "t1 #fjj4 ,8 team & /ock & ! necess>y tools make ne>ly ?ree ye>s ( "t aga91 #ijj4 ,se$1 fe$1 provisions1 clo?+1 insurance & wages = help1 all to be us$ be=e 8 fir/ ye>'s crop is sold1 require at lea/ #ejj wor? ( "t1 or ne>ly two ye>s m4 ,! ne$$ capital = su* a f>m ?us repres5ts full eighte5 ye>s ( ! "t ( an able-bodi$ man1 or #f1jjj4 ,if we add to ?is ! co/ ( br++ to mature age & intellig5ce ! ?ree able & effici5t work]s ne$$ to manage & "w t f>m1 we %all cr$it ! pa/1 )\t c\nt+ ! "t & en]gy ( ! "y p !mselves 9 gr[+ & le>n+ & ga9+ _! skill1 ) ?irty ye>s ( labor2 #aj1jjj1 put into ! f>m & its occupants z !y /& ready = a ye>'s "w4 ,?is accumulation is likely to %[ all ! =ms ( capital describ$4 ,capital cons]vative4--,capital1 especially 9 fix$ =ms1 be+ 9 its nature ! cons]v+ ( en]gy1 is necess>ily an inc5tive to cons]vatism 9 society1 s9ce any great & sudd5 *anges 9 ! habits ( a community involve rapid consumption or de/ruction ( capital4 ,capital is said to be 8timid40 ,?is /atem5t means simply t all own]s & us]s ( capital :o realize ! "t requir$ = accumulat+ x hesitate to risk its de/ruction 9 d\btful ent]prises1 unc]ta9 confid5ce or v5turesome exp]im5ts 9 gov]nm5t or f9anci]+4 ,w>1 riots1 or ev5 rev5ue laws1 may de/roy fix$ capital t has be5 ! gr[? ( a c5tury4 ,a small *ange 9 t>iff laws has r5d]$ useless imm5se factories4 ,= ! same reason f>m]s1 hav+ s l>ge a fix$ capital 9 f>ms & f>m ma*9]y1 d n take k9dly to political *anges involv+ d\btful consequ5ces4 ,/ates :]e ! capital is /ill circulat+ may readily v5ture ^u exp]im5ts f9ancial or political1 s9ce little "t is lo/ ev5 9 de/ructive results4 ,p 9 new c\ntries take risks readily because !y h less to risk4 ,*apt] ,v4 ,p]sonal ,atta9m5ts4 ,accumulat$ en]gies4--,! =ce accumulat$ ?r\gh p]sonal ef=t 9 tra9+1 education & discipl9e is simil> to capital 9 ! fact t x repres5ts a p]iod ( "t betwe5 ! ef=t & its full accompli%m5t1 & t x is devot$ to production ( weal?4 ,x diff]s f capital 9 be+ immat]ial human en]gy1 exce$+ly useful 9 comb9ation ) capital1 b a "p ( ! labor]1 n 8 tools4 ,x is ga9$ by devot+ "t1 att5tion1 ?\ght & practice to acquir+ me?ods ( greate/ effici5cy 9 any act ( labor4 ,x requires surplus en]gy 9 labor at any task to ga91 n only ! mat]ial result1 b p[] to d ! same task bett] & m easily next "t4 ,all ! "t exp5d$ 9 acquir+ su* p[]s is put into ! value ( :at is f9ally produc$4 ,any peculi> tact or ability develop$ becomes an ess5tial "p ( individual p[]s1 & its product1 l t ( any =m ( ex]tion1 becomes ! prop]ty ( ! individual4 ,9 ?is way1 n only is ! co/ ( ga9+ skill or education1 or ( e/abli%+ habits1 return$ 9 ! product1 b (t5 a consid]able increm5t1 or ga91 f ! l>g] dem& = su* abilities4 ,a skill$ artisan's labor meets m urg5t dem&s = its use4 ,skill4--,if ?is extra ex]tion takes ! =m ( tra9+ muscles1 n]ves & bra9 to act ) spe$ & accuracy z judgm5t directs1 we call ! atta9m5t skill4 ,ev5 if ! action requir$ is simple1 dext]ity comes only by practice1 & 9 special cases may multiply ! product _m times4 ,two m5 may %e> %eep ) equal accuracy1 b "o has ?ree times ! spe$ ( ! o!r4 ,8 skill secures employm5t at ?ree times ! wages ( ! o!r1 ) pr(it to ! employ]1 because ! extra spe$ saves room1 att5dance & risk ov] employ+ ?ree m5 at "o-?ird ! rate4 ,! %e>] pr(its by ! r>ity ( 8 skill 9 gett+ ! wages ( ?ree m51 ) ! support ( b "o1 & 9 m con/ant employm5t4 ,:5 ! op]ation is m complex1 & success involves l>g] int]e/s1 skill c\nts indef9itely m1 & z society gr[s complex ! room = ex]cise ( skill becomes l>g] & m v>i$4 ,! wide diff]5ce betwe5 pione] f>m+ & m>ket-g>d5+ illu/rates ?is4 ,! hi/ory ( agriculture %[s ! sl[ developm5t ( skill 9 ! furr[1 ! dit* & h$ge1 & 9 ! h&l+ & bre$+ ( /ock4 ,f>m]s once b>ely scrat*$ an acre a day ) _! rude pl[ & 7 long 9 le>n+ ! use ( a h>r[4 ,no attempt1 accord+ to ,pr(essor ,rog]s1 to improve ! bre$s ( cattle & %eep appe>$ be=e ! eighte5? c5tury 9 ,engl&4 ,mo/ e>ly improvem5ts 9 f>m+ skill came f ! indu/ri\s monks1 ^: intellig5ce fo/]$ skill4 ,! advantage giv5 by skill p]petuates skill f g5]ation to g5]ation ?r\gh aptitude & sup]ior tra9+1 & s ! p ( a neighborhood or a c\ntry may inh]it su* p[] 9 contra/ ) o!r regions4 8,yankee +5uity0 has become prov]bial ?r\gh su* natural ext5sion4 ,discipl9e4--,education s]ves ! same purpose by acquisition ( k 9 su* ways z to give wisdom 9 its application4 ,x involves an ex]cise ( intellig5ce to ! e/abli%+ ( s\nd judgm5t4 ,broad] ?an skill 9 its range1 x increases ! possibilities ( skill z /orage ( p[]4 ,! skill ( ! surgeon w\ld nev] h exi/$ b = ! bright5+ ( 8 intellig5ce by education4 ,! electrician's tra9+ dep5ds ^u a broad f\ndation ( education 9 k ( ! matt]s he h&les s dextr\sly4 ,9 f>m+1 ?is s\rce ( /or$ up p[] has until v rec5tly be5 ignor$4 ,:ile m5 9 _m pr(essions 7 multiply+ _! individual p[] by sp5d+ y\? 9 s*ool1 ! f>m boy w\ld be simply tra9$ at ! pl[1 )\t ! enl>gem5t ( practice 9 ?9k+ requir$ else:]e4 ,su* education has become at l5g?1 l skill1 a requisite ( ea* g5]ation 9 ord] t our civilization may be ma9ta9$4 ,= ?is ! /ates build & ! nation su/a9s agricultural colleges4 ,"*4--,j z important1 ?\gh (t5 ov]look$ 9 enum]at+ economic =ces1 is ! acquir$ p]sonal habit ( self-control4 ,)\t x bo? skill & education avail b little1 & x may d its "w indep5d5tly ( bo?4 8,tri$ & tru/$0 expresses our e/imate ( ! importance ( long practice ( virtue 9 meet+ ob/acles4 ,! =mation ( habits--p]sonal1 bus9ess & moral1--is a matt] ( "t & discipl9e4 ,x co/s ex]tion ?r\gh a s]ies ( ye>s2 b ! p[] accumulat$ may be ne$$ only once1 9 "s great em]g5cy4 ,! "* ( ! workman1 ! tradesman & ! f>m] ent]s m or less into ! product ( 8 toil & gives x value4 ,?\gh ,i may n c>e f :5ce come ! %oes ,i we>1 or ! butt] ,i eat1 ,i d c>e = ! g5u95ess ( bo?1 = :i* ,i mu/ dep5d ^u ! g5u9e "* ( ! mak]s & sell]s ( bo?4 ,?is1 too1 is ma9ta9$ f g5]ation to g5]ation by its successful use 9 acquir+ bo? p[] & weal?4 ,x _c be _h )\t ! exp5diture ( "t1 en]gy & means ( ! fa!rs & mo!rs ( "o age ^u _! successors4 ,importance ( atta9m5ts4--,all ^! p]sonal atta9m5ts1 :e!r conf9$ to individuals or ext5d$ ov] :ole communities1 mu/ be reckon$ among produc+ p[]s & reckon$ ) 9 e/imate ( e>n+s4 ,a community defici5t 9 ei!r is l[ 9 ability to supply its own wants or ! _w's wants1 & no am\nt ( mat]ial capital c take _! place4 ,!y are sup]ior to capital 9 be+ less de/ructible by fire or flood1 & m easily turn$ to acc\nt 9 new ent]prises z ne$$4 ,no capital is p]petual1 ev5 9 mo/ fix$ =ms1 nor is any p]sonal atta9m5t sure to rema9 ( direct use2 b ! latt] has a l>g] expectation ( usefulness & great] p]man5ce 9 ! economy ( nations4 ,*apt] ,,vi4 ,comb9ation ,( ,=ces ,= ,individual ,effici5cy4 ,ideal manl9ess4--,e community has highe/ effici5cy & be/ civilization :5 ea* individual memb] has ! l>ge/ range ( abilities to meet wants1 & ! l>ge/ range ( wants to be met4 ,an ideal civilization involves ! di/9ct aim ( ga9+ = ea* mature p]son 9 any association ! fulle/ developm5t ( all abilities & all mat]ials & tools = _! use4 ,?is is amply illu/rat$ 9 a family ( well gr[n1 well tra9$1 well educat$1 tru/wor?y m5 & wom5 ) suffici5t capital "u control to ma9ta9 ! highe/ activity ( e p]sonal p[] & atta9m5t4 ,*ildhood & old age mu/ always be provid$ = by ex]tions ( ^? ^: abilities are 9 _! prime1 & accid5tal weakness ( e k9d is met f ! same /r5g?4 ,any mature p]son is be/ equipp$ = productive indu/ry :51 s\nd 9 bo? body & m9d1 he has ! accumulat$ en]gy ( ! pa/ = 8 use 9 ! %ape ( capital & h]$it>y traits1 toge!r ) skill1 education & e/abli%$ "*4 ,su* a man is recogniz$ at once to h 8 place among 8! heirs ( all ! ages 9 ! =emo/ files ( "t40 ,any p claim+ lead]%ip among nations mu/ dep5d ^u its repres5tatives ( su* a fully equipp$ body ( m5 = t lead]%ip4 ,f savage to enlight5$4--,! increas+ importance ( su* full manl9ess1 z society becomes m complex 9 bo? wants & ef=ts1 is easily se54 ,9 rud] life muscul> en]gy & endurance1 ) "s slight +5uity1 are suffici5t to meet ! rud] ne$s1 ) "s *ance ( sav+ = future wants ( a gr[+ family1 :i* w cont9ue ! same r\nd ( muscul> conte/ ) savage conditions4 ,! ,am]ican ,indians h giv5 ! faire/ exhibition ( ! k9d ( welf>e :i* su* ex]tion & accumulation af=d4 ,! weak disappe> quickly1 because ! /rong h too little surplus ( en]gy to c>e = !m4 ,among ^? left1 bo? burd5s & means ( satisfaction are q equally di/ribut$1 because ( ess5tially equal p[]s ( ex]tion4 ,b 9 old] & m civiliz$ communities l>ge portions ( ! p are dep5d5t ^u ! re/ = k1 +5uity & skill to keep ! v mu* l>g] supply ( mat]ial ne$$ = ma9ta9+ ! civilization4 ,at ?is /age ( progress a man ) only muscul> developm5t f9ds himself entirely dep5d5t ^u "s "o else = ! plans by :i* all mu/ live4 ,a savage _c %>e equally ) ! wise man ei!r 9 ! burd5 ( c>+ = ! community or 9 ! welf>e :i* ! community enjoys4 ,x is easy to see t ! relative importance ( accumulat$ weal? 9 ! %ape ( capital or ( skill or ( ! "* :i* results f g5]ations ( tra9+1 becomes m & m di/9ct z ! community becomes m develop$4 ,any man1 !n1 :o is lack+ capital1 skill & morals1 or all ?ree1 is 9 "s respects l ! savage1 & w f9d 8 equals among ! savages4 ,= ?is reason a pione] c\ntry af=ds opportunity = a y\? )\t skill or p]sonal atta9m5ts ( any k9d 8to gr[ up ) ! c\ntry20 & ! fam\s advice1 8,g we/1 "y man1 g we/10 applies /rictly to su* a y\?1 & ) less & less directness 9 proportion z ! "y man has control ( himself & ( accumulat$ weal?4 ,a simple diagram 7,*>t ,,iii7 may illu/rate ! progress ( civilization f ! g5]al pov]ty & ineffici5cy ( rude pione] life to ! p[] ( a ?or\ghly organiz$ & develop$ community4 ,! poor man1 9 ! s5se ( "o ^: abilities are undevelop$ & :o has no visible means ( support1 is relatively less able to c>e = himself 9 ! enlight5$ community ?an 9 ! rud] pione] life4 ,9 ?is s5se1 & ?is alone1 ! poor man gr[s poor] ) advanc+ civilization4 ,?is may easily be se5 by comp>+ a ?rifty f>m+ community ( today & all ! accumulat$ /ock1 ma*9]y & tools ( ! f>ms1 ) ! same community sixty ye>s e>li]1 :5 all 0 practically wild]ness4 ,a /rong man ) an ax & a hoe c\ld ent] ! wild]ness any:]e & live ne>ly z well z any ( 8 neighbors4 ,su* a man 9 ! high] c\ntry life ( our times mu/ "w = "s "o else at wages1 or mu/ be support$ at public exp5se4 ,9 ei!r case he feels 8 pov]ty4 ,at ! same "t1 ! extreme ( suff]+ is less likely to be rea*$ 9 ! ri*] community4 ,! poore/ man has com=ts ( :i* ! pione]s nev] dream$4 ,ev5 a tramp c live on ! fat ( ! l&1 b n by 8 own ex]tions4 ,! failure ( a crop 9 ! pione] c\ntry means />vation = a l>ge portion ( ! few inhabitants4 ,a failure 9 ! old] community means suff]+ = a few 9 dim9i%$ food & clo?+1 b all live on ! accumulations ( ! pa/4 ,*>t4 ,*>t ,,iii4 ,illu/rat+ ! relative importance ( labor & sav+1 9 ! progress ( civilization f its beg9n+s 9 pione] life4 ,develop+ civilization4--,?is ess5tial advantage ( accumulat+ p[] 9 individuals1 z civilization advances1 is necess>ily connect$ ) ! v nature ( civilization & gr[?4 ,z no conceivable device c make a babe z effici5t z a man1 s no contrivance1 political or social1 c make an undevelop$ man equal to a fully develop$ "o4 ,! int5se community ( int]e/s 9 high civilization makes ev5 m important ! individual abilities ( ea* %>] 9 ^? int]e/s4 ,= ?is reason e device = univ]sal education1 developm5t ( skill & /r5g!n+ ( "*1 & e *eck ^u det]ioration ( p]sonal /r5g? or wisdom or virtue is to be consid]$4 ,any neglect ( ! individual 9 8 developm5t ( p]sonal atta9m5ts ret>ds ! developm5t ( ! community4 ,any device = ! equal di/ribution ( weal? :i* does n increase individual ?rift 9 ! use ( weal? at lea/ ret>ds ! gr[? ( ! community1 & may v quickly r$uce ! p[] ( ! community z a :ole until x rea*es ! ineffici5cy ( savage life4 ,all true *>ity1 ev5 equity1 requires t ! object ( di/ribution ( weal? %all be ! great] effici5cy ( ea* individual4 ,if !re %all ev] be a community ( individuals ga9+ equal enjoym5t1 x w be made up ( ^? possess+ ess5tial equality 9 p]sonal p[]s & atta9m5ts1 & 9 accumulat$ capital z well4 ,*apt] ,,vii4 ,me?ods ,( ,association4 ,simple association4--,:ile ! absolute equality ( individuals ref]r$ to 9 ! prec$+ *apt] is practically impossible1 ! community ( int]e/s z civilization advances becomes mu* clos] ?r\gh v>i\s plans ( association ( individuals 9 common "w4 ,inde$1 ! community is a community because a multitude ( individuals "w toge!r4 ,! simple/ =m ( association is se5 :]e m5 "w 9 gangs1 all act+ alike1 z 9 lift+ a log or a rock1 hoe+ ! field1 or 9 build+ an embankm5t by %ovel+4 ,among f>m]s ! habit ( ex*ang+ "w1 s common 9 pione] settlem5ts1 illu/rates ! advantage ( comb9ation4 ,?is may be call$ simple association1 by :i* _m h&s make light "w4 ,complex association4--,a m complex association is f\nd 9 ev5 ! rude/ settlem5t :5 "o man und]takes a p>ticul> k9d ( labor = all 8 neighbors1 !y 9 turn do+ a diff]5t k9d ( "w = him4 ,a f>m] 9 a new settlem5t f\nd ! *ildr5 ( himself & neighbors )\t a s*ool1 & agre$ = sev]al w9t]s to tea* a s*ool z _m days z 8 neighbors w\ld *op 9 8 cle>+4 ,?is association cle>$ ! l& & suppli$ ! s*ool4 ,su* ex*anges ( labor develop rapidly 9 e gr[+ community & =m ! basis ( a mo/ ext5sive comm]ce4 ,:5 8,adam delv$ & ,eve span0 ! family 0 f> bett] provid$ = ?an if bo? _h und]tak5 to delve & sp94 ,! fair ex*ange ( products makes ea* man's product m useful to bo? himself & 8 neighborhood4 ,su* association is less noticeable 9 a community ( f>m]s1 :]e all are seek+ ess5tially ! same products1 ?an 9 almo/ any o!r community4 ,yet ! pres5ce ( ! blacksmi?1 ! %oemak]1 ! wagonmak] & ! tailor contribute v l>gely to ! com=t ( all conc]n$4 ,"o *ief disadvantage ( f>ms remote f villages is ! want ( ready ex*ange1 or association by diff]5t employm5ts4 ,! "p :i* su* ex*ange plays 9 ! accumulation & di/ribution ( ! weal? ( ! _w is s great t sev]al *apt]s w be ne$$ to pres5t its importance4 ,! /udy ( ex*anges is sometimes ?\ght to cov] ! :ole "q ( weal?4 ,x is (t5 treat$ z sep>ate f production4 ,b its advantages & disadvantages are mo/ easily se5 by consid]+ all its be>+s ^u ! increas$ product ( a multitude ( work]s4 ,comp\nd association4--,a /ill clos] association1 sometimes call$ comp\nd association1 is f\nd :]e sev]al work]s comb9e ef=ts ( diff]5t k9ds 9 a s+le f9i%$ product4 ,x is easily illu/rat$ 9 an ord9>y dairy1 :]e "o ( ! family drives up ! c[s1 ano!r does ! milk+1 ano!r sets ! milk & c>es = ! purity ( all ut5sils1 ano!r p]haps skims ! milk & *urns ! butt]1 & /ill ano!r works & packs x4 ,all ?is labor ( _m h&s has its importance repres5t$ 9 ! butt] pack$ = use4 ,! p>ticul> advantages ( ?is division ( labor w be treat$ 9 a future *apt]4 ,aggregation ( =ces4--,a /ill fur!r advance 9 association appe>s :5 _m labor]s 9 _m ways1 ) multitudes ( tools & ma*9]y1 are comb9$ 9 a huge e/abli%m5t 9 su* a way z to employ all effici5tly4 ,?is is illu/rat$ 9 ! s-call$ bonanza f>ms ( ! we/1 b m di/9ctly appe>s 9 ! great manufactories1 or 9 any ext5sive cop]ation or great ent]prise4 ,a /udy ( ^! w also require a future *apt]4 ,:ile all ^! me?ods ( association bl5d ) & into ea* o!r 9 e k9d ( community1 a c>eful analysis ( ea* is necess>y to a full und]/&+ ( _! relation to welf>e4 ,= ?is reason x is be/ to analyze & illu/rate ea* by itself4 ,! succe$+ *apt]s w take up all ! intricacies ( ex*ange be=e pres5t+ ! special advantages & disadvantages ( te*nical division ( labor & ( great corporations4 ,*apt] ,,viii4 ,ex*ange3 ,advantages1 ,limitations ,& ,t5d5cies4 ,ex*ange 9 production4--,! imm5se importance ( ex*ange 9 promot+ ! welf>e ( communities is easily grant$1 & is illu/rat$ 9 e village /ore or ev5 9 e simple f>m+ community4 ,today ! m>ket = f>m products is easily felt to be ! mo/ important consid]ation1 & weighs 9 e f>m]'s m9d :5 buy+ or sell+ 8 f>m4 ,:5 a /ate l ,kansas raises f six to t5 times z mu* :eat z its p c use1 ex*ange is evid5tly an ess5tial factor 9 e f>m]'s welf>e4 ,! multitude ( ev]yday wants 9 mo/ h\seholds suppli$ only ?r\gh comm]ce %[s ! ext5t & importance ( ?is ex*ange ( labor ?r\gh\t ! _w4 ,! great advantages1 h[ev]2 may be se5 by a little m c>eful analysis ( ! gr[? ( individual p[]s "u a ready sy/em ( ex*ange4 ,e labor] becomes effective by exp]i5ce 9 "s p>ticul> indu/ry4 ,a ?\s& ye>s w n p]fect a s+le work] 9 any ( ! ?\s&s ( employm5ts ne$$ to supply 8 wants4 ,e f>m] kn[s ! weakness ( a beg9n] 9 f>m+1 com+ f any o!r bus9ess2 & )\t ex*ange1 e workman mu/ always be a beg9n] 9 ev]y?+4 ,ex*ange is "o ( ! *ief motives to accumulation1 s9ce o!rs' wants z well z our own are kept 9 view4 ,! 8h& to m\?0 liv] is almo/ always a man ( all "w1 ?9k+ little ( ex*ange4 ,x is especially a /imulant to sav+1 s9ce x makes capital itself m useful & br+s x directly into competition ) all o!r =ces4 ,products /or$ 9 ! gran>y h _! significance because ( ex*ange4 ,/ill m important is ! cultivation ( special abilities1 impossible )\t ex*ange4 ,! indef9itely v>i$ p[]s ( human nature are made mo/ useful :]e ea* c devote 8 tal5t to a def9ite bus9ess2 & usually ! tal5t be/ fitt$ to a bus9ess is attract$ t[>d x4 ,habits1 too1 :i* are ! *ief labor-sav+ *>act]i/ics 9 human nature2 become all-important1 & enable an individual to d a l>ge "p ( 8 "w ) ! lea/ possible c>e4 ,! r\t9e ( ev]yday life is foll[$ ) little ef=t or pa94 ,! m regul> ! r\t9e ! easi] x is to foll[4 ,a /ill great] advantage to communities is f\nd 9 ! enl>gem5t ( ! range ( wants 9 all individuals4 ,! sup]iority ( enlight5$ m5 ov] savages is l>gely due to _! greatly increas$ ne$s1 s9ce necessity1 ! "m ( inv5tion1 compels ex]tion & f9ds ! way to satisfaction4 ,x seems1 h[ev]1 t ex*ange contributes mo/ ext5sively to welf>e by comb9+ individuals into a community1 & small] communities into a l>g]1 until ! :ole _w is br\ght into sympa?y4 ,?us e human be+ ga9s ! advantage ( gr[? 9 m9d & "* ?r\gh "s contact ) e o!r human be+ )9 ! comm]cial _w4 ,if ev] a reign ( peace & pl5ty %all ext5d ov] ! _w1 no "o d\bts ! importance ( comm]ce & intimate ex*ange 9 br++ t "t4 ,! full advantage ( free ex*ange 9 promot+ human welf>e _c be ov]-e/imat$4 ,ex*ange limit$ by p[]s4--,) all its advantages1 !re are c]ta9 ob/acles 9 ! way ( its ext5sion1 always m or less effective 9 limit+ its range4 ,a community c h few ex*anges among individuals if all are busi$ 9 ! same or simil> trades4 ,a f>m+ community has little ne$ ( buy+ & sell+ among ! f>m]s4 ,a horse trade or an ex*ange ( "o brute = ano!r may supply all necessities4 ,9 l>g] communities simil> limitations are f\nd :]e abilities are simil>1 or :]e habits 9 education1 gov]nm5t or religion are v uni=m4 ,9 su* cases opportunities = ex*ange are limit$1 & comm]ce itself gr[s sl[ly4 ,! /ory ( pione] settlem5ts is uni=mly "o ( sl[ & unc]ta9 comm]ce = want ( ! v>iety 9 wants & abilities :i* makes ! v f\ndation ( ex*ange4 ,sometimes 8day's "w = day's "w0 is ! limit ( ex*ange ?r\gh\t a :ole region or c\ntry4 ,9 ! _w at l>ge limitations (t5 arise f ho/ile feel+s betwe5 nations1 & z yet ! highe/ fre$om ( ex*ange betwe5 p "u diff]5t gov]nm5ts has seldom be5 rea*$4 ,! ,unit$ ,/ates af=ds ! brighte/ example ( p ) v>i$ *>act]i/ics develop$ ?r\gh ! /imulat+ effect ( ready ex*ange4 ,comm]ce ov]-e/imat$4--,s rapid has be5 ! advancem5t ( sy/ems ( ex*ange )9 ! la/ half c5tury t m5 are prone to ov]-e/imate ! importance ( comm]ce & its int]e/s4 ,! am\nt ( weal? 9 motion exagg]ates ! importance ( weal? itself1 s t multitudes ov]look ! f\ndation 9 productive indu/ry1 & become m]e bettors ^u ! m>ket1 attempt+ to cat* a "p ( ! mov+ weal? z x passes4 ,any speculation 9 m]e comm]cial transactions may become a v s]i\s ob/acle to legitimate indu/ry by its effect ^u bo? ! indu/ry itself & ! inc5tives to indu/ry among ! p4 ,?is dang] is increas$ by ! greatly ext5d$ int]e/ 9 ex*ange among ! rural population4 ,sc>cely a f>m] 9 our c\ntry is beyond ! effect ( any ext5sive comm]ce ?r\gh\t ! _w4 ,! crops ( ,s\? ,am]ica & ( ! ,russian pla9s are n[ z important to a f>m] ( ,dakota z 8 own1 s9ce all mu/ f9d a common m>ket 9 ! manufactur+ c\ntries ( ,europe4 ,speculation on ! ,*icago ,bo>d ( ,trade is likely to be z int]e/+ to a f>m] 9 ,nebraska z to memb]s ( ! ,bo>d4 ,he is ev5 tempt$ to try 8 h& at speculation1 ei!r directly ?r\gh a commission h\se or indirectly ?r\gh ! m>ket+ ( 8 gra94 ,9 ei!r case he is caught by ! dang]\s motion ( mod]n comm]ce4 ,! *ief rem$y = ^! t5d5cies mu/ be f\nd 9 a wid] acqua9tance ) ! facts ( comm]cial life & a cle>] p]ception ( :at is g5u9e comm]ce4 ,e f>m] ne$s to di/+ui%1 & di/+ui% c>efully1 ! actual1 necess>y ma*9]y ( trade & ! pr9ciples und]ly+ x1 t he may appreciate ! g5u9e & oppose ! false4 ,on ?is acc\nt sev]al *apt]s are giv5 to que/ions ( ex*ange1 ) an ef=t to br+ into m prom95t light ! ways 9 :i* all comm]ce affects ! f>m]'s life4 ,*apt] ,,ix4 ,value ,! ,basis ,( ,ex*ange4 ,! nature ( value4--,p]haps no "q 9 ! discussion ( weal? is ( great] importance ?an ! nature ( value4 ,c]ta9ly ! measurem5t ( value 9 all our prop]ty is ! basis ( all ex*anges1 ( all book acc\nts1 & ( all inv5tories4 ,! wor? ( any piece ( prop]ty 9 su* e/imates always involves "s comp>ison1 ei!r ( ?+s possess$ or ( ex]tion requir$ or ( satisfaction yield$4 ,9 comp>+ an apple & a pea*1 bo? equally atta9able1 we may value ! pea* mo/ highly because x gratifies desires 9 high] degree4 ,?9k+ ( future uses1 we may value ! apple m highly because x w keep long]1 & s be available = future wants4 ,9 consid]+ all ! k9ds ( satisfaction to be provid$ =1 we may ?9k ( ! pea* z desir$ by m p :o are likely to r5d] u s]vice1 & !re=e m readily ex*angeable1 & s ( high] value4 ,aga91 ! pea* may be at ! top ( ! tree & ! apple )9 rea*1 9 :i* case we may ?9k :e!r ! pea* w give en\gh great] satisfaction to make x wor? ! great] ex]tion to get x4 ,9 ?is way a s+le individual1 :o has wants to be gratifi$ only by ex]tion1 =ms an idea ( value z f\nd$ ^u "s relation betwe5 8 wants & 8 p[]s1 betwe5 ! desires to be gratifi$ & ! qualities ( ! object expect$ to give satisfaction4 ,s9ce weal? always implies an accumulat$ /ore ( good ?+s1 e "o comes to ?9k ( ! wor? ( 8 accumulation z e/imat$ by :at x w d at any "t1 9 any place1 9 satisfy+ any ne$4 ,s1 mo/ naturally1 we associate our ideas ( value ) trade4 ,an ex*ange ( horses br+s 9 n only ! pres5t qualities ( ea* horse = pres5t s]vice1 b all ! qualities & circum/ances affect+ ! possibilities ( dispos+ ( ! horse :5ev] some?+ else is ne$$ m4 ,an exp]t judge ( horses n only kn[s :5 ! horse is s\nd 9 w9d & limb1 & :at are ! signs ( docility1 spe$1 etc41 b also :at ! re/ ( ! _w consid]s ! qualities ( a satisfactory horse4 ,9 all exp]i5ce peculi> circum/ances1 v>y+ ! relation betwe5 wants & satisfaction1 affect imm5sely our e/imate ( value4 ,:5 an anci5t k+ %\t$1 8,my k+dom = a horse60 he 0 d\btless mov$ by ! uselessness ( a k+dom to "o ab\t to lose 8 life 9 battle = want ( a horse & also by ! difficulty at t p>ticul> mom5t ( ga9+ a horse4 ,9 ord9>y exp]i5ce ev]ybody e/imates value by "s comp>ison ) :at he c obta9 9 ex*ange4 ,a picture ( a fri5d may be priceless 9 two s5ses3 fir/1 ( s great importance to its own] t no?+ c buy x2 second1 ( s little importance to anybody else t nobody w give any?+ = x4 ,9 any inv5tory ( weal? ! picture c\ld n be c\nt$2 x is valueless4 ,b 9 any judgm5t ( p]sonal welf>e x may be beyond price4 ,s1 9 ! univ]sal exp]i5ce1 ! t]m value has come to be us$ z ess5tially connect$ ) ex*anges & ) prop]ty z /or$ to meet all k9ds ( wants4 ,value 9 s]vices4--,9 a simil> way exp]i5ce has develop$ ! idea ( value ) ref]5ce to s]vices4 ,a s]vice may be invaluable1 z :5 a physician saves ! life ( 8 pati5t1 b ! value ( t s]vice is e/imat$ by ! return expect$ 9 ! community :]e ! physician & 8 pati5t live4 ,_m s]vices ( highe/ usefulness & mo/ important 9 welf>e _c be valu$ 9 t]ms ( weal?1 because no weal? c secure !m4 ,love & patriotism & philan?ropy _c be _h = weal?4 ,b 9 comp>ison ( two s]vices r5d]$ = hire1 bo? are measur$ by _! g5]al utility1 ei!r directly or indirectly1 & ev5 ?is e/imate is modifi$ by ! read9ess ) :i* ei!r s]vice c be secur$4 ,"o :o seeks ! s]vice ( an arti/ :o /&s alone among t5 ?\s& p1 may be will+ to give ! s]vices ( a ?\s& o!r m51 :i* c be _h = a trifle1 because !y are ev]y:]e ab\nd+4 ,ess5tials ( value4--,exp]i5ce seems1 !re=e1 to settle ^u ?ree conditions = value 9 any article ( weal? or any s]vice r5d]$4 ,fir/1 ! article or s]vice mu/ h utility--t is1 x mu/ be useful 9 satisfy+ somebody's wants1 ei!r pres5t or future4 ,second1 ^? wants mu/ be ( su* a nature t ef=t on ! "p ( "s human be+ w be necess>y to gratify !m4 ,no?+ :i* c be _h at all times by m]e desire ( x c h value4 ,?ird1 ! object mu/ be ( su* a nature z to comm& o!r s]vices or ex*ange ( o!r weal?4 ,= ?is reason x mu/ be transf]able f "o own] to ano!r4 ,utility z relat$ to value4--,:ile utility is a basis ( all values1 x is n ! *ief elem5t 9 measur+ ! value ( weal?4 ,! ?+s ( highe/ utility1 l air & wat]1 h no value z long z trifl+ ex]tion w br+ !m4 ,ev5 l& is )\t appreciable value s long z any p]son c obta9 x by settl+ ^u x4 ,9 g5]al1 we measure utility by ! relation betwe5 ! nature ( any object & human nature z express$ 9 wants4 ,a bu%el ( :eat has utility equal to ! numb] ( loaves ( bread x w furni% to hungry humanity4 ,9 ?is respect e bu%el may h ! same utility z e o!r4 ,?is w\ld be true if e bu%el ( :eat 0 want$ by hungry p able to ex]t !mselves 9 secur+ x2 b if five bu%els ( :eat are suffici5t = ea* human be+ 9 a ye>'s supply ( bread1 a di/ribution to all ! _w ( m ?an five bu%els to ea* w\ld make "s ( ! :eat useless4 ,s if ! _w's product ( :eat m ?an supplies ! _w's want1 ! extra am\nt w be )\t utility unless "s means ( /or+ aga9/ future want is devis$4 ,9 t case ! utility ( ! /or$ portion w be less5$ by ! extra ex]tion requir$ to /ore x until ! ne$ comes4 ,"o may be glad to pay tw5ty-five c5ts = a good d9n]1 b an equally good d9n] (f]$ imm$iately aft]w>ds w h no utility1 unless he c save x = supp]4 ,if ! d9n]s (f]$ are s _m z to imply t sev]al w be useless1 ! value ( ea* is likely to be affect$ by ?is e/imate ( lo/ utility 9 "s4 ,d9n]s 9 t case are liable to be furni%$ = :at !y are wor? = cold supp]s4 ,if any article ( comm]ce1 l :eat1 has its highe/ utility 9 "o way ( meet+ wants1 z 9 bread1 t utility w h a /rong influ5ce ^u value z long z ! supply ( :eat is n too great = ?is want4 ,if ! supply ( :eat %\ld be s great t only a small portion c\ld be us$ = bread1 o!r utilities w\ld be s\ght4 ,x w\ld be us$ = fe$+ h5s1 & p]haps = cattle fe$4 ,if /ill ! am\nt is too great to be consum$1 x might be us$ = />*4 ,9 ?is case ! lea/ useful portion is likely to furni% ! e/imate ( value = ! :ole4 ,bo? ! rais] ( :eat & ! us] w consid] ! l[e/ use z ! probable basis = sale4 ,be=e ! op5+ ( ! ,erie canal a f>m] 9 nor!rn ,ohio drew a load ( :eat twelve miles 9 hope ( a m>ket4 ,! deal] said3 8,x isn't wor? any?+1 s9ce nobody has any use = x4 ,if y _h a load ( s&1 ,i c\ld pay y = t1 to fill ! mud-hole 9 front ( my /ore40 ,s9ce ! utility ( "s :eat 0 no?+1 ! value ( all :eat t5d$ to no?+4 ,on ! o!r h&1 if :eat is sc>ce 9 ! community1 x w be us$ only to meet ! wants ( ! delicate or ! fa/idi\s1 ^: com=t & life may dep5d ^u x4 ,9 t case its g5]al value w be e/imat$ by its high] utility1 :atev] o!r use x is put to4 ,t is call$ a f9al utility1 :i*1 9 any p>ticul> case1 is ! l[e/ use impli$ 9 consum+ ! supply4 ,& ?is f9al utility is ! only "o influ5c+ ! e/imate ( value4 ,x is possible1 !re=e1 t ! total utility ( any?+1 l a pap] ( tacks1 = in/ance1 may be greatly increas$1 s9ce x has indef9itely m uses ?an :5 tacks 7 fir/ made4 ,yet ! supply ( tacks is s enorm\s t to consume !m we mu/ use !m = trifl+ purposes2 & !re=e _! value is a trifle4 ,:5 we h wat] to ?r[ away1 its value is no?+4 ,:5 wat] is limit$ to cul9>y uses1 its value is consid]able4 ,:5 wat] is suffici5t only to slake extreme ?ir/1 its value is beyond price4 ,ev5 ! prospect ( a future supply dim9i%es ! utility ( any commodity1 s9ce "t is an important elem5t 9 satisfaction4 ,?us a /ore ( potatoes 9 e>ly spr+1 h[ev] well pres]v$1 has its f9al utility l[]$1 & !re=e its value less5$1 by ! prospect ( new potatoes4 ,on ! o!r h&1 ! pres5t value ( a field ( gra9 or ! "y or*>d is dep5d5t ^u its utility 9 meet+ a future want4 ,ev]y?+ :i* enhances prospective utility ( any article enhances its value2 & ev]y?+ :i* dim9i%es ! *ance ( su* utility1 l bad wea!r1 insects or plant diseases1 dim9i%es ! pres5t value4 ,9 ?is way risk dim9i%es ! value ( weal? subject to x & increases ! value ( weal? :i* has pass$ by x4 ,9 g5]al1 ! usefulness ( any?+ is no crit]ion = measur+ value1 because o!r elem5ts ( value are m important4 ,h5ry ,c4 ,c>ey says1 8,utility is ! measure ( man's p[] ov] nature2 value is ! measure ( nature's p[] ov] man40 ,?is may be a /rik+ way ( say+ t great utility implies a discov]y ( uses1 :ile great value (t5 indicates only difficulty 9 secur+ :at has great usefulness4 ,ex]tion z relat$ to value4--,s9ce utility1 h[ev] ess5tial to value1 is n its measure1 we are l$ to consid] :e!r ! ex]tion requir$ to obta9 any article desir$ may n measure its wor?4 ,?is is c]ta9ly a matt] ( prime consid]ation1 & _m h be5 l$ to suppose ! co/ ( production1 by :i* is meant all ! ex]tion necess>y to br+ any commodity to its f9al consum]1 to be ! sole & absolute measure ( value4 ,?is supposition1 if ev] correct1 is subject to great modifications4 ,none "k bett] ?an f>m]s t a bu%el ( :eat f "o field may h co/ twice z mu* z a bu%el f ano!r field1 )\t any possible di/9ction 9 value4 ,e me*anic kn[s t :at he has accompli%$ ) great ex]tion may h be5 duplicat$ by "s labor-sav+ device ) half ! ex]tion1 ! two values be+ ess5tially equal4 ,no?+ is m common ?an to f9d articles 9 ! m>ket sold )\t reg>d to co/ because !y are sup]s$$ by m desirable articles4 ,inde$1 ! mo/ ard5t def5d] ( co/ z ! sole basis ( value is oblig$ to notice multitudes ( exceptions to ! rule4 ,yet x mu/ be grant$ t only ^? articles involv+ ef=t 9 secur+ !m h value at all1 & 9 g5]al ! am\nt ( ef=t actually put =? has "s relation to our e/imate ( value4 ,9 g5]al1 m5 d n ex]t !mselves m ?an necess>y to meet wants1 & 9 any ex*ange ) o!rs e/imate ! value ( :at !y h produc$ by ! ex]tion exp5d$4 ,yet1 z products ( ! same k9d ex*ange 9 ! same m>ket )\t reg>d to _! individual co/1 x is evid5t t "s o!r pr9ciple mu/ be discov]$4 ,nev]!less1 no f>m] w cont9ue indef9itely ! rais+ ( a crop :i* br+s 9 ! m>ket less ?an a fair av]age return = 8 labor 9 rais+ x4 ,9 a s]ies ( ye>s he expects 8 :eat to return a fair comp5sation = labor exp5d$4 ,9 ! same way e manufactur] expects a full return = all co/ ( all 8 ef=ts1 & w\ld n cont9ue 8 "w f ye> to ye> )\t su* expectation4 ,moreov]1 :5 = any reason ! m>ket value ( any?+ is mu* above its co/1 somebody is ready to increase ! supply ( t p>ticul> article1 & m w add _! ef=ts 9 ! same direction until its value approa*es ne>ly ! g5]al co/ ( production z comp>$ ) ! co/ ( o!r products sell+ 9 ! same m>ket4 ,normal value4--,9 ?is way ! co/ ( production is said to fix ! normal value ( any article ( comm]ce capable ( production 9 indef9ite quantity & )9 limit$ "t4 ,= ?is reason f>m]s are int]e/$ 9 f9d+ ! av]age co/ ( production ( :eat1 corn1 etc41 )9 a region supply+ _! m>ket4 ,!y are ev5 int]e/$ 9 kn[+ ! conditions = :eat rais+ 9 ,india1 ,s\? ,africa & ,au/ralia1 s9ce ! co/ ( production !re may influ5ce ! value ( :eat ?r\gh\t ! _w4 ,! normal value ( products capable ( indef9ite multiplication t5ds always t[>d ! value ( ! lea/ co/ly4 ,?is is %[n 9 ! effect ( labor-sav+ ma*9]y ^u ! value ( clo?s & o!r goods4 ,x is equally true 9 agriculture t :eat rais+ ^u *eap l& ) ext5sive use ( ma*9]y & economical me?ods ( culture & h>ve/+ br+s d[n ! normal value4 ,s long z m l& c be appli$ to :eat rais+ ) ^! advantages1 ! less productive me?ods may be too co/ly = ! m>ket4 ,on ! o!r h&1 if any production _c be l>gely ext5d$ s t ! supply 9 m>ket b>ely meets ! requirem5ts ( pur*as]s1 ! t5d5cy ( normal values is t[>d ! co/ ( ! mo/ co/ly "p ( ! product requir$ to meet wants4 ,?is is because ! supply is kept up only by ! ex]tion ( ! great] am\nt ( labor z well z ! less4 ,if f>m]s 9 we/]n prairie c\ntry c raise corn at an exp5se ( #ae c5ts p] bu%el1 z !y c ^u an av]age1 s long z t region c raise all ! corn requir$ no less productive region c =ce ! normal price above :at w keep we/]n f>m]s rais+ corn4 ,:5 ! we/]n crop fails1 ! price is f> above normal value1 & may ev5 g above ! co/ ( ! mo/ co/ly corn 9 m>ket1 "u a pr9ciple call$ ! law ( supply & dem&4 ,s9ce improvem5ts 9 me?od s con/antly less5 ! normal value ( products1 ,mr4 ,c>ey made ! ef=t to measure value by 8co/ ( reproduction10 mean+1 ,i suppose1 t any article produc$ at any "t & place is likely to br+ 9 any m>ket a price equal to ! co/ ( simil> articles produc$ "u ! mo/ improv$ me?ods any:]e us$ 9 ! pres5t4 ,?is1 ( c\rse1 does n apply to articles n desir$ 9 ! pres5t1 because det]iorat$ or out ( fa%ion or less useful ?an "s new device = a simil> use1 b only to ^? articles ( full utility 9 hav+ all ! qualities ne$$ to meet ! desire ( pur*as]s4 ,ev5 a diamond l ! fam\s 8,koh9oor0 w\ld h its almo/ priceless value r$uc$ to ! co/ ( secur+ simil> jewels equally desirable if a process ( cry/alliz+ c>bon 7 sudd5ly discov]$4 ,x is easy to see1 !n1 t co/ measures value only s f> z x is directly connect$ ) ! available supply 9 any m>ket4 ,"u ord9>y circum/ances ! supply _c be increas$ unless ! co/ is met1 b ! rule is modifi$ by any peculi>ity ( season1 or conditions ( trade1 or production by *eap] me?ods or *eap] labor1 or by ! *ang+ wants ( a community4 ,! application ( all ^! influ5ces may be /udi$ "u ! s-call$ law ( supply & dem&4 ,supply & dem&2 m>kets4--,! law ( supply & dem& is only a /atem5t ( ! g5]al fact t m>ket value t5ds to increase ) increase ( dem& & to decrease z ! supply to meet ! dem& increases4 ,x mu/ be und]/ood t a m>ket means a p>ticul> spot :]e buy]s & sell]s ( any article ( comm]ce meet at a p>ticul> "t4 ,! supply is ! am\nt (f]$ = sale at a giv5 price4 ,! dem& is ! am\nt buy]s w pur*ase at ! same price4 ,?us1 if on a c]ta9 day sell]s (f] 9 ,*icago #aj1jjj hogs1 ) a will+ness to take #e p] cwt41 !y repres5t ! supply4 ,if on ! same day 9 ! same place buy]s are will+ to take #aj1jjj hogs at #e p] cwt41 #e w be ! m>ket price1 & ! supply & dem& w be equal4 ,if1 h[ev]1 only #e1jjj hogs w\ld be b\ght at #e p] cwt41 #e1jjj hogs w be )\t buy]s1 & _! own]s w seek1 by l[]+ ! price1 to f9d buy]s at #d4ej p] cwt41 if necess>y4 ,s9ce all ! sell]s w feel ! same pressure1 ! t5d5cy ( m>ket value w imm$iately be d[nw>d4 ,buy]s will+ to pay #e p] cwt41 f9d+ _m sell]s1 w expect a r$uction 9 price1 & ! price w c]ta9ly g d[n until ! hogs pur*as$ equal ! entire supply4 ,& t w n be until ! buy]s are /imulat$ by r$uction ( price1 s t z _m hogs are want$ z !re are = sale4 ,if t po9t is rea*$ at a price ( #d4ej p] cwt41 ! m>ket value is f\nd !re4 ,! limit ( "t )9 :i* ?is r$uction takes place w dep5d ^u ! ability & will+ness ( sell]s to wait4 ,if ! product (f]$ is p]i%able1 or co/ly 9 keep+ on ! m>ket1 ! r$uction w be spe$y4 ,o!rwise x may be held indef9itely ) ! hope ( compell+ buy]s to come to ! high] prices1 9 :i* case x is practically tak5 out ( ! m>ket4 ,only ^? commodities are practically 9 ! m>ket :i* are held = sale at ! m>ket price4 ,only ^? buy]s practically ent] ! m>ket :o are able & will+ to give ! m>ket price4 ,! higgl+ ( ! m>ket4--,! process ( rea*+ an agreem5t betwe5 buy]s & sell]s is call$ ! higgl+ ( ! m>ket1 & repres5ts ! conflict betwe5 ! wi%es ( sell]s to get ! mo/ possible = _! products1 & ! wi%es ( buy]s to get ! mo/ possible = _! money4 ,9 fact1 bo? buy]s & sell]s h ! same motive3 to make _! own ex]tions g z f> z possible 9 supply+ _! own wants4 ,! fact t money ent]s into ! transaction makes no diff]5ce ) ! b>ga94 ,two f>m]s trad+ horses h exactly ! same desire3 to get ! full wor? ( ! horse to be giv54 ,a g5u9e b>ga9 usually b5efits bo? p>ties4 ,ev5 9 a horse trade ea* own] expects to be b5efit$ by ! ex*ange2 & only a jockey seeks t b5efit 9 tak+ advantage ( 8 neighbor's ignorance or inexp]i5ce4 ,s1 9 ! g5]al m>ket1 e sell] ga9s :at he desires m ?an :at he possesses1 & e buy] has exactly ! same exp]i5ce4 ,two fri5ds may ex*ange books if ei!r w\ld be b5efit$ by ! ex*ange4 ,9 t case ! "o ga9+ ! less valuable book ga9s ! satisfaction ( giv+ to 8 fri5d4 ,bo? are /ill pr(it$1 "o by ! l>g] value receiv$1 & ! o!r by ! pleasure ( giv+4 ,9 su* an ex*ange no basis ( value is rea*$1 b 9 any ord9>y b>ga9 ! f9al adju/m5t w be z ne>ly z possibly ^u ! te/ ( value 9 ! m>ket4 ,betwe5 "o buy] & "o sell]1 ! b>ga9 is likely to turn to ! advantage ( ! "o :o is quicke/ to discov] ! weakness ( ! o!r4 ,if two p]sons are discuss+ ! price ( a h\se = :i* ! sell] wi%es #a1jjj1 b w sell = ev5 #fjj1 & = :i* ! buy] hopes to give only #fjj1 b w pay ev5 #a1jjj1 ! sell] w gradually l[] 8 price1 & ! buy] gradually raise 8 (f] until "o or ! o!r discov]s ! work+ ( 8 neighbor's m9d4 ,^! are ! natural conditions = %>p b>ga9+4 ,9 ! l>g] m>ket ! int]e/s ( a multitude ( buy]s & a multitude ( sell]s h weight1 & no %rewdness c prev5t a settlem5t ^u su* a price z comes ne>e/ to satisfy+ all p>ties4 ,! s-call$ law ( supply & dem& is a brief /atem5t ( ! fact t sales _c be made 9 op5 m>ket above ! m>k :]e buy]s & sell]s agree1 & t m>k is ess5tially ! price at :i* all :o are will+ to buy at ! price curr5t are met by ^? :o are will+ to sell at ! same curr5t price4 ,) ref]5ce1 !n1 to all articles sold 9 op5 m>ket1 x is safe to say t ! only te/ ( value is ! price :i* ! public is will+ to pay4 ,s univ]sal is ! acceptance ( ?is pr9ciple 9 practical affairs t ev]ybody e/imates ! value ( 8 prop]ty by ! price at :i* x w sell4 ,any apprais] or assessor :o %\ld adopt a diff]5t pr9ciple w\ld be consid]$ :olly untru/wor?y4 ,fre$om 9 m>kets4--,9 ?is higgl+ ( ! m>ket x is absolutely necess>y t buy]s & sell]s h ess5tial fre$om ( *oice & fairly equal in=mation4 ,!re may be conditions ( law prev5t+ free competition1 z "u ! regulation ( prices attempt$ 9 v>i\s c\ntries prior to ! pres5t c5tury4 ,9 ,engl&1 dur+ ne>ly f\r c5turies1 limits ( prices = ne>ly e article ( food & clo?+ 7 nam$ by law4 ,yet 9 e in/ance ! conditions ( ! m>ket 7 /rong] ?an ! laws1 & ! re/riction ^u free competition & free discussion ( prices actually de/roy$ ! op5 m>ket4 ,! conditions ( a bankrupt sale at auction r$uce ! competition to a /ruggle betwe5 buy]s4 ,9 ?is case a v slight collusion betwe5 ! buy]s may de/roy ! m>ket4 ,?is is frequ5tly illu/rat$ 9 ! sale ( real e/ate aft] =eclosure ( mortgages4 ,! unnatural conditions ( auction at any price are s evid5t z to make common ! secret employm5t ( %am bidd]s1 %rewd en\gh to pu% actual buy]s z f> z !y w g )\t prev5t+ ! sale4 ,some:at simil> conditions may exi/ 9 a great cattle m>ket1 9 :i* imm5se quantities ( cattle are deliv]$ by own]s1 :ile ! numb] ( buy]s is few4 ,! great pack+ h\ses h ! advantage ( be+ almo/ ! sole bidd]s = :at mu/ be sold at _! price4 ,^! conditions1 h[ev]1 are n made by ! pack+ h\ses1 b by ! l>ge supply subject to imm$iate sale4 ,su* conditions are mu* m noticeable 9 ! m>ket = ripe b]ries1 :5 a slight excess ( supply makes ^! p]i%able products ( trifl+ value4 ,conditions on ! o!r extreme1 f sc>city ( supply & anxiety ( buy]s1 may also int]f]e ) a free m>ket4 ,any sc>city 9 food products leads to an anxiety on ! "p ( consum]s to buy & an equal disposition on ! "p ( own]s to hold = high] prices4 ,9 ?is case1 :ile ! law ( supply & dem& is /ill active1 ! effects are q out ( ! ord9>y c\rse4 ,?us1 = a long "t x has be5 e/imat$ t a sc>city ( "o-t5? 9 ! natural supply ( :eat raises ! price ?ree-t5?s1 sc>city ( two-t5?s raises ! price eight-t5?s1 sc>city ( ?ree-t5?s raises ! price "o & six-t5?s1 sc>city ( f\r-t5?s raises ! price two & eight-t5?s1 & sc>city ( "o-half makes ! price ( ! half-crop f\r & a half times great]4 ,a decrease 9 ! supply ( less ess5tial foods evid5tly _c h equal effect4 ,?us1 a sc>city ( sug>1 caus+ increas$ price1 w directly r$uce consumption ( sug>1 s t ! limit may be easily rea*$4 ,! same conditions may exi/ ) ref]5ce to meats1 s9ce a high price dim9i%es ! dem& f ! disposition ( p to eat less meat4 ,inde$ x has pass$ into almo/ a prov]b t de> bread makes *eap meat1 = ! reason t few w dim9i% ! supply ( daily bread1 b ! mass are will+ to less5 ! meat diet to save exp5se4 ,simil> conditions1 affect+ e m>ket = any commodity1 may easily be discov]$4 ,yet 9 spite ( all ^! extreme fluctuations1 no bett] te/ ( value has be5 sugge/$ ?an ! m>ket price 9 op51 unre/ra9$ competition ( buy]s & sell]s4 ,! m>ket price4--,9 ! discussion ( value s f>1 ! t]m m>ket price has be5 us$ because p]fectly famili> to ev]yone4 ,x is necess>y1 h[ev]1 to call att5tion to ! fact t price always indicates an e/imate ( value 9 units ( curr5t money4 ,if t money itself has a fluctuat+ value1 ! same article may h at diff]5t times diff]5t prices ) ! same value1 or ! same price ) diff]5t values4 ,?us m>ket prices 9 our c\ntry dur+ & aft] ! civil w>1 9 :i* a pap] curr5cy gave ! unit ( prices1 _c safely be comp>$ ) ea* o!r1 & c f> less be comp>$ ) prices ^u a specie basis4 ,ev5 ! r$uction to a s-call$ gold basis may give mislead+ ideas 9 reg>d to ! m>ket1 s9ce a new elem5t ( speculation 9 gold ent]s into ! calculation4 ,9 all ! accompany+ illu/rations ( fluctuat+ prices1 ?is p>ticul> abnormal condition has be5 c>efully exclud$4 ,any fluctuations 9 ! value ( money metals1 necess>ily affect+ ! relation ( m>ket price to m>ket value1 w be treat$ "u /&>ds ( price 9 ,*apt] ,x4 ,prices ( f>m products2 ! crop ye>4--,! actual fluctuations ( m>ket prices "u ! law ( supply & dem& c be mo/ cle>ly se5 by a c>eful /udy 9 ! same def9ite m>ket dur+ a p]iod ( ye>s4 ,= illu/ration "h ! /aple products ( ! f>m h be5 *os51 & ! m>kets ( ,*icago & ,new ,york1 z mo/ truly repres5tative1 h furni%$ ! facts = /udy4 ,^! facts are pres5t$ to ! eye directly by a s]ies ( *>ts1 ea* ( :i* has be5 mo/ c>efully prep>$ f (ficial records1 & gives )9 n>r[ limits a l>ge range ( inve/igation4 ,9 e case involv+ annual crops1 x seem$ necess>y to re>range /ati/ics s z to cov] ! actual ye> affect$ by ! crop 9 "q4 ,septemb] #a 0 *os5 z ! beg9n+ ( ea* ye>1 because t date is ne>e/ ! "t :5 ! new crop ( ! season appe>s 9 m>ket & directly affects ! price ( su* products 9 /ore4 ,all calculations ^u live /ock h be5 br\ght to ! same basis1 = ! reason t ! supply ( m>ketable /ock is l>gely dep5d5t ^u ! supply ( fe$ = /ock4 ,x seems v desirable t all /ati/ics 9 reg>d to m>kets & productive indu/ry %\ld be br\ght to a uni=m ye>4 ,! ye> giv5 9 ^! *>ts seem$ be/ to suit ! subjects treat$4 ,x is possible1 h[ev]1 t = all data conv5i5ce w\ld settle ^u ,july #a1 ! beg9n+ ( ! fiscal ye> 9 ! ,unit$ ,/ates1 z ! be/ = beg9n+ ! univ]sal /ati/ical ye>4 ,ea* *>t 9 ! s]ies1 ( c\rse1 requires its p>ticul> explanation4 ,! fluctuations ( supply & prices = s]ies ( ye>s are exhibit$ 9 ! ,*>ts #d1 #e1 #f1 #h1 #i & #ab1 & ^! are expla9$ 9 detail at ! close ( ! *apt]4 ,fluctuations ) season4--,e product ( ! f>m is kn[n to h conditions favorable or unfavorable f ! m]e *anges ( season affect+ ! prospective supply4 ,conditions equally dep5d5t ^u ! seasons h some?+ to d ) dem&4 ,! result ( bo? comb9$ is wor?y ( /udy by f>m]s & deal]s 9 f>m produce1 t all may get ! full b5efit ( su* k z ! /udy af=ds4 ,= ?is purpose1 *>ts %[+ ! annual fluctuations ( /aple products 9 ! lead+ m>kets h be5 c>efully prep>$4 ,^! may h a great] usefulness ?an simply to illu/rate ! law ( supply & dem&1 s9ce x is )9 ! possibility ( actual practice to 9 "s degree modify by provid5t =esight ! extremes ( fluctuation4 ,x is hop$ t ! sugge/iv5ess ( ^! *>ts may help ! mo/ ent]pris+ f>m]s to adju/ _! practice to conditions ( m>ket4 ,*>ts ,nos4 #g1 #aj1 #aa & #ac illu/rate ! fluctuations z relat$ to seasons4 ,law ( dim9i%+ returns4--,9 consid]+ ! value ( f>m products1 x is necess>y to notice a natural t5d5cy 9 all products ( ! e>? t[>d great] co/ ( ef=t 9 production4 ,?is is call$ ! law ( dim9i%+ returns1 & is illu/rat$ 9 e indu/ry :]e ! accumulations ( nature are dep5d$ ^u = mak+ labor effective4 ,hunt+1 fi%+ & m9+ af=d famili> illu/rations ( m "w ( ! same k9d = equal product4 ,agriculture1 h[ev]1 gives ! mo/ ext5sive available illu/ration ( ! facts gr\p$ "u ?is law4 ,9 ! fir/ place1 ! f>m] is subject to x by m]e location4 ,! product ( a field ne> 8 h\se & b>n co/s less ex]tion ?an ! product ( a m di/ant field4 ,9 ! second place1 he is likely to h *os5 = 8 fir/ ef=ts 9 crop rais+ ! l& mo/ readily yield+ its f]tility 9 crops4 ,if he ext5ds 8 op]ations to less productive soil1 he mu/ "w m = ! same product4 ,9 ! ?ird place1 if a c]ta9 am\nt ( "w ^u a c]ta9 field w give him tw5ty bu%els ( :eat1 he mu/ give a good deal m ?an twice z mu* "w 9 ! way ( tillage & manufactur$ f]tiliz] to make a crop ( =ty bu%els4 ,! pro( ( ?is is cle> 9 ! disposition ( f>m]s to buy m l& in/ead ( to increase labor ^u a limit$ space possess$4 ,a specific /atem5t ( ! law ( dim9i%+ returns is t 9 ! cultivation ( l& an increas$ am\nt ( ef=t "u usual conditions fails to give a correspond+ly increas$ am\nt ( produce4 ,exceptions to law ( dim9i%+ returns4--,exceptions to ?is law are easy to f9d1 z :]e ! fir/ selection ( l& 9 a new c\ntry has _h ref]5ce r to safety f wild bea/s & savages or mal>ial diseases ?an actual /ore ( f]tility4 ,ano!r exception is f\nd 9 any new c\ntry1 :]e imp]fect adju/m5t ( labor to conditions ( soil & climate are liable at ! outset to prev5t ! full use ( natural p[]s ( ! soil4 ,s evid5t are ^! two exceptions 9 imp]fectly develop$ agriculture t "s h disput$ ! g5]al fact1 yet all mu/ admit ! c]ta9ty ( dim9i%$ returns f multiplication ( ! same k9d ( ef=ts ^u ! same space1 & g5]al pro( is abundant 9 all long settl$ communities4 ,effect ( improv$ f>m+4--,c\nt]act+ ?is t5d5cy to dim9i%+ returns1 & 9 _m in/ances m ?an ov]com+ ! difficulty1 is a t5d5cy t[>d improv$ me?ods 9 f>m+ by m p]fect application ( labor to ! soil1 bett] develop$ crops1 bett] adaptation ( live /ock to culture1 improv$ ma*9]y ( e sort1 & m ext5d$ range ( op]ations 9 f>m+1 r$uc+ ! re/ra9ts ( space by improv$ transportation & m economical use ( natural f]tiliz]s2 9 %ort1 by any improvem5t ?r\gh :i* labor is made m directly effective 9 ei!r quantity or quality ( agricultural products4 ,! :ole /ory ( ! developm5t ( agriculture 9 all ^! ways furni%es abundant illu/ration ( ?is c\nt]act+ t5d5cy4 ,9 "s regions x has m ?an c\nt]-balanc$ ! t5d5cy to dim9i%+ returns4 ,v>i\s /aple products1 l :eat1 %[ 9 _! dim9i%+ value ! advance 9 me?ods ( culture & adju/m5t ( labor to production4 ,dim9i%+ values4--,! above is only a p>ticul> illu/ration ( ! g5]al t5d5cy ( all values to dim9i% ) e improvem5t 9 tools1 ma*9]y1 economy ( mat]ials & sav+ ( "t1 z ! _w ga9s wisdom 9 apply+ labor to ! meet+ ( mat]ial wants4 ,) e discov]y ( m p]fect p[] or bett] use ( natural =ces1 l electricity1 or easi] ways ( h&l+ raw mat]ials1 z 9 develop+ alum9um f crude clay1 ! value ( ! product quickly dim9i%es4 ,a famili> illu/ration is f\nd 9 ! manufacture ( /eel4 ,! s-call$ ,bessem] process1 introduc$ "s ?irty ye>s ago1 r$uc$ ! actual labor ( mak+ /eel f iron by m ?an "o-half4 ,improv$ furnaces & greatly enl>g$ op]ations h r$uc$ /ill fur!r ! labor involv$1 until n[ /eel (t5 takes ! place ( iron1 & ! value ( all su* products is greatly dim9i%$4 ,?is is easily illu/rat$ by comp>ison ( prices dur+ a s]ies ( ye>s1 z %[n 9 *>t ,no4 #ad4 ,t ?is r$uction 9 price is n ! result ( poorly paid labor1 b ( bett] returns = labor exp5d$1 is evid5t to any "o inve/igat+ ! t5d5cy ( wages or ( liv+ among wage-e>n]s1 or ( ! g5]al improvem5t 9 welf>e ( communities :]e ^! labor-sav+ me?ods are appli$4 ,any h>d%ip connect$ ) ^! dim9i%$ values falls *iefly ^u ! labor]s :o fail to adju/ _! "w to ! improv$ me?od4 ,b ev5 !y ga9 = ! dim9i%$ value ( _! product a l>g] return on ! :ole ?r\gh ex*anges ?an ! high] values _h br\ght !m be=e4 ,*>t4 ,*>t ,,iv4 ,comp>ison ( ! numb]s ( live /ock ) increases 9 population & mileage ( railroad1 #ahfj-ahih4 ,,*>t ,,no4 #d ,numb]s ( live /ock comp>$ ) increase ( population & mileage ( railroad1 #ahfj to #ahih1 9 ! ,unit$ ,/ates ,explanation4--,?is *>t exhibits to ! eyes a comp>ative increase ( 7#a7 population1 7#b7 %eep1 7#c7 hogs1 7#d7 railroad mileage1 7#e7 beef cattle1 7#f7 c[s1 7#g7 horses1 7#h7 mules4 ,! figures foll[$ 9 mak+ ?is *>t are tak5 f ! be/ e/imates available1 *iefly f ! reports ( ! ,unit$ ,/ates ,dep>tm5t ( ,agriculture4 ,x %[s t railroad mileage has increas$ fa/] ?an ! population1 ) "s slight exceptions1 & its fluctuations m>k q di/9ctly ! p]iods ( f9ancial speculation & di/ress4 ,! great fluctuations 9 ! l9e ( %eep rais+ may be se5 to h "s correspond5ce ) special t>iff legislation4 ,! /rik+ opposition ( hog rais+ to %eep rais+ is 9 accord ) ! univ]sal exp]i5ce t f>m]s easily turn f "o to ! o!r4 ,! rapid developm5t imm$iately foll[+ ! civil w> repres5ts ! re/ock+ ( f>ms & ! great expansion 9 f>m indu/ry s noticeable dur+ t p]iod4 ,! fall+ (f 9 numb]s ( live /ock dur+ ! la/ five ye>s is evid5tly a reaction f a v app>5t ov]-production 9 _m directions dur+ ! previ\s t5 ye>s4 ,! miles ( railroad are %[n 9 ?\s&s1 ! population & live /ock 9 millions4 ,*>t4 ,*>t ,v4 ,%[+ ! acreage & yield ( ,indian corn1 :eat1 & oats 9 ! ,unit$ ,/ates1 #ahfb-ahig4 ,pages #hd-hg4 ,,*>t ,,no #e4 ,acreage & yield ( corn1 :eat & oats1 #ahfb to #ahig1 9 ! ,unit$ ,/ates ,description4--,?is *>t is int5d$ to %[ ! fluctuations f ye> to ye> 9 acres devot$ to ! ?ree /aple crops1 toge!r ) fluctuations 9 ! correspond+ ye>s 9 yield ( ea*4 ,figures on ! "r %[ ! numb] ( millions ( acres4 ,figures on ! left give millions ( bu%els4 ,cont9u\s l9es %[ ! acreage4 ,dott$ l9es %[ ! yield4 ,= conv5i5ce ( comp>ison1 ! l9e ( increas+ population is add$4 ,! brok5 l9es indicate :at might h be5 ! consumption ( ea* ( ^! /aples )9 our own c\ntry1 if ! p _h us$ ?r\gh\t all ! ye>s z mu* ( ea* z dur+ ! five ye>s ( pl5ty f #ahhh to #ahib4 ,l9es m>k$ #a tell ! /ory = corn2 ^? m>k$ #b = :eat2 & ^? m>k$ #c = oats4 ,9 comp>+ ! numb] ( acres z giv5 on ! "r ) ! numb] ( bu%els z giv5 on ! left1 x w be se5 t an av]age yield ( corn is assum$ to be #be bu%els p] acre2 an av]age yield ( :eat1 #ab bu%els2 & an av]age yield ( oats1 #bh bu%els4 ,! v>iations ( ! dott$ l9es above or bel[ ! cont9u\s l9e %[ :e!r ! yield 0 great] or less ?an ^! av]ages4 ,! av]age assum$ is evid5tly too high = ! oats4 ,explanation4--,sev]al important facts are %[n4 ,fir/1 !re has evid5tly be5 a v great increase 9 ! am\nt ( ^! /aple crops 9 proportion to ! population1 ) a rec5t t5d5cy t[>d r$uction4 ,second1 all ?ree h exce$$ ! ne$s = dome/ic consumption1 & at ! same "t2 :ile x is evid5t t ! rate ( consumption 9 ! e>ly ye>s c\ld n h be5 equal to t ( rec5t ye>s4 ,?is appe>s v /rik+ ) ref]5ce to corn4 ,an explanation ( ! increas$ consumption ( corn may be f\nd 9 its l>g] use = fatt5+ pork & beef = export z well z = dome/ic consumption4 ,x has also ent]$ q l>gely1 ?r\gh improv$ manufacture ( meals1 />*es & syrups1 into table use4 ,! consumption ( oats is kn[n to h greatly increas$ 9 its use = breakfa/ food4 ,! p] capita consumption ( :eat1 :ile slightly increas$ 9 "s qu>t]s ?r\gh ! *eap5+ ( fl\r1 has be5 dim9i%$ by ! l>g] use ( corn & oats1 & a f> great] v>iety ( table food4 ,q probably1 h[ev]1 ! data z to corn rais+ 9 ! fir/ few ye>s ( ?is p]iod are n complete4 ,! ye>s ( ! w> made su* /ati/ics difficult to obta94 ,! difficulty ) ref]5ce to :eat rais+ 0 by no means z great1 s9ce ! :eat rais+ regions 7 m directly accessible4 ,?ird1 ! seasons ( abundance & ^? ( poor crops c easily be se54 ,x is evid5t t :ile ! ?ree crops are n always poor toge!r1 !y are too frequ5tly s to balance ea* o!r 9 meet+ ! risks ( f>m]s4 ,f\r?1 x appe>s t ! fluctuations 9 yield are mu* great] 9 late ye>s4 ,?is is acc\nt$ = by ! greatly increas$ proportion ( l&s cultivat$ ^u ! pla9s ( ! we/]n /ates & subject to great] fluctuations ( climate4 ,x w be notic$ t ! acreage frequ5tly falls (f 9 ! ye>s %[+ inf]ior yield4 ,?is %[s t s[+ & plant+ h frequ5tly be5 affect$ by unpropiti\s wea!r4 ,9 fact1 :eat fields h frequ5tly be5 pl[$ up 9 ! spr+ & n c\nt$ 9 return ( acreage4 ,r$uctions 9 ! acreage ( :eat1 h[ev]1 appe> frequ5tly succe$+ an imm5se crop4 ,?is indicates ! effect ( l[ prices4 ,fif?1 ! be>+ ( ! total product ^u ! prices ( ^! /aples1 :ile sugge/$ by ! greatly increas$ am\nt1 w be m cle>ly se5 by ref]5ce to ,*>t ,no4 #f4 ,*>t4 ,*>t ,,vi4 ,fluctuations 9 prices ( :eat1 ,indian corn & oats 9 ,new ,york1 #ahgh-ahih4 ,pages #hg-ia4 ,,*>t ,,no4 #f ,fluctuation ( prices ( :eat1 corn & oats 9 ,new ,york1 #ahgh to #ahif4 ,explanation4--,?is *>t exhibits ! av]age price ( ea* ( ^! ?ree /aples 9 ,septemb]1 ,decemb] & ,may ( ea* ye>4 ,^! mon?s are *os5 z giv+ )\t too great complication ! wide/ range ) ref]5ce to a p>ticul> season4 ,septemb] gives usually ! price ( ! fir/ ( ! new crop2 ,decemb] %[s usually ! fulle/ m>ket+ ( crops2 ,may m>ks ! mon? ( l>ge/ speculation ) ref]5ce to ! incom+ crop4 ,corn is less di/9ctly affect$ by ^! peculi>ities1 be+ subject to diff]5t conditions ( ! wea!r z well z ( m>ket+4 ,b ! correspond5ce 9 price to a c]ta9 ext5t is easily p]ceiv$ at a glance4 ,! reason = ?is correspond5ce is p>tly 9 ! uni=m effect ( seasons1 z %[n 9 ,*>t ,no4 #e1 & p>tly 9 ! fact t ei!r ( ! crops may supplem5t1 9 c]ta9 respects1 a defici5cy 9 ei!r ( ! o!rs4 ,:eat prices4--,) ref]5ce to :eat1 ,no4 #a 9 ! *>t1 fur!r p>ticul>s z to prices are %[n4 ,! horizontal l9e 9 ea* ye> gives ! av]age price ( ! ye>2 ! diagonal l9e gives ! extremes ( prices1 highe/ & l[e/1 )9 ! twelve mon?s f ,septemb] to ,septemb] aga94 ,! dot )9 ! circle gives ! e/imat$ av]age ( f>m prices on ! fir/ ( ,decemb]1 z giv5 by ! ,dep>tm5t ( ,agriculture4 ,! relation ( ?is1 some:at con/ant1 to ! ,new ,york price = ,decemb]1 z giv5 9 ! l9e directly above x1 may be ( int]e/ z %[+ ! av]age actual exp5se ( br++ :eat f all ov] ! ,unit$ ,/ates to ! ,new ,york m>ket4 ,:]e ! diff]5ce ( ! two prices is m ?an an av]age1 a speculative turn 9 ! m>ket dur+ ,decemb] is indicat$1 ! f>m price be+ fix$ on ! fir/ day ( ,decemb]4 ,! same fact ( speculation is also %[n 9 ye>s :]e ! diagonal l9e is long] ?an usual4 ,special v>iations4--,at ! top ( ! *>t is %[n ! _w's visible supply ( :eat = ea* ye>1 ea* horizontal l9e indicat+ #ejj1jjj1jjj bu%els4 ,! %ad$ portion gives ! am\nt export$ by ! ,unit$ ,/ates & ! "p above ! %ad$ portion indicates ! am\nt consum$ or /or$ )9 ! c\ntry4 ,?us1 9 ! ye> #ahid-e ! total :eat crop ( ! _w 0 #b1fgb1jjj1jjj bu%els1 ( :i* ! ,unit$ ,/ates furni%$ #dfj1jjj1jjj1 #add1jjj1jjj ( ?is am\nt be+ export$4 ,?is ye> m>k$ ! l[e/ price ( :eat 9 ! record1 toge!r ) ! l>ge/ crop 9 ! _w1 ?\gh n 9 ! ,unit$ ,/ates4 ,a proportionally small am\nt export$ expla9s ! fall+ out ( ! bottom ( ! :eat m>ket4 ,by ref]5ce to ,*>t ,no4 #e1 x w be se5 t :ile ! :eat crop ( t ye> 0 consid]ably above ! av]age1 ! corn crop & oat crop 7 f> bel[ ! av]age4 ,?is expla9s ! fact appe>+ 9 ,*>t ,no4 #f1 t ! price ( :eat 0 l[] ?an ! price ( corn at ! beg9n+ ( t ye>4 ,x is probable t ! use ( :eat z a sub/itute = corn 9 fe$+ /ock actually sav$ ! :eat f a /ill l[] price4 ,! crop ( #ahia1 ! l>ge/ on record 9 ! ,unit$ ,/ates1 0 accompani$ by a mod]ate crop 9 ! re/ ( ! _w foll[+ two o!r mod]ate crops1 inde$ two %ort crops1 = ! entire _w4 ,! l>ge am\nt ( :eat export$ expla9s ! reason :y ! fall ( prices 0 n great] 9 ?is c\ntry4 ,t ! price did n fall fa/] 0 due to ! fact1 rememb]$ by _m1 t f>m]s1 z well z speculators1 held to ! crop ) ! expectation ( l>g] dem& f abroad4 ,:5 ! crop ( #ahib 0 felt to be /ill l>g] ?r\gh\t ! _w1 ! price fell rapidly1 9 spite ( a small] crop 9 ! ,unit$ ,/ates4 ,b :5 ! prospect ( an inf]ior crop 9 ?is c\ntry = #ahic 0 felt 9 ! spr+1 ! price rose a trifle4 ,yet z soon z ! h>ve/s ( ! _w %[$ an enorm\s crop outside ! ,unit$ ,/ates1 ! price dropp$ aga94 ,! crop ( #ahhi 0 a %ort "o 9 ! _w1 & app>5tly %\ld h affect$ ! price ( :eat 9 ?is c\ntry m ?an appe>s2 b :5 ! total am\nt export$ is se5 to leave m ?an an av]age crop 9 /ore1 x is easy to see :y ! price 9 ?is c\ntry did n rise4 ,! explanation ( ?is small exportation is 9 ! fact t ! great] "p ( ! %ortage 9 yield 0 9 c\ntries l ,russia1 f :i* no dem& 0 felt1 because ! p simply w5t )\t4 ,! />vation ( p 9 su* c\ntries affect$ ! dem& = :eat 9 ?is c\ntry only s f> z our b5evol5ce enl>g$ ! m>ket4 ,! peculi> %ape ( ! l9e ( :eat prices 9 #ahhi )\t any correspond5ce 9 prices ( corn & oats is due to a speculative movem5t = ,decemb] :eat 9 ,*icago4 ,! attempt$ corn] 9 :eat fail$ sudd5ly1 or x might h produc$ a l9e simil> to t ( #ahig-h1 due to ! fam\s long-cont9u$ ,leit] corn]4 ,s\rces ( in=mation4--,! object ( ?is *>t1 tak5 altoge!r1 is to %[ ! g5]al law ( m>ket prices z gov]n$ by supply & dem& f ! actual facts 9 ! m>ket = :eat4 ,! facts are tak5 f ! be/ records available4 ,! prices are f ! daily record ( ! ,produce ,ex*ange ( ,new ,york4 ,! av]age price = ! ye> & ! fluctuations )9 ! ye> are giv5 = ! p]iod f ,septemb] #a1 :5 ! new crop appe>s1 to ! ,augu/ foll[+1 ?is be+ ! p]iod actually correspond+ 9 m>ket ) a ye> repres5t$ by ! crop figures4 ,! e/imate ( ! _w's crop s9ce #ahhe is tak5 f c>efully prep>$ /ati/ics 9 ! ,unit$ ,/ates ,dep>tm5t ( ,agriculture4 ,! e/imates prior to t date d n include ! entire _w1 because no /ati/ics c be rea*$1 b !y d include ! mo/ c>eful e/imates ( all c\ntries ^: product ent]$ into ! _w's m>ket4 ,no ef=t has be5 made1 = fe> ( complicat+ ! *>t1 to %[ a simil> correspond5ce betwe5 supply & price 9 ref]5ce to corn & oats4 ,! tables foll[+1 h[ev]1 give data = su* comp>ison ) ref]5ce to ?is c\ntry alone4 ,! export ( corn & oats has be5 too limit$ to play any great "p 9 modify+ prices4 ,table4 ,table ( production--:eat1 corn1 oats1 #ahgh to #ahig4 7,figures give millions ( bu%els7 ,,*>t ,,no4 #g ,*>t4 ,*>t ,,vii4 ,annual fluctuations 9 ! price ( :eat 9 ,new ,york1 #ahgh-ahig4 ,page #ia4 ,annual fluctuations 9 ! price ( :eat4 ,highe/ ye>1 l[e/ ye>1 & av]age ( tw5ty ye>s 9 ,new ,york1 #ahgh to #ahig ,explanation4--,?is *>t is int5d$ to %[ ! t5d5cies ( ! m>ket = :eat f mon? to mon? ?r\gh\t ! m>ket ye>4 ,9 ! c5t] is giv5 ! av]ages ( highe/ prices & ( l[e/ prices = ea* mon? 9 ! ,new ,york ,produce ,ex*ange dur+ ! p]iod f ,septemb]1 #ahgh1 to ,augu/1 #ahig1 inclusive4 ,! horizontal l9es betwe5 ! av]ages ( extremes give ! av]age price = ! tw5ty ye>s 9 ! sev]al mon?s4 ,! diagonal l9es give = ea* mon? ! extreme fluctuation dur+ ! tw5ty ye>s4 ,above ! l9es ( av]ages are giv5 ! fluctuations by mon?s 9 ! ye> #ahha-b1 ! ye> ( highe/ prices4 ,! upp] ( ! two cont9u\s l9es gives ! top prices ( ! mon? & ! l[] ! bottom prices4 ,! %ort horizontal l9es give ! av]age price = ea* mon?2 & ! d\ble horizontal l9e across ! *>t repres5ts ! av]age price = ! ye>4 ,bel[1 ! fluctuations 9 :eat prices = #ahid-e1 ! ye> ( l[e/ prices1 are %[n 9 ! same way4 ,at ! top ( ! *>t are giv51 9 millions ( bu%els1 ! receipts ( :eat 9 ,new ,york4 ,! %ad$ d\ble column 9 ! c5t] "u ea* mon? gives ! av]age receipts = tw5ty ye>s4 ,to ! left1 a s+le column %[s ! receipts = #ahid-e4 ,to ! "r1 a s+le column gives ! receipts = #ahha-b4 ,s9ce ! receipts at ,new ,york are *iefly = export1 ! g5]al correspond5ce betwe5 receipts & prices is r a result ( a l>g] application ( supply & dem& ?an an exposition ( x4 ,! *ief use ( ! *>t is to %[ ! fluctuation ( prices "u v>y+ local conditions4 ,! figures on ! left give ! price p] bu%el1 & ! figures on bo? left & "r at ! top indicate millions ( bu%els4 ,,*>t ,,no4 #h ,*>t4 ,*>t ,,viii4 ,prices ( :eat 9 ,engl&1 #acjj-ahij4 ,page #ic4 ,prices ( :eat 9 ,engl& = #fjj ye>s1 #acjj to #aijj ,description4--,?is *>t is to %[ at a glance ! hi/ory ( ! :eat m>ket 9 ,engl& = ! pa/ six hundr$ ye>s4 ,! record ( ! fir/ f\r hundr$ ye>s is tak5 f ,rog]s' 8,agriculture & ,prices40 ,t = ! eighte5? c5tury1 less complete1 is tak5 f ,s*o5h('s 8,hi/ory ( ,money & ,prices40 ,! n9ete5? c5tury record is f ! report ( ! /ati/ician ( ! ,unit$ ,/ates ,dep>tm5t ( ,agriculture4 ,all are r$uc$ ) c>e to ! basis ( bu%els & doll>s & c5ts4 ,! figures on ! "r & left %[ ! price p] bu%el 9 ,unit$ ,/ates money4 ,explanation4--,! heavy horizontal l9es %[ ! av]age price dur+ a p]iod ( t5 ye>s1 ?\gh 9 a few in/ances ! p]iod is long]4 ,! diagonal l9es %[ ! extremes ( fluctuation dur+ ! p]iod :i* !y cov]4 ,dur+ ! fir/ two hundr$ & fifty ye>s ! co9age ( ,engl& made ! %ill+ 9 :i* prices 7 reckon$ a mu* l>g] unit1 practically ?ree times z great z at pres5t4 ,! dots )9 circles indicate :]e ! horizontal l9es might h be5 _h ! unit be5 always ! same4 ,! same dots cross$ cov] a p]iod ( =ty ye>s 9 :i* prices are some:at unc]ta91 f transition betwe5 ! old /&>d & ! new4 ,! beg9n+ ( ! n9ete5? c5tury %[s a rem>kable condition ( ! :eat m>ket1 due *iefly to ! w>s 9 :i* ,engl& 0 engag$1 toge!r ) issues ( pap] money affect+ ! /&>d ( value4 ,! record is especially int]e/+ f %[+1 fir/1 ! great fluctuations natural f unequal seasons2 second1 ! gradual increase 9 co/ ( production "u ! law ( dim9i%+ returns2 ?ird1 ! effects ( *anges 9 money legislation2 f\r?1 ! effect ( extra consumption 9 times ( w>2 & fif?1 ! effects ( ! pres5t _w-wide comm]ce 9 ov]com+ ! law ( dim9i%+ returns4 ,a m complete record = ! eighte5? c5tury w\ld add to ! int]e/1 if n to ! effectiv5ess ( ! *>t4 ,relation to wages4--,= conv5i5ce ( comp>ison1 ! av]age price ( :eat 9 ,france dur+ p]iods ( tw5ty-five ye>s1 z giv5 by ,s*o5h(1 is add$ by dott$ horizontal l9es4 ,! d\ble l9e across ! *>t indicates ! range ( av]age day's wages ( h\se me*anics 9 ,engl&1 )\t indicat+ ! extreme ( fluctuations4 ,x seems evid5t t wages & subsi/5ce h some?+ 9 common4 ,,*>t ,,no4 #i ,*>t4 ,*>t ,,ix4 ,prices ( hogs & hams 9 ,*icago1 #ahhd-aijg4 ,page #ie4 ,prices ( live hogs & gre5 hams 9 ,*icago1 #ahhd to #ahig ,g5]al description4--,?is *>t exhibits ! fluctuations 9 prices ( live hogs & gre5 hams z %[n by reports ( ! ,*icago ,bo>d ( ,trade f ,septemb]1 #ahhd1 to ,augu/1 #ahig1 toge!r ) ! visible supply ( live hogs 9 ! m>ket f mon? to mon? & = ! entire ye>4 ,! figures to "r & left give doll>s p] cwt4 ( live hogs1 & p] b>rel ( gre5 hams4 ,! figures ^u ! upp] ?ird ( ! *>t1 "r & left1 indicate ! numb] ( ?\s&s ( live hogs receiv$ 9 ,*icago dur+ ! successive mon?s1 z indicat$ by ! d>k l9es4 ,! figures at ! top ( ! *>t "u ! date l9e give ! numb] ( ?\s&s ( hogs receiv$ dur+ ! entire ye>4 ,! ye> is tak5 f ,septemb] to ,augu/ foll[+1 because ! hog crop is 9 l>ge measure dep5d5t ^u ! corn crop com+ into use 9 ,septemb]4 ,prices ( live hogs4--,no4 #c1 irregul> l9e1 gives ! fluctuation ( top prices 9 e mon? f ,septemb]1 #ahhd1 to ,augu/1 #ahig1 = fat hogs4 ,! total range is betwe5 #c4cj p] cwt4 9 ,septemb]1 #ahif1 & #h4hj 9 ,febru>y1 #ahic4 ,a some:at /rik+ g5]al correspond5ce is readily se5 betwe5 ?is l9e ( prices & a l9e connect+ ! ends ( ! l9es indicat+ ! mon?ly supply ( live hogs at ! top ( ! *>t4 ,! av]age price ( ! ye> is easily se5 to be l[ :5 ! supply = ! ye> is high1 & high :5 ! supply is l[1 ?\gh 9 "s in/ances ! effect ( an increas$ supply is evid5tly anticipat$ 9 ! prices4 ,?us1 an increase ( #b1jjj1jjj ( hogs 9 #ahhi-ij ov] ! supply 9 #ahhh-i is anticipat$ by fall+ prices dur+ ! e>ly "p ( #ahhi4 ,9 a simil> way1 ! effect ( a dim9i%$ supply 9 ! summ] ( #ahie is n s m>k$ ^u ! prices z might h be5 ! case _h n ! prospect be5 /rong = a l>ge supply 9 ! fall ( #ahie4 ,:atev] influ5ce ! local manipulation ( ! m>ket may h _h1 x is p]fectly evid5t t conditions ( supply & dem& h ov]:elm+ influ5ce4 ,prices ( gre5 hams & mess pork4--,no4 #b1 giv+ ! range ( prices p] b>rel ( gre5 hams1 %[s fluctuations 9 "s respects correspond+ to ! prices ( live hogs1 b ) v>iations due 9 a measure1 und\bt$ly1 to speculative int]e/s 9 ^! products4 ,! range is f #f4fj 9 ,decemb]1 #ahig1 to #ac4hj 9 ,may1 #ahic1 correspond+ ) ! range 9 ! prices ( live hogs4 ,7 !re room ^u ! *>t1 x w\ld be easy to %[ an almo/ exactly correspond+ fluctuation 9 ! prices ( mess pork1 :i* article is "o affect$ l>gely by speculation1 ?\gh ev5 t speculation is dep5d5t ^u prospective supply & dem&4 ,! prices ( mess pork at ! ,new ,york ,produce ,ex*ange dur+ ! same p]iod rang$ f #i a b>rel 9 #ahhe-f to #ae4hj & #ae4fj 9 #ahhg-h1 #ad4bj 9 #ahhi-ij1 #aa4ge 9 #ahia1 #ad4bj 9 #ahib1 #bb4fj 9 #ahic1 & gradually d[n to #g4be 9 #ahif-g4 ,,*>t ,,no4 #aj ,*>t4 ,*>t ,x4 ,prices ( hogs & pork at ,*icago1 #ahib-c & #ahif-g1 highe/ & l[e/ ye>4 ,page #ih4 ,prices ( hogs & pork products at ,*icago ,bo>d ( ,trade = #ahib-c & #ahif-g1 ! highe/ ye> & ! l[e/ ye> ,annual fluctuation1 #ahib-c4--,?is *>t pres5ts a comp>ison betwe5 ! prices ( live hogs1 fre% hams & mess pork 9 ! ye> ( highe/ range1 ) ! prices ( ! same 9 ! ye> ( l[e/ range4 ,! figures on ! left indicate ! prices p] cwt4 ( live hogs & p] bbl4 ( gre5 hams & mess pork4 ,no4 #a gives1 9 ! dott$ l9e above ! date figures1 ! highe/ price ( mess pork 9 ea* mon? ( ! ye>1 :ile ! dott$ l9e bel[ ! date figures gives ! l[e/ price = ! correspond+ mon?s4 ,! range 9 any mon? is f\nd 9 ! di/ance betwe5 ! heavy dots on ! l9e foll[+ ! "n ( ! mon?4 ,?us ! highe/ price 9 ,april1 #ahic1 is #ai4ce1 & ! l[e/ price 9 ! same mon?1 #ae4ej4 ,! range ?r\gh\t ! ye> is f #ba4hj 9 ,may to #ab 9 ,augu/4 ,no4 #b gives ! same facts ) ref]5ce to ! prices p] b>rel ( gre5 hams2 & ,no4 #c gives ! correspond+ facts z to prices ( live hogs4 ,annual fluctuation1 #ahif-g4--,nos4 #d1 #e & #f1 m>k$ by m di/9ct l9es1 %[ ! range ( prices = ^! ?ree relat$ articles ( comm]ce = ! ye> #ahif-g4 ,no4 #d gives ! prices ( gre5 hams1 :i* 9 ?is ye> av]ag$ high] ?an ! prices ( mess pork1 al?\gh ! fluctuations ( mess pork are ! great]4 ,at ! top ( ! *>t are giv5 9 ?\s&s ! numb] ( live hogs receiv$ 9 ,*icago dur+ ! two ye>s4 ,on ! "r ( ea* mon? are ! numb]s = #ahib-c2 on ! left ! numb]s = #ahif-g4 ,! l9es connect+ ! %ad$ portion %[ ! fluctuations f mon? to mon? 9 ! supply4 ,a g5]al1 ?\gh n a p]fect1 correspond5ce is p]ceptible4 ,,*>t ,,no4 #aa ,*>t4 ,*>t ,,xi4 ,annual fluctuations ( prices ( pork 9 ,*icago1 #ae ye>s4 ,page #ajj4 ,annual fluctuations 9 pork prices 9 ,*icago--av]age ( fifte5 ye>s ,av]age annual fluctuations4--,?is *>t is int5d$ to %[ ! annual range ( prices z %[n by reports ( ! ,bo>d ( ,trade ( ,*icago1 f ,septemb]1 #ahhc1 to ,augu/1 #ahig4 ,! figures1 "r & left1 give prices p] cwt4 ( live hogs1 & p] b>rel ( gre5 hams & mess pork4 ,! figures opposite ! %ad$ l9es at ! top indicate receipts ( live hogs 9 ?\s&s1 by ! av]age 9 ea* mon?1 = ! fifte5 ye>s4 ,! ye> is tak5 f ,septemb] to ,augu/ foll[+1 = correspond5ce ) ! crop ye>1 z 9 previ\s *>ts4 ,explanation4--,no4 #a gives 9 ! upp] cont9u\s l9e ! av]age ( top prices = mess pork 9 successive mon?s2 & 9 ! l[] l9e ! av]age ( bottom prices = ! same mon?s4 ,! long1 diagonal l9es %[ ! extreme ( fluctuations 9 ea* mon? dur+ ! entire fifte5 ye>s4 ,?us ! l[e/ price rea*$ dur+ ! mon? ( ,april 9 any ye> 0 #h4je1 :ile ! highe/ 0 #be4ej4 ,! l[e/ price 9 ,novemb] ( any ye> 0 #f4dj1 :ile ! highe/ price 9 ! same mon? 0 #ae4ej4 ,no4 #b gives 9 ! same way ! av]age ( top prices & bottom prices dur+ ! fifte5 ye>s = gre5 hams2 & by its diagonal l9es1 ! extremes ( fluctuation4 ,no4 #c pres5ts a correspond+ %[+ ( av]age top & bottom prices ( live hogs1 ) extreme fluctuations4 ,no4 #d1 at ! top ( ! *>t1 gives ! av]age receipts ( live hogs 9 ,*icago dur+ ! sev]al mon?s ( ! ye>1 c\nt$ 9 ?\s&s4 ,! supply ( hogs4--,! correspond5ce betwe5 ! receipts ( live hogs & ! av]age m>ket price 9 ea* mon? is wor?y ( /udy4 ,e f>m] c see 9 :at mon?s ( ! ye> ! m>ket is fulle/4 ,x is also evid5t t ! fluctuations 9 mess pork are mu* m ext5sive ?an 9 live hogs or fre% products4 ,?is is d\btless due to ! possibility ( speculation 9 a product :i* c be held = future m>ket4 ,nev]!less1 x is q evid5t t ! prices ( mess pork h "s direct connection ) ! supply available4 ,,*>t ,,no4 #ab ,*>t4 ,*>t ,,xii4 ,prices ( cattle & beef 9 ,*icago1 #ahhd-ahig4 ,page #ajc4 ,prices ( cattle & mess beef 9 ,*icago1 #ahhd to #ahig ,description4--,?is *>t is plann$ to %[ ! prices ( cattle & ! prices ( mess beef f mon? to mon? f ,septemb]1 #ahhd1 to ,augu/1 #ahig1 toge!r ) ! supply ( cattle receiv$ 9 ,*icago 9 ea* mon? & = ea* ye>4 ,! figures "r & left on ! l[] "p1 give 9 doll>s ! prices p] hundr$ p\nds live weight1 & p] b>rel ( extra mess beef4 ,above1 to "r & left1 ! figures indicate ?\s&s ( live cattle receiv$ 9 ,*icago4 ,explanation4--,no4 #a gives ! l[e/ price 9 successive mon?s ( l[e/ quality ( beef /e]s4 ,no4 #b gives ! highe/ price 9 successive mon?s = /ock cattle4 ,no4 #c gives ! highe/ price 9 successive mon?s = be/ quality ( beef /e]s4 ,no4 #d %[s ! fluctuations 9 ! highe/ price p] b>rel ( extra mess beef f mon? to mon?4 ,no4 #e %[s1 by l5g? ( l9es 9 ea* mon?1 ! receipts ( cattle 9 ,*icago by ?\s&s4 ,no4 #f gives ! numb] ( ?\s&s ( cattle receiv$ 9 ea* ye>4 ,z 9 previ\s *>ts1 ! ye> runs f ,septemb] #a to ,augu/ ( ! ye> foll[+1 ?\gh ! relation ( ! beef m>ket to ! crops ( ! ye> is n s m>k$ z t ( ! pork m>ket4 ,al?\gh ! correspond5ce 9 prices betwe5 ^! v>i\s p>ts ( ! cattle trade is n absolute1 x is too /rik+ to be consi/5t ) indep5d5ce ( causes4 ,! price ( /ock cattle has "s elem5ts n f\nd 9 ! price ( beef cattle2 & ! price ( l[e/ quality ( beeves = cann+ purposes is naturally m uni=m ?an any o!r prices4 ,,*>t ,,no4 #ac ,*>t4 ,*>t ,,xiii4 ,annual fluctuations 9 prices ( cattle & beef 9 ,*icago1 #ahhc-ahig4 ,page #ajd4 ,annual fluctuation 9 prices ( cattle & beef1 ,*icago1 #ahhc to #ahig ,explanation4--,?is *>t is int5d$ to illu/rate ! *anges ( prices 9 successive mon?s ^u ! av]age ( fifte5 ye>s1 z to /ock cattle1 beef /e]s1 mess beef & beef hams4 ,! data are tak5 f ! daily records ( ! ,*icago ,bo>d ( ,trade1 f ,septemb]1 #ahhc1 to ,augu/1 #ahig4 ,! figures to "r & left indicate prices 9 doll>s p] hundr$ p\nds live weight1 & p] b>rel ( beef products4 ,no4 #a indicates ! range ( prices = beef hams4 ,! upp] l9e gives ! av]age ( highe/ prices 9 ea* mon? = fifte5 ye>s4 ,! l[] l9e gives ! av]age ( l[e/ prices = ! same p]iod4 ,! diagonal l9es give ! extremes ( prices )9 ! fifte5 ye>s4 ,mess beef & beef /e]s4--,no4 #c gives ! av]age ( highe/ & l[e/ prices = mess beef4 ,nos4 #d & #f give respectively ! av]age ( highe/ & l[e/ prices = beef /e]s4 ,! diagonals give ! extremes = beef /e]s dur+ ! entire p]iod4 ,no4 #e gives ! av]age ( highe/ prices = /ock cattle4 ,supply ( cattle4--,9 ! c5t]1 ,no4 #b1 is giv5 ! av]age receipts ( cattle 9 ! ,*icago m>ket = ea* mon?4 ,! un%ad$ portion at ! end ( ! l9es1 repres5ts ! av]age re%ipm5t ( cattle4 ,?us ,septemb]1 on ! av]age1 br+s #bfe1jjj cattle to ,*icago & re%ips #ij1jjj2 :ile ,octob] br+s ne>ly #bhc1jjj & re%ips #hb1jjj4 ,peculi>ities ( mess beef m>ket4--,x w be notic$ t ! prices ( beef hams give an annual curve1 entirely di/9ct f ei!r ( ! o!rs4 ,?is indicates ! fluctuation 9 dem& entirely out ( keep+ ) ! supply4 ,x is q possible t ! op5+ & clos+ ( navigation ^u ! ,great ,lakes may be an important influ5ce4 ,c]ta9ly ! *ange ( ! season betwe5 cold & heat is an important elem5t1 s9ce ! l[e/ mon?1 & t ( lea/ fluctuation1 is ,decemb]4 ,! mon? ( highe/ prices is ,augu/1 & ^? ( greate/ fluctuation are ,may1 ,june & ,septemb]4 ,! curve ( prices = mess beef has a fair correspond5ce ) ! numb]s ( cattle slaught]$ 9 ,*icago4 ,! l9e indicat+ top prices ( beef cattle has peculi>ities ( its own1 because x /&s = quality z well z quantity1 repres5t+ ! fancy lots1 :i* are necess>ily some:at m irregul> ?an ! av]age4 ,! l9e ( prices = /ock cattle is evid5tly affect$ by ! v>iations 9 dem& by fe$]s4 ,! l9e ( l[e/ prices = beef cattle1 ,no4 #f1 is q probably affect$ by quality z well z supply4 ,,*>t ,,no4 #ad ,*>t4 ,*>t ,,xiv4 ,:olesale prices ( iron1 k]os5e1 etc41 ,new ,york1 #ahfg-ahif4 ,page #ajf4 ,prices ( iron1 k]os5e1 etc41 #ahfg to #ahif ,description & ,explanation4--,?is *>t gives ! prices f ye> to ye> = /eel rails1 b> iron1 pig iron & nails 9 ! ,new ,york m>ket1 ea* dot indicat+ ! av]age = ! ye>4 ,! av]age prices = ! correspond+ ye>s = ref9$ k]os5e are also %[n4 ,no4 #a gives prices p] ton ( /eel rails1 into :i* ent]s all ! influ5ce ( ! improv$ me?ods ( manufacture4 ,no4 #b repres5ts ! prices ( b> iron p] ton1 less affect$ by improvem5ts b influ5c$ by ! sub/itution ( /eel4 ,no4 #c gives ! prices ( nails p] ?\s& p\nds4 ,= comp>ison ) ! o!r prices ( iron1 ! prices ( nails mu/ be d\bl$4 ,all w realize ! imm5se improvem5ts made 9 ! manufacture ( nails4 ,no4 #d gives ! prices p] ton ( pig iron4 ,x is evid5t t all ^! =ms ( iron & /eel h /ood 9 ! m>ket "u ! same g5]al influ5ces1 ) slight modifications f special *>act]i/ics ( production or use4 ,no4 #e gives ! av]age price 9 ea* ye> = "o hundr$ gallons ( ref9$ k]os5e oil4 ,! price p] gallon c be f\nd by read+ ! figures z c5ts in/ead ( doll>s4 ,9 ! same way ! price ( t5 p\nds ( nails c be f\nd4 ,x %\ld be said1 h[ev]1 t all ^! prices are ! :olesale prices1 retail prices be+ subject to local influ5ces1 sometimes ev5 to cu/om1 :i* prev5ts _! adh]+ closely to ! prices 9 l>g] m>kets4 ,ev5 monopoly affect$4--,^! articles h be5 *os5 z illu/rat+ ! ess5tial law ( prices ev5 "u ! advance ( comb9ation ( capital ^u an enorm\s scale4 ,! iron indu/ries & ! ,/&>d ,oil ,company come ne>e/1 p]haps1 to fulfill+ ! conditions ( monopoly f\nd any:]e4 ,yet ! actual effect ( improv$ me?ods 9 great comb9ations is se5 to h rea*$ ! mass ( ! p 9 spite ( any t5d5cy to su/a9 prices by comb9ation4 ,a l9e1 ,no4 #f1 indicat+ ! g5]al tr5d ( wages = f>m h&s 9 ! ,nor?1 is add$ to m cle>ly indicate ! di/ribution ( welf>e ?r\gh su* improvem5ts 9 me?od4 ,= /ill o!r purposes1 ! fluctuat+ price ( silv] bullion is %[n 9 l9e ,no4 #g4 ,*apt] ,x4 ,ex*ange--,its ,ma*9]y4 ,free communication4--,f :at has be5 said 9 ! prec$+ *apt] z to ! nature ( value & price1 x w appe> t ! mo/ fundam5tal condition = ready ex*ange is p]fectly free communication betwe5 individuals z to wants & abilities to meet wants4 ,!re is impli$1 also1 an absolute protection ( prop]ty rights & ( equity 9 deal+ ?r\gh ! laws & cu/oms ( ! community4 ,no "o acquires prop]ty = ! purpose ( ex*ange unless he c =esee ! possibility ( c>ry+ out ! ex*ange at any future "t4 ,he mu/ also feel t he is protect$ by surr\nd+ circum/ances f mis9=mation z to values4 ,9 %ort1 any community is ready = free ex*ange among its memb]s only :5 x ma9ta9s ! conditions = fair competition4 ,to ?is fairness ( competition _m ?+s contribute1 aside f ! gov]nm5tal ma*9]y4 ,!re c be little trade )\t a common language1 & ! full advantages ( common spee* are rea*$ ?r\gh e facility = ready communication betwe5 all ! individuals ( ! community4 ,an univ]sal press1 po/al facilities1 telegraph & telephone sy/ems h all gr[n up 9 meet+ ?is ne$4 ,! same is true ( e/abli%$ m>ket places1 bo>ds ( trade & produce ex*anges4 ,n only does ! multitude ( ex*anges 9 "o place less5 ! co/ ( su* ex*anges1 b ^! make x possible = multitudes to rea* a fair und]/&+ ( :at is want$ & :at is (f]$ 9 any l9e ( production4 ,?is ne$ acc\nts = ! t5d5cy s frequ5tly notic$ to e/abli% great c5t]s ( trade 9 p>ticul> commodities4 ,! _w wants a fair und]/&+ ( :at ! _w conta9s1 & ^! me?ods ( br++ toge!r buy]s & sell]s are ! natural outgr[? ( ?is ne$4 ,full /ati/ics4--,! same end is s]v$ /ill m fully by frequ5t publication ( price-li/s1 & a daily record ( ! transactions 9 any m>ket gives in=mation :i* e deal] c use to advantage4 ,public /ati/ics1 c>efully & hone/ly prep>$1 s]ve bo? buy]s & sell]s ( any article ( comm]ce4 ,! f>m] ne$s z mu* z anybody ! fulle/ in=mation z to :at 8 fell[ f>m]s h to sell1 :e!r !y are imm$iate neighbors or 9 di/ant p>ts ( ! _w4 ,! price ( :eat on any f>m ought1 if p]fect und]/&+ is rea*$1 to con=m to ! g5]al law ( supply & dem& ?r\gh\t ! _w1 & ! yield ( :eat 9 ,russia1 ,india & ,s\? ,am]ica affects ! value ( e bu%el rais$ 9 our c\ntry4 ,e advance 9 ! p]fection ( /ati/ics & ! rapidity ( collection makes m c]ta9 ! b>ga9 ( e produc] & consum]4 ,p h sometimes oppos$ ! ga!r+ ( /ati/ics = fe> t l>ge deal]s & speculators may take unfair advantage f su* in=mation4 ,b a c>eful consid]ation w %[ t manag+ ( ! m>ket dep5ds *iefly ^u want ( in=mation on "o side ( ! b>ga94 ,if f>m]s 7 z ?or\ghly in=m$ z to ! crops ( ! _w z c>efully collect$ /ati/ics might make !m1 no false rumors c\ld mislead !m 9 sell+ _! produce4 ,! evid5t t5d5cy t[>d m /able m>kets1 z %[n by ! records ( ! la/ tw5ty ye>s1 is acc\nt$ = p>tially1 at lea/1 by ! m p]fect in=mation available4 ,if f>m]s !mselves w\ld take int]e/ 9 furni%+ accurate e/imates ( ! ext5t & condition ( e product held = sale1 !y w\ld 9 ! long run reap ! highe/ advantages ( cle>ly und]/&+ ! supply & dem& 9 ! m>kets ( ! _w4 ,?is w\ld d m to de/roy ! demoraliz+ =ce ( m]e speculation ?an any possible legal enactm5t4 ,ready transportation4--,an equally important "p ( ! ma*9]y ( ex*ange is easy transportation4 ,e improvem5t 9 ! transportation ( p]sons or products n only less5s ! co/ ( ! article :5 deliv]$1 b increases ! actual /ability ( price & range ( ! m>ket4 ,! pione] f>m]s ( nor!rn ,ohio f\nd absolutely no m>ket = _! :eat until ! op5+ ( ! ,erie canal4 ,f>m]s ^u we/]n prairies f\nd corn _! *eape/ fuel until railway transportation br\ght coal m9es & corn fields into clos] relations4 ,! rural community :i* takes pa9s to h good roads n only less5s ! co/ ( haul+ gra9 to m>ket by sav+ friction & toil1 b actually enl>ges its m>ket at home4 ,h>d roads enable !m to d f\r times ! "w !y c d on s(t roads4 ,9 ! same way any improvem5t ( railroads1 con/ruction ( pipe l9es = gas & oil1 or introduction ( pneumatic tubes1 = mails & light packages 9 cities1 directly spreads ! range ( m>ket = ! products ( e individual labor] & makes m sure ! returns = any ef=t he may give 9 production4 ,p]haps ?is is ev5 m easily se5 by consid]+ h[ ! _w's m>kets are op5$ by improvem5t 9 wat] transportation4 ,wat] freight on a bu%el ( :eat f ,*icago to ,new ,york f #ahfe to #ahgd av]ag$ ov] tw5ty-two c5ts2 f #ahhe to #ahid x 0 less ?an sev5 c5ts4 ,! univ]sality ( m>kets = all k9ds ( products is cle>ly %[n by realiz+ :at we h )9 rea* ( e c\ntry community today4 ,su* easy transportation adds to ! productive abilities ( e p]son4 ,ov] ord9>y roads ! co/ ( transport+ :eat two hundr$ miles is equal to its value at ! end ( ! j\rney4 ,corn w usually pay its way n m ?an half t di/ance4 ,s 9 c\ntries :]e railroads d n exi/ ! p consume only :at !y !mselves produce1 or devote !mselves to v few products1 & s occupy only a portion ( _! "t4 ,9 ! be/ develop$ regions ( our c\ntry1 e family c rea* a /eady supply ( all k9ds ( goods1 & c "k t e article produc$ has its prop] place 9 ! m>ket )\t wa/e4 ,! co/ ( deliv]+ bread 9 ,bo/on is great] ?an ! co/ ( c>ry+ ! fl\r 9 x two ?\s& miles4 ,?is ready transportation leads to m complete & m def9ite occupation & s to l>g] returns 9 ! way ( satisfaction f all ef=ts4 ,! ext5d$ m>ket gives add$ value to all p]man5t or fix$ capital4 ,x makes bo? f>ms & homes m useful1 if full advantage ( su* improvem5ts is tak54 ,at ! same "t1 values ( l& t5d t[>d an equality ?r\gh\t ! _w4 ,dim9i%+ co/ ( transportation4--,t ! co/ ( transportation keeps dim9i%+ 9 spite ( comb9ations ( capital to prev5t x1 & 9 spite ( local legislation re/rict+ x1 proves t ! increas+ p]fection ( ma*9]y & ! accession ( capital 9 railroads & wat]ways are /rong] ?an ! purposes ( m54 ,t freights are regulat$ by 8:at ! traffic w be>0 is m]ely ano!r way ( say+ t transportation comes "u ! univ]sal law ( values--:at ! s]vice is wor? 9 ! m>ket1 or :at p are will+ to give = x4 ,accord+ to good au?ority1 ! net pr(it ( c>ry+ "o ton ( freight "o mile has fall5 9 tw5ty-five ye>s f "o c5t to less ?an "o-n9? ( a c5t4 ,! same pr9ciple fixes a classification ( freight accord+ to s]vice4 ,we c af=d to pay m = c>ry+ valuable produce ?an = c>ry+ *eap] products4 ,x also leads to special rates = develop+ traffic1 z illu/rat$ 9 rates on bal$ alfalfa hay f we/]n pla9s to ,*icago4 ,wise manag]s1 if n misl$ by speculation 9 /ocks1 c>e m = enl>g+ traffic ?an = imm$iate returns ^u a small] bulk1 because ! bulk ( pr(it is great]4 ,a good illu/ration ( developm5t ( a special traffic is f\nd 9 ! milk tra9s runn+ two hundr$ or ?ree hundr$ miles to supply ! city ( ,new ,york4 ,! railroads are compell$ by ! ne$s ( ! traffic to c>ry ! milk *eaply en\gh to prev5t its be+ made into butt] & *eese4 ,laws regulat+ ?is *>ge are effective1 because su* a necessity exi/s 9 ! nature ( ! case4 ,weights & measures4--,ano!r important gr[? 9 ! ma*9]y ( trade is f\nd 9 /&>ds ( quantity1--weights & measures ( e k9d4 ,x is sc>cely possible to realize ! unc]ta9ty ( ex*ange )\t exact weights & measures4 ,! /ory ( ! ,indian trad] :o b\ght furs by weight1 putt+ 8 h& ^u ! scales = "o weight & 8 foot = its d\ble1 illu/rates h[ unc]ta9 su* judgm5ts ( quantity may be )\t sy/em4 ,! pres5t names ( weights & measures indicate _! orig9 9 simil> ways4 ,measures h usually be5 connect$ ) "s "p ( ! body3 z 8f+]10 us$ "o way 9 measur+ ! load ( a gun & ano!r on a /ock+2 8h&10 /ill us$ 9 measur+ ! height ( horses2 8span10 once consid]$ suffici5tly def9ite = any measurem5t2 8foot10 n[ made to con=m to an accurate sy/em2 & 8pace10 /ill us$ 9 _m communities4 ,connect$ ) ! arm1 are 8cubit0 & 8y>d40 ,_m ladies /ill measure _! dress goods by arm's l5g?s4 ,= small measures1 8gra90 & 8b>ley-corn10 /ill us$ z names1 indicate dep5d5ce ^u av]age quantity 9 articles ( g5]al gr[?4 ,today all civiliz$ gov]nm5ts settle ^u a def9ite sy/em ( measures & weights1 all accurately connect$ ) ea* o!r & ) "s precise dim5sion 9 nature suppos$ to be inv>iable4 ,our common y>d is di/9ctly associat$ ) a p5dulum vibrat+ seconds2 & 9 ! great decimal sy/em1 adopt$ by mo/ c\ntries 9 ,europe1 & likely to be rea*$ 9 all c\ntries1 ! :ole is connect$ ) a measur$ m]idian ^u ! e>?'s surface4 ,c>e is !n tak5 to h /&>d measures & weights prep>$ 9 su* a way z to be free f all effects ( any *ange ( temp]ature1 & legal enactm5ts di/9ctly def9e ea* measure & weight1 actually puni%+ "o = ! crime ( us+ false weights or measures4 ,units ( quantity ?us ent] into all our calculations & =m an ess5tial basis ( all ex*ange4 ,*eat+ 9 measure & weight gr[s less & less possible ) ?is cle> und]/&+ ( exact units4 ,! ,new ,york ,legislature has def9$ ! size ( fruit packages1 & ! ,massa*usetts p\ltry rais]s ask a law requir+ eggs to be sold by weight4 ,metrical sy/em4--,if ! :ole _w %\ld unite on a s+le decimal sy/em ( measures & weights1 l t n[ us$ 9 mo/ ( ,europe1 all w\ld be ga9]s f ! r$uction ( misund]/&+s & miscalculations increas+ ! co/ ( ex*ange4 ,! difficulty ( adopt+ a new sy/em arises *iefly f ! absolute importance ( any sy/em & ! unconsci\s use ( t to :i* p are already accu/om$1 toge!r ) its application 9 a ?\s& un?\ght ( ways to e tool & e rule4 ,t ! advantage ( a uni=m decimal sy/em w\ld m ?an balance ! difficulty ( *ange1 no /ud5t ( ! subject n[ d\bts4 ,"s h e/imat$ ! sav+ at ne>ly "o-half ( ! pres5t cl]k hire4 ,our gov]nm5t has already tak5 /eps = su* a *ange1 ?\gh ye>s may be requir$ to accompli% x4 ,/&>ds ( quality4--,! ma*9]y ( ex*ange also involves /&>d units ( quality1 b ^! mu/ v>y ) e diff]5t k9d ( commodity4 ,cu/om has giv5 rise to all sorts ( devices = express+ degrees ( f95ess1 /r5g? & h>dness1 z well z m delicate qualities ( flavor & odor4 ,bo>ds ( ,trade (t5 e/abli% (fices ( inspection ) br&s ^u gra9s1 fl\r1 butt]1 pork1 etc41 & ^! become def9ite p>ts ( a contract :i* ! gov]nm5t rightly en=ces4 ,private trade-m>ks & br&s1 if hone/ly us$1 become a prom95t elem5t 9 ex*ange4 ,^! are protect$ rightly by be+ fil$ ) ! gov]nm5t1 :i* secures to ! orig9ator 8 sole use ( su* a pro( ( quality4 ,9 "s articles ( trade1 :5 a :ole community is int]e/$1 ! gov]nm5t goes fur!r & und]takes inspection & br&+ by an (ficial4 ,?is 9 mo/ /ates applies to k]os5e oil1 fir/ = public safety1 b aft]w>ds = protection ( ex*ange4 ,laws regulat+ ! quality ( f]tiliz]s are bas$ ^u ! necessity ( k1 t b>ga9s may be fair2 & 9 _m p>ts ( our c\ntry n[ ! br&+ ( gr\nd fe$s1 ) an analysis ( _! qualities1 is deem$ an ess5tial ( safe b>ga9+4 ,! ext5t to :i* ?is ef=t to e/abli% ! c]ta9ty ( qualities may ne$ to be c>ri$ c be e/imat$ by ! rec5t agitation ov] adult]ations ( food products4 ,all believe t1 z buy]s1 !y h a "r to "k ! quality ( :at !y buy4 ,x is conceivable t m>kets may "s "t e/abli% a sy/em ( t]ms1 descriptive ( qualities1 almo/ z def9ite z weights & measures4 ,all ?is contributes to fair competition 9 ex*ange4 ,/&>ds ( value4--,m important /ill 9 ! ma*9]y ( ex*ange is a /&>d unit ( value4 ,we h se5 t value 9 any article ( comm]ce c be fix$ 9 t]ms ( any o!r article1 b prices rema9 indef9ite s long z !re is want ( univ]sal appreciation or appraisal 9 ess5tially ! same t]ms & ideas4 ,! t5d5cy t[>d def9ite prices 9 well und]/ood units ( value is z cle>ly p]ceptible 9 ! progress ( comm]ce z is ! t5d5cy t[>d def9it5ess 9 weights & measures4 ,9 e>ly ages almo/ any article ( common use1 s t its qualities might be g5]ally und]/ood1 has s]v$ z a /&>d ( value1 9 t]ms ( :i* all weal? has be5 e/imat$4 ,communities engag$ 9 graz+ c\nt$ all _! weal? by cattle4 ,hom]'s h]oes wore armor valu$ 9 cattle1 & e>ly ,roman co9s bore ! images ( cattle1 :ile ! v "n ( ,roman co9s1 pecunia1 is suppos$ to h be5 d]iv$ f ! "n ( ! flock4 ,communities ( fi%]m5 = a long p]iod h e/imat$ weal? 9 dri$ fi%4 ,m me*anical peoples h us$ "s article ( manufacture1 l nails 9 "s ,scotti% villages & ! c\ntry clo? ( we/]n ,africa4 ,sometimes a s+le prime article ( export has s]v$ ! purpose1 l tobacco 9 ! colony ( ,virg9ia & dri$ hides on ! pla9s ( ,s\? ,am]ica4 ,9 mo/ ( pione] ,am]ica ! hunt]s' pelts h s]v$ ! same purpose1 ! av]age 8coonsk90 hav+ a value :i* all c\ld und]/&4 ,z communities became m weal?y ! display ( weal? 9 ornam5ts made ( preci\s metals & 9 preci\s /ones has l$ to ! use ( ^! z /&>ds ( value4 ,am]ican ,indians us$ _! wampum1 & ,african tribes employ$ peculi> %ells4 ,b z comm]ce increas$1 embrac+ wid] regions1 gold & silv] became ! /aple article ( value ev]y:]e1 s9ce ^!1 s easily te/$ = purity1 c\ld h _! value e/imat$ def9itely by weight4 ,?us ! /&>d unit ( value has be5 def9itely connect$ ) /&>d weights4 ,co9age4--,gradually ^! weights1 = great] ease ( transf] & = cle>] und]/&+ ( values1 became ! basis ( co9age4 ,! /amp ( ! co9] became a c]tificate ( quality & quantity1 & f9ally1 z 9 ! case ( weights & measures1 gov]nm5ts assum$ ! :ole responsibility = fix+ ! weight & f95ess ( co9s1 & r$uc$ all co9age to sy/em1 t e citiz5 might "k ! value ( ! unit 9 :i* he e/imates any article ( comm]ce4 ,! e>ly co9s 7 def9ite weights ( gold1 silv] or copp]1 & 9 _m c\ntries co9s /ill be> ! names t indicate _! orig9al weight4 ,yet arbitr>y rul]s h (t5 s\ght to *eat _! subjects by issu+ co9s ( light] weight & bas] metal4 ,! ,fr5* livre1 n[ ! franc1 is "o sev5ty-second ( its orig9al value4 ,engli% co9s 7 debas$ t5 times betwe5 ! ye>s #abii & #afja to exactly "o-?ird ( _! orig9al value4 ,! loss f su* debasem5t falls almo/ :olly ^u ! poor1 ^: wages fail to buy ! usual food & clo?+4 ,h5ry ,,viii r$uc$ ! co9s ( 8 realm aga9 & aga91 until x w\ld h tak5 five ye>s' rev5ue ( ,elizabe?'s reign to re/ore ! curr5cy4 ,elizabe? *ose to take ! /&>ds z %e f\nd !m1 b to e/abli% an absolute degree ( purity & fix by law ! weight ( ea* co9 9 ! sy/em4 ,! /&>d ( purity s9ce ma9ta9$ 9 ,engl& is #bb c>ats1 or elev5-twelf?s f9e1 & weights h be5 ma9ta9$ 9 spite ( sev]al ef=ts to r$uce !m4 ,o!r nations h tak5 simil> /eps ) v>y+ /&>ds ( purity3 4#hce 9 ! ,lat9 union1 4#i 9 ! ,unit$ ,/ates1 & ov] 4#if 9 mo/ co9age ( we/]n ,asia4 ,9 ?is way ! /&>d ( value = e citiz5 ( a c\ntry is z cle>ly def9$ z ! /&>d ( weight1 & e transaction 9 trade1 ) e acc\nt ( su* transaction1 involves t unit4 ,unit$ ,/ates co9age4--,a brief /atem5t ( ! sy/em ( co9age n[ e/abli%$ 9 ! ,unit$ ,/ates may illu/rate ! def9it5ess ( ! /&>ds ( value4 ,! ,unit$ ,/ates m9t at ,philadelphia & its bran*es at ,new ,orleans1 ,d5v]1 ,san ,francisco & ,c>son h ! sole au?ority = mak+ co9s4 ,any ef=t at co9age by outside p>ties is crim9al4 ,! m9t receives ! gold & silv] by weight & assay ( purity1 melts & ref9es & mixes ) alloy1 to br+ ! mass to requir$ f95ess1 n9e-t5?s pure1 & ca/s ! metal into b>s call$ bullion4 ,^! b>s are !n mo/ c>efully assay$1 &1 if f\nd ( exact /&>d purity1 are roll$ & drawn into plates ! ?ickness ( ! co9s desir$4 ,f ^! plates disks are pun*$ by ma*9]y1 ea* disk be+ weigh$1 & if f\nd too light ?r[n aside1 if too heavy r$uc$ by fil+1 until e disk repres5ts exactly ! requir$ weight ( ! co9 desir$4 ,! disks !n pass ?r\gh a mill+ ma*9e :i* raises ! edges1 & :5 clean$ by dilute acid & c>efully dri$1 are /amp$ by a /eel die ) "s device cov]+ bo? surfaces completely4 ,?is effectually gives ! seal ( ! nation to ! purity & weight ( ! co91 &1 s9ce x cov]s ! :ole surface1 prev5ts ! possibility ( r$uc+ t weight )\t m>r+ ! co94 ,unit$ ,/ates /&>ds4--,! sy/em ( co9age 9 ! ,unit$ ,/ates s9ce #ahgc embraces /&>d co9s ( gold1 silv]1 nickel & copp]1 b gold alone actually furni%es ! /&>ds ( value1 all o!r co9s be+ at pres5t subsidi>y4 ,gold is co9$ = individuals free2 t is1 a c]ta9 weight ( metal pres5t$ at ! m9t is assay$1 to det]m9e ! exact weight ( pure gold1 & an equal weight ( pure gold is return$ to ! own] 9 co94 ,sometimes a slight *>ge = ! exp5se ( co9age is made & call$ seigniorage4 ,at pres5t no su* *>ge is made1 = ! reason t :5 a nation be>s ! co/ ( co9age1 =eign co9s are kept f circulation1 & its own co9s are curr5t ev]y:]e4 ,! /&>d unit ( value = ! ,unit$ ,/ates is #be4h gra9s ( gold n9e-t5?s f9e1 & ?is is call$ a doll>1 al?\gh no co9 ( ?is weight is at pres5t /ruck4 ,9 actual practice1 ! /&>d is %[n 9 ! t5-doll> piece1 or eagle1 weigh+ #beh gra9s4 ,! half eagle 7five doll>s7 & ! qu>t] eagle 7two doll>s & fifty c5ts7 indicate ^u _! face _! relation to ! pr9cipal co94 ,! d\ble eagle1 or tw5ty-doll> piece1 is co9$ = great] conv5i5ce4 ,^! co9s connect all ! curr5cy ( ! c\ntry directly ) ! m>ket value ( commodities 9 ! _w1 ?r\gh ga9+ _! value directly f ! m>ket value ( gold1 :]e gold is b\ght & sold4 ,?us gold furni%es ! /&>d ( value ) :i* all o!r values are comp>$4 ,silv] co9s ( ! ,unit$ ,/ates are made f silv] pur*as$ by ! gov]nm5t4 ,! doll>1 adopt$ f ! ,spani% rix-doll>1 itself d]iv$ f ! ,g]man ?al]1 is by law a co9 ( #dab- gra9s ( silv] n9e-t5?s f9e4 ,?is silv] doll> has a /ory ( its own1 :i* w be giv5 lat]1 & does n =m a "p ( ! sy/em ( #ahgc4 ,! half doll>1 ! qu>t] doll>1 & ! dime1 = fractional curr5cy1 are proportional p>ts ( #che4h gra9s ( silv] n9e-t5?s f9e4 ,^! are ab\t five p] c5t less 9 weight ?an ! proportional p>ts ( ! silv] doll>4 ,! orig9al purpose ( ?is r$uc$ weight 0 to prev5t ! consumption ( ^! co9s 9 ord9>y uses by mak+ !m wor? on ! face a little m ?an _! bullion value4 ,^! fractional co9s are legal t5d] 9 ! c\rts to ! am\nt ( five doll>s4 ,9 nickel & copp] co9s no ef=t has be5 made = _m ye>s to ma9ta9 a /&>d ( value1 ! am\nt ( metal 9 any ( !m be+ f> less 9 value ?an _! face4 ,!y are legal t5d] only to ! am\nt ( tw5ty-five c5ts4 ,fluctuation ( /&>ds4--,9 ! /udy ( ! preci\s metals z ! /&>d ( prices1 x is necess>y to rememb] t ! value ( ^! metals1 l t ( all products ( labor1 is subject to consid]able fluctuations4 ,! v fact t gold & silv] are durable metals1 n easily consum$ or readily worn away1 t5ds to make ! increas$ product 9 a s]ies ( ye>s less & less valuable4 ,:ile ! ord9>y increase 9 product may be provid$ = by increas$ dem& ?r\gh ext5d$ ex*ange1 ! v improvem5ts 9 ! ma*9]y ( ex*ange1 especially ! ext5sion ( g5]al cr$it1 op]ate 9 ! opposite direction4 ,x is c]ta9 t ! value ( gold & silv] )9 "o hundr$ ye>s aft] ! discov]y ( ,am]ica1 :5 ,european nations took possession ( accumulations among ! inhabitants ( ,c5tral & ,s\? ,am]ica1 dim9i%$ to a little m ?an "o-f\r? ( ! value previ\s to t discov]y4 ,x is e/imat$ t ! value ( gold s9ce ! discov]y ( #ahdi1 9 ,cali=nia1 foll[$ by ! op5+ ( m9es 9 ,au/ralia & ,s\? ,africa1 has be5 r$uc$ to little m ?an ?ree-fif?s ( its value 9 #ahej4 ,?is e/imate is bas$ ^u c>eful comp>isons betwe5 :at an ounce ( gold 9 #ahej w\ld buy ( "s hundr$ /aple products1 & :at ! same ounce ( gold w buy today ( ! same hundr$ products4 ,! te/ is a some:at unc]ta9 "o1 f ! fact t _m products are mu* m affect$ by improv$ me?ods ( production ?an o!rs1 & *anges ( habits & cu/oms among ! p greatly affect ! prices by *ang+ dem&s4 ,! comb9ation ( a l>ge numb] ( products be+ less likely to be affect$ ?an any "o1 ! comp>ison is wor?y ( "s confid5ce4 ,nev]!less1 x is possible = two diff]5t p]sons1 mak+ diff]5t selections = comp>ison1 to arrive at v div]se results4 ,if ! select$ articles are ^? ( ready manufacture :]e improv$ me?ods h mo/ l>gely ent]$1 ! value ( gold w seem to h increas$2 if1 on ! o!r h&1 ! select$ articles are raw mat]ials1 9 :i* ! law ( dim9i%+ returns gives great] co/ ( production1 ! value ( gold w seem to h dim9i%$4 ,a te/ easily appli$1 ?\gh n absolutely correct1 is 9 ! am\nt ( labor ( ! mo/ common sort :i* an ounce ( gold w\ld pay = at ! diff]5t p]iods comp>$4 ,c>eful comp>isons %[ t an ounce ( gold today buys m ( all sorts ( manufactur$ articles & m ( mo/ articles ( food1 ?\gh less ( ! bett] class ( meats & less ( labor1 ?an ev] be=e4 ,?is fluctuation 9 ! value ( gold has its *ief importance 9 connection ) long ext5d$ cr$its1 ?\gh its influ5ce is felt 9 o!r directions ?r\gh a common sy/em ( acc\nts1 9 :i* ! /&>d unit ( "s sy/em ( co9age is ! sole basis ( comp>isons4 ,if ! /&>d unit is gr[+ less valuable1 9 a s]ies ( ye>s ! book-keep] w %[ a con/antly increas+ total ( weal?2 if1 on ! o!r h&1 x is gr[+ m valuable1 ! books w %[ an app>5t loss4 ,7 a p]fectly uni=m /&>d possible1 all int]e/s w\ld be be/ provid$ =4 ,ratio ( silv] to gold4--,m directly important 9 its effect ^u ex*anges is ! unequal fluctuation ( gold & silv] :5 bo? are made ! /&>d ( value4 ,t silv] & gold are f indep5d5t s\rces1 subject to v>iations ( _! own 9 product & processes ( extraction1 makes x impossible t !y %\ld su/a9 always ! same ratio to ea* o!r 9 value4 ,a c>eful /udy ( ! subject by ,pr(essor ,rog]s %[s t e>ly 9 ! ?irte5? c5tury "o p\nd ( gold 0 wor? t5 p\nds ( silv]1 at ! close ( t c5tury w\ld buy twelve & "o-half p\nds ( silv]1 & 9 ! middle ( ! f\rte5? c5tury b\ght ?irte5 & ?ree-f\r?s p\nds2 b 9 ! fifte5? & sixte5? c5turies1 aft] ! new _w 0 pillag$1 "o p\nd ( gold b\ght f t5 & "o-half to twelve p\nds ( silv]4 ,9 ! sev5te5? c5tury fifte5 p\nds ( silv] w5t = "o p\nd ( gold1 & 9 ! eighte5?1 fifte5 & "o-half p\nds4 ,e>ly 9 ! n9ete5? c5tury ! ratio 0 fix$ 9 ?is c\ntry at sixte5 ( silv] to "o ( gold1 & t e/imate 0 assum$ to be ess5tially correct z late z #ahgg1 :5 a p\nd ( gold w\ld ex*ange 9 ! m>ket = ?ree & "o-half p\nds ( plat9um1 sev5 p\nds ( alum9um1 sixte5 p\nds ( silv]1 sev5ty-"o p\nds ( nickel1 #idb p\nds ( t91 #a1fif p\nds ( copp]4 ,tw5ty ye>s h produc$ great *anges 9 bo? ! total annual products & ! relative co/ ( m9+4 ,! e/imate ( #ahgg w\ld n[ be incorrect = any ( ! metals nam$4 ,a p\nd ( gold n[ buys #a1edj p\nds ( alum9um1 ! *ange be+ due to an inv5tion = r$uc+ alum9um ore4 ,x n[ takes ab\t ?irty-sev5 p\nds ( silv] to pay = "o p\nd ( gold1 a *ange 9 "p due to new sy/ems ( co9age 9 :i* silv] plays a subord9ate "p1 b *iefly due to ! greatly increas$ product ( ri* m9es & greatly improv$ me?ods ( r$uc+ ores4 ,! *eap] money drives out ! good money4--,9 any sy/em ( co9age1 employ+ bo? silv] & gold z /&>ds1 x is f\nd by actual exp]i5ce1 repeat$ hundr$s ( times1 t a *ange 9 ! ratio betwe5 ! two metals 9 op5 m>ket always leads to ho>d+ = speculative purposes ( ! mo/ co/ly metal ( ! two4 ,?us1 9 our c\ntry previ\s to #ahgc1 :5 silv] 0 wor? m ?an "o-sixte5? ( its weight 9 gold1 unco9$ silv] 0 necess>ily wor? m ?an co9$ silv] = "s purposes1 & ! co9s already /ruck 7 wor? m 9 ! manufacture ( spoons & plate ?an to circulate z co9s4 ,prior to #ahec1 :5 ! half doll>s1 qu>t] doll>s & dimes 7 co9$ at ! ratio ( sixte5 to "o1 su* co9s c\ld n be kept 9 circulation1 = ! reason t !y 7 wor? m ?an _! face value4 ,! law ( #ahec r$uc$ ! weight ( ^! co9s s t _! m>ket value z silv] 0 sure to rema9 a trifle less ?an _! face value4 ,! result 0 no fur!r melt+ up ( ^! small co9s = use 9 ! arts or = bullion4 ,?is fact is only "o illu/ration ( :at is call$ ,gre%am's law1 =mulat$ 9 ! "t ( ,engl&'s base co9age dur+ ! sixte5? c5tury1 b notic$ c5turies e>li]1 t *eap money always drives out a m co/ly money4 ,! pr9ciple is z con/ant z human nature1 t nobody w give a great] value :5 a less value w s]ve ! same purpose4 ,= ?is reason1 no c\ntry 9 rec5t times has be5 able to keep bo? gold & silv] z ! actual /&>ds ( value at ! same "t4 ,ei!r ! ratio mu/ be *ang$ ) e fluctuation ( ei!r metal1 or "o ( ! metals mu/ be und]valu$ 9 ! sy/em ( co9age1 z has be5 done 9 ,engl& = ! great] "p ( ?is c5tury2 or else ! total co9s ( ! *eap] metal mu/ be limit$ 9 am\nt1 z has be5 done by ! ,lat9 ,union 9 ,europe dur+ ! la/ tw5ty-five ye>s4 ,9 ei!r case ! t5d5cy is t[>d a s+le /&>d4 ,! comm]cial _w pref]s a /able1 well und]/ood unit to a *angeable "o4 ,& :ile ! fluctuations ( gold alone affect some:at ! /ability ( prices1 ^! are ?\ght ( less importance ?an ! necess>y legal adju/m5ts = new sy/ems ( co9age4 ,monometalism & bimetalism4--,! discussion has l$ to two oppos+ views1 di/+ui%$ z monometalism & bimetalism4 ,! monometali/ holds t s9ce "o metal only c1 "u ord9>y circum/ances1 set ! /&>d ( price1 x is wise to *oose ! "o subject to ! lea/ fluctuation = ! univ]sal /&>d4 ,! bimetali/ holds t a nation1 or at any rate a gr\p ( nations1 c fix by agreem5t ! price ( gold & silv] 9 t]ms ( ea* o!r1 :5 us$ z money4 ,s9ce ! use ( ^! metals z money makes ! *ief dem& = !m1 x is ?\ght possible to make ?is legal ratio hold ^u ! total product ( bo? gold & silv]4 ,if1 !n1 9 any c\ntry ! supply ( gold %\ld be out ( due proportion ) silv]1 its ov]valuation w at once attract gold f o!r c\ntries until x becomes no m pr(itable !re ?an else:]e4 ,! result is assum$ to be a some:at ready equalization ( values = ! t]ritory e/abli%+ ! /&>d1 s t ! actual fluctuations ( ! /&>d unit w foll[ ! l9e ( l[e/ prices = ei!r ( ! metals4 ,! monometali/ feels c]ta9 t ! actual )drawal f circulation1 & s f use z money1 ( ! high] pric$ metal causes great] h>d%ip & probably great] fluctuations 9 values ( o!r commodities ?an any fluctuation ( a s+le /&>d c produce4 ,x is v c]ta9 t ! comm]cial _w recognizes ! t5d5cy t[>d a s+le /&>d1 & t ! co9age sy/ems ( all civiliz$ c\ntries are practically1 if n 9 def9ite =m1 bas$ ^u a s+le /&>d4 ,! c\ntries ( wide comm]ce & ext5sive cr$it are us+ ! gold /&>d4 ,! less develop$ c\ntries adh]e to ! silv] /&>d4 ,_m :i* nom9ally su/a9 bo? h1 by "s legal re/riction 9 ! co9age ( silv]1 become practical support]s ( ! gold /&>d4 ,few1 if any1 ?or\gh /ud5ts ( ! subject believe x possible by /atute 9 ! pres5t conditions ( m9+ & comm]ce to br+ ! comm]cial _w any:]e back to ! ratio ( sixte5 to "o1 e/abli%$ 9 ! ,unit$ ,/ates 9 #ahcd4 ,/atute law might decl>e a %eep to be equal to a horse1 b no p[] on e>? c\ld make x pull z mu*4 ,s ev5 agreem5t among nations1 by legal enactm5ts1 _c en=ce an unnatural relation betwe5 two products4 ,,national ,,/&>ds ,,( ,,value1 #ahii ,gold ,gold1 ) ,gold or ,silv] silv] limit$ silv] ,great ,brita91 ,unit$ ,/ates1 ,haiti1 ,uruguay1 ,mexico1 ,c5tral ,g]many1 ,france1 ,arg5t9e ,am]ica1 ,sw$51 ,norway1 ,belgium1 ,italy1 ,republic1 ,columbia1 ,d5m>k1 ,switz]l&1 ,v5ezuela1 ,bolivia1 ,p]u1 ,au/ro-,hung>y1 ,greece1 ,india4 ,spa91 ,s]via1 ,equador1 ,*9a1 ,r\mania1 ,bulg>ia1 ,hong ,kong & ,turkey1 ,ne!rl&s1 ,/raits1 ,co*9 ,portugal1 ,alg]ia1 ,tunis1 ,*9a4 ,brazil1 ,canada1 ,japan1 ,java1 ,newf\ndl&1 etc41 ,egypt1 ,russia1 ,philipp9e ,*ile4 ,isl&s1 ,hawaii4 ,actual bimetalism4--,x is necess>y to caution aga9/ suppos+ t ! use ( bo? gold & silv] z curr5cy 9 any c\ntry implies true bimetalism1 nor is x at all c]ta9 t ! mak+ ( ei!r gold or silv] legal t5d] at option t\*es ! "q ( bimetalism4 ,only ! issue by free co9age at ! w ( ! own] ( bo? metals %[s a di/9ct attempt to ma9ta9 bimetalism4 ,! actual ma9t5ance ( bo? /&>ds has always be51 & always w be1 by alt]nation1 :5 ! ratio ( ! two metals z to value is e/abli%$ at v ne>ly ! m>ket value ( ! two metals 9 bullion4 ,popul> dem& = a return to ! old ratio 9 ! ,unit$ ,/ates is f\nd$ 9 "p ^u misconception ( comm]cial pr9ciples & l>gely ^u a misund]/&+ ( curr5t ev5ts dur+ a f9ancial crisis4 ,! suppos$ dang]s f a s+le /&>d ( value are l>gely exagg]at$ f confusion ( /&>ds ) curr5cy 9 ex*ange4 ,x is q conceivable t gold may /ill s]ve z a /&>d unit ( value1 :ile #ij p] c5t ( ex*anges h no o!r use = gold beyond its furni%+ t]ms ( comp>ison4 ,we mu/ measure value by value1 & ! unit ( value mu/ be true to its "n1 j z we measure l5g? by some?+ long4 ,b ! numb] ( y>d/icks 9 actual use 9 a /ore may h no con/ant ratio to ! numb] ( y>ds ( clo? sold by t measure4 ,! fold+ ( calico 9 y>d folds relieves ! y>d/ick1 b does n *ange ! nature ( ! y>d4 ,s gold1 or silv]1 is reliev$ ( _m functions 9 ex*ange ?r\gh bank+ sy/ems )\t mat]ially affect+ its use z a /&>d unit4 ,! multiple /&>d4--,x is prop] to m5tion 9 connection ) units ( value a !oretical device = ov]com+ ! necess>y fluctuation 9 all articles ( value4 ,?is is sometimes call$ ! multiple /&>d4 ,! plan1 9 brief1 is to appo9t a committee ( exp]ts1 ^: record ( curr5t prices1 9 "s g5]al m>ket1 = a hundr$ or m /aple articles ( comm]ce1 %all be comp>$ f week to week1 or day to day1 9 su* a way z to indicate h[ f> above or bel[ ! av]age ! price ( any article may be4 ,if1 !n1 gold is made a legal t5d]1 a comp>ison ( its price ) ! av]age ( all prices w %[ h[ mu* weight ( gold mu/ be giv5 on any day to actually return a value exactly equival5t to :at 0 borr[$ sixty days or a ye> previ\s1 :5 ! ratio ( gold to av]age prices 0 diff]5t4 ,9 ?is way x is suppos$ t natural fluctuations 9 gold1 silv] or any o!r commodity made legal t5d] = debt c be fully provid$ = )\t loss to ei!r debtor or cr$itor4 ,! objections to ?is ideal /&>d are ! practical difficulty ( settl+1 fir/1 ! wide range ( commodities to s]ve z ! basis2 second1 ! importance to be giv5 ea* 9 adju/+ ! /&>d2 & ?ird1 ! nature ( ! commission "u :i* ! "w %\ld be done4 ,9 ! hi/ory ( ! _w1 cu/om has prec$$ law 9 devis+ = welf>e2 9 ?is1 law )\t exp]i5ce w h to prec$e cu/om4 ,! difficulty :i* mo/ m5 w\ld exp]i5ce 9 und]/&+ & tru/+ su* a sy/em puts (f indef9itely ! possibility ( a g5]al adoption4 ,! curr5cy4--,! la/ ess5tial 9 p]fect fre$om ( ex*ange is a satisfactory means ( transf]r+ completely & quickly all prop]ty "r 9 any article ( trade4 ,ex*ange ( commodity = commodity or s]vice = s]vice is possible to a v limit$ ext5t1 s9ce ! man :o wants my horse may h no?+ :i* ,i want 9 return1 or if he has1 ! values may be unequal1 & "o or ! o!r mu/ rema9 9 debt1 :i* means t "o ( ! articles belongs 9 "p to bo?4 ,9 "s new c\ntries ex*anges are conf9$ to ?is sl[ & unc]ta9 me?od ( b>t]1 :]e nobody c buy until he f9ds a neighbor want+ j :at he himself has to sell4 ,trad]s 9 su* c\ntries contrive to accumulate a v>iety ( ?+s ne$$ by all sorts ( p1 t !y may be ready ) "s k9d ( ex*ange to meet p>ticul> wants4 ,no community1 h[ev]1 beg9s to reap ! cle> advantages ( ex*ange until "s univ]sally acceptable m$ium ( ex*ange is discov]$ & accept$4 ,! process ( develop+ ?is m$ium is ess5tially ! same z t describ$ 9 e/abli%+ a /&>d ( value2 & s ! ^w money naturally repres5ts bo? ! /&>d ( value & ! common curr5cy ( trade4 ,x is easy1 h[ev]1 to see by fur!r exam9ation t ! two functions ( money are q easily sep>able1 & t1 :ile x is difficult to sub/itute = ! /&>d ( value1 a v>iety ( sub/itutes c s]ve z curr5cy4 ,9 speak+ ( co9age hi!rto1 ! /&>d ( value has be5 assum$ to be ! mo/ important1 b 9 fact a l>ge proportion ( our co9 s]ves simply z curr5cy )\t mat]ially affect+ ! /&>d ( value4 ,?is is true ( all ! fractional co9s1 :i* are purposely ov]-valu$1 & equally true ( ! silv] doll> "u exi/+ circum/ances4 ,9 fact1 ! prim>y use ( co9 0 simply = ! purpose ( transf]r+ prop]ty4 ,9 ! words ( ,ari/otle1 #cej ,b4 ,c41 8,m5 inv5t$ among !mselves1 by way ( ex*ange1 some?+ :i* !y %\ld mutually give & take1 & :i*1 be+ really valuable 9 itself1 might easily be pass$ f h& to h& = purposes ( daily life40 ,?is co9$ money supplies ! ne$$ means ( ex*ange mo/ readily because x c>ries its value ) x4 ,9 all civiliz$ communities1 & 9 _m only p>tially civiliz$1 x is readily ex*angeable = any article ( comm]ce4 ,x is also valu$ 9 proportion to its weight1 s t any bulk 9 gold or 9 silv] may be easily divid$ by ex*ange = small] co9s4 ,) a little pa9/ak+ ! co9s are made id5tical 9 value1 s t e trad] kn[s :at he gives & receives4 ,!y are exce$+ly durable1 resi/+ almo/ all ! =ces ( nature ) little loss4 ,= ?is reason !y are likely to h an almo/ univ]sal value1 t is to be want$ by ev]ybody1 9 any place1 at any "t1 & "u any circum/ances4 ,^! facts are prov$ by ! t5d5cy to ho>d su* co9s :5ev] individuals h a surplus ( weal? beyond pres5t wants1 or :5ev] !re is risk 9 us+ weal? z capital because ( di/ru/ ( gov]nm5t1 ( individuals or ( future ent]prise4 ,a buri$ treasure is almo/ sure to be 9 ! =m ( co9s4 ,"u a sy/em ( co9age1 inequalities 9 ex*ange are easily adju/$1 l 8! boot0 9 a horse trade1 or ! balance betwe5 produce c>ri$ to ! /ore & ! articles c>ri$ away4 ,mo/ ( all1 co9 is us$ :]e = any reason !re is di/ru/ ( ! future4 ,co91 or its equival5t 9 bullion1 is ne$$ 9 all transactions :]e cr$it is want+4 ,?is appe>s prom95t 9 all lawless communities ) a fluctuat+ population1 & may be f\nd 9 ignorant communities :]e me?ods ( cr$it are n e/abli%$4 ,x is (t5 ess5tial 9 ! settlem5t ( claims betwe5 ho/ile c\ntries1 & is ! f9al means ( adju/+ balances 9 all =eign trade4 ,occasionally ?is ne$ appe>s 9 a univ]sal panic1 :]e ea* man takes 8 fell[ by ! ?roat1 say+1 8,pay me t ?\ owe/40 ,co9 a "p ( a c\ntry's capital4--,! co9$ money ( a c\ntry ?us becomes weal? 9 /ore = con/ant use z a ma*9e ( ex*ange4 ,its op]ation is effective :5 x keeps 9 con/ant motion1 be+ itself consum$ v sl[ly 9 ! we> & te> ( motion4 ,x is sometimes comp>$ to an endless screw1 transmitt+ motion to ev]y?+ else ) :i* x comes 9 contact4 ,l o!r ma*9es1 x may be ei!r too abundant or too sc>ce = ! be/ advantage ( ! c\ntry4 ,9 ei!r case !re is wa/e4 ,:5 ! co9 is idle x is unproductive1 b suff]s less wa/e f det]ioration ?an almo/ any o!r k9d ( ma*9e4 ,9 case ( sc>city ! co/ ( its use is increas$ "u ! g5]al law ( supply & dem&1 exactly z ! co/ ( o!r ma*9]y 9 use is advanc$ :5 _m desire to use x4 ,?is ma*9e is a prom95t "p ( ! capital ( a c\ntry1 great] 9 "s c\ntries ?an 9 o!rs4 ,9 ,france ! value ( co9 is e/imat$ to be #c p] c5t ( ! value ( all real e/ate1 includ+ build+s4 ,! use ( su* a ma*9e makes a mat]ial "p ( ! annual co/ ( ex*anges4 ,! co9 ( ,engl&1 :]e int]e/ is comp>atively l[1 co/s = its use 9 int]e/1 we> & te>1 & re-co9age m ?an #bj1jjj1jjj annually4 ,an additional co/ to individuals is 9 ! extra risk ( c>ry+ su* weal?1 z %[n 9 express *>ges & special insurance1 & /ill great] exp5se = safe keep+1 & a consid]able use ( "t 9 c\nt+4 ,^! facts h l$ to _m devices = less5+ ! ne$ ( keep+ weal? 9 ?is =m4 ,cr$it by acc\nts4--,! mo/ obvi\s me?od ( avoid+ ! use ( co9 9 ex*anges is a curr5t acc\nt betwe5 individuals hav+ _m transactions 9 trade4 ,a f>m] c>ries 8 butt]1 eggs1 fruits1 gra9s & live /ock1 p]haps1 to a s+le deal] 9 all ^! articles1 & takes 9 return articles ( h\sehold use or = any necessity z he requires !m1 f a spool ( ?read to a h>ve/]4 ,if bo? keep accurate acc\nts1 a settlem5t once 9 six mon?s satisfies mo/ conv5i5tly all ! requirem5ts ( p]fect trade4 ,inde$ ! settlem5t is ne$$ only t ! acc\nts may be v]ifi$4 ,except = ! dang]s ( wa/e 9 unlimit$ cr$it & c>elessness 9 exp5diture :]e future weal? is drawn ^u1 ?is me?od ( ex*ange is simple & inexp5sive4 ,9 ! nature ( ! case1 h[ev]1 x mu/ be limit$1 = safety1 to trade betwe5 p hav+ confid5ce 9 ea* o!r's hone/y ( purpose & ability to keep correct acc\nts4 ,x also requires a mutual expectation ( ability on ! "p ( ei!r to meet indebt$ness at any future "t ( settlem5t4 ,cr$it by due-bills4--,an ext5sion ( ?is cr$it 9 well e/abli%$ c\ntries1 s z to take 9 o!r p]sons ?an ! two involv$ 9 book acc\nt1 is f\nd 9 due-bills1 notes ( h& payable on dem&1 or m =mal securities1 any ( :i* may require a f9al decision 9 c\rt4 ,^! pass f h& to h&1 (t5 9 connection ) co91 & "u ord9>y circum/ances s]ve _! purpose *eaply4 ,9 "s c\ntries a note ( h&1 ) endorsem5t ( ea* us]1 may make ex*anges until x is cov]$ ) endorsem5ts4 ,! dang] ( wa/e is consid]able f ! impossibility ( kn[+ ! f9ancial /&+ & hone/y ( ! v>i\s endors]s1 & ! sy/em is limit$1 ( c\rse1 to ! range ( confid5ce 9 su* tru/wor?9ess4 ,s easy is x to ext5d ?is cr$it ( individuals beyond ! range ( safety t mo/ gov]nm5ts h f\nd x necess>y to protect _! citiz5s aga9/ its dang]s by limit+ or prohibit+ its use z curr5cy4 ,cr$it curr5cy4--,s conv5i5t1 h[ev]1 & s economical is ! use ( cr$it1 t all well e/abli%$ nations h develop$ sy/ems = ! issue ( a cr$it curr5cy f\nd$ ^u ! /ability ( /rong corporations or ^u ! national cr$it4 ,nations !mselves h (t5 issu$ bills ( cr$it 9 ! =m ( notes1 or promises to pay at ! national treasury4 ,if ^! are payable on dem& 9 ! co9 ( ! realm1 !y are said to be r$eemable4 ,if ! "t ( paym5t is unc]ta91 or indef9itely po/pon$1 !y are said to be irr$eemable4 ,?us we h ! _m =ms ( pap] money s famili> to ev]ybody & ! v>i\s practices & speculative !ories reg>d+ x1 :i* make a l>ge "p ( ! discussion ( f9ancial que/ions ?r\gh\t ! _w4 ,no "o d\bts ! wor?lessness ( curr5cy 9 any =m ( note1 f individual or firm1 :i* _c be paid :5 pres5t$4 ,! notes ( ! gov]nm5t1 s long z t gov]nm5t is consid]$ /able1 may circulate readily1 & ev5 aft] d\bts exi/ z to ! f9al ability ( ! gov]nm5t to r$eem1 !y /ill circulate1 p]haps ) great] read9ess1 9 ! feel+ t ho>d+ is utt] loss & ! /opp+ ( trade 9 ! ord9>y p]i%able products ( indu/ry w be an enorm\s disa/]4 ,?is feel+ (t5 leads to ! use ( a curr5cy )\t value1 l ! tok5 money us$ = *ange 9 ! abs5ce ( legal co9s4 ,?\gh nobody is b\nd to r$eem ^! tok5s1 ev]ybody takes ! risk ( loss z less disa/r\s ?an no ex*ange4 ,pap] money issu$ by corporations is univ]sally consid]$ dang]\s to ! int]e/s ( communities1 unless v c>efully re/rict$ )9 di/9ct & cle>ly und]/ood limits4 ,! discussion ( su* issues w be giv5 9 ano!r *apt] devot$ to bank+4 ,! issue ( pap] money by gov]nm5ts has be5 a frequ5t device = en=c+ contributions ( citiz5s to extraord9>y exp5ses 9 w> or o!r disa/]4 ,a hi/ory ( su* issues _c be giv5 )9 ! limits ( ?is book1 b is well wor? ! /udy ( ^? :o seek an und]/&+ ( ! p[]s & limitations ( gov]nm5t "u natural laws1 9 mak+ a satisfactory curr5cy4 ,a gov]nm5t's /amp ^u ! piece ( pap] is s f> good1 & only s f>1 z x secures to ! receiv] ( ! pap] an equival5t value to :at he gave = x4 ,if ! gov]nm5t itself is unable to give t value1 x c nev] insure ! ability or ! will+ness on ! "p ( any individual to give su* value4 ,:ile millions ( doll>s 9 su* =m may s]ve z curr5cy )\t any det]ioration1 z at ! pres5t "t1 :5 gov]nm5t promises 9 all ! v>i\s =ms am\nt to ne>ly #a1jjj1jjj1jjj1 %\ld any ( ^!1 on any day1 be refus$ paym5t = want ( means 9 gov]nm5t possession1 e individual 9 ! l& w\ld feel t ! value ( 8 possessions 9 ! %ape ( su* notes 0 made j s f> d\btful z ! *ances ( r$emption are po/pon$4 ,all issues ( su* notes at once become c]tificates ( debt r ?an cr$it1 & lose1 to great] or less ext5t1 _! ex*angeable value4 ,9 ! extraord9>y issue ( 8gre5backs0 dur+ ! civil w>1 ! pur*as+ p[] ( a pap] doll> 0 r$uc$ to less ?an half1 & gradually appreciat$ 9 value z ! expectation ( e>ly r$emption increas$4 ,! effect ( su* issues ^u gov]nm5t rev5ues w be treat$ 9 its prop] connection4 ,z curr5cy1 x c]ta9ly robs ea* cr$itor & hold] :ile depreciat+1 & z surely robs ea* debtor :ile appreciat+4 ,z wage e>n]s are univ]sally cr$itors1 accord+ to prevail+ cu/oms1 !y suff] mo/ 9 a depreciation ( money values3 i4 e41 !y "w = doll>s at "o value & a week or a mon? lat] receive !m to exp5d at a less value4 ,speculative debtors1 on ! o!r h&1 always ?rive on depreciat+ curr5cy1 pay+ _! debts 9 :at co/s less ex]tion4 ,"u appreciat+ curr5cy1 ! cr$itors ga91 be !y bank]s or workm54 ,bank+4--,! peculi> conv5i5ce = sav+ f\nd by exp]i5ce 9 ! use ( ea* ( ^! me?ods ( settlem5t 9 ex*ange leads to a natural comm+l+ ( all4 ,co9s s]ve "s purposes be/1 & acc\nts h a limit$ range2 notes ( h& are (t5 desirable1 & pap] money1 if safe1 is univ]sally conv5i5t4 ,?is natural comb9ation has l$ to a m sy/ematic arrangem5t = h&l+ v>i\s k9ds ( curr5cy1 call$ bank+4 ,! mo/ obvi\s addition to ! ma*9]y ( ex*ange 9 ! sy/em ( bank+ is ! possibility ( imm$iate transf] ( prop]ty "r 9 a bank deposit by *eck & acc\nt1 or by a draft 9 acc\nt betwe5 banks1 or by bills ( ex*ange 9 m di/ant transactions4 ,! bank deposit is made up ( individual weal?1 or titles to weal?1 suppos$ to be imm$iately available = use 9 ex*ange4 ,x may consi/ ( all ! k9ds ( curr5cy describ$ or conceivable4 ,*ecks are ord]s ^u ^! individual acc\nts or deposits1 & by _! means ex*anges are made ) great ease & little risk betwe5 individuals 9 ! same neighborhood or ev5 9 di/ant cities or di/ant c\ntries4 ,! co/ ( /or+1 h&l+ or transf]r+ any =m ( curr5cy is r$uc$ to a m9imum4 ,s f>-rea*+ is ?is comp>atively mod]n ma*9e ( ex*ange t x is prop]ly assum$ to be ! means ( settl+ #ij p] c5t ( all ex*anges1 dome/ic & =eign1 ) almo/ no use ( money 9 any ( its num]\s =ms4 ,its importance z a ma*9e ( comm]ce entitles bank+ to a m di/9ct consid]ation1 & *apt] ,,xi w be devot$ to ! subject4 ,def]r$ settlem5t4--,9 c]ta9 /ages ( civilization ex*anges involve1 n simply pres5t weal?1 b prospective accumulation4 ,a f>m] may pur*ase 8 f>m ^u ! assurance ( crops & /ock to be rais$ 9 a s]ies ( ye>s4 ,9 ?is ex*ange f9al settlem5t is def]r$ by notes payable at def9ite future dates1 ! promise to pay be+ secur$ by a de$ 9 tru/1 a mortgage de$ or individual endorsem5t4 ,if _m individuals are unit$1 a pur*ase may be made by means ( issu+ m =mal notes call$ bonds1 ! prop]ty ( ! company be+ pl$g$ = ! paym5t ( ! bonds :5 due4 ,sometimes su* pur*ases are made by ! issue ( /ock1 e/abli%+ ! "r ( ! sell] to a c]ta9 undivid$ %>e 9 ! weal? controll$ by ! company4 ,9 ?is case ! "t ( f9al settlem5t is indef9itely po/pon$1 to be fix$ by limits ( ! *>t] or by a vote ( ! /ock-hold]s4 ,all ^! c]tificates ( indebt$ness s]ve to a limit$ ext5t 9 ex*ange ( prop]ty4 ,s f> z !y ent] into comm]ce1 aft] ! fir/ transaction1 !y are simply articles ( pur*ase & sale1 hav+ a m or less e/abli%$ m>ket value4 ,s9ce !y usually repres5t an accumulat+ int]e/ or a provisional divid5d1 ! m>ket value is con/antly fluctuat+1 & !y c !re=e s]ve almo/ no purpose ( curr5cy4 ,! ease ) :i* su* notes1 bonds & /ock c be made ! basis ( a s+le pur*ase 9 e/abli%+ "s ent]prise gives to !m an indef9ite influ5ce 9 trade1 sometimes imm5sely ext5d+ ! app>5t pur*as+ p[] ( a community4 ,! advantages & disadvantages ( su* def]r$ settlem5t are s v>i$ & important z to make x wor? :ile to treat ! subject m ext5sively ?an is prop] 9 ?is analysis1 & su* treatm5t w be f\nd 9 ,*apt] ,,xii4 ,*apt] ,,xi4 ,banks ,& ,bank+4 ,orig9 ( banks4--,att5tion has be5 call$ to ! banks ( ! c\ntry z a mo/ important "p ( ! ma*9]y ( ex*ange4 ,x is prop] to describe m fully ! nature ( ! ma*9e & its op]ations4 ,a cle> und]/&+ ( ! "* & process ( bank+ on ! "p ( all ! p bo? ext5ds its influ5ce & dim9i%es its dang]s4 ,bank+1 l ev]y?+ else 9 civilization1 has _h a natural gr[?4 ,! diff]5t /eps 9 its gr[? h be5 devis$ = ! sake ( meet+ ! ne$s ( a gr[+ comm]ce1 & bank+ c exi/ only :]e comm]cial transactions are frequ5t & con/ant4 ,! ^w bank1 di/9ctly relat$ to ! ,engli% ^w b5*1 is suppos$ to h be5 adopt$ f ! fact t e>ly ,jewi% deal]s 9 money sat by a b5* 9 ! /reets ( ,italian cities4 ,! comm]cial city ( ,v5ice is suppos$ to h be5 ! seat ( ! fir/ organization di/9ctly nam$ a bank4 ,?is 0 a corporation ( money l5d]s :o h&l$ _! capital 9 ! =m ( co9 by ex*ang+ x = notes ( individuals4 ,?is 0 z e>ly z ! twelf? c5tury4 ,s9ce t "t 9 e civiliz$ community !re has be5 exp]im5t ^u me?ods = quick5+ ex*anges ?r\gh su* organizations1 "s ( :i* h be5 ( great advantage & "s h br\ght disa/]4 ,! mod]n sy/em ( bank+ is ! result ( all ^! c5turies ( exp]i5ce1 a hi/ory ( :i* _c be giv5 "h4 ,bank describ$4--,a brief description ( ! mo/ mod]n =m ( banks "u /ate or national re/rictions w help to und]/& h[ ^! in/itutions s]ve ! _w ( comm]ce4 ,9 simple/ t]ms1 a bank is a company f\nd$ = ! sole purpose ( deal+ 9 co9 & curr5t c]tificates ( cr$it ( e =m1 ! prime object be+ ! conv5i5ce ( p 9 mak+ ex*anges ( any k9d4 ,sometimes a bank is call$ ^u simply to make *ange1 or1 z we say1 to break a valuable co9 or a bill ( l>ge d5om9ation into small] pieces4 ,on ! bord] l& betwe5 two c\ntries ! bank] s]ves a travel] by ex*ang+ ! co9s ( ! c\ntry he leaves = co9s ( ! c\ntry he ent]s4 ,(t5 ! bank1 equipp$ ) safe protection aga9/ fire or robb]s1 receives ! weal? ( o!rs 9 any =m ( money = safe keep+1 ) provision = its be+ paid :5 x is ne$$1 :5ev] & :]ev] ! own] directs4 ,! same bank may be ask$ to ex*ange ! money 9 its possession = notes ( individuals payable on dem& or at def9ite future "t4 ,x may ev5 issue notes ( ! firm 9 place ( ! individual notes receiv$1 acqua9tance ( a community ) ! /&+ ( ! bank z a deal] 9 money mak+ its notes circulate :]e individual notes w\ld n4 ,9 ?is case ! wid] cr$it ( ! bank is ex*ang$ = ! limit$ cr$it ( individuals4 ,9 ! end a well e/abli%$ bank 9 close association ) a sy/em ( banks is expect$ to d any s]vice t has to d ) ei!r money or cr$it1 s long z ! cr$it approximates ca% transactions1 & has n drift$ into ov]due debts requir+ c\rts & (ficials = collection4 ,s important are all ^! functions ( a bank to ! int]e/s ( society t di/9ct provision is ne$$ 9 ! law ( ! l& = e/abli%+ ! bank & ma9ta9+ its effici5cy4 ,! d\ble sy/em ( gov]nm5t 9 our c\ntry kn[n z /ate & national leads to two classes ( banks1 call$ /ate or national accord+ z !y are organiz$ "u au?ority ( /ate gov]nm5t or "u national laws4 ,/ate banks4--,! indep5d5t laws ( any /ate are suppos$ to provide su* re/rictions z ! p desire = ! managem5t ( banks4 ,any bank *>t]$ by ! /ate gov]nm5t is subject simply to ! laws ( ! /ate p]ta9+ to banks & is call$ a /ate bank1 :atev] ! "n "u :i* x does bus9ess4 ,! laws ( ! diff]5t /ates v>y indef9itely1 b ! ess5tials ( a bank+ law q rec5tly e/abli%$ 9 "o ( ! /ates may s]ve to illu/rate ! mod]n ideals z to safe1 legitimate bank+4 ,"u ?is law a bank mu/ be a corporation ( n less ?an five p]sons :o h subscrib$ = ! entire /ock & h paid at lea/ #ej p] c5t ( ! value ( ?is /ock be=e beg9n+ bus9ess1 ) provision = paym5t ( #aj p] c5t ea* mon? until ! :ole ( ! capital /ock is paid = 9 ca%4 ,ea* /ock-hold] is individually liable to an am\nt equal to ! value ( 8 /ock = any debts ( ! bank 9 excess ( its orig9al /ock4 ,hav+ settl$ ^u a "n di/9ct f all o!rs1 its application is made to a bank commission] = a *>t] to d bus9ess 9 bank+ accord+ to ! laws ( ! /ate4 ,"u ! *>t] issu$ by ! commission]1 ! bank is requir$ to be manag$ by a bo>d ( directors1 f five to ?irte5 9 numb]1 :i* bo>d elects ! ne$$ (fic]s & appo9ts ! necess>y cl]ks4 ,x _c increase its capital except by fully paid /ock1 & c d no o!r k9d ( bus9ess1 l buy+ & sell+ ( goods & l&s1 or manag+ factories & railroads4 ,x is au?oriz$ to receive deposits & make loans at int]e/ n above legal rate1 provid$ x keeps on h& available funds1 includ+ bank balances1 am\nt+ to #bj p] c5t ( its total deposits1 & nev] loans to "o individual or firm m ?an #ae p] c5t ( ! paid up capital ( ! bank4 ,a p5alty ( f9e & imprisonm5t foll[s conviction ( any (fic] = receiv+ deposits aft] g5]al insolv5cy is kn[n4 ,ea* bank is requir$ to report to ! commission] at lea/ qu>t]ly1 & :5ev] call$ ^u to publi% its report2 :ile failure to comply ) requirem5ts ( ! commission] 9 report or o!rwise br+s imm$iate =feiture ( ! *>t]4 ,! commission] or 8 deputy mu/ visit ea* bank at lea/ once a ye> & :5ev] occasion may require4 ,if1 ^u exam9ation1 a bank is f\nd insolv5t ! commission] himself takes *>ge ( ! bus9ess = f9al settlem5t ( its affairs4 ,^! important re/rictions & c>eful inspection are ?\ght necess>y to secure ! public int]e/s 9 bank+4 ,! /ate ?r\gh its bank commission] gives gu>anty to ! public ( legitimate & safe bank+4 ,! value ( t gu>anty1 ( c\rse1 dep5ds ^u ! hone/y1 exp]i5ce & executive ability ( ! bank commission]1 ^: t]m ( (fice & comp5sation %\ld make him z indep5d5t z possible ( any weak5+ influ5ce4 ,"u pres5t arrangem5ts no /ate banks issue _! notes z curr5cy because ( a national tax ( #aj p] c5t1 :i* prev5ts a possible pr(it f its issue4 ,pres5t /ate laws1 !re=e1 make no provision = t function1 unless by /atutes exi/+ be=e ! organization ( national banks4 ,! /ates /ill h ! con/itutional "r1 app>5tly1 to *>t] banks ( issue1 b ! advantages ( uni=mity ?r\gh\t ! nation are s evid5t z to make su* action v improbable4 ,national banks4--,! s-call$ national banks organiz$ "u au?ority ( ,unit$ ,/ates gov]nm5t h be5 9 exi/5ce s9ce #ahfc1 & h prov$1 s f> z curr5cy is conc]n$1 su* an improvem5t ^u any?+ prec$+ 9 ! way ( bank issues1 t few h advocat$ any return to =m] me?ods4 ,! sy/em z n[ exi/+ places ! au?ority ( ! ,unit$ ,/ates 9 an (fic] call$ ! comptroll] ( ! curr5cy4 ,! law requires an association ( five or m p]sons ) a def9ite "n & location1 hav+ n less ?an #ajj1jjj capital 7#ej1jjj 9 small t[ns7 all paid )9 six mon?s ( beg9n+ bus9ess4 ,%>e-hold]s are individually responsible = debts ( ! bank1 aside f _! /ock1 to an am\nt equal to _! /ock4 ,9 banks hav+ ov] #e1jjj1jjj capital a surplus ( #bj p] c5t may take ! place ( ?is individual responsibility4 ,n less ?an "o-f\r? ( ! capital /ock1 usually "o-?ird1 is deposit$ 9 ! ,unit$ ,/ates ,treasury 9 ! =m ( regi/]$ bonds ( ! ,unit$ ,/ates1 to be held exclusively = security ( circulat+ notes4 ,^! notes are issu$ to ! bank by ! comptroll] to ! am\nt ( n m ?an #ij p] c5t ( ! m>ket value ( ! bonds deposit$4 ,^! notes1 pr9t$ by ! gov]nm5t1 sign$1 regi/]$ & seal$ 9 ! ,unit$ ,/ates ,treasury1 9 d5om9ations f five doll>s to "o ?\s& doll>s1 become money :5 sign$ by ! (fic]s ( ! bank ^: "n !y be>4 ,! co/ ( ^! notes1 toge!r ) ! co/ ( re/or+ :5 worn out1 z well z ! exp5ses ( ! comptroll]'s (fice1 are met by a tax ( #a p] c5t p] annum1 paid semi-annually1 ^u ! av]age am\nt ( notes 9 circulation dur+ ! previ\s six mon?s4 ,su* notes are n a legal t5d]1 b are receiv$ at p> = all dues to ! ,unit$ ,/ates except duties on imports1 & = all dem&s aga9/ ! ,unit$ ,/ates except int]e/ on ! public debt & 9 r$emption ( curr5cy4 ,any o!r issue ( notes is prohibit$1 & worn out notes are cancell$ & burn$ 9 ! ,treasury ( ! ,unit$ ,/ates1 be+ replac$ by new4 ,! banks 9 sixte5 pr9cipal cities are requir$ to hold a res]ve equal to #be p] c5t ( _! circulat+ notes 9 lawful money ( ! ,unit$ ,/ates1 namely co9 or treasury notes1 & all o!r banks mu/ h a res]ve equal to #ae p] c5t ( _! circulat+ notes 9 ! same =m4 ,?is res]ve is held = ! r$emption ( ! notes1 provision be+ made = su* r$emption at ! ,sub-treasury ( ! ,unit$ ,/ates 9 ,new ,york city1 bank balances & cle>+ h\se c]tificates 9 ! l>g] cities be+ c\nt$ z "p ( ! res]ve4 ,! object ( ?is is to secure ready r$emption ( any note 9 all p>ts ( ! nation4 ,! comptroll]'s (fice includes exp]t exam9]s1 & to x ea* bank mu/ report at lea/ five times a ye>1 ) o!r special reports z call$ =4 ,ea* bank is subject to exam9ation at ! pleasure ( ! comptroll]1 & 9 case ( failure to r$eem bills or comply ) ! law1 ! comptroll] has p[] to take possession ( ! bank & close its bus9ess4 ,! usual bank+ bus9ess ( any national bank proce$s accord+ to ! laws ( ! /ate 9 :i* x exi/s1 ! legal rate ( int]e/ ( ! /ate be+ compulsory4 ,advantages & disadvantages ( national bank curr5cy4--,! advantage ( su* a uni=m sy/em ( bank notes is evid5t4 ,! bills are secure beyond ! possibility ( d\bt z to _! f9al r$emption1 & !re=e circulate freely )\t ref]5ce to ! failure ( ! bank issu+ !m4 ,9 case ( failure1 all ! banks =m a ready ma*9]y = collect+ ! bills = f9al r$emption at ! ,unit$ ,/ates treasury4 ,! frequ5t reports & exp]t inspection give z satisfactory means ( ma9ta9+ safe managem5t z c be secur$ by law4 ,! possibility ( connivance betwe5 exam9]s & bank (fic]s is r$uc$ to a m9imum4 ,at ! same "t1 !re are disadvantages f sev]al s\rces4 ,fir/1 ,unit$ ,/ates bonds d n =m a p]man5t basis4 ,second1 ! m>ket value ( ^! bonds & ! l[ rate ( int]e/ make ! use ( capital 9 ! %ape ( circulat+ notes less pr(itable ?an o!r capital 9 ! bank4 ,?is is especially true 9 ! new] communities :]e int]e/ is high1 & banks s locat$ are likely to surr5d] _! circulat+ notes at times :5 money loan+ is mo/ pr(itable1 & ?us cause a fluctuat+ volume ( curr5cy 9 ! c\ntry4 ,?ird1 ! national banks are easily made objects ( suspicion z to matt]s ( legislation ) ref]5ce to money4 ,gov]nm5t banks4--,simil> in/itutions "u direct managem5t ( gov]nm5t (fic]s h (t5 be5 ?\ght ( z br++ ! bank+ ma*9]y )9 ! direct judgm5t ( ! p1 & s be/ meet+ ! wants ( ! community z a :ole4 ,! advantages ( unity & publicity 9 su* a sy/em seem evid5t1 & yet 9 actual practice ! safegu>ds aga9/ misuse ( p[] h prov$ on trial less satisfactory 9 su* me?ods ?an 9 sev]al o!rs4 ,! hi/ory ( debas$ co9age already ref]r$ to %[s t m5 9 p[] may easily disreg>d ! int]e/s ( ! p1 & "u popul> gov]nm5t bo? (fic]s & legal re/ra9ts are subject to *anges 9 ! int]e/ ( localities & p>ties4 ,x is possible t a /able body ( exp]ts might manage su* an in/itution "u laws z /able z ! ,con/itution ) success4 ,b ! re/ra9ts ( law are mo/ effective ^u in/itutions outside (ficial circles4 ,a gov]nm5t bank is subject to extreme pressure f popul> dem& "u any f9ancial di/ress to issue curr5cy = g5]al improvem5ts 9 public build+s1 p>ks1 etc41 :i* c br+ no return & af=d no means ( r$emption4 ,ev5 ! dem& ( un=tunate debtors = ext5d$ loans may pu% ! bank into excessive issues1 & f9ally lead to ! scal+ ( debts & curr5cy toge!r 9 an ef=t to escape ! results ( ov]-issue4 ,bank bus9ess4--,:atev] ! organization ( a bank1 its bus9ess mu/ be ess5tially ! same4 ,x receives deposits f its cu/om]s = safe keep+ & = conv5i5ce 9 use by means ( *ecks4 ,a *eck is simply an ord] to pay1 &1 if ! receiv] is a cu/om] ( ! bank1 am\nts to m]ely a transf] ( deposits f "o own] to ano!r on ! books ( ! bank4 ,a ?\s& doll>s safely kept 9 ! bank vault may ?us *ange own]s a hundr$ times by means ( *ecks prop]ly record$4 ,9 l>ge transactions ! *eck1 because ( its economy1 takes place ( any o!r =m ( curr5cy4 ,! bank mu/ also deal 9 drafts1 by :i* ex*anges c be made 9 diff]5t cities1 & 9 bills ( ex*ange1 di/+ui%$ f ord9>y drafts by special ref]5ce to =eign trade4 ,x may also hold1 z a "p ( its available ma*9]y1 cle>+ h\se c]tificates1 :i* are /atem5ts ( balances due 9 ! daily settlem5t betwe5 ! banks belong+ to a cle>+ h\se association4 ,all ^! =m a "p ( ! ma*9]y ( e-day ex*ange1 & toge!r ) a complete sy/em ( book-keep+ make ! utmo/ facility 9 ! use ( money4 ,!y also greatly economize 9 ! use ( money by sav+ co/ ( c\nt+ & ( transf]1 & by secur+ aga9/ losses4 ,if ! sy/em (f]$ no m advantages ?an ?is safe & ready use ( good money1 ! banks w\ld be practically indisp5sable4 ,b !y h a /ill great] use 9 a safe ext5sion ( cr$it4 ,! p]fection ( sy/em 9 bank+ makes x possible = "o :o habitually fulfils 8 promises to pur*ase any:]e 9 ! _w on ! %orte/ notice ) ! simple gu>anty ( cr$it 9 ! bank :]e he does bus9ess4 ,a travel] wi%+ to h funds 9 safe-keep+1 & yet available on a j\rney ar\nd ! _w1 may obta9 ?r\gh a bank famili> ) 8 bus9ess /&+ a lett] ( cr$it1 ^u :i* he c draw1 :]ev] he may be1 aga9/ ! deposit 9 8 favor1 & 8 draft w be paid1 ?r\gh a s]ies ( banks1 at ! bank ne> 8 bus9ess connections4 ,?us ! cr$it ( ! _w is b\nd toge!r by ! bank+ sy/em gr[n up to meet ! necessities ( trade4 ,! cle>+ h\se4--,all =ms ( cr$it ref]r$ to above1 :]e deal]s are cu/om]s ( a s+le bank1 are easily br\ght toge!r ^u ! books ( t bank1 & w practically cancel ea* o!r4 ,! cu/om]s ( _m banks 9 l>ge cities may h _! *ecks & drafts br\ght into a s+le sy/em ( book-keep+ ?r\gh a cle>+ h\se1 :i* is simply a bank ( banks4 ,at a c]ta9 h\r ea* day1 9 ! l>g] cities twice a day1 ea* bank ( ! city br+s to ! cle>+ h\se all *ecks & drafts aga9/ any o!r banks4 ,^! are quickly sort$1 *>g$ to ! sev]al banks aga9/ :i* !y are drawn1 & cr$it$ to ! banks f :i* !y are br\ght4 ,! balance ( debit & cr$it is settl$ !n & !re1 ei!r by transf] ( ca%1 or by issue ( a cle>+ h\se c]tificate t a bank has a balance 9 its favor1 & s only a small am\nt ( ca% is us$ 9 settl+ all transactions ( an imm5se bus9ess4 ,! cle>+s ( a s+le day rea* hundr$s ( millions ( doll>s1 & =m an index ( ! bus9ess prosp]ity ( ! c\ntry4 ,! sy/em saves ! risk & co/ ( transf]r+ back & =? imm5se am\nts ( co9 & curr5cy1 & br+s ! bus9ess m5 ( ! c\ntry into ready contact ) ea* o!r4 ,x is an ess5tial "p ( ! means ( settlem5t betwe5 diff]5t cities & diff]5t c\ntries4 ,a debt 9 any "p ( ! _w c be paid ?r\gh a draft on ,london1 :i* by means ( ! cle>+ h\se & its associat$ banks c be pur*as$ any:]e & paid )\t delay4 ,s9ce ! pur*as+ p[] ( any "p ( ! _w is *iefly 9 :at x has to sell1 ! con/ant motion ( *ecks & drafts 9 opposite directions w balance ea* o!r4 ,if !re 7 no long "t cr$its1 ! pur*ases ( any city w\ld ess5tially equal its sales2 & s ) p]fect cle>ance all trade w\ld be quickly adju/$ ) b little use ( money except = retail bus9ess4 ,o!r cle>+ sy/ems4--,s evid5t are ! advantages ( cle>+ h\ses 9 bank+ t ! sy/em ext5ds to _m o!r int]e/s4 ,railroad corporations balance acc\nts aga9/ ea* o!r by ex*ange ( tickets issu$ by ! diff]5t roads4 ,l>ge comb9ations ( deal]s 9 implem5ts or o!r goods f9d a simil> s]vice available :]e !y c "w toge!r ) confid5ce4 ,express companies %>+ 9 a common s]vice divide ! f9al proce$s ^u ! same pr9ciple4 ,s evid5t is ! advantage t ! gr[? has be5 rapid dur+ rec5t ye>s1 & seems likely to ext5d /ill fur!r4 ,"s ef=t has be5 made to e/abli% f>m]s' ex*anges ^u a simil> plan1 b z yet ) little success4 ,! ob/acles are *iefly 9 ! want ( bus9ess confid5ce 9 bus9ess habits among ! f>m]s !mselves4 ,s9ce ! sy/em is /rictly a cr$it sy/em1 exact promptness 9 meet+ engagem5ts & con/ant deal+ 9 ! same *annels are absolutely necess>y4 ,mo/ f>m]s1 hav+ comp>atively few transactions f day to day1 are loa? to atta* !mselves z con/ant cu/om]s 9 any association4 ,) l>g] exp]i5ce & m neighborly contact !y are f9d+ x possible to "w 9 association = v>i\s purposes1 & w d\btless enl>ge _! means ( bus9ess cr$it z _! progress 9 mutual und]/&+ increases4 ,gov]nm5t inspection4--,! pr9cipal support ( univ]sal cr$it ?r\gh bank+ is ! assurance t uni=m me?ods1 hone/ 9 pr9ciple & accurate 9 execution1 are foll[$4 ,to secure ^! results a sy/em ( gov]nm5t inspection & gu>anty seems absolutely necess>y4 ,if ! public fai? is to be ma9ta9$1 ! gr\nd ( t fai? mu/ be publicly e/abli%$4 ,! m complete ! exam9ation by tru/$ (ficials & ! m frequ5t ! publication ( (ficial reports1 ! bett] ! public cr$it4 ,x seems possible t ev5 individual tru/wor?9ess may become a matt] ( gov]nm5t record z x is n[ ( private consid]ation 9 all bus9ess circles4 ,"o *ief gu>anty ( cr$it ?r\gh ! banks is ! /rict inquiry made by ! banks !mselves into ! bus9ess /&+ ( _! cu/om]s4 ,if ! record 7 p]fect1 ! *ief weakness ( ! cr$it sy/em w\ld be l>gely remov$4 ,! balance ( trade4--,! bulk ( trade betwe5 c\ntries1 t is ( deal]s 9 diff]5t c\ntries1 is settl$ 9 ! usual r\t9e ( bank+ z has be5 indicat$2 b s9ce "u pres5t sy/ems ! /&>ds ( value are giv5 9 diff]5t t]ms 9 diff]5t c\ntries1 some:at m ( friction rema9s 9 su* trade4 ,a great] att5tion is giv5 to ! fact ( f9al settlem5t 9 co9 or bullion4 ,! price ( ex*ange f a c\ntry ^: deal]s owe m ?an is due !m1 "u ! law ( supply & dem&1 soon arises to an am\nt suffici5t to cov] ! co/ ( transport+ gold or silv]4 ,:5 ^! metals are us$ 9 paym5t by transportation f "o c\ntry to ano!r !y are said to indicate ! balance ( trade2 t is1 !y %[ t m ( o!r prop]ty comes into ! c\ntry ?an goes out4 ,?is balance ( trade is suppos$ to %[ ! relative prosp]ity ( a nation1 & is said to be aga9/ x :5 ! nation buys m ?an x sells4 ,x is usually s\ght 9 ! diff]5ce betwe5 ! value ( co9 or bullion export$ & ( t import$4 ,9 two sets ( circum/ances a l>ge correction is necess>y to %[ ! actual condition ( trade4 ,"o is :]e a nation is buy+ on long cr$it1 z 9 case ( great ent]prises l railroads or factories1 con/ruct$ by sale ( bonds 9 =eign c\ntries or by sale ( any o!r securities1 gov]nm5t or individual1 9 a =eign l&4 ,! o!r is :]e a c\ntry l our own is a l>ge produc] ( gold & silv] by m9+4 ,9 ?is case ! products ( ! m9es are z prop] an article ( export z ! products ( ! f>ms or ( ! factories1 & %\ld be e/imat$ z a "p ( ! natural exports4 ,= ^! reasons ! balance ( trade mu/ be c>efully scrut9iz$ be=e be+ accept$ z pro( ( a nation's progress 9 pov]ty or weal?4 ,bank loans4--,s f>1 9 deal+ ) ! subject ( bank+1 no m5tion has be5 made ( ! function ( ext5d+ individual cr$it by "t loans4 ,"o ( ! orig9al purposes ( bank+ 0 to make a conv5i5t (fice = ! meet+ ( borr[]s & l5d]s4 ,! banks are /ill ! g-betwe5s ( ^? :o h money to l5d & ^? :o h to borr[4 ,9 fact1 e bank+ association is assum$ to be a corporation ( money l5d]s4 ,"u ord9>y circum/ances ?is corporation is able to loan to individuals ^: cr$it is good all ( its capital n o!rwise employ$ 9 ! ma*9]y ( ! bank1 a consid]able portion ( deposits f its cu/om]s1 & to a c]ta9 ext5t its own cr$it 9 ! comm]cial _w4 ,9 ! case ( a national bank a portion ( capital is loan$ to ! gov]nm5t 9 ! pur*ase ( bonds1 :i* are ! basis ( its circulat+ notes4 ,! circulat+ notes1 f #fj p] c5t to #ij p] c5t ( ! value ( ! bonds1 are an ext5sion ( cr$it2 t is1 ! capital already loan$ on "t to ! gov]nm5t is p>tially loan$ aga9 to individuals4 ,aga91 ! deposits ( ! cu/om]s1 to be drawn z ne$$1 9 ord9>y circum/ances are n ne$$ ! same day4 ,! bank soon le>ns by exp]i5ce :at portion x is safe to l5d f day to day to individuals :o are sure to make paym5ts :5 promis$4 ,d\ble signatures1 or endorsem5ts1 d\ble ! surety ( prompt paym5t4 ,?us ! banks are enabl$ to provide safe keep+ = money )\t *>ge1 & ev5 to pay a l[ rate ( int]e/ ^u consid]able deposits :5 times are good4 ,9 ?is way legitimate borr[]s & legitimate l5d]s f9d a close connection 9 ! bank4 ,a legitimate l5d] is "o :o has prop]ty n ne$$ at pres5t = 8 own use4 ,a legitimate borr[] is "o :o c use capital to advantage 9 production4 ,any produc] may at "o "p ( a ye> be a l5d] & aft]w>d a borr[] to advantage ( ev]ybody4 ,if ! banks are ?or\ghly satisfactory ! proce$s ( ! fall crops may s]ve ! busy manufactur]s z circulat+ capital dur+ ! w9t]4 ,aga91 ! proce$s ( ! spr+ sales ( goods & ma*9]y may tide ! f>m]s ov] ! season ( gr[?4 ,9 ?is way labor ( e k9d is su/a9$ by labor ( e o!r k9d4 ,9 all ^! ways ! bank+ p[] ( a c\ntry is ext5d$ to sev]al times ! co9 money 9 circulation1 & t ) p]fect safety4 ,b x is possible = banks to be tempt$ ?r\gh ! v p]fection ( _! own cr$it4 ,! note ( an individual has no e/abli%$ m>ket value4 ,a deposit 9 ! bank is valu$ z ca%4 ,x is possible to secure ! cr$it ( hav+ a bank deposit by disc\nt+ an individual note4 ,if t note is a "t note ! bank has increas$ its imm$iate liabilities by ! am\nt ( a nom9al deposit1 ) only a promise to pay 9 ! future to re/ ^u4 ,to l5d to an individual is practically to ent] into p>tn]%ip ) 8 =tune4 ,! =tunes ( ! gr\p ( individuals repres5t+ ! bank is less d\btful ?an t ( any "o p]son4 ,! borr[] 9 ?is in/ance pays 9 ! disc\nt ( 8 note ! diff]5ce 9 risk betwe5 8 =tune & t ( ! comb9ation4 ,su* deposits pur*as$ ^u cr$it mu/ be di/+ui%$ f deposits ( ca%1 le/ ! bank %\ld nom9ally increase its p[] to l5d :ile 9 fact x has already l5t up to its ability4 ,sometimes su* nom9al deposits are ma9ta9$ by p]sons deeply 9 debt = ! sake ( pay+ a l>g] rate ( int]e/ ?an is all[$ by law4 ,safety ( bank+4--,9 times ( bus9ess prosp]ity a bank ) usual bus9ess caution z to cu/om]s1 is safe = all conc]n$4 ,& yet1 9 ! v nature ( ext5d$ cr$it1 x has promis$ to pay on any p>ticul> day1 if dem&$1 f> m ?an x has ca% 9 h&4 ,its liabilities embrace ! :ole ( its deposits except a small portion made = a def9ite "t1 & all its issues ( curr5cy subject to r$emption4 ,to meet ^! engagem5ts its imm$iate res\rces are :atev] curr5cy 9 any =m ( co9 or bills x may h at h&4 ,?is am\nt1 s9ce its pr(its are made f l5d+1 n f hold+1 mu/ be small 9 proportion to its liabilities4 ,! bulk ( its means ( paym5t is 9 notes n yet due1 & to be collect$ :5 due4 ,( o!r prop]ty x is likely to h bonds ( municipalities or ( great corporations1 & ^! are suppos$ to be a m available =m ( res\rces ?an individual notes1 because !y usually h a def9ite m>ket value & c be sold or us$ z security = loans 9 any money m>ket4 ,if real e/ate =ms a "p ( ! capital1 x c nev] be made available = imm$iate use4 ,h5ce any bank deal+ 9 mortgages on real e/ate inve/s its funds :]e !y _c be _h :5 want$4 ,all bank+ s*emes bas$ ^u security 9 l& h necess>ily fail$1 because l& has no curr5t use 9 trade4 ,"u ! pressure ( panic1 f :atev] s\rce1 ea* depositor is sure to dem& e c5t due him f ! bank1 & j z c]ta9ly ! bank's own res\rces are insuffici5t to meet ^? dues )\t ! sale ( bonds & notes 9 o!r m>kets4 ,= ^! reasons 9 any great p]iod ( di/ru/ ! banks are oblig$ to susp5d paym5ts4 ,s9ce all ! banks ( ! community are 9 simil> circum/ances !y _c help ea* o!r1 & "t mu/ be giv5 = ! collection ( loans1 accord+ to agreem5t1 t ! gradual accumulation ( ready ca% may return to ! vault1 & s to ! depositors1 all t has be5 loan$4 ,because ( ?is necess>y in/ability bank]s wat* mo/ c>efully ! t5d5cies ( ! money m>ket1 & necess>ily r$uce _! loans = safety :5 any anxi\s pressure beg9s4 ,= ! same reason legitimate bank+ is limit$ to %ort "t loans--on dem&1 ?irty1 sixty1 n9ety days--! %ort] be+ ! saf]4 ,laws sometimes prohibit a bank f deal+ 9 any o!r bus9ess1 :]e a /ock ( goods mu/ tie up funds1 or f speculation 9 real e/ate1 :i* conf9es capital m c]ta9ly4 ,9 mo/ banks ! am\nt to be loan$ to a s+le individual or firm is limit$ to a small portion1 "o-t5? to "o-fif?1 ( ! total capital4 ,! pr9cipal causes ( failure 9 bank+ are defalcation ( (fic]s1 misuse ( funds 9 speculative ent]prises1 deal+ 9 speculative securities or on bo>ds ( trade1 c>eless loan+ to poor payma/]s1 inve/m5t 9 long "t securities n readily m>ketable1 or sacrifice 9 hurri$ sale ( /ocks & bonds "u ! pressure ( panic4 ,! bett] ! cu/om]s ( a bank und]/& its condition & managem5t1 ! less is its dang]1 = ! basis ( bank+1 z ( ! cr$it ( ! _w1 is ! public confid5ce4 ,f>m]s :o acqua9t !mselves ) ! work+s ( neighbor+ banks by mak+ use ( _! aid 9 bus9ess b5efit bo? !mselves & _! neighbors4 ,! progress ( ! _w dem&s ( e f>m] a clos] contact ) bus9ess &1 !re=e1 a great] famili>ity ) bus9ess me?ods4 ,ev5 ! burd5 ( debts w be less5$ :5 f>m]s und]/& & appreciate ! advantage ( sy/ematic cr$it4 ,! dang]s f ov] expansion ( cr$it are less5$ :5 all ! p cle>ly und]/& ! ess5tial conditions = ma9ta9+ cr$it4 ,! f9al p]fection ( a bank+ sy/em dep5ds ^u ! int]e/ ( ! :ole p1 ) a fair k ( ! gr[? already made4 ,*apt] ,,xii4 ,def]r$ ,settlem5t ,& ,cr$it ,expansion4 ,! g5]al be>+ ( settlem5t 9 trade1 def]r$ by promises to pay 9 ! di/ant future1 has be5 sev]al times ref]r$ to 9 prec$+ *apt]s2 b its be>+ ^u ! g5]al welf>e is s m>k$ 9 _m ways z to des]ve m p>ticul> treatm5t4 ,! special =m by :i* "o man becomes a pur*as] on ! /r5g? ( future abilities may h little importance 9 ! total result1 b "s peculi>ities ( ! diff]5t =ms are wor?y ( m5tion4 ,a /&+ acc\nt )\t def9ite p]iod ( settlem5t easily becomes a temptation to wa/e1 z well z a s\rce ( worry1 :5 ! acc\nt is ext5d$4 ,a fri5d rem>ks1 8,y nev] seem s well (f z :5 y don't expect to pay = :at y buy1 al?\gh ! reason may be t y c't pay = x40 ,! fact t ! day ( settlem5t may be indef9itely po/pon$ makes ! temptation to ov]e/imate ! *ances ( future ability4 ,an acc\nt almo/ c]ta9ly insures ! pur*ase ( ord9>y supplies )\t ask+ ! price1 & only frequ5t & complete settlem5t makes safe = ord9>y p ! exp5diture ( income ?r\gh /ore acc\nts4 ,promissory notes due at a def9ite "t h less effect ^u ! imag9ation2 yet paym5t a ye> h5ce seems always easi] ?an paym5t n[4 ,only repeat$ bitt] exp]i5ces tea* "o to say1 z ,i once he>d an old g5tleman1 :5 (f]$ a horse to replace 8 dead "o )\t limit z to ! "t ( paym5t1 8,t s\nds v well1 my fri5d1 b x is a mighty h>d way at ! latt] end40 ,e f>m] famili> ) c\ntry auctions1 ) a ye>'s cr$it ^u pur*ases1 sees ! effect ( su* po/ponem5ts 9 magnify+ ! value ( articles pur*as$4 ,a note secur$ by *attel mortgage 9 ! nature ( ! security is less ext5d$ & has ! di/9ct h>d%ip ( future paym5t pres5t$ 9 ! possible loss ( ! *attel (f]$ z security4 ,! *attel mortgage1 !re=e1 becomes a favorite me?od = %ort "t delays 9 paym5t1 n only because ! security is good1 b because ! full att5tion ( ! mak] is giv5 to ! necessity ( paym5t4 ,a mo/ famili> =m ( def]r$ paym5t = f>m prop]ty is ! mortgage note1 secur$ by a de$ entitl+ ! hold] to take possession ( ! f>m1 or real e/ate ( any k9d1 ^u failure ( ! mak] ( ! note to meet its conditions4 ,?is is e/eem$ ! be/ possible security = paym5ts long def]r$1 because ! ord9>y values ( real e/ate 9 a gr[+ c\ntry l ours increase r ?an dim9i%4 ,except 9 cases ( ov]valuation f speculative inve/m5t1 or 9 ! settlem5t ( a new c\ntry "u misconception ( its conditions1 ! security rema9s ample4 ,& ev5 !n ! l5d] has no great] risk ?an ! borr[]4 ,s9ce f9al settlem5t by =eclosure ( mortgage involves ! law's delay1 increas$ by ! natural s5tim5t gr[+ up ab\t a home :i* has be5 occupi$ = ye>s1 su* mortgage notes are only to a limit$ ext5t available 9 g5]al comm]ce4 ,9 l>ge measure !y are likely to /& betwe5 ! orig9al pur*as] & sell]4 ,! exception to ?is is f\nd 9 inve/m5t ( l>ge tru/ funds1 z ) insurance companies & end[m5ts ( colleges & o!r b5evol5t in/itutions4 ,9 ^! cases a p]man5t inve/m5t1 ) /at$ income1 is desirable1 & mortgage notes ) five to t5 ye>s' cr$it give bett] rates ( income ?an long "t bonds ( great corporations or gov]nm5ts4 ,! ease ) :i* pur*ase is made by a mortgage tempts _m a "y man to promise m ?an he c fulfil4 ,! weight ( ! f>m mortgage is felt ?r\gh\t ! c\ntry1 d\bl+ ! disa/] ( e defici5t crop4 ,v>iations f ! mortgage 9 de$s ( tru/ & in/alm5t contracts h ess5tially ! same relation to cr$it1 involve ess5tially ! same burd5s1 & diff] only 9 ! legal =ms = tak+ possession ( ! real e/ate 9 default ( paym5t4 ,:]e a company or a community def]s paym5t = its pur*ases1 x is said to issue bonds1 :i* are simply =mal notes1 usually ) atta*$ notes1 or c\pons1 = int]e/ at /at$ times1 issu$ by qualifi$ (fic]s "u specific legislation4 ,^! are s easily und]/ood & te/$ = _! quality z to become a "p ( ! g5]al cr$it ( ! c\ntry4 ,!y ga9 a well und]/ood m>ket value1 & pass f h& to h& ) greate/ read9ess4 ,?is fact adds to ! ease ) :i* !y may be issu$1 :ile ! ext5d$ "t1 f t5 to ?irty ye>s1 increases bo? ! conv5i5ce ( possession & ! read9ess to issue4 ,! p ( a city d n hesitate to supply !mselves ) magnific5t wat]works at ! exp5se ( ! p a g5]ation lat]4 ,?us municipal indebt$ness is easy to contract1 & ! h>d lesson ( pay+ = dead horses is seldom effectually le>n$4 ,m insidi\s /ill is ! temptation to issue ! bonds ( a c\nty = ! build+ ( a railroad1 ^: prospective b5efit 9 add+ to ! value ( l&s is indef9itely magnifi$4 ,a community ( f>m]s already burd5$ by mortgages c be tempt$ into additional burd5s 9 c\nty bonds f expectation t a new railroad w d\ble ! value ( _! f>ms4 ,! facility ) :i* /ates & nations negotiate bonds is s well und]/ood t x sc>cely ne$s m5tion4 ,yet ! burd5s ( taxation s griev\sly felt are (t5 self-inflict$ by ! p :o favor unb\nd$ indebt$ness4 ,x is r>ely ! case t a well-to-d s*ool di/rict is n bett] (f :5 x meets ! co/ ( its s*oolh\se by imm$iate taxes r ?an to po/pone paym5t by bonds4 ,! organization ( a /ock company involves a peculi> sy/em ( def]r$ paym5ts1 9 t e hold] ( /ock becomes 9 a s5se bo? debtor & cr$itor4 ,he is debtor to all 8 associate %>ehold]s1 & is also _! cr$itor to ! ext5t ( 8 %>e4 ,/ock c]tificates1 l bonds1 may pass f h& to h& ) ease1 & fo/] ! innate _s ( speculation among a comm]cial p4 ,! organization ( a /ock company1 especially ( a great tru/1 is made relatively easy f ?is fact1 & 9 ?is way ! g5]al cr$it ( a p is indef9itely ext5d$4 ,a prosp]\s corporation is likely to di/ribute ! results ( its prosp]ity by increas$ issues ( /ock1 & ! read9ess ) :i* ! public accepts su* issues makes natural1 ?\gh vici\s1 ! s-call$ wat]+ ( /ock1 famili> to all4 ,! imm$iate object ( wat]$ /ock 9 fairly manag$ companies is ! imm$iate di/ribution among %>ehold]s ( any increas$ value )\t increas$ co/4 ,z ! f>ms along a l9e ( railway may h d\bl$ _! value ) no exp5diture 9 improvem5ts1 s ! railroad itself may h d\bl$ its value 9 ! possibility ( e>n+s ?r\gh ! rapid developm5t ( settlem5ts along ! l9e4 ,9 ord9>y ways ?is increas$ value w be %[n 9 ! m>ket price ( ! /ock1 b an issue ( m /ock to ! pres5t hold]s ( /ock c]tificates w keep d[n ! price ( individual %>es & yet give ! b5efit ( ! increas$ value to %>ehold]s4 ,! /ock ex*ange4--,! la/ m5tion$ =ms ( indebt$ness s easily become matt]s ( ev]yday pur*ase & sale z to lead to ! bus9ess ( /ock brok]age1 f\nd ev]y:]e 9 great] or less ext5t4 ,9 l>ge cities ! brok]s naturally unite = conv5i5ce ( bus9ess 9 ! s-call$ /ock ex*ange1 9 :i* ! m>ket price ( all curr5t =ms ( indebt$ness or def]r$ paym5ts is fix$ f day to day1 or f h\r to h\r1 by ! higgl+ ( ! m>ket1 j z ! price ( produce is fix$ 9 ! produce ex*ange4 ,naturally1 z 9 ! case ( produce1 a fictiti\s bus9ess1 purely speculative1 gr[s up ar\nd ! legitimate deal+ 9 /ocks & bonds4 ,o!r =ms ( def]r$ paym5ts ent] less into ! bus9ess ( ! brok]s1 because ! m>ket value ( any p>ticul> mortgage or individual note _c be easily det]m9$ outside ! imm$iate neighborhood :]e x is made4 ,! *ief way 9 :i* ^! ent] ! g5]al brok]s' m>ket is ?r\gh ! /ock or bonds ( l>ge brok]s' companies1 sometimes call$ gu>anty loan companies4 ,9 ?is way ! univ]sal ext5sion ( cr$it ?r\gh def]r$ paym5ts f9ally has its effect ^u ! g5]al confid5ce4 ,! brok]'s bus9ess gr[s legitimately out ( ! ne$ ( ready transf] ( claims1 = ! sake ( l>g] use ( ! float+ capital ( ! c\ntry1 & read9ess ( inve/m5t 9 m fix$ =ms4 ,x adds1 h[ev]1 to ! dang]s ( ext5d$ cr$it by mak+ m easy ! gratification ( pres5t wants ?r\gh expectation ( future ability4 ,! brok] makes 8 ga91 )\t ref]5ce to ! f9al settlem5t1 by tak+ a commission ^u ! loan4 ,8 int]e/ leads to an ov]e/imate ( ! borr[]'s ability1 & cases are n infrequ5t :]e apprais]s ( real e/ate h be5 hir$ by brok]s to misrepres5t ! value ( prop]ty1 = ! sake ( secur+ improp] loans4 ,e p]iod ( exp&+ cr$it 9 speculative movem5ts has furni%$ pro(s ( ?is t5d5cy4 ,a /&+ example is furni%$ 9 m9+ /ocks1 9 :i* ! temptation to misrepres5t prospects by 8salt+0 & false assays is prov]bial4 ,almo/ z notori\s are ! misrepres5tations associat$ ) bonds ( newly e/abli%$ cities or o!r municipalities4 ,n all su* misrepres5tation is int5d$ fraud1 b ! imm$iate int]e/ ( ! brok] cl\ds 8 judgm5t z to conditions ( f9al settlem5t4 ,) little to lose & ev]y?+ to ga9 9 ! imm$iate transaction1 8 judgm5t is necess>ily bias$4 ,! m]ely speculative buy+ & sell+ ( /ocks by m>g9s has little to d ) ! g5]al "* ( indebt$ness1 except to increase some:at ! risks ( legitimate brok]age4 ,! 8bulls & be>s0 on ex*ange make _! ga9s by fluctuations 9 m>ket values1 &1 l all gambl]s1 delight 9 produc+ false impressions ^u _! oppon5ts 9 ! game4 ,?is fact adds to ! unc]ta9ty ( all /&+ cr$it1 & s increases ! natural rate ( int]e/4 ,?is effect ^u int]e/ w be notic$ 9 consid]+ ! nature ( int]e/ & conditions affect+ x4 8,borr[$ money40--,9 all ! =ms ( def]r$ paym5t1 except /&+ acc\nts1 x is cu/om>y to repres5t ! am\nt ( ! debt z 8borr[$ money10 no matt] h[ ! transaction occurs4 ,:5 a f>m] buys 8 f>m ) a promise to pay five ye>s h5ce1 8 note is said to repres5t s mu* 8borr[$ money10 :ile 9 fact he has simply borr[$ ! f>m4 ,! reason is1 t ! f>m is repres5t$ by its value 9 doll>s1 & ! promise is to return t value 9 doll>s at ! end ( five ye>s4 ,! same is true1 9 fact1 ( all pur*ases on cr$it4 ,ev5 :5 ! pur*ase is made by means ( a note at ! bank1 ! actual transf] ( prop]ty is f ! own] ( ! f>m to its prospective own]1 ! bank simply act+ z ag5t1 & int]pos+ its cr$it or capital only to promote ! ex*ange4 ,9 _m in/ances no money 9 any =m is us$1 & :]e x is employ$ at "s /age ( ! transaction1 x is us$1 z 9 any o!r ex*ange1 simply z a ma*9e ( transf]4 ,ev5 ! f9al settlem5t is likely to be made ?r\gh ! ord9>y *annels ( trade1 )\t ! int]v5tion ( money 9 any ( its =ms4 ,! def]r$ paym5t takes its place :5 ! "t ( paym5t comes 9 ! ord9>y ev]yday transactions ( ! univ]sal cr$it sy/em1 illu/rat$ 9 bank+4 ,ev5 if ! f>m is paid = by in/alm5ts1 ^? in/alm5ts are simply ord9>y transactions 9 trade1 ! f>m] transf]r+ ! *eck :i* he receives f ! sale ( 8 /e]s or 8 :eat to ! =m] own] ( ! f>m4 ,! money involv$ is simply money ( acc\nt1 ref]r+ to a well und]/ood /&>d ( value4 ,! importance ( ?is /&>d 9 ref]5ce to def]r$ paym5ts has already be5 ref]r$ to4 ,x _c be ov]e/imat$4 ,b any e/imate ( ! curr5cy ne$$1 or to be ne$$ = ! transaction ( bus9ess1 f\nd$ ^u ! am\nt ( def]r$ paym5ts1 is :olly fallaci\s4 ,x is equally wrong to suppose t ! bank]s are ! pr9cipal money-l5d]s4 ,! real l5d]s are ^? :o h sold _! produce1 ! use ( _! tools or _! "t1 at a price to be paid next week1 next mon? or next ye>4 ,e man :o has wages due him is z truly a money-l5d]1 to ! ext5t ( ! wages due1 z any bank] :o accepts a promise to pay 9 ! future = s]vice or value giv5 9 ! pres5t4 ,ev5 :]e ! borr[$ articles h be5 consum$ or wa/$1 ! promise to pay is simply a promise to return s mu* ( value z ! articles receiv$ 7 e/imat$ to be wor?4 ,?is may be easily se5 9 ?9k+ ( a runn+ acc\nt at ! /ore = ! ord9>y supplies ( ! family4 ,x may am\nt to five hundr$ doll>s1 if "o's cr$it is suffici5t1 & seem only ! actual articles us$1 & yet to be paid =2 b if settl$ by a note fix+ a future def9ite "t ( paym5t1 ! debt at once becomes 9 ?\ght borr[$ money1 ?\gh no *ange :atev] has be5 made 9 ! actual facts4 ,if ! same pur*ases _h be5 made by means ( cr$it at ! bank1 ga9$ by disc\nt+ a p]sonal note1 ! same articles exactly w\ld h be5 borr[$1 ! bank in/ead ( ! m]*ant be+ ! l5d]4 ,9 all probability ! bank has be5 ! means 9 ! fir/ case ( enabl+ ! m]*ant to meet ^! curr5t wants on cr$it1 = he himself has ga9$ ! cr$it ( ! bank by disc\nt+ 8 own note4 ,9 ei!r case ! bank has be5 ! means ( s]v+ bo? ! borr[] & ! l5d]4 ,x is simply a ma*9e = accommodat+ bo?4 ,legal t5d]4--,all =ms ( def]r$ paym5ts imply ! possible int]v5tion 9 f9al settlem5t ( ! =ce ( gov]nm5t4 ,:ile ! great mass ( promises to pay are met )\t an appeal to laws or c\rts1 ! :ole is put 9 su* =m by cu/oms ( society z to involve ! possibility ( su* arbitration4 ,gov]nm5t takes no note ( debts :i* _c be prov$ 9 c\rt1 & ! =ms ( legal pro( are well settl$4 ,all ! =malities ( cr$it 9 sy/ems ( book-keep+1 =ms ( notes & bonds1 & word+ ( /ock c]tificates imply ! possibility ( f9al adju/m5t 9 a c\rt ( equity4 ,= ?is reason1 gov]nm5ts e/abli% "s =m ( curr5cy z ! repres5tative ( value1 :i* mu/ be accept$ by ! cr$itor 9 complete satisfaction ( a debt4 ,?is is naturally :at cu/om has e/abli%$ z ! /&>d ( value1 b any?+ else may be sub/itut$ if ! gov]nm5t s decides4 ,?us1 ,massa*usetts once made bullets legal t5d] at a c]ta9 price1 up to a c]ta9 numb]4 ,our gov]nm5t n[ makes copp] c5ts & nickels legal t5d] to ! value ( tw5ty-five c5ts4 ,! curr5t notes ( ! gov]nm5t are usually legal t5d]1 unless o!rwise /ipulat$1 :atev] _! curr5t value4 ,?is means simply t ! gov]nm5t ?r\gh its c\rts secures ! collection ( bona fide debts1 9 t]ms ( value def9$ by law or by contract4 ,! assurance ( f9al settlem5t1 giv5 9 ?is way by ! gov]nm5t1 is "o pr9cipal elem5t 9 ext5d+ cr$it on "t4 ,)\t su* ma*9]y cr$it w\ld be conf9$ to intimate acqua9tances & v limit$ "t4 ,exp&+ cr$it4--,all ! ma*9]y ( cr$it t5ds to br+ ! float+ capital ( a c\ntry )9 ! rea* ( great ent]prises4 ,if a body ( m5 h fai? 9 "s great und]tak+1 l a cont95tal railroad or a ,panama canal1 _! fai? 9 ! ent]prise is easily made a basis = ! fai? ( o!rs4 ,ev5 ! small accumulations1 ! sav+s ( day labor]s1 may be turn$ to acc\nt 9 su* great ent]prises if ! popul> expectation ( success is ?or\ghly ar\s$4 ,! great] ! und]tak+1 ! great] is ! g5]al fai? "u skilful lead]%ip4 ,! same pr9ciple applies to und]tak+s ( less national "*1 l imm5se factories or comb9ations 9 a tru/4 ,! /ock ( su* ent]prises is (t5 widely di/ribut$1 & :5 pr(its are fairly begun1 ev5 ^u a small scale1 ! *ances ( ga9 on ! value ( ! /ock are made m prom95t ?an ! actual pr(its ( ! ent]prise4 ,x is n uncommon to f9d ent]prises />t+ ) ! expectation t a l>ge portion ( ?is /ock w be paid = out ( ! pr(its ( ! bus9ess & ! pr(its on a portion ( ! /ock to be sold4 ,?is is especially true :5 bus9ess is reviv+ aft] a p]iod ( depression4 ,x is "o ( ! fir/ symptoms ( ! return ( a speculative _s4 ,) ! rise ( su* ent]prises !re is almo/ sure to be an advance 9 prices ( real e/ate1 ?\gh x foll[s lat]4 ,! />t+ ( a railroad l9e involves ! pur*ase ( /ation sites1 & almo/ surely ! lay+ out ( villages at int]vals along ! l9e4 ,! promot]s ( ! railroad are likely to be promot]s ( t[n sites z well4 ,& ?is increas$ dem& = f>ms & lots br+s a l>g] fai? 9 ! future ( ^! locations4 ,ev]yone :o c save a little f 8 income hopes to increase t little indef9itely by inve/m5t 9 ! *ances ( increas$ value ( a lot or a home4 ,"u su* circum/ances ! ma*9]y ( cr$it moves easily1 & "o does n hesitate to ext5d 8 cr$it to ! utmo/ = ! pur*ase ( :at is increas+ 9 value ea* day4 ,! result is a temptation to l>g] exp5ditures4 ,p :o are c\nt+ _! future ga9s are sure to h l>g] wants1 & _! seem+ prosp]ity 9 accumulation ( value gives !m a l>g] cr$it among deal]s4 ,! next /ep is an enl>gem5t ( sales ( curr5t supplies ( all sorts & an increas+ manufacture ( su* supplies to meet ! increas+ wants & naturally enhanc+ price4 ,soon ! /aple products ( f>ms & factories & m9es become !mselves objects ( speculative pur*ase4 ,m5 buy simply to hold = ! increase 9 price4 ,?is speculation itself is a tempor>y cause ( success1 & goes on until "s accid5t some:]e reveals ! exagg]at$ proportions ( expectation4 ,sometimes ?is speculative _s cont9ues = a s]ies ( ye>s1 9 :i* case x p]vades e circle ( produc]s & consum]s4 ,sometimes x is tempor>y & local1 be+ produc$ by "s special und]tak+ & de/roy$ by a special failure4 ,sometimes ! dea? ( an ent]pris+ man de/roys ! boom he has creat$4 ,:5 speculation is rife ov] a l>ge t]ritory1 ev]ybody is employ$ to 8 utmo/ ability1 & ! times are said to be good4 ,all prop]ty ( e k9d is c\nt$ at its highe/ price 9 ! m9d ( ! own]1 & all cr$its are easily ext5d$ f mon? to mon?1 or f ye> to ye>1 because ( ! univ]sal fai?4 ,!re seems to ! casual obs]v] no reason = d\bt1 & ! mo/ cons]vative judges ov]e/imate ! ability ( ! p4 ,f9ancial crisis4--,at su* a "t z t describ$1 :5 cr$its ( e k9d are int]lock$ & expectations are high1 ! s-call$ float+ capital ( ! c\ntry1 "u indef9ite promises to pay1 is gradually be+ actually lock$ up 9 huge plants ( ma*9]y 9 great railroad r\tes1 9 vacant city lots1 & uncultivat$ f>ms held = future sale1 or 9 w>eh\ses & elevators full ( ! products ( indu/ry1--especially su* products z d n imm$iately det]iorate 9 quality1 su* z gra9s1 clo?s1 raw mat]ials ( e k9d & ma*9]y ( g5]al use4 ,?is is app>5tly ! prop]ty ( ! hold]s1 b aga9/ x are ! claims ( all ^? :o h contribut$ by loans on "t1 by cr$it = sales1 by labor unpaid = & by provisions on acc\nt4 ,"o c easily see t ) all ^! p b\nd toge!r by cr$it a s+le failure may be f>-rea*+ 9 its effects4 ,! inability ( a s+le man to meet 8 promises1 if ^? promises are widely en\gh di/ribut$1 may br+ a panic among 8 cr$itors1 _! cr$itors1 & s on d[n to ev5 ! solid m51 suppos$ to hold ! accumulation ( ye>s unt\*$ by speculation4 ,= e *annel ( trade is full ( cr$it1 :i* n[ ev]ybody loses4 ,9 #ahgc ! promot] ( ! ,nor!rn ,pacific railroad _h borr[$ ev]y:]e1 ev5 ! small sav+s ( wid[s & workm51 ?r\gh 8 intimate connection ) bank+4 ,all ?is accumulation ( sav+s _h be5 exp5d$ = labor ^u :at 0 only a huge embankm5t1 mak+ no possible returns to any own]4 ,! only possible means ( cont9u+ ! "w 0 cont9u$ borr[+1 or ! sale ( additional /ock4 ,! rev5ue promis$ ^u ! means already us$ c\ld be giv5 only by l>g] borr[+4 ,on a c]ta9 day ! am\nt to be borr[$ 0 less ?an ! am\nt to be paid1 & ! failure ( ,jay ,cooke to meet 8 expectations & promises 0 kn[n4 ,)9 six h\rs e village 9 ! l& felt ! disa/]4 ,! f9ancial crisis 0 se5 & realiz$4 ,b>ga9s p>tially complet$ 7 /opp$ 9 ! mid/4 ,mat]ials ab\t to be %ipp$ 7 held at ! /ation4 ,deposits at ! bank 7 ne$$ imm$iately1 notes due at ! bank c\ld n be ext5d$1 collectors ( acc\nts appe>$ at e corn]1 ?\s&s ( workm5 directly & indirectly employ$ on ! great railroad build+ 7 out ( employm5t & out ( wages due1 ! banks 7 unable to furni% ev5 pap] curr5cy to _! depositors1 & ! :ole _w felt absolute loss ( confid5ce 9 any und]tak+ or any expectation4 ,i select ?is p>ticul> panic because its beg9n+ 0 s comp>atively simple1 its progress s evid5t & its results s well def9$4 ,any o!r failure ( speculative purpose might h be5 equally disa/r\s4 ,x c\ld h>dly h be5 s rapid1 because x c\ld n h be5 s directly di/ribut$ among ! masses ( ! p4 ,yet ! ma*9]y ( cr$it is su* t any consid]able failure 9 ent]prise or speculation is felt ev]y:]e4 ,! banks are at once call$ ^u = l>g] loans & = deposits toge!r1 an impossibility 9 ! nature ( ! case4 ,all ex*angeable =ms ( cr$it are imm$iately (f]$ 9 m>ket at con/antly decreas+ prices4 ,curr5t cr$it ( e k9d is *eck$1 & ex*ange is limit$ to ! b>e/ necessities4 ,all productive en]gies are practically /opp$1 except su* z are out ( ! l9e ( daily ex*anges4 ,v soon all dome/ic exp5ses are r$uc$ to ! l[e/ not*1 dome/ic help is dis*>g$1 ! well-to-d und]take to help !mselves1 & ! poor are left )\t res\rces4 ,x seems z if all ! :eels ( progress _h /opp$4 ,h>d times4--,succe$+ su* a crisis mu/ foll[ h>d times4 ,wage e>n]s g5]ally are )\t employm5t2 manufactories h put out _! fires2 ! w>eh\ses full ( goods are "u atta*m5t2 f>m produce is mov$ v sl[ly to m>ket2 fancy /ock ( horses1 cattle & %eep are unsalable2 f>m mortgages are =eclos$ z rapidly z ! laws all[2 skill$ workm5 meet absolute necessities by half "t1 & common labor]s move f place to place 9 useless se>* = employm5t1 _! families be+ b>ely kept alive by *>ity4 ,! fact t w>eh\ses & gran>ies are full leads to ! assumption t ov]-production has de/roy$ ! m>ket & ! dem& = labor4 ,?is is q probably true ( all articles ( su* a nature z to be held = speculative purposes4 ,! /aple gra9s & fancy live /ock are illu/rations ( ^!4 ,an univ]sal ov]-production1 s long z ! articles produc$ are adapt$ to curr5t wants1 is impossible1 s9ce e man's product1 if ne$$1 is 8 means ( secur+ ano!r man's product to meet 8 own wants4 ,on ! o!r h&1 ! suff]+ ( multitudes & ! ab/95ce ( ev]ybody lead to ! supposition t "u-consumption1 or failure to use :at we might1 is a pr9cipal cause4 ,x is und\bt$ly true t fe> ( absolute want *ecks consumption ( articles )9 our rea*4 ,?is is %[n by ! imm$iate increase ( consumption z soon z ! fe> subsides4 ,?is1 h[ev]1 is a symptom ( ! times1 r ?an a cause4 ,"s !ori/s acc\nt = ! suff]+ by ! ratio ( ! curr5cy to ! population1 claim+ t a l>g] circulation ( money w fill ! empty pockets ( ! ne$y1 =gett+ t money circulates only ?r\gh ! v *annels ( trade :i* some?+ else has /opp$4 ,x is q true t any f9ancial legislation involv+ unc]ta9 results contributes mat]ially to ! d\bt :i* /ops ! ma*9]y4 ,all ef=ts to make money wor? less by legislation h inv>iably ext5d$ ! p]iod ( h>d times4 ,almo/ e conceivable cause has be5 assign$1 or giv5 z a p>tial explanation1 = ! /agnation ( trade4 ,a c>eful analysis ( ^! recurr+ p]iods 9 ! hi/ory ( our c\ntry 9 #ahcg1 #ahdh1 #aheg1 #ahgc1 #ahhg & #ahic1 %[s _m p>tial causes ( disa/] 9 ex*ange1 affect+ ! peculi> nature ( ea* panic1 yet "o especial cause is evid5t 9 !m all4 ,t cause is l>ge inve/m5t 9 fix$ capital f :i* no imm$iate returns c be expect$4 ,! *ief causes ( h>d times4--,prior to #ahcg !re 0 a rapid developm5t ( new c\ntry1 z %[n f ! greatly increas$ receipts = public l&s4 ,e new home involves a p]man5t inve/m5t ( somebody's sav+s to ! ext5t ( at lea/ #a1jjj4 ,) ! settlem5t ( e new region a consid]able wa/e 9 real e/ate speculation is f\nd4 ,a simil> expansion ( t]ritory occupi$ by settlem5t imm$iately foll[$ ! ,mexican w>1 & 0 a *ief cause ( r$uc$ capital & consequ5t lack ( employm5t4 ,! crisis ( #aheg 0 prec$$ by enorm\s wa/e 9 ! ,crimean w>4 ,to t 0 add$ ! loss ( a season's labor 9 a bad h>ve/ & increase ( co/ ( liv+1 r$uc+ pr(its4 ,! latt] cause 0 incid5tal to ?is p>ticul> season1 b add$ mat]ially to ! suff]+4 ,9 ?is c\ntry !re _h also be5 an ext5sive enl>gem5t 9 iron works & wool5 factories )\t correspond+ products4 ,! panic ( #ahfg1 felt widely outside ( ,am]ica1 0 prec$$ by imm5se wa/e ( prop]ty 9 ! civil w> ( ! ,unit$ ,/ates1 a consid]able portion ( :i* exp5se1 on bo? sides1 _h be5 borne 9 ,europe1 ei!r dur+ ! w> or imm$iately foll[+1 ?r\gh ! sale ( bonds4 ,! panic ( #ahgc foll[$ imm5se inve/m5ts ( weal? 9 fix$ capital1 z illu/rat$ 9 ! ,nor!rn ,pacific railroad1 previ\sly m5tion$4 ,betwe5 #ahfe & #ahgc #cj1jjj miles ( railroad 7 built 9 ! ,unit$ ,/ates alone4 ,?is p]man5t inve/m5t involv$ imm5se debts at home & abroad1 ) all ! pr(its yet 9 ! future4 ,! fact t imports increas$ at ! rate ( ne>ly #ajj1jjj1jjj a ye> 9 #ahga & #ahgb indicates ! ext5t ( exp5ditures4 ,! ,franco-,prussian w> _h also wa/$ great en]gies4 ,! h>d times 9 ,am]ica1 %[n especially 9 ! price ( f>ms1 ab\t #ahhh 7 imm$iately prec$$ by enorm\s inve/m5ts 9 unsatisfactory f>m+ l&s & unne$$ t[n sites1 z well z 9 railroad build+4 ,=ty-n9e million acres ( l& 7 sold by ! gov]nm5t1 & m ?an #ab1jjj miles ( railway 7 built4 ,enorm\s exp5ditures 7 also made = s*ool-h\ses1 c\rt-h\ses1 & o!r public build+s by sale ( bonds4 ,! actual crisis 0 p]haps delay$ & a new speculation fo/]$ by l>ge paym5ts on ! public debt4 ,aga91 !re 0 expansion ( cr$it & l>ge inve/m5t 9 railroad & city build+ 9 anticipation ( future gr[?1 dur+ :i* ! small sav+s ( multitudes _h be5 ga!r$ up ?r\gh ! gu>anty loan companies ( ! ,we/4 ,^u ! top ( ?is came ! exp5ditures ( #ahib & #ahic on ! great ,_w's ,exposition4 ,! exp5diture ( sav+s 9 att5dance ^u ! exposition curtail$ ! abilities ( hundr$s ( ?\s&s ( families4 ,s ! panic ( #ahic 0 9 no respect an exception to ! rule4 ,no suffici5t data are at h& = %[+ exactly h[ great has be5 ! exp5diture 9 unproductive ent]prises1 b a ref]5ce to ,*>t ,no4 ,,iv1 p4 #hc1 giv+ ! developm5t ( railroad build+ 9 ?is c\ntry1 w %[ h[ ?is =m ( ent]prise 9 e case outran ! increase 9 population imm$iately prec$+ ! h>d times4 ,x is evid5t to any /ud5t ( ! "q t extra l>ge consumption ( float+ capital has imm$iately prec$$ e p]iod ( suppos$ ov]-production4 ,! *ief ov]-production has always be5 9 ! ma*9]y ( production & trade1 includ+ ! co/ly settlem5t ( new l&4 ,! imm$iate dismissal ( labor employ$ 9 su* ent]prises br+s greate/ suff]+1 because su* labor]s are always lea/ =eh&$ & are 9 l>ge numb]s homeless4 ,su* labor]s also mo/ readily become competitors = any k9d ( a job1 & s affect curr5t wages ( ^? /ill reta9+ _! places4 ,?is emphasizes ! unequal di/ribution ( weal?1 & leads multitudes to call = a r$i/ribution1 by fair means or f\l4 ,?is increases ! di/ru/ ( community & ! disposition to ho>d weal? 9 ! =m ( money1 :ile *eck+ e desire to build = ! future4 ,rem$ies = h>d times4--,! means ( recov]y f su* a disa/] are less easy to see ?an ! causes4 ,we "k1 9 fact1 t ! _w does recov] confid5ce among ent]pris+ m5 & confid5ce 9 ! future1 sometimes surpris+ly soon4 ,we c see "s ( ! /eps by :i* ! burd5 ( debt is dim9i%$ & hopes are reviv$4 ,9 ! fir/ place1 "s me?od ( settlem5t out ( ! usual c\rse is adopt$4 ,mo/ obvi\s is an agreem5t among banks to c>ry on ! usual ma*9]y ( ex*anges ?r\gh *ecks1 drafts & a cle>+ h\se )\t ! use ( curr5cy4 ,?is is call$ susp5sion ( paym5t4 ,x holds ! deposits /eady :ile ! transf] ( own]%ip is easy4 ,x saves ! sacrifice ( l>ge cr$it to meet ! panicky condition ( small trade1 & x *ecks ! disposition to ho>d money 9 out-(-!-way places4 ,! actual failures are ?us conf9$ to ^? actually engag$ 9 ! wa/$ production or directly involv$ z cr$itors ( su* p]sons4 ,! failures 9 #ahgc 7 said to h be5 n9e 9 ea* ?\s& bus9ess h\ses2 ^? ( #ahic 7 ?irte5 9 a ?\s&4 ,! actual failures among f>m]s are conf9$ almo/ entirely to ^? :o h be5 caught 9 ! speculative _s ( inve/m5t 9 m l& = ! sake ( increas+ prices or h borr[$ capital to be us$ 9 o!r speculation4 ,a few only h wa/$ _! sub/ance 9 exp5sive homes & luxuries4 ,if all =ms ( indebt$ness c\ld circulate freely1 ! f9al result 9 balanc+ debts ) debts w\ld be q readily rea*$1 & ! actual losses w\ld be f\nd less ?an is g5]ally suppos$4 ,an equal loss )\t di/ru/1 if t 7 possible1 w\ld be met ) new ent]prise & extra en]gy in/ead ( despond5cy4 ,! v>i\s rem$ies (f]$ 9 propos$ legislation frequ5tly add to ! delays 9 ! recov]y ( confid5ce4 ,! issue ( pap] curr5cy1 :ile univ]sally welcom$ by ! mo/ wa/eful ( inve/ors1 makes ^? :o /ill h prop]ty m d\btful z to ! future4 ,! proposition to increase dem& = labor by great public improvem5ts comes at a "t :5 rev5ues are dim9i%$ & almo/ surely is c\pl$ ) a proposal ( gov]nm5t scrip4 ,to increase ! burd5 ( taxation at once1 :5 ! mass ( ! p are already burd5$ & di/ress$1 is impossible4 ,! issue ( scrip1 ?\gh actually a co/ly me?od ( taxation1 seems to ! un?9k+ a way ( mak+ some?+ out ( no?+4 ,! c]ta9 effect is to ext5d ! p]iod ( d\bt4 ,laws affect+ ! co9age & "* ( legal t5d]1 s9ce !y di/urb ! relation ( borr[] & l5d] indef9itely1 po/pone readju/m5t ( confid5ce4 ,*anges 9 ! t>iff laws are liable to h ! same effect because ( unc]ta9ty z to :]e ! influ5ce w be mo/ felt4 ,special legislation ) ref]5ce to contracts = labor1 h[ev] well int5d$1 are sure to h9d] adju/m5t1 & all agitation 9 favor ( new exp]im5ts 9 gov]nm5t ent]prises or 9 legislation z to prop]ty makes less available ! capital & +5uity ( ! p4 ,cure = h>d times4--,! only g5u9e cure involves a re/oration ( fai? 9 ent]prise4 ,x is almo/ z h>d to e/abli% aft] a comm]cial panic z aft] a panic 9 an army4 ,! rem$ies be/ wor? /udy are really prev5tives1 9 ! =m ( *ecks ^u undue expansion ( cr$its & di/9ct limits z to ext5sion ( "t4 ,"s h gone s f> z to wi% !re 7 no laws = collection ( debts1 s9ce ?is w\ld actually prev5t ! great bulk ( indebt$ness2 b x w\ld also de/roy ! ess5tial f\ndation ( daily cr$it1 "o ( ! mo/ productive ma*9es ( ex*ange4 ,! be/ t c be done is to make m explicit ! laws aga9/ frauds1 & to limit easily transf]r$ =ms ( cr$it to ^? ^: f\ndation c be c>efully inspect$4 ,x is v desirable t all corporations deal+ 9 cr$it %\ld be subject to ! /ricte/ exam9ation by a public (fic]4 ,%ort cr$its vs4 h>d times4--,m important ?an legal enactm5ts are ! bus9ess habits ( a community1 & ^! c be cultivat$ by bus9ess m54 ,f>m]s1 ( all classes ( p1 c fo/] su* cu/oms ( c>eful inspection ( bus9ess /&+ & frequ5t settlem5t ( acc\nts & c>eful loan+ z w make a panic less possible4 ,!y ne$1 h[ev]1 a wid] acqua9tance ) ! ma*9]y ( bus9ess & a firm] fai? 9 ! advantage to all conc]n$ ( ca% paym5ts & absolute promptness 9 all settlem5ts4 ,! moral p[] ( su* a body1 am\nt+ to "o-half ! population1 mo/ ( :om are solid own]s ( prop]ty1 w\ld1 if well in=m$ & unit$ 9 pr9ciple1 *eck mo/ ( ! extravagances 9 exp5diture & inve/m5t :i* wa/e ! capital ( ! c\ntry4 ,bankruptcy4--,9 clos+ ! discussion ( h>d times1 x is prop] to m5tion a device = remov+ 9 "p ! disc\ragem5t ( debts :]e ability to pay is entirely want+4 ,( c\rse1 a settlem5t betwe5 debtor & cr$itors1 9 :i* ! prop]ty ( ! debtor is divid$ among 8 cr$itors1 is always available1 leav+ bo? at lib]ty to beg9 bus9ess anew ) a k ( ! wor/ t c happ54 ,x seems possible to contrive bankruptcy laws 9 su* %ape z to secure a fair settlem5t ( insolv5t bus9ess :5ev] ! bus9ess is evid5tly fail+4 ,if discov]y ( fraud or misrepres5tation c\ld cause imm$iate int]v5tion 9 a bankruptcy c\rt1 ! sure/ possible *eck w\ld be br\ght to be> ^u improp] cr$its4 ,x is c]ta9ly to ! int]e/ ( all hone/ cr$itors & debtors t a fair settlem5t %\ld be rea*$ z e>ly aft] insolv5cy z possible4 ,su* bankrupt laws %\ld be z wide rea*+ 9 _! uni=mity z gov]nm5t p]mits4 ,if a national bankrupt law is n suffici5t1 ! /ates %\ld comb9e to e/abli% 9 ea* ! same g5]al sy/em4 ,*apt] ,,xiii4 ,te*nical ,division ,( ,labor4 ,economy ( m9ute division4--,! advantages1 limits & disadvantages ( m9ute division ( labor are wor?y ( a m c>eful discussion1 s9ce !y be> ^u e k9d ( ent]prise & all classes ( labor4 ,a l>ge "p ( ! c5tury's progress 9 manufacture1 & especially ! developm5t ( ma*9]y 9 production1 has gr[n out ( ! ext5sion ( ?is pr9ciple ( division4 ,an analysis ( ! p>ticul>s by :i* great sav+ is made 9 ! co/ ( production w help u n only to und]/& ! facts bett]1 b to ext5d ! pr9ciple 9 v>i\s directions4 ,9 ! outset x implies ! unit$ ef=t ( sev]al workm5 9 succession & 9 close comb9ation ^u a s+le product4 ,x is said t a pocket knife1 :i* we buy = fifty c5ts1 has involv$ 9 its manufacture ! s]vices ( sev5ty-two diff]5t p]sons1 do+ diff]5t ?+s4 ,! p]fection ( its f9i% dep5ds ^u ! p]fection ( ea* ( ^! p]sons 9 8 s+le act4 ,! *eapness dep5ds ^u ! read9ess ) :i* ea* act is p]=m$1 & ! utility ( e k9d ( p[] employ$4 ,a good illu/ration ( division ( labor may be f\nd 9 ! process ( but*]+ hogs 9 a l>ge pack+ h\se4 ,! live hogs ent] ! build+ 9 ! upp] /ory1 :ile able to c>ry !mselves on _! own feet4 ,_! weight !n moves !m easily on ?r\gh all ! /ages ( ! process4 ,two m5 cat* ! hogs by hook+ a %ort *a9 ab\t ! h9d leg & slipp+ x into ! not* ( an endless *a9 p[]1 :i* hoi/s !m to ! c>ri]1 a cont9u\s track ^u :i* a roll] atta*$ to ! *a9 may easily move4 ,a s+le man wields ! knife :i* /icks ! hogs4 ,two m5 are suffici5t to manage ! scald+ tr\gh4 ,"o directs ! ma*9e ?r\gh :i* ! body ( ea* hog is j]k$ to remove by bru%es ! mass ( hair4 ,f\r1 p]haps1 may h&le scrap]s z ! hogs are dropp$ ^u a plat=m1 & six m may use ! %av+ knives by :i* e p>ticle ( hair is remov$4 ,two are ne$$ ) diff]5t tools = behead+2 & "o makes place = ! gambrel4 ,two remove ! feet at opposite ends1 ?ree ) diff]5t implem5ts are ne$$ 9 remov+ entrails1 two are requir$ to halve ! body1 :ile ano!r gives x ! f9al wa%+4 ,! result is t ea* hog has pass$ f ! p5 to ! cool+ room 9 less ?an t5 m9utes1 & ! hogs pass "u ! h&s ( ^! sev]al m5 at ! rate ( eight a m9ute4 ,ea* man uses b "o tool 9 "o p>ticul> spot1 & repeats t s+le act con/antly4 ,by a simil> division ( labor eighte5 m5 are employ$ 9 sk9n+ a s+le beef1 a diff]5t knife be+ us$ = ea* p>ticul> "p ( ! body1 & all pass 9 regul> r\t9e ov] ! t5 or twelve beeves und]go+ ! op]ation4 ,! rapidity ( ?is motion c sc>cely be conceiv$ by "o :o has witness$ simply ! but*]+ ^u a f>m4 ,all ?is is due to a m9ute division ( labor into z _m tasks z !re are diff]5t op]ations1 ea* man hav+1 if possible1 b "o di/9ct k9d ( motion4 ,! sav+ is n only %[n 9 ! increas$ quantity ( "w1 b 9 ! uni=m quality z well4 ,all ! workman%ip is ess5tially p]fect4 ,^! advantages appe> m /rik+ly 9 ! manufactur+ arts1 :]e ! s-call$ factory sy/em has br\ght division ( labor to p]fection4 ,a brief analysis ( ! advantages1 limitations & disadvantages is wor? our /udy1 because ( _! possible application to f>m indu/ry4 ,s f> !y h be5 felt *iefly 9 contributory manufactures ( f>m ma*9]y1 facilities = transportation1 ) all att5d+ manufacture1 & ! factories consum+ raw mat]ials furni%$ f ! f>ms4 ,!y apply equally well :]e division ( labor is pr(itable 9 f>m op]ations4 ,extra effici5cy ( labor4--,mo/ obvi\s advantage is se5 9 ! sav+ ( ! "t ( a labor]1 bo? 9 le>n+ ! ess5tial p>ts ( 8 "w1 s t appr5tice%ip is %ort5$ to "o-t5? or "o-tw5tie? ( ! "t requir$ = a full trade1 & 9 ! f> great] dext]ity ) :i* he works )\t *ange ( tools or *ange ( location or di/raction ( att5tion4 ,?us a raw h& 9 ! c\rse ( a few mon?s p]=ms 8 s+le task m rapidly & m p]fectly ?an an exp]t workman :o mu/ "k & practice all ! p>ts ( ! bus9ess4 ,:ile su* a h& c sc>cely be call$ skill$ 9 a te*nical s5se1 9 ! n>r[ application ( skill to "o action he may be m p]fect ?an any skill$ workman4 ,! fact t ea* man's "w passes imm$iately "u ! inspection ( ano!r1 ^: motion mu/ exactly correspond 9 "t & adju/m5t1 makes any co/ly ov]sight 9 ! %ape ( executive labor v mu* less1 s9ce e /ep 9 ! process te/s e o!r /ep4 ,x is also f\nd t m9ute att5tion to a s+le detail t5ds t[>d ! highe/ improvem5t by inv5tion ( e tool & ma*9e employ$4 ,:ile ?is sy/em is n likely to fo/] ! inv5tive _s :i* br+s out entirely new pr9ciples 9 ma*9]y1 because ! "w gr[s easy by famili>ity1 x does make ! workm5 quick to inv5t ! little devices t p]fect su* ma*9es4 ,a broad] culture & m g5]al tra9+ discov]s ! difficulties & devises ! entirely new me?od3 ! work] hits ^u improvem5ts4 ,watt inv5t$ ! /eam eng9e1 b a lazy boy employ$ to move ! valve hit ^u ! automatic movem5t4 ,increas$ effici5cy ( capital4--,! effici5cy ( capital 9 production is greatly increas$ by m9ute division ( labor4 ,! %op room requir$ = ea* man is r$uc$ to ! m9imum space = himself & 8 mat]ial4 ,8 tools1 :ile ! mo/ p]fect possible1 are ! fewe/ possible4 ,! ma*9]y & motive p[] are us$ to _! utmo/ capacity con/antly1 & ! economy ( l>g] eng9es & ma*9es is well kn[n4 ,possibly "o-fif? ( ! p[] requir$ to move all ! ma*9es us$ by t5 m5 work+ z indep5d5t tradesm5 w\ld provide bett] motion1 m con/ant & *eap]1 = ! t5 work+ toge!r "u division ( labor4 ,! wa/e 9 />t+ & /opp+ ( ma*9]y is almo/ entirely avoid$1 & ! condition ( ! ma*9e = do+ its "w well is kept up to ! be/4 ,a mo/ important sav+ is 9 dim9ution ( wa/e4 ,! %ort5$ appr5tice%ip & ! sup]ior dext]ity make wa/e f blund]s almo/ no?+4 ,/ill m noticeable is ! sav+ f any wa/e ( sup]ior abilities1 ei!r /r5g? or judgm5t1 ^u actions requir+ little ability4 ,"u m9ute division ( labor a /rong man is kept :]e he is ne$$ & ! *ild may s]ve :]e 8 p[]s are suffici5t4 ,! effici5cy ( wom5 is recogniz$ :]ev] applicable1 & all ! work]s h _! full abilities made con/antly useful4 ,moreov]1 ! circulat+ capital repres5t$ 9 ! raw mat]ials is kept 9 use mu* less "t ?an "u ! less effective sy/em4 ,s9ce any article ( manufacture passes ?r\gh all ! op]ations ^u x 9 v mu* less "t1 ! int]e/ ^u capital employ$ 9 hold+ ! mat]ial & 9 support+ ! labor dur+ its *anges is indef9itely less4 ,! quick] returns f ?is m rapid manufacture are ev]y:]e recogniz$4 ,limits ( division4--,) all its advantages1 division ( labor is limit$ by circum/ances4 ,x c nev] be appli$ :]e1 because ( poor roads or peculi>ities ( temp] or habit ( life1 ! work]s are naturally sep>at$4 ,! necess>y isolation ( ! f>m]s = ! sake ( space makes any comb9ation = ! sake ( economy 9 divid+ _! tasks almo/ impracticable4 ,ev5 :]e f>ms are small1 few advantages f division ( labor by diff]5t k9ds ( "w c be adopt$4 ,! f>m]s are too f> ap>t to "w directly into ea* o!r's h&s4 ,x is limit$1 too1 by ! natural dem& = ! products ( labor4 ,if ! labor ( "o man c supply all ne$ ( iron "w 9 8 community1 !re is no possibility ( employ+ t51 ev5 ) a hundr$ times ! effectiv5ess4 ,?is is well illu/rat$ 9 ! c\ntry /ore1 :i* sells ev]y?+ ov] ! same c\nt]4 ,n ev5 ! groc]y dep>tm5t c be sep>at$ until ! dem& is suffici5t to support two /ore-keep]s 9 two /ores4 ,b ev5 9 places :]e division ( labor is /imulat$ by dem&1 x c g no fur!r ?an ! numb] ( di/9ct motions requir$ 9 c>ry+ ?r\gh ! manufacture ( ! article made4 ,inde$1 economy requires t ea* motion %\ld make a complete r\nd1 s t ! "w beg9s & ends = ea* work] ) ev]y?+ 9 ! same position4 ,! exception is :5 a motion ) great ex]tion requires an int]val ( re/ be=e a second4 ,two m5 ) a cross-cut saw1 al?\gh _! motions are alike1 d m ?an twice z mu* z "o man1 because ( ! relief 9 pu%+ back ! saw4 ,a mo/ important limit1 h[ev]1 is made by ! incon/ancy ( natural =ces employ$ 9 any indu/ry4 ,?is is notable 9 all ! processes ( agriculture4 ,no matt] h[ _m work]s comb9e 9 rais+ field crops1 !y c ga9 b few advantages f divid+ _! tasks m9utely4 ,ea* labor] mu/ be employ$ ?r\gh ! ye>1 & ! *ange ( seasons requires t he be ready = all ! op]ations ( ! diff]5t seasons 9 plant+ & till+ & ga!r+ ?r\gh all ! succession4 ,ord9>y *anges ( wea!r1 cold or hot1 wet or dry1 w9dy or calm1 make necess>y *anges 9 8 labor4 ,! unc]ta9ties ( ea* ye> z to moi/ure & heat require a v>iety ( v5tures1 s t no f>m] d>es conf9e himself to rais+ b a s+le crop4 ,ev5 "u ! mo/ favorable conditions ! diff]5t /ages ( gr[? are s intimately relat$ t ! wat*fulness ( ! same int]e/$ manag] is requir$ at e /age4 ,a delicate plant mu/ be c>ri$ delicately1 ev5 9 transplant+4 ,m important /ill are ! conditions ( f]tility1 :i* make a rotation ( crops & ev5 mix$ f>m+ ess5tial to highe/ productiv5ess4 ,if ea* field mu/ h its def9ite s]ies ( cropp+ & tillage1 toge!r ) ! application ( animal manures1 ! advantage ( ^! comb9$ op]ations "u ! ov]sight & labor ( a s+le f>m] outweighs ! advantage ( m p]fect division ( labor4 ,! result ( all ^! limitations1 s obvi\s 9 agriculture1 is t f>m "w is b slightly m effective or m cont9u\s ?an x 0 hundr$s ( ye>s s9ce4 ,:ile improv$ ma*9]y has imm5sely r$uc$ ! co/ ( c]ta9 processes1 a ye>'s labor involves innum]able *anges ( employm5t1 s t no f>m] inquires1 9 hir+ 8 help1 = an exp]t 9 any direction1 b wants a man ( all "w ^: skill is l>gely +5uity 9 adju/+ himself to ! con/antly *ang+ duties4 ,sugge/ions ( full] division ( f>m labor4--,x seems possible1 ) ! improv$ condition ( agriculture & ! ne>ness ( ready m>kets1 to attempt a l>g] use ( division ( labor 9 sev]al directions4 ,a gr\p ( f>m]s1 well acqua9t$ ) ! possible advantages1 may classify _! f>ms z gra9 f>ms1 dairy f>ms1 bre$+ f>ms1 fe$+ f>ms & m>ket-g>d5s4 ,su* a community ( int]e/s w\ld f9d n only ! advantages ( ex*ange betwe5 ea* o!r1 z well z ! re/ ( ! _w1 b w\ld soon build up bodies ( exp]t "y m5 9 ! sev]al specialties1 ^: "w w\ld be at a premium ev]y:]e4 ,) ^! int]e/s recogniz$1 /ill great] division ( labor is possible4 ,an exp]t 9 ! c>e ( trees & prev5tion ( diseases to fruits & vegetables c quickly f9d employm5t1 & may p]fect himself 9 all ! requirem5ts ( successive seasons4 ,a dairy exp]t may f9d use = 8 sup]ior k & skill on successive t\rs among ! dairy f>ms4 ,e f>m l>ge en\gh to employ sev]al m5 ga9s "s ( ! advantages ( division by mak+ ea* man responsible = a def9ite "p ( ! f>m "w4 ,! less ! workm5 are h&l$ 9 gangs1 ! bett] ea* "o's abilities c be tra9$ to meet 8 responsibilities4 ,^! possibilities are greatly increas$ by e device = dim9i%+ ! effect ( wea!r *anges4 ,"u-dra9age gives l>ge advantages 9 ?is direction f l5g!n+ ! "t dur+ :i* ! same op]ation c g =w>d4 ,means ( protect+ crops 9 ! field s]ve a simil> end4 ,p]haps ! easie/ application to be made 9 any neighborhood is a sy/em ( m>ket+1 ?r\gh keep+ an exp]t collector & di/ributor ( produce busy 9 a limit$ region4 ,all ! wa/e ( articles too few to be c>ri$ to m>ket is practically sav$1 & con/ant association ) ! m>kets ( ! _w is made possible4 ,especially is ?is applicable to small fruits1 milk1 butt] & eggs4 ,if ?is m>ket wagon c also s]ve to c>ry ! daily mail = all ! neighborhood1 ! problem ( rural deliv]y w\ld be almo/ solv$ ) a trifl+ exp5se4 ,ev5 :]e su* a measure is n possible1 neighbor+ f>m]s may approa* su* results by comb9+ = m>ket & mail days 9 a circle1 ea* tak+ a diff]5t day ( ! week :5 he w d 8 neighbor's err&s4 ,) increas$ confid5ce 9 mutual int]e/s1 x seems possible t speciali/s 9 v>i\s directions might gr[ up among a unit$ circle ( f>m]s4 ,! use ( ma*9]y & blood$ /ock c c]ta9ly be greatly increas$ by c>eful adju/m5t ( int]e/s4 ,great improvem5ts 9 se$ & 9 me?ods ( culture may be discov]$ by agreem5t among a body ( f>m]s t c]ta9 individuals %all make a specialty ( ^? improvem5ts4 ,x is ev5 conceivable t a rotation ( crops might be c>ri$ on ^u a doz5 f>ms1 :ile ea* f>m] gives 8 att5tion to 8 specialty4 ,x w\ld require1 ( c\rse1 a mu* clos] comb9ation 9 cr$it ) ea* o!r ?an has yet be5 f\nd among f>m]s4 ,at ! v be/1 h[ev]1 f>m+ mu/ /ill rema9 ! mo/ prom95t illu/ration ( limitation 9 ! application ( ! great labor sav+ & capital sav+ by m9ute division ( labor4 ,disadvantages ( extreme division4--,! great addition to weal? s di/9ctly trac$ to division ( labor is n ga9$ )\t "s disadvantages to ! community4 ,almo/ c]ta9ly ! inactivity ( body compell$ by conf9em5t to a simple portion ( a trade induces physical weakness4 ,! heal? ( work]s 9 factories is (t5 unc]ta91 & ! av]age ( life is kn[n to be r$uc$4 ,:ile /ead9ess ( employm5t contributes to /eady habits1 ! r$uc$ activity contributes to weakness4 ,p]haps ev5 m p]ceptible is ! t5d5cy t[>d n>r[ness ( m9d4 ,+5uity is develop$ 9 ! 8,jack ( all trades10 al?\gh 8 in=mation 9 reg>d to ea* "o may be limit$4 ,! man :o kn[s all ab\t a v small "p ( "o trade has little to /imulate 8 m9d to ex]tion4 ,inde$1 habit is liable to make 8 v action & judgm5t purely automatic4 ,! fact t ! raw h& c be quickly made effective makes ! /imulation to self-education ev5 less ?an 9 ord9>y circum/ances4 ,! con/ant dep5d5ce ( ea* labor] ^u ! r\t9e ( 8 "w & 8 absolute dep5d5ce ^u au?ority = 8 employm5t lead naturally to lack ( self-control4 ,a man may gr[ almo/ l ! ma*9e he h&les1 respond+ only to ! dem& ( 8 ov]se]4 ,^! t5d5cies fo/] also a gr[? ( class di/9ctions4 ,su* workm5 are ?\ght ( z op]atives1 held 9 a class by !mselves4 ,!y may be expect$ to "k little ( ! int]e/s ( community outside _! own circle1 & are (t5 di/ru/$ 9 matt]s ( common welf>e4 ,!y !mselves di/ru/ ! lead]%ip ( ^? ^u ^: managem5t !y dep5d = employm5t4 ,all ^! disadvantages may be ov]come by m community ( int]e/ among work]s ( all classes = _! com=t & improvem5t outside _! tasks4 ,x is a fact t associations = ! advancem5t ( work]s 9 social & political fre$om & mutual self-support h gr[n mo/ rapidly 9 ! neighborhood ( factories1 :]e division ( labor is extreme4 ,a truly philan?ropic _s may be 9 entire agreem5t ) ! mass+ ( labor = greate/ accompli%m5t4 ,! places ( lea/ developm5t are always f\nd :]e cr[ds ( labor]s "w 9 m]e gangs or :olly unorganiz$4 ,! :olesome influ5ces surr\nd+ rural life are ev]y:]e grant$ s f> z physical developm5t goes4 ,!y may also be grant$ 9 communities ( g5]al ent]prise ) ref]5ce to ready +5uity & judgm5t4 ,! f>m]'s boys mov+ to ! cities c>ry n only physical /r5g? & endurance b a m5tal capacity = ready adaptation to em]g5cies :i* develops into wisdom4 ,! majority ( lead]s 9 great ent]prises are /ill expect$ to gr[ up on ! f>m4 ,?is is und\bt$ly 9 "p due to ! impossibility ( cramp+ by extreme division ( labor4 ,at ! same "t a p>tial application ( its pr9ciples is ne$$ to br+ leisure = "s g5]al culture & l>g] acqua9tance ) ! progress ( ! _w4 ,z ! evils ( factory life c be cur$ by att5tion1 s ! weaknesses ( rural life c be remov$ by a c>eful /udy ( its ne$s4 ,true education 9 bo? qu>t]s is ess5tial z a means ( mutual und]/&+ & adju/m5t ( int]e/s4 ,*apt] ,,xiv4 ,aggregation ,( ,indu/ry4 ,great comb9ations4--,! t5d5cy t[>d improvem5t by comb9ation ( labor]s ?r\gh ! possibilities ( division ( labor leads to /ill l>g] comb9ations 9 s-call$ factory sy/ems1 & ev5 to a comb9ation ( factories 9 l>ge corporations4 ,?is t5d5cy has be5 especially m>k$ s9ce ! multiplication ( labor-sav+ ma*9es & m p]fect sy/ems ( transportation4 ,inde$1 ! possibility ( ext5sive ma*9e us+1 z well z ext5d$ division ( labor1 re/s ^u a comb9ation ( _m =ces "u "o g5]al managem5t4 ,beyond ^! advantages1 sav+ is f\nd 9 ! necess>y c>e = wa/e products1 :i* (t5 may be turn$ into pr(it1 great] fre$om ( action f clos] community ( int]e/s1 greatly enl>g$ facilities = m>ket+1 & ! be/ possible devices = h&l+ & transport+ products4 ,all ^! advantages 9 great e/abli%m5ts are readily p]ceiv$1 yet "s h d\bt$ :e!r ! ga9s are s di/ribut$ z actually to increase ! g5]al welf>e4 ,f>m]s1 p]haps1 z readily z any p]sons1 di/ru/ ! p[] ( great corporations4 ,wage e>n]s1 g5]ally1 9 ! expression1 8corporations h no s\ls10 express _! di/ru/ ( results4 ,yet s f> z !y actually introduce improvem5t 9 production s t v>iety ( products is increas$ & ! co/ ( production r$uc$1 ! :ole community ga9s 9 l>ge measure ! total sav+4 ,any "o c realize ! advantage by /udy ( a s+le article ( e-day use4 ,9 ! middle ages ! clo? 9 a g>m5t 0 wor? eight times ! wool f :i* x 0 made4 ,n[ ! value is *iefly 9 ! raw product4 ,! price ( iron affects e f>m] ?r\gh ! co/ ( 8 tools & implem5ts or ! quality ( ei!r4 ,comp>e ! mod]n /eel hoe1 fir/ 9 quality & !n 9 co/1 ) ! hoe ( fifty ye>s s9ce4 ,!n measure t co/ 9 its relation to a day's "w1 z comp>$ ) ! same measure 9 #ahej4 ,all are 9 ?is way b5efit$ by r$uc+ ! ex]tion ne$$ to procure any "o article ( use1 s9ce m ex]tion may be left = meet+ o!r wants4 ,if ma*9]y & improv$ me?ods h ent]$ less into ! f>m]'s home life1 he c f9d 8 own advantage f ! range ( su* improvem5ts 9 o!r directions by ?9k+ :at a p\nd ( butt] w buy = him today z comp>$ ) :at x w\ld buy be=e ! p]iod ( ma*9]y4 7,*>t ,no4 ,,xiv1 p4 #ajf47 ,! introduction ( labor-sav+ ma*9es is a direct addition to human p[] & economy ( "t1 & a means ( conv]t+ useless mat]ial to meet human wants4 ,t a new ma*9e ?r[s out ( employm5t work]s 9 t p>ticul> field br+s a h>d%ip :i* ought to be %>$ by ! multitude :o are b5efit$2 b ! probabilities are great t ! improv$ me?od ( manufacture w s increase ! uses = ! product z to br+ into employm5t a f> l>g] numb] ( labor]s4 ,! sp9n+ j5ny ?rew out ( employm5t sev]al ?\s& sp9n]s 9 ! old way1 b 9 tw5ty-five ye>s ! clo?-mak]s 9 ,engl& _h increas$ f less ?an eight ?\s& to ?ree hundr$ & tw5ty ?\s&4 ,! ma*9es :i* 9 #agfj 7 ?\ght to h ru9$ "s eight ?\s& clo?-mak]s1 9 #ahcc employ$ two million p]sons4 ,?is is only a /rik+ illu/ration ( :at has happ5$ 9 e direction4 ,x is p]fectly evid5t t communities us+ ! mo/ ma*9]y pay l>g] wages & f> l>g] welf>e to e labor]4 ,x is n too mu* to say t ! actual com=ts )9 ! rea* ( e labor] h be5 m ?an d\bl$ )9 ! la/ hundr$ ye>s4 ,a few illu/rations ( ! actual sav+ 9 co/ ( production & di/ribution may be int]e/+4 ,complicat$ ma*9]y c nev] be us$ 9 produc+ ^u a small scale1 j z a small f>m] c nev] af=d ! use ( a h>ve/]4 ,all ! b5efits ( inv5tion appli$ to ma*9]y h come ?r\gh its use on a l>ge scale4 ,a factory mak+ a ?\s& pairs ( %oes ea* ye> _c use su* ma*9]y z ! "o mak+ a million pairs w ne$4 ,ea* "o ( ! million pairs1 !re=e1 co/s ! _w less ?an ea* "o ( ! ?\s& pairs4 ,aga9 ! l>ge e/abli%m5t1 l an imm5se saw mill1 be+ oblig$ to c>e = its sawdu/1 may devise a way ( mak+ ?is wa/e product ( use 9 press$ blocks = k9dl+1 or possibly 9 buttons or wood ornam5ts4 ,! wa/e ( ! %oe %op is only a nuisance1 b ! wa/e ( a great %oe factory is gr\nd & press$ into all sorts ( useful =ms4 ,all su* sav+ ( wa/e is s mu* add$ to ! _w's /ore ( weal?4 ,t ! l>ge e/abli%m5t saves unnecess>y friction is %[n 9 ! ord] ( any great m]cantile e/abli%m5t4 ,x is /ill m noticeable 9 imm5se iron works sep>at$ f e o!r =m ( indu/ry = ! sake ( fre$om ( motion4 ,9 ^! ways1 pr9cipally1 !re is a sav+ ( labor 9 ! huge dep>tm5t /ores1 al?\gh ! facilities = adv]tis+1 advantages = transportation 9 l>ge bulk & ! employm5t ( exp]t salesm5 9 e dep>tm5t contribute to ! same result4 ,! g5]al exp5ses ( an ord9>y /ore are e/imat$ at ne>ly #dj p] c5t ( ! diff]5ce betwe5 :olesale & retail prices4 ,! same exp5ses 9 ! great cop]ative /ore at ,p>is1 ! ,bon ,m>*1 are only #ad p] c5t4 ,:ile ! controll]s ( capital 9 ! l>ge ent]prises h ! fir/ advantage ( su* sav+1 ! v necessities ( _! bus9ess compel a %>+ ) _! employs & ) ! public4 ,ev5 ! s-call$ tru/s1 suppos$ to be contrivances = controll+ ! m>ket1 h really s]v$ 9 _m in/ances ! welf>e ( ! :ole community4 ,a biscuit tru/1 9 h&l+ ! mo/ ( ! crack]s 9 ! m>ket1 saves great exp5se ( adv]tis+1 a /ill great] exp5se 9 sales by travel+ salesm51 or drumm]s1 & imm5se wa/e ( /ock on h& ?r\gh cond5sation into few] w>eh\ses1 r$uces its insurance to actual co/1 & has br\ght to ! public by means ( all ^! sav+s a great] v>iety ( crack]s ( almo/ uni=m quality suit$ to ! fluctuations ( dem& at a r$uc$ price4 ,no "o d\bts t ev5 ! ,/&>d ,oil ,company1 by means ( its sav+s ?r\gh consolidation1 has at ! same "t pres]v$ ! g5]al supply ( oil f wa/e & br\ght x to e man's door1 ) a great improvem5t 9 quality1 comp>ative safety 9 use1 & an almo/ con/antly dim9i%+ price4 ,! record ( facts %[s t ) all ! t5d5cy to great aggregations1 & s to conc5tration ( p[]1 masses ( wage-e>n]s h _h _! h\rs ( labor %ort5$1 h ga9$ facilities = culture 9 libr>ies1 lectures & volunt>y associations1 h ga9$ habits m sy/ematic1 & regul> me?ods ( life ) great] con/ancy ( employm5t1 h bett] protection ( civil rights1 bett] provision = education ( *ildr51 a l>g] insurance aga9/ accid5t1 & a bett] provision = hospital c>e :5 disabl$4 ,! same sy/em has provid$ me?ods = economical use ( sav+s 9 jo9t /ock companies1 & cultivat$ a g5]al unity ( purpose & appreciation ( o!rs' welf>e4 ,)al x has giv5 to ! mo!rs ( families an imm5se increase ( leisure = home-mak+1 & at ! same "t has op5$ ranges ( employm5t = wom5 )\t homes4 ,ev5 ! rate ( wages has n be5 dim9i%$1 b r increas$1 z is %[n also by actual records4 ,t ! great e/abli%m5ts _c pay less ?an av]age rates is evid5t f ! multitudes seek+ to ent] _! employm5t4 ,moreov]1 !y mu/ pay _! workm5 regul>ly or appe> bankrupt4 ,employ]s on a small scale c easily po/pone ^u all sorts ( pret5ces1 & failures are frequ5t4 ,suppose ! di/ribution ( milk 9 ,new ,york city 7 "u a s+le managem5t4 ,a sy/ematic division ( t]ritory w\ld at once r$uce ! numb] ( milk wagons by at lea/ "o-half4 ,! c]ta9ty ( responsibility w\ld insure uni=m purity1 & means ( transportation c\ld be br\ght to p]fection1 s t ! am\nt n[ deliv]$ w\ld actually co/ p]haps n m ?an two-?irds ! pres5t price4 ,:ile at pres5t prices ! pr(it w\ld be l>ge1 ! necessity = inve/+ ^? pr(its w\ld at once call = ext5sion ( ! trade by r$uc+ ! price1 & at ! same "t increas+ ! proce$s to f>m]s some:]e :o furni% ! l>g] supply4 ,! bett] quality & l>g] quantity = ! same money w\ld c]ta9ly increase ! dem&1 & probably ) direct b5efit to ! milk-rais]s4 ,! ess5tial elem5t ( di/ru/ ( individual managem5t 9 l>ge ent]prises z to fair di/ribution ( ! pr(its /&s 9 ! way ( su* a comb9ation4 ,limits to aggregation4--,x is easy to see t ! advantages ( great e/abli%m5ts _c always be ga9$4 ,! limits ( dem& re/rict ! possibility ( pr(it 9 supply4 ,! elem5t ( space 9 connection ) ! m>ket & 9 relation to ! buy]s makes an important limit4 ,special advantages ( location on a small scale may outweigh ! advantages ( aggregation4 ,utilization ( =ces 9 nature1 l pure wat] or wat] p[]1 or special qualities ( raw mat]ials1 may outweigh all o!r consid]ations4 ,9 g5]al ! requirem5t ( int]e/$ ov]sight 9 a s+le sup]9t5d5t has *eck$ su* gr[?4 ,! m p]fect1 h[ev]1 ! sy/em ( managem5t1 ! less effective is su* a limitation4 ,x is possible ) extreme division ( labor to make di/9ct rules take ! place ( p]sonal direction1 & ov]sight is r$uc$ to a m9imum4 ,all ^! limitations s]ve to *eck ! too rapid gr[? ( ?is factory sy/em & to hold 9 *eck ! t5d5cy to misuse ( p[] 9 possible monopolies4 ,any rais+ ( prices :i* dim9i%es ! dem& de/roys ! advantage ( a great comb9ation4 ,x makes its pr(its by ! quantity ( its products sold4 ,a r$uction ( ! quantity mu* m c]ta9ly ?an a r$uction 9 price de/roys ! advantage4 ,h5ce a monopoly ga9$ 9 ! ord9>y progress ( trade c seldom op]ate = any long "t to advance prices1 ?\gh x may de/roy ! competition ( small] e/abli%m5ts completely4 ,disadvantages ( aggregation4--,x is impossible to ov]look a consid]able numb] ( disadvantages to ! welf>e ( a community 9 a too rapid aggregation ( its indu/rial ent]prises4 ,x *anges l>ge numb]s ( labor]s f indep5d5t work]s to wage e>n]s1 & ?us makes !m a "p ( ! great ma*9e1 ) an imm5se mom5tum 9 production :i* does n s readily yield to ! fluctuations ( dem&4 ,an indep5d5t work] is n worri$ if he has a leisure day4 ,! great e/abli%m5t _c adju/ its ma*9]y to a less5$ dem& )\t a uni=mity ( r$uction 9 wages or "t ( employm5t1 or else ! dis*>ge ( numb]s ( employs4 ,?is is "o ( ! causes ( ov]-production s evid5t 9 c]ta9 directions ^u ! com+ ( f9ancial crises4 ,ano!r great disadvantage is se5 9 ! breakd[n ( any su* ent]prise4 ,!n its employs1 tra9$ = its p>ticul> uses1 f9d !mselves n only )\t employm5t1 b unfitt$ to drop into o!r ni*es ( usefulness4 ,! absolute r\t9e ( ! great e/abli%m5t s fixes habits z to make v difficult a *ange ( "w except 9 l9e ( promotion 9 a simil> organization4 ,! dissatisfaction & di/ress f su* abs5ce ( employm5t is m app>5t ?an 9 ord9>y pov]ty4 ,! /ronge/ objections1 h[ev]1 to ! great aggregations are f\nd 9 ! possibility ( oppression ?r\gh a monopoly ( bus9ess1 & !re=e almo/ absolute control by a few p]sons ( ! int]e/s n only ( a l>ge body ( employs1 b ( e competitor ^u a small] scale4 ,a l>ge comb9ation practically compels all to yield to its me?ods4 ,! c]ta9 economy ( me?ods has l$ to ! /atem5t1 8,:]e comb9ation is possible1 competition ceases40 ,! common say+1 8,competition is ! life ( trade10 becomes untrue :5ev] t competition implies a co/ly s]vice4 ,competition is suppos$ to r$uce co/ by /imulat+ en]gy & +5uity4 ,b :5 t +5uity c be bett] appli$ 9 comb9ation1 ! result is ! de/ruction ( competition4 ,competition may drive ! milk wagon fa/]1 b comb9ation w deliv] m qu>ts ( milk 9 ! same "t4 ,! natural opposition to comb9ation re/s ^u ! same gr\nd z ! opposition to improv$ ma*9]y4 ,x c]ta9ly ?r[s out ( _! ord9>y employm5t a consid]able numb] ( indep5d5t work]s4 ,?is p[] ( ! comb9ation is a con/ant temptation to unscrupul\s & grasp+ manag]s to increase _! advantage by vici\s discrim9ation & false competition1 expect+ ! de/ruction ( o!rs' bus9ess to increase _! own4 ,! l>g5ess ( ! op]ation makes m pla9 ! inju/ice ( ! maxim1 8,all is fair 9 trade40 ,! f9al dang]s ( comb9ation are ?us likely to be ov]e/imat$4 ,x is n true t any l>g] proportion ( false me?ods ( bus9ess ent]s into ! l>ge e/abli%m5t ?an into ! small1 & ! possibility ( pr(it 9 a great comb9ation is q z truly dep5d5t ^u ! univ]sal welf>e z any:]e4 ,! same extremes ( prices m>k ! range = ^! e/abli%m5ts z = any o!rs4 ,! price _c cont9ue high] ?an buy]s w pay ) an increas+ disposition to buy m4 ,x _c rema9 l[]1 ( c\rse1 ?an w enable sell]s to cont9ue liv+ z well z 9 any o!r bus9ess4 ,*ecks ^u increas$ price come z c]ta9ly f sub/itutes z f rival production1 & ! ability ( ! p w always gauge ! am\nt ( sales4 ,! expression 8,:at ! trade w be>10 means a price su* z n to dim9i% consumption4 ,inde$1 ! bus9ess pr9ciples ( a great tru/ are ess5tially ! same z ^? 9 any s+le manufactory4 ,a tru/ :i* /ops ! "w ( c]ta9 factories 9 a comb9ation = ! sake ( dim9i%+ ! output1 because ( dang] to prices f too rapid production1 foll[s ! same pr9ciple z a f>m] :o /ops rais+ :eat f ! probability ( too mu* :eat 9 ! m>ket4 ,! f>m] w\ld bett] lose ! use ( 8 l& = a "t ?an lose ! advantage ( bo? l& & labor by ov]-production ( :eat4 ,9 ! same way a tru/ may wisely hold its fix$ capital unproductive till ! consumption ( ! community rea*es ! full ext5t ( its p[] to produce4 ,! p[] ( "o comb9ation to int]f]e ) ! work+s ( ano!r by indirect me?ods1 l inve/m5t 9 ! o!r's /ock1 is an evil to be treat$ l any fraud4 ,laws & c\rts are 9 ! p[] ( ! p1 & %\ld pres]ve ! rights ( all4 ,"o great dang] ( l>ge comb9ations is ! t5d5cy to gov]n by iron rule in/ead ( by fair judgm5t ( individual cases4 ,?is is a difficulty always connect$ ) great ent]prises1 to be cur$ z gr[? advances ?r\gh e/abli%+ well tra9$ exp]ts ^: judgm5t makes ! rules n only good 9 !mselves1 b well execut$4 ,! gov]nm5t itself is subject to ! same difficulty1 z se5 9 ! h&l+ ( an army1 & is oblig$ to meet x 9 ! same way4 ,ev5 ! abuses (t5 ref]r$ to f enorm\s diff]5ce ( wages betwe5 ! executive (fic]s & ! inf]ior op]atives are q possibly only a natural me?od = solv+ ^! difficulties4 ,a fir/-class (fic] has no difficulty ) 8 m54 ,9 g5]al ^? in/itutions ^: managem5t is co/ly d bett] = _! workm5 ?an ! weak] in/itutions ) weak] m5 at ! head4 ,! suppos$ dang]s f too rapid improvem5t 9 ! ma*9]y ( production are sc>cely to be cr$it$ 9 ! light ( improvem5ts dur+ ! la/ hundr$ ye>s4 ,e improvem5t has c]ta9ly giv5 a l>g] enjoym5t & bett] employm5t to ! masses ( p4 ,! ent]prise :i* inv5ts bett] ways ( accompli%+ any?+ is ! be/ possible means = enl>g+ & /imulat+ ! wants & abilities ( ! :ole p4 ,! v pr(its !mselves are sure to awak5 l>g] ent]prise1 & ev5 if ! accumulat$ surplus is di/ribut$ 9 s-call$ wat]$ /ock1 x does n cease to promote production4 ,! wid] ! di/ribution ( /ock1 ! m p]man5t & m g5]ally satisfactory is ! work+ ( ! great comb9ation4 ,if employs !mselves become %>]s 9 ! bus9ess1 ! true int]e/s ( all are likely to be promot$4 ,:5 ! sav+s ( ! multitude c be p]fectly unit$ 9 a jo9t /ock company1 to furni% ! capital ) :i* ! same p "w1 ! g5]al conditions ( weal? production = all ! community are fairly met4 ,bonanza f>ms4--,an illu/ration ( "s effects ( aggregation may be se5 9 ! enorm\s f>ms ( ! :eat regions ( ,am]ica4 ,!re ma*9]y is introduc$ z f> z possible1 all "w is me?odically plann$ & execut$1 & :olesale rates 9 pur*ases & 9 transportation are secur$4 ,! result is t c]ta9 /aple products1 especially :eat1 are rais$ at a co/ f> bel[ ! av]age co/ to mod]ate f>m]s4 ,! result is l>ge pr(its ^u ! capital inve/$1 9 spite ( ! fact t su* f>ms d n make be/ use ( soil f]tility & c]ta9ly d n ma9ta9 ! be/ condition ( soil = future use4 ,?is1 h[ev]1 is due r to ! nature ( pione] f>m+1 :i* makes imm$iate use ( ! p[]s ( ! soil1 ?an to ! nature ( ! managem5t4 ,x is conceivable t ! same +5uity may cont9ue ! developm5t ( l>ge f>ms "u greatly improv$ agriculture4 ,9 t case ! g5]al effect w be mu* m widely felt ?an n[4 ,s f> x seems t bonanza f>m+ is conf9$ to a v few l9es ( production1 :]e ev]y?+ is b5t 9 ! direction ( less5+ labor in/ead ( b5efit+ ! soil or mak+ homes4 ,!re is no "q z to ! g5]al advantage ( small f>ms 9 mak+ f>m homes4 ,x is a "q :e!r ! g5]al improvem5ts 9 agriculture1 except 9 ma*9]y & its use1 h n come f ! dilig5t +5uity ( ! small f>m] 9 mak+ mo/ ( 8 own acres4 ,b5 ,frankl9 said1 8,! be/ manure = ! f>m is ! foot ( its own]40 ,! int]e/$ con/ancy among small f>m]s c]ta9ly develops bo? "* & ability 9 any c\ntry4 ,?is fact has probably be5 "o reason = ! small f>ms ( l>ge p>ts ( ,europe4 ,"o-?ird ( ,france is cultivat$ by own]s ( f>ms av]ag+ #g- acres4 ,f\r-fif?s ( ,bav>ia1 ,belgium & ,switz]l& are 9 f>ms ( less ?an twelve acres4 ,ev5 ,prussia has #ijj1jjj f>ms ( less ?an f\r acres4 ,^! f>ms v>y 9 quality f poore/ to ri*e/1 & peasant f>m]s are n able to boa/ ( _! weal?4 ,yet "s ( ! mo/ f]tile regions are made s & kept s by ! labor employ$ ^u ! small f>m4 ,"s ( !m also involve l>ge capital4 ,! ,isle ( ,j]sey1 :]e l& is wor? #a1jjj an acre1 is s divid$ t an av]age f>m is eight acres4 ,( c\rse1 b little labor-sav+ ma*9]y rea*es ^! places4 ,tillage ) ! spade co/s five times z mu* z tillage by pl\gh2 yet ! small f>m] f9ds su* advantage f its use z to call x gold m9+4 ,x is probable t ! /rong competition ( imm5se f>ms 9 gra9 rais+1 possibly also 9 sug> rais+ f ei!r cane or beets1 & 9 se$ rais+1 w awak5 among ! small] f>m]s att5tion to f9] grades ( f>m+ & m c>e = ! f]tility ( _! few] acres4 ,on ! :ole1 ! t5d5cy ) increas+ population is t[>d small] f>ms ) m int5sive f>m+4 ,:e!r our c\ntry1 ) its /rong] comm]cial en]gy1 w foll[ ?is t5d5cy z exhibit$ 9 nor!rn ,europe seems d\btful4 ,x is n likely t we %all ev] admit ! legal re/rictions "u :i* division & subdivision h made _! way 9 t region4 ,! "q w d\btless be settl$ by economic conditions indep5d5t ( legislation4 ,at pres5t we are f> f ei!r extreme1 z c be se5 by ref]5ce to ,*>t ,no4 ,i1 p4 #i4 ,dep>tm5t /ores4--,increas+ application ( ! pr9ciples ( aggregation is se5 9 ! s-call$ dep>tm5t /ores1 :i* n only deal 9 ev]y?+ b ) ev]ybody1 ext5d+ _! trade by mail ov] l>ge t]ritory4 ,! v evid5t economy ( su* aggregation ( capital = purposes ( ex*ange appeals s directly to ! cu/om]s z to make ! suff]]s 9 competition cry out 9 va9 = re/rictions4 ,su* /ores seem sure to ma9ta9 _! advantage 9 ex*ange1 except ) ref]5ce to m]e local di/ribution ( e-day necessities & exp]t h&l+ ( specialties4 ,! community does well to give att5tion n s mu* to re/rictions ^u ?is trade z to r$uction ( opportunity = abuse ( p[] ov] ! mass ( employs "u control4 ,! great e/abli%m5t w c]ta9ly br+ m satisfactory conditions 9 "t ?an ! multitude ( small ones beyond ! rea* ( public inspection4 ,tru/s4--,( late ye>s ! advance ( comb9ation 9 s-call$ tru/s has be5 enorm\s4 ,! und]ly+ pr9ciples ( economy already illu/rat$ furni% ! occasion = su* comb9ations1 b ! imm$iate advantage to promot]s ( su* ent]prises1 because ( ! suppos$ p[] 9 control ( ! m>ket1 is f\nd 9 ! speculative int]e/ 9 /ocks4 ,9 ?is respect ! multiplication ( tru/s w furni% ! pr9cipal weapon aga9/ !m4 ,yet ! dang]s to ! indu/ry ( ! c\ntry1 z well z to ! safety ( ex*anges1 f su* rapid consolidation ( managem5t are easily p]ceiv$4 ,x is c]ta9ly necess>y t responsibility = su* ent]prises be def9itely fix$ ^u ! %>e-hold]s4 ,& x is m ?an probable t gov]nm5t inspection ( su* bus9ess may become z necess>y z x n[ is ( ! bank+ sy/ems ( our c\ntry4 ,"s /ud5ts ( ! subject =esee a f9al assumption ( absolute control by ! gov]nm5t ( all indu/rial ent]prises z a result ( ?is t5d5cy to aggregation4 ,! "q _c be discuss$ 9 ?is connection1 s9ce x involves a wid] range ( welf>e ?an c be consid]$ "u production4 ,possible comb9ations = f>m+4--,x is prop] to close ?is *apt] ) sugge/ions z to ! possibility ( ga9+ ! advantages ( comb9ation = f>m+ communities )\t di/urb+ ! pres5t condition ( own]%ip ( l&4 ,:5 our f>m]s g5]ally %all h outgr[n ! disposition to make money by emigration1 s t ea* f>m+ community is made up ( f>m homes ) a /able population1 m intimate associations = f>m op]ations ?an n[ are possible ought to become ! rule4 ,sugge/ions h already be5 made z to ! possibilities ( great] division ( labor1 b o!r advantages ( comb9ation 9 ! way ( labor sav+ c c]ta9ly be secur$4 ,m def9ite bus9ess me?ods & mutual confid5ce 9 a neighborhood ( f>m]s make possible enorm\s economies 9 ! way ( mutual protection & advantage4 ,! removal ( f5ces1 ) possible comb9ation 9 se$+ & tillage1 a univ]sal me?od ( deal+ ) insects1 blights1 ru/s & simil> plant diseases1 ! h&l+ ( products 9 company1 & above all a p]fect sympa?y 9 all me?ods ( improvem5t1 education & developm5t ( ent]prise1 w accompli% wond]s4 ,*apt] ,,xv4 ,special ,inc5tives ,to ,production4 ,good gov]nm5t *ief4--,! productive en]gy ( any c\ntry is enc\rag$ *iefly by :at we call good gov]nm5t4 ,?is means especially security ( prop]ty rights by prev5tion ( frauds & robb]y ( e k9d1 & free int]*ange ( ideas1 z well z ( products ( indu/ry1 & g5]al public intellig5ce4 ,x is n en\gh t individuals ?r\gh\t a community be fairly intellig5t1 b !y mu/ h suffici5tly mutual gr\nd ( intellig5ce 9 common purposes & common int]e/s 9 ev]yday "w to br+ )\t ef=t a p]fectly mutual confid5ce4 ,:]e ^! ess5tials are abs5t no devices c op]ate ext5sively = ! enc\ragem5t ( en]gy 9 production4 ,:]e !y are pres5t x is always possible to add extra inc5tives1 to give direction at lea/ to ! en]gies ( ! p1 & p]haps to increase ^? en]gies4 ,"s ( ^! inc5tives are too important to be ov]look$4 ,premiums4--,! mo/ simple means ( enc\rag+ ent]prise is f\nd 9 premiums ( v>i\s k9ds (f]$ by individuals1 local societies or municipal au?ority4 ,^! op]ate by add+ to ! natural advantage ( en]getic labor "s special rew>d 9 recognition ( its accompli%m5t4 ,illu/rations are famili> 9 connection ) s-call$ fairs ( all k9ds :]e prizes are di/ribut$ = ! l>ge/ product ( a k9d1 ! mo/ pr(itable crop1 ! be/ article = any purpose1 ! greate/ v>iety ( crops or /ock1 or = any conceivable device :i* seems to add to ! produc+ p[] ( ! community4 ,gov]nm5ts (t5 (f] premiums = plans ( public build+s1 & sometimes = (f5sive weapons4 ,all ( ^! op]ate ^u ! "o pr9ciple ( ar\s+ special en]gy by sup]ior advantage giv5 to ! successful competitor4 ,its advantages are evid5t4 ,its disadvantages sometimes outweigh advantages4 ,x enc\rages some:at ! _s ( gambl+1 result+ 9 devices = w9n+ ! prize ?r\gh false repres5tation4 ,x exagg]ates ! importance ( %[y qualities = ! sake ( notoriety1 & x fo/]s ^? jeal\sies :i* too con/antly int]f]e ) ! welf>e ( communities4 ,bo? advantages & disadvantages are well illu/rat$ 9 agricultural fairs4 ,^! h prov$ a mo/ admirable /imulant to bett] agriculture1 :]e cle>-head$1 intellig5t judges h judici\sly di/ribut$ prizes ( su* a nature z to h _! *ief use 9 e/abli%+ ! quality ( ! product %[n )\t cat]+ too di/9ctly = ! en?usiasm ( ! cr[d or = individual pr(it4 ,! *ief end ( all su* inc5tives is rightly f\nd 9 ! educational influ5ce f comp>ison ( products & ! e/abli%m5t ( /&>ds :i* ! :ole mass ( ! p may be l$ to accept4 ,b\nties4--,a less common b ext5sively us$ inc5tive is 9 b\nties4 ,^! are advantages ( v>i\s k9ds1 frequ5tly 9 money1 giv5 by local or g5]al au?ority = peculi> s]vices or special ent]prises4 ,a famili> illu/ration is se5 9 ! b\nty ( late ye>s (f]$ by diff]5t /ates = ! production ( sug>1 especially sug> f beets or f sorghum4 ,! object is evid5tly to ar\se ! en]gies ( a community 9 a special direction1 ) ! expectation t ! e/abli%m5t ( a new indu/ry w1 9 ! nature ( ex*ange1 promote ! welf>e ( all4 ,"s c\ntries h /imulat$ =eign ex*ange by a b\nty ^u exports1 su* z ,g]many n[ pays ^u ! beet sug> export$ to o!r c\ntries4 ,( ! same nature are ! gifts made by local communities = ! e/abli%m5t ( mills1 factories1 railroads1 irrigat+ dit*es1 all ( :i* are suppos$ to br+ pr(it to ! community 9 g5]al 9 mu* l>g] proportion ?an ! special ent]prises h receiv$4 ,! pr9ciple is ! same :5 b\nties are (f]$ = ! de/ruction ( wolves1 foxes & o!r v]m91 or :5 /&+ rew>ds are giv5 = ! arre/ ( crim9als4 ,!re c be no "q ( ! "r ( a community to (f] ?is extra /imulant to p>ticul> ex]tions1 b ! wisdom is d\btful4 ,9 ! fir/ place1 b\nties are liable to )draw capital & labor f m c]ta9 me?ods ( production to m unc]ta9 me?ods4 ,inde$1 ! *ief object ( ! b\nty is to entice into exp]im5ts ^? :o w\ld o!rwise hesitate4 ,! advantage ( ! b\nty is v liable to be ov]e/imat$4 ,p ha/5 9 /eps to secure b\nty )\t c>eful /udy ( ! bus9ess !y und]take4 ,?is is especially true ( b\nties = e/abli%m5t ( factories 9 new locations4 ,!y attract ! lea/ exp]i5c$ & mo/ speculative m51 )\t consid]ation ( ! f> m important elem5ts ( imm$iate m>ket & conv5i5t employm5t ( labor4 ,railroads are built = ! bonds vot$ )\t c>e = future pr(it4 ,ent]prises ( ?is k9d1 promot$ by b\nties1 are especially liable to failure4 ,! hi/ory ( developm5t 9 ! we/ gives ov]:elm+ evid5ce ( _! weakness4 ,ev5 :5 ! b\nty is (f]$ = r$uction ( v]m91 x is (t5 misappli$4 ,num]\s cases are on record :]e ! b\nty became a /imulant to ent]prise 9 rais+ ! v animals to be de/roy$4 ,ev5 rew>ds = ! arre/ ( crim9als seem sometimes to create a body ( m5 :o ?rive by fo/]+ a crim9al class1 ) a hope ( sometime gett+ a pr(it f arre/s4 ,z a means ( /imulat+ g5]al indu/ry !y are too un/able to be satisfactory4 ,mo/ probably political p>ties are 9 con/ant cont5tion ov] ! ma9t5ance ( ! b\nty4 ,no m insidi\s enemy to ! purity ( politics c be f\nd ?an ! selfi% int]e/ ar\s$ by special b\nties4 ,monopoly privileges4--,gov]nm5t monopolies h be5 a favorite me?od 9 pa/ ages ( fo/]+ p>ticul> ent]prises4 ,^! are 9 ! nature ( an exclusive privilege1 grant$ to individuals or corporations = ! manufacture or sale ( p>ticul> commodities1 & occasionally = special public s]vices4 ,^! 7 once a me?od ( %[+ royal favor1 & ! ^w monopoly has 9 its v nature ! idea ( inequality4 ,h5ce !y are unpopul> "u all circum/ances1 except :5 p]man5t & univ]sal advantage is secur$4 ,lic5se4--,! monopoly ( s]vice is secur$ by ! issue ( a lic5se4 ,if grant$ ?r\gh (ficial favoritism1 ! wrong is easily appreciat$2 if grant$ to all :o con=m to necess>y requirem5ts = ! g5]al welf>e1 z 9 %[+ qualifications = tea*+1 comp\nd+ ( drugs1 or practice ( m$ic9e1 ! lic5se is recogniz$ z useful4 ,9 fact1 x seems to furni% security = satisfactory gov]nm5tal s]vice1 & is ! basis ( all promis$ re=m 9 civil adm9i/ration4 ,pat5t & copyright4--,! *ief illu/rations ( a g5u9e monopoly ma9ta9$ by gov]nm5t au?ority are f\nd 9 ! pat5t ^u inv5tions & ! copyright ^u publications4 ,a pat5t is conf]r$ ^u ! inv5tor ( 8any new & useful art1 ma*9e1 manufacture or composition ( matt]1 or any improvem5t !re(10 ^u pro( t ! inv5tion is orig9al1 n previ\sly 9 use any:]e1 & likely to be b5eficial r ?an detrim5tal4 ,?is pat5t secures to ! inv5tor ! sole "r to make1 use or ex*ange articles manufactur$ aft] ! patt]n describ$1 or ^u ! pr9ciple involv$ 9 con/ruction4 ,?is monopoly is limit$ usually to a t]m ( ye>s suppos$ to be suffici5t to secure to ! inv5tor a rew>d = 8 ex]tion4 ,! pat5t laws ( ! ,unit$ ,/ates protect ! rights ( an inv5tor = sev5te5 ye>s1 entitl+ him to damages ^u pro( 9 ! prop] c\rt ( infr+em5t ^u 8 pat5t4 ,su* protection ext5ds1 ( c\rse1 only ?r\gh\t ! t]ritory "u ! same gov]nm5t4 ,x may be secur$1 h[ev]1 9 =eign nations "u special regulation1 s z to cov] ! mo/ ( ! civiliz$ _w4 ,! copyright s]ves ! same purpose1 & is limit$ 9 mu* ! same way1 = secur+ to ! products ( ?\ght or ( ta/e a prop] rew>d = ! p[]s ex]t$4 ,x gives to an au?or control ov] publication ( 8 ?\ghts dur+ a p]iod ( tw5ty-eight ye>s1 9 ord] t ! us]s ( 8 ?\ghts may actually pay :at !y are wor?4 ,?is1 too1 is conf9$ to ! limits ( ! gov]nm5t issu+ x1 unless by agreem5t an int]national copyright is provid$ by ! laws ( ! sev]al c\ntries4 ,fran*ises4--,a /ill m noticeable monopoly is grant$ by municipalities "u :at is call$ a fran*ise = ! e/abli%m5t & ma9t5ance ( wat] supply1 public means ( artificial light+ & heat+1 or means ( public transportation4 ,^! are "u gov]nm5t control usually 9 cities1 because !y employ ! public /reets = c>ry+ on ! ent]prise4 ,! fran*ise is really an ext5sion ( ! lic5se 9 p>ticul> directions4 ,?is is usually issu$ ) ! expectation ( great public b5efit f a l>ge inve/m5t ( capital :i* w\ld n be made )\t relief f competition1 because n imm$iately pr(itable4 ,! fran*ise usually c>ries ) x c]ta9 re/rictions z to use ( public highways & limitation to a t]m ( ye>s4 ,x necess>ily involves ! "r ( gov]nm5t inspection & control = ! g5]al welf>e4 ,difficulties f monopoly privileges4--,all ( ^! monopolies are grant$ = ! purpose ( conf]r+ ^u ! :ole community b5efits t c\ld n o!rwise be secur$4 ,!y are wise only s f> z !y secure ?is result4 ,if ! pat5t "r sy/em wa/es ! en]gies ( inv5tors 9 contrivance ( useless devices1 !re is loss2 if x builds up a class ( m]e speculators1 !re is wa/e2 if x fo/]s monopoly beyond ! giv+ ( a fair rew>d = inv5tion1 x is robb]y4 ,! exact limit ( "t dur+ :i* a pat5t is good /imulates to ! utmo/ ex]tion = wide introduction ( its b5efits1 & at ! same "t prev5ts ! burd5 ( la/+ monopoly4 ,! dang]s are *iefly 9 ! adm9i/ration ( pat5t laws1 f ! c>eless issue ( undes]v$ pat5ts1 or 9 a comb9ation "u a s]ies ( pat5ts to ma9ta9 a con/ant monopoly4 ,x is a safe rule to issue pat5ts only = p>ticul> applications ( sci5tific pr9ciples & n = ! discov]y ( ! pr9ciple1 :i* c be protect$ 9 publication by copyright4 ,dep>tures f ?is rule cut (f ! possibility ( m p]fect contrivances & fair competition 9 devices & me?ods4 ,!re c be no "q ( ! g5]al advantage ( protect+ a g5u9e inv5tor f ! trespass ( o!rs to secure him a fair comp5sation4 ,no o!r plan = a fair ex*ange ( su* s]vices has ev5 be5 sugge/$4 ,! unsettl$ "q is ! prop] limit ( "t = a pat5t to run4 ,! advantages & disadvantages ( copyright are ess5tially ! same 9 "*1 ?\gh ! dang]s are less4 ,s9ce ! l>ge "p ( ! rew>d ( an au?or or an arti/ is 9 ! repute he may secure1 !re is little dang] ( fo/]+ an unfair _s ( monopoly4 ,! fran*ise is subject to ! same pr9ciples1 b its dang]s 9 practice are v great4 ,s long z ! advantages to ! corporation secur+ ! fran*ise may be enorm\s1 if x is suffici5tly ext5d$1 !re is great temptation to brib]y1 bo? 9 ! orig9al issue & 9 ! ma9t5ance ( inspection & municipal control4 ,no?+ has s int]f]$ ) good gov]nm5t ( cities z ! manipulation ( fran*ises4 ,^! abuses und]lie ! popul> call = municipal own]%ip ( wat] works1 light+ plants & /reet railways4 ,protective duties4--,a /ill m widely ext5d$ me?od ( /imulat+ indu/ry by special inc5tives is se5 9 :at is call$ a protective t>iff4 ,?is is a sy/em ( duties ^u articles produc$ 9 =eign c\ntries s levi$ z to *eck ! natural competition by increas+ _! co/ to consum]s4 ,! increas$ co/ ( su* articles1 if n too great to de/roy ! dem&1 increases ! inc5tive to manufacture simil> articles )9 ! c\ntry4 ,! s*$ule ( t>iffs becomes !n a v important elem5t 9 all productive indu/ry1 & requires ! nice/ adju/m5t to ! ne$s & abilities ( ! nation4 ,if associat$1 z is usually ! case1 ) ! rais+ ( gov]nm5t rev5ues1 ! adju/m5t becomes m difficult1 & requires ! judgm5t ( exp]ts 9 comm]ce z well z 9 /ati/ical k ( indu/ries & gov]nm5t necessities4 ,:ile 9 any c\ntry ! exi/+ t>iff is presum$ to h be5 e/abli%$ to meet public ne$1 ! fact t !re is necess>ily a re/riction ^u fre$om ( ex*ange makes x always op5 to "q4 ,! t>iff laws1 l all laws re/rict+ fre$om ( action1 mu/ always h evid5t reason = exi/+4 ,! burd5 ( pro( re/s ) ! "o :o def5ds su* laws4 ,?is is especially true ) ref]5ce to t>iffs1 because ! tr5d ( civilization is c]ta9ly t[>d great] fre$om ( int]c\rse 9 all directions4 ,! b>ri]s betwe5 nations are g5]ally giv+ way be=e ! introduction ( ready transportation & quick communication4 ,! /atesman :o ma9ta9s ! necessity ( re/rictive t>iff mu/ always /& ready to expla9 ?is ob/acle to m complete association4 ,= ?is reason we h ! con/ant agitation ( t>iff que/ions & ! impossibility ( p]man5t settlem5t 9 any p>ticul>4 ,= ! same reason !re are always two phases ( a t>iff discussion4 ,! /ud5t ( social sci5ce inquires *iefly z to ! t5d5cies ( advanc+ society ) ref]5ce to su* re/riction1 &1 see+ ! b>ri]s becom+ less & less1 is likely to seek ! f9al removal ( e su* re/riction4 ,! /atesman1 busi$ ) ! imm$iate conditions ( ! limit$ community ^: int]e/s he gu>ds1 is liable to be = or aga9/ any p>ticul> re/riction z x fo/]s or h9d]s ^? int]e/s4 ,= ?is reason /atesm51 ( :atev] p>ty1 are subject to ! bias ( local int]e/s1 & h ev5 be5 kn[n to *ange _! views ) a *ange ( su* int]e/s4 ,9 our own c\ntry1 :5 p>ty l9es are drawn ^u ! t>iff1 x is q possible t sectional l9es may also m>k ! p>ty supremacy4 ,9 fact1 x is possible = any man to believe 9 fre$om ( trade z ! ultimate condition to be s\ght1 :ile he favors 9 imm$iate practice re/riction or ev5 prohibition by a def9ite t>iff4 ,! purpose 9 ?is *apt] is to give a brief outl9e ( argum5ts = & aga9/ su* t>iff 9 g5]al1 leav+ entirely to practical /atesman%ip ! decision ( special que/ions4 ,reasons = protective t>iff4--,a sy/em ( re/rictive t>iffs is ?\ght to contribute to ! welf>e ( an entire community by artificially increas+ ! natural div]sity ( employm5ts4 ,if new ent]prises c be fo/]$1 ex*anges are greatly increas$1 all ! advantages ( ex*ange are secur$ )9 ! c\ntry1 & ! g5]al intellig5ce ( ! p is increas$4 ,) ?is comes ! enorm\s advantage ( :at is call$ a home m>ket = ! crud] products ( indu/ry4 ,?is is especially to ! int]e/ ( f>m]s rais+ bulky products or ^? n likely to be> transportation4 ,x is fur!r ?\ght to fo/] a bett] agriculture by a m natural return to ! soil ( elem5ts remov$ 9 cropp+1 ! ne>] body ( population mak+ su* return possible4 ,x is also ?\ght to make at once available ! natural res\rces ( a c\ntry 9 m9es1 qu>ries1 wat] p[]s1 etc41 :i* might o!rwise long rema9 useless4 ,x is cont5d$ = z a means ( *eck+ unfair competition betwe5 a long e/abli%$ community ) special advantages = factory me?ods1 ei!r 9 l>ge accumulations ( capital or l[ wages ( labor]s1 & a new] c\ntry :]e capital is sc>ce & wages are high4 ,x is sometimes held to be a means ( ma9ta9+ a high /&>d ( wages ?r\gh ! advantage actually conf]r$ ^u c]ta9 l9es ( indu/ry1 ^u a supposition t competition at home )\t ^! favor$ indu/ries w\ld r$uce ! wages ma9ta9$ 9 o!r indu/ries4 ,if a t>iff on wool calls into pr(itable use a l>ge am\nt ( f>m capital 9 %eep rais+1 e :eat rais] is at ! same "t b5efit$ by r$uction ( competition 9 ! :eat m>ket4 ,if ! capital & labor employ$ are entic$ f o!r c\ntries1 ! effect is ! same by increas+ ! dem& at home = ! :eat4 ,t ?is does n op]ate s long z :eat rais]s come to a m>ket :]e a surplus mu/ be consum$ 9 o!r c\ntries does n de/roy ! argum5t1 s9ce ! t5d5cy is to r$uce ! surplus4 ,! sy/em is also ?\ght to enc\rage1 9 l9es ( indu/ry likely to prove productive1 a rapid developm5t ( labor-sav+ ma*9]y & new me?ods ( manufacture1 :i* may "s "t give to a nation sup]iority 9 ! m>kets ( ! _w4 ,to _m !re seems a mu* m important reason = re/rictions1 9 ord] to e/abli% e ne$$ =m ( production = ! sake ( national indep5d5ce4 ,t nation :i* conta9s )9 its own bord]s ! means ( supply+ all ! wants ( its p is suppos$ to be m capable ( indep5d5t gr[?1 & to be fre$ f hamp]+ competitions ( trade1 t may lead to w>s &1 p]haps1 to extreme suff]+ 9 case ( =eign w>4 ,= abundant examples 9 support ( ^! v>i\s propositions1 appeal is made to ! hi/ory ( ! _w by comp>+ c\ntries develop$ "u a re/rictive t>iff ) less develop$ ones free f su* re/rictions4 ,! hi/ory ( our own c\ntry1 "u ! ups & d[ns ( t>iff legislation1 is also appeal$ to4 ,ev5 ! extra co/ ( c]ta9 articles to ! :ole p1 :i* is ! sole basis ( advantage to ! fo/]$ int]e/1 is ?\ght to be m ?an comp5sat$ by ! direct advantage ( increas+ competition at home1 :]e x w h ! mo/ :olesome effect ^u ! m>ket price4 ,pro( ( ?is1 too1 is s\ght 9 ! rapid developm5t ( iron & /eel manufacture1 :]e protective t>iffs h be5 mo/ p]si/5t4 ,reasons aga9/ protective t>iff4--,aga9/ a sy/em ( protective t>iffs _m /rong argum5ts are n want+4 ,x is cont5d$ t a t>iff on iron goods1 = in/ance1 is j s mu* an add$ burd5 ^u all consum]s ( iron1 &1 s9ce ! bulk ( consumption ent]s into ! co/ ( articles ( univ]sal use1 ! great] "p ( ! burd5 is borne by ! poor] classes ( p1 :o consume z mu* z ! m weal?y4 ,if ! re/rictive t>iff actually limits ! introduction ( =eign goods1 z mu/ be ! case if x acts z a /imulant 9 production1 ! rev5ues receiv$ are f> f be+ 9 due proportion ) ! co/ to ! p1 s9ce ess5tially ! same t>iff is paid by ! consum] :e!r ! article is import$ or manufactur$ at home4 ,al?\gh x is n true t 9 e in/ance ! t>iff is a tax1 9 s f> z x b5efits ! home manufactur] by advanc$ prices x mu/ be4 ,9 s f> z x op]ates = protection ( favor$ indu/ries1 x c]ta9ly fails to s]ve ! purposes ( rev5ue4 ,! div]sity ( employm5t evid5tly fo/]$ by t>iff is said to be unnatural & likely to cont9ue exp5sive1 & any advantages ( m>ket at home are sure to be ov]e/imat$1 especially ) ref]5ce to /aple products ( ! f>m1 s9ce ! surplus necess>ily =m+ a basis = prices mu/ be sold 9 =eign c\ntries )\t ! advantage ( direct ex*ange = articles ( _! own production4 ,t is1 if our t>iff re/rictions limit ! m>ket ( a =eign p1 !y also limit ! ability ( t p to pur*ase ! products :i* we are oblig$ to sell !m4 ,x is cont5d$ fur!r t a rapid developm5t ( v>i$ indu/ries1 in/ead ( ma9ta9+ soil f]tility1 t5ds to m rapid exhau/ion by mak+ m probable ! consumption ( crud] products ( ! f>m 9 villages & cities too remote = return ( f]tility1 al?\gh )9 ! same c\ntry4 ,! developm5t ( natural res\rces "u /imulant ( a t>iff is admitt$ by its oppon5ts1 b repres5t$ z a wa/e ( ef=t1 s9ce ! t5d5cy is to )draw capital & labor f m productive indu/ries into less productive1 & t1 too1 at ! exp5se ( ! m productive4 ,if factories _c give an equal pr(it ) f>m+1 x is absurd to tempt capital away f ! f>ms into factories4 ,s1 al?\gh weal? may be accumulat$ 9 %[y ent]prises1 ! p1 z a :ole1 are less ?rifty & be> unequal burd5s4 ,x is fur!r cont5d$ t ! total labor ( ! community1 :5 a "p is us$ 9 unpr(itable developm5t ( res\rces1 is made on ! :ole less productive1 & !re=e ! p are less able to buy _! neighbors' products1 & mu/ live ) dim9i%$ com=ts4 ,9 t case all ! ha/e 9 develop+ natural res\rces is actual wa/e4 ,if1 on ! o!r h&1 ! re/rictive t>iff invites capital f abroad = ! sake ( ga9+ ! trade ( a c\ntry1 ! dim9i%$ pr(it ( labor 9 "s =eign c\ntry compels emigration1 & su* emigrants are likely to foll[ ! capital4 ,only ! poore/ ( =eign labor]s w be compell$ to help !mselves by emigration1 & only ^? w ga9 by ! *ange ( location4 ,?us x is said a re/rictive t>iff enc\rages ! lea/ desirable =m ( immigration4 ,?is is illu/rat$ 9 ! developm5t ( ! m9+ indu/ry ?r\gh ! fo/]+ effects ( ! t>iff4 ,!re c be no "q t any re/riction ^u trade may fo/] ! contrivance ( comb9ation to secure monopoly4 ,h5ce x is (t5 claim$ t ! exi/5ce ( tru/s is due 9 great measure to t>iff re/rictions1 prev5t+ ! competition natural 9 ! comm]cial _w4 ,x is c]ta9ly true t ! re/riction ( a pat5t "r may make possible ! abuses ( a tru/4 ,if tru/s 7 conf9$ to protect$ indu/ries or to c\ntries ma9ta9+ protective sy/ems1 ! weight ( ! argum5t w\ld be /rong]4 ,x is c]ta9ly true1 h[ev]1 t ! wid] ! range ( competition )\t re/riction1 ! great] ! protection aga9/ comb9ation = sake ( monopoly4 ,! monopoly 9 k]os5e oil w\ld be a great] m5ace b = ! possible *eck ( competition f abroad4 ,su* artificial re/rictions1 aga91 prev5t ! naturally rapid gr[? ( int]national comm]ce1 :i* gives ! sure/ f\ndation = m p]man5t conditions ( peace & great] ext5sion ( welf>e ov] ! _w4 ,! trem5d\s int]e/s ( ! comm]cial _w are ! /ronge/ safegu>d aga9/ unnecess>y w>f>e1 & ! be/ protection to any nation is ! fact t x makes itself ne$$ by all ! re/ ( ! _w4 ,?us int]-dep5d5ce ( nations r ?an indep5d5ce is ! ess5tial aim ( ^? :o seek ! _w's welf>e4 ,an alliance ( two peoples = comm]cial purposes is ! be/ gu>anty ( mutual support ( national in/itutions4 ,9 pro( ( all ^! /atem5ts1 ! exp]i5ce ( ! _w 9 widely v>y+ regions is appeal$ to4 ,! natural break+ d[n ( prohibitory t>iffs has giv5 opportunity = obs]vation4 ,especially has ! comm]ce betwe5 /ates ( ! ,union1 :]e x is absolutely free1 %[n ! g5]al advantage ( su* fre$om 9 rapid developm5t ( weal? & welf>e4 ,:ile ^! /ates h a common int]e/ 9 gov]nm5t1 !y are nev]!less widely di/+ui%$ 9 peculi>ities ( local gov]nm5t & 9 *>act]i/ics ( p4 ,:ile1 !re=e1 !re is possible d\bt z to ! wisdom ( rapid removal ( re/rictions1 !re is e probability t su* re/rictions w gradually be outgr[n4 ,ev5 ! temptation to make retaliatory duties1 :]e o!r gov]nm5ts re/rict aga9/ our products1 is gr[+ less ) increas+ exp]i5ce ( ! true advantage 9 ex*anges4 ,! _w is gradually com+ to see t ! bett] m>ket any region ( c\ntry af=ds = ! re/ ( ! _w1 ! bett] m>ket ! re/ ( ! _w af=ds = x4 ,incid5tal t5d5cies f t>iff4--,! incid5tal effects ( re/rictive t>iffs1 & especially ( ! necess>y in/ability ( re/rictive legislation1 are too int]e/+ to pass by1 ?\gh v limit$ space c be af=d$ !m4 ,9 ! fir/ place !y contribute to a speculative ent]prise :i* leads to wa/e ( weal? 9 unpromis+ und]tak+s because ( a necess>y ov]-e/imate ( ! advantage giv54 ,on ! o!r h&1 a r$uction ( ! same t>iff aft] a s]ies ( ye>s is almo/ sure to br+ panic 9 t l9e ( indu/ry previ\sly fo/]$4 ,s ! fluctuations ( t>iff laws are "o elem5t 9 p]iodic expansion & contraction ( bus9ess4 ,! t>iff laws are c]ta91 also1 to involve ! wor/ elem5t ( influ5ce ?r\gh ! lobby ^u legislative bodies4 ,ev5 ?\gh ! *>ge ( brib]y be utt]ly false1 ! g5]al respect = legislative bodies is l[]$ by *>ges & c\nt]*>ges = political effect4 ,z an occasion = su* *>ges sc>ce any o!r =m ( legislation s]ves z well4 ,ev5 ! p !mselves are easily assum$ by _! neighbors to weigh _! op9ions ^u a t>iff measure by _! p]sonal int]e/s4 ,! indirect influ5ce ( a new t>iff law ^u ! indu/ries ( a c\ntry c sc>cely be =ese54 ,s int]lock$ are all ! v>ieties ( manufacture & trade t a *ange 9 price ( any "o article ( comm]ce may affect hundr$s ( o!rs1 sometimes mu* m ?an ! article re/rict$4 ,x is easily se5 t a duty ^u iron ( a p>ticul> %ape or quality may actually prohibit ! use ( t iron 9 "s product :i* already t\*es ! m>g9 ( pr(it4 ,^! incid5tal effects c sc>cely be =ese5 by ev5 ! wise/ /atesman4 ,! practical adju/m5t ( conflict+ int]e/s 9 ! fram+ ( t>iff laws %\ld be ! "w ( exp]ts4 ,if all p>ties c\ld unite 9 e/abli%+ a bureau ( comm]ce1 dome/ic & =eign1 z dignifi$ z ! ,supreme ,c\rt ( ! ,unit$ ,/ates1 & z indep5d5t ( p>ty int]f]5ce1 su* a body might frame a consi/5t t>iff law1 gradually p]fect+ x 9 adju/m5t to all int]e/s & expla9+ its be>+s to all p>ties4 ,su* a body c\ld take acc\nt ( ! great int]e/s ( agriculture 9 ! comm]ce ( ! _w1 & weigh prop]ly ! indirect influ5ce ( re/rictions4 ,! m>k$ influ5ce ( fluctuat+ t>iff ^u %eep rais+1 s famili> to all f>m]s1 might !n be fairly appreciat$4 ,"u pres5t me?ods x is v c]ta9 t any t>iff law is l>gely a compromise1 ) limit$ judgm5t1 betwe5 agitat+ conflicts ( int]e/$ promot]s4 ,! f>m]s1 ( all p1 c af=d to be cons]vative ( all int]e/s1 & %\ld favor su* me?ods z w "w t[>d enl>gem5t ( comm]ce )\t de/ruction ( indu/ries4 ,if possible1 !y w wisely seek ! removal ( t>iff que/ions f practical politics4 ,9 conclud+ ?is subject1 x is wise to sugge/ t ! true pr9ciple ( regulations = national indu/ry are ! same z ^? = true family economy4 ,! family %\ld s plan its "w & ways z to make ! be/ possible use ( ! p[]s ( e memb]4 ,x is no economy to buy *eap ?+s unless ! memb]s ( ! family c be bett] occupi$ ?an 9 mak+ !m4 ,x is poor economy to make ^? ?+s :i* co/ m "t & ef=t ?an w\ld be us$ 9 mak+ some?+ else = ex*ange4 ,home production is be/ :5 ?is makes ! home labor m effectual1 b wor/ :5 x int]f]es ) ! pr(it ( labor4 ,! f>m] :o /ops h>ve/+ to m5d 8 h>ness :5 he might employ ! h>ness-mak] is wa/eful2 b if he m5ds x on a ra9y day he saves "t :i* w\ld o!rwise be less pr(itably us$4 ,s ! nation ^: capital & labor are n well employ$ may d wisely 9 develop+ new indu/ries1 ev5 at a consid]able exp5se = introduc+ ! new indu/ries4 ,b if all ! nation's en]gies are pr(itably employ$1 ! co/ly developm5t ( res\rces may wisely wait = future capital & labor4 ,s all special inc5tives require a con/ant inquiry z to b5eficial results suppos$ to foll[1 & ! policy ( ! gov]nm5t mu/ con=m to ! ne$s ( g5]al welf>e4 ,ev5 ve/$ rights are subject to ! law ( welf>e involv$ 9 ! orig9al act e/abli%+ special privileges4 ,public use1 n private int]e/1 is ! true reason = ! exi/5ce ( any su* privileges or protection4 ,*apt] ,,xvi4 ,bus9ess ,security4 ,cons]vative influ5ces4--,we h already se5 ! influ5ce ( gov]nm5tal organization ^u v>i\s phases ( production2 b ! *ief fo/]+ influ5ce is ! g5]al /ability ( a community1 n only 9 its laws1 b 9 its cu/oms & habits ( life4 ,security 9 prop]ty rights is a *ief condition = accumulation ( weal?1 & a /ill m necess>y condition = indu/ry4 ,n ev5 want w drive p to indu/ry :5 !re is no c]ta9ty ( possession :5 ! "w is accompli%$4 ,! fruits ( indu/ry mu/ be safe4 ,:ile ! laws ( ! c\ntry are naturally consid]$ ! gu>dians ( rights1 ! cu/oms & habits ( ! p1 ! actual orig9 ( laws1 are ev5 m important4 ,bad habits actually nullify good laws1 :ile bad laws may be made q endurable by good cu/oms4 ,?us1 ! welf>e ( e community dep5ds ^u a cons]vative social influ5ce1 prev5t+ abuse ( opportunity = injury & /imulat+ individual en]gy4 ,! rights ( life1 lib]ty & prop]ty mu/ fir/ be de> to ! mass ( ! p be=e laws c be fram$ = _! protection4 ,?is is especially true 9 a self-gov]n+ p1 b is ess5tially ! same 9 ! mo/ absolute tyranny4 ,s ! *ief safegu>d = e k9d ( bus9ess is ! hone/ "* ( all bus9ess m51 & su* influ5ces z e/abli% good "* & s\nd judgm5t w be fo/]$ on ! simple/ bus9ess pr9ciples4 ,! f>m] :o sells 8 gra9 or 8 fruit by false samples _c compla9 ( false weights & measures at ! elevator4 ,! "o :o gloats ov] victory 9 a horse trade has no "r to grumble at a trick/] 9 wool buy+4 ,! man :o is caught by ! (f] ( a gold brick is n only fooli%1 b false1 & dim9i%es ! security ( himself & ev]ybody else 9 fair b>ga9s & g5u9e bus9ess4 ,! man :o takes advantage ( 8 ignorant neighbor des]ves to be at ! m]cy ( a m crafty deal]4 ,e "o :o makes a false use ( p[] ov] a workman b5ea? him may expect a false use ( p[] f an au?ority above him4 ,s all bus9ess int]e/s1 z well z all rights1 are secur$ by ! "r _s 9 all m54 ,nature ( insurance4--,! fundam5tal activity 9 accumulation ( weal? is =esight2 b no =esight c prev5t all disa/]s4 ,fire1 flood1 w9d & wave are beyond control1 because 9 "s s5se !y are beyond k4 ,aga9/ su* =ces no =esight c secure4 ,! "n insurance is giv5 to e me?od by :i* ! burd5 ( su* un=ese5 losses is provid$ = be=eh& & fairly di/ribut$4 ,! av]age ( su* losses c easily be e/imat$ by exp]i5ce4 ,/ati/ics %[ a wond]ful uni=mity 9 ! mis=tunes ( life z well z1 ! =tunes4 ,ev5 ?\gh *ance be an elem5t 9 e transaction1 ! av]age ( *ances c be di/9ctly calculat$2 & t av]age is ess5tially con/ant among a suffici5tly l>ge numb] ( in/ances4 ,all are famili> ) ! application ( su* calculations 9 fire insurance4 ,among t5 ?\s& h\ses a c]ta9 numb] w be de/roy$ by fire e ye>1 provid$ ^? h\ses are widely di/ribut$ "u ess5tially simil> conditions4 ,! t5 ?\s& h\se own]s c insure ea* own] aga9/ entire loss ( 8 h\se by mutual agreem5t to meet _! %>e ( ! total loss4 ,if t5 h\ses are burn$1 ea* ( ! t5 ?\s& h\se own]s w pay "o-?\s&? "p ( ! total loss1 mak+ a burd5 easily provid$ =4 ,if at ! beg9n+ ( ! ye> ea* has laid aside ?is sum1 ! loss w be met :5 x occurs )\t di/urb+ ! welf>e ( any4 ,! ma*9]y = su* provision is call$ an insurance company1 & ! sep>ate paym5t ( ea* h\se own] is ! premium or aw>d express+ 8 %>e ( ! provision4 ,?is pr9ciple ( e/imat+ losses & provid+ a def9ite way ( meet+ !m is ! same 9 all =ms ( insurance4 ,x has be5 recogniz$ = hundr$s ( ye>s1 b only rec5tly has ent]$ into ! bus9ess life ( ! _w 9 all directions4 ,= a long "t false notions ( rev]5ce = ! p[] t wields de/9y /ood 9 ! way ( su* di/ribution ( mis=tune2 b n[ ! mass ( p ev]y:]e reg>d su* =esight 9 unit$ sympa?y z natural z ! plant+ ( crops4 ,v>i\s me?ods ( insurance4--,satisfactory insurance re/s ^u c]ta9 def9ite bus9ess pr9ciples :i* e insur] may wisely /udy4 ,!re are v>i\s devices = accompli%+ ! same end4 ,a body ( m5 suffici5tly l>ge to make ! av]age ( losses uni=m may b9d !mselves by a simple agreem5t to meet ea* loss z x occurs4 ,to make ?is plan satisfactory !y w ne$ effici5t bus9ess m5 z (fic]s to devise means & me?ods = mak+ ! agreem5t effectual1 = e/imat+ ! actual loss 9 ea* case1 & = di/ribution ( ! claim by assessm5t suffici5t to cov] ! loss & ! exp5se ( collections & e/imates1 z well z ! ma9t5ance ( ! (fic]s4 ,^! (fic]s mu/ ma9ta9 ! bus9ess /&+ ( ! organization 9 ! community1 s t x %all cont9ue = a long s]ies ( ye>s to keep its numb]s l>ge en\gh to ma9ta9 only ! av]age loss4 ,?is is a simple mutual insurance company1 ^u ! assessm5t plan4 ,its weakness lies 9 ! comp>atively slight int]e/ tak5 by ea* memb] 9 ! selection ( its (fic]s1 9 ! abs5ce ( security = ! paym5t ( assessm5ts :5 ne$$1 9 ! long delay liable to att5d collections1 & ! unc]ta9 int]e/ ( ! (fic]s 9 exact adju/m5t ( losses4 ,su* companies are liable to be too small to give a fair av]age ( losses1 & 9 any s]i\s em]g5cy to fail = want ( exp]t bus9ess ability & tru/wor?y "* 9 (fic]s4 ,if1 in/ead ( ! assessm5t aft] losses1 a def9ite p]c5tage ( probable loss is paid 9 advance1 ! responsibility = use & ma9t5ance ( su* funds calls = a bus9ess "* & ability 9 ! (fic]s :i* usually secures bett] results4 ,x especially avoids ! dang] ( slackness & failure on ! "p ( ! insur]4 ,x leads to clos] scrut9y ( actual losses1 & helps ! insur] to m c>efully measure 8 int]e/1 s9ce he already has an inve/m5t 9 ! bus9ess4 ,any ov]e/imate ( expect$ losses may be return$ 9 divid5ds to ! insur$1 or may be reta9$ z a surplus = security aga9/ losses above ! av]age ( exp]i5ce4 ,! only weakness ( ?is me?od is 9 ! p[] entru/$ to individual (fic]s1 elect$ on ! gr\nd ( popul>ity by comp>ative /rang]s4 ,ev5 :5 a bo>d ( directors *os5 f well-kn[n bus9ess m5 is add$ to ! ma*9]y1 ! dang]s f incompet5t & di%one/ managem5t are n avoid$4 ,su* directors are too prone to consid] _! names _! only contribution to ! welf>e ( ! association4 ,a jo9t /ock company1 insur+ ) def9ite premium1 is likely to br+ ! be/ bus9ess managem5t1 ! quicke/ ?\gh n always ! faire/ adju/m5t ( losses1 & ! confid5ce ( ! bus9ess community4 ,its prosp]ity1 h[ev]1 is h9d]$ some:at by ! common judgm5t t ! int]e/s ( ! /ockhold]s mu/ be aga9/ ! int]e/s ( ! insur$4 ,! actual *eapness ( insurance dep5ds n s mu* ^u ! am\nts paid f "t to "t z ^u ! actual quality ( ! insurance pur*as$4 ,assessm5t companies ( all k9ds1 )\t a legal li5 ^u def9ite prop]ty1 are decid$ly lack+ 9 quality1 s9ce _! gu>anty ( paym5t involves ! f9ancial cr$it ( e p]son insur$4 ,no "o %\ld be deceiv$ by ! promise ( insurance at co/1 until he kn[s exactly h[ g5u9e t insurance w rema9 dur+ ! p]iod ( ye>s = :i* he desires x4 ,gov]nm5tal control ( insurance4--,! ess5tial importance ( insurance & ! difficulties ( provid+ aga9/ fraud & mismanagem5t h l$ naturally to gov]nm5t inspection1 & 9 "s c\ntries to gov]nm5t control ( insurance ag5cies4 ,! laws ( v>i\s /ates provide diff]5tly = inspection & reports1 & re/rict ! action ( companies 9 v>i\s directions4 ,x is probable t "t w develop ! necessity ( great] uni=mity ( insurance laws & m def9ite requirem5ts 9 ! way ( publi%$ reports & exp]t inspection4 ,at pres5t1 insurance commission]s (t5 h ! confid5ce ( nei!r companies nor p1 & no exp]t k is dem&$ 9 ! c&idate = t (fice4 ,! desirability ( insurance by gov]nm5t direct is que/ion$ s long z gov]nm5ts !mselves are un/able & popul> w favors laxity 9 ! bus9ess ma*9]y4 ,t insurance c\ld 9 ?is way be made *eap] is a matt] ( d\bt :ile great masses ( p magnify _! claims aga9/ gov]nm5t & m9ify _! obligations to x4 ,frauds aga9/ gov]nm5t 9 bo? taxes & claims are prov]bial4 ,at any rate1 gov]nm5ts w n wisely und]take ! indef9ite applications ( insurance until l>g] exp]i5ce & wid] acqua9tance ) ! me?ods 9 vogue are rea*$4 ,applications ( insurance4--,! applications ( insurance are indef9ite 9 v>iety4 ,!re is no limit to ! possibilities except 9 ! lack ( exp]i5ce to settle ! av]age ( h>d%ips4 ,insurance ( prop]ty aga9/ fire & /orm is well und]/ood & almo/ ev]y:]e practic$4 ,insurance ( life is almo/ equally ext5d$1 9 :i* ! head ( a family may 9 a measure provide aga9/ ! suff]+ ( 8 family 9 8 unexpect$ removal by dea?4 ,?is is easily ext5d$ into insurance aga9/ accid5t4 ,9 ?is1 z 9 life insurance1 !re is "s lack ( exp]i5ce1 z yet1 z to ! actual co/4 ,x is possible ev5 to insure aga9/ di%one/y ( employs ?r\gh s-call$ bond & security companies1 :i* issue bonds = def9ite am\nts payable 9 case ( failure ( ! p]son ^: "* is insur$ to meet ! expectations ( 8 employ]4 ,su* companies1 9 _! own int]e/1 ex]cise an influ5ce ov] ! "* ( ^? = :om !y h giv5 bonds by att5tion to _! habits ( life & bus9ess me?ods4 ,!y make m prom95t ! maxim1 8,hone/y is ! be/ policy10 :e!r !y actually cultivate hone/y 9 fact or n4 ,!re is no conceivable limit to ! possible applications ( ! pr9ciples ( insurance4 ,x seems possible t a body ( bus9ess f>m]s1 subject z !y are to s _m disa/]s f wea!r1 insects & contagi\s diseases ( /ock & vegetation1 might devise me?ods ( equaliz+ & dim9i%+ ! disa/] f su* losses 9 a common sy/em ( insurance4 ,z a basis = su* sy/ematic action1 c>eful /ati/ics = l>ge regions ( c\ntry are absolutely necess>y4 ,) su* losses cle>ly pres5t$ & av]ages fairly e/imat$1 insurance w\ld be j z feasible z x is n[ aga9/ fire4 ,x w be wisely und]tak5 fir/ ^u su* matt]s z c be mo/ def9itely measur$ 9 doll>s & c5ts4 ,losses f accid5ts to teams & o!r live /ock h already be5 /udi$ & insurance to a limit$ ext5t attempt$4 ,! difficulties ( su* insurance are greatly increas$ by ! ease ) :i* own]s may contrive to m>ket unsalable /ock ?r\gh a false repres5tation ( mis=tune4 ,! possibilities1 h[ev]1 ( ext5d+ ! advantages ( insurance 9 a bus9ess ( ?is nature are wor?y ( m c>eful /udy4 ,,"p ,,ii4 ,,di/ribution ,,( ,,weal? ,,= ,,welf>e4 ,*apt] ,,xvii4 ,g5]al ,pr9ciples ,( ,fair ,di/ribution4 ,weal? di/ribut$1 n welf>e4--,9 consid]+ ! pr9ciples ( fair di/ribution among all ! p>ties contribut+ to production ( weal?1 x is necess>y to rememb] t weal? & n welf>e is ! subject ( ?\ght4 ,a *ild may h equal "r to welf>e ) 8 fa!r1 b _c 9 any s5se h equal own]%ip ( weal?4 ,! welf>e ( a complete imbecile may be ! c>e ( ! /ate1 b he c 9 no s5se control weal?4 ,di/ribution ( weal? _c1 !re=e1 include ! subjects ( *>ity1 b mu/ be conf9$ to a /udy ( ! natural relations betwe5 individual own]s ( weal? or individual contributors to production1 :i* make control ( a portion ( accumulat$ weal? ess5tial to individual welf>e4 ,a p\nd ( tea may include 9 its value ! ef=ts ( a hundr$ diff]5t p]sons4 ,:at are ! pr9ciples ^u :i* ^? hundr$ p may be fairly comp5sat$ by ! actual consum] ( ! p\nd ( tea8 ,?is illu/rates ! complexity ( ! :ole subject ( di/ribution4 ,no dr9k] ( tea w\ld d>e to settle ! "q ( fair di/ribution arbitr>ily4 ,no "o w\ld ev5 (f] a !ory by :i* a p]fect settlem5t c\ld be rea*$4 ,yet :5 ! p\nd ( tea is put ^u ! pantry %elf1 ! fifty c5ts paid = x has already be5 divid$ into a hundr$ unequal portions adju/$ by "s me?od ( cu/om to meet ! ideas ( e help] 9 ! long li/4 ,ea* has _h "s portion ( ! weal? produc$1 ?\gh ! di/ribution may h tak5 place 9 diff]5t c\ntries1 "u diff]5t laws & cu/oms1 ?r\gh a p]iod ( mon?s or ye>s4 ,?is di/ribution involves ! :ole "q ( indu/rial fre$om1 & re/s f9ally ^u ! pr9ciple ( equity z appli$ to own]%ip ( "o's p[]s & ! product ( ^? p[]s4 ,x also involves1 to a c]ta9 ext5t1 ! decision ( :at is prop]ly weal? & :at is prop]ly a "p ( univ]sal welf>e4 ,! important que/ions connect$ ) ! subject w n be satisfactorily settl$ until a reasonable adju/m5t ( all claims is rea*$ by ! masses engag$ 9 production4 ,! mod]n discussions ( ! int]e/s ( labor]s are pro( t ! _w is ?9k+ m & m ( individual rights 9 prop]ty1 & no sweep+ ass]tions z to inequity ( prop]ty rights help to solve ! que/ions4 ,x is because ea* individual has a di/9ct equity 9 :at is produc$ 9 "p by 8 ef=ts t !re is ne$ ( bett] adju/m5t4 ,all re=ms1 !re=e1 mu/ be along ! l9e ( fair di/ribution1 or fail ( _! end4 ,di/ribution by ex*ange4--,ord9>y obs]vation %[s t di/ribution is made *iefly 9 ! cu/om>y me?od ( ex*ange4 ,a p\nd ( butt] may f9d its way f ! f>m]'s dairy to ! actual consum] 9 a di/ant c\ntry4 ,9 its f9al value1 ! consum] comp5sates ! retail deal] = 8 s]vices 9 h&l+ x & = advance paym5ts1 includ+ e o!r h&l] & e o!r s]vice1 d[n to ! boy :o drove ! c[s to pa/ure4 ,if ! sy/em ( univ]sal ex*anges is free & fair1 ea* has receiv$ 8 fair comp5sation4 ,9 g5]al1 !n1 di/ribution ( weal? is made automatically 9 ! ord9>y processes ( production1 ex*ange itself be+ "o ( ! /eps by :i* value to ! consum] becomes value also to ! produc]4 ,fair ex*ange above laws4--,"u p]fect fre$om ( ex*ange1 ! g5]al law ( supply & dem& already illu/rat$ is m effective ?an any laws c be 9 adju/+ wages or pr(it to ef=ts 9 production1 & 9 adju/+ int]e/ or r5t or bo? to ! capital employ$ or to o!r means ( production controll$4 ,any cu/oms or laws :i* int]f]e ) natural conditions ( supply & dem& h9d] r ?an help t[>d a fair adju/m5t4 ,9 any progressive community su* laws w surely fail1 = ! reason t 9 mak+ su* laws human nature is 9 conflict ) itself4 ,! hi/ory ( increas+ individual welf>e 9 any "p ( ! _w gives a /ory ( m ready & free competition 9 op5 m>ket = all commodities & all s]vices4 ,9 p]ceiv+ ?is we mu/ n ov]look ! fact t fraud & ignorance1 z well z arbitr>y p[]1 /& oppos$ to fair ex*anges4 ,nor mu/ we be satisfi$ ) any condition :i* involves meet+ re/rictions ) re/rictions or =ce ) =ce4 ,su* conditions mu/ be b tempor>y4 ,actual & nom9al comp5sation4--,9 consid]+ comp5sation = any s]vices1 x is necess>y to di/+ui% c>efully betwe5 ! actual comp5sation 9 welf>e & ! nom9al comp5sation 9 money4 ,a f>m] 9 ,nebraska may get a l>g] return = 8 labor ) corn at #ae c5ts a bu%el ?an he c\ld 9 ,massa*usetts ) corn at #dj c5ts a bu%el4 ,j s a wage-e>n]1 receiv+ #a4ej a day 9 ,ohio1 might lose 9 welf>e by ex*ang+ "w ) 8 neighbor 9 ,new ,mexico1 :o gets #b4ej a day4 ,?is means t #a4ej 9 ,ohio may buy m com=t ?an #b4ej c buy 9 ,new ,mexico4 ,?is is v important 9 comp>+ ! wages ( diff]5t classes ( workm5 9 ! same c\ntry1 z well z ! wages ( simil> workm5 9 diff]5t c\ntries4 ,x has an important be>+1 too1 ^u relative pr(its & int]e/4 ,! actual comp5sation 9 welf>e is ! natural basis = adju/m5t 9 all di/ribution1 & ! law ( supply & dem& re/s directly ^u ?is4 ,wages1 pr(its1 int]e/ & r5t take ! product4--,x is common to consid] di/ribution z made 9 ! =ms ( wages = labor giv5 )\t risk z to ! product1 pr(its to ! "o ^: labor is associat$ ) risk ( loss z well z ga91 int]e/ to ! "o :o furni%es capital 9 any =m & waits = 8 comp5sation1 & r5t to ! l&lord1 or own] ( e/ate1 ^: prop]ty is us$ = a def9ite "t & return$4 ,x is evid5t t any advantage receiv$ 9 any ( ^! ways1 at any "t1 mu/ come f ! actual available goods 9 /ore suitable = division & consumption4 ,! f>m] _c pay 8 hir$ h& ) 8 f>m1 ?\gh he may be able to d s ) 8 products4 ,! f>m] himself _c realize 8 pr(its until he has ! proce$s ( 8 "w 9 ! %ape ( consumable goods4 ,s1 at any p>ticul> "t1 ! total ( products fit = consumption makes ! s\rce f :i* all di/ribution mu/ come4 ,debts & cr$its c h no consid]ation 9 ! total1 = ! reason t !y exactly (fset ea* o!r4 ,a g5]al conflict ( int]e/$ p]sons z to wages1 pr(its1 int]e/ or r5t comes f ! difficulty ( %>+ 9 ! actual goods at h&4 ,! relation ( ea* to ! :ole dep5ds ^u circum/ances to be discuss$ 9 future *apt]s4 ,x is c]ta9 t ! l>g] proportion ( daily production goes to ! mass ( ! p :o consume _! %>e f day to day4 ,x is e/imat$ t fully #hj p] c5t ( su* weal? is us$ up by ^? :o contribute no use ( capital to ! productive =ce4 ,x seems probable also t ?is ratio is increas+ r ?an dim9i%+1 b no /ati/ics are suffici5t to %[ ! exact facts4 ,*eap /&>ds ( liv+4--,9 ! natural competition ( labor]s ) ea* o!r1 ! g5]al /&>d ( liv+--physical1 intellectual & moral--h an important be>+4 ,! ,*9aman 9 ?is c\ntry competes ) ! ,am]ican ^u a :olly diff]5t plane ( liv+4 ,8 habitual ne$s be+ less1 he is will+ to "w = wages t w n tempt ! native ,am]ican4 ,if he c d ! same "w1 liv+ z he does1 he necess>ily becomes a *eap] =ce 9 production1 & ! ,am]ican mu/ f9d a bett] field = 8 en]gies or g )\t employm5t4 ,"u ord9>y circum/ances1 ! introduction ( labor]s able to live m *eaply acts ^u ! bett] class ( labor]s exactly l ! introduction ( labor-sav+ ma*9]y4 ,x fir/ br+s h>d%ip f direct competition1 b ! *eap5+ ( products br+s enl>g$ dem&s & s gives new impetus to production1 requir+ ! v skill :i* ! bett] class ( labor]s alone c furni%4 ,?us ! employm5t ( ,*9am5 ^u railroad embankm5ts made places = native labor]s z section bosses & eng9e]s4 ,! ,huns & ,italians t und]bid ! ,iri% m9]s 9 ,p5nsylvania h de/roy$ ! 8,molly ,mc,guires0 by mak+ ! same m5 responsible = l>g] ent]prises4 ,yet ! /&>ds ( liv+1 :i* %[ a con/ant improvem5t1 indicate a tru] fre$om ( competition & a cle>] recognition ( individual wants & abilities4 ,no "o c wat* ! developm5t ( any c\ntry )\t realiz+ t its ?rift1 ent]prise & progressive welf>e dep5d l>gely ^u increas+ wants4 ,m5 :o live be/ produce mo/ & enjoy mo/4 ,*apt] ,,xviii4 ,wages ,& ,pr(its4 ,wages di/+ui%$ f pr(its4--,9 discuss+ ! subject ( wages & pr(its1 x is necess>y to rememb] t bo? are comp5sation 9 diff]5t ways = actual ex]tion4 ,if 9 e/imat+ pr(its we sometimes include a return = ! use ( capital1 x is f incomplete analysis ( ! =ces 9 use1 s9ce ! int]e/ ^u capital c easily be sep>at$ 9 all actual practice1 & 9 mo/ ent]prises is c\nt$ z a di/9ct exp5se to be provid$ = 9 ent]+ ^u ! und]tak+4 ,! pr(its really belong to ! managem5t ( any und]tak+1 z return = ! ex]tion 9 t managem5t4 ,9 e-day use ! t]m wages is appli$ only to ! /ipulat$ am\nt paid f "t to "t = s]vices r5d]$ to ano!r4 ,!re is practically no diff]5ce betwe5 su* paym5ts made = s]vice by ! h\r1 day1 week1 mon? or ye>4 ,if1 h[ev]1 ! engagem5t = s]vice is by ! ye>1 ! "n sal>y is m likely to be giv5 ?an wages4 ,fur!r1 ! t]m wages is mo/ di/9ctly appli$ :5 ! s]vice is r5d]$ z a task1 & wage-e>n]s :5 f\nd 9 consid]able bodies are usually call$ op]atives1 "u ! natural classification ( labor expla9$ & illu/rat$ 9 ,*apt] ,,iii 7page #ce74 ,! s]vices ( an ov]se] are mu* m likely to be p]man5tly requir$1 & 8 wages are !re=e call$ a sal>y1 e/imat$ by ! ye> ev5 ?\gh paym5ts be made mon?ly or ev5 weekly4 ,9 ?is case1 ! labor is *iefly executive1 tak+ a high] rank because ( ! great] p[]s requir$4 ,9 ?is case ! ov]se] is suppos$ to h def9ite plans provid$ = 8 "w1 & to c>ry out ^? plans to ! be/ ( 8 ability4 ,if1 9 contra/ ) ?is1 "o's ef=ts are giv5 to manag+ a bus9ess1 devis+ ! ends to be accompli%$ z well z plann+ = _! accompli%m5t1 he is said to h entire responsibility = results & to receive :at he c make out ( ! bus9ess4 ,8 ex]tion is *iefly speculative labor1 & ! returns = 8 speculation or =esight--(t5 ef=t ( ! sev]e/ k9d--are t]m$ pr(its4 ,su* ef=ts h already be5 illu/rat$ 9 ,*apt] ,,iii1 page #ce4 ,no g5]ally accept$ "n has be5 giv5 to ! "o :o ?us c>ries ! entire responsibility ( ! bus9ess1 b ! ^w manag] conveys to mo/ p ! g5]al idea involv$4 ,:ile x is true t a manag] may sometimes "w = a sal>y1 9 g5]al ! v inv5tive ability requir$ = success makes ! /imulant ( pr(its ! mo/ natural means ( secur+ high] effectiv5ess4 ,mo/ manag]s1 ev5 ( /ock companies1 mu/ f ! nature ( ! case be at lea/ %>]s 9 ! pr(its4 ,f>m]s easily di/+ui% betwe5 ^? :o "w = /ipulat$ wages1 (t5 call$ f>m h&s1 & ! f>m] himself1 :o gets ! pay = all 8 endless v>iety ( labor1 includ+ 8 con/ant plann+1 9 ! %ape ( pr(its4 ,wages def9$4--,h5ce x is fair to def9e wages z a /ipulat$ sum1 paid at /ipulat$ times1 = /ipulat$ s]vices1 measur$ ei!r by ! numb] ( di/9ct s]vices or by ! "t ( s]vice4 ,a wage-e>n] mu/ !re=e be "o :o sells 8 p[]s1 :atev] !y may be1 = ! use ( ano!r1 br++ 8 own s]vices r ?an ! products ( ^? s]vices to ! be/ m>ket he c f9d4 ,9 g5]al1 he pref]s ! def9ite promise ( ano!r to ! indef9ite *ances t he may produce :at is to be want$ 9 ! future m>ket4 ,v (t5 he consid]s ! bird 9 ! h& wor? any numb] 9 ! bu%1 & is satisfi$ to take a c]ta9 liv+ f day to day r ?an risk 8 ability by 8 own contrivance to meet l>g] wants4 ,among ! wage-e>n]s we necess>ily f9d all individuals ( undevelop$ p[]s ( body or m9d1 dep5d5t ^u ! re/ ( ! community = bo? tools & task2 also all :o r5d] p]sonal s]vices1 & mo/ ( ! labor]s ( all sorts 9 e k9d ( factory4 ,pr(its def9$4--,pr(its may be def9$ z ! indef9ite returns = ex]tion1 includ+ all risks1 :i* any manag] ( 8 own or o!rs' indu/ry secures by br++ 8 products into op5 m>ket4 ,9 g5]al ! t]m includes ! recomp5se = any k9d ( labor1 h[ev] r5d]$1 if ! unc]ta9ty ( dem& & supply belongs to ! "o :o r5d]s ! s]vice4 ,?us ev5 ! fees ( a lawy] or a doctor come "u ! g5]al pr9ciples ( pr(its1 :5ev] ! conditions ( paym5t 9 any respect dep5d ^u success4 ,if1 on ! o!r h&1 su* fees are /ipulat$ sums = a /at$ s]vice1 !y fall into ! rank ( wages4 ,t ! divid+ l9e betwe5 wages & pr(its is n always cle> is %[n 9 comp>+ paym5t by ! piece 9 manufactur+ clo?+1 = in/ance1 & paym5t by ! h\r = ! same k9d ( "w4 ,9 ! paym5t by ! piece1 ! /imulant ( ent]prise bord]s ^u ! nature ( pr(its4 ,9 paym5t by ! h\r1 t /imulant is want+4 ,yet we are likely to consid] ! diff]5ce z simply a diff]5ce 9 me?od ( e/imat+ wages4 ,two m5 dit*+ side by side may "w1 "o by ! day & ! o!r by ! rod4 ,x is possible ev5 to comb9e ! two sy/ems ( paym5t s z to involve bo? wages & pr(its4 ,f>m h&s 9 ,engl& h be5 paid a c]ta9 price p] mon?1 ) a %>e 9 ! pr(its1 measur$ by ! numb] ( c>t-loads ( gra9 m>ket$4 ,cl]ks & ag5ts frequ5tly "w = /ipulat$ wages1 ) an add$ p]c5tage ^u ! value ( sales4 ,mo/ f>m]s 9 e/imat+ ! results ( a ye>'s labor c\nt _! own s]vices1 at ! price ( a h&1 z a "p ( ! co/ ( _! products1 & di/+ui% z pr(its ! surplus ( product above all exp5ditures4 ,?us a f>m] may e/imate z outgo ! int]e/ on capital inve/$1 ! we> & te> ( ma*9]y1 ! produce consum$ ^u ! f>m1 ! taxes paid to ! gov]nm5t1 & ! wages to all :o labor1 includ+ himself & 8 family4 ,any return f 8 products beyond en\gh to meet ^! outgoes he w consid] pr(its4 ,^! w rew>d him = extra =esight & contrivance 9 managem5t & m>ket+1 z well z risk aris+ f possibility ( failure 9 8 plans1 de/ruction ( 8 crop or /ock1 fluctuations 9 price1 & unc]ta9ty ( collection = 8 sales4 ,su* risks & ex]tions e indep5d5t work] assumes4 ,usually ! ex]tions are impossible to ! inexp]i5c$1 & ! risks _c be tak5 )\t accumulat$ capital or a cr$it e/abli%$ ^u well-kn[n "* & ability4 ,?is fact naturally limits ! numb] ( competitors = pr(its4 ,! effect is cle>ly illu/rat$ 9 ! diff]5ce betwe5 an ord9>y f>m h& & ! r5t] ( a f>m4 ,few f>m]s w\ld enc\rage ! be/ ( _! f>m h&s to take ! burd5 ( risks & c>e impli$ 9 r5t+4 ,! successful f>m r5t] requires abilities & means1 ga9$ only by exp]i5ce & accumulation4 ,wages v>y ) abilities employ$4--,! v>iation ( wages among diff]5t classes ( workm5 9 ! same call+ is univ]sally recogniz$ z dep5d5t ^u ! p[]s employ$4 ,! /rictly op]ative labor is usually paid by ! h\r1 day or week1 ! t]ms v>y+ ) ! suppos$ /r5g? or skill ex]t$4 ,executive duties comm&+ mon?ly or ye>ly sal>ies v>y ) ! total am\nt ( responsibility impli$1 ! l>ge e/abli%m5t requir+ great] abilities ?an ! small "o4 ,! /ra9 ( responsibility increases 9 "s degree ) ! numb] ( op]ative labor]s employ$1 & successful ov]sight ( _m h&s may be ess5tial to _! pr(itable employm5t4 ,9 t case ! sal>y ( ! ov]se] ga9s some?+ ( ! nature ( pr(its1 s9ce ! manag] gauges ! pay by pr(its expect$4 ,if1 z 9 great /ock companies1 a manag] is hir$ at a /ipulat$ sal>y1 8 p]sonal abilities1 z te/$ by accompli%m5t1 are likely to be ! sole gauge ( wages4 ,a successful manag] ( a great ent]prise c sc>cely be said to h a m>ket price = 8 s]vices1 b w e/imate himself 9 l>ge measure by ! pr(its he might secure z an indep5d5t bus9ess man4 ,)9 limits1 su* sal>ies w v>y ) ! exp]i5ce & inv5tive ability requir$4 ,supply & dem& 9 wages4--,wages 9 g5]al are subject z truly to ! law ( supply & dem& z are ! products ( labor4 ,if few places are vacant & _m applicants seek ^? places1 x is impossible to prev5t ! r$uction ( wages ?r\gh ! anxiety ( "s applicants to secure places4 ,on ! o!r h&1 if few applicants seek ! places op5 to _m1 ea* w f9d ! employ] mo/ will+ to give an increase ( wages = 8 "w4 ,laws _c prev5t su* natural competition1 ?\gh !y may h9d] x4 ,ev5 organization "u secret bonds c only tempor>ily re/ra94 ,human nature is /rong] ?an any arbitr>y re/riction4 ,9 g5]al1 !n1 wages 9 any p>ticul> occupation may be affect$ directly by limit$ competition4 ,any necessity = peculi> abilities ( body or m9d1 or = prep>ation by education or tra9+1 makes c]ta91 z f> z x goes1 a limit$ competition1 & !re=e ! opportunity = high] ?an ord9>y wages4 ,9 ! same way1 if unavoidable h>d%ips or dang]s are involv$1 comp>atively few work]s w seek su* employm5t & c h l>g] pay4 ,if1 h[ev]1 ! dang]s c>ry ) !m a /imulat+ excitem5t & exhibition ( d>+1 ar\s+ admiration = ! work]1 ?is may (fset entirely ! effect ( ! dang]4 ,soldi]s & railroad employs = su* reasons d n comm& pay 9 proportion to ! dang]s met4 ,any employm5t :]e !re are ob/acles to natural advancem5t or :]e cont9uance is unc]ta9 does n attract applicants except by high] wages4 ,illu/rations ( all ^! occasions = limit$ competition are f\nd ev]y:]e4 ,/imulants to competition4--,if any occupation %[s circum/ances mak+ entrance easy = new applicants1 or if advantages = promotion are readily se51 or if x seems to h a special respectability ) ! advantage ( social privileges1 especially if x 9 "s respects seems a "w ( philan?ropy1 !re w be multitudes ready to engage1 & will+ to und]take ! "w at less ?an av]age comp5sation4 ,x is commonly said t ^! peculi> advantages are a "p ( ! comp5sation4 ,!y op]ate simply z a /imulant to competition1 mak+ m p will+ to ent] su* employm5t at small wages ?an w\ld be will+ )\t ^! special advantages4 ,a good illu/ration ( su* employm5ts is f\nd 9 common s*ool tea*+4 ,:ile a tea*] does ne$ an exp5sive prep>ation1 & success is dep5d5t ^u special adaptability to ! "w1 x is nev]!less true t ! "w c be tak5 up readily & z readily laid d[n2 x conf]s ^u ! applicant ! privilege ( social recognition & some:at ( p]sonal dignity2 x gives opportunities = "s note 9 ! community1 &1 ) all1 x is consid]$ a "w ( philan?ropic "*1 entitl+ to ! gratitude ( ! public4 ,! result is t tea*]s ev]y:]e comm& less ( sal>y or wages 9 proportion to _! abilities ?an o!r classes ( wage-e>n]s4 ,=tunately1 ?is /imulant to competition appeals l>gely to ^? *>act]i/ics ( ! individual tea*] :i* make him m s]viceable 9 8 call+4 ,! opportunity = a life ( /udy1 add$ to o!r consid]ations1 makes /ill m effective ! competition ( e>ne/1 philan?ropic /ud5ts1 su* z ! _w ne$s = tea*]s4 ,9 ! l[] ranks ( tea*]s1 competition is /ill m increas$ by ! fact t common s*ool tea*+ c be tempor>ily c>ri$ on 9 ! int]vals ( /udy1 )\t int]f]+ ) m5tal gr[?4 ,tea*+ is also specially adapt$ = ! tempor>y employm5t ( "y m5 & wom5 n q ready to ent] ! actual life "w4 ,acqua9tance ) human nature1 :i* x fo/]s1 is ?\ght to be good prep>ation = home & bus9ess life4 ,! employm5ts 9 :i* wom5 l>gely engage z wage-e>n]s are *iefly ( ?is tempor>y "*4 ,! fact t ! life "w ( mo/ wom5 mu/ be ! mak+ ( ! home h9d]s competition 9 employm5ts :]e long appr5tice%ip or special skill ( any k9d may be dem&$4 ,any tempor>y employm5t n only appeals to h] s5se ( capacity = e>n+ wages1 b seems bett] adapt$ to h] future4 ,if t employm5t at ! same "t af=ds opportunity = social life & calls = ! natural adornm5ts ( y\?1 ! "y woman consid]s wages only a small "p ( ! g5]al consid]ation1 & is satisfi$ ) a b>e liv+4 ,h5ce cl]k%ips 9 /ores1 subord9ate positions z tea*]s & places z typewrit]s are cr[d$ ) applicants at wages insuffici5t = a life-"t support4 ,employm5t 9 dome/ic s]vice1 :i* might be suppos$ m consi/5t ) ! l>g] "w ( life1 is r5d]$ less attractive by ! almo/ entire abs5ce ( social privileges & natural opportunities = advancem5t 9 k ( ! _w4 ,girls :o w\ld pref] h\se "w1 ) equal social fre$om & ! natural /imulant ( contact ) o!r "y p1 compete = l[] wages 9 less satisfactory employm5t dur+ ! ye>s ( _! girlhood4 ,?is is less noticeable 9 c\ntry life1 :]e girls 9 dome/ic s]vice become a "p ( ! h\sehold & %>e 9 ! privileges ( ! "y p at home4 ,ano!r illu/ration ( ! depress+ effect ^u wages ( excessive competition is f\nd 9 ! "w ( wom5 ^u *eap clo?+4 ,?is "w is usually done by ! piece 9 ! home1 & c be tak5 up at int]vals betwe5 h\sehold duties4 ,_m wom5 consid] e>n+s ( ?is k9d a m]e addition ( sp5d+ money to a some:at meag] support 9 _! home life4 ,x c be c>ri$ on )\t display1 & s pres]ves ! dignity ( p]sons :o w\ld o!rwise %r9k f wage e>n+4 ,! result is a v s]i\s competition1 r$uc+ wages bel[ ev5 en\gh to su/a9 life & "*4 ,^! are only illu/rations ( :at happ5s 9 e call+ :5 circum/ances /imulate excessive competition4 ,relief c come only f l>g] range ( satisfactory employm5t & a cle>] di/9ction 9 favor ( g5u9e wage-e>n]s & g5u9e employ]s among ! mass ( ! p4 ,! cu/oms ( society h a mu* /rong] influ5ce ^u ! life ( wom5 9 /eady employm5ts ?an ^u t ( m54 ,a ?or\ghly enlight5$ community c d mu* to enl>ge ! sph]e ( su* wom5 z are naturally wage-e>n]s1 by prop] enc\ragem5t ( _! ent]prise4 ,fluctuation ( wages4--,wages 9 e employm5t are j z naturally subject to fluctuation "u ! law ( supply & dem& z are prices ( commodities4 ,:atev] op]ates to increase ! numb] seek+ employm5t1 or to dim9i% ! am\nt ( employm5t op5 to competition1 r$uces ! wages4 ,:atev] increases ! opportunity = employm5t1 or dim9i%es ! numb] ( p]sons seek+ employm5t1 increases ! wages4 ,?is is well illu/rat$ 9 ! co/ ( h>ve/ h&s 9 a ye> ( l>ge crops z comp>$ ) a ye> ( small crops4 ,any f9ancial di/urbance1 *eck+ ! build+ ( railroads & o!r great ent]prises1 br+s multitudes ( w\ld-be f>m h&s to compete ) ^? :o naturally foll[ f>m+4 ,on ! o!r h&1 ! introduction ( factories or m9+ indu/ries has sometimes affect$ directly ! wages ( f>m h&s ?r\gh a l>ge region by less5+ competition4 ,upw>d t5d5cy ( wages4--,x is c]ta9 t ! g5]al t5d5cy ( wages 9 all employm5ts is upw>d r ?an d[nw>d1 9 spite ( s]i\s di/urbances f f9ancial depression (t5 repeat$4 ,! gradual increase ( welf>e among wage-e>n]s is great] ev5 ?an ! increase 9 money wages4 ,^? :o are incl9$ to jo9 9 ! cry t ! =m] times 7 bett] ?an ^! c be answ]$ z !y 7 9 ,solomon's "t1 8,?\ do/ n inquire wisely conc]n+ ?is40 ,no d\bt ! transition f small work%ops to l>ge ones & f small factories to great comb9ations has caus$ friction 9 adju/m5t to ! new conditions4 ,_m are n[ wage-e>n]s :o 7 once pr(it-ga9]s4 ,b ) ! improvem5ts 9 association & a cle>] und]/&+ ( abilities & ne$s1 ea* work] becomes a /rong] factor ?an ev] be=e 9 br++ ab\t a fair competition & a satisfactory comp5sation4 ,!re are /ill new difficulties 9 e *ange ( me?od4 ,! influ5ce ( cu/om (t5 ret>ds fre$om ( movem5t1 makes m sl[ ! natural rise ( wages1 & h9d]s a gradual adju/m5t to new conditions4 ,9 _m cases x prev5ts individual ent]prise among wage-e>n]s1 & cr[ds f ! high] ranks into competition ) ! l[] because ( no natural outlet = ambition4 ,ev5 laws int5d$ to protect labor]s sometimes op]ate aga9/ !m4 ,?us a law re/rict+ ! t]ms ( contract betwe5 workm5 & _! employ] has sometimes prev5t$ ! employ] f inve/+ capital 9 a bus9ess :i* o!rwise w\ld h increas$ ! opportunity = labor1 & s w\ld h actually increas$ wages4 ,! effect ( free s*ools ^u ability to e>n is g5]ally recogniz$4 ,! be/ e/imates place ! increase result+ f common s*ool education at fully #be p] c5t4 ,"s ( ! be/ e/abli%m5ts are limit+ _! (f]s ( employm5t to "y p :o h _h ! advantage ( ev5 high s*ool tra9+4 ,?is m g5]al education t5ds 9 two ways to increase ! comp5sation ( wage-e>n]s3 fir/1 by giv+ a cle> k ( abilities t makes competition fair]2 & second1 by increas+ ! g5]al effectiv5ess ( all production1 :i* enl>ges ! sum to be divid$4 ,e movem5t t[>d great] social fre$om & uni=mity ( opportunity contributes to ! same end4 ,next to slav]y1 social ca/e is ! *ief ob/acle to free & fair competition ( labor]s4 ,any b>ri]s ( race1 social organizations1 or ev5 *ur*es1 :i* cultivate exclusiv5ess 9 any direction1 9 ! end "w h>d%ip4 ,if !y br+ tempor>y advantage to a few1 !y are sure to hamp] ! fre$om ( _m4 ,! welf>e ( ! community is sure/ :5 social conditions favor ! free/ communication 9 all ranges ( employm5t1 :e!r 9 wage-e>n+ or 9 pr(it-mak+4 ,! *eap5+ ( transportation 9 rec5t ye>s1 br++ all ! _w ne>]1 has _h v>i\s effects ^u wages4 ,x has de/roy$1 to a consid]able ext5t1 ! inequality ( wages betwe5 diff]5t regions ( c\ntry4 ,if labor]s ( any k9d are sc>ce1 a telegram w )9 a few h\rs br+ numb]s f "s place :]e !y are too pl5ty4 ,! result is a t5d5cy to great] uni=mity ?r\gh\t ! _w4 ,z yet ! full effects ( ?is progress are n realiz$4 ,"s h>d%ips w und\bt$ly be endur$ f ! ready introduction ( unskill$ labor]s f cr[d$ c\ntries into our less d5sely peopl$ c\ntry4 ,b ) a l>g] range ( production op5$ by *eap labor1 our bett] workm5 w f9d m con/ant & m remun]ative employm5t4 ,if re/rictions ^u immigration are necess>y1 x mu/ be to prev5t too sudd5 a transition1 h9d]+ adju/m5t to new conditions4 ,! dang] ( ov]cr[d$ population comes m c]ta9ly to ! nation exclud+ itself f ! great _w by exclud+ ! re/ ( ! _w f itself4 ,! g5]al effect ( improv$ ma*9]y has be5 sev]al times ref]r$ to already4 ,its advantages come to ! wage-e>n] directly 9 multiply+ employm5ts & 9 multiply+ ! dem& by *eap5+ products4 ,indirectly1 ! b5efits are /ill great]1 because ^! *eap] products =m ! bulk ( liv+ = ! work]s4 ,x is probable t ev5 ! bett] liv+ ?us provid$ has rais$ ! effici5cy ( labor s z to comm& bett] wages4 ,x is c]ta9 t e movem5t ( civilization :i* gives a cle>] k ( human nature & ! _w ab\t u adds to ! p[] ( e man1 :atev] 8 "w4 ,we may welcome e elem5t ( progress 9 ?is enlight5m5t z a direct help to ! portion ( humanity recogniz$ z wage-e>n]s4 ,! bett] ! masses ( p und]/& ea* o!r ! bett] ea* und]/&s himself2 & t und]/&+ is ! be/ protection aga9/ oppression ( circum/ances or ( m54 ,v>iation 9 pr(its4--,pr(its 9 v>i\s pursuits1 l wages1 are affect$ by limit$ competition4 ,! ne$ ( special abilities & exp]i5ce 9 any p>ticul> und]tak+ keeps back ! timid f t ent]prise1 & ! accumulation ( exp]i5ce ( a peculi> k9d h9d]s "o f turn+ to o!r occupations4 ,ev5 if a "y man is will+ to take ! risk ( inexp]i5ce z a manag]1 he c seldom ga9 ! confid5ce ( ^? :o control capital4 ,h5ce competition 9 new & untri$ ent]prises is slight1 & pr(its are (t5 great4 ,o!r und]tak+s are ( su* a nature z to involve great unc]ta9ty4 ,! risk ( failure ret>ds ! cauti\s1 & s ! mo/ ent]pris+ w9 great returns4 ,9 e/imat+ su* returns1 we ov]look ! failures & c\nt only ! great successes4 ,sometimes accid5tal opportunities op5 to ! few a limit$ range ( enorm\s pr(its4 ,legislation fo/]+ monopoly sometimes favors su* opportunities4 ,^! are usually tempor>y1 & su* advantage _c long be ma9ta9$ "u ! mo/ =tunate conditions4 ,secret me?ods h sometimes controll$ ! m>ket = individuals ) enorm\s ga91 & 9 a few in/ances a nation has ma9ta9$ su* secrecy ) app>5t success4 ,b ^!1 too1 quickly yield be=e compet+ ent]prise1 s9ce wage-e>n]s "u su* employ]s mu/ %>e to "s ext5t ! secret1 & w h ! /imulant ( enorm\s pr(its to use ! secret = !mselves4 ,pr(its 9 competition4--,pr(its are !mselves a /imulant to competition1 & competition 9 e pursuit t5ds to r$uce ! pr(its4 ,if any circum/ance app>5tly insures m ?an av]age pr(its 9 any und]tak+1 competition becomes excessive & pr(its vani%4 ,! promise ( a t>iff on wool leads f>m]s to expect an advance 9 ! pr(its ( %eep rais+4 ,competition beg9s 9 ! pur*ase ( flocks1 by :i* ! pr(its ( ^? already 9 ! bus9ess are greatly increas$4 ,competition cont9ues by multiplication 9 ! flocks until sell]s ( %eep are m pl5ty ?an buy]s4 ,?us1 ! /imulant to competition has op]at$ to less5 pr(its 9 ! end4 ,a fam\s %eep rais] 9 ,new ,york1 :5 ask$ to give a maxim = success 9 ! bus9ess1 answ]$1 8,buy :5 y\r neighbors sell1 & sell :5 y\r neighbors buy40 ,simil> exp]i5ce has be5 not$ 9 v>i\s pursuits4 ,! t5d5cy1 h[ev]1 ) wid] k ( o!rs' wants & ef=ts is t[>d a great] uni=mity ( pr(its4 ,mod]n me?ods ( production & cle>] p]ception ( ways & means make x easi] = competition to h its full effect betwe5 diff]5t k9ds ( bus9ess1 z well z 9 ! same bus9ess4 ,! m we "k ( our neighbor's "w ?r\gh ! daily press & ext5sive travel1 ! fair] is ! opportunity = competition to act4 ,?is t5d5cy br+s h>d%ip to ! weak] portion ( manag]s engag$ 9 any p>ticul> bus9ess4 ,?is makes ! p[] ( s-call$ tru/s & great comb9ations app>5tly h>mful4 ,9 ! end1 h[ev]1 ! result is m con/ant pr(its1 ?\gh small]1 & ! advantage ( ! :ole community 9 a m /able bus9ess4 ,x is ev5 conceivable t ! /imulant ( fair pr(its may f9ally rea* a l>g] proportion ( ! community ?r\gh int]e/ 9 ! great e/abli%m5ts ?an 9 ! pa/ f ! unequal & unc]ta9 returns ( indep5d5t manag]s4 ,ev5 among pr(essional m51 ^: fees = s]vices h some:at ! nature ( pr(its1 ! same law ( competition1 dep5d5t ^u supply & dem&1 holds sway4 ,! comp5sation ( an au?or = 8 publications1 ?\gh protect$ by copyright1 is dep5d5t ^u conditions limit+ competition or /imulat+ x4 ,x is cu/om>y = surgeons1 physicians & d5ti/s to make a fee proportional to ! dem& = _! s]vices4 ,?us ! skill$ d5ti/1 :o is want$ by t5 times z _m p z he c s]ve1 raises 8 price till ! dem& is limit$ to meet 8 /r5g?4 ,?is enables y\ng] m5 at small] prices to ga9 ! opportunity to e/abli% l reputations by do+ equally good "w4 ,pr(its 9 agriculture4--,! pr(its 9 agriculture are subject to ! same laws4 ,_m influ5ces op]ate 9 bo? directions4 ,! limitation ( l& fit = agricultural purposes has a t5d5cy 9 itself to increase ! pr(its ( l&-hold]s1 "u ! pr9ciple ( monopoly1 ?\gh its *ief effect is on l& values4 ,! increas+ weal? ( ! _w1 & ! greatly increas$ wants ( ! civiliz$ community1 multiply+ manufactures1 limit competitors m & m4 ,! relative numb] ( f>m]s 9 our c\ntry is gradually dim9i%+1 :ile ! dem& = food is actually increas+ beyond ! increase 9 population4 ,m5 are pr$ict+ e ye> a sc>city price = :eat1--unwisely1 probably1--?r\gh ! limit$ range ( possibilities 9 :eat rais+4 ,! introduction ( labor-sav+ ma*9]y enables ent]pris+ f>m]s to greatly increase _! product = ! same numb] ( acres1 & /ill fur!r to increase ! range ( managem5t s z to make l>g] f>ms a possibility4 ,! rapid advance ( means ( transportation has s wid5$ ! range ( competition z to make ! f>m] 9 "o "p ( ! _w compete ) ! f>m]s ( e o!r "p4 ,! /aple products1 especially :eat1 be+ s easily adapt$ to new c\ntries1 are con/antly liable to ov]-production4 ,at ! same "t ! effects ( a bad season 9 any p>ticul> region1 :ile r$uc+ ! crop1 are n likely to advance ! price to ! same ext5t z =m]ly4 ,! op5+ ( va/ regions once consid]$ des]ts to a rapid settlem5t by f>m]s = ! sake ( ! pr(its 9 l& speculation has aga9 & aga9 wr\ght *anges 9 ! entire bus9ess ( agriculture4 ,simil> effects may be expect$ /ill ) ! developm5t ( ,s\? ,am]ica1 ,s\? ,africa & ,sib]ia4 ,all ^! facts t5d n[ to make ! pr(its 9 agriculture decl9e1 & ! fact t f>m life has c]ta9 attractions 9 e/abli%+ p]man5t homes = families & life-"t associations1 contributes to ?is t5d5cy by hold+ p to _! place z f>m]s = at lea/ a g5]ation4 ,! possibility ( indep5d5t ent]prise1 ev5 ) small pr(it1 & ! fre$om ( family life f int]f]5ce ( neighbors make l>ge numb]s ( f>m]s will+ to cont9ue _! bus9ess 9 spite ( ! r$uc$ e>n+s4 ,fluctuation 9 pr(its4--,x is prop] to call att5tion to ! rapid effects ( any *ange 9 m>ket ^u ! pr(its ( any ent]prise4 ,wages are 9 l>ge measure an anticipation ( pr(its1 & s f> z !y are affect$ by *anges 9 m>ket prices1 x is l>gely ?r\gh e/imates ^u av]ages4 ,cu/om has mu* to d ) wages dem&$ & paid1 b pr(its are fluctuat+ con/antly ) ! fluctuation ( prices1 ) e *ange ( me?ods affect+ competition1 ) e introduction ( improv$ ma*9]y & ) e accid5t ( =tune4 ,no bett] illu/ration ( ?is fact c be giv5 ?an is famili> to e f>m] 9 comp>ison ( results f ! "w ( diff]5t seasons4 ,) ! same outgo = labor he may f9d ! pr(its ( two successive ye>s wide ap>t4 ,"o ye> has grant$ ! =tune ( good crops ) fair prices1 :ile ! o!r has yield$ him a half crop :5 ! prices ( 8 product 9 ! _w are l[4 ,possibly ! improv$ ma*9]y 9 :eat rais+1 applicable to ! great f>ms ( ,m9nesota1 ,dakota & ,cali=nia1 has caus$ him to br+ a co/ly product into close competition ) a *eap "o4 ,possibly1 too1 he has be5 tempt$ to excessive use ( labor-sav+ ma*9]y himself at too great co/ = ! transition1 & x is m ?an probable t1 /imulat$ by ! high price ( oats la/ ye>1 he1 ) ?\s&s ( 8 neighbors1 has made an extra crop ( oats ?is ye>1 to ! actual de/ruction ( ! m>ket4 ,9 all ^! cases ! f>m] himself suff]s directly1 :ile 8 hir$ h& is affect$ only indirectly by ! unwill+ness ( f>m]s 9 "s seasons to employ z mu* labor4 ,pr(its (fset by losses4--,! actual pr(its 9 any ent]prise are (t5 ov]e/imat$ by our fail+ to notice t all ! wa/e ( un?rifty und]tak+s comes practically out ( ! pr(its ( ! m ?rifty4 ,wage-e>n]s z a class are protect$ aga9/ losses by frequ5t settlem5ts & by public s5tim5t4 ,! losses ( ! un?rifty manag]s come out ( ! accumulations ( previ\s ?rift1 or else are borne by ! ?rifty m5 :o h tru/$ !m4 ,! bulk ( bad debts 9 failure ( any ent]prise is = mat]ials1 ma*9]y1 etc41 furni%$ by o!r produc]s4 ,9 great f9ancial depression1 ! pr(it-mak]s be> ! evil directly1 :ile ! wage-e>n]s feel ! effects 9 ! less5$ competition = _! s]vice4 ,*apt] ,,xix4 ,conflict ,betwe5 ,wage-,e>n]s ,& ,pr(it-,mak]s4 ,! nature ( ! conflict4--,! mutual int]e/ ( all ^: en]gies are us$ 9 production1 t ! total product ( weal? %\ld be z great z possible1 is (t5 di/urb$ by d\bt z to ! fair division ( :at is produc$4 ,"u ! mod]n factory sy/em1 ! multitude su/a9 ! relation ( employs to a comp>atively few employ]s4 ,antipa?ies are liable at any "t to arise betwe5 ^! two classes ( work]s4 ,^? :o (ficially control weal? 9 great ent]prises are subject to suspicion ( unfair treatm5t ( _! less indep5d5t employs4 ,ignorance among ! mass ( labor]s ( ! intricacies ( bus9ess life contributes to su* suspicion4 ,9 fact1 ! s-call$ conflict ( capital & labor is a /ruggle = & aga9/ pr(its4 ,int]e/ & r5t are only indirectly involv$ 9 ! "q4 ,! manag]'s pr(its may be assum$ by bo? manag] & wage-e>n]s to arise f r$uction ( wages4 ,! necess>y retic5ce ( bus9ess manag]s & ! frequ5t arbitr>y decisions z to wages help ! wage-e>n] to feel t 8 int]e/s conflict ) ^? ( 8 employ]4 ,x is well = all to realize t ?is conflict1 :5 !re is "o1 is n s mu* betwe5 ! ri* & ! poor z betwe5 ! /ruggl] = pr(its & ! /ruggl] = wages4 ,9 _m in/ances ! true solution lies 9 ! same direction1 if bo? c\ld see ! facts alike4 ,x is an ackn[l$g$ fact t g5]\s wages make enlight5$1 en]getic labor]s1 & t great] pr(its come 9 ! long s]ies ( und]tak+s f ! mo/ intellig5t s]vice4 ,a f>m-h& at #bj a mon? is sometimes wor? m ?an two at #ae4 ,on ! o!r h&1 if m>kets are l[ & pr(its decl9e1 p]man5ce ( employm5t w dep5d ^u a read9ess ( wage-e>n]s to accept a new adju/m5t ( wages to conditions4 ,ev]y?+ :i* fo/]s a bett] und]/&+ betwe5 pr(it-mak]s & wage-e>n]s contributes to ! welf>e ( bo?4 ,ev]y?+ :i* h9d]s su* und]/&+ injures ! welf>e ( bo?4 ,! co/ ( su* friction is borne by bo? p>ties4 ,b 9 ! long run1 ! wage-e>n]s are liable to c>ry ! l>g] "p4 ,ev5 ! de/ruction ( prop]ty by ru/1 decay1 or ev5 viol5ce1 comes back ^u ! wage-e>n]s :o might h be5 employ$ 9 its use1 q z truly z ^u ! manag] ^: pr(its & accumulations are wa/$4 ,ob/acles to fair und]/&+4--,! necess>y ills connect$ ) advanc+ civilization1 9 ! lay+ aside ( old me?ods = new1 9 ! adoption ( ext5sive ma*9]y1 & 9 ! m p]fect competition ) ! _w1 fall ^u bo? pr(it-mak] & wage-e>n]4 ,! wage-e>n] feels ! imm$iate loss ( 8 usual opportunities4 ,! pr(it-mak] feels ! weight ( provid+ new ma*9]y1 devis+ new me?ods & tak+ ! long] range ( *ances4 ,all ^! ills are met 9 "t by intellig5t & hopeful /ruggles = ! be/4 ,9 ! wor/ conditions ev] br\ght by improv$ ma*9]y1 a v few ye>s h br\ght relief & improvem5t to ! v class ( labor]s injur$4 ,! dang] is t :olesome competition ^u a cle> basis ( fair und]/&+ & free range ( ent]prise may be *eck$ by legislation or organization = class purposes4 ,aga9/ ! int]e/s ( ! mass ( ! p are all ext5d$ fran*ises1 giv+ arbitr>y control = long p]iods ( ye>s ov] any indu/ry2 monopolies su/a9$ by pat5t rights or protective duties2 tru/s1 s f> z !y imply a comb9ation ( m5 to resi/ ! law ( supply & dem&2 & laws :i* 9 any way favor "o class ( p engag$ 9 "o k9d ( indu/ry z oppos$ to any or e o!r4 ,q z prom95t are ^? h9drances :i* come f e k9d ( fraud1 includ+ adult]ation & misrepres5tation ( products1 deception z to m>ket conditions1 false cr$it1 & viol5ce ( e k9d4 ,! m p]fect ! light ?r[n ^u all ! conditions ( production1 ! bett] ! und]/&+ :i* all m5 may h ( a neighbor's welf>e1 & ! easi] x is to put ourselves 9 our neighbor's place4 ,/rikes4--,! me?ods ( w>f>e betwe5 wage-e>n]s & pr(it-mak]s are q g5]ally und]/ood "u ! names ( /rikes1 boycotts & lock\ts4 ,! occasion = a /rike1 :i* means a sudd5 /opp+ ( "w by ! employs ( an e/abli%m5t1 is usually "s "q ( imm$iate advantage to ! workm54 ,a desire = increas$ wages1 few] or diff]5t h\rs ( labor1 or ! removal ( "s re/riction ^u habits or associations1 gradually becomes g5]al1 & ?r\gh "s p]man5t or tempor>y organization unit$ action is tak54 ,q frequ5tly a /rike is occasion$ by a sudd5 & app>5tly arbitr>y r$uction ( wages1 affect+ a l>ge body ( m54 ,_m /rikes are inaugurat$ 9 ! int]e/s ( dis*>g$ workm51 :5 ! organization to :i* !y belong is suppos$ to be int]e/$4 ,?us a /rike is always a =m ( w>f>e1 & %\ld be ent]$ ^u only aft] ! same c>eful consid]ation t makes w> sometimes a necessity4 ,"u ord9>y circum/ances & ^u g5]al pr9ciples1 no body ( workm5 has any m "r to sudd5ly /op "w )\t notice ?an railway manag]s h to /op a daily milk tra94 ,! end to be secur$ mu/ be important en\gh to humanity to ov]balance ! injury ( ! /rike itself4 ,s9ce a /rike is an ef=t to produce a corn] 9 ! labor m>ket1 x w succe$ 9 ! end s\ght only :5 conditions = corn]+ ! m>ket are favorable4 ,ev5 !n ! loss to ! entire community is consid]able4 ,! injury to prop]ty1 :ile directly borne by ! pr(it-mak]s1 is widely di/ribut$4 ,fir/1 all wages /op & wage-e>n]s suff]4 ,second1 ability to pay debts ceases & capital own]s suff]4 ,?ird1 insurance companies h _! risks increas$ & all insur]s suff]4 ,f\r?1 ! m>ket = ! products is demoraliz$ & all consum]s suff]4 ,fif?1 almo/ always social disord] results1 police exp5ses are greatly increas$1 & all taxpay]s suff]4 ,six?1 9 ! end ! relation betwe5 employ]s & employ$ is m /ra9$ & less free ?an be=e1 s t all humanity suff]s4 ,! *ances ( success1 z indicat$ by ! record ( _m ye>s1 are small1 & app>5t successes are (t5 tempor>y4 ,& yet ! _w recognizes ! "r ( a body ( labor]s to /rike1 j z x recognizes ! "r ( revolution to secure ! g5]al welf>e4 ,=m]ly a comb9ation ( workm5 9 a /rike 0 treat$ z a conspiracy & puni%$ z su*4 ,n[ ! g5]al rule is absolute fre$om ( comb9ation ) rigor\s repression ( fraud & viol5ce4 ,?is enables any body ( m5 to make a s]i\s te/ ( ! conditions ( a labor m>ket1 at ! risk1 prim>ily1 ( _! own welf>e1 b ) s]i\s /ra9 ^u ! g5]al good4 ,x leaves room = ! possible break+ d[n ( old cu/oms1 :i* are /rong] ?an law1 & x sometimes proves1 l a w> = lib]ty1 a means ( great enlight5m5t to ^? :o take "p 9 x4 ,x is prop]ly held z ! la/ resort 9 ! /ruggle = fair recognition ( ! rights & necessities ( wage-e>n]s4 ,x is noticeable t ! t5d5cy to /rikes among ! m skill$ workm5 is dim9i%+1 & t ! mass ( communities are weigh+ _! own int]e/s m c>efully z !y see ! g5]al de/ructiv5ess ( ! me?od4 ,at pres5t /rikes are expect$ among labor]s ( lea/ skill1 :]e !y are1 f usual conditions1 lea/ effective4 ,/rikes are frequ5t among coal m9]s1 :]e wages are liable to rea* ! l[e/ possible m>k because ( ! ease ( competition f all p>ts ( ! _w1 ?\gh ! effect ( su* /rikes 9 bett]+ ! condition ( m9]s has sc>cely be5 felt4 ,! fact t de/ruction ( prop]ty & ! natural wa/e f /rikes is s widely di/ribut$ among workm5 & consum]s ret>ds popul> sympa?y1 & ! fact t /rikes increase ! risk ( capital employ$1 & actually r$uce ! am\nt ( capital 9 use1 dim9i%es ! *ance ( increas+ wages or com=t 9 ^? employm5ts :]e !y are likely to occur4 ,x seems evid5t t "s bett] rem$y = oppressive conditions ( wage-e>n]s mu/ take ! place ( /rikes4 ,! boycott4--,! boycott is a comp>atively rec5t device = enl>g+ ! field ( combat to include n only ! employs ( an e/abli%m5t b ! consum]s ( its products4 ,?is is especially applicable to ^? indu/ries ! products ( :i* are l>gely consum$ by wage-e>n]s1 ^: sympa?ies c be dep5d$ ^u to c>ry x out4 ,x asks all sympa?iz]s to refuse to pur*ase products f ! employ] or firm attack$4 ,a great bak]y1 = in/ance1 c easily be ru9$ by a boycott1 if its cu/om]s are *iefly wage-e>n]s4 ,x is easily appli$ 9 cases :]e cu/om has all[$ ! use ( a label f "s organization ( work]s4 ,x has be5 attempt$ ) "s success aga9/ a railroad s relat$ to o!r roads z to require ! s]vices ( sympa?iz]s ) its /rik+ employs to c>ry its freight to f9al de/9ation4 ,an in/ance ( its wide/ application is 9 an ef=t to p]suade ! p ( a city to refuse to patronize ! /reet-c> sy/em4 ,! w>like nature ( ?is me?od is app>5t 9 ! ef=t to use t]ror z "o means ( p]suasion4 ,9 ?is case x uni=mly ov]rea*es itself 9 de/roy+ public sympa?y ) ! /rik]s4 ,t x has a possible place 9 ! /ruggle ( wage-e>n]s = _! rights _c be disput$1 s9ce x corresponds ) ! nature ( a blockade or a siege 9 o!r w>f>e4 ,b its nature z a me?od ( w>f>e is equally cle>1 & its use 9 ! int]e/s ( humanity belongs1 ) all w>1 z a la/ resort4 ,! lock\t4--,lock\t is a "n giv5 to a me?od employ$ by manag]s to prev5t ! cont9uance ( a /rike by aid ( ! sympa?y ( employs n directly int]e/$4 ,x (t5 happ5s t a comp>atively small body ( workm5 9 a great factory /rike = high] wages1 & are su/a9$ 9 _! /rike by ! sympa?y & support ( o!r workm5 9 ! same factory4 ,"u ^! conditions ! employ] is tempt$ to /op all "w by a sudd5 clos+ ( all %ops1 t ! pressure ( suff]+ among a l>ge body ( wage-e>n]s may =ce ! small] body to accept ! old conditions4 ,! lock\t seldom ga9s a popul> sympa?y1 = ! reason t employ]s appe> to be us+ ?is me?od ( w>f>e f a sup]ior position ( p[]4 ,& yet no "o c dispute ! g5]al "r ( employ]s to control ( _! bus9ess4 ,su* a sudd5 /opp+ ( bus9ess )\t an attack by a /rike or "s simil> provocation w\ld be consid]$ inhuman1 & popul> sympa?y w\ld be :olly ) ! labor]s & consum]s int]e/$4 ,g5]al evils ( su* conflicts4--,! incid5tal effects ( su* viol5t opposition betwe5 pr(it-mak]s & wage-e>n]s are c]ta9ly detrim5tal to all int]e/s4 ,! great multitude ( f>m]s ?r\gh\t ! c\ntry dep5d = welf>e ^u ! body ( p us+ f>m products1 & all ! wa/e ( p[] f en=c$ idl5ess ( wage-e>n]s1 manag]s & ma*9]y is %>$ by f>m]s ?r\gh dim9i%$ p[] ( ! re/ ( ! _w z consum]s4 ,9 only a few in/ances h /rikes affect$ agriculture directly1 p>tly because ! relations ( employ] & employ$ are s l>gely p]sonal2 p>tly because ! supply ( agricultural labor]s = ! season is usually l>ge2 b *iefly because wage-e>n]s ^u f>ms 9 ?is c\ntry expect ev5tually to become !mselves proprietors1 & s no sep>ate organization is probable4 ,9 "s c\ntries1 h[ev]1 :]e wage-e>n]s 9 f>m+ communities are a class by !mselves1 a /rike has be5 ! only me?od by :i* ! b>ri] ( cu/om & law1 built up ?r\gh _m g5]ations1 c\ld be brok54 ,! great agricultural /rike 9 ,engl& w always be rememb]$ z hav+ elevat$ ! /&>d ( labor & liv+ 9 t c\ntry4 ,x is to ! int]e/ ( all f>m]s to cultivate a bett] und]/&+ betwe5 employ]s & employ$ ?an c be ma9ta9$ ) any g5]al expectation ( /rikes1 boycotts1 lock\ts or simil> w>like me?ods ( settl+ fair wages4 ,trades' unions4--,! organizations kn[n z trades' unions1 9 :i* ! wage-e>n]s 9 any p>ticul> k9d ( bus9ess unite = self-protection1 h _h a gradually wid5+ influ5ce ^u ! relation ( manag]s to employs4 ,once !y 7 *>act]iz$ z 8ma*9]y by :i* #aj p] c5t ( ! work+ classes comb9e to rob #ij p] c5t10 because ! advantage secur$ usually comes out ( ! consum]s ( products4 ,b today reasonable d\bts ( ! g5]al advantage ( a well-manag$ trades' union h disappe>$4 ,if once !y seem$ a conspiracy aga9/ society 9 g5]al1 !y are n[ recogniz$ z a "p ( ! g5]al progress 9 mutual recognition ( rights & privileges4 ,x seems "r to expect f !m /ill l>g] usefulness1 ) a cle>] p]ception ( _! importance4 ,x is evid5t t !y contribute some:at to g5]al intellig5ce ( _! memb]s1 & s f> z ?is is true !y help t[>d great] effici5cy4 ,at ! same "t !y help to ma9ta9 /ability ( employm5t & /ability ( o!r conditions surr\nd+ labor4 ,a brief enum]ation ( ends !y may s]ve directly w help to appreciate _! importance4 ,fir/1 !y c z truly e/imate ! m>ket value ( wages by ga!r+ /ati/ics f all p>ts ( ! c\ntry & f o!r c\ntries z c any organization 9 comm]ce e/imate ! m>ket value ( produce4 ,second1 !y c s]ve z an employm5t bureau 9 furni%+ in=mation ( places :]e "w is want$1 ?us equaliz+ ! advantages z well z ! burd5s ( _! associates4 ,?ird1 !y c make m uni=m & m satisfactory ! cu/oms 9 reg>d to ! l5g? ( a day's "w or privileges ( any k9d associat$ ) ! "w z p]quisites4 ,f\r?1 !y c1 if !y w1 f9d ! true gradation ( skill & ( wages among workm51 s z to e/abli% a natural l9e ( advancem5t4 ,fif?1 !y rightly d1 & c /ill fur!r1 s]ve = mutual support 9 cases ( illness1 & = protection ( a community aga9/ fraud 9 pleas ( pov]ty4 ,six?1 !y may easily & prop]ly1 if !y w1 provide = insurance ( "*1 bo? z m5 & z workm51 by issu+ c]tificates1 & "u prop] provision giv+ bonds1 su* z are requir$ 9 _m positions ( tru/4 ,sev5?1 !y may ext5d _! op]ations ev5 to ! tak+ ( jobs t require a v>iety ( "w cont9u+ ?r\gh a p]iod ( "t4 ,eigh?1 !y c1 "u mo/ favorable circum/ances1 und]take v>i\s /ock ent]prises1 especially cop]ative /ores1 ?us secur+ an inc5tive to sav+1 & dim9i%+ ! _s ( antagonism aga9/ ! pr(it-mak]s4 ,f9ally1 ?\gh !y h ! be/ possible organization = a successful /rike1 if necess>y1 !y c subord9ate ?is disposition t[>d w>f>e to a broad] ma*9]y = fair consid]ation ( all int]e/s & = individual arbitration ( rights4 ,su* organizations1 "u good managem5t1 w9 ! respect ( all1 & f9d a recognition ( _! me?ods satisfactory4 ,f>m]s' clubs & granges1 ?\gh f> f rea*+ ideal effici5cy1 furni% sugge/ions ( ! g5]al utility4 ,un=tunately1 ^! organizations1 hav+ little if any basis ( capital1 h seldom be5 incorporat$ "u ! laws ( ! /ate4 ,c\ld ! p[]s & purposes ( su* organizations be e/abli%$ ^u a basis ( /atute law1 ! range ( _! usefulness might be greatly increas$4 ,!y might ev5 su/a9 a me?od = en=c+ 9 ! c\rts ! collection ( wages1 :]e ! s+le wage-e>n] (t5 accepts ! half loaf 9 a compromise r ?an meet ! exp5se & loss ( "t involv$ 9 a law suit4 ,c]ta9ly ! e/abli%m5t ( legal relations betwe5 ! trades' union & ! /ate w\ld give to x a "* & /ability mo/ likely to promote all int]e/s4 ,f$]ations ( labor4--,! s-call$ f$]ations ( labor1 9 :i* practically ! only bond ( union betwe5 individuals is ! fact t all are wage-e>n]s1 h s f> work$ out b a small "p ( ! problem involv$ 9 _! exi/5ce4 ,!y h ! advantage ( unit+ l>ge numb]s & a v>iety ( int]e/s2 b !y h ! disadvantage ( subord9at+ all o!r int]e/s to ! suppos$ conflict betwe5 employ]s & employ$4 ,_! t5d5cy is almo/ c]ta9 t[>d l[]+ /&>ds ( effici5cy1 & attempt+ by class legislation to get ! advantage ( m]e numb]s4 ,x is almo/ impossible t ! organization %all be kept out ( ! field ( b>ga9s 9 politics & contrivance = special legislation1 demoraliz+ to ! :ole c\ntry4 ,too (t5 ! votes ( memb]s are made a bribe = secur+ c]ta9 favors4 ,9 ! nature ( ! case1 !y su/a9 a body ( (fic]s ^: *ief bus9ess is 9 dang] ( becom+ t ( ei!r political agitators or political bosses4 ,! ma*9]y ( organization is liable to r$uce ! indep5d5ce ( individuals4 ,! organization itself is liable to dem& a p]sonal subord9ation almo/ equival5t to milit>y rule1 & ! badge ( ! society may m>k a man z "u direction ( au?ority4 ,ev5 9 que/ions :]e ! majority rule1 ! =ce ( ! f$]ation requires ! caucus pr9ciple ( absolute adh]5ce1 ev5 ?\gh ! majority repres5ts ! weake/ & lea/ intellig5t "p ( ! organization4 ,! demoraliz+ effect ( su* me?ods1 includ+ :olesale trad+ ( op9ions1 is liable to debase citiz5%ip1 & s to dim9i% ! individual self-respect1 :i* is ! highe/ possible protection = labor]s4 ,c\rts ( arbitration4--,arbitration betwe5 employ]s & employ$1 9 cases ( s]i\s misund]/&+1 has long be5 advocat$ z a wise means ( settl+ diff]5ces4 ,! ob/acles to its g5]al1 volunt>y adoption are consid]able4 ,employ]s object because x involves ! admission ( an outsid] z a judge ( _! bus9ess me?ods4 ,! employs object because !y fe> ! sympa?y ( arbitrators ) ! sup]ior intellig5ce1 weal? & p[] ( employ]s4 ,yet !re seems no good reason :y a repres5tative body ( m51 *os5 = "* & ability1 %\ld n be appeal$ to by bo? p>ties 9 a conte/ :i* has already brok5 up ! natural relations ( bus9ess4 ,z has be5 %[n1 ! :ole community suff]s 9 e int]ruption ( production & trade1 & s f> ! community has ! "r1 & %\ld h ! legal privilege1 ( insi/+ ^u ! faire/ & quicke/ means ( settl+ ! controv]sy4 ,9 f> less important difficulties betwe5 individuals1 society insi/s t ei!r individual %all h ! "r to br+ ! o!r into c\rt4 ,society is wait+ only to settle ! be/ =m ( a c\rt ( arbitration = labor difficulties4 ,! tr5d ( popul> judgm5t is 9 favor ( a well-organiz$ commission1 hav+ ! dignity if n ! au?ority ( a supreme c\rt4 ,t su* commissions h n g5]ally come up to ! ideal is due l>gely to political influ5ce among lead]s ( organizations1 s t ! commission]s become ! *oice ( a faction r ?an ( ! p4 ,x is conceivable t ! functions ( judges 9 a s]ies ( /ate c\rts may be s enl>g$ "u c>efully fram$ laws z to include ! duty ( arbitration 9 labor conte/s4 ,if ! p are n yet ready = compulsory settlem5t ( su* que/ions1 ! "t is surely com+1 "u ! enorm\s aggregation ( indu/ries & ! imm5se comb9ation ( employs1 :5 ! judgm5t ( ! p express$ 9 due =m ( law w control bo? employ] & employ4 ,! :ole _w is recogniz+ me?ods ( arbitration z bett] ?an w>f>e4 ,x w soon insi/ t ^! m9or w>s )9 ! commonweal? %all cease4 ,pr(it-%>+4--,"s g5]al sy/em ( prev5t+ antipa?y betwe5 pr(it-mak]s & wage-e>n]s seems desirable4 ,c]ta9 int]e/s are kn[n to be mutual1 & bo? employ]s & employ$ welcome any sy/em by :i* ^? mutual int]e/s c fur!r ! success ( ! bus9ess4 ,among ! me?ods propos$1 & sometimes successfully employ$1 ! mo/ prom95t is pr(it-%>+4 ,?is implies on ! "p ( employ]s aft] paym5t ( curr5t wages a di/ribution1 at /at$ times1 f> en\gh ap>t to secure a fair av]age 9 ! pr(it & loss acc\nt1 ( "s portion ( net pr(its among all ! wage-e>n]s4 ,! p] c5t ( net pr(its to be ?us di/ribut$ is matt] ( agreem5t1 & ! basis ( di/ribution is naturally ! scale ( wages accept$ by ! employs 9 _! contract = employm5t4 ,! p>ticul> me?ods ( apply+ ^! pr9ciples v>y ) circum/ances1 b 9 all cases dep5d ^u ! actual confid5ce ( employs 9 _! employ]s4 ,! effects seem to be good1 bad or indiff]5t1 9 proportion to ! g5]al intellig5ce & /ability ( ! employs4 ,) really skill$ workm51 e/abli%$ 9 homes & feel+ responsibility z citiz5s1 pr(it-%>+ /imulates to ! highe/ en]gy4 ,) weak & irresponsible wage-e>n]s x is likely to br+ wa/e & sometimes false notions 9 reg>d to weal? production4 ,! weakness ( ! :ole sy/em is ! lack ( provision = fairly %>+ burd5s 9 ! con/antly recurr+ p]iods ( loss4 ,if ! employ's %>e ( ! pr(its is consum$ ^u com=t or luxury1 he is ev5 less prep>$ ?an )\t su* pr(its to meet ! loss ( n only pr(its1 b 8 wages1 9 times ( depression4 ,if ^! additional e>n+s %>$ z pr(its become an insurance to ! wage-e>n]1 a sort ( res]ve = su/5ance & safety 9 ! necess>y times ( weakness 9 any indu/ry1 !y /imulate ! be/ *>act]i/ics ( sav+ & "*-build+1 & cultivate a disposition to meet all em]g5cies 9 pati5ce4 ,x is q cu/om>y1 !re=e1 9 any sy/em ( pr(it-%>+ to provide also an inve/m5t = ! employs 9 a res]ve fund1 f :i* ! necessities ( ! bus9ess & ! ne$s ( ! :ole community ( work]s may be met4 ,su* a me?od1 if wisely manag$1 makes ! int]e/s ( ! employs co9cide ) ^? ( ! employ]4 ,if add$ to ?is !re is ample opportunity = sugge/ions z to enl>gem5t & improvem5t ( ! bus9ess 9 all m9uti1 ! be/ abilities ( ! workm5 are call$ out & ! he>tie/ sympa?y is possible4 ,!re /ill rema9s aga9/ su* a sy/em ! objections1 t losses are n %>$ z truly z pr(its1 & t employs are liable to require too intimate an acqua9tance ) ! condition ( _! employ]'s bus9ess to fo/] ! success ( ! ent]prise4 ,its successful application is s f> conf9$ to l9es ( bus9ess easily compreh5d$ & direct 9 _! me?ods4 ,slid+ scales ( wages4--,ano!r device = connect+ directly ) ! fluctuations ( bus9ess any comp5sation ( wage-e>n]s is call$ ! slid+ scale ( wages4 ,?is is an attempt to make ea* %>] 9 production dep5d directly ^u ! price ( products 9 ! m>ket = rate ( wages4 ,! wages ( diff]5t work]s are adju/$ to ea* o!r by contract ^u "s ratio e/abli%$ by exp]i5ce1 & !n ! wages ( ea* are made to v>y f mon? to mon? ) ! av]age price ( ! f9i%$ product 9 ! g5]al m>ket4 ,?is subjects all p>ties directly to ! fluctuations ( ! bus9ess 9 bo? pr(it & loss4 ,its success is dep5d5t ^u ! confid5ce plac$ by employs 9 ! fairness ( ! adju/m5t4 ,x /imulates to highe/ productiv5ess :5 prices are high1 & *ecks production slightly :5 prices are l[4 ,b x provides no direct me?od = readju/+ bus9ess "u ! pressure ( great *anges 9 me?ods ( managem5t1 nor does x save f /rong antipa?y aga9/ ! improvem5t ( a bus9ess by labor-sav+ ma*9]y4 ,its successful employm5t dep5ds 9 g5]al ^u ! "* & effici5cy ( employ]s & ! g5]al intellig5ce & ent]prise ( employs4 ,cop]ative indu/ry4--,cop]ative indu/ries are sometimes advocat$ z a complete solution ( labor difficulties4 ,! sy/em implies a union ( indep5d5t workm51 all ( :om %all be %>]s 9 ! capital employ$ z well z 9 ! labor involv$1 includ+ managem5t4 ,! managem5t ( ! ent]prise is entru/$ to *os5 memb]s ( ! cop]ative =ce1 & wages or sal>ies are fix$ accord+ to abilities employ$1 ess5tially ^u ! scale ( curr5t wages outside ! cop]ative ent]prise4 ,all pr(its are !n %>$ among all memb]s ( ! association 9 proportion to _! wages4 ,b an inve/m5t ( su* pr(its 9 ! gr[? ( ! bus9ess is an ess5tial "p ( ! plan4 ,?is me?od satisfies ! ideal ( equity 9 division ( weal? produc$1 provid$ ! basis ( adju/m5t betwe5 classes ( wage-e>n]s is accept$ z fair4 ,! pr9cipal difficulty 9 ?is respect arises 9 ref]5ce to ! sal>y ( manag]s & ov]se]s4 ,su* sal>ies are less cle>ly def9$ 9 ! labor m>ket1 be+ usually complicat$ ) pr(it-mak+1 & are liable to be consid]$ out ( all proportion ) ! wages ( o!r work]s4 ,if und]e/imat$1 ! m>k$ abilities requir$ 9 managem5t are likely to be )drawn f ! ent]prise = indep5d5t managem5t 9 pr(it-mak+4 ,! *ief difficulties1 h[ev]1 ) cop]ative production gr[ f ! want ( confid5ce ( ! multitude ( %>ehold]s 9 _! manag]s4 ,few k9ds ( bus9ess c be c>ri$ on successfully "u a body ( absolute rules1 & few] /ill w be> ! delays & hesitation requir$ = a g5]al consultation ( _m au?orities4 ,! comp>atively few in/ances ( g5u9e success 9 cop]ative production are due1 9 ! fir/ place1 to ! comp>ative simplicity ( ! und]tak+2 &1 9 ! second place1 to ! g5ius ( "s organiz]1 :o has be5 will+ to contribute 8 sup]ior abilities = ! sake ( ! ent]prise itself r ?an ! comp5sation4 ,a few pr9ciples may be fairly drawn f ! g5]al exp]i5ce4 ,fir/1 all %>ehold]s mu/ be actual work]s1 9 "s way responsible = a "p ( ! production4 ,second1 ! influ5ce ( ea* %>ehold] mu/ 9 "s way be held 9 direct ratio to 8 %>e 9 ! production4 ,?ird1 ! sy/em ( acc\nts mu/ be su* z all c fairly und]/&4 ,f\r?1 ! managem5t mu/ be entru/$ to a *os5 few1 ^: int]e/s are *iefly 9 ! bus9ess itself1 ^: "* secures ! confid5ce ( all1 & ^: adm9i/rative ability is n too mu* hamp]$ by rules4 ,! opportunity = cop]ative indu/ry is n[h]e great] ?an 9 a community ( f>m]s4 ,butt] & *eese factories1 cold /orage plants & milk /ations invite ! cop]ation ( int]e/$ f>m]s ^u ! simple/ possible basis ( agreem5t4 ,! multiplication ( su* ent]prises is desirable1 & ! f>m]s ( e community may pr(itably /udy ! conditions ( success4 ,! greate/ ob/acle h]et(ore1 has be5 ! want ( compet5t managem5t1 & ! di/ru/ ar\s$ & ma9ta9$ by ! ineffici5cy & fraud ( manag]s4 ,x is possible1 too1 t f>m]s g5]ally d n recognize ! actual importance ( executive abilities1 & are unwill+ to pay ! sal>y actually e>n$ by a ?or\ghly compet5t man4 ,legal re/rictions z to labor4--,x is natural = ^? :o suff] 9 ! /ruggle = bett] wages to seek ! support ( law 9 re/rictions ^u contracts z to wages1 h\rs ( employm5t & conditions ( com=t4 ,! pr9ciple t gov]nm5ts mu/ protect ! weak aga9/ ! /rong 9 any community is a ?or\ghly e/abli%$ "o4 ,yet its applications are subject to cont9ual readju/m5t4 ,multitudes ( exp]im5ts h be5 tri$1 affect+ ! :ole range ( inequalities 9 wages & p]quisites4 ,9 _m in/ances1 wages h be5 fix$ by law1 & t = long p]iods ( "t1 b )\t reliev+ 9 any respect ! actual =ce ( competition among wage-e>n]s !mselves4 ,inde$1 ! t5d5cy ( v explicit enactm5ts is to weak5 ! individual ability ( wage-e>n]s by de/roy+ ambition4 ,wages fix$ by law are necess>ily z l[ z ! av]age w\ld be 9 a free competition2 o!rwise production is h9d]$ & capital is dim9i%$4 ,) ?is l[ av]age any work] ( m ?an av]age ability ga9s no?+ by ex]t+ 8 ability1 b does ga9 ease by neglect4 ,?us en=c$ uni=mity r$uces ! en]gy ( ! produc+ =ces & practically closes ! doors ( advancem5t f wage-e>n+ to pr(it-mak+4 ,a simil> effect is f\nd 9 ef=ts to regulate ! h\rs ( labor by law1 except :]e ! law simply def9es ! mean+ ( a day's "w or emphasizes ! importance ( public heal? & vitality r ?an equality 9 di/ribution4 ,humanity has done mu* 9 r$uc+ h\rs ( toil1 & may yet d m2 b x w be = humanity's welf>e 9 l>g] consid]ations ?an are measur$ by money4 ,! eight-h\r "q1 s con/antly agitat$ 9 c]ta9 call+s1 conc]ns ! entire p j s f>1--& no f>!r1--z ! g5]al heal? & en]gy ( ! community dep5d ^u x4 ,f>m+ communities /& alo( f its application2 & yet !re is no "q t ! f>m]'s home might be ev5 bett] ?an x is = develop+ physical & m5tal vigor1 if h\rs ( toil 7 m c>efully re/rict$ to meet ! conditions ( heal?ful gr[? & activity4 ,o!r conditions1 affect+ ! employm5t ( *ildr5 & wom51 are prop] subjects ( re/riction by law2 = ^! also involve ! consid]ation ( g5]al welf>e 9 ! elevation ( ! physical1 m5tal & moral *>act]i/ics ( ! race4 ,^u ! same plane mu/ be put all legal re/rictions ^u me?ods & ma*9]y1 r$uc+ ! dang]s f accid5t & promot+ ! com=t ( employs4 ,all re/rictions s]ve _! purpose only s long z !y are appreciat$ z hav+ _! reason = exi/5ce 9 g5]al welf>e4 ,! rights ( an employ]1 "u contract ) 8 employ1 l ! rights ( a p>5t 9 control ( 8 *ild1 are subject to ! law ( good w2 & ! _w w yet f9d a way to make its re/rictions felt :]ev] recklessness or c>elessness or gre$ de/roys good w4 ,nationalization ( indu/ry4--,a some:at popul> sugge/ion 9 solution ( labor difficulties is ! s-call$ nationalization ( indu/ry4 ,?is1 9 g5]al t]ms1 is a proposition to equalize comp5sation & avoid fluctuation 9 bo? wages & employm5t by public control ( all indu/ries "u (ficial managem5t4 ,:ile ?is involves "s pr9ciples ( socialism1 m prop]ly discuss$ 9 connection ) consumption ( weal?1 its relations to productive indu/ry may be briefly pres5t$ "h4 ,! plans propos$ are z yet express$ only 9 mo/ g5]al t]ms4 ,ev5 ! me?od ( br++ ab\t su* a revolution ( ?\ght1 feel+ & action has n be5 devis$4 ,/ill less ready is anyone to po9t out ! details ( a plan = ! actual production4 ,! ne>e/ associat$ ideas are f\nd 9 gov]nm5tal s]vices ?r\gh a po/ (fice dep>tm5t or ! managem5t ( a sy/em ( transportation4 ,mo/ advocates ( ! me?od ov]look ! fact t 9 su* gov]nm5t adm9i/ration ( p>tial indu/ries ! law ( competition is /ill op]ative betwe5 ^! ent]prises & ! univ]sal indu/ry ( ! p4 ,! difficulties 9 gov]nm5tal managem5t "u pres5t conditions are any?+ b small1 especially "u popul> rule1 :]e ! dom9ion ( p>ty & ! influ5ce ( position are all-p[]ful4 ,"u mon>*ial rule ! organization ( su* indu/ries becomes l t ( an army1 9 :i* arbitr>y p[] pr$om9ates4 ,x seems easy to see t any ef=t to solve ! problems ( labor employm5t by national control involves f9ally ! arbitr>y decision ( p[]1 9 adju/m5t ( bo? duties & comp5sation4 ,! managem5t by (ficials1 h[ev] ^? (ficials are appo9t$1 is n necess>ily wis]1 m effici5t or m b5evol5t ?an ! managem5t by int]e/$ m51 ^: life is 9 natural contact1 ?r\gh bus9ess relations1 ) employs4 ,^? :o h _h exp]i5ce ) (ficial control "u popul> gov]nm5t are n likely to expect a readju/m5t ( all int]e/s f ! /&po9t ( politicians to be m>k$ by ei!r univ]sal good w or univ]sal common s5se4 ,x is reasonable to suppose t :]ev] g5]al welf>e 9 actual use ( weal? c be be/ promot$ by public control1 su* control w come ?r\gh ! free ex]cise ( individual judgm5t ) ref]5ce to ! "w 9 h&4 ,:ile !re ought to be no objection on ! "p ( any to a gov]nm5t ent]prise :i* c be %[n to s]ve 9 t way ! greate/ good ( all1 nobody ought to assume t ! nationalization ( indu/ries is = ! greate/ good4 ,ea* great und]tak+ w require its own pro(1 n only ( ! welf>e to be expect$1 b ( ! practical means by :i* t end c be secur$4 ,! _s ( equity *ief4--,! tr5d ( exp]i5ce goes to %[ t true economic int]e/s1 n only ( ! community b ( individuals1 are 9 accord ) g5]al pr9ciples ( welf>e4 ,x seems c]ta9 t communities pay+ ! highe/ wages are ^? :i* ga9 ! highe/ return = labor 9 product1 & ma9ta9 ! highe/ g5]al rates ( pr(it4 ,9 g5]al1 also1 ^? ent]prises :i* are controll$ ) mo/ c>e = equity 9 wages & = ! g5]al welf>e ( employs are mo/ /able "u fluctuations ( bus9ess & mo/ g5u9ely successful4 ,:ile weal? may be accumulat$ unju/ly 9 ! h&s ( ^? :o oppress _! neighbors1 !re c be no d\bt t 9 long p]iods ( "t ! be/ adju/m5t ( all int]e/s gives n only ! true/ welf>e b ! l>ge/ weal? & ! be/ use ( x4 ,! _s ( equity mu/ ev5tually control bo? manag]s & wage-e>n]s1 & no o!r disposition c furni% a f9al solution ( ! problems ( di/ribution betwe5 employ]s & employ$4 ,if employ]s are gre$y1 ! wrong w n be right$ by an equal display ( gre$ on ! "p ( wage-e>n]s4 ,! _s ( true philan?ropy is ! only prop] _s = discussion ( ^! que/ions4 ,*apt] ,,xx4 ,proce$s ,( ,capital3 ,int]e/ ,& ,r5t4 ,practical di/9ctions4--,! t]ms int]e/ & r5t are di/+ui%$ 9 actual practice by ! fact t int]e/ is paid = ! use ( capital 9 "s circulat+ =m1 :ile r5t is paid = ! use ( fix$ capital4 ,"o :o borr[s any?+1 expect+ to return n ! ?+ itself b its equival5t 9 value1 is said to borr[ ^u int]e/4 ,"o :o borr[s ! same ?+1 expect+ to return ! id5tical ?+1 is said to pay r5t = its use4 ,?us int]e/ is paid = control ( circulat+ capital until an equival5t is return$1 & r5t is paid = control ( fix$ capital until ! same articles are return$ 9 prime condition4 ,a f>m] :o borr[s a m[+ ma*9e f ! w>eh\se1 giv+ 8 note = its value1 pays1 :5 he returns t value at ! end ( ! ye>1 int]e/ ^u 8 note4 ,if he borr[s ! same ma*9e f 8 neighbor "u contract to return ! ma*9e 9 good condition at ! end ( ! season1 he pays r5t = its use4 ,! "y man :o borr[s 8 neighbor's f>m1 expect+ at ! end ( five ye>s to make t f>m 8 own1 gives a mortgage note1 promis+ at ! end ( five ye>s to return an equival5t value = ! f>m1 ) annual int]e/4 ,if1 on ! contr>y1 he expects to return ! f>m itself at ! end ( five ye>s1 )\t r$uction 9 value1 he makes a lease1 embody+ ?is agreem5t1 ) annual r5t = use ( ! f>m4 ,bo? int]e/ & r5t are liable to involve ! elem5t ( risk z to ! prop] return ( ! valuable ?+ promis$1 & to t ext5t !y p>take ( ! nature ( pr(its4 ,! true int]e/ & r5t are indep5d5t ( ! possible risk1 & h to d simply ) ! advantage naturally accru+ to ! possessor ( weal? f its use z capital1 & =m+ "o ( ! *ief reasons = accumulat+ weal? at all4 ,9 te*nical discussion ! t]m r5t is usually conf9$ to ! comp5sation secur$ f appropriation ( space1 peculi> location1 natural f]tility1 m9]al deposits1 wat] privileges1 or any natural advantage to be us$ 9 production4 ,9 ?is limit$ mean+ r5t is conf9$ to ! advantage ga9$ by ! own] ( weal? 9 any =m s affect$ by ! law ( supply & dem& z to ga9 a sc>city value4 ,! t]m une>n$ increm5t1--mean+ an increase ( value )\t co/ ( ex]tion1--has be5 l>gely appli$ to su* cases1 & illu/rations are tak5 *iefly f ! own]%ip ( l& & simil> natural =ces4 ,! same une>n$ increm5t1 h[ev]1 accrues to ! possessor ( any article ( value or any p]sonal atta9m5t1 :i* ?r\gh increas+ wants ( ! community becomes1 on t acc\nt alone1 m valuable 9 m>ket4 ,?us a b9 full ( :eat1 sav$ f a ye> ( pl5ty to a ye> ( sc>city1 has ga9$ a value abnormal1--t is1 f ! fact ( its sc>city4 ,yet no "o w\ld ?9k ( apply+ ! t]m r5t 9 su* a ease1 because ! =esight :i* /or$ ! gra9 ga9s its comp5sation 9 pr(its4 ,if ! same k9d ( =esight has plott$ a city ^u wild l&s1 & held a portion ( ^? plott$ lots until a cr[d$ population competes = _! use1 su* weal? is said to be ga9$ ^u ! pr9ciple ( r5t4 ,! diff]5ce seems to be *iefly 9 ! great] p]man5ce & ! gradual advancem5t ( ! pr(its secur$4 ,! e-day op]ations ( a f>m+ community illu/rate bo? int]e/ & r5t 9 all _! complications & def9itions4 ,e f>m]1 9 e/imat+ ! co/ ( 8 :eat crop1 may prop]ly calculate bo? ! int]e/ on 8 capital inve/$ 9 tools1 teams1 ma*9]y & wages1 & ! r5t ( 8 l&1 keep+ di/9ct acc\nts ( int]e/ & r5t2 or he may comb9e 9 "o acc\nt z int]e/ ! use ( capital 9 ma*9]y & l&4 ,if he owns ! :ole e/abli%m5t1 he is likely to comb9e bo? int]e/ & r5t ) ! return = 8 =esight & en]gy 9 manag+ ! f>m "u ! "n pr(its4 ,all ^! returns1 h[ev]1 come = diff]5t reasons1 ?\gh "u ! same g5]al pr9ciple ( values express$ 9 ! law ( supply & dem&4 ,! f>m] work+ a r5t$ f>m & ! "o work+ a mortgag$ f>m are alike pay+ bo? r5t & int]e/1 s9ce e f>m involves bo? ! weal? accumulat$ by ex]tion & ! weal? advanc$ by increas+ population4 ,:ile ! own] ( ! mortgag$ f>m app>5tly pays int]e/1 if at ! end ( ! t]m ( ! mortgage ! f>m is return$ to its =m] own] by =eclosure1 ! result is t ! mortgagee1 :ile nom9ally own] ( ! l&1 has simply be5 a r5t]4 ,9 a fair settlem5t ( equities he w h paid = ! use ( ! l& he has cultivat$4 ,int]e/ & r5t are ?us se5 to be t]ms sep>at$ r by peculi>ities ( application ?an by diff]5ce ( pr9ciple4 ,x is prop]1 h[ev]1 to treat !m sep>ately = ! sake ( m p]fect und]/&+ ( ! conditions applicable to ea*4 ,*apt] ,,xxi4 ,pr9ciples ,( ,int]e/4 ,reasons = int]e/4--,! propriety ( int]e/ "u any circum/ances has (t5 be5 que/ion$1 & its rightfulness is /ill bitt]ly disput$4 ,bo? *ur* & /ate h at times d5\nc$ ! receiv+ ( int]e/ z crim9al4 ,yet 9 actual practice ( comm]cial life ?r\gh\t ! _w int]e/ has be5 su/a9$ 9 all ages4 ,! ,jewi% law prohibit$ int]e/ betwe5 neighbors1 :]e ! reason = borr[+ 0 assum$ to be pov]ty1 b au?oriz$ x 9 deal+s ) =eign]s1 :]e ! transaction 0 assum$ to be 9 trade4 ,! pr9ciple ^u :i* int]e/ 9 all productive indu/ry is actually f\nd$ is t capital1 ga9$ by ex]tion & sav$ by self-control1 secures to its pres5t possessor su* advantages ( "t & *oice ( use = 8 abilities z c be giv5 by no?+ else4 ,9 ! /udy ( production we h se5 t "t-sav+ is an important result ( capital 9 its v>i\s =ms4 ,a c>p5t]'s kit ( tools repres5ts a value 9 use equal at lea/ to ! "t he might consume 9 mak+ !m4 ,he c af=d to keep !m = ano!r's use only :ile !y br+ to him ! advantage ( t "t-sav+4 ,8 neighbor is will+ to secure him 9 t advantage by pay+ him = ! use ( ! tools all1 or ne>ly all1 t he ga9s by us+ tools ov] :at he w\ld h )\t !m4 ,! borr[] w /ill be ! ga9] by opportunity to d "w n possible )\t ! tools4 ,! b>ga9 betwe5 borr[] & l5d]1 l any b>ga91 is a fair "o only :5 bo? are b5efit$4 ,! limits ( fairness 9 ! deal are naturally rea*$ :5 a cle> und]/&+ ( all conditions is _h 9 op5 m>ket4 ,nei!r borr[] nor l5d] c take advantage ( ! o!r )\t fraud4 ,nei!r is "u obligation to give to ! o!r )\t an equival5t4 ,! :ole "q re/s ^u s]vice r5d]$1 z truly z 9 any o!r b>ga94 ,a l>ge proportion ( ! opposition to int]e/ arises f a misconception ( ! phrase1 8borr[$ money40 ,! fact is t borr[+ & l5d+ h to d *iefly ) o!r =ms ( weal?4 ,mo/ notes are giv5 = ! transf] ( all sorts ( prop]ty "u a promise to return equal value 9 ! future4 ,money may n ent] into ! transaction at all1 except z ! /&>d ( value is 9 t]ms ( money4 ,ev5 :5 money is ex*ang$ = a note1 ! borr[] ha/5s to "p ) ! money = ! tools or provisions :i* make him a pr(itable produc]4 ,9 paym5t ( 8 note he (f]s money aga91 simply because x comm&s e desirable =m ( value = ! own] ( ! weal?4 ,if a f>m] wants a wagon )\t ! pres5t means to buy1 he (f]s ! deal] 8 promise to pay aft] six mon?s1 :5 ! corn crop j plant$ %all h matur$4 ,if ! deal] _c af=d to hold ! note because he ne$s ! capital 9 8 bus9ess1 t o!rs may be suppli$ ) wagons1 ei!r ! f>m] or ! deal] c>ries ! note to "s "o :o c af=d to wait = returns1 :i* may be ei!r a bank]1 ^: bus9ess provides j su* accommodation1 or a neighbor+ f>m] :o has j sold 8 wool4 ,9 ei!r case1 ! fir/ f>m] borr[s :at he wants 9 c>ry+ on 8 bus9ess1 & at ! end ( six mon?s1 ?r\gh a simil> transaction ( f9d+ "s "o ready to take 8 product1 pays 8 note ) corn4 7,see p4 #afd47 ,int]e/ is nev] conf9$ to money transactions1 nor ev5 to ^? 9 :i* t]ms ( money are us$4 ,all own]s ( productive weal? ga9 int]e/ 9 its use z truly z 9 l5d+ x4 ,! f>m] is n a money-l5d] 9 g5]al1 because 8 weal? w br+ him l>g] pr(it by its use z /ock or ma*9]y4 ,ev5 :5 he borr[s f 8 neighbors1 x is possible t he secures a l>g] int]e/1 ?\gh he calls x pr(it1 ?an he pays ! l5d]4 ,int]e/ is (t5 paid 9 k9d4 ,! laughable /ory ( borr[+ a h5 f "o neighbor & a sitt+ ( eggs f ano!r1 to be return$ aft] a "t ) advantage1 is actually p>allel$ by "s transactions4 ,a fri5d ( m9e hav+ a magnific5t pa/ure agre$ ) 8 neighbor1 :o own$ a f9e flock ( ewes1 to pa/ure t flock = ?ree ye>s1 return+ at ! end ( t "t j twice ! numb] ( %eep receiv$4 ,he expla9$ to me t he _h made a great b>ga91 s9ce ! wool w\ld pay = ! use ( ! pa/ure1 & he %\ld h at ! end ( ! ?ree ye>s a flock ab\t equal to ! flock he return$4 ,?is b>ga9 involv$ int]e/ at ! rate ( #cc- p] c5t1 )\t any t]ms ( money1 & an indef9ite pr(it to ! own] ( ! pa/ure 9 addition to an av]age price = su* use4 ,?is pr(it is 8 return = ! risk und]tak52 s9ce he promis$ to d\ble ! flock "u any circum/ances1 & if foot-rot or scab _h ru9$ ! flock "u 8 managem5t1 he w\ld /ill h ! same obligation t[>d ! own]4 ,su* b>ga9s w always be made s long z bo? p>ties are b5efit$1 = no possible con/ruction ( laws & no diatribes ( fanatics c prev5t !m4 ,any calculation z to ! enorm\s gr[? ( weal? by int]e/ is m ?an balanc$ by a simil> calculation ( ! multiplication ( weal? by production4 ,if ,abraham's %ekels at comp\nd int]e/ make an impossible sum ( money1 ,abraham's flock ( %eep ) ! ord9>y rate ( increase makes an equally impossible worldful4 ,v>y+ rates ( int]e/4--,int]e/ rates are subject to fluctuation & v>iations "u ! natural relations ( borr[]s & l5d]s v mu* z are prices ( commodities4 ,v>iations1 9 comp>ison ( diff]5t regions1 are due to sev]al causes4 ,9 any community :]e ent]prise is great & indu/rial =ces are unusually productive1 ! int]e/ rates are high z comp>$ ) ano!r community ) few competitors 9 indu/rial ent]prise & less productive =ces4 ,?us 9 c\ntries hav+ new l& produc+ l>ge crops ) mod]ate ex]tion & an increas+ population ready to put 9 su* crops1 ! return = ! use ( capital 9 provisions1 /ock & ma*9]y is great1 & ! l5d] gets high rates ( int]e/4 ,if1 add$ to ?is app>5t productiv5ess1 !re are risks ( failure f dr\ghts1 /orms & injuri\s insects1 ! b>ga9 is m favorable to ! l5d] 9 express$ t]ms1 ?\gh x may be less favorable 9 actual results4 ,?us risk ent]s practically into calculations ( int]e/1 :atev] ! circum/ances4 ,int]e/ v>ies 9 ! same region ) a v>iation ( en]gy & productive ent]prise or ( ! speculative _s und]tak+ great improvem5ts1 & on ! o!r h& ) any *ange ( circum/ances affect+ univ]sal cr$it4 ,di/ru/ on ! "p ( anybody r$uces ! read9ess ) :i* borr[]s f9d l5d]s4 ,9 times ( widespread lack ( confid5ce1 :5 all cr$it becomes debt1 ! borr[] is likely to (f] unusual rates ( int]e/4 ,& ! few :o are will+ to l5d at all expect enorm\s pr(its 9 su* int]e/4 ,simil> v>iations 9 rates ( int]e/ are f\nd betwe5 diff]5t classes ( borr[]s1 due to ! v>iation ( risk4 ,?us promises to pay on dem&1 ) p]sonal security ( two good payma/]s1 w usually be accept$ at v l[ rates ( int]e/1 s9ce ! own] ( weal? s loan$ feels sure ( hav+ ! weal? :5 he wants x4 ,gov]nm5t loans 9 times ( peace & prosp]ity be+ ess5tially )\t risk1 approa* v ne> ! same l[ rate ( int]e/1 s9ce ! own] ( ^! securities believes himself at any "t able to comm& ! use ( 8 weal? = any purpose by a transf] ( ^! securities4 ,if = any reason1 (ficial or legislative1 public confid5ce is di/urb$1 rates ( int]e/ on su* securities rise proportionally ?r\gh ! sale at a disc\nt4 ,ev5 a law prohibit+ su* sale w\ld h exactly ! contr>y effect to t int5d$1 because ( creat+ additional di/ru/4 ,loans ^u "t1 if secur$ by productive l&$ e/ate n subject to unusual risks1 c usually be made at mod]ate rates1 & =m a fair basis = judg+ ! normal int]e/ 9 any region4 ,loans secur$ by *attel mortgage br+ high] rates1 because ! *attels involv$ are a less c]ta9 means ( paym5t ?an l&$ e/ate4 ,loans secur$ ^u unproductive l&s1 :e!r 9 prospective f>ms or city lots1 are made at high rates1 n only because ^! l&s fail to furni% 9 !mselves ! means ( int]e/ paym5t1 b because !y repres5t ! speculative en]gy ( _! own]s ) unmeasur$ risk4 ,all ^! v>iations & fluctuations are f\nd 9 e community1 & gr[ out ( ! natural wants ( borr[]s & ! natural feel+s ( l5d]s4 ,cu/om may h some?+ to d ) rates 9 special cases1 z x has to d ) wages & retail prices1 b 9 ! range ( frequ5t deal+ betwe5 borr[]s & l5d]s rates foll[ ! higgl+ ( ! m>ket z truly z prices ( commodities4 ,usury laws4--,x has be5 ! cu/om = ages to di/+ui% betwe5 int]e/ & usury1 int]e/ be+ suppos$ to be a fair paym5t = use ( borr[$ weal? & usury a l>g] paym5t 9 ! di/ress ( a borr[]4 ,usury once meant only use1 ! equival5t ( int]e/1 b s9ce x 0 once prohibit$ by law 9 ,engl&1 ! "n is n[ atta*$ to :at is /ill prohibit$ by law1 an int]e/ above a def9ite rate prescrib$ by /atute4 ,! object ( su* legal re/rictions is evid5tly protection ( ! borr[] aga9/ extortion4 ,yet x is practically prov$ by exp]i5ce ( ! _w t su* re/rictions op]ate aga9/ ! borr[] by limit+ l5d]s 9 op5 m>ket & sometimes clos+ ! m>ket entirely4 ,! w\ld-be borr[]1 "u adv]se conditions 9 ! m>ket1 is oblig$ to f9d 9 "s byway a l5d] ^: scruples aga9/ infr+em5t ^u ! law may be ov]come by extra paym5t4 ,"u su* circum/ances !re is no m>ket rate1 & borr[]s b9d !mselves 9 num]\s ways to special paym5ts n 9 direct conflict ) ! lett] ( ! law4 ,evasions ( re/rictions "u su* circum/ances are inevitable4 ,a f>m] buys a hundr$-doll> horse1 giv+ a note1 payable 9 "o ye> )\t int]e/1 = #abj2 or he sells 8 note to a neighbor at :at he w give2 or he goes to a brok] & pays him a commission = secur+ a loan at ! legal rate ( int]e/4 ,ev5 at a bank1 prohibit$ by law f tak+ m ?an ! legal disc\nt on ! pa9 ( los+ its *>t]1 a borr[] may give 8 note = #ejj1 tacitly agree+ to leave on deposit a fif? ( ! sum1 ?us pay+ int]e/ on #ejj = ! use ( #djj4 ,all ^! =ms ( evasion are easily adopt$ ) v little possibility ( conviction1 ev5 :5 usury is *>g$4 ,ev5 9 ! mo/ flagrant violation ( laws ! *ances ( conviction are greatly re/rict$ by ! fact t a prosecut+ witness1 :o1 aft] mak+ a contract 9 violation ( law1 takes advantage ( t law to violate 8 contract1 de/roys all cr$it = himself1 & s comes "u ! ban ( society4 ,! be/ me?ods ( public re/riction aga9/ extortion ( any k9d 9 int]e/1 9 r5t or 9 prices ( commodities are ^? t provide = publicity ( contracts4 ,:]e no legal re/rictions ^u rates ( int]e/ are fix$1 curr5t rates are mu* m likely to be public & widely adv]tis$1 & extortion is less possible ?an :]e ! law enc\rages secret contracts by ! ne$ ( evasion4 ,x is q possible t society w f9d a way ( secur+ aga9/ ! extortion ( pawn-%ops & secret brok]age by a public organization compet+ hone/ly = ! same patronage4 ,su* companies h be5 organiz$ 9 a few cities ) success 9 meet+ ! wants ( ! di/ress$1 "u su* re/rictions ( *>t] & managem5t z insure fair deal+4 ,x seems z possible to regulate su* matt]s by lic5se & inspection z x is to control ! hack-m5 ( a :ole city4 ,loan associations4--,x is prop] 9 ?is connection to ref] to loan associations1 ! gr[? ( rec5t ye>s4 ,! purpose ( su* associations is direct cop]ation 9 borr[+ & l5d+ among neighbors simil>ly situat$ z to prop]ty4 ,!y are especially adapt$ to assi/ wage-e>n]s 9 secur+ com=table homes1 = :i* !y c pay gradually f _! e>n+s4 ,! sy/em1 h[ev]1 has be5 widely ext5d$1 to ! advantage ( diff]5t classes ( prop]ty own]s1 ev5 to ! e/abli%m5t ( cop]ative banks among f>m]s4 ,! ess5tials to success & safety 9 su* associations are1 fir/1 t !y %all be /rictly local1 conf9$ to t]ritory )9 :i* mutual acqua9tance c give a fair basis = g5u9e cr$it2 second1 ! objects s\ght by individual borr[]s mu/ be fairly equal 9 risk z well z 9 ends to be s]v$2 ?ird1 ! managem5t mu/ be ?or\ghly tru/wor?y1 ) a g5u9e int]e/ ( all %>ehold]s 9 ! selection ( (fic]s2 f\r?1 all %>ehold]s %\ld h simil> relations to ! association z bo? borr[]s & l5d]s1 & ea* %>ehold]'s responsibility %\ld cease at ! f9al settlem5t ( 8 obligation2 fif?1 provision %\ld be made = frequ5t audit+ ( acc\nts1 (ficial reports & inspection4 ,uses ( int]e/4--,9 clos+ ! subject ( int]e/1 x is well to recall ! fact t int]e/ exi/s 9 ! v nature ( productive en]gies1 & t ability to transf] ! use ( prop]ty 9 any =m ( capital )\t transf]r+ ! int]e/ is mo/ useful to society4 ,x su/a9s ! ag$1 :o mu/ o!rwise be :olly dep5d5t1 & ! *ildhood ( ! race 9 all developm5t ( body1 m9d & s\l4 ,int]e/ su/a9s ! mass ( educational & *>itable in/itutions1 z well z ! individual life ( multitudes ^: pres5t e>n+s c\ld n keep body & s\l toge!r4 ,moreov]1 ! possibility ( pay+ int]e/ secures to ! ent]pris+ "y m5 ( ! _w ! opportunity to make _! highe/ en]gies productive4 ,?us ! matt] ( int]e/ p]vades ! ?rift ( society z well z ! su/5ance1 & cultivates ev]y:]e t pres5t economy :i* provides = ! ra9y day4 ,! fact t ne>ly "o-fifte5? ( ! population ( ! ,unit$ ,/ates are depositors 9 sav+s banks alone proves ! ext5t & importance ( int]e/ to ! g5]al welf>e4 ,) add$ facilities = deposit+ small sav+s 9 po/al sav+s banks1 ! advantage w\ld be /ill m widely felt1 & ! g5]al economy 9 ! use ( bo? e>n+s & capital w\ld be promot$4 ,all ?is ext5sion ( int]e/-be>+ increases ! t5d5cy ev]y:]e notic$ to a dim9ution ( curr5t rates4 ,) a multiplication ( capital 9 any community1 ! rates ( wages increase1 :ile ! rates ( int]e/ dim9i%4 ,bo? t5d5cies are natural effects ( ! same cause4 ,*apt] ,,xxii4 ,pr9ciples ,( ,l& ,r5t4 ,r5t values ( l&4--,! g5]al "* ( r5t1 z connect$ ) ! use ( fix$ capital & s associat$ ) int]e/1 has already be5 t\*$ ^u4 ,9 t s5se x dep5ds ^u ! fact t possession ( weal? is univ]sally an advantage 9 production ( future weal? & is subject to all ! peculi>ities affect+ int]e/4 ,b l& r5t1 z repres5t$ 9 ! value ( f>ms1 city lots1 m9]al claims1 fi%]ies1 wat] privileges1 :>ves1 etc41 has peculi>ities ( its own4 ,its connection directly ) rural weal? 9 ! value ( f>m l&s makes x ( special importance 9 ?is discussion4 ,:ile r5t1 z su*1 is comp>atively unimportant to f>m+ int]e/s 9 ! ,unit$ ,/ates1 :]e mo/ ( ! l& is work$ by its own]s1 ! pr9ciple is involv$ z fully 9 ! transf] value ( f>ms z x is 9 c\ntries :]e l& is almo/ univ]sally r5t$ = f>m purposes1 l ,engl& & ,irel&4 ,x is simply necess>y to rememb] t ! r5t "q 9 su* a c\ntry z ,engl&1 :]e l& is seldom transf]r$ f own] to own] 7b all values are express$ 9 ! t]ms ( annual r5tal71 is q diff]5t 9 =m f ! "q 9 our c\ntry1 :]e transf] ( l&$ prop]ty is free & common1 & ! r5tal is regulat$ l>gely by curr5t rates ( int]e/ ^u l& values4 ,9 ,engl&1 too1 ! r5t "q involves long /&+ relations betwe5 ! p & l&$ proprietors :o1 = g5]ation aft] g5]ation1 h be5 rul]s ( ! p z well z l&lords1 & are /ill ! natural magi/rates ov] ! r5t]s ^u _! e/ates4 ,yet ! pr9cipal occasion = r5ts 9 su* c\ntries is exactly ! same z t = v>y+ values ( l& 9 ! ,unit$ ,/ates4 ,peculi> intricacies ( me?ods ( r5t-pay+ & ( t]ms 9 leases1 v>y+ ) ! cu/oms ( diff]5t c\ntries1 h little importance 9 ! ,unit$ ,/ates1 except = comp>isons4 ,! ,unit$ ,/ates af=d sup]ior advantages = ! /udy ( l& values fairly indep5d5t ( re/rictive laws or cu/oms4 ,! rapid settlem5t ( wild l&s by f>m]s & ! rapid build+ ( cities "u free competition give ! faire/ illu/ration ( t5d5cies 9 l& values to be f\nd 9 ! _w4 ,! fact t ! gov]nm5t = ! pa/ fifty ye>s has enc\rag$ ! settlem5t ( new l& at ! b>e co/ ( e/abli%+ own]%ip makes ! problem almo/ z simple z if ! gov]nm5t _h no voice 9 ! di/ribution4 ,x may be prop] to recall ! conditions "u :i* any individual has be5 able to secure ! absolute control ( l& z a proprietor3 ,fir/1 by premption1 involv+ tempor>y resid5ce until ! l& is pur*as$ & pat5t$1 at ! nom9al price ( #a4be an acre1 or #b4ej )9 t5 miles ( su* railroads z may h be5 subsidiz$ by a gift ( "o-half ! l& )9 ! same limits4 ,second1 by home/ead premption1 by :i* any head ( a family1 pres5t or prospective1 c secure #afj acres ( l& by paym5t ( c]ta9 regi/ration fees1 am\nt+ 9 all to less ?an #bj ^u ! av]age1 & mak+ 8 resid5ce ^u ! l& = a p]iod ( five ye>s4 ,! issue ( a pat5t at ! end ( ! five ye>s e/abli%es own]%ip4 ,! soldi]'s home/ead1 (f]$ to ^? :o _h s]v$ z volunte]s 9 ! army ( ! nation1 v>i$ f ?is only 9 a r$uc$ t]m ( resid5ce4 ,?ird1 home/ead]s1 z well z o!rs1 c\ld secure additional l&s "u a provision = tree culture on ! treeless prairies1 ! requirem5t be+ ! plant+ ( a few acres ( trees & ! ma9t5ance ( culture on ^? acres = a p]iod ( eight ye>s4 ,ev5 ! e/abli%m5t ( trees 9 p]man5t gr[? 0 n a requisite4 ,f\r?1 by c]ta9 outlay = irrigation purposes 9 arid l&s a tract ( #fdj acres c\ld be secur$4 ,9 addition to ^!1 c]ta9 l& grants to ! sev]al /ates l$ to ! issue ( scrip1 entitl+ ! possessor to locate on gov]nm5t l&s ^u paym5t ( only fees ( regi/ration4 ,c]ta9 /ates1 )9 ^: bord]s public l&s did n exi/1 be+ unable to hold l&s 9 o!r /ates or t]ritories1 sold scrip at less ?an half ! price ask$ by ! gov]nm5t = l&s4 ,all ^! me?ods op]at$ n only z a /imulant to ! settlem5t ( new t]ritory1 b z a *eck ^u ris+ values ( l& 9 ! old] communities4 ,nev]!less1 ?is rapid developm5t has giv5 ! be/ ( opportunities = wat*+ ! t5d5cies ( l& values4 ,propriety ( l& r5t4--,! "r ( prop]ty 9 l&1 l e o!r prop]ty "r1 re/s ^u its advantage 9 ! welf>e ( communities4 ,among savage tribes individual control ( plots ( gr\nd w\ld int]f]e ) welf>e1 z h9d]+ ! only use to :i* ! l& is put 9 hunt+4 ,among p liv+ by h]d+ no nice divid+ l9es are ne$$1 ?\gh /rife betwe5 h]dsm51 s9ce ! days ( ,abraham & ,lot1 results f ! m+l+ ( h]ds ^u ! same fe$+ gr\nds4 ,) ! actual tillage ( soil1 control ( ! space till$ becomes absolutely necess>y1 & m necess>y ) e improvem5t 9 agriculture :i* takes ! nature ( p]man5t improvem5t ^u ! soil4 ,no agriculture beyond ! m]e/ sk9n+ ( ! surface has ev] exi/$ )\t p]man5t occupation4 ,ev5 :]e ! l& is di/9ctly own$1 b us$ "u tempor>y leases1 few p]man5t improvem5ts 9 agriculture are possible4 ,! necess>y p]man5ce ( control ov] ! products ( toil makes an ess5tially p]man5t control ( l& necess>y to ! common welf>e4 ,= ?is reason ! progress ( civilization ev]y:]e dem&s m di/9ct b\nd>ies ( l&$ prop]ty1 & ?is 9 ! int]e/ ( ! :ole community1 :i* %>es 9 ! progress4 ,! m int5sive & f>-see+ ! me?ods ( f>m+ become1 ! great] ! necessity = fix$ b\nd>ies4 ,?is necessity is recogniz$ 9 all provisions = exact surveys1 complete records ( transf]s 9 own]%ip2 & f9ally = gov]nm5t gu>anty ( title4 ,su* own]%ip und]lies all prud5tial consumption ( weal? = future returns4 ,! loss to communities f want ( x is se5 9 ! wa/e ( game 9 unappropriat$ c\ntries & ! de/ruction ( ! seals 9 ! seal fi%]ies4 ,yet ?is own]%ip is /ill subject "u all circum/ances to ! law ( welf>e = ! entire community4 ,! community's "r ( em95t doma9 has always be5 recogniz$ 9 ! ne$ ( public highways & o!r public improvem5ts1 & is likely to be /ill fur!r recogniz$ ) any new necessity1 l ! control ( injuri\s insects or qu>ant9e aga9/ disease4 ,yet none ( ^! re/rictions dim9i% ! necessity ( own]%ip1 9 ! s5se ( individual control = all purposes ( agriculture1 manufactures1 comm]ce & social relations4 ,?is individual control is intimately connect$ ) our ideas ( r5t1 & w\ld be /ill1 ?\gh all ! l&s 7 manag$ "u "o proprietor%ip1 & t a public "o4 ,r5t w\ld accrue & be paid1 ?\gh ! :ole p held title to ! l&4 ,! s\rces ( l& values4--,! value ( l&1 l e o!r value1 is ! result ( comp>isons4 ,:atev] advantage is giv5 to a produc] by 8 possession ( l& is likely to =m 8 e/imate ( its value4 ,9 ! comp>ison ( two f>ms ( equal dim5sions e diff]5ce 9 f]tility1 location z to dra9age1 exposure1 or conv5i5ce to m>ket or social advantages1 adaptability to improv$ me?ods 9 agriculture & conv5i5ce ( arrangem5t1 w ent] into ! e/imate ( wor?4 ,if "o ( ! f>ms c be _h = ! ask+1 ! o!r w be wor? j :at its advantages w add to ! p[] ( ! own] 9 ! production ( weal?1 provid$ bo? are consid]$ alike z simply ma*9es = produc+ food4 ,usually1 h[ev]1 economy 9 ! consumption ( weal? is consid]$ also4 ,9 a new c\ntry l&s mo/ easily accessible & readily tillable are *os5 fir/4 ,) add$ dem& = food1 less accessible or less easily tillable l&s are occupi$4 ,at once ! m accessible h a value equal to ! great] ease ) :i* ! same product c be (f]$ 9 m>ket4 ,if ! diff]5ce 7 only a mile ( haul+ all produce & all commodities = :i* produce is ex*ang$1 t co/ ( transportation w\ld make ! value ( ! ne>e/ l&4 ,if ! diff]5ce is simply 9 yield = a giv5 am\nt ( labor1 ! l& :i* yields ?irty bu%els ( :eat to ! acre1 :5 l& :i* yields tw5ty bu%els c be _h = ! tak+1 w be wor? t5 bu%els ( :eat a ye>1 & its value w be e/imat$ 9 doll>s at a sum :i* securely at int]e/ w br+ a simil> return4 ,if1 by & by1 ! dem& = food or improvem5t 9 transportation or an easi] me?od makes x wor? :ile to cultivate l& yield+ only t5 bu%els ( :eat to ! acre1 ! annual value ( l& yield+ tw5ty bu%els w be t5 bu%els1 & t ( ! l& yield+ ?irty bu%els w h become tw5ty bu%els4 ,?us ! r5t1 & correspond+ly ! value ( f>ms1 increases ) ! increas+ dem& = f>m products1 :e!r t dem& results f ! increas$ numb] ( eat]s at h&1 f ! increas$ ability ( ^! eat]s to supply _! wants1 or f ready transportation to eat]s else:]e4 ,_m influ5ces 9 v>i\s directions affect ! t5d5cy to an increase ( l& values ) ! increase ( population4 ,"s h be5 l$ to ! assumption t only ! multiplication ( food-eat]s1 increas+ ! ne$ = l&1 makes r5t possible4 ,connect+ x ) ! !ory ( ,mal?us t population t5ds to increase 9 geometrical ratio1 :ile food c increase only 9 ari?metical ratio1 !y h d5\nc$ r5t z a price paid to monopoli/s "u /ress ( dang] f />vation4 ,^! =get t r5t is payable z truly out ( increas+ abilities ( individuals to meet increas+ wants z "u ! spur ( m di/ress+ wants4 ,inde$1 />vation1 or ! approa* to x1 nev] pays r5t1 h[ev] /rong an inc5tive x may be to promise r5t4 ,r5t 9 price ( products4--,does ! value ( ! l& ^u :i* my :eat is rais$ ent] into ! price ( my :eat8 ,if all l& values 7 de/roy$1 w\ld ! :eat ( ! _w be *eap]1 because its co/ w\ld be dim9i%$8 ,! price at any "t is j en\gh to br+ ! supply to m>ket & keep x !re4 ,a portion ( ! supply has co/ ev5 m ?an x br+s to its own]4 ,if any br+s m ?an co/1 ! diff]5ce goes ei!r to ! en]getic rais] us+ improv$ me?ods1 or to ! =tunate receiv] ( timely %[]s1 or to ! possessor ( ! fruitful field4 ,nei!r ! pr(it ( ! rais]1 ?r\gh 8 me?od & ! %[]1 nor ! r5t ( ! f]tile field has made a bu%el ( :eat less or m valuable 9 m>ket4 ,! value ( ! :eat 9 ! m>ket makes bo? ! pr(it & ! r5t4 ,if ! value ( :eat falls1 ! value ( be/ :eat l&s sometimes foll[s2 b l& values d n directly affect prices ( products1 ?\gh !y may be directly dep5d5t ^u ^? prices4 ,indirectly1 h[ev]1 ! value ( l& may affect prices ( products4 ,l&1 9 c]ta9 speculative movem5ts ( society1 ga9s a value = future use4 ,if ! f]tile fields are held = speculative purposes1 less f]tile fields mu/ furni% a limit$ supply at increas$ price4 ,if ! fields are want$ = homes1 ! supply mu/ come f a di/ance at great] co/1 or be rais$ on few] acres by m co/ly tillage1 & w n come till ! price is increas$4 ,?us high r5ts1 or l& values1 if ma9ta9$ by outw>d =ces may dim9i% ! total product1 & s affect prices4 ,b no conspiracy ( l& hold]s c affect ! price ( _! products s long z _! l&s are employ$ 9 supply+ ! m>ket4 ,v>iation 9 l& values4--,r5ts v>y 9 diff]5t c\ntries "u v>i\s cu/oms ( ^? c\ntries1 & s l& values c be comp>$ only by kn[+ ! cu/oms & laws :i* influ5ce ! transf] ( l&$ prop]ty1 ei!r by de$ or by lease4 ,diff]5ces 9 value are (t5 due to consid]ations entirely di/9ct f production4 ,f>ms are homes z well z ma*9es2 & ! privileges ( home life1 ) all ! relations ( family1 fri5d%ip & patriotic associations1 may r\se competition t greatly influ5ces ! m>ket value ( f>ms4 ,9 any community1 :atev] cu/om or law h9d]s competition 9 f>m+ affects ! relative value ( f>ms 9 productive indu/ry4 ,peculi>ities 9 ! me?od ( hold+ l&s h mu* to d ) _! value4 ,! hopes & expectations ( ! p h l>ge influ5ce4 ,:atev] /imulates ent]prise & increases speculative en]gy enl>ges ! e/imate ( l& value4 ,:atev] depreciates abilities or disc\rages ent]prise dim9i%es l& value4 ,:atev] enc\rages p]man5t improvem5ts & f>-sight$ plans 9 f>m+ increases l& prices4 ,:atev] disc\rages ! _s ( improvem5t r$uces su* prices4 ,9 "s ( ^! ways x is possible to acc\nt = great diff]5ces ( value 9 regions app>5tly equal 9 natural advantages4 ,?us nobody wants l&s 9 ,turkey1 h[ev] f]tile1 9 comp>ison ) l&s 9 a free c\ntry l ours4 ,c\ntries "u a poor sy/em ( agriculture ) ineffici5t labor _c ma9ta9 high value ( l&4 ,ignorance & ?riftlessness 9 a community ( labor]s op]ates 9 ! same way4 ,?us ! habits ( ! p1 z well z _! laws1 ent] into ! "q ( r5t4 ,9 c\ntries :]e l>ge e/ates are p>cel$ out to r5t]s1 g5]ation aft] g5]ation1 ! cu/om>y t]ms ( leases z to "t1 me?od ( paym5t1 adju/m5t ( improvem5ts1 re/rictions z to me?ods ( tillage1 & requirem5t ( capital1 ent] l>gely into ! "q ( r5ts4 ,9 "s ! fe> ( eviction "u arre>ages cuts a prom95t figure2 9 o!rs ! confiscation ( improvem5ts de/roys all ent]prise4 ,^u ! cont95t ( ,europe1 9 "s places1 ! paym5t ( r5t 9 produce1--:at we call work+ ( l& ^u %>es1--greatly limits individual ent]prise1 ?\gh x gives to ! l& own] a direct control 9 ! me?ods employ$ on ! l&4 ,re/rictions ( law or ( cu/om ^u transf] ( own]%ip always h ! effect ( dim9i%+ ! g5]al productiv5ess by h9d]+ ! natural competition ( productive ent]prise4 ,! result ( all laws ( entail1 by :i* enorm\s e/ates are held f g5]ation to g5]ation "u control ( ! same family1 is univ]sally deprecat$ because ( its int]f]5ce ) ! natural law ( supply & dem& z to f>ms & homes4 ,all su* re/rictions favor ! _s ( monopoly & cultivate arbitr>y p[]1 :i* 9 e way h9d]s progress4 ,rec5t decrease ( l& values4--,9 ! ,unit$ ,/ates dur+ rec5t ye>s !re has be5 a decid$ %r9kage ( l& values 9 mo/ ( ! c\ntry4 ,sev]al evid5t causes appe> wor?y ( m5tion4 ,! mo/ evid5t is a rapid increase ( f>ms on ! we/]n pla9s1 rec5tly br++ _! products into ! competition4 ,^! prairie regions give ! l>ge/ range = f>m+ 9 ! _w4 ,9 ! same connection is ! introduction1 ^u ^! imm5se fields ( *eap l&1 ( ext5sive ma*9]y by :i* ! productive p[] ( labor is multipli$4 ,! labor ( "o man = #cjj days is said to h produc$ 9 ,cali=nia #e1jjj bu%els ( :eat1 s t "o man's labor on _m acres gives to ea* ( #a1jjj p a b>rel ( fl\r a ye>4 ,next to ?is is ! op5+ ( new agricultural ent]prises 9 ,s\? ,am]ica1 ,au/ralia1 ,india & ,s\? ,africa1 ) /ill great] prospects 9 ,sib]ia--all ! result ( great improvem5ts 9 transportation1 op5+ to ^! regions ! _w's great m>kets4 ,?is has pu%$ ! supply ( /aple products t[>d ! condition ( ov]-production4 ,! same cause has dim9i%$ ! dem& = our /aples by greatly /imulat+ ! consumption ( =eign fruits & nuts4 ,mo/ rec5tly has come ! depression f loss ( confid5ce 9 ent]prise1 ?r\gh excessive speculation & wa/e ( capital1 und]m9+ ! m>ket = l& z well z = all ! ma*9]y ( production4 ,9 ^! conditions ! :ole _w has %>$4 ,population drift+ to cities4--,! drift ( f>m population t[>d ! cities is a symptom ( ! *ang$ conditions1 n a cause4 ,if1 z decid$ by an exp]t inve/igator1 ?ree m5 on a f>m d ! "w t f\rte5 did =ty ye>s ago1 ! f>ms c well sp>e to ! cities an increas+ numb] ( its boys & girls4 ,! drift is real & p]man5t1 dim9i%+ rural population 9 #ajj ye>s f #if p] c5t ( ! :ole to #gj p] c5t1 ?\gh exagg]at$ 9 figures ?r\gh arbitr>y division betwe5 t[ns & cities4 ,?is movem5t has be5 notic$ ! _w ov] s9ce #ahdh1 :5 ma*9]y began to affect agricultural production4 ,t ?is drift is :olesome is evid5t1 if we look at ! div]sity ( employm5t result+ & ! improv$ welf>e ( all4 ,a simple comp>ison ( figures f ! ,unit$ ,/ates c5sus w %[ ! readju/m5t ( employm5t4 ,no "o c d\bt ! advantage ga9$ 9 ! entire nation4 ,ab&on$ f>ms4--,! mo/ di/urb+ feature ( ?is readju/m5t is ! des]tion ( "s f>ms 9 ! r\gh] p>ts ( ,new ,engl& & ! dri] p>ts ( ! ,we/4 ,^! l&s w f9d a pr(itable use 9 ! woodlots ?r\gh ! ,ea/1 & 9 graz+ ranges ?r\gh ! ,we/1 ) slight p]man5t loss4 ,!y are n signs ( pov]ty1 b ( a develop+ ?rift1 j z ! ab&on$ c\ntry wool5 mills tell ! /ory ( imm5se gr[? 9 ! factory me?ods4 ,:ile individuals seek+ pr(it 9 sale or r5t ( _! f>ms may suff] 9 any su* %r9kage ( local values1 x mu/ n be =gott5 t ! total ( rural welf>e is n necess>ily dim9i%$4 ,l& values1 aside f improvem5ts1 are ev]y:]e evid5ce ( limitations to welf>e 9 "s special direction4 ,if human ent]prise & inv5tion & ?rift less5 su* limitations1 ! _w is bett] (f4 ,! great mass ( f>m]s1 :o ?9k m ( _! homes ?an ( prop]ty1 w suff] little f l[] prices ( l& unless su* l[ prices result f a g5]al lack ( ?rift & ( adaptation to new circum/ances4 ,:ile ! *anges 9 price :i* affect r$uction ( r5t values d require readju/m5t ( plans & me?ods1 ! f>m] :o keeps 9 t\* ) ! _w's "w w n suff]1 b ga91 9 ! g5]al advancem5t4 ,9 _m in/ances1 ! l[ condition ( f>m prop]ty is due to un?rifty neglect ( f>m]s 9 :ole neighborhoods4 ,bad roads1 %ort s*ools1 weak f5ces & poor /ock are z (t5 a cause z an effect ( l[ prices ( l&4 ,:ole regions 9 our c\ntry suff] 9 ?is way f un?rift1 :atev] ! price ( f>m products or ( l&s4 ,f>ms 9 ! ,unit$ ,/ates4--,^! are "u conditions be/ suit$ to att5d ! g5]al ?rift ( ! _w 9 e way4 ,own]%ip is n complicat$ 9 any way ) magi/]ial duties or pre/ige or entailm5t1 z 9 ,engl&4 ,x is n s di/9ctly h]$it>y z to emb>rass agriculture by extreme subdivision ( f>ms1 z 9 ,france & o!r portions ( ,europe4 ,x is 9 no dang] ( comb9ation into great e/ates "u abs5tee l&lords1 z 9 ,irel&4 ,its laws ( transf] & gu>anty are gr[+ m & m simple & direct1 :ile protection to home/ead rights is /rong4 ,f>m]s !mselves h su* responsibility 9 /ate & nation z to make _! g5u9e int]e/s felt ev]y:]e1 & no sy/em ( ca/e c make !m a peasantry1 z 9 mo/ ( ! ,old ,_w4 ,inde$1 ! f>m] 9 e region makes 8 f>m2 & ! ent]pris+1 educat$ f>m] ( ! next g5]ation 9 our c\ntry w f9d 9 himself ! =ces at "w to give value to 8 l&4 ,! speculative movem5t 9 l& hold+ w be outgr[n :5 g5u9e f>m homes are m priz$ = _! welf>e ?an = _! weal?2 b ?is v welf>e w ma9ta9 a /able value 9 l&s4 ,,"p ,,iii4 ,,consumption ,,( ,,weal?4 ,*apt] ,,xxiii4 ,weal? ,us$ ,by ,individuals4 ,weal? to be consum$ = welf>e4--,! only economic motive = ! accumulation ( weal? is its use 9 promotion ( welf>e4 ,:ile ! old maxim says1 8,a p5ny sav$ is wor? two ga9$10 e "o recognizes ! p5ny z absolutely wor?less except 9 view ( "s utility to be ga9$ 9 sp5d+ x4 ,s ) e =m ( weal?4 ,all economic value disappe>s :5 ! ?\ght ( use is want+4 ,su* use1 :e!r practically in/antane\s1 l ! de/ruction ( ! gunp[d] project+ ! bullet1 or ext5d$ ?r\gh hundr$s ( ye>s1 z 9 ! we>+ out ( a ca/le1 or a bridge1 is prop]ly call$ consumption ( weal?4 ,a majority ( ! great problems conc]n+ social welf>e are connect$ ) ! use ( weal?1 & !re=e fall "u ! discussion ( consumption4 ,inde$1 s long z !re is little accumulat$ weal?1 z 9 ! savage /ate1 social problems h little significance4 ,! /atem5t ( ! ,apo/le ,paul1 8,! love ( money is ! root ( all evil10 :ile n conf9$ 9 application to weal? already accumulat$1 has its mo/ important be>+ 9 ! fact t weal? accumulat$ is itself a p[] to be us$ or abus$ by :oev] controls x4 ,! say+ ( ,em]son1 8,! be/ political economy is c>e & culture ( m510 applies mo/ /rictly to ! uses ( weal? & ! me?ods ( its consumption4 ,! great "q ( today 9 e civiliz$ l& is1 ,h[ c ! accumulations ( p[] 9 ! %ape ( weal? made by ?is g5]ation be us$ to e/abli% a cont9u\s welf>e1 n only = ?is g5]ation1 b = its successors8 ,! wants ( society today include n only a reasonable provision = life & heal? & wisdom & virtue dur+ ! life ( ^? :o are n[ active1 b an equal provision = ! same wants increas$ ) ea* succe$+ g5]ation4 ,9 all ?\ght ( consum+ weal?1 we mu/ rememb] t p[] 9 ?is =m is rightly us$ only :5 p[] 9 "s o!r =m results4 ,?us weal? is consum$1 accord+ to natural laws1 ei!r = reproduc+ itself 9 m advantage\s =m or = su/a9+ human p[] 9 =m ( heal? or wisdom or virtue4 ,we h social welf>e z ! result ( weal? consum$1 or us$ up4 ,society is int]e/$ 9 all ! weal? accumulat$1 & ! me?ods ( its accumulation & its fair di/ribution are a "p ( social ma*9]y2 yet ^! h _! *ief significance 9 ! f9al consumption4 ,x is n :at we h1 b :at we d ) x1 t makes society int]e/$ 9 our possessions4 ,x is n :at society has1 b h[ x uses x1 t settles ! *ief que/ions ( welf>e or illf>e4 ,n only gunp[d]1 b e conceivable p[] 9 mat]ial weal?1 has bless+ or bane 9 ! use to :i* x is put4 ,s ! welf>e ( a community _c be judg$ by ! am\nt & k9d ( weal? produc$ or by ! me?ods 9 production or by ! di/ribution ( own]%ip4 ,^! may be significant 9 %[+ ! tr5d ( social cu/oms z to individual control1 b ! la/ inquiry w /ill h to be1 ,:at welf>e comes to ! entire community :5 all ?is weal? is us$8 ,moreov]1 no analysis ( qualities 9 any sub/ance call$ weal? c measure ! welf>e involv$ 9 its use4 ,its relation to ! individual us+ x & 8 relation to ! :ole community1 ) a c>eful analysis ( wants met & "* develop$1 mu/ be consid]$4 ,! f9al "q is1 ,h[ _m & :at k9d ( wants are satisfi$8 ,use ( weal? individual4--,x is necess>y to realize t ! social organization is ma9ta9$ solely = ! sake ( individuals4 ,all /udy ( welf>e & illf>e is a /udy ( individual human be+s4 ,! mutual relations ( ^! human be+s 9 society are means to individual life1 gr[? & enjoym5t4 ,ev5 ! total p[] ( a g5]ation 9 society is dep5d5t ^u h[ ! individual wants ( individual memb]s ( t society are met4 ,"s ( ! greate/ mi/akes 9 e/imat+ social welf>e arise f ov]look+ ! ess5tial individuality ( wants1 ^u :i* all weal? dep5ds = its use4 ,?is individuality makes ! prop] consumption ( weal? l>gely a "q ( "r & wrong4 ,! possessor ( any =m ( weal? is oblig$ to recognize 8 place 9 society z a promot] ( welf>e1 & society compels1 z f> z x is able1 a recognition ( individual ne$s4 ,yet ! v nature ( consumption1 z conc]n$ ) individual wants1 makes individual judgm5t supreme 9 ! use ( weal?4 ,x is my ideal ( good heal?1 high culture & s\nd morals t mu/ be met = my enjoym5t4 ,my welf>e1 s long z ,i h rational p[]s1 is ! meet+ ( my ideal4 ,society rightly hesitates to int]f]e ) my ideals by =ce z long z my actions d n di/urb ! welf>e ( my neighbors4 ,! necessity ( human lib]ty = actual welf>e limits ! control ( society to v evid5t infr+em5ts ^u o!rs' welf>e 9 e activity1 includ+ ! use ( weal? z well z o!r p[]s4 ,?is v re/riction is 9 ! int]e/ ( highe/ total enjoym5t ( welf>e 9 ! :ole community4 ,individual responsibility = use ( weal?4--,9 e/imat+ ! prop] uses ( weal?1 x is necess>y to rememb] t m]e animal exi/5ce is a v small "p ( human welf>e4 ,x w\ld n be en\gh = any human society t e individual 9 x be f$1 clo!d1 w>m$ & ma9ta9$ 9 reasonably long life4 ,! highe/ uni=mity ( m]e animal enjoym5t w\ld n make a society wor?y to be call$ human4 ,ev5 uni=mity ( wants f> high]1 ) uni=m supply = ^? wants1 w\ld give b little organization & b little total welf>e if t uni=mity 0 br\ght by curtailm5t ( natural p[]s or by con/ra9t t h9d]s gr[?4 ,! mo/ natural fact among human be+s1 z 9 all ! re/ ( nature1 is v>iety2 & e conception ( prop] consumption ( weal? mu/ involve ?is ?\ght ( v>iety ( individuals 9 wants & p[]s left free to gr[4 ,x is a purely false assumption t ! ideal community t[>d :i* all ought to /rive is a community ( equals 9 ei!r ability or capacity4 ,t is ! ideal community :i* gives to e memb] ( x opportunity to make mo/ ( himself2 t is1 to make himself mo/ useful1 & able to enjoy ! true/ use ( 8 p[]s4 ,h5ce we f9d ! t5d5cy 9 e community1 ) ref]5ce to weal? z to o!r individual =ces1 to recognize e>ly & complete p]sonal responsibility4 ,?is p]sonal responsibility makes ! "q ( consumption ( weal? a "q ( morals z well z ( wisdom4 ,! :ole discussion "h turns ^u ! wisdom or unwisdom ( c]ta9 p]sonal uses or social uses ( :at ! _w has accumulat$4 ,we c ask :at use ( weal? is prud5t1 :at imprud5t2 !n :at social organization be/ develops ! wisdom :i* secures a prud5t use ( weal?2 & f9ally1 h[ f> & 9 :at ways society c act z a unit 9 ! place ( individuals4 ,! ma*9]y ( gov]nm5t !n becomes a "p ( e p]son's welf>e1 & 8 relation to its ma9t5ance by contribution ( 8 weal? is a "p ( prud5t consumption4 ,! economic "q 9 consumption1 !n1 involves n s mu* :at "o c get f society z :at he c give to society1 s9ce 8 welf>e comes l>gely ?r\gh organization 9 ! use ( accumulat$ weal?4 ,*apt] ,,xxiv4 ,prud5t ,consumption4 ,prud5t uses ( weal?4--,x has already be5 sugge/$ t a prop] use ( weal? looks always beyond ! pres5t4 ,we accumulate1 n only to sp5d1 b to sp5d 9 su* a way z w give l>g] abilities 9 ! future4 ,! "n prud5tial consumption has be5 giv5 to all t use ( weal? :i* has = its end ! ma9t5ance ( individual p[]s at highe/ effici5cy = ! longe/ life & provision = a m effici5t po/]ity ) m effici5t in/rum5ts ( production4 ,x is prud5tial use ( weal? to ga!r into ! f>m1 n only su* ma*9]y 9 ! %ape ( build+s1 f5ces & roadways z w make ! future labor m effective1 b all possible f]tility t w make ! future own]s ( ! f>m a l>g] welf>e 9 possession4 ,all weal? put into ! =m ( productive capital is prud5tially consum$4 ,all s-call$ p]man5t improvem5ts :i* look to ! bett] satisfaction ( future wants fulfil ! condition ( prud5t =esight4 ,all public improvem5ts are really su*1 :5 ?is f>-see+ provision = future wants & abilities ( society is made4 ,su* me?ods are ! g5u9e economic sav+ 9 :i* ! community %\ld be enc\rag$4 ,a sav+ :i* m]ely /ores aga9/ a future p]sonal want contributes less to g5]al welf>e1 & does n /imulate ! natural gr[? ( wants 9 ! individual1 :i* is ! *ief s\rce ( increas+ p[]4 ,! "o :o saves t he may h bett] tools ) :i* to d m = 8 future satisfaction1 n only adds to 8 physical abilities to meet 8 daily wants1 b adds ! /ronge/ /imulant to en]gy 9 8 "w4 ,! supply ( ord9>y wants be+ provid$ =1 new wants arise4 ,9 ! _s ( prud5tial consumption su* wants are enc\rag$ z give great] & great] abilities4 ,?us ! ideal ( life is con/antly rais$1 & ! /ruggle is n = exi/5ce b = high] enjoym5t & m g5u9e welf>e4 ,! weal? :i* comes 9 ?is accumulation ( capital = l>g] accompli%m5t aids true philan?ropy4 ,! :ole _w gets m ( welf>e ) e addition made by f>m]s to _! work+ capital4 ,9 ! same way all increase ( capital 9 ma*9]y1 tools1 w>eh\ses1 %ips & o!r means ( transport contribute to a philan?ropy t makes society ri*]4 ,su* sav+ is entirely oppos$ to ! mis]ly _s :i* hides weal? because ( m]e love ( possession or fe> ( future want4 ,x is ! true way ( bo? sp5d+ & hav+1 s9ce x exp5ds e>n+s = t :i* cont9ues to aid 9 br++ l>g] returns to meet increas+ want4 ,t social sy/em is mo/ prud5t = ! _w :i* accumulates productive capital )\t r$uc+ any "p ( society to pov]ty4 ,prud5ce1 h[ev]1 requires t ?is capital sav+ be adju/$ to ! abilities ( ! community 9 :i* x is to be us$4 ,! build+ ( an enorm\s factory1 :]e skill has yet to be develop$ & :]e a m>ket is want+1 w\ld be ! height ( imprud5ce4 ,su* wa/e is sometimes se5 "u ! false /imulant ( a b\nty or a re/rictive t>iff4 ,j s1 great public improvem5ts ^u riv]s1 h>bors & highways are a "p ( economy & prud5t inve/m5t ( weal? only :5 a community is able to use !m to advantage4 ,! te/ ( prud5ce 9 capital sav+ is 9 its nice adju/m5t to ! abilities ( ! us]s4 ,prud5t adju/m5t ( capital4--,a /ill fur!r adju/m5t is requir$ by prud5ce betwe5 ! capital put into fix$ =ms & ! circulat+ capital ne$$ = be/ use ( ! m la/+ ma*9]y4 ,a f>m] is said to be /ock poor :5 he ov]loads 8 f>m or cr[ds 8 f>m build+s ) gr[+ /ock4 ,hav+ all 8 capital 9 /ock1 he is unable to h&le x to advantage1 & mu/ readju/ 8 capital 9 live /ock to 8 capital 9 ! f>m & ma*9]y by sell+ "s ( 8 /ock & add+ to ! value ( 8 f>m4 ,on ! o!r h&1 _m a f>m] is l& poor1 :]e ! bulk ( 8 capital is inve/$ 9 l&1 :ile he _c comm& circulat+ capital 9 /ock & wages suffici5t to make ! l& useful4 ,he ne$s1 9 ! _s ( prud5ce1 to sell "s ( 8 l& = ! sake ( curr5t funds to inve/ 9 live /ock & 9 labor4 ,! same pr9ciple applies to all inve/m5ts ( capital4 ,a railroad may s exhau/ ! funds ( ! community 9 build+ x t x _c be fairly mann$ = "w4 ,sometimes a :ole nation inve/s s l>gely 9 p]man5t =ms ( capital z to br+ di/ress & pov]ty f want ( means to use ! great ma*9e4 ,prud5ce also requires a fur!r adju/m5t betwe5 ! am\nt ( labor directly produc+ weal? & t employ$ 9 :at may be call$ ! arts ( consumption1 contribut+ directly to p]sonal com=t & enjoym5t4 ,! neatness ( a f>m]'s y>d1 outbuild+s1 f5ces & ma*9]y is a "p ( 8 welf>e4 ,x also indicates a c]ta9 ?rift1 :i* enhances ! value ( ! f>m4 ,b x is a prop] sign ( su* ?rift :5 x gr[s naturally out ( ! productive en]gy employ$ ^u ! crops & ! /ock4 ,! weal? us$ 9 ma9ta9+ ?is neatness is n wa/$1 b x w n reproduce itself4 ,x mu/ be suppli$ f o!r s\rces 9 direct production4 ,all s]vices 9 ! h\sehold1 9 contribut+ to bodily com=t ( ! family1 make an ess5tial "p ( human welf>e1 b prud5ce requires su* an adju/m5t ( ^! s]vices to ! total weal?-produc+ en]gy t !y may be ma9ta9$ )\t r$uc+ ! total p[]4 ,all public exp5ditures 9 ! c>e ( /reets & p>ks are an ess5tial to welf>e s long z ! s\rces ( weal? production are kept ! m active f su* advantages4 ,! te/ ( prud5ce 9 all su* adju/m5t is ! increase ( p[] 9 weal?-production1 along ) increas+ welf>e4 ,provision = future wants4--,true prud5ce is l>gely =esight1 & s is ! ent]prise ( speculative en]gy :i* provides any product = a future m>ket4 ,no m c>eful adju/m5t is necess>y ?an t :i* secures su* a product ( f>m or factory z ! _w w ne$ :5 x rea*es its actual m>ket4 ,! greate/ wisdom is ne$$ 9 /udy+ ! conditions ( a community ) ref]5ce to its future wants1 & ! supply actually accumulat+ = meet+ ^? wants4 ,f>m]s ne$1 z truly z any produc]s1 to "k ! wants ( ! _w = :i* !y are produc+ food4 ,! crops !y plant 9 ! spr+ w actually be consum$ 9 l>ge measure dur+ ! foll[+ ye>4 ,prud5ce sugge/s t !y plant su* crops z w be mo/ 9 dem&4 ,if !y judge by ! m>ket today1 !y are 9 dang] ( two errors3 fir/1 ( ov]e/imat+ ! future dem&1 :i* may be satisfi$ be=e ! new crop comes2 second1 ( div]t+ f ord9>y /aple crops too l>ge a portion ( ! crop-rais+ =ce4 ,common exp]i5ce has taught t a high price ( hops or onions or broom corn has almo/ c]ta9ly wr\ght a r$uction ( ! price = succe$+ crops bel[ ! normal co/4 ,/ill l>g] =esight is ne$$ ) ref]5ce to ! rais+ ( live /ock1 :i* requires m ?an a s+le season's inve/m5t ( capital4 ,to /ock a f>m ) hogs1 %eep1 cattle or horses1 requires f "o to five ye>s ( accumulat$ capital4 ,! record ( f>m /ock %[s successive waves ( su* production 9 direct opposition to prud5ce4 7,*>t ,no4 #d1 p4 #hc47 ,! manufactur+ _w has simil> exp]i5ces ( imprud5t consumption 9 ! ef=t to =e/all a m>ket4 ,b ! record ( failures 9 ?is respect is sc>cely z m>k$1 because ( m bus9ess-l collection ( in=mation = ! guidance ( judgm5t4 ,f>m]s too g5]ally foll[ ! lead ( _! neighbors 9 adju/m5t ( crops or /ock4 ,manufactur]s m g5]ally try to d :at _! rivals are n do+4 ,success 9 produc+ :at is n f9ally want$ we call ov]production4 ,:ile ! :ole _w is w>n$ aga9/ ?is1 ea* individual produc] fails to /udy z well z he might ! means ( avoid+ x4 ,prud5tial consumption does n prop]ly provide = ^? speculative deal+s :i* end simply 9 a readju/m5t ( weal? by ga9s on ! "o side ?r\gh losses on ! o!r4 ,all ^! imply an actual wa/e ( weal? & en]gy1 :e!r !y are exhibit$ 9 a gambl+ ma*9e or a bo>d ( trade4 ,b !re are c]ta9 great ent]prises1 l wond]ful inv5tions1 :i* involve a prud5tial consumption ( weal?4 ,! weal? consum$ 9 develop+ ! electric telegraph sy/em1 or 9 lay+ ! ,atlantic cable1 ev]yone w\ld judge to be well inve/$4 ,e ?\ght ( prud5ce su/a9s su* exp5diture4 ,yet ! _s ( inv5tion1 z a m]e v5ture 9 desire to hit ^u some?+ :i* may *ance to be want$1 %[s lack ( prud5ce1 & ! _w suff]s by great wa/e ( en]gy 9 ?is direction4 ,! only te/ ( prud5tial consumption 9 provision = ! future m>ket is 9 ! c>eful /udy ( all conditions1 favorable & unfavorable4 ,consumption = gr[?4--,true prud5ce 9 public improvem5ts has j be5 m5tion$1 b su* prud5ce has a l>g] range 9 promot+ ! p]man5t gr[? ( human p[]s & capacities4 ,e wise fa!r wi%es 8 *ildr5 to "k m1 be m effici5t 9 ! arts ( life1 & enjoy m ( true welf>e ?an he does4 ,communities :i* %[ no advancem5t 9 ^! respects are call$ dead1 & decay is sure to foll[4 ,prud5ce looks aft] all educational int]e/s by exp5d+ weal? ^u ! means ( education2 n only su/a9+ s*ools1 b mak+ m p]man5t provision & increas+ facilities = in/ruction4 ,?is is n only a means ( pres]v+ & wisely us+ ! weal? accumulat$1 b a means ( increas$ production4 ,su* prud5ce sugge/s l>ge end[m5ts = public education1 includ+ ! support ( gov]nm5t ma*9]y = uni=mity ( education4 ,a simil> prud5ce su/a9s ! philan?ropic _s :i* ma9ta9s all ! means ( philan?ropy4 ,! end[m5t ( asylums = ! weak & afflict$ & ! support ( religi\s in/itutions are prud5t ways n only ( c>+ = pres5t welf>e1 b ( increas+ ! welf>e ( ! future4 ,! next g5]ation w be /rong] & happi] = ! prud5t =esight ( ?is g5]ation 9 ov]com+ ob/acles to heal? & wisdom & virtue4 ,to leave weal? ?us inve/$ is f> bett] = successors ?an to leave x 9 =m = ready consumption ^u tempor>y wants4 ,?us all prud5t consumption ( weal? has = its basis ! g5u9e welf>e ( a cont9u\s society ( human be+s subject to improvem5t4 ,any =m+ community looks surely to future welf>e :5 x inve/s weal? 9 good homes1 good s*ools & good *ur*es4 ,*apt] ,,xxv4 ,imprud5t ,consumption4 ,society int]e/$ 9 imprud5ce4--,?is fact1 t ! weal? ( ea* g5]ation is s l>gely dep5d5t ^u ! prud5ce ( ! prec$+1 emphasizes ! importance ( public s5tim5t 9 favor ( prud5tial consumption4 ,public criticism naturally attacks ! mo/ noticeable failures ( prud5ce1 & x !re=e seems wor? :ile to consid] "s ( ^? imprud5t =ms ( consumption :i* society may seek to prev5t4 ,x is also prop] to consid] ! ways 9 :i* society may act = prev5tion ( imprud5ce4 ,luxuri\s consumption4--,! "q ( luxury 9 ! same society ) extreme pov]ty is always prom95t4 ,luxury is suppos$ to be extravagant exp5diture 9 meet+ individual wants4 ,?\gh su* wants may be real & legitimate1 lavi% exp5diture by any portion ( a community seems at fir/ sight a trespass ^u common welf>e4 ,"s h consid]$ t p]son want+ 9 good w to 8 fell[s :o exp5ds ^u 8 own com=t m ?an 8 neighbors c af=d4 ,o!rs def9e luxury to be exp5diture = liv+ above ! av]age exp5diture 9 ! :ole community4 ,/ill o!rs reg>d any exp5diture a luxury :i* is n ne$$ to ma9ta9 physical p[]s4 ,x is easy to see t all ^! ef=ts at def9ition are imp]fect1 because ! idea ( luxury implies su* a mode ( life z does n contribute to ! total welf>e1 & ea* "o's idea ( total welf>e ent]s into 8 def9ition ( luxury4 ,x is an evid5t fact t ! s-call$ luxuries ( "o g5]ation become ! actual necessities ( ! next4 ,?is is because ! life ( ! race means m & includes m ) ea* succe$+ g5]ation4 ,to live 9 ! tw5tie? c5tury w mean1 z x has always meant 9 ! pa/1 to h su* ex]cise ( e ability z circum/ances p]mit4 ,luxury is !re=e always relative to ! duties "o has to p]=m1 z well z to ! society 9 :i* "o moves4 ,moreov]1 luxury is relative to individual abilities & individual plans4 ,x w\ld be luxury = a f>m] to g )\t a ne$$ pl[ = ! sake ( buy+ a lawn m[]4 ,x w\ld be luxury = a /ud5t to own two coats1 if he mu/ g )\t a diction>y to buy ! second4 ,x is easy to settle ! luxuries ( o!rs1 b less easy to s def9e luxury t ! public c agree 9 ! def9ition4 ,9 g5]al1 x is describ$ to be a meet+ ( fanciful r ?an real wants4 ,any individual 9 society is sp5d+ 8 weal? 9 luxury if he all[s 8 imag9ation to conjure up adornm5ts ( p]son or h\sehold :i* contribute *iefly to display r ?an to com=t or enlight5m5t4 ,all su* adornm5ts ( p]son1 or home1 or ! public /reets1 z cultivate g5u9e ta/e & inspire to m ( en]gy contribute to ! g5]al welf>e f> m ?an m]e exp5diture = food c d4 ,yet 9 times ( />vation ! food mu/ come fir/4 ,! _w sometimes sne]s at ! desire among v poor p to cultivate fl[]s & ma9ta9 a can>y or o!r pets2 yet e philan?ropi/ kn[s t ^! desires are among ! /ronge/ inc5tives to great] ?rift & ke5] ex]tion4 ,legal re/rictions ^u luxury4--,) all ?is difficulty 9 def9ition & ! c]ta9ty ( *ange f age to age1 !re is nev]!less a disposition on ! "p ( society to re/rict actual luxury4 ,aga9 & aga9 ?is has l$ to enactm5t ( laws prohibit+ exp5diture 9 c]ta9 def9ite =ms4 ,! dress ( ladies ( rank has be5 re/rict$ z to /yle & quantity ( mat]ial & ways ( mak+4 ,! v>iety ^u a d9n] table has be5 limit$ to a c]ta9 numb] ( di%es & c]ta9 k9ds ( food4 ,all ( ^! h be5 egregi\s failures1 f ! impossibility ( measur+ results ^u ! g5]al progress ( civilization4 ,! indirect effects ( +5uity 9 dress & cook+ h be5 on ! :ole s b5eficial t ! _w _c af=d to h9d] x4 ,! intricacies ( ,fr5* cook+ seem to an ord9>y h\sehold extreme luxury1 yet t v +5uity has *eap5$ ! co/ ( liv+1 to a l>ge portion ( ! _w1 by r5d]+ palatable ! co>s] vegetables & *eap] meats :i* lie )9 ! rea* ( ! poor4 ,no real /ud5t ( human nature w\ld n[ attempt1 unless x be 9 ! em]g5cy ( a great fam9e1 to re/rict exp5ditures by law ^u ! plea ( luxury4 ,/ill1 society z a :ole has "s voice 9 direct+ ! judgm5t ( individuals4 ,public op9ion is an effective *eck ^u desires4 ,! good w ( ! multitude is m important to ! mass ( m5 ?an any p>ticul> gratification4 ,x is prop]1 !re=e1 to discuss at any "t & at all times ! limits ( luxury1 bo? = ourselves & = our neighbors4 ,! sole cure = imprud5t exp5diture 9 luxuries is individual culture ( m9d & he>t & consci5ce1 s t ea* may d 8 be/ to secure1 n only ! good w ( 8 neighbors1 b _! welf>e4 ,wa/eful consumption4--,wa/eful exp5diture ?r\gh ignorance or recklessness is m common & m weak5+ ?an luxury4 ,its limits _c be describ$1 s9ce x cov]s exp5ditures ( e k9d1 f ! simple/ provision = food & clo?+ to ! mo/ elaborate /ructures & wilde/ s*emes ( developm5t4 ,?\gh noticeable wa/es are se5 9 ! h\seholds ( ! ri*1 !y are relatively l>g] among ! poor4 ,yet any attempt to regulate su* wa/e by law is futile1 *iefly f ! fact t x ignores ! p]sonal responsibility & wants :i* make individual "*4 ,x is prop]ly appli$ to ! imbecile & ! insane1 z well z to *ildr5 & y\?1 ?r\gh ! appo9tm5t ( a prud5t gu>dian4 ,society c protect itself only by fo/]+ m complete sy/ems ( education 9 ! arts ( life4 ,! t5d5cy ( our times t[>d a m te*nical education1 especially 9 ref]5ce to ! home & ! common indu/ries ( life1 m>ks ! gr[? ( public op9ion t[>d a cle>] ideal ( prud5ce aga9/ wa/e4 ,! /udy ( economic pr9ciples 9 e dep>tm5t ( life1 & especially ! cle> und]/&+ ( ev]yday facts z to ! ?+s m5 h&le & use1 _c b give wisdom = prev5t+ wa/e4 ,vici\s consumption4--,x is cu/om>y to di/+ui% f all o!r =ms ( imprud5t consumption ( weal? su* vici\s indulg5ce ( appetites z n only consumes accumulat$ weal? b dim9i%es p[] 9 production4 ,su* vici\s indulg5ce is ! result ( cultivat+ unnatural & de/ructive appetites4 ,famili> illu/rations are ^? connect$ ) ! dr9k habit1 ! opium habit1 or any o!r vice ^: *ief effect is se5 ^u ! individual life ( ! "o indulg+ himself4 ,^! involve ! v highe/ wa/efulness1 because !y de/roy n only weal?1 b ability4 ,nobody c beg9 to compute 9 t]ms ( money ! actual wa/e ( our c\ntry ?r\gh indulg5ce 9 /rong dr9k4 ,! value ( liquors consum$ is no measure ( ! entire wa/efulness4 ,yet ?is is m ?an en\gh to furni% all ) bread4 ,! wrongfulness ( su* indulg5ce1 f its h>m to society ?r\gh r$uc+ ! p[] ( ! race1 is seldom disput$4 ,yet ! "r ( society to re/rict ! individual indulg5ce is q g5]ally disput$4 ,! l>g] ne$ ( fre$om 9 ! ex]cise ( judgm5t among mature memb]s ( a community outweighs ! ne$ ( prev5t+ ev5 vice4 ,society does well to br+ ! re/ra9ts ( law ^u ! immature1 ^: judgm5t is n yet =m$1 ?us supplem5t+ by law ! directive en]gy ( p>5tal control4 ,x may yet g fur!r1 & prohibit su* indulg5ce to all :o h lo/ ! p[] ( self-control4 ,b 9 g5]al x has be5 f\nd impossible to en=ce re/riction ^u vici\s indulg5ce except :]e su* acts occasion direct suff]+ ^u o!rs1 or help to ma9ta9 an immoral bus9ess4 ,! "r ( re/ra9t & con/ra9t1 ev5 to prohibition1 ( t :i* fo/]s vice & ext5ds its range mu/ be admitt$ by all ?\ghtful p]sons4 ,/ill1 ! "r to prohibit & ! p[] to prohibit are n id5tical4 ,! only sure prev5tive is e>ly education ( public consci5ce ?r\gh ! tra9+ ( y\? to a cle> und]/&+ ( ! vici\s practices & _! relation to ! pov]ty & weakness & crime ( humanity4 ,de/ructive consumption4--,a m obvi\s trespass ^u prud5tial consumption is crim9al de/ructiv5ess ( e k9d4 ,until society outgr[s a condition 9 :i* fraud1 !ft1 robb]y & murd] mu/ be w>d$ (f by locks & b>s1 by imm5se bodies ( policem5 & arm$ militia1 its weal? _c be :olly inve/$ = welf>e4 ,! possibility ( su* crimes z arson or tra9 ob/ruction & de/ruction %[s ! condition ( ! be/ ( mod]n communities to be f> f ideal4 ,nobody pret5ds to measure ! actual wa/e 9 society result+ f su* crim9al purposes4 ,x ext5ds to almo/ e detail ( production & trade1 & occupies a l>ge portion ( ! inv5tive & executive en]gy ( ! p4 ,organiz$ society attempts to re/ra9 su* wa/e by its police =ce1 or by re/ra9+ laws & 9 actions en=c$ by sev]e p5alties4 ,e hone/ man is f9ancially int]e/$ 9 ! conviction ( e knave4 ,sympa?y ) fraud1 ev5 9 trifles1 is contribut+ t[>d su* de/ructive wa/e4 ,9 ?is connection ! enorm\s exp5diture 9 ma9t5ance ( /&+ armies & navies = ! protection ( national b\nd>ies is ( special importance4 ,r$uction ( ?is wa/e ( weal? & p[] %\ld be desir$ by e class ( society4 ,?\gh w> has be5 ! means by :i* human lib]ty has gr[n1 x has also be5 ! means ( cru%+ x4 ,x w\ld seem t e inc5tive is (f]$ ea* citiz5 to make an appeal to arms & ! ma9t5ance ( armies a mo/ remote necessity4 ,yet x seems t ! mass ( m5 ( e rank are t5aci\s ( national honor4 ,:ile mo/ communities h ab&on$ ! duel z bo? wa/eful & immoral 9 p]sonal difficulties1 ! _s ( ! duel is /ill rife 9 ! diff]5ces betwe5 nations4 ,a cle>] p]ception ( mutual int]e/s 9 national welf>e w br+ nations1 l individuals1 to accept "s me?od ( en=c+ neutral judgm5t = settl+ disputes1 9 place ( w>4 ,! f>m]s ( a c\ntry1 be+ ne>ly #ej p] c5t ( its p1 & be>+ a l>ge proportion ( ! exp5se ( armies & w>s1 h a trem5d\s int]e/ 9 ma9ta9+ peace4 ,?is c be done n s mu* by r$uc+ ! provision = armies z by cultivat+ ! _s ( fair settlem5t1 aga9/ ! false patriotism :i* claims ev]y?+ = "o's own nation4 ,false notions ( wa/e4--,wa/eful exp5diture & luxury & possibly ev5 vici\s indulg5ce are (t5 excus$ ) ! plea t exp5ditures ( ?is k9d make employm5t = labor1 & s aid ! poor4 ,:ile x is true t multitudes are employ$ 9 cat]+ to ! vices ( o!rs1 all mu/ grant t ! same weal? might be mu* bett] employ$ 9 o!r occupations4 ,m ?an t1 ! l>g] weal? result+ f accumulation 9 place ( wa/e w\ld provide capital ne$$ = full] employm5t ( all :o c "w4 ,all imprud5t exp5diture r$uces ! p[] ( society to accumulate weal? = giv+ occupation to all :o w "w4 ,moreov]1 su* wa/efulness creates a t5d5cy t[>d ?riftless "* among ! p4 ,! welf>e ( ! :ole community dep5ds ^u ! ?rift ( ! :ole community4 ,! ?riftlessness ( ri* m5's sons is m damag+ ?an ! ?riftlessness ( tramps1 because x is m tempt+ to o!rs4 ,any man :o lives simply to sp5d1 h[ev] busy he keeps himself1 is "o ( ! wa/eful ones 9 ! community1 unless he has "s high] object ?an gratify+ 8 desires4 ,! en]getic idl] may be do+ 8 wor/ = ! community )\t be+ rank$ z a sp5d?rift1 because he makes su* idl5ess respectable4 ,x %\ld be ! desire ( all good citiz5s to increase ! ability ( e o!r citiz51 n only to live1 b to live well4 ,?is ?riftlessness c be ov]come only by a /rong public s5tim5t t corrects ! e>ly t5d5cies ( y\? to wa/e ( means & en]gy4 ,wa/e 9 rivalry4--,!re is ano!r k9d ( wa/efulness result+ f excessive competition = a p>ticul> bus9ess or a p>ticul> trade4 ,imm5se am\nts are exp5d$ ^u rival adv]tisem5ts1 all ( :i* ent] into ! g5]al co/ to consum]s4 ,a multitude ( retail deal]s ma9ta9 /ocks ( goods entirely out ( proportion to ! ne$s ( ! community1 because !y are rivals 9 trade4 ,v likely ! bus9ess r5ts are high] ?an !y ne$ be because ( su* rivalry4 ,n only is !re a /rong competition = a place1 b also = %[y equipm5t & elegance ( display4 ,all ?is c\ld be sav$ by bett] organization4 ,a /ill m evid5t wa/e is f ! multiplication ( ag5ts & middle m5 ( all k9ds1 employ$ simply 9 cat*+ trade4 ,"s ( !m act simply z int]lop]s1 hop+ to ga9 a small commission )\t ! use ( capital or pa9/ak+ 9 _! bus9ess4 ,^! are ! useless middle m5 ma9ta9$ at ! exp5se ( ! community4 ,full m>ket reports & g5]al in=mation ( buy]s & sell]s greatly r$uce su* wa/e4 ,*apt] ,,xxvi4 ,social ,organization ,= ,consumption4 ,individualism4--,:ile ! social organization is necess>ily ?\ght ( z a gr\p ( individuals1 ^: individual wants & plans & gr[? & "* mu/ be ! *ief inc5tive = action1 x is necess>y to avoid ! extreme ( individualism4 ,9 escap+ f ! false analogy impli$ 9 consid]+ society an organism1 !re is a t5d5cy to make ! individual n only ( f9al importance b indep5d5t ( association4 ,excess ( competition is repres5t$ 9 ! maxim1 8,e man = himself40 ,9 ! ef=t to c>ry out ?is maxim & 9 opposition to re/ra9ts ( society1 :e!r by law or by cu/om1 _m are l$ to advocate an abolition ( organization1 leav+ all welf>e to be secur$ by appeal to ! individual judgm5t & consci5ce ( m54 ,x is true t back ( all law is ! law ( righte\sness 9 individual s\ls4 ,"u ! "n ( 8autonomy0 !ori/s propose to appeal to ?is consci5ce ( individuals1 mak+ e s\l a law to itself4 ,su* !ori/s assume t e human be+ w be wise & virtu\s1 or take ! consequ5ces ( 8 failure4 ,!y =get t all organizations = con/ra9t are a "p ( ! natural consequ5ces ( failure 9 self-control4 ,"u ! "n ( 8an>*y0 gr\ps ( p all ov] ! _w h unit$ to de/roy :at !y consid] arbitr>y rules 9 gov]nm5t4 ,an>*i/s diff] f autonomi/s 9 putt+ =emo/ ! de/ruction ( exi/+ gov]nm5ts4 ,_! ideals ( "r & wrong & _! me?ods ( individual action = individual welf>e are left = ! future to develop1 aft] ! rule ( ! pres5t has become no-rule4 ,_! pres5t organization1 z f> z x is public1 appe>s to be1 9 almo/ direct contradiction ( _! pr9ciples1 an absolute despotism4 ,! same idea has ga9$ foll[]s 9 "s c\ntries1 p>ticul>ly 9 ,russia1 "u ! "n ( 8nihilism40 ,:ile 9 "s in/ances su* movem5ts may be b a natural reaction aga9/ tyranny1 ! view ( human wants & human welf>e :i* all ^! advocates pres5t is f> f be+ correct4 ,! gr& economic fact t gr\ps are sup]ior to individuals 9 actual effici5cy is beyond dispute2 & x is equally true1 ?\gh n s (t5 /at$1 t gr\ps ga9 greate/ satisfaction = a giv5 consumption ( weal?4 ,x is only :5 great numb]s %>e 9 satisfaction t ! highe/ range ( wants c be gratifi$4 ,moreov]1 ev5 individual wants are l>gely social4 ,ea* f9ds 8 highe/ pleasure 9 ! society :i* nature has provid$4 ,! *ief reasons = accumulat+ weal? are 9 :at m5 c d = ea* o!r4 ,any individualism :i* ov]looks ^! pr9ciples is oppos$ to welf>e1 & s self-contradictory4 ,! fam\s ,fr5* phrases1 8laissez faire0 & 8laissez pass]10 :i* repres5t ! individuali/ic side ( economic !ory1 are (t5 ext5d$ beyond ! int5t ( ! phrase mak]s4 ,!y mean ess5tially1 let d1 let g1 & h _! prop] application 9 an appeal to cons]vative society to s modify laws & cu/oms t individual ent]prise1 +5uity & ?rift %all be /imulat$ to its be/ by fre$om4 ,fre$om f re/rictions 9 "r-do+1 "u ! evid5t motive furni%$ by g5]al welf>e1 is an ideal = society4 ,9 economic directions x has great importance4 ,no ?9k] c fail to see ! tr5d ( civilization t[>d su* fre$om4 ,s f> 9 ! hi/ory ( ! _w ! enl>gem5t ( individual responsibility1 by fre$om f con/ra9t among ! mature memb]s ( society1 has be5 ! *ief m>k ( progress4 ,yet ! con/ra9t ( welf>e1 & ( ! g5]al judgm5t z to :at is welf>e1 z well z ! necessity = agreem5t z to ways & means ( rea*+ x1 are bett] recogniz$ today ?an ev] be=e4 ,! extreme ( individualism de/roys ! natural con/ra9t ( a common judgm5t4 ,socialism4--,! opposite extreme is ! assumption t common wants are ( supreme importance & common judgm5t absolutely effici5t4 ,"u ! "n ( 8communism0 x /&s 9 direct contra/ ) an>*y4 ,an>*i/s & communi/s may unite ^u a plat=m ( a s+le plank1 opposition to exi/+ in/itutions2 b 9 all ideals & purposes & plans = future welf>e !y are absolutely oppos$ to ea* o!r4 ,! natural community ( int]e/s s evid5t 9 society gives a fair basis = ! g5]al pr9ciples ( communism4 ,no d\bt ! welf>e ( all is ! int]e/ ( ea*1 & ! _w is gr[+ to recognize x4 ,among a gr\p ( be+s p]fectly wise & virtu\s !re c\ld be no cla%+ ( ei!r int]e/s or judgm5t4 ,! ideal ( ,l\is ,blanc1 8,f e man accord+ to 8 p[]s1 to e man accord+ to 8 wants10 w\ld repres5t ! natural activity ( su* a gr\p4 ,b 9 application to humanity1 z x is & is b\nd to be by its weakness & wayw>dness1 x seems ab/ractly ideal4 ,9 fact x is only r\ghly applicable 9 ends to be s]v$1 & sugge/s almo/ no?+ z to ways & means4 ,l ! gold5 rule1 x applies to ! disposition & purpose ( ! actor1 b leaves ! acts to be decid$ by individual judgm5t4 ,! num]\s phases ( op9ion 9 application ( ?is pr9ciple _c be pres5t$ ev5 by "n 9 ?is %ort *apt]4 ,!y are wor?y ( /udy z indicat+ a gr[? ( op9ion & s5tim5t 9 recognition ( ! mutual dep5d5ce ( all human be+s4 ,!y are also wor?y ( /udy z indicat+ h[ arbitr>y a zealot may become 9 en=c+ 8 op9ions ^u o!rs4 ,all ( !m are gr\p$ some:at loosely "u ! "n ( 8socialism10 b !re are _m gradations 9 ! supremacy ( ! social ideal ov] ! individual welf>e4 ,!re are also _m %ades ( op9ion z to h[ ! f9al result ( social supremacy %all be rea*$4 ,_m are expect+ a revolution by =ce ( arms to e/abli% ! ideals ( ! lead]s4 ,m are opportuni/s1 snat*+ e opportunity 9 legislation1 9 decision ( c\rts1 & 9 executive p[]1 to apply _! me?ods4 ,"u ! "n ( 8collectivism0 appeals are made to ! multitude to comb9e _! en]gies "u lead]%ip3 fir/1 to ov]come pres5t re/ra9ts2 & !n to secure comb9$ action 9 all modes ( production & consumption4 8,nationalism0 is m famili> to our ?\ght 9 ! ,unit$ ,/ates1 z embrac+ ! aim ( a some:at noisy p>ty to br+ ab\t ! compulsory organization ( all indu/ries "u ! control ( ! nation1 ev5 to plac+ all prop]ty & all me?ods ( consumption "u an (ficial despotism4 ,few recognize ! actual logic ( _! views z compell+ complete subjection ( e individual to o!rs' judgm5t1 & few] /ill h any idea ( ! (ficial ma*9]y ne$$ = su* control4 ,! great majority are satisfi$ 9 see+ evils :i* might be cur$ by great] social accord1 expect+ at once to vote into exi/5ce ! necess>y ma*9]y4 ,mo/ ( ^! are misl$ into consid]+ weal? & its uses to be ! *ief elem5ts ( welf>e4 ,!y =get t weal? is only a means ( accompli%+ "o's purposes t[>d 8 fell[s & himself4 ,! gre$ ( p[] & position & praise are f> /rong] z evil motives ?an gre$ ( weal?4 ,if weal? 7 di/ribut$ by omnisci5t wisdom & p[] accord+ to ! maxim ( ,l\is ,blanc1 ! high] welf>e w\ld /ill be z f> away z ev]1 unless ! same omnisci5ce %\ld control all actions4 ,su* control by outw>d =ce w\ld bani% ! v idea ( virtue1 ! highe/ ( all welf>e4 ,x is easy to see t e =m ( socialism1 9 practical me?ods1 involves a level+ process inconsi/5t ) human nature & its surr\nd+s4 ,equality ( environm5ts is possible only by r$uc+ all to ! l[e/ condition4 ,equality ( aspirations r$uces all t[>d ! mo/ brutal ( ! race4 ,ev5 equality ( effici5cy r$uces all to ! p[] ( ! lea/ effici5t4 ,s ! :ole range ( me?od1 assum+ equality ( weal? z important to welf>e1 l[]s ! welf>e ( ! :ole by de/roy+ ! be/ abilities & ! be/ capacities = enjoym5t 9 ord] to prev5t inequality4 ,& yet x has n be5 prov$ t equality 9 any ( ^! p>ticul>s is desirable4 ,x is equally beyond pro( t actual equality is possible4 ,! mo/ absolute communism implies ! greate/ inequality 9 (ficial p[]4 ,ev5 ! pleas+ phrase1 8,equality ( opportunity10 w n be> analysis z appli$ to human nature & human welf>e1 "u ! v highe/ ideals ( social unity4 ,inde$1 ! lesson ( facts 9 all activity is t int]-dep5d5ce ( unlike & unequal =ces makes ! true unity ( organization1 & ! sure/ welf>e ( multitudes4 ,t ea* individual %\ld h ! be/ opportunity possible = 8 own developm5t is be/ = ea* & = all 9 a community2 b t su* opportunities %all be equal 9 any o!r s5se no wisdom c contrive4 ,mo/ sociali/ic !ories presuppose almo/ imm$iate *ange ( human nature "u ! new =m ( adm9i/ration4 ,b = ?is supposition !re is little gr\nd 9 ! hi/ory ( ! race or ( all nature4 ,gr[? !re w be1 & evolution ( ideals2 b ! adm9i/ration gr[s out ( ^!1 in/ead ( be+ _! cause4 ,sociali/ic t5d5cies4--,sociali/ic !ories ga9 adh]5ce "u ! provocation ( c]ta9 t5d5cies 9 society4 ,fir/1 !y appe> :5ev] by oppression or fraud ( any k9d a community is made up ( "o class possess+ weal? directly oppos$ to ano!r class )\t weal?1 ) no ext5d$ middle class1 & !re=e ) no ready means ( transition f "o class to ano!r4 ,z long z ! doors are op5 = real progress 9 p[] ( accompli%m5t1 all ! way f pov]ty to weal?1 society has a unity 9 its v>iety t is bett] ?an any communism promises4 ,at pres5t 9 our own c\ntry1 ) ! great multitude ( f>m]s' families furni%+ n only ! necessities ( life1 b ! l>g] "p ( human en]gy t goes into e call+ & e rank1 socialism does n appeal to any l>ge numb]4 ,an e>ne/1 ?riv+ f>m]'s family w nev] believe advantage to come ei!r to !mselves or to ! race by mak+ !m all practically m]e wage-e>n]s4 ,second1 a common cause ( sociali/ic views is sep>ation1 "u extreme division ( labor & oppos+ organizations su/a9$ by x1 ( ! work]s 9 v di/9ct fields ( labor4 ,! jeal\sies aris+ betwe5 ^! classes1 or guilds1 or betwe5 employ]s & employ$1 fo/] ! revolution>y _s :i* jumps at any promise ( relief f unsatisfactory conditions4 ,9 ! ?ird place1 a political revolution1 if x has de/roy$ l&m>ks ( ! pa/ & any natural s5tim5ts gr[+ out ( social relations1 leaves a mass ( p at sea ) ref]5ce to ! nature ( rights4 ,"u su* circum/ances socialism (f]s an app>5t solution ( difficulties unprovid$ =4 ,?\gh any practical ef=t to apply ^! !ories "u su* circum/ances usually results 9 despotic assumption ( au?ority by a few1 ! p are mov$ by ! pleasant-s\nd+ phrases4 ,if1 9 ! settl+ ( social affairs aft] a revolution1 an e>ne/ ef=t is made to agree ^u set phrases embody+ pr9ciples ( con/itutional lib]ty1 ! *ances are 9 favor ( "s sweep+ /atem5ts1 too g5]al to control action1 b ov]-emphasiz+ individual rights 9 comp>ison ) individual duties4 ,action "u ^! decl>ations usually con=ms to ! necessities ( ! case1 accept+ ! imm$iate welf>e ( ! society z a guide to m complete welf>e4 ,all ^! conditions are abnormal1 :olly unfavorable to a fair consid]ation ( :at w promote welf>e4 ,ev5 if sociali/ic me?ods might "w fairly well :5 all 7 favorably dispos$1 !re is great "q :e!r !y w\ld "w z well z pres5t social me?ods1 "u equal good w4 ,x mu/ n be =gott5 t e s*eme ( nationalization1 = its own sake1 implies ! gov]nm5t ( e individual by ev]ybody else1 ?us hamp]+ "u petty regulations & by =ce ( multitudes ! gr[? ( e individual4 ,no s*eme = national direction provides z natural te/s = m]it1 ability1 ent]prise or necessity z pres5t me?ods are kn[n to d :]ev] fraud & tyranny are aboli%$4 ,cop]ative consumption4--,9 ! natural ord] ( social developm5t !re is room = mu* m g5]al association 9 ! consumption ( weal? ?an we sometimes ?9k4 ,! _w has made great progress 9 ?is direction dur+ ! la/ fifty ye>s1 ?r\gh volunt>y organizations = prud5t exp5diture4 ,! only limit to su* community ( organization = special purposes is 9 ! nature ( ! "w & ! relation ( ! work]s4 ,cop]ative /ores1 banks1 build+ & loan associations1 laundries & ev5 kit*5s are )9 ! range ( actual exp]im5ts4 ,we h already se5 h[ su* cop]ative int]e/s may op]ate 9 simple inve/m5t ( capital = production4 ,! *ief ob/acles 9 !m all are ! lack ( c]ta9 *>act]i/ics ( prud5ce 9 a multitude4 ,9 g5]al ! be/ managem5t does n accord ) ! judgm5t ( ! mass4 ,a few brief maxims may indicate ! natural re/rictions ^u su* me?ods4 ,cop]ative consumption is successful3 fir/1 :]e ^? cop]at+ are fairly equal 9 wants & abilities1 or closely relat$ ?r\gh k9%ip or fri5d%ip2 second1 :]e ! range ( cop]ation includes common wants2 ?ird1 :]e no "o is giv5 ! advantage ( cr$it2 f\r?1 :]e mutual confid5ce selects & su/a9s a cont9u\s managem5t2 fif?1 :]e frequ5t & full reports c make ! bus9ess pla9 to all conc]n$4 ,x w\ld be int]e/+ to foll[ ! gr[? ( cop]ative /ores & bank+ associations f small beg9n+s to enorm\s ent]prises1 b ! limits ( ?is volume w n p]mit4 ,?is ext5sion may be realiz$ f ! /atem5t t ! ,ro*$ale cop]ative societies ( ,engl& n[ numb] ne>ly two ?\s&1 ) m ?an a million memb]s & ne>ly sev5ty-five million doll>s ( capital4 ,*apt] ,,xxvii4 ,economic ,functions ,( ,gov]nm5t4 ,gov]nm5tal limits4--,all society recognizes c]ta9 univ]sal wants & ! necessity ( meet+ ^! ) ess5tial ord] & ! be/ economy4 ,^! univ]sal wants en=ce ! organization ( society "u "s =m ( gov]nm5t4 ,su* an organization gr[s out ( ! necessity r ?an ! w ( humanity4 ,h5ce gov]nm5t1 local or m g5]al1 is ! direct ef=t ( individuals 9 society = ! g5]al welf>e4 ,usually ! be/ te/ ( g5]al welf>e is ! ass5t ( ! majority ( mature & intellig5t memb]s ( ! community4 ,9 ! hi/ory ( ! _w1 h[ev]1 ! importance ( ! object to be ga9$ has ov]come ob/acles 9 ! w ( ! gov]n$ z mu* z any o!r4 ,among *ildr5 ! "r ( ! p>5t to gov]n = ! welf>e ( ! family is nev] que/ion$ until "* & wisdom are d\bt$4 ,among crude & disorganiz$ bodies ( p1 sup]ior wisdom & e>ne/ purpose make lead]%ip4 ,yet always1 9 ! end1 ! ideal ( welf>e 9 any community implies gr[? ( individuals into au?ority ov] !mselves z "o ( its ma9 objects1 if n its *ief "o4 ,?us ! be/ gov]nm5t = any community at any /age ( its advancem5t is ! "o t be/ secures ! welf>e ( all 9 exi/+ circum/ances4 ,x mu/ be rememb]$ t ! *ief elem5ts ( welf>e are above gov]nm5t4 ,all ! k9dly affections :i* make ! *ief bonds ( society are to be cultivat$ by good gov]nm5t1 b _c be =c$ by any law1 ei!r positive or prohibitive4 ,individual "* 9 all its proportions is individual gr[?1 :i* c be fo/]$ b n =c$4 ,all ! catalogue ( virtues is made up ( elem5ts ( "*1 n "o ( :i* c be made by =ce4 ,s gov]nm5t ( e grade fo/]s ! highe/ welf>e ( individuals by su/a9+ virtu\s motives & re/ra9+ vici\s ones1 or r by enc\rag+ "r action 9 its enjoym5t ( welf>e & re/ra9+ wrong action by deprivation ( welf>e4 ,gov]nm5t1 !re=e1 is be/ :5 its aims are di/9ctly conf9$ to univ]sal welf>e4 ,! di/9ctly p]sonal wants c be be/ provid$ = by af=d+ ! be/ conditions = free ex]cise ( individual p[]s4 ,gov]nm5ts c nev] wisely d favors = a class1 s9ce su* favors weak5 ! p[] ( gov]nm5t = promot+ g5]al welf>e4 ,:at gov]nm5t does = any x ne$s to d = all4 ,:at x does = all x mu/ secure to ea* 9 fair proportion4 ,9 any ef=t to ext5d ! range ( gov]nm5tal action ?is natural limit ( univ]sal welf>e = individuals mu/ be consid]$4 ,ends ( gov]nm5t4--,9 ?is view ( ! reasons = organiz$ gov]nm5t & its natural limits1 c]ta9 univ]sal wants c be cle>ly p]ceiv$4 ,mo/ obvi\s is protection aga9/ ext]nal foes1 p]sonal or mat]ial4 ,?is univ]sal ne$1 9 ! pres5ce ( p]sonal enemies1 is s pla9 z to make ! crime ( treason notori\s4 ,! int]nal peace ( society is j z evid5tly a univ]sal necessity1 & s any infr+em5t ^u ! ord] ( society1 z agre$ ^u ei!r by express /atute or by ! common law ( e/abli%$ prec$5t1 is puni%$ z a crime aga9/ all4 ,p]sonal viol5ce1 ev5 9 ! %ape ( private v5geance = wrong done1 is a m5ace to int]nal ord]1 & s a crime aga9/ ! :ole organization4 ,! mutual dep5d5ce ( ea* ^u all & all ^u ea* 9 e-day transactions en=ces ! int]e/ ( ! organization 9 p]sonal contracts1 & makes ! gov]nm5t a p>tn] ) e "r-do] aga9/ e wrong-do] 9 all attempts at fraud or abuse ( p[] ( e k9d4 ,?is gu>dian%ip ( p]sonal fre$om makes necess>y ! bulk ( crim9al law & mo/ ( ! ma*9]y ( c\rts4 ,! arbitration ( disputes betwe5 int]e/$ p>ties is a natural sequ5ce ( ! ef=t to prev5t viol5ce4 ,gov]nm5t does n & _c "r wrongs2 x b>ely saves a remnant ( good to ! individual wrong$1 & furni%es a w>n+ to o!rs aga9/ future wrong4 ,univ]sal ne$s4--,e =ce1 ext]nal or int]nal1 :i* is likely to be injuri\s to ! :ole community1 ! :ole community ?r\gh its organization is oblig$ to combat4 ,h5ce ! necessity = qu>ant9e aga9/ infections diseases :]ev] f\nd1 & provision aga9/ de/ructive /orms :]ev] possible4 ,protection aga9/ ! ravages ( insects falls into ! same li/1 & s does e safegu>d 9 :i* ! :ole community is int]e/$4 ,! same pr9ciple applies to positive provisions = welf>e 9 economical ways ( meet+ univ]sal wants4 ,! univ]sality ( ! ne$ makes ! wat] supply & ! light+ ( cities a prop] "w = ! city organization4 ,if ! same ma*9]y c provide mo/ economically = l>g] p]sonal wants )\t infr++ ^u ! rights ( all1 simple economy invites x1 & ! pr9ciples ( good gov]nm5t su/a9 x4 ,! "q ( municipal light+ is simply "o ( true economy = ! entire body ( citiz5s4 ,= ! same reason1 t ev]ybody ne$s x1 ! gov]nm5t is oblig$ to h control ( ! means ( transit s f> z ease & safety & economy to all require4 ,gov]nm5t mu/ ma9ta9 highways suit$ to ! ne$s ( ! community at all /ages ( its developm5t4 ,! "q ( city managem5t ( /reet c> l9es1 beyond su* control z secures safety & ess5tial ju/ice1 is purely "o ( economy = all conc]n$2 t is1 = ! entire community4 ,?is economy is n settl$ = "o community by ! conditions ( any o!r4 ,x mu/ be decid$ 9 ea* community ^: int]e/s are to be s]v$ by ! actual ne$ & abilities ( t community4 ,! same may be said 9 reg>d to all me?ods ( provid+ ready communication ( wants & abilities z ne$$ = mutual welf>e4 ,! po/al sy/em is a natural gov]nm5t ma*9e1 because e citiz5 ne$s to be )9 rea* ( e o!r citiz5 9 ! same community4 ,if gov]nm5t does n furni% ! ma*9]y1 x mu/ control x to ! same end4 ,! ext5t ( ! ma*9e mu/ be decid$ by ! ext5t ( ! want4 ,if ! want is suffici5tly univ]sal1 ! organization _c avoid provid+ ! ma*9]y4 ,?is pr9ciple applies to e =m ( communication devis$ or discov]$4 ,! "q ( gov]nm5t own]%ip ( telegraph or telephone connections becomes "o ( simple economy1 :5ev] ! community f9ds su* means ( communication a matt] ( univ]sal want4 ,if economy or ve/$ rights ( individuals prev5t su* provision1 gov]nm5t mu/ /ill gu>d ^! univ]sal int]e/s by inspection & control4 ,! exact po9t :]e gov]nm5t own]%ip becomes economical & legitimate mu/ be decid$ by a c>eful weigh+ ( ! g5]al int]e/s ( ! :ole community4 ,univ]sal education4--,! necessity = univ]sal intellig5ce is s evid5t t gov]nm5ts n only recognize & fo/] b5evol5t ef=ts ( individuals = education1 b rightly make ! organization itself a direct =ce 9 ma9ta9+ educational in/itutions4 ,public s*ools are n[ univ]sally recogniz$ by mo/ enlight5$ p z meet+ a univ]sal ne$1 & !re=e "o ( ! ess5tials ( good gov]nm5t4 ,h[ ext5sive su* provision %\ld be is /ill an unsettl$ "q4 ,9 fact1 x c nev] be f9ally settl$ 9 any gr[+ community1 because ! univ]sal ne$ ( ! community becomes m & m ext5d$4 ,s f> z univ]sal intellig5ce dep5ds ^u ! high] intellig5ce ( lead]s 9 ! community1 ! :ole mass is int]e/$ 9 ! tra9+ ( t high] intellig5ce4 ,! v nature ( education1 %$d+ its light ov] all 9 its neighborhood1 makes e memb] ( ! community a %>] 9 ! advantages ( univ]sity tra9+4 ,h5ce gov]nm5ts rightly & economically adm9i/] educational sy/ems :i* involve ! welf>e ( all4 ,! same responsibility makes improp] ! use ( public funds 9 support ( private in/itutions )\t su* re/rictions z insure ! good ( all4 ,! propriety ( gov]nm5tal control ( *ur*es & religi\s tra9+ mu/ re/ ^u ! same basis ( pr9ciple4 ,religion is ( su* a p]sonal nature1 s :olly a matt] ( consci5ce1 t x _c be said 9 any prop] s5se to be univ]sal4 ,yet ! ne$ ( religions s5tim5t & fre$om 9 developm5t ( t s5tim5t is univ]sal4 ,! /ate does well to provide security = religi\s ?\ght1 practices & fo/]+ influ5ces 9 all gov]nm5tal ma*9]y4 ,on ?is gr\nd ! civil law protects a ,sabba?4 ,! /ate *ur* has _h its app>5t reason = exi/5ce1 & /ill has 9 _m p>ts ( ! _w1 f ! close connection betwe5 religi\s tra9+ & popul> education4 ,naturally /ate *ur*es emphasize ! educational side ( religions in/itutions4 ,! _w is com+ to see m cle>ly ! divid+ l9e betwe5 in=mation or ?\ght ab\t religion & religi\s action 9 fai?1 its common basis1 & c leave ! latt] = individual gr[?4 ,gov]nm5t w>ds4--,! welf>e ( ! :ole rea*es f9ally to a gu>dian%ip ov] su* individuals 9 ! community z endang]1 ei!r by weakness or by wick$ness1 t welf>e4 ,= ?is reason gov]nm5t c ma9ta9 asylums = ! weak or diseas$1 or ev5 ! extremely ignorant1 n simply to protect ^! individuals1 p]haps n *iefly = t purpose1 b to protect ! :ole4 ,x c rightly & wisely en=ce su* protection by heal? regulations & (fic]s1 & by truant laws & (ficials4 ,^u ?is pr9ciple x may rightly con/ra9 ev5 ! fri5ds ( insane p]sons to give up control ( ! insane to ! saf] public provision 9 asylums4 ,:5 any community realizes a simil> ne$ ) ref]5ce to inebriates1 x w assume ! same con/ra9+ au?ority4 ,9 deal+ ) ! problem ( p]sonal wick$ness1 a community mu/ /ill draw ! l9e betwe5 univ]sal & individual welf>e4 ,! crim9al injures all2 !re=e all mu/ con/ra9 him1 & ef=t is made to measure t con/ra9t by ! evid5ce ( opposition to public welf>e4 ,vices are m di/9ctly individual4 ,!y t\* ! univ]sal welf>e 9 ^? =ms :i* propagate vice 9 neighborhoods4 ,gov]nm5ts univ]sally fail to en=ce laws aga9/ p]sonal vices :]ev] ! dang] to upright "* 9 o!r p]sons is n cle>ly p]ceiv$4 ,all re/rictive legislation ^u vici\s habits1 l intemp]ance1 gambl+ or o!r immoral practices1 is naturally aim$ fir/ at ! places contriv$ to fo/] su* habits1 & !re=e to attack ! innoc5t4 ,! actual work+ ( su* legislation 9 prev5t+ ! gr[? ( vice is ! only f9al te/ ( its wisdom4 ,:at x c d is :at x ought to d4 ,9 g5]al ! actual public s5tim5t 9 local communities mu/ be ! ma9 dep5d5ce = execut+ su* laws4 ,protection ( ! weak4--,! common /atem5t t gov]nm5t mu/ protect ! weak aga9/ ! /rong is subject to ! same pr9ciple ( univ]sal welf>e1 & is applicable only :]e society has def9itely recogniz$ rules ( good ord] :i* somebody is violat+4 ,any attempt to supply to ! weak a /r5g? :i* !y _c wield is necess>ily a failure4 ,b society z a :ole rightly %ields *ildr5 & y\?1 & ev5 wom5 ( mature ye>s1 f burd5s :i* may injure ! g5]al heal? or wisdom or virtue ( ! community4 ,laws prohibit+ contracts :i* involve su* burd5s c be en=c$ s f> z ! community appreciates ! evil ( su* contracts4 ,s1 to a c]ta9 ext5t1 weakness f ignorance may be protect$ by any me?od t t5ds to remove ! cause ( weakness4 ,all su* action ( gov]nm5t mu/ be c>efully gu>d$ aga9/ becom+ su* a protection z w r5d] ! weak weak]4 ,public responsibility4--,! organization ( community is be/ = ! mass ( ! p :5 all desires are all[$ to give _! prop] impulse to action1 & :5 e ent]prise is enc\rag$ by fre$om until x is se5 to infr+e ^u ! g5]al welf>e4 ,any sy/em ( gov]nm5t :i* *ecks natural impulses & h9d]s individual ent]prise1 )\t cle> evid5ce t all mu/ suff] f su* fre$om1 is h>mful4 ,! g5u9e application ( ! phrase laissez faire is 9 giv+ hone/ ef=ts free c\rse1 because ^! ef=ts secure ! l>ge/ good4 ,x really means1 leave humanity free until injury is attempt$4 ,9 g5]al1 gov]nm5t has to deal ) all necessities :i* are id5tical ?r\gh\t ! community4 ,provision = ^? necessities & ^? only x is b\nd to make4 ,all que/ions ( nationalization ( indu/ries or ( community consumption mu/ be br\ght to ! te/ ( univ]sal ne$4 ,:at ! :ole community wants ! :ole community has a "r to provide 9 ! way :i* br+s mo/ good ) lea/ exp5diture ( ex]tion 9 any =m4 ,no o!r "q c outweigh 9 importance ?is "o ( public ne$ or public welf>e4 ,e produc] & e consum] is int]e/$ 9 see+ t su* welf>e is n ov]look$ by ! public1 or infr+$ ^u by any individual or comb9ation ( individuals 9 8 community4 ,?is mu/ be done by emphasiz+ p]sonal responsibility1 ev5 9 public ent]prises4 ,= ! /atem5t is beyond dispute1 t ! attempt to sub/itute corporate responsibility = p]sonal responsibility ends 9 no responsibility at all4 ,above all ?+s x is necess>y to rememb] t all ! progress yet made f ! />vation & degradation ( b>b>ism has be5 by organiz$ int]e/ ( ! :ole community 9 protect+ fir/ individual life1 second individual lib]ty1 & ?ird individual prop]ty1 z ! f\ndation ( univ]sal welf>e4 ,yet society holds all ^! rights ( individuals subject to ! same high] law ( welf>e by re/rict+ ! purpose ( individuals :5 possible1 & action always1 if x opposes ! total welf>e4 ,*apt] ,,xxviii4 ,economic ,ma*9]y ,( ,gov]nm5t4 ,res\rces ( gov]nm5t4--,all exp5ditures ( gov]nm5t are z subject to economic laws ) ref]5ce to consumption ( weal? z are ^? ( individuals4 ,actual result 9 welf>e is ! only reason = su* exp5diture4 ,h5ce ! same te/s ( economy are appli$4 ,gov]nm5t makes b few exp5ditures = ! imm$iate purpose ( reproduc+ & increas+ weal?4 ,s f> z its inve/m5ts su/a9 productive indu/ry1 & ! products ( t indu/ry ent] into ! _w's m>ket1 !y are subject to ! same economic laws ( supply & dem& t gov]n all production ( weal?4 ,if 9 any case !y are n1 x is because ( gov]nm5t monopoly corn]+ ! m>ket1 or because ( unnatural conditions ( gov]nm5t production und]m9+ ! m>ket4 ,9 g5]al1 gov]nm5t is simply exp5d+ = ! common welf>e a "p ( ! weal? produc$ by individual ef=t4 ,its res\rces are 9 small "p d]iv$ f fees = special s]vices r5d]$ to individuals ( ! community4 ,su* are fees = regi/ration ( de$s & mortgages1 & ( ! same nature1 ?\gh = conv5i5ce ( collection paid 9 a diff]5t way1 is ! rev5ue f sale ( po/age /amps & /amp$ envelopes4 ,rev5ue may come f pay = c]ta9 special privileges or fran*ises e/abli%$ by lic5se or pat5t4 ,^! are suppos$ to be n s mu* 9 paym5t = special s]vice z = %>+ 9 responsibility & co/ ( protection4 ,ano!r s\rce ( rev5ue is 9 ! %ape ( money p5alty1 or f9e1 = m9or trespasses ^u good ord]4 ,su* rev5ues are accid5tal1 & dim9i% z ! gov]nm5t becomes m p]fect4 ,"u peculi> circum/ances ( opposition by citiz5s or bodies ( citiz5s to ! g5]al ord]1 gov]nm5t confiscates prop]ty us$ 9 su* opposition4 ,a good illu/ration ( ?is is connect$ ) smuggl+1 :]e ! introduc] ( =eign goods opposes gov]nm5t 9 its rev5ue laws by fraud or viol5ce1 & suff]s ! confiscation ( goods s introduc$4 ,none ( ! =ego+ s\rces ( rev5ue1 unless x be ! lic5se1 & ?is is sometimes a m]e me?od ( taxation1 c s]ve to any great ext5t ! purposes ( gov]nm5t4 ,all gov]nm5t exp5ditures = g5]al welf>e mu/ f9ally be met by "s sy/em ( di/ribut+ ! burd5 ov] all ! p4 ,?is me?od ( di/ribution is call$ taxation4 ,! pr9cipal rev5ue is rais$ by taxation ( possessors & produc]s ( weal?1 9 anticipation ( curr5t public ne$s4 ,if = any reason gov]nm5t exp5ditures exce$ its rev5ues1 ! gov]nm5t1 l any individual1 becomes a borr[]4 ,x may borr[ by contract to pay at "s future "t = con/ruction ( build+s or ma*9]y1 or by issue ( scrip 9 ! %ape ( promises to pay at "s def9ite or indef9ite "t 9 ! future1 or m di/9ctly /ill by sale ( bonds1 :i* are def9ite c]tificates ( indebt$ness1 negotiat$ l ! notes ( individuals 9 great bank+ c5t]s4 ,yet all ( ^! are only me?ods ( po/pon+ ! taxation :i* mu/ support ! gov]nm5t 9 its necess>y ma*9]y4 ,gov]nm5t c live ^u cr$it 9 ! same way1 & only 9 ! same way1 t individuals c4 ,! economic reasons = su* cr$it mu/ be ! same z 9 individual exp]i5ce4 ,pr9ciples ( taxation4--,s9ce taxation 9 g5]al is simply a way ( di/ribut+ exp5ses to ^? = ^: b5efit exp5diture has be5 made1 ! fir/ "q is "o ( fairness 9 di/ribution4 ,! b5efits f gov]nm5t exp5diture ought to be univ]sal1 b are n necess>ily equal4 ,l all ! good ?+s ( nature1 ! b5efits ( ! gov]nm5t are n appreciat$ by all alike4 ,no "o w\ld probably sugge/ ! possibility ( di/ribut+ ! exp5diture exactly 9 accord ) advantage receiv$4 ,:]ev] ! s]vice is di/9ctly p]sonal1 z 9 ! regul> mail s]vice1 an attempt is made to *>ge ea* p]son ! av]age co/ ( ! s]vice4 ,ev5 ! l>ge miscellane\s mail di/ribution at less ?an co/ may be fairly borne by ^? :o use ! mail = p]sonal advantage1 s9ce ?is is likely to be 9 proportion to ! intellig5t activity %[n 9 correspond5ce4 ,"s few taxes ^u special commodities ( que/ionable advantage to ! multitude1 l liquors & tobacco1 are suppos$ to be paid by ^? :o ga9 ! only advantage receiv$ by anybody 9 protect+ _! use4 ,"s m g5]al pr9ciple1 h[ev]1 mu/ be f\nd = adju/+ ! burd5 ( g5]al exp5ses s t ea* individual w be> 8 %>e4 ,if ! burd5 belongs to all1 x %\ld re/ fairly ^u all4 ,h5ce equality is usually giv5 z ! fir/ pr9ciple ( taxation4 ,b x is evid5t t 9 ?is case equality means equity1 n a ma!matical division by ! numb] ( taxpay]s4 ,! int]pretation is !re=e 8accord+ to ability40 ,accord+ to ,pr(essor ,rog]s1 ! /ud5t ( economic hi/ory1 8,equality ( sacrifice is ! only hone/ rule 9 taxation40 ,?is means1 9 practice1 t any sy/em ( taxation %\ld be plann$ ) di/9ct ef=t to di/ribute ! common exp5ses accord+ to ! ability ( diff]5t memb]s ( society to meet !m4 ,x is evid5t t no exact gauge ( ability is at h&4 ,if ! actual income ( e citiz5 c\ld be di/9ctly kn[n1 & ! burd5s ( a dep5d5t h\sehold cle>ly express$1 a basis = equal sacrifice1 s f> z weal? is conc]n$1 might be rea*$4 ,b no su* basis has be5 or c be actually f\nd4 ,if f\nd1 x w\ld n give an accurate gauge ( sacrifice1 because ! actual wants = com=t ( diff]5t individuals are s widely v>i$4 ,two di/9ct approximations t[>d ?is equity are f\nd4 ,! fir/ is 9 ! total annual consumption ( ! individual taxpay]1 especially ( su* articles z meet wants above ! m]e ma9t5ance ( heal?y exi/5ce4 ,9 ?is ! gov]nm5t assumes t all w sp5d accord+ to _! ability4 ,! second is 9 a total accumulation ( prop]ty4 ,9 ?is ! gov]nm5t assumes t e man saves = future consumption all t he ga9s above 8 pres5t ne$s4 ,bo? assumptions are untrue 9 individual cases1 & only approximately true any:]e4 ,9 _m in/ances ! exp5diture ( a giv5 ye> ^u m cont9u\s wants ?an ord9>y1 l a home or f>m build+s1 w c\nt also z weal? laid by4 ,s1 9 any comb9ation ( ! two sy/ems ( taxation1 ! m ?rifty & f>-see+ w be> a d\ble burd54 ,yet ev5 ?is comb9ation may n transgress ! rule ( equity1 s9ce su* =esight is itself pro( ( ability4 ,to ?is fir/ pr9ciple ( equity we may add o!rs1 less fundam5tal1 b equally important 9 practice4 ,taxes mu/ be suffici5tly def9ite to be und]/ood & provid$ = by e taxpay]4 ,?is is ne$$ = ma9ta9+ ! int]e/ ( e citiz5 9 bo? ! necessity & ! economy ( public exp5ditures4 ,taxes mu/ be s levi$ & collect$ z to be conv5i5tly paid4 ,?is means t private ent]prise %all be h9d]$ z little z possible 9 mak+ assessm5ts1 & t times & places ( collection %all be suit$ to ! conv5i5ce ( taxpay]s4 ,! collection ( taxes mu/ be by su* me?ods z w involve lea/ outlay1 ei!r 9 sal>ies ( (ficials or 9 ma*9]y ( ! collect+ process4 ,^! f\r pr9ciples ( taxation 7 ann\nc$ by ,adam ,smi? m ?an a hundr$ ye>s ago1 & h comm5d$ !mselves to /ud5ts ( ! subject ev] s9ce4 ,x is evid5t t ! la/ ?ree are m explicit me?ods = c>ry+ out ! fir/4 ,mo/ briefly /at$2 !y imply equity1 def9it5ess1 conv5i5ce ( pay+1 & economy 9 collect+4 ,mo/ legislation ) ref]5ce to taxes %[s "s ef=t to c>ry out "o1 if n all1 ( ^! requirem5ts4 ,x is evid5t t a tax may be conv5i5tly paid 9 connection ) ord9>y exp5ditures1 & at ! same "t be v indef9ite & q inequitable4 ,_m taxes ^u articles ( e-day use 9 ! home are ( ?is nature4 ,a v equitable tax may be s inconv5i5t f its int]f]5ce ) private int]e/s1 & require s _m (ficials = collection1 z to make x a s]i\s burd5 to all4 ,su* a tax w\ld be "o levi$ ^u net income1 suppos+ x possible to discov] ! exact facts = su* a levy4 ,taxes levi$ )\t consid]ation ( ^! pr9ciples are def5d$ z means ( *eck+ extravagance or vice1 z equaliz+ o!r conditions ( welf>e1 or z correct+ inequalities f o!r exi/+ me?ods ( taxation4 ,ev5 ^! la/ assume ! necessity ( equity 9 ! entire sy/em or gr\p ( sy/ems4 ,direct & indirect taxation4--,= conv5i5ce ( /udy1 taxes are spok5 ( z ei!r direct or indirect2 t is1 a tax may be levi$ ^u "o ^: prop]ty or e>n+s mu/ be r$uc$ by ! am\nt ( ! tax1 or a tax may be levi$ ^u "o ^: prop]ty :5 sold1 or ^: s]vice :5 r5d]$ to ano!r1 w be wor? z mu* m z ! burd5 ( ! tax he has paid4 ,a poll tax1 an income tax1 a tax on ! f>m1 or a tax on h\sehold goods & jewelry1 is assum$ to be paid by ! own] or us]1 )\t reimbursem5t4 ,b a tax on /ock 9 trade--l ! f>m]'s live /ock--or ^u ! ma*9]y ( production or s]vice--l railroads1 insurance companies & banks--is assum$ to be transf]r$ z an additional exp5se to ! "o :o f9ally enjoys ! weal?4 ,x is easy to see t su* a di/9ction is difficult4 ,e own] ( weal? w consid] taxes connect$ ) its possession a "p ( ! co/ ( su* weal?1 & :]ev] possible 9 ! conditions ( ! m>ket w c\nt a tax 9 ! sell+ price4 ,x is impossible to judge f ! =m ( weal? or ! nature ( ! s]vice :5 ! tax c be transf]r$ to a f9al us]4 ,a f>m]'s :eat may be ! s\rce f :i* he pays ! total co/ ( rais+ x1 includ+ taxes ^u ! l& employ$4 ,if1 9 ! condition ( ! :eat m>ket1 he has /ill a pr(it ^u 8 managem5t1 he w assume t ! :eat buy]s h paid ! taxes4 ,if ! m>ket price is s l[ z to n cov] ! co/1 he w emphasize ! fact t he pays ! taxes4 ,yet probably ! fact is ! same 9 bo? cases1 t ! own] ( ! l& has 8 pr(its dim9i%$ by ! actual am\nt ( ! tax4 ,m /rictly1 ! tax is tak5 f ! r5t ( 8 l&4 ,9 any case ( ov]-production1 :5 l& gives no r5t1 ! tax w be paid by ! produc] out ( o!r income4 ,s f>1 h[ev]1 z f>m products con=m to ! pr9ciple ( co/ ( production 9 ! t5d5cy ( prices1 !re w be a correspond+ t5d5cy to %ift ! tax ^u ! f9al consum]4 ,?us direct & indirect taxes are n always di/+ui%able2 b 9 ! tax sy/ems ( ! ,unit$ ,/ates mo/ /ate & municipal taxes are assum$ to be direct1 because levi$ ^u p]sons & m p]man5t =ms ( prop]ty1 :ile ! taxes ( ! g5]al gov]nm5t are by ! ,con/itution indirect1 unless levi$ ^u ! /ates accord+ to population4 ,!y are 9 ! =m ( cu/oms or excise1 9 :i* "s article ( comm]ce or "s s]vice r5d]$ gives a value ^u :i* ! tax may be transf]r$4 ,?us ! /ate1 ! c\nty1 ! city & ! s*ool di/rict levy ^u assessm5t ( prop]ty & enum]ation ( polls4 ,! ,unit$ ,/ates collects ^u import$ goods ( v>i\s k9ds1 ^u special articles ( manufacture1 ^u p]sons or corporations c>ry+ on p>ticul> bus9ess1 & ^u comm]cial transactions ( v>i\s k9ds4 ,assessm5t ( direct taxes4--,assessm5t implies an enum]ation ( prop]ty 9 ! possession ( suppos$ own]s & an appraisem5t ( its value4 ,! (fic] mak+ ! assessm5t is "u con/ra9t ( an (ficial oa? to give a fair valuation4 ,! m>ket price is suppos$ to control 8 judgm5t1 & is usually explicitly nam$ 9 law4 ,9 actual practice 9 v>i\s /ates ( ! ,union assess$ valuation (t5 falls z l[ z "o-?ird or ev5 "o-fif? ( a fair e/imate at m>ket value4 ,?is is br\ght ab\t by sev]al causes4 ,ea* assessor fe>s ov]-valuation1 le/ 8 di/rict w be> too l>ge a %>e ( m g5]al exp5ses2 & 8 successor is incl9$ r to l[] ?an raise ! /&>d ( value1 f neighborly int]e/4 ,ev5 if ! assessors ( an entire c\nty agree ^u t]ms ( valuation1 !y are toge!r "u ! same influ5ce ) ref]5ce to /ate & special taxes4 ,a m def9ite cause ( "u-valuation is ! practice ( exempt+ a c]ta9 limit$ am\nt ( prop]ty f all taxes4 ,if p]sonal prop]ty wor? #bjj is exempt f taxation = e h\sehold]1 ! small] ! assessm5t = 8 total prop]ty1 ! l>g] 9 proportion is ! exemption4 ,specific taxes at a fix$ rate1 = /ate or s*ool or improvem5t purposes1 op]ate 9 ! same way to =ce d[n ! valuation ( prop]ty 9 ! entire /ate or di/rict4 ,9 assessm5t ( real e/ate ev5 great] viol5ce is sometimes done to equity4 ,9 newly settl$ portions ( ! c\ntry ! valuation ( l& held 9 ! "n ( non-resid5t own]s is notori\sly high4 ,(t5 9 cities ! assessor is subject to political influ5ces & social connections 9 su* a way z to de/roy all equity 9 taxation4 ,! (ficial oa? atta*$ to su* assessm5ts is a %am4 ,if all prop]ty ( /at$ k9ds 7 equally & fairly valu$1 ! burd5 ( taxation w\ld be mo/ fairly di/ribut$ z reg>ds prop]ty own]s4 ,any t5d5cy to und]value is sure to oppress ! weak] "p ( ^! prop]ty hold]s4 ,if ! price ( a horse is fix$ at tw5ty doll>s1 :5 ! av]age price is sixty1 ! m weal?y own] ( horses ^: av]age value is above ! g5]al av]age has a l>g] "p ( 8 prop]ty exempt ?an ! poor] own] ^: horses are bel[ ! av]age4 ,9 ! same ratio all h\sehold goods & ev5 f>ms & build+s are "u-e/imat$4 ,9 ?is connection x is prop] to m5tion ! exemption ( c]ta9 prop]ty devot$ :olly to public welf>e & contribut+ alike to ! good ( all citiz5s4 ,9 e /ate !re are multitudes ( s*ools1 creat$ & su/a9$ by gifts ( b5evol5t m54 ,^! supplem5t & ext5d ! "w ( ! /ate = g5]al enlight5m5t1 & are wisely enc\rag$ by exemption f ! burd5 ( taxation1 because _! entire income is devot$ to ! same ends :i* ! /ate s]ves4 ,public libr>ies & *ur*es1 devot$ to su* g5]al enlight5m5t & moral gr[?1 are wisely includ$ 9 ?is exemption4 ,nobody suff]s1 b ev]ybody ga9s1 by ! use ( private prop]ty = su* purposes4 ,if 9 any way ^! in/itutions s]ve ! private ends ( individuals1 ^? individuals become !mselves prop]ty own]s1 subject to ! same taxation z o!rs4 ,su* exemptions may ext5d ev5 to art collections made by private funds1 & to ext5sive gr\nds laid out 9 p>ks1 provid$ !y are op5 to ! public & s]ve z a means ( :olesome recreation & culture4 ,9 g5]al1 h[ev]1 specific exemptions ( private prop]ty f any taxes lead to abuse ( privileges1 jeal\sies & popul> dissatisfaction1 :i* result 9 dang] to gov]nm5t & h>m to ! p4 ,exemptions ( prop]ty us$ = p>ticul> purposes1 l a f>m]'s team1 may be ?\ght ( z a b\nty ^u su* means ( production4 ,b ! effect is almo/ always to ! disadvantage ( ! weak1 & ! practice gives a g5]al enc\ragem5t to ! disposition to escape taxes4 ,f>m]s1 ( all classes ( p1 are mo/ int]e/$ 9 a fair & pa9/ak+ assessm5t ( all =ms ( prop]ty4 ,_! influ5ce is mo/ widely ext5d$ & f>-rea*+ 9 its effects4 ,! :ole community %\ld be l$ to realize ! absolute necessity ( fair taxation & prompt meet+ ( individual responsibility4 ,fraud 9 ! treatm5t ( taxes is a crime aga9/ society1 :e!r x involves false swe>+ or n4 ,x p>takes ( ! nature ( treason1 & may well be subject$ to sev]e p5alties4 ,usually1 h[ev]1 a p5alty 9 ! %ape ( additional taxes & =feiture ( prop]ty by sale = taxes1 ) room = r$emption at consid]able exp5se1 are suffici5t to secure a prop] assessm5t & collection1 if ! community are really 9 e>ne/ 9 resi/+ ! fraud4 ,indirect taxes4--,! me?ods ( indirect taxation by excise & cu/om duties h be5 famili> = ages4 ,!y are usually favor$ by politicians :o dread ! opposition ( ! p to taxation1 because ! collection is s incid5tal to ord9>y exp5ditures z sc>cely to be realiz$ & nev] cle>ly measur$4 ,few us]s ( tobacco or /rong dr9k h any di/9ct idea :at portion ( ! co/ repres5ts ! gov]nm5t rev5ue4 ,/ill less 9 dr9k+ ! cup ( c(fee1 or sweet5+ x ) sug>1 does ! p]son b5efit$ weigh ! tax he pays4 ,x is d\btful if mo/ ( ^? :o read ?is1 actually "k t sug> pays a tax1 :ile tea & c(fee d n1 9 our c\ntry4 ,s conv5i5t is ?is mode ( taxation t x =ms ! favorite mode ( discrim9ation 9 favor ( productive indu/ries4 ,a t>iff ( #ej p] c5t ^u import$ clo? may actually increase ! price ( simil> clo?s manufactur$ at home by ne>ly t am\nt1 ?us fo/]+ clo?-mak+ by a premium on ! product1 :ile only a few discov] ! add$ burd5 ( ! tax4 ,yet ^! modes ( taxation are usually co/ly to ! p4 ,ev5 if free f complications ) ei!r prev5t+ vice or fo/]+ indu/ry1 !y require a sep>ate body ( (ficials f ^? provid$ = direct taxation4 ,!y involve inve/m5t by e :olesale & retail deal] ( extra capital 9 taxes1 ^u :i* extra int]e/ & pr(it is expect$4 ,! actual consum] be>s ?is extra burd5 ) only p>tial realization ( its bulk4 ,if duties are high1 ! temptation to smuggl+ & fraud becomes great1 & a =ce ( (ficials mu/ be /ret*$ ar\nd ! bord]s ( a c\ntry to prev5t x4 ,cu/om1 or duty4--,duties are said to be ei!r specific or ad valorem4 ,specific duties are a def9ite sum ^u e p\nd1 ton1 y>d or o!r unit ( measure1 appli$ to ! article tax$4 ,!y are easily assess$1 & misrepres5tation or fraud is sc>cely possible4 ,ad valorem duties are a c]ta9 rate p] c5t ^u ! invoice value ( ! goods4 ,9 ^!1 frauds are abundant1 & exp]ts are requir$ to prev5t !m4 ,specific duties are relatively heavy ^u ! consum]s ( goods ( *eap] quality4 ,a tax ( #be c5ts on ea* y>d ( clo? wor? a doll> is five times z heavy z ! same tax on clo? wor? five doll>s4 ,equalization is frequ5tly attempt$ by comb9ation ( specific duties ^u all goods ( a c]ta9 "* ) ad valorem duties ^u all su* goods above a c]ta9 quality4 ,excise collections4--,! same difficulty is exp]i5c$ 9 adju/+ taxes by excise "u our int]nal rev5ue sy/em4 ,su* rev5ues are l>gely collect$ ?r\gh a sale ( /amps1 ?\gh ! deal] himself may be requir$ to pay a lic5se fee1 to secure ! necess>y inspection4 ,"h1 too1 ! tax is specific & be>s mo/ heavily ^u ! us]s ( ! poore/ grade ( goods4 ,if attempt is made to grade x by quality1 exp5sive ma*9]y = prev5t+ fraud is necess>y4 ,?is is well illu/rat$ 9 ! li/ ( (ficials requir$ 9 connection ) di/ill]ies & bond$ w>eh\ses4 ,bo? ! manufacture & ! sale ( alcoholic liquors mu/ some:]e be "u ! inspection ( an exp]t (fic]4 ,all ?is necess>y exp5se ( collect+ mu/ be borne by ! consum]s4 ,! bond$ w>eh\se itself mu/ n be mi/ak5 = a "p ( ?is ma*9]y1 ?\gh x is ess5tial to ! collection4 ,x is simply a device by :i* ! hold] ( manufactur$ liquors subject to sale c avoid ! paym5t ( a tax until ! "t ( actual deliv]y4 ,8 w>eh\se1 be+ "u bonds to ! gov]nm5t1 is op5 only 9 ! pres5ce ( ! rev5ue (fic]1 :o c>ries "o ( ! keys necess>y to its op5+4 ,)\t ?is ! tax w\ld h to be paid at "t ( manufacture1 & int]e/ on t am\nt1 to great] or less ext5t w\ld f9ally be paid by ! consum]4 ,:ile ?is sy/em protects ess5tially aga9/ fraud on ! "p ( ! own] alone1 x does n protect aga9/ ! weakness or wick$ness ( (ficials1 & ! temptation is sometimes enorm\s4 ,peculi> taxes4--,aside f ^! g5]al =ms ( taxation1 peculi> devices are common4 ,! /amps requir$ on (ficial pap]s or comm]cial transactions1 involv+ *ecks1 notes1 mortgages & de$s1 h be5 famili> at v>i\s times 9 our c\ntry1 & are associat$ ) ! hi/ory ( ! _w4 ,^! diff] little f ! practice ( affix+ /amps to pat5t m$ic9es1 cig>s & o!r articles ( trade2 b in/ead ( be+ atta*$ to ! article transf]r$ !y are affix$ to ! *eck or note or de$ or bond employ$ 9 ! transaction4 ,^! be> unequally1 be+ proportionally heavy ^u ! p ( small means1 & are g5]ally annoy+ 9 active bus9ess4 ,!y are frequ5tly favor$1 h[ev]1 z be+ felt mo/ by ^? :o deal mo/ 9 comm]ce4 ,! heavy taxes laid ^u ! consumption ( alcoholic liquors & tobacco illu/rate ano!r device = mak+ s-call$ luxury be> ! heavi] portion ( taxes4 ,x looks bo? ways1 attempt+ to *eck luxuri\s liv+ or vici\s practices by a p5alty = indulg5ce1 & at ! same "t to secure a rev5ue z ! result ( su* indulg5ce4 ,evid5tly 9 s f> z x prohibits indulg5ce x is n a rev5ue measure2 & 9 s f> z x secures ! rev5ue x does n prohibit indulg5ce4 ,x is borne some:at pati5tly1 because ea* p]son feels t he c avoid ! paym5t by ceas+ to indulge himself4 ,! univ]sal t5d5cy is to make x purely a rev5ue measure by fix+ ! tax j :]e x w n ret>d consumption 9 any mat]ial degree1 & 9 "s in/ances w give a quasi dignity to ! deal] ?r\gh 8 (ficial lic5se4 ,taxation ( cr$its4--,a v common device adopt$ 9 mo/ ( ! /ates is t ( assess+ cr$its z well z prop]ty4 ,! majority ( f>m]s favor ! assessm5t ( mortgages ^u a valuation equal to1 if n high] ?an1 t ^u f>ms4 ,!y =get t ! ability to pay taxes f ye> to ye> comes out ( ! pr(it or r5t f ! f>m2 & if bo? f>m & mortgage are tax$1 ! adju/m5t comes ?r\gh ! int]e/ :i* ! mortgage mu/ be>4 ,to illu/rate1 a fa!r sells 8 f>m1 wor? #e1jjj1 to 8 son1 tak+ a mortgage = ! entire value4 ,if mortgages are assess$1 ! value ( t f>m = all purposes ( taxation is #aj1jjj2 & yet ! liv+ ( bo? fa!r & son1 taxes includ$1 comes out ( t f>m's production4 ,! two h no m prop]ty & no m ability aft] ! transaction ?an be=e4 ,?us ! mortgag$ f>ms 9 e community :]e mortgages are tax$ be> d\ble burd54 ,9 a simil> way ! taxation ( any =m ( notes or bonds or /ock d\bles ! assessm5t 9 =m )\t increas+ ! abilities4 ,! actual prop]ty 9 use w f9ally be> ! burd5 ( bo? assessm5ts4 ,! road-b$ & roll+ /ock ( a railway are prop]ty ^: value is readily e/imat$4 ,! actual own]%ip is 9 a corporation :i* may be di/9ctly tax$4 ,c]tificates ( /ock are individual titles 9 t corporation ^: prop]ty has already be5 tax$4 ,its out/&+ bonds are simply claims aga9/ t corporation1 to be paid out ( t prop]ty :i* has already be5 tax$4 ,s e note1 be+ evid5ce ( debt simply1 is n a repres5tative ( prop]ty1 b simply a claim aga9/ prop]ty suppos$ to exi/ some:]e else4 ,x may be an absolute fiction1 9 be+ a claim aga9/ prop]ty only hop$ =4 ,! result ( all ef=ts to treat c]tificates ( indebt$ness z p]sonal prop]ty are h>d%ip to debtors & app>5t fraud on ! "p ( _m cr$itors4 ,ev5 ?\gh ! cr$itor escapes taxation by hid+ 8 possession ( a mortgage1 ! possibility ( its be+ tax$ is always c\nt$ 9 8 b>ga9 ) ! borr[] z an important elem5t 9 int]e/4 ,! exp]i5ce ( ^? /ates 9 :i* su* taxation has be5 aboli%$ proves t l[] rates ( int]e/ are sure to foll[4 ,income taxes4--,a favorite device 9 "s c\ntries1 & (t5 advocat$ 9 ?is1 is a direct tax ^u incomes above a c]ta9 am\nt1 graduat$ s z to give a mu* l>g] rate ^u l>ge incomes ?an ^u m mod]ate ones4 ,! mo/ obvi\s reason = su* a di/9ction aga9/ ! l>ge incomes is ! evid5t failure ( our national sy/em ( taxation to di/ribute ! burd5 accord+ to ability4 ,x is evid5t t ! exp5ditures ( ! v weal?y = su* articles z br+ rev5ue to ! gov]nm5t are n 9 ! same proportion to _! income z ! exp5ditures ( ! poor] p are to _! incomes4 ,a fur!r reason is bas$ ^u ! supposition t l>ge incomes involve a consid]able une>n$ increm5t1 9 ! %ape ( r5t or extraord9>y pr(its1 because ( accid5tal opportunity or ! cr[d+ ( population4 ,an income tax1 c>efully graduat$1 is suppos$ to cause su* extra privileges & opportunities to be> a fair %>e ( gov]nm5t exp5ses4 ,!re are sev]al difficulties 9 adm9i/]+ su* a tax :i* h /ood 9 ! way ( its g5]al & p]man5t adoption4 ,no "o has yet devis$ a c]ta9 or fair me?od ( e/imat+ income4 ,! peculi>ities ( any bus9ess or employm5t make great v>iation 9 ! ability giv5 by a c]ta9 income 9 doll>s & c5ts4 ,! bus9ess man 9 a small t[n1 ) an income ( #e1jjj1 might live 9 relative luxury1 & /ill h a surplus = inve/m5t 9 8 bus9ess4 ,! same man1 attempt+ bus9ess 9 a l>ge city1 might1 ev5 ) an income ( #aj1jjj1 f9d x b>ely possible to keep up appe>ances4 ,! income ( f>m]s is l>gely 9 provisions & p]sonal privileges f use ( teams1 etc41 nev] c\nt$ 9 doll>s & c5ts1 :ile ! village me*anic pays f 8 measur$ income = all su* com=ts1 or goes )\t !m4 ,! actual1 necess>y exp5ses ( ! bus9ess ( a pr(essional man 9 ! way ( books & travel are z ess5tial to 8 bus9ess z are f>m implem5ts & live /ock to ! f>m2 yet no "o c\nts su* exp5ses z a subtraction f ! income4 ,a tea*] promot$ to a high] position is at once subject$ to extraord9>y exp5ses1 & may be less able ) a high] sal>y to meet ! requirem5ts ( 8 new life ?an he 0 ) a l[] sal>y to meet ! less exp5sive requirem5ts4 ,ano!r pr9cipal difficulty is ! unpopul>ity ( su* a tax f its necess>y int]f]5ce ) private bus9ess4 ,! c\ntry w be almo/ c]ta9ly m divid$ along l9es ( weal? ov] an income tax ?an ov] any?+ else4 ,on ! "p ( ! weal?y x seems an ef=t ( ! p to take f !m actual prop]ty rights4 ,on ! "p ( ! poor] classes x fo/]s ! assumption t ! m weal?y are unju/ly s4 ,9 ! nature ( ! case1 x is an arbitr>y adju/m5t )\t ! possibility ( e/abli%+ exact reasons = any di/9ctions made4 ,f9ally1 s9ce su* di/9ctions are liable to be v>i$ f "t to "t1 an income tax requires "s nice adju/m5t z to ! nature ( ! income4 ,an income f ! sale ( prop]ty is entirely diff]5t 9 "* f ! income made by int]e/ on ! same prop]ty4 ,"o is a "p ( p]man5t inve/m5t1 ! o!r is ! result ( productive inve/m5t4 ,"o de/roys ! pr9cipal if consum$1 ! o!r adds to ! pr9cipal4 ,yet no "o c\ld arrive at ! actual1 natural income1 )\t a mo/ intricate sy/em ( book-keep+ op5 to public inspection4 ,= )\t public inspection ! temptation to fraudul5t returns1 "u ! feel+ t ! tax is unju/1 is s /rong z to be demoraliz+4 ,inh]itance taxes4--,a device mu* employ$ = mak+ l>ge accumulations ( weal? be> a l>g] portion ( ! community's burd5s is a heavy tax ^u inh]itance4 ,s9ce su* inh]itance requires ! gu>dian%ip ( law = security ( transf]1 gov]nm5t is suff]$ to take a lib]al fee = su* transf]4 ,moreov]1 ! inh]itor is assum$ to h no su* prop]ty int]e/ 9 :at has be5 accumulat$ by ano!r z to claim t he c be wrong$ if gov]nm5t takes a portion4 ,x is def5d$ also by sociali/s on ! gr\nd t l>ge e/ates are dang]\s to ! g5]al welf>e4 ,"s facts be> ^u ! opposite side1 & are wor?y ( consid]ation4 ,a l>ge e/ate is ! accumulation ( ent]prise & indu/ry on ! "p ( a man ( m ?an ord9>y abilities4 ,! presumption is 9 favor ( foll[+ 8 judgm5t 9 mak+ t useful aft] 8 dea?4 ,mo/ frequ5tly x is employ$ 9 "s huge indu/rial ma*9e1 :i* ! public _c manage1 b c de/roy by ev5 tak+ a portion f x4 ,"o ( ! ma9 /imulants to all accumulation is ! provision = ! future wants ( a family4 ,if ! /ate takes ! accumulation1 x also takes ! responsibility = ! successors 9 ! family l9e4 ,:]ev] x is appli$1 x is felt to be a heavy burd5 ^u ! community at l>ge4 ,if ! /ate int]f]es ) ! fre$om ( a te/ator1 ! *ances are t few e/ates w be accumulat$1 & wa/eful me?ods ( exp5diture1 dim9i%+ ! p[] ( ! entire community1 w surely foll[4 ,moreov]1 evasions ( ! inh]itance tax are comp>atively easy1 & are likely to be adopt$ ext5sively by ! hold]s ( l>ge e/ates4 ,! v ri* c give away a l>ge portion ( _! prop]ty be=e dea? )\t mat]ial suff]+4 ,only ! mod]ately weal?y are oblig$ to hold on to _! possessions until dea?4 ,any weal?y man c dispose ( 8 weal? dur+ 8 lifetime1 & /ill reta9 its income1 by giv+ x away1 subject to an annuity4 ,to prev5t ?is ! law w\ld h to be ext5d$ ) intricate inspection to cov] all transf]s ( prop]ty4 ,let no "o be deceiv$ into feel+ t ?is is a simple & easy way ( saddl+ gov]nm5t exp5ses ^u ! ri*4 ,special taxes4--,a multitude ( m9or devices are wor?y ( brief consid]ation4 ,an occupation tax on bus9ess m5 is easily levi$1 b be>s unequally ^u ! orig9al pay]s1 & 9 ! end falls mo/ heavily ^u ! poore/4 ,a h\se tax1 measur$ by ! numb] ( rooms1 or ! numb] ( w9d[s1 or ! numb] ( fireplaces1 has be5 suppos$ adju/able to actual income ( ! possessors4 ,b x be>s v heavily ^u m5 9 c]ta9 pr(essions requir+ h\se-room1 & =ces ! poor into n>r[ & cr[d$ qu>t]s4 ,! r5t ( ! poor is necess>ily a l>g] proportion ( _! liv+ exp5ses ?an t ( ! well-to-d4 ,x is a s]i\s h>d%ip :5 a tax is levi$ ^u t :i* a man _c possibly save4 ,a tax ^u retail deal]s & p$dl]s is frequ5tly advocat$1 z t5d+ to prev5t ! increase ( unnecess>y middlem5 & wa/eful competition4 ,yet ?is1 too1 be>s heavily ^u ! poor1 s9ce x cr[ds out also ^? :o are satisfi$ ) small pr(its & deal 9 small sales4 ,ev5 a tax ^u pawnbrok]s1 ^: pr(its are suppos$ to be extraord9>y1 gives occasion = a %>p] gr9d+ ( ! poor4 ,a /udy ( all ^! devices w lead "o to ! conclusion t a tax ^u prop]ty only1 bas$ ^u a fair valuation & paid by ! controll] ( ! prop]ty1 is faire/ to ! :ole community & leads to true/ conceptions ( ! relation ( prop]ty to public exp5diture4 ,x is c]ta9ly be/ = rural welf>e4 ,a s+le l& tax4--,a brief consid]ation mu/ be giv5 to a propos$ sy/em ( taxation1 commonly kn[n z ! s+le l& tax4 ,! proposition is to tax all l&s1 includ+ build+ sites1 to su* an ext5t z may be necess>y to meet all public exp5ditures4 ,! l&s are to be valu$ = ?is purpose at ! r5t !y w br+1 indep5d5t ( all improvem5ts4 ,! supposition is t su* an income is due entirely to ! effect ( cr[d+ population1 & !re=e belongs to society z a :ole r ?an to ! individual possess+ x4 ,9 fact1 if ! /ate 7 to consume ! entire economic r5t1 x w\ld take only1 x is said1 :at already belongs to ! community4 ,o!r suppos$ advantages ( ! s+le tax sy/em are ! r$uc$ exp5se ( assessm5t & collection1 toge!r ) incid5tal effects 9 promot+ production by remov+ burd5s f capital1 9 prev5t+ ! hold+ ( l& unproductive1 possibly 9 equaliz+ weal? & dim9i%+ gre$ = l&$ prop]ty1 :ile ! poor]1 *eap] agricultural l&s1 hav+ no r5t value1 w\ld be reliev$ ( all burd54 ,^! are ess5tially ! views ma9ta9$ by ! foll[]s ( ,h5ry ,george1 ! lead+ *ampion ( su* taxation4 ,x is claim$1 fur!r1 t ! poor 9 cr[d$ cities w\ld be bett] h\s$1 s9ce build+s w\ld be> no taxation1 & hold]s ( city lots w\ld make !m productive ?r\gh con/ruction ( build+s )\t add+ to _! burd5 ( taxation4 ,x is claim$ also t su* taxation w\ld be f9ally di/ribut$1 & fairly di/ribut$1 among all ! consum]s ( products affect$ by l& possession1 z well z all ev5 indirectly mak+ use ( ! l&4 ,s9ce food & %elt] are univ]sal1 all w\ld contribute1 s f> z !y are self-dep5d5t1 accord+ to food consum$ & space occupi$4 ,^! /atem5ts are some:at inconsi/5t ) ea* o!r4 ,if r5t is ( su* a nature1 z assum$ at ! beg9n+ ( ! argum5t1 t x _c directly affect all values because x dep5ds ^u ^? values = its exi/5ce1 a tax levi$ ^u x _c be di/ribut$ b re/s :olly ^u ! l&hold]4 ,if1 on ! o!r h&1 a tax on l& is di/ribut$ among all consum]s ( its products1 !re is no economic r5t1 b ! burd5 re/s ^u ! consum]s alone1 accord+ to ! am\nt consum$1 subject+ ?is tax to ! objection aga9/ all indirect taxes t ! poor be> ! heavi] burd54 ,x is evid5t1 too1 t su* a tax mu/ be> heavily ^u ! un?rifty4 ,! valuation ( f>ms mu/ be made by an exp]t judge ( :at f>ms simil>ly situat$ ought to produce4 ,a f>m valu$ at #ejj annual r5t might1 "u ?rifty managem5t1 produce twice z mu* z "u un?rifty managem5t4 ,! tax1 "u ?rifty managem5t1 c\ld be easily paid2 "u un?rifty managem5t1 x w\ld ru9 ! manag]4 ,?is c]ta9ly does n levy ! tax accord+ to ability4 ,x also be>s heavily ^u ! ent]pris+ "y f>m] ^: capital is small1 z comp>$ ) ! long-e/abli%$ f>m] ) accumulat$ capital4 ,! man weak 9 capital w\ld be> z heavy a burd5 z ! /rong4 ,aga91 x provides no sy/em ( taxation 9 newly settl$ communities :]e l& has practically no value except f improvem5ts4 ,unless a fictiti\s value be giv5 to su* l& = purposes ( taxation1 z sometimes happ5s ) ref]5ce to non-resid5t l&-hold]s1 no gov]nm5t c\ld be ma9ta9$4 ,f9ally1 s9ce "u ?is sy/em gov]nm5t assumes a control ov] l&$ e/ates1 f :i* x exempts all o!r =ms ( prop]ty1 x t5ds t[>d ! nationalization ( l&1 :i* w\ld necess>ily de/roy ! sy/em itself4 ,= if gov]nm5t claims all increm5t f l& production1 l& ceases to be prop]ty & does n pass f own] to own] at a m>ket value3 !n gov]nm5t fixes arbitr>ily ! r5tal ( space1 & taxation is di/ribut$ ^u a new pr9ciple4 ,if a new pr9ciple 7 n to be assum$1 !re c\ld h>dly be a device conceiv$ m likely to make ! ri* ri*] & ! poor poor]4 ,f>m]s1 ( all m51 are be/ situat$ to realize ! unequal work+s ( a s+le l& tax sy/em4 ,gov]nm5t debts4--,an important "p ( gov]nm5t ma*9]y is connect$ ) its ability to make use ( borr[$ capital4 ,"u ! pressure ( heavy exp5ditures 9 case ( w>1 or 9 und]tak+ p]man5t improvem5ts 9 a new c\ntry1 or 9 c>ry+ on v>i\s ent]prises = common welf>e1 ! dem& = means is great] ?an ! supply f ord9>y modes ( taxation4 ,n ev5 ! special devices ( w> taxes c meet at once ! burd5s ( a def5sive w>4 ,! rightfulness ( su* exp5ditures ^u ! cr$it ( ! gov]nm5t dep5ds ^u ! object to be secur$4 ,! exp5se ( ! w> :i* def5ds & pres]ves ! future home ( po/]ity may prop]ly be borne 9 "p1 at lea/1 by po/]ity4 ,! c\rt h\se1 ! wat] works1 or ! electric plant1 ^: b5efits w be %>$ by ! p = a hundr$ ye>s1 may prop]ly be s con/ruct$ t all ! p b5efit$ may %>e 9 ! burd54 ,good economy requires ! =esight :i* builds beyond m]e pres5t ne$4 ,! dang] is t exp5diture made "u expectation t o!rs w pay may be wa/eful1 & (t5 o!r reasons ?an actual ne$s 9 ! int]e/ ( private speculation control4 ,nev]!less1 !re is good reason = gov]nm5t debts2 & e =m ( gov]nm5t1 f ! l(tie/ to ! mo/ insignificant1 f9ds su* indebt$ness easy to contract4 ,! smalle/ s*ool di/rict c issue scrip 9 paym5t ( its tea*]1 or c issue bonds = ! con/ruction ( its s*ool-h\se4 ,only ! g5]al gov]nm5t1 "u our laws1 c borr[ by issu+ due-bills 9 ! =m ( legal t5d] notes4 ,all ( ^! c]tificates ( indebt$ness ent] into ! g5]al comm]ce "u ! common law ( supply & dem&1 & be> an economic price proportional to ! c]ta9ty ( _! f9al paym5t & ! conv5i5ce ( _! use 9 comm]cial transactions4 ,! exemption ( national bonds1 or ev5 /ate bonds1 f local taxation works no m h>d%ip ?an ! exemption ( /ate prop]ty4 ,"u ord9>y circum/ances ! entire advantage ( su* exemption is ga9$ by ! /ate1 & s by all ! taxpay]s ( ! /ate4 ,! exemption ( national bonds f e =m ( taxation prohibits int]f]5ce ) ! gov]nm5t's privilege ( borr[+ :5 & :]e x c1 & ! advantage comes back to ! p 9 full ?r\gh ! l[ rate ( int]e/ or ! premium 9 price :i* su* bonds be>4 ,!y are subject to fluctuations 9 value ?r\gh _! be+ a means ( transf]r+ float+ capital betwe5 indu/ries4 ,"u a /able gov]nm5t1 ) a some:at p]man5t debt1 a hold] ( bonds is a sort ( /ockhold] 9 ! gov]nm5tal weal?1 ) def9ite /at$ divid5ds r ?an pr(its4 ,su* bonds h v>i\s effects ^u a g5]al indu/ry ( ! c\ntry4 ,:ile !y less5 some:at ! imm$iate burd5s ( pres5t productive indu/ries1 !y may increase ! burd5 ( ! same indu/ries 9 a second g5]ation4 ,_! conv5i5ce 9 secur+ annuities = long s]ies ( ye>s may dim9i% ! ent]prise ( a community by fo/]+ a class ( non-produc]s1 ^: weal? is repres5t$ 9 ! display ( gov]nm5t build+s r ?an 9 productive ent]prises4 ,j s f> z gov]nm5t employs ! capital ( ! c\ntry ?r\gh bonds1 x dim9i%es ! capital :i* w\ld o!rwise f9d inve/m5t 9 productive employm5t4 ,! dang] ( extravagance to ev5 small communities1 f ! ease ) :i* su* gov]nm5t debts c be contract$1 w>rants ! contrivance ( /rong con/itutional limitations4 ,inde$1 provision1 n only aga9/ extravagant debt1 b = reasonably prompt settlem5t1 may well be requir$ by con/itutional law4 ,all prop]ty hold]s1 b especially l& hold]s1 are int]e/$ 9 prev5t+ extravagant outlay by means ( bond$ indebt$ness4 ,f>m]s mu/ "k t ! burd5 w h to be borne1 ) all ! natural additions1 by ! prop]ty !y hold1 & ! value ( t prop]ty w be less5$ by :atev] extra burd5 x be>s4 ,settlem5t ( gov]nm5t debts4--,! settlem5t ( gov]nm5t debts is a matt] ( unc]ta9 provision4 ,9 _m in/ances !re has be5 a t5d5cy t[>d a p]man5t debt4 ,! ,unit$ ,/ates has %[n a surpris+ capacity = mak+ su* debts = all sorts ( purposes1 b has also %[n an equally surpris+ ability 9 paym5t4 ,& yet examples are n want+1 ev5 9 our own c\ntry1 ( a t5d5cy to indef9ite po/ponem5t & a rapidly increas+ burd51 until settlem5t c\ld be made only by compromise or a total repudiation4 ,! effect ( su* bankruptcy ( nation1 /ate or municipality is l t ( any fail+ ent]prise1 only m widely felt4 ,! repudiation ( a gov]nm5t debt affects ! capital ( ! c\ntry l ! confiscation ( e/ates "u anci5t tyranny4 ,x de/roys ! common fai?1 :i* is ! basis = true productive indu/ry4 ,x takes ! nation back into ! d>k ages z reg>ds its relation to ! individual welf>e ( citiz5s4 ,e economic reason exi/+ = ! collection ( private debts1 & lead+ to gov]nm5t ma*9]y = collect+ su* debts1 has /ill great] =ce :5 appli$ to ! debts ( gov]nm5ts4 ,! demoralization1 widespread & de/ructive1 :i* foll[s repudiation1 or any?+ resembl+ x1 _c be outgr[n = g5]ations4 ,! mo/ plausible reasons = repudiation1 except 9 cases ( absolute fraud aga9/ ! gov]nm5t1 %\ld h no weight ) a citiz5 :o c>es = ! welf>e ( 8 fell[-citiz5s & _! progress t[>d t welf>e1 "u ! natural laws conc]n+ weal?4 ,a nation ( robb]s is saf] to live 9 ?an a robb+ nation4 ,,conclusion4 ,x is cle> t ,rural ,welf>e1 z f> at lea/ z x re/s ^u ,weal?1 is to be ga9$ by c>eful /udy ( laws ( nature & human nature q indep5d5t ( m]e wi%es4 ,! only way to improve ! pres5t situation ( affairs 9 any community is to use ! natural =ces )9 rea* to advantage4 ,all ! gr[? ( ! pa/ is prep>ation = m gr[? & bett] fruit 9 ! pres5t & future4 ,! f>m] :o kn[s mo/ ab\t ! fundam5tal pr9ciples ( prop]ty & prop]ty rights 9 society is mo/ likely to be/ s]ve 8 community1 z well z himself4 ,/ill x is equally cle> t ! *ief elem5ts ( ,rural ,welf>e are n m]e weal?4 ,weal? is b ! mat]ial out ( :i* ! ext]nal ma*9]y ( welf>e is =m$4 ,e way ess5tial to progress 9 any degree1 x does n give ! *ief te/ ( progress4 ,no "o is ga9+ ! full use ( 8 weal? until x is well sp5t = ! welf>e t is /rictly p]sonal1--heal?1 wisdom & virtue4 ,no society1 h[ev] weal?y1 has rea*$ true welf>e till all its memb]s appreciate ! high] welf>e1 & make weal?-seek+ a means = secur+ x4 ,rural communities c take advantage ( _m inexp5sive ways ( add+ to _! welf>e )\t great weal?4 ,! natural surr\nd+s ( ! c\ntry home give developm5t to ability & c\rage 9 *ildr5 t are bett] ?an weal?4 ,! same pr9ciples ( ?rift t are to be cultivat$ = ! sake ( mat]ial com=ts apply to ! l>g] welf>e t a wise enjoym5t ( nature's gifts & nature's lessons may br+4 ,! ?rifty f>m] comes ne>e/ ( all m5 to ! ideal condition ( ! wise man1 express$ 9 ! wi%1 8,give me nei!r pov]ty nor ri*es40 ,he c h en\gh to com=tably h\se1 clo! & fe$ 8 family 9 ! mid/ ( surr\nd+s z :olesome z ! _w af=ds4 ,he c give 8 *ildr51 by ! aid ( _! heal?y bodies & /rong he>ts1 z good opportunities = education z any c use4 ,he has a natural leisure = self-culture 9 ! use ( pap]s & books1 if he tries to use x1 & 8 relations ) neighbors ( simil> abilities are m human1 m true1 ?an ^? f\nd 9 any o!r circum/ances4 ,if f>m]s live z !y ought1 _! homes are c5t]s ( true hospitality1 true sympa?y = human rights2 & ) a little m con/ant c>e = neighborly _s w\ld come ne>e/ to giv+ ! true f\ndation = manly & womanly "* 9 *ildr51 & s 9 _! p>5ts4 ,a family ( eight *ildr5 grew up on a f>m ( little m ?an "o hundr$ acres1 *opp$ out ( ! wild]ness4 ,fa!r & "m work$ h>d & /rove ?riftily to make _! *ildr5 useful4 ,a s*ool 0 ! fir/ requisite1 ev5 ?\gh x mu/ be taught 9 ! "o room t 0 kit*51 libr>y & p>lor1 if n ! b$room1 too4 ,! *ur* 0 equally important1 ?\gh x took ! *oice/ lot on ! f>m = its location4 ,newspap]s & :olesome books 7 z ne$ful z daily bread4 ,! h\sehold 0 a c5t] ( *e] & int]e/ = ! entire community4 ,! fir/ ,sunday ,s*ool & ! fir/ ,temp]ance ,society ( all t new c\ntry 7 organiz$ !re4 ,! tr5d ( national life t[>ds high] ideals ( ju/ice = all humanity 0 fir/ recogniz$ !re1 s t ?ree ( ! f\r votes ca/ 9 t t[n%ip = ! fir/ lib]ty ticket 7 connect$ ) ! same h\sehold4 ,! :ole _w came ne>] ^! y\? because !y le>n$ ab\t x4 ,:5 opportunity came = l>g] gr[? 9 college tra9+1 all b ! olde/ boy & ! olde/ girl s\ght x eag]ly4 ,^! made ! old home/ead & a neighbor+ f>m wor?y c5t]s ( ! same true influ5ce4 ,! ?ree sons & ! ?ree daught]s ^: education lift$ !m to a little wid] field ( influ5ce are all recogniz$ z hav+ be5 lead]s 9 ?is c\ntry1 & _! names are *]i%$ by ?\s&s :o h kn[n _! "w4 ,! ?rift t has made !m useful 9 ! true/ welf>e ( ! _w 0 cultivat$ & tra9$ on t little f>m4 ,! little f>m became itself an evid5ce ( ?rift1 attractive 9 its beauty z well z 9 its productiv5ess4 ,x gave to ! fa!r & "m a satisfactory liv+ till bo? di$1 ! "m at eighty1 & ! fa!r at ne>ly a hundr$4 ,ri*es !y nev] ne$$1 = !y _h en\gh ) ! bless+s ( *ildr5 & *ildr5's *ildr5 scatt]$ ?r\gh ! _w4 ,! f>m is /ill 9 ! family1 do+ its good "w = ! f\r? & fif? g5]ations1 9 ! same :olesome way & ) promise ( nev]-end+ welf>e4 ,a little weal? well us$ means enorm\s welf>e4 ,! f>m homes ( ,am]ica w be ! seat ( ,am]ica's welf>e if _! occupants "k all !y c ( ! ?rift t gives p[]1 & d z well z !y "k4 ,f>m]s :o ?9k c>efully & e>ne/ly w n expect to ov]turn nature z x is1 b to use x = all x is wor?4 ,?is little book is int5d$ to help t[>d su* a use ( p[] & weal? z may br+ g5u9e welf>e4 ,its au?or hopes 9 ?is way to pay 9 "p ! debt he owes to ! little f>m4 ,,index4 ,ab&on$ f>ms1 #cjc4 ,aggregation1 disadvantages (1 #aig2 limit to1 #aif2 ( =ces1 #eg2 ( indu/ry1 #aia4 ,aims ( indu/ry1 #ba4 8,an>*y10 #cbi4 ,annual fluctuations 9 prices1 #ia1 #ih1 #ajj1 #ajd4 ,arbitration 9 labor conflicts1 #bfh4 ,assessm5t1 direct taxes1 #cec4 ,association1 complex1 #ee2 comp\nd1 #ef2 me?ods (1 #ee2 simple1 #ee4 8,autonomy10 #cbh4 ,balance ( trade1 #aeb4 ,bank bus9ess1 #adh2 inspection1 #aea2 liabilities1 #aee2 loans1 #aec2 res\rces1 #aee4 ,bank+1 safety (1 #aee4 ,banks & bank+1 #adj2 describ$1 #ada2 gov]nm5t1 #adg2 national1 #add2 /ate1 #acf4 ,bankruptcy1 #agi4 ,beef prices1 #ajj-ajf4 ,bimetalism1 #abf1 #abh4 ,bonanza f>ms1 #bja4 ,bonds1 exemption f taxation1 #cfi2 def]r$ paym5t1 #afj4 ,borr[$ money1 #afd1 #bhd4 ,borr[]s & l5d]s1 #aed4 ,b\nties1 #bjg4 ,boycott1 !1 #bfb4 ,bus9ess security1 #bbd4 ,capital a timesav]1 #dj2 circulat+ or fix$1 #dj2 cons]vative1 #dd2 def9$ & classifi$1 #ch2 di/+ui%$ f weal?1 #ch2 float+1 #dc2 9 f>m+1 #dc2 ( a c\ntry1 #ci2 proce$s (1 #bgi2 prud5t adju/m5t (1 #cad2 8timid10 #dd2 unproductive1 #db4 ,cattle1 numb]s (1 #i1 #hc4 ,"* 9 production1 #dg4 ,*eap liv+1 #bcg4 ,*eap money drives out good1 #abe4 ,*ur*es1 taxes on1 #ced4 ,civilization1 develop+1 #ec4 ,cle>+ h\se1 #adi4 ,cle>+ sy/ems1 #aej4 ,co9age1 #aah2 ( ! ,unit$ ,/ates1 #aai4 ,co9 a c\ntry's capital1 #acc2 z curr5cy1 #aca4 8,collectivism10 #cca4 ,comb9ations = f>m+1 #bjd2 = production1 advantages1 #aic4 ,comm]ce ov]e/imat$1 #fa4 8,communism10 #ccj4 ,comp5sation1 actual & nom9al1 #bcf4 ,complex association1 #ee4 ,comp\nd association1 #ef4 ,conclusion1 #cgc4 ,conflict betwe5 wage-e>n]s & pr(it-mak]s1 #beg4 ,cons]vative influ5ce z security = bus9ess1 #bbd4 ,consumption1 cop]ative1 #cce2 = gr[?1 #cag2 luxuri\s1 #cai2 ( weal?1 #cjg2 wa/eful1 #cbb4 ,cont5ts1 table (1 xi4 ,control ( natural =ces1 #bh4 ,cop]ative consumption1 #cce2 indu/ry1 #bgb2 /ores1 etc41 #cce4 ,copyright1 #baj4 ,corn1 acreage & yield1 #hd2 prices (1 ,new ,york1 #hg-ia2 consumption (1 #hd4 ,co/ & value1 #fi4 ,c\rts ( arbitration1 #bfh4 ,c[s1 numb]s (1 #i1 #hc4 ,cr$it by acc\nts1 #acc2 by due bills1 #acd2 curr5cy1 #ace1 #aag2 exp&+1 #afg2 expansion1 #aeh4 ,cr$its1 taxation (1 #cei4 ,crops 9 ,unit$ ,/ates s9ce #ahej1 #aj2 yield (1 #hc-hf4 ,crop-ye>1 #gh4 ,curr5cy1 #acj2 advantages ( national bank1 #adf2 cr$it1 #ace4 ,cu/om1 or duty1 #ceg4 ,def]r$ settlem5t & cr$it expansion1 #aeh2 9 ex*ange1 #ach4 ,dep>tm5t /ores1 #bjc4 ,de/ructive consumption1 #cbd4 ,develop+ civilization1 #ec4 ,dim9i%+ returns1 law (1 #gi4 ,discipl9e 9 production1 #dg4 ,di/ribution ( weal?1 #bcc4 ,division ( labor1 advantages1 #ahb2 disadvantages1 #ahh2 economy (1 #ahj2 limits1 #ahd2 on f>ms1 #ahf4 ,duty1 or cu/om1 #ceg4 ,economic functions ( gov]nm5t1 #ccg4 ,economic ma*9]y ( gov]nm5t1 #cdf4 ,economic sci5ce1 #b4 ,effici5cy1 requisites1 #ec4 ,enlight5$ vs4 savage1 #ej4 8,equality ( opportunity10 #ccc4 ,equity 9 wages1 #bgg4 ,ex*ange1 advantages1 #eh2 9 di/ribution1 #bcd2 9 production1 #eh2 limits (1 #fj2 its ma*9]y1 #aji4 ,excise collections1 #ceg4 ,exemptions f taxes1 #ced4 ,ex]tion z relat$ to value1 #fi4 ,exp&+ cr$it1 #afg4 ,f>m crops 9 ,unit$ ,/ates s9ce #ahej1 #aj2 int]e/s1 fluctuation (1 #i2 products1 prices (1 #gh2 /ock 9 ,unit$ ,/ates1 #i1 #hc4 ,f>m+ comb9ations1 #bjd4 ,f>ms 9 ! ,unit$ ,/ates1 #i1 #cjd2 small1 = homes1 #bjb4 ,f$]ations ( labor1 #bfg4 ,f9al utility1 #fg4 ,f9ancial crisis1 #afi4 ,float+ capital1 #dc4 ,fluctuation ( prices1 #hg-ajh4 ,=ces 9 production1 #bg4 ,fran*ises1 #baa4 ,free communication1 #aji4 ,fre$om 9 m>kets1 #ge4 ,g5]al welf>e1 #a4 ,gold1 ratio to silv]1 #abd2 /&>d1 #abh4 ,gov]nm5t & univ]sal ne$s1 #cci4 ,gov]nm5t *ief inc5tive to production1 #bjf4 ,gov]nm5t1 ends (1 #cch2 /able1 #ah4 ,gov]nm5t banks1 #adg2 *ur*es1 #cdb2 debts1 #cfh1 #cgj4 ,gov]nm5t l&s1 #bid4 ,gov]nm5t ma*9]y1 #cdf4 ,gov]nm5t res\rces1 #cdf4 ,gov]nm5t w>ds1 #cdb4 ,gov]nm5tal limits1 #ccg4 ,gra9s1 consumption (1 #hd4 ,gre%am's law1 #abe4 ,h>d times1 #agb2 causes (1 #agc2 cure =1 #agh2 rem$ies1 #agf4 ,higgl+ ( ! m>ket1 #gc4 ,hogs1 numb] 9 ,unit$ ,/ates1 #i1 #hc2 prices (1 #ie-ii4 ,horses1 numb] 9 ,u4 ,s41 #i1 #hc4 ,human en]gy1 #bg4 ,ideal manl9ess1 #di4 ,improv$ f>m+1 effect (1 #ha4 ,imprud5t consumption1 #cai4 ,inc5tive ( good gov]nm5t1 #bjf4 ,income taxes1 #cfj4 ,indirect taxes1 #cef4 ,individual ,effici5cy1 #di4 ,individual responsibility = use ( weal?1 #caj4 ,individualism1 #cbh4 ,inh]itance taxes1 #cfc4 ,insurance1 applications (1 #bbi1 #bci2 gov]nm5tal control (1 #bbh2 me?ods (1 #bbf2 nature (1 #bbe4 ,int]e/ & r5t di/+ui%$1 #bgi2 pr9ciples (1 #bhc2 reasons =1 #bhc2 uses (1 #bia2 v>y+ rates (1 #bhf4 ,inv5tion 9 f>m+1 #cf4 ,labor & sav+s1 relative importance1 *>t1 #ec4 ,labor conflicts1 arbitration 91 #bfh4 ,labor def9$ & classifi$1 #cb2 op]ative1 executive1 speculative1 #ce2 physical1 m5tal1 moral1 #cd4 ,labor re/rictions1 #bgd4 ,l& z a =ce1 #bi4 ,l& r5t1 #bic4 ,l& values1 decrease (1 #cjb2 s\rces (1 #big2 v>iation1 #cjj4 ,legal t5d]1 #aff4 ,lic5se1 #baj1 #cdg4 ,live /ock 9 ,unit$ ,/ates1 #i1 #hc4 ,loan associations1 #bij4 ,lock\t1 !1 #bfc4 ,luxury1 legal re/rictions ^u1 #cba2 n easily def9$1 #cai4 ,luxuri\s consumption1 #cai4 ,manl9ess1 ideal1 #di4 ,m>ket1 ! higgl+ (1 #gc4 ,m>ket price1 #gg4 ,m>kets1 #gb2 fre$om 91 #ge4 ,measures1 weights &1 #aad4 ,me?ods ( association1 #ee4 ,monometalism1 #abf4 ,monopoly privileges1 #bji4 ,mortgage note1 #aei4 ,mules1 numb] ( 9 ,unit$ ,/ates1 #i1 #hc4 ,multiple /&>d1 !1 #abi4 ,national bank curr5cy1 advantages (1 #adf4 ,national banks1 #add4 ,national /&>ds ( value1 #abh4 8,nationalism10 #ccb4 ,nationalization ( indu/ry1 #bge4 ,natural =ces1 #bh4 8,nihilism10 #cbi4 ,normal value1 #gj4 ,oats1 acreage & yield1 #i1 #hd2 prices ( ,new ,york1 #hg-ia2 consumption (1 #hd4 ,ob/acles to fair adju/m5t ( wages1 #bei4 ,ov]-production1 #agb4 ,own]%ip1 #ae4 ,panic1 f9ancial1 #agi4 ,pat5ts1 #baj4 ,p]sonal atta9m5ts1 #de4 ,population1 drift+ to cities1 #cjc4 ,population 9 ,unit$ ,/ates1 #i1 #hc ,pork1 prices (1 #ie-ii4 ,p[] n weal?1 #f4 ,preface1 vii-ix4 ,premiums1 #bjf4 ,price ( products & r5t1 #bii4 ,price1 ! m>ket1 #gg4 ,prices ( beef1 #ajj-aje2 corn1 oats1 :eat1 #hg2 ( f>m products1 annual fluctuations1 #ic1 #ih1 #ajj1 #ajj1 #ajd2 ( f>m products1 fluctuations1 #gh2 ( hogs & pork1 #ie-aja2 ( iron1 k]os5e1 silv]1 & f>m wages1 #ajf2 ( :eat1 ,engl&1 #ic2 ( :eat1 ,new ,york1 #hg-ic4 ,pr9ciples ( taxation1 #cdh4 ,proce$s ( capital1 #bgi4 ,production def9$1 #ba2 ext5d$1 #be2 =ces 91 #bg4 ,productive indu/ries1 #ba2 labor1 #cb4 ,promissory note1 #aeh4 ,pr(it %>+1 #bfi4 ,pr(its def9$1 #bcf1 #bda2 fluctuation 91 #bee2 9 agriculture1 #bed2 9 competition1 #beb2 (fset by losses1 #bef2 t5d5cy (1 #bec2 v>iation 91 #bea4 ,progress 9 welf>e1 #ag4 ,provision = future wants1 #caf4 ,prop]ty1 public1 #af4 ,prop]ty rights1 #ae4 ,protection ( ! weak1 #cdc4 ,protective t>iff1 reasons =1 #bac2 reasons aga9/1 #bag4 ,prud5t consumption1 #cab4 ,prud5t use ( weal?1 #cab4 ,public prop]ty1 #af4 ,public responsibility1 #cdd4 ,quality1 /&>d (1 #aaf4 ,railroads 9 ,unit$ ,/ates1 miles (1 #hc4 ,ready transportation1 #aaa4 ,r5t1 int]e/ &1 #bgi2 propriety (1 #bie2 9 price ( products1 #bii4 ,r5ts1 v>iation1 #cjj4 ,r5t values ( l&1 #bic4 ,repudiation ( gov]nm5t debts1 #cgj4 ,re/rictive legislation1 wages1 #bgd4 ,re/rictions on luxury1 #cba4 ,rural weal? analyz$1 #ab4 ,savage vs4 enlight5$1 #ej4 ,%eep1 numb] 9 ,u4 ,s41 #i1 #hc4 ,silv]1 ratio to gold1 #abd4 ,s+le l& tax1 #cfe4 ,skill1 #df4 ,slid+ scale ( wages1 #bga4 ,small f>ms = homes1 #bjb4 ,socialism1 #ccj4 ,sociali/ic t5d5cies1 #ccc4 ,social organization = consumption1 #cbh4 ,s\rces ( l& values1 #big4 ,special inc5tives to production1 #bjf4 ,special taxes1 #cfd4 ,/&>d1 ! multiple1 #abi4 ,/&>ds ( value1 #aag2 9 ,unit$ ,/ates1 #abj2 fluctuation (1 #aba4 ,/&+ acc\nt1 #aeh4 ,/ate banks1 #acf4 ,/ati/ics1 use (1 #afj4 ,/ock ( f>ms s9ce #ahej1 9 ,u4 ,s41 #i4 ,/ock company1 #afa4 ,/ock ex*ange1 #afb4 ,/rikes1 #bei4 ,supply & dem&1 #gb4 ,t>iffs1 #bac1 #ceg4 ,t>iff1 incid5tal t5d5cies1 #bbj2 reasons aga9/1 #bag2 reasons =1 #bae4 ,tax1 a s+le l&1 #cfe4 ,taxation1 direct & indirect1 #cea2 exemption ( bonds1 #cfi2 ( cr$its1 #cei2 pr9ciples (1 #cdh4 ,taxes1 assessm5t (1 #cec2 on incomes1 #cfj2 on inh]itance1 #cfc2 on liquors1 etc41 #cei2 peculi> =ms (1 #ceh2 special1 #cfd4 ,trades unions1 #bfd4 ,trans=mation 9 production1 #bd4 ,transmutation 9 production1 #bd4 ,transportation1 co/ (1 #aac2 9 production1 #bb2 ready means (1 #aaa4 ,tru/s1 #bjd2 may *eap5 products1 #aid4 ,univ]sal education1 #cda4 ,univ]sal ne$s met by gov]nm5t1 #cci4 ,usury laws1 #bhh4 ,utility z relat$ to value1 #ff4 ,value & co/1 #fi4 ,value1 ess5tials (1 #fe2 f utility1 #ff2 9 s]vices1 #fe2 nature (1 #fc2 normal1 #gj2 ( gold & silv]1 fluctuations (1 #abb2 /&>ds (1 #aag2 ! basis ( ex*ange1 #fc4 ,vici\s consumption1 #cbc4 ,wage-e>n]s 9 conflict ) pr(it-mak]s1 #beg4 ,wages & pr(its1 #bci4 ,wages1 def9$1 #bda2 fluctuation (1 #bdh2 ob/acles to fair1 #bei2 ( wom51 #bdg2 real & nom9al1 #bcf2 relation to :eat price1 #ic2 slid+ scale1 #bga2 t5d upw>d1 #bdh2 "u /imulat$ competition1 #bde2 "u supply & dem&1 #bdd2 v>iation (1 #bdc2 ) *eap transportation1 #bej4 ,wants basis ( weal?1 #ad2 c]ta91 #ad2 individual1 #af4 ,wa/e1 false notions (1 #cbe4 ,wa/e 9 rivalry1 #cbf4 ,wa/eful consumption1 #cbc4 ,wat]+ /ock1 #afb4 ,weal?1 consumption (1 #cjg2 def9$1 #e1 #ea2 di/+ui%$ f p[]1 #f2 di/ribution1 #bee2 individual use (1 #cji2 9 f>m+1 #c2 9 welf>e1 #a2 = welf>e1 #cjg2 mat]ial1 #ab2 7rural7 analyz$1 #ab2 us$ by individuals1 #cjg4 ,weights & measures1 #aad2 sy/em (1 decimal1 #aae4 ,welf>e1 elem5ts (1 #a2 mutual1 #b2 progress 91 #ag1 #cgc4 ,:eat1 acreage & yield1 #hd2 crop 9 ,unit$ ,/ates1 #hd1 #hg1 #ia2 _w's crop1 #hg1 #ia4 ,:eat prices1 annual ,new ,york1 #ia2 9 ,engl&1 #ic2 9 ,new ,york1 #hg-ic4 ,wom5's wages1 #bdg4 ,,adv]tisem5ts4 ,! ,be/ & ,newe/ ,rural ,books ,books ,on ,lead+ ,topics ,connect$ ,) ,agricultural ,& ,rural ,life ,are ,"h ,m5tion$4 ,ea* ,book ,is ,! ,"w ,( ,a ,speciali/1 ,"u ,! ,editorial ,sup]vision ,( ,pr(essor ,l4 ,h4 ,bailey1 ,( ,! ,cornell ,univ]sity1 ,or ,by ,pr(essor ,bailey ,himself1 ,& ,is ,readable1 ,cle>-,cut ,& ,practical4 ,,! ,,rural ,,sci5ce ,,s]ies ,includes books :i* /ate ! und]ly+ pr9ciples ( agriculture 9 pla9 language4 ,!y are suitable = consultation alike by ! amateur or pr(essional till] ( ! soil1 ! sci5ti/ or ! /ud5t1 & are freely illu/rat$ & f9ely made4 ,! foll[+ volumes are n[ ready3 99,,! ,,soil499 ,by ,f4 ,h4 ,,k+1 ( ! ,univ]sity ( ,wiscons94 #cjc pp4 #de illu/rations4 #ge c5ts4 99,,! ,,f]tility ,,( ,,! ,,l&499 ,by ,i4 ,p4 ,,rob]ts1 ( ,cornell ,univ]sity4 ,second edition4 #dba pp4 #de illu/rations4 #a4be4 99,,! ,,spray+ ,,( ,,plants499 ,by ,e4 ,g4 ,,lodeman1 late ( ,cornell ,univ]sity4 #cii pp4 #ib illu/rations4 #a4jj4 99,,milk ,,& ,,its ,,products499 ,by ,h4 ,h4 ,,w+1 ( ,cornell ,univ]sity4 #bhj pp4 #cc illu/rations4 #a4jj4 99,,! ,,pr9ciples ,,( ,,fruit-,,gr[+499 ,by ,l4 ,h4 ,,bailey4 ,second edition4 #ead pp4 #abj illu/rations4 #a4be4 99,,bu%-,,fruits499 ,by ,f4 ,w4 ,,c>d1 ( ,rhode ,isl& ,college ( ,agriculture & ,me*anic ,arts4 #ecg pp4 #aac illu/rations4 #a4ej4 99,,f]tiliz]s499 ,by ,e4 ,b4 ,,voorhees1 ( ,new ,j]sey ,exp]im5t ,/ation4 ,second edition4 #cce pp4 #a4jj4 99,,! ,,pr9ciples ,,( ,,agriculture499 ,by ,l4 ,h4 ,,bailey4 ,second edition4 #cjj pp4 #ib illu/rations4 #a4be4 99,,irrigation ,,& ,,dra9age499 ,by ,f4 ,h4 ,,k+1 ,univ]sity ( ,wiscons94 #ejb pp4 #afc illu/rations4 #a4ej4 99,,! ,,f>m/ead499 ,by ,i4 ,p4 ,,rob]ts4 #cej pp4 #ach illu/rations4 #a4be4 99,,rural ,,weal? ,,& ,,welf>e499 ,by ,,george ,t4 ,,fair*ild1 ,ex-,presid5t ( ! ,agricultural ,college ( ,kansas4 #cha pp4 #ad *>ts4 #a4be4 ,new volumes w be add$ f "t to "t to ! ,,rural ,,sci5ce ,,s]ies4 ,! foll[+ are 9 prep>ation3 ,,pr9ciples ,,( ,,vegetable ,,g>d5+4 ,by ,l4 ,h4 ,,bailey4 ,9 press4 ,,physiology ,,( ,,plants4 ,by ,j4 ,c4 ,,ar?ur1 ,purdue ,univ]sity4 ,,pr9ciples ,,( ,,bre$+ ,,( ,,animals4 ,by ,w4 ,h4 ,,brew]1 ( ,yale ,univ]sity4 ,,plant ,,pa?ology4 ,by ,b4 ,t4 ,,gall[ay & associates ( ,u4 ,s4 ,dep>tm5t ( ,agriculture4 ,,fe$+ ,,( ,,animals4 ,by ,w4 ,h4 ,,jordan1 ( ,new ,york ,/ate ,exp]im5t ,/ation4 ,,f>m ,,p\ltry4 ,by ,,george ,c4 ,,watson1 ( ,p5nsylvania ,/ate ,college4 ,,! ,,g>d5-,,craft ,,s]ies ,comprises practical h&-books = ! horticulturi/1 expla9+ & illu/rat+ 9 detail ! v>i\s important me?ods :i* exp]i5ce has demon/rat$ to be ! mo/ satisfactory4 ,!y may be call$ manuals ( practice1 & ?\gh all are prep>$ by ,pr(essor ,,bailey1 ( ,cornell ,univ]sity1 !y include ! op9ions & me?ods ( successful speciali/s 9 _m l9es1 ?us comb9+ ! results ( ! obs]vations & exp]i5ces ( num]\s /ud5ts 9 ?is & o!r l&s4 ,!y are writt5 9 ! cle>1 /rong1 concise ,engli% & 9 ! ent]ta9+ /yle :i* *>act]ize ! au?or4 ,! volumes are compact1 uni=m 9 /yle1 cle>ly pr9t$1 & illu/rat$ z ! subject dem&s4 ,!y are ( conv5i5t %ape = ! pocket1 & are sub/antially b\nd 9 flexible gre5 clo?4 99,,! ,,horticulturi/',s ,,rule-,,book499 ,by ,l4 ,h4 ,,bailey4 ,f\r? edition4 #cab pp4 #ge cts4 99,,! ,,nurs]y-,,book499 ,by ,l4 ,h4 ,,bailey4 ,?ird edition4 #cfe pp4 #aeb illu/rations4 #a4jj4 99,,plant-,,bre$+499 ,by ,l4 ,h4 ,,bailey4 #bic pp4 #bj illu/rations4 #a4jj4 99,,! ,,=c+-,,book499 ,by ,l4 ,h4 ,,bailey4 #bff pp4 #hh illu/rations4 #a4jj4 99,,g>d5-,,mak+499 ,by ,l4 ,h4 ,,bailey4 ,?ird edition4 #dag pp4 #bef illu/rations4 #a4jj4 99,,! ,,prun+-,,book499 ,by ,l4 ,h4 ,,bailey4 ,second edition4 #ede pp4 #cca illu/rations4 #a4ej4 99,,amateur',s ,,practical ,,g>d5-,,book499 ,by ,c4 ,e4 ,,hunn & ,l4 ,h4 ,,bailey4 #bej pp4 ,_m m>g9al cuts4 #a4jj4 99,,works ,,by ,,pr(essor ,,bailey99 ,,! ,,evolution ,,( ,,our ,,native ,,fruits4 ,by ,l4 ,h4 ,,bailey1 ,pr(essor ( ,horticulture 9 ! ,cornell ,univ]sity4 99#dgb ,,pages--#abe ,,illu/rations--#b4jj99 ,9 ?is ent]ta9+ volume1 ! orig9 & developm5t ( ! fruits peculi> to ,nor? ,am]ica are inquir$ into1 & ! p]sonality ( ^? horticultural pione]s ^: almo/ =gott5 labors h giv5 u our mo/ valuable fruits is t\*$ ^u4 ,!re has be5 c>eful rese>* into ! hi/ory ( ! v>i\s fruits1 includ+ inspection ( ! records ( ! great ,european botani/s :o h giv5 att5tion to ,am]ican economic botany4 ,! conclusions rea*$1 ! in=mation pres5t$1 & ! sugge/ions z to future developm5ts1 _c b be valuable to any ?\ghtful fruit-gr[]1 :ile ! t]se /yle ( ! au?or is at its be/ 9 8 treatm5t ( ! subject4 ,,! ,,evolution ,,( ,,our ,,native ,,fruits discusses ,! ,rise ( ! ,am]ican ,grape 7,nor? ,am]ica a ,natural ,v9el&1 ,attempts to ,cultivate ! ,european ,grape1 ,! ,exp]im5ts ( ! ,duf\rs1 ,! ,bran* ( ,promise1 ,john ,adlum & ! ,catawba1 ,rise ( ,comm]cial ,viticulture1 ,:y ,did ! ,e>ly ,v9e ,exp]im5ts ,fail8 ,synopsis ( ! ,am]ican ,grapes72 ,! ,/range ,hi/ory ( ! ,mulb]ries 7,! ,e>ly ,silk ,indu/ry1 ,! ,multicaulis ,craze172 ,evolution ( ,am]ican ,plums & ,*]ries 7,native ,plums 9 ,g5]al1 ,! ,*ickasaw1 ,hortulana1 ,m>ianna & ,bea* ,plum ,gr\ps1 ,pacific ,coa/ ,plum1 ,v>i\s ,o!r ,types ( ,plums1 ,native ,*]ries1 ,dw>f ,*]ry ,gr\p72 ,native ,apples 7,indig5\s ,species1 ,amelioration has begun72 ,orig9 ( ,am]ican ,raspb]ry-gr[+ 7,e>ly ,am]ican ,hi/ory1 ,pres5t ,types1 ,outly+ ,types72 ,evolution ( ,blackb]ry & ,dewb]ry ,culture 7,! ,high-bu% ,blackb]ry & ,its ,k91 ,! ,dewb]ries1 ,botanical ,names72 ,v>i\s ,types ( ,b]ry-l ,fruits 7,! ,gooseb]ry1 ,native ,currants1 ,juneb]ry1 ,buffalo ,b]ry1 ,eld]b]ry1 ,high-bu% ,cranb]ry1 ,cranb]ry1 ,/rawb]ry72 ,v>i\s ,types ( ,tree ,fruits 7,p]simmon1 ,cu/>d-,apple ,tribe1 ,?orn-,apples1 ,nut-,fruits72 ,g5]al ,rem>ks on ! ,improvem5t ( our ,native ,fruits 7,:at ,has ,be5 ,done1 ,:at ,probably ,%\ld ,be ,done74 ,,! ,,survival ,,( ,,! ,,unlike3 ,a ,collection ( ,evolution ,essays ,sugge/$ by ! ,/udy ( ,dome/ic ,plants4 ,by ,l4 ,h4 ,,bailey1 ,pr(essor ( ,horticulture 9 ! ,cornell ,univ]sity4 99,,?ird ,,edition--#eae ,,pages--#bb ,,illu/rations--#b4jj99 ,to ^? int]e/$ 9 ! und]ly+ philosophy ( plant life1 ?is volume1 writt5 9 a mo/ ent]ta9+ /yle1 & fully illu/rat$1 w prove welcome4 ,x treats ( ! modification ( plants "u cultivation ^u ! evolution !ory1 & its attitude on ?is int]e/+ subject is *>act]iz$ by ! au?or's well-kn[n orig9ality & indep5d5ce ( ?\ght4 ,incid5tally1 !re is /at$ mu* t w be valuable & sugge/ive to ! work+ horticulturi/1 z well z to ! man or woman impell$ by a love ( nature to horticultural pursuits4 ,x may well be call$1 inde$1 a philosophy ( horticulture1 9 :i* all int]e/$ may f9d inspiration & in/ruction4 ,,! ,,survival ,,( ,,! ,,unlike comprises ?irty essays t\*+ ^u ,! ,g5]al ,fact & ,philosophy ( ,evolution 7,! ,plant ,individual1 ,exp]im5tal ,evolution1 ,coxey's ,army & ! ,russian ,?i/le1 ,rec5t ,progress1 etc472 ,exp\nd+ ! ,fact & ,causes ( ,v>iation 7,! ,suppos$ ,correlations ( ,quality 9 ,fruits1 ,natural ,hi/ory ( ,synonyms1 ,reflective ,impressions1 ,relation ( ,se$-be>+ to ,cultivation1 ,v>iation aft] ,bir?1 ,relation betwe5 ,am]ican & ,ea/]n ,asian ,fruits1 ,horticultural ,geography1 ,problems ( ,climate & ,plants1 ,am]ican ,fruits1 ,acclimatization1 ,sex 9 ,fruits1 ,novelties1 ,promis+ ,v>ieties1 etc472 & ,trac+ ! ,evolution ( ,p>ticul> ,types ( ,plants 7! ,cultivat$ ,/rawb]ry1 ,battle ( ! ,plums1 ,grapes1 ,progress ( ! ,c>nation1 ,petunia1 ,! ,g>d5 ,tomato1 etc474 99,,cyclop$ia ,,( ,,am]ican ,,horticulture99 ,,compris+ ,,directions ,,= ,,! ,,cultivation ,,( ,,horticultural ,,crops1 ,,& ,,orig9al ,,descriptions ,,( ,,all ,,! ,,species ,,( ,,fruits1 ,,vegetables1 ,,fl[]s ,,& ,,ornam5tal ,,plants ,,kn[n ,,to ,,be ,,9 ,,! ,,m>ket ,,9 ,,! ,,unit$ ,,/ates ,,& ,,canada ,,by ,l4 ,h4 ,,bailey ,,assi/$ ,,by ,,_m ,,exp]t ,,cultivators ,,& ,,botani/s ,9 ,f\r ,qu>to ,volumes1 ,illu/rat$ ) ov] ,two ,?\s& ,orig9al ,engrav+s ,?is monum5tal "w1 ! mo/ compreh5sive review ( ! vegetable _w yet made by an ,am]ican1 is n[ 9 ! press4 ,?\gh di/9ctly an ,am]ican "w1 n only plants indig5\s to ! ,nor? ,am]ican cont95t are m5tion$1 b also all ! species kn[n to be 9 ! horticultural trade 9 ,nor? ,am]ica1 ( :atev] orig94 ,x is really a survey ( ! cultivat$ plants ( ! _w4 ,! ,editor1 ,pr(essor ,l4 ,h4 ,bailey1 has be5 ga!r+ mat]ial = ?is ,cyclop$ia = _m ye>s4 ,he has enli/$ ! cop]ation ( m5 ( atta9m5ts1 ei!r 9 sci5ce or practice ev]y:]e1 & ! ,cyclop$ia has ! unique di/9ction ( pres5t+ = ! fir/ "t1 9 a c>efully arrang$ & p]fectly accessible =m1 ! be/ k ( ! be/ speciali/s 9 ,am]ica ^u g>d5+1 fruit-gr[+1 vegetable culture1 =e/ry1 & ! l1 z well z exact botanical in=mation4 ,x is all fre%1 & n a reha% ( old mat]ial4 ,no prec$5t has be5 foll[$2 ! "w is ^u its own orig9al plan4 ,_m sci5tific botanical au?ors ( ju/ly high repute decl9e to give att5tion to ! important *>act]s ( cultivat$ plants1 conf9+ _! "w to ! species 9 ! orig9al =ms only4 ,pr(essor ,bailey takes ! view t a subject ( comm]cial importance1 "o :i* engages ! att5tion & affects ! livelihood ( ?\s&s ( bright p1 is decid$ly wor?y ! inve/igation ( ! tra9$ botani/4 ,9 ! ,cyclop$ia ( ,am]ican ,horticulture1 !re=e1 v full acc\nts are giv5 ( ! botanical features ( all important comm]cial plants1 z ! apple1 cabbage1 rose1 etc4 ,at ! same "t1 practical cultivators submit obs]vations ^u culture1 m>ket+1 & ! l1 & frequ5tly two op9ions are pres5t$ ^u ! same subject f diff]5t localities1 s t ! read] may h be=e him n only complete botanical in=mation1 b v fully ! be/ practice 9 ! mo/ favorable localities = ! p]fection ( any fruit or vegetable or economic plant4 99,,illu/rations99 ,! pictorial "* ( ! "w is likewise notable4 ,!re are ov] two ?\s& illu/rations1 & !y are all made expressly = ?is "w1 ei!r f accurate photographs or f ! specim5s4 ,^! illu/rations h be5 drawn by compet5t horticultural arti/s1 9 ne>ly e case "u ! eye ( ! ,editor1 or ) ! sup]vision ( "s "o ( ! sub-editors4 ,no 8trade0 cuts are us$4 ,9 plann+ ! illu/rations1 arti/ic effect has be5 kept 9 view1 & :ile no draw+ is us$ :i* does n %[ its subject ) p]fect sci5tific accuracy1 ! monoton\s s-call$ 8botanical0 outl9es1 (t5 made f lifeless h]b>ium specim5s1 are notably abs5t4 ,! int5tion is to %[ ! life ( ! plant1 n m]ely its skeleton4 99,,contributors1 ,,sy/em1 ,,etc499 ,z above m5tion$1 ! contributors are m5 em95t z cultivators or z speciali/s on ! v>i\s subjects4 ,! important articles are sign$1 & x is expect$ t ! complete "w w include fully #e1jjj sign$ contributions by horticulturi/s1 cultivators & botani/s4 ,! arrangem5t is alphabetical z to ! g5]a1 b sy/ematic 9 ! species4 ,a v simple b complete plan ( key-lett]s is us$1 & ! :ole arrangem5t is t[>d ease ( ref]5ce z well z complet5ess ( in=mation4 ,to ea* l>ge g5us !re is a sep>ate alphabetic index4 ,important comm]cial subjects are treat$ usually "u ! be/ kn[n "n1 :e!r x be ! sci5tific or common designation4 ,?us1 ! apple is fully discuss$ z apple1 r ?an z ,pyrus ,malus1 & ! c>nation comes into view 9 ! ?ird lett] ( ! alphabet1 n z ,dian?us ,c>yophyllus4 ,c>efully edit$ cross-ref]5ces make x easy to f9d any desir$ subject1 h[ev]1 9 ! %orte/ "t4 ,! plan ( pres5t+ ! full details ( culture ( important plants1 ?r\gh ! views ( ackn[l$g$ practical exp]ts ^u ! v>i\s subjects1 assures ! great value ( ! book to ! man or woman :o is obta9+ a liv+ f horticultural pursuits4 ,a special feature ( ! ,cyclop$ia ( ,am]ican ,horticulture is its weal? ( bibliographic ref]5ce4 ,! _w's horticultural lit]ature has be5 ?or\ghly se>*$1 & mo/ c>efully index$1 s t ! /ud5t w f9d citations to e available article or illu/ration ^u any subject consult$4 99,,details ,,( ,,publication99 ,! ,cyclop$ia ( ,am]ican ,horticulture is to be complet$ 9 f\r h&some qu>to volumes1 embrac+ ab\t two ?\s& pages1 ) m ?an t numb] ( orig9al illu/rations4 ,x is c>efully pr9t$ ^u specially made pap] ( a p]man5t "*4 ,! fir/ volume 7,a to ,d1 #eji pages1 #gdc illu/rations1 #i plates7 is n[ ready1 & ! "w is expect$ to be complet$ dur+ ! ye> #aijj4 ,! "w is sold only by subscription1 & ord]s w be accept$ = ! full set only4 ,t]ms & fur!r in=mation may be _h ( ! ,publi%]s1 ,,! ,,macmillan ,,company ,no4 #ff ,fif? ,av5ue1 ,,new ,,york ,,lessons ,,) ,,plants3 ,sugge/ions = ,see+ & ,int]pret+ ,"s ( ! ,common ,=ms ( ,vegetation4 ,by ,l4 ,h4 ,,bailey1 ,pr(essor ( ,horticulture 9 ! ,cornell ,univ]sity1 ) del9eations f nature by ,w4 ,s4 ,,holdswor?1 ( ! ,agricultural ,college ( ,mi*igan4 99,,second ,,edition--#dia ,,pages--#ddf ,,illu/rations--#ab ,,mo--,,clo?--#a4aj ,,net99 ,!re are two ways ( look+ at nature4 ,! old way1 :i* y h f\nd s unsatisfactory1 0 to classify ev]y?+--to consid] leaves1 roots1 & :ole plants z =mal h]b>ium specim5s1 =gett+ t ea* _h its own /ory ( gr[? & developm5t1 /ruggle & success1 to tell4 ,no?+ /ifles a natural love = plants m effectually ?an ! old way4 ,! new way is to wat* ! life ( e gr[+ ?+1 to look ^u ea* plant z a liv+ creature1 ^: life is a /ory z fasc9at+ z ! /ory ( any favorite h]o4 ,lessons ) ,plants is a book ( /ories1 or r1 a book ( plays1 = we c see ea* *apt] act$ out if we take ! tr\ble to look at ! actors4 8,i h sp5t "s "t 9 mo/ delightful exam9ation ( x1 & ! long] ,i look1 ! bett] ,i l x4 ,i f9d x n only full ( int]e/1 b em95tly sugge/ive4 ,i "k ( no book :i* beg9s to d s mu* to op5 ! eyes ( ! /ud5t--:e!r pupil or tea*]--to ! weal? ( mean+ conta9$ 9 simple plant =ms4 ,above all else1 x seems to be full ( sugge/ions t help "o to le>n ! language ( plants1 s !y may talk to him40--,,d>w9 ,l4 ,,b>dwell1 ,sup]9t5d5t ( ,s*ools1 ,b+hamton4 8,x is an admirable book1 & _c fail bo? to awak5 int]e/ 9 ! subject1 & to s]ve z a helpful & reliable guide to "y /ud5ts ( plant life4 ,x w1 ,i ?9k1 fill an important place 9 second>y s*ools1 & comes at an opportune "t1 :5 helps ( ?is k9d are ne$$ & eag]ly s\ght40--,pr(essor ,v4 ,m4 ,,spald+1 ,univ]sity ( ,mi*igan4 ,,fir/ ,,lessons ,,) ,,plants ,an ,abridgem5t ( ! above4 #aag pages--#aaf illu/rations--#dj c5ts net4