,,my ,,life ,,& ,,"w  ,by ,h5ry ,=d  ,9 
,collaboration ,) ,samuel ,cr[!r        
,,cont5ts   ,,introduction--,,:at ,,is  
,,! ,,idea8  ,i4 ,,! ,,beg9n+  ,,ii4    
,,:at ,i ,,le>n$ ,,ab\t ,,bus9ess       
,,iii4 ,,/>t+ ,,! ,,real ,,bus9ess      
,,iv4 ,,! ,,secret ,,( ,,manufactur+ ,,&
 ,,s]v+  ,v4 ,,gett+ ,,into ,,production
  ,,vi4 ,,ma*9es ,,& ,,m5  ,,vii4 ,,!   
,,t]ror ,,( ,,! ,,ma*9e4  ,,viii4       
,,wages  ,,ix4 ,,:y ,,n ,,always ,,h    
,,good ,,bus9ess8  ,x4 ,,h[ ,,*eaply ,,c
 ,,?+s ,,be ,,made8  ,,xi4 ,,money ,,&  
,,goods  ,,xii4 ,,money--,,ma/] ,,or    
,,s]vant8  ,,xiii4 ,,:y ,,be ,,poor8    
,,xiv4 ,,! ,,tractor ,,& ,,p[] ,,f>m+   
,,xv4 ,,:y ,,*>ity8  ,,xvi4 ,,!         
,,railroads  ,,xvii4 ,,?+s ,,9 ,,g5]al  
,,xviii4 ,,democracy ,,& ,,indu/ry      
,,xix4 ,,:at ,,we ,,may ,,expect4       
,,index     ,,introduction  ,,:at ,,is  
,,! ,,idea8   ,we h only />t$ on our    
developm5t ( our c\ntry--we h n z yet1 )
 all our talk ( wond]ful progress1 done 
m ?an scrat* ! surface4 ,! progress has 

be5 wond]ful en\gh--b :5 we comp>e :at  
we h done ) :at !re is to d1 !n our pa/ 
accompli%m5ts are z no?+4 ,:5 we consid]
 t m p[] is us$ m]ely 9 pl\gh+ ! soil   
?an is us$ 9 all ! indu/rial e/abli%m5ts
 ( ! c\ntry put toge!r1 an inkl+ comes (
 h[ mu* opportunity !re is ahead4 ,& n[1
 ) s _m c\ntries ( ! _w 9 f]m5t & ) s   
mu* unre/ e :]e1 is an excell5t "t to   
sugge/ some?+ ( ! ?+s t may be done 9 ! 
light ( :at has be5 done4  ,:5 "o speaks
 ( increas+ p[]1 ma*9]y1 & indu/ry !re  
comes up a picture ( a cold1 metallic   
sort ( _w 9 :i* great factories w drive 
away ! trees1 ! fl[]s1 ! birds1 & ! gre5
 fields4 ,& t !n we %all h a _w compos$ 
( metal ma*9es & human ma*9es4 ,) all ( 
t ,i d n agree4 ,i ?9k t unless we "k m 
ab\t ma*9es & _! use1 unless we bett]   
und]/& ! me*anical portion ( life1 we _c
 h ! "t to enjoy ! trees1 & ! birds1 & !
 fl[]s1 & ! gre5 fields4  ,i ?9k t we h 
already done too mu* t[>d bani%+ !      
pleasant ?+s f life by ?9k+ t !re is "s 
opposition betwe5 liv+ & provid+ ! means

 ( liv+4 ,we wa/e s mu* "t & en]gy t we 
h little left ov] 9 :i* to enjoy        
ourselves4  ,p[] & ma*9]y1 money &      
goods1 are useful only z !y set u free  
to live4 ,!y are b means to an end4 ,=  
in/ance1 ,i d n consid] ! ma*9es :i* be>
 my "n simply z ma*9es4 ,if t 0 all !re 
0 to x ,i w\ld d some?+ else4 ,i take !m
 z concrete evid5ce ( ! work+ out ( a   
!ory ( bus9ess1 :i* ,i hope is some?+ m 
?an a !ory ( bus9ess--a !ory t looks    
t[>d mak+ ?is _w a bett] place 9 :i* to 
live4 ,! fact t ! comm]cial success ( ! 
,=d ,motor ,company has be5 mo/ unusual 
is important only because x s]ves to    
demon/rate1 9 a way :i* no "o c fail to 
und]/&1 t ! !ory to date is "r4         
,consid]$ solely 9 ?is light ,i c       
criticize ! prevail+ sy/em ( indu/ry & !
 organization ( money & society f !     
/&po9t ( "o :o has n be5 beat5 by !m4 ,z
 ?+s are n[ organiz$1 ,i c\ld1 7 ,i ?9k+
 only selfi%ly1 ask = no *ange4 ,if ,i  
m]ely want money ! pres5t sy/em is all  
"r2 x gives money 9 pl5ty to me4 ,b ,i  

am ?9k+ ( s]vice4 ,! pres5t sy/em does n
 p]mit ( ! be/ s]vice because x         
enc\rages e k9d ( wa/e--x keeps _m m5 f 
gett+ ! full return f s]vice4 ,& x is   
go+ n[h]e4 ,x is all a matt] ( bett]    
plann+ & adju/m5t4  ,i h no qu>rel ) !  
g5]al attitude ( sc(f+ at new ideas4 ,x 
is bett] to be skeptical ( all new ideas
 & to insi/ ^u be+ %[n r ?an to ru%     
ar\nd 9 a cont9u\s bra9/orm aft] e new  
idea4 ,skepticism1 if by t we mean      
cauti\sness1 is ! balance :eel (        
civilization4 ,mo/ ( ! pres5t acute     
tr\bles ( ! _w arise out ( tak+ on new  
ideas )\t fir/ c>efully inve/igat+ to   
discov] if !y are good ideas4 ,an idea  
is n necess>ily good because x is old1  
or necess>ily bad because x is new1 b if
 an old idea works1 !n ! weight ( !     
evid5ce is all 9 its favor4 ,ideas are (
 !mselves extraord9>ily valuable1 b an  
idea is j an idea4 ,almo/ any "o c ?9k  
up an idea4 ,! ?+ t c\nts is develop+ x 
into a practical product4  ,i am n[ mo/ 
int]e/$ 9 fully demon/rat+ t ! ideas we 

h put into practice are capable ( !     
l>ge/ application--t !y h no?+ peculi>ly
 to d ) motor c>s or tractors b =m      
some?+ 9 ! nature ( a univ]sal code4 ,i 
am q c]ta9 t x is ! natural code & ,i   
want to demon/rate x s ?or\ghly t x w be
 accept$1 n z a new idea1 b z a natural 
code4  ,! natural ?+ to d is to "w--to  
recognize t prosp]ity & happ9ess c be   
obta9$ only ?r\gh hone/ ef=t4 ,human    
ills fl[ l>gely f attempt+ to escape f  
?is natural c\rse4 ,i h no sugge/ion :i*
 goes beyond accept+ 9 its fulle/ ?is   
pr9ciple ( nature4 ,i take x = grant$ t 
we mu/ "w4 ,all t we h done comes z !   
result ( a c]ta9 insi/5ce t s9ce we mu/ 
"w x is bett] to "w intellig5tly &      
=eh&$ly2 t ! bett] we d our "w ! bett]  
(f we %all be4 ,all ( :i* ,i conceive to
 be m]ely elem5tal common s5se4  ,i am n
 a re=m]4 ,i ?9k !re is entirely too mu*
 attempt at re=m+ 9 ! _w & t we pay too 
mu* att5tion to re=m]s4 ,we h two k9ds (
 re=m]s4 ,bo? are nuisances4 ,! man :o  
calls himself a re=m] wants to sma% ?+s4

 ,he is ! sort ( man :o w\ld te> up a   
:ole %irt because ! coll> button did n  
fit ! buttonhole4 ,x w\ld nev] occur to 
him to enl>ge ! buttonhole4 ,?is sort ( 
re=m] nev] "u any circum/ances kn[s :at 
he is do+4 ,exp]i5ce & re=m d n g       
toge!r4 ,a re=m] _c keep 8 zeal at :ite 
heat 9 ! pres5ce ( a fact4 ,he mu/      
disc>d all facts4  ,s9ce #aiad a great  
_m p]sons h receiv$ br&-new intellectual
 outfits4 ,_m are beg9n+ to ?9k = ! fir/
 "t4 ,!y op5$ _! eyes & realiz$ t !y 7 9
 ! _w4 ,!n1 ) a ?rill ( indep5d5ce1 !y  
realiz$ t !y c\ld look at ! _w          
critically4 ,!y did s & f\nd x faulty4  
,! intoxication ( assum+ ! ma/]ful      
position ( a critic ( ! social          
sy/em--:i* x is e man's "r to assume--is
 unbalanc+ at fir/4 ,! v "y critic is v 
mu* unbalanc$4 ,he is /rongly 9 favor ( 
wip+ out ! old ord] & />t+ a new "o4 ,!y
 actually manag$ to />t a new _w 9      
,russia4 ,x is !re t ! "w ( ! _w mak]s c
 be/ be /udi$4 ,we le>n f ,russia t x is
 ! m9ority & n ! majority :o det]m9e    

de/ructive action4 ,we le>n also t :ile 
m5 may decree social laws 9 conflict )  
natural laws1 ,nature vetoes ^? laws m  
ru?lessly ?an did ! ,cz>s4 ,nature has  
veto$ ! :ole ,soviet ,republic4 ,= x    
s\ght to d5y nature4 ,x d5i$ above all  
else ! "r to ! fruits ( lab\r4 ,"s p    
say1 ,russia w h to g to "w1 b t does n 
describe ! case4 ,! fact is t poor      
,russia is at "w1 b h] "w c\nts = no?+4 
,x is n free "w4 ,9 ! ,unit$ ,/ates a   
workman works eight h\rs a day2 9       
,russia1 he works twelve to f\rte54 ,9 !
 ,unit$ ,/ates1 if a workman wi%es to   
lay (f a day or a week1 & is able to    
af=d x1 !re is no?+ to prev5t him4 ,9   
,russia1 "u ,sovietism1 ! workman goes  
to "w :e!r he wants to or n4 ,! fre$om (
 ! citiz5 has disappe>$ 9 ! discipl9e ( 
a prison-l monotony 9 :i* all are treat$
 alike4 ,t is slav]y4 ,fre$om is ! "r to
 "w a dec5t l5g? ( "t & to get a dec5t  
liv+ = do+ s2 to be able to arrange !   
little p]sonal details ( "o's own life4 
,x is ! aggregate ( ^! & _m o!r items ( 

fre$om :i* makes up ! great ideali/ic   
,fre$om4 ,! m9or =ms ( ,fre$om lubricate
 ! ev]yday life ( all ( u4  ,russia c\ld
 n get along )\t intellig5ce & exp]i5ce4
 ,z soon z %e began to run h] factories 
by committees1 !y w5t to rack & ru92 !re
 0 m debate ?an production4 ,z soon z !y
 ?rew out ! skill$ man1 ?\s&s ( tons (  
preci\s mat]ials 7 spoil$4 ,! fanatics  
talk$ ! p into />vation4 ,! ,soviets are
 n[ (f]+ ! eng9e]s1 ! adm9i/rators1 !   
=em5 & sup]9t5d5ts1 :om at fir/ !y drove
 out1 l>ge sums ( money if only !y w    
come back4 ,bol%evism is n[ cry+ = !    
bra9s & exp]i5ce :i* x ye/]day treat$ s 
ru?lessly4 ,all t re=m did to ,russia 0 
to block production4  ,!re is 9 ?is     
c\ntry a s9i/] elem5t t desires to creep
 9 betwe5 ! m5 :o "w ) _! h&s & ! m5 :o 
?9k & plan = ! m5 :o "w ) _! h&s4 ,!    
same influ5ce t drove ! bra9s1 exp]i5ce1
 & ability out ( ,russia is busily      
engag$ 9 rais+ prejudice "h4 ,we mu/ n  
suff] ! /rang]1 ! de/roy]1 ! hat] (     
happy humanity1 to divide our p4 ,9     

unity is ,am]ican /r5g?--& fre$om4 ,on !
 o!r h&1 we h a diff]5t k9d ( re=m] :o  
nev] calls himself "o4 ,he is s+ul>ly l 
! radical re=m]4 ,! radical has _h no   
exp]i5ce & does n want x4 ,! o!r class (
 re=m] has _h pl5ty ( exp]i5ce b x does 
him no good4 ,i ref] to ! reaction>y--:o
 w be surpris$ to f9d himself put 9     
exactly ! same class z ! ,bol%evi/4 ,he 
wants to g back to "s previ\s condition1
 n because x 0 ! be/ condition1 b       
because he ?9ks he kn[s ab\t t          
condition4  ,! "o cr[d wants to sma% up 
! :ole _w 9 ord] to make a bett] "o4 ,! 
o!r holds ! _w z s good t x might well  
be let /& z x is--& decay4 ,! second    
notion arises z does ! fir/--out ( n us+
 ! eyes to see )4 ,x is p]fectly        
possible to sma% ?is _w1 b x is n       
possible to build a new "o4 ,x is       
possible to prev5t ! _w f go+ =w>d1 b x 
is n possible !n to prev5t x f go+      
back--f decay+4 ,x is fooli% to expect  
t1 if ev]y?+ be ov]turn$1 ev]yone w     
!reby get ?ree meals a day4 ,or1 %\ld   

ev]y?+ be petrifi$1 t !reby six p] c5t1 
int]e/ may be paid4 ,! tr\ble is t      
re=m]s & reaction>ies alike get away f !
 realities--f ! prim>y functions4  ,"o (
 ! c\nsels ( caution is to be v c]ta9 t 
we d n mi/ake a reaction>y turn = a     
return ( common s5se4 ,we h pass$ ?r\gh 
a p]iod ( fireworks ( e description1 & !
 mak+ ( a great _m ideali/ic maps (     
progress4 ,we did n get any:]e4 ,x 0 a  
conv5tion1 n a m>*4 ,lovely ?+s 7 said1 
b :5 we got home we f\nd ! furnace out4 
,reaction>ies h frequ5tly tak5 advantage
 ( ! recoil f su* a p]iod1 & !y h       
promis$ ! good old times--:i* usually   
means ! bad old abuses--& because !y are
 p]fectly void ( vision !y are sometimes
 reg>d$ z practical m54 ,_! return to   
p[] is (t5 hail$ z ! return ( common    
s5se4  ,! prim>y functions are          
agriculture1 manufacture1 &             
transportation4 ,community life is      
impossible )\t !m4 ,!y hold ! _w toge!r4
 ,rais+ ?+s1 mak+ ?+s1 & e>n+ ?+s are z 
primitive z human ne$ & yet z mod]n z   

any?+ c be4 ,!y are ( ! ess5ce (        
physical life4 ,:5 !y cease1 community  
life ceases4 ,?+s d get out ( %ape 9 ?is
 pres5t _w "u ! pres5t sy/em1 b we may  
hope = a bett]m5t if ! f\ndations /&    
sure4 ,! great delusion is t "o may     
*ange ! f\ndation--usurp ! "p ( de/9y 9 
! social process4 ,! f\ndations (       
society are ! m5 & means to gr[ ?+s1 to 
make ?+s1 & to c>ry ?+s4 ,z long z      
agriculture1 manufacture1 &             
transportation survive1 ! _w c survive  
any economic or social *ange4 ,z we s]ve
 our jobs we s]ve ! _w4  ,!re is pl5ty (
 "w to d4 ,bus9ess is m]ely "w4         
,speculation 9 ?+s already produc$--t is
 n bus9ess4 ,x is j m or less           
respectable graft4 ,b x _c be legislat$ 
out ( exi/5ce4 ,laws c d v little4 ,law 
nev] does any?+ con/ructive4 ,x c nev]  
be m ?an a policeman1 & s x is a wa/e ( 
"t to look to our /ate capitals or to   
,wa%+ton to d t :i* law 0 n design$ to  
d4 ,z long z we look to legislation to  
cure pov]ty or to aboli% special        

privilege we are go+ to see pov]ty      
spread & special privilege gr[4 ,we h _h
 en\gh ( look+ to ,wa%+ton & we h _h    
en\gh ( legislators--n s mu*1 h[ev]1 9  
?is z 9 o!r c\ntries--promis+ laws to d 
t :i* laws _c d4  ,:5 y get a :ole      
c\ntry--z did ours--?9k+ t ,wa%+ton is a
 sort ( heav5 & beh9d its cl\ds dwell   
omnisci5ce & omnipot5ce1 y are educat+ t
 c\ntry into a dep5d5t /ate ( m9d :i*   
augurs ill = ! future4 ,our help does n 
come f ,wa%+ton1 b f ourselves2 our help
 may1 h[ev]1 g to ,wa%+ton z a sort (   
c5tral di/ribution po9t :]e all our     
ef=ts are coord9at$ = ! g5]al good4 ,we 
may help ! ,gov]nm5t2 ! ,gov]nm5t _c    
help u4 ,! slogan ( less gov]nm5t 9     
bus9ess & m bus9ess 9 gov]nm5t is a v   
good "o1 n ma9ly on acc\nt ( bus9ess or 
gov]nm5t1 b on acc\nt ( ! p4 ,bus9ess is
 n ! reason :y ! ,unit$ ,/ates 0 f\nd$4 
,! ,decl>ation ( ,indep5d5ce is n a     
bus9ess *>t]1 nor is ! ,con/itution ( ! 
,unit$ ,/ates a comm]cial s*$ule4 ,!    
,unit$ ,/ates--its l&1 p1 gov]nm5t1 &   

bus9ess--are b me?ods by :i* ! life ( ! 
p is made wor? :ile4 ,! ,gov]nm5t is a  
s]vant & nev] %\ld be any?+ b a s]vant4 
,! mom5t ! p become adjuncts to         
gov]nm5t1 !n ! law ( retribution beg9s  
to "w1 = su* a relation is unnatural1   
immoral1 & inhuman4 ,we _c live )\t     
bus9ess & we _c live )\t gov]nm5t4      
,bus9ess & gov]nm5t are necess>y z      
s]vants1 l wat] & gra92 z ma/]s !y      
ov]turn ! natural ord]4  ,! welf>e ( !  
c\ntry is squ>ely up to u z individuals4
 ,t is :]e x %\ld be & t is :]e x is    
safe/4 ,gov]nm5ts c promise some?+ =    
no?+ b !y _c deliv]4 ,!y c juggle !     
curr5cies z !y did 9 ,europe 7& z bank]s
 ! _w ov] d1 z long z !y c get ! b5efit 
( ! juggl+7 ) a patt] ( solemn nons5se4 
,b x is "w & "w alone t c cont9ue to    
deliv] ! goods--& t1 d[n 9 8 he>t1 is   
:at e man kn[s4  ,!re is little *ance ( 
an intellig5t p1 su* z ours1 ru9+ !     
fundam5tal processes ( economic life4   
,mo/ m5 "k !y _c get some?+ = no?+4 ,mo/
 m5 feel--ev5 if !y d n "k--t money is n

 weal?4 ,! ord9>y !ories :i* promise    
ev]y?+ to ev]ybody1 & dem& no?+ f       
anybody1 are promptly d5i$ by ! in/9cts 
( ! ord9>y man1 ev5 :5 he does n f9d    
reasons aga9/ !m4 ,he kn[s !y are wrong4
 ,t is en\gh4 ,! pres5t ord]1 always    
clumsy1 (t5 /upid1 & 9 _m ways imp]fect1
 has ?is advantage ov] any o!r--x works4
  ,d\btless our ord] w m]ge by degrees  
into ano!r1 & ! new "o w also "w--b n s 
mu* by reason ( :at x is z by reason (  
:at m5 w br+ into x4 ,! reason :y       
,bol%evism did n "w1 & _c "w1 is n      
economic4 ,x does n matt] :e!r indu/ry  
is privately manag$ or socially         
controll$2 x does n matt] :e!r y call ! 
work]s' %>e wages or divid5ds2 x does n 
matt] :e!r y regim5talize ! p z to food1
 clo?+1 & %elt]1 or :e!r y all[ !m to   
eat1 dress1 & live z !y l4 ,^? are m]e  
matt]s ( detail4 ,! incapacity ( !      
,bol%evi/ lead]s is indicat$ by ! fuss  
!y made ov] su* details4 ,bol%evism     
fail$ because x 0 bo? unnatural &       
immoral4 ,our sy/em /&s4 ,is x wrong8 ,(

 c\rse x is wrong1 at a ?\s& po9ts6 ,is 
x clumsy8 ,( c\rse x is clumsy4 ,by all 
"r & reason x ought to break d[n4 ,b x  
does n--because x is in/9ct ) c]ta9     
economic & moral fundam5tals4  ,!       
economic fundam5tal is lab\r4 ,lab\r is 
! human elem5t :i* makes ! fruitful     
seasons ( ! e>? useful to m54 ,x is m5's
 lab\r t makes ! h>ve/ :at x is4 ,t is !
 economic fundam5tal3 e "o ( u is work+ 
) mat]ial :i* we did n & c\ld n create1 
b :i* 0 pres5t$ to u by ,nature4  ,!    
moral fundam5tal is man's "r 9 8 lab\r4 
,?is is v>i\sly /at$4 ,x is sometimes   
call$ ! "r ( prop]ty4 ,x is sometimes   
mask$ 9 ! comm&1 ,?\ %alt n /eal4 ,x is 
! o!r man's "r 9 8 prop]ty t makes /eal+
 a crime4 ,:5 a man has e>n$ 8 bread1 he
 has a "r to t bread4 ,if ano!r /eals x1
 he does m ?an /eal bread2 he invades a 
sacr$ human "r4 ,if we _c produce we _c 
h--b "s say if we produce x is only = ! 
capitali/s4 ,capitali/s :o become su*   
because !y provide bett] means (        
production are ( ! f\ndation ( society4 

,!y h really no?+ ( _! own4 ,!y m]ely   
manage prop]ty = ! b5efit ( o!rs4       
,capitali/s :o become su* ?r\gh trad+ 9 
money are a tempor>ily necess>y evil4   
,!y may n be evil at all if _! money    
goes to production4 ,if _! money goes to
 complicat+ di/ribution--to rais+ b>ri]s
 betwe5 ! produc] & ! consum]--!n !y are
 evil capitali/s & !y w pass away :5    
money is bett] adju/$ to "w2 & money w  
become bett] adju/$ to "w :5 x is fully 
realiz$ t ?r\gh "w & "w alone may heal?1
 weal?1 & happ9ess inevitably be secur$4
  ,!re is no reason :y a man :o is will+
 to "w %\ld n be able to "w & to receive
 ! full value ( 8 "w4 ,!re is equally no
 reason :y a man :o c b w n "w %\ld n   
receive ! full value ( 8 s]vices to !   
community4 ,he %\ld mo/ c]ta9ly be      
p]mitt$ to take away f ! community an   
equival5t ( :at he contributes to x4 ,if
 he contributes no?+ he %\ld take away  
no?+4 ,he %\ld h ! fre$om ( />vation4   
,we are n gett+ any:]e :5 we insi/ t e  
man ought to h m ?an he des]ves to h--j 

because "s d get m ?an !y des]ve to h4  
,!re c be no great] absurdity & no      
great] diss]vice to humanity 9 g5]al ?an
 to insi/ t all m5 are equal4 ,mo/      
c]ta9ly all m5 are n equal1 & any       
democratic conception :i* /rives to make
 m5 equal is only an ef=t to block      
progress4 ,m5 _c be ( equal s]vice4 ,!  
m5 ( l>g] ability are less num]\s ?an ! 
m5 ( small] ability2 x is possible = a  
mass ( ! small] m5 to pull ! l>g] ones  
d[n--b 9 s do+ !y pull !mselves d[n4 ,x 
is ! l>g] m5 :o give ! lead]%ip to !    
community & enable ! small] m5 to live )
 less ef=t4  ,! conception ( democracy  
:i* names a level+-d[n ( ability makes =
 wa/e4 ,no two ?+s 9 nature are alike4  
,we build our c>s absolutely            
int]*angeable4 ,all p>ts are z ne>ly    
alike z *emical analysis1 ! f9e/ ma*9]y1
 & ! f9e/ workman%ip c make !m4 ,no     
fitt+ ( any k9d is requir$1 & x w\ld    
c]ta9ly seem t two ,=ds /&+ side by     
side1 look+ exactly alike & made s      
exactly alike t any "p c\ld be tak5 out 

( "o & put into ! o!r1 w\ld be alike4 ,b
 !y are n4 ,!y w h diff]5t road habits4 
,we h m5 :o h driv5 hundr$s1 & 9 "s     
cases ?\s&s ( ,=ds & !y say t no two ev]
 act precisely ! same--t1 if !y %\ld    
drive a new c> = an h\r or ev5 less & !n
 ! c> 7 mix$ ) a bun* ( o!r new ones1   
also ea* driv5 = a s+le h\r & "u ! same 
conditions1 t al?\gh !y c\ld n recognize
 ! c> !y _h be5 driv+ m]ely by look+ at 
x1 !y c\ld d s by driv+ x4  ,i h be5    
speak+ 9 g5]al t]ms4 ,let u be m        
concrete4 ,a man ought to be able to    
live on a scale comm5surate ) ! s]vice t
 he r5d]s4 ,?is is r a good "t to talk  
ab\t ?is po9t1 = we h rec5tly be5 ?r\gh 
a p]iod :5 ! r5d]+ ( s]vice 0 ! la/ ?+ t
 mo/ p ?\ght (4 ,we 7 gett+ to a place  
:]e no "o c>$ ab\t co/s or s]vice4      
,ord]s came )\t ef=t4 ,:]eas once x 0 ! 
cu/om] :o favor$ ! m]*ant by deal+ )    
him1 conditions *ang$ until x 0 ! m]*ant
 :o favor$ ! cu/om] by sell+ to him4 ,t 
is bad = bus9ess4 ,monopoly is bad =    
bus9ess4 ,pr(ite]+ is bad = bus9ess4 ,! 

lack ( necessity to hu/le is bad =      
bus9ess4 ,bus9ess is nev] z heal?y z :51
 l a *ick51 x mu/ d a c]ta9 am\nt (     
scrat*+ = :at x gets4 ,?+s 7 com+ too   
easily4 ,!re 0 a let-d[n ( ! pr9ciple t 
an hone/ relation ought to obta9 betwe5 
values & prices4 ,! public no long] _h  
to be cat]$ to4 ,!re 0 ev5 a public be  
damn$ attitude 9 _m places4 ,x 0        
int5sely bad = bus9ess4 ,"s m5 call$ t  
abnormal condition prosp]ity4 ,x 0 n    
prosp]ity-- x 0 j a ne$less money *ase4 
,money *as+ is n bus9ess4  ,x is v easy1
 unless "o keeps a plan ?or\ghly 9 m9d1 
to get burd5$ ) money & !n1 9 an ef=t to
 make m money1 to =get all ab\t sell+ to
 ! p :at !y want4 ,bus9ess on a         
money-mak+ basis is mo/ insecure4 ,x is 
a t\*-&-g affair1 mov+ irregul>ly &     
r>ely ov] a t]m ( ye>s am\nt+ to mu*4 ,x
 is ! function ( bus9ess to produce =   
consumption & n = money or speculation4 
,produc+ = consumption implies t !      
quality ( ! article produc$ w be high & 
t ! price w be l[--t ! article be "o :i*

 s]ves ! p & n m]ely ! produc]4 ,if !   
money feature is twi/$ out ( its prop]  
p]spective1 !n ! production w be twi/$  
to s]ve ! produc]4  ,! produc] dep5ds = 
8 prosp]ity ^u s]v+ ! p4 ,he may get by 
= a :ile s]v+ himself1 b if he does1 x w
 be purely accid5tal1 & :5 ! p wake up  
to ! fact t !y are n be+ s]v$1 ! end ( t
 produc] is 9 sight4 ,dur+ ! boom p]iod 
! l>g] ef=t ( production 0 to s]ve      
itself & h5ce1 ! mom5t ! p woke up1 _m  
produc]s w5t to sma%4 ,!y said t !y _h  
ent]$ into a p]iod ( depression4 ,really
 !y _h n4 ,!y 7 simply try+ to pit      
nons5se aga9/ s5se :i* is some?+ t _c   
successfully be done4 ,be+ gre$y = money
 is ! sure/ way n to get x1 b :5 "o     
s]ves = ! sake ( s]vice--= !            
satisfaction ( do+ t :i* "o believes to 
be "r--!n money abundantly takes c>e (  
itself4  ,money comes naturally z !     
result ( s]vice4 ,& x is absolutely     
necess>y to h money4 ,b we d n want to  
=get t ! end ( money is n ease b !      
opportunity to p]=m m s]vice4 ,9 my m9d 

no?+ is m abhorr5t ?an a life ( ease4   
,none ( u has any "r to ease4 ,!re is no
 place 9 civilization = ! idl]4 ,any    
s*eme look+ to aboli%+ money is only    
mak+ affairs m complex1 = we mu/ h a    
measure4 ,t our pres5t sy/em ( money is 
a satisfactory basis = ex*ange is a     
matt] ( grave d\bt4 ,t is a "q :i* ,i   
%all talk ( 9 a subsequ5t *apt]4 ,! gi/ 
( my objection to ! pres5t monet>y sy/em
 is t x t5ds to become a ?+ ( itself &  
to block in/ead ( facilitate production4
  ,my ef=t is 9 ! direction (           
simplicity4 ,p 9 g5]al h s little & x   
co/s s mu* to buy ev5 ! b>e/ necessities
 7let alone t %>e ( ! luxuries to :i* ,i
 ?9k ev]yone is entitl$7 because ne>ly  
ev]y?+ t we make is mu* m complex ?an x 
ne$s to be4 ,our clo?+1 our food1 our   
h\sehold furni%+s--all c\ld be mu*      
simpl] ?an !y n[ are & at ! same "t be  
bett] look+4 ,?+s 9 pa/ ages 7 made 9   
c]ta9 ways & mak]s s9ce !n h j foll[$4  
,i d n mean t we %\ld adopt freak /yles4
 ,!re is no necessity = t ,clo?+ ne$ n  

be a bag ) a hole cut 9 x4 ,t might be  
easy to make b x w\ld be inconv5i5t to  
we>4 ,a blanket does n require mu*      
tailor+1 b none ( u c\ld get mu* "w done
 if we w5t ar\nd ,indian-fa%ion 9       
blankets4 ,real simplicity means t :i*  
gives ! v be/ s]vice & is ! mo/ conv5i5t
 9 use4 ,! tr\ble ) dra/ic re=ms is !y  
always insi/ t a man be made ov] 9 ord] 
to use c]ta9 design$ articles4 ,i ?9k t 
dress re=m = wom5--:i* seems to mean    
ugly clo!s--mu/ always orig9ate ) pla9  
wom5 :o want to make ev]yone else look  
pla94 ,t is n ! "r process4 ,/>t ) an   
article t suits & !n /udy to f9d "s way 
( elim9at+ ! entirely useless p>ts4 ,?is
 applies to ev]y?+--a %oe1 a dress1 a   
h\se1 a piece ( ma*9]y1 a railroad1 a   
/eam%ip1 an airplane4 ,z we cut out     
useless p>ts & simplify necess>y ones we
 also cut d[n ! co/ ( mak+4 ,?is is     
simple logic1 b oddly en\gh ! ord9>y    
process />ts ) a *eap5+ ( ! manufactur+ 
in/ead ( ) a simplify+ ( ! article4 ,!  
/>t ought to be ) ! article4 ,fir/ we   

ought to f9d :e!r x is z well made z x  
%\ld be--does x give ! be/ possible     
s]vice8 ,!n--are ! mat]ials ! be/ or    
m]ely ! mo/ exp5sive8 ,!n--c its        
complexity & weight be cut d[n8 ,& s on4
  ,!re is no m s5se 9 hav+ extra weight 
9 an article ?an !re is 9 ! cockade on a
 coa*man's hat4 ,9 fact1 !re is n z mu*4
 ,= ! cockade may help ! coa*man to     
id5tify 8 hat :ile ! extra weight means 
only a wa/e ( /r5g?4 ,i _c imag9e :]e ! 
delusion t weight means /r5g? came f4 ,x
 is all well en\gh 9 a pile-driv]1 b :y 
move a heavy weight if we are n go+ to  
hit any?+ ) x8 ,9 transportation :y put 
extra weight 9 a ma*9e8 ,:y n add x to !
 load t ! ma*9e is design$ to c>ry8 ,fat
 m5 _c run z fa/ z ?9 m5 b we build mo/ 
( our vehicles z ?\gh dead-weight fat   
increas$ spe$6 ,a deal ( pov]ty gr[s out
 ( ! c>riage ( excess weight4 ,"s day we
 %all discov] h[ fur!r to elim9ate      
weight4 ,take wood1 = example4 ,= c]ta9 
purposes wood is n[ ! be/ sub/ance we   
"k1 b wood is extremely wa/eful4 ,! wood

 9 a ,=d c> conta9s ?irty p\nds ( wat]4 
,!re mu/ be "s way ( do+ bett] ?an t4   
,!re mu/ be "s me?od by :i* we c ga9 !  
same /r5g? & ela/icity )\t hav+ to lug  
useless weight4 ,& s ?r\gh a ?\s&       
processes4  ,! f>m] makes too complex an
 affair out ( 8 daily "w4 ,i believe t !
 av]age f>m] puts to a really useful    
purpose only ab\t #e p] c5t ( ! en]gy t 
he sp5ds4 ,if any "o ev] equipp$ a      
factory 9 ! /yle1 say1 ! av]age f>m is  
fitt$ out1 ! place w\ld be clutt]$ ) m54
 ,! wor/ factory 9 ,europe is h>dly z   
bad z ! av]age f>m b>n4 ,p[] is utiliz$ 
to ! lea/ possible degree4 ,n only is   
ev]y?+ done by h&1 b seldom is a ?\ght  
giv5 to logical arrangem5t4 ,a f>m] do+ 
8 *ores w walk up & d[n a rickety ladd] 
a doz5 times4 ,he w c>ry wat] = ye>s    
in/ead ( putt+ 9 a few l5g?s ( pipe4 ,8 
:ole idea1 :5 !re is extra "w to d1 is  
to hire extra m54 ,he ?9ks ( putt+ money
 into improvem5ts z an exp5se4 ,f>m     
products at _! l[e/ prices are de>] ?an 
!y ought to be4 ,f>m pr(its at _! highe/

 are l[] ?an !y ought to be4 ,x is wa/e 
motion--wa/e ef=t--t makes f>m prices   
high & pr(its l[4  ,on my own f>m at    
,de>born we d ev]y?+ by ma*9]y4 ,we h   
elim9at$ a great numb] ( wa/es1 b we h n
 z yet t\*$ on real economy4 ,we h n yet
 be5 able to put 9 five or t5 ye>s (    
int5se night-&-day /udy to discov] :at  
really ought to be done4 ,we h left m   
undone ?an we h done4 ,yet at no "t--no 
matt] :at ! value ( crops--h we fail$ to
 turn a fir/-class pr(it4 ,we are n     
f>m]s--we are indu/riali/s on ! f>m4 ,! 
mom5t ! f>m] consid]s himself z an      
indu/riali/1 ) a horror ( wa/e ei!r 9   
mat]ial or 9 m51 !n we are go+ to h f>m 
products s l[-pric$ t all w h en\gh to  
eat1 & ! pr(its w be s satisfactory t   
f>m+ w be consid]$ z among ! lea/       
haz>d\s & mo/ pr(itable ( occupations4  
,lack ( k ( :at is go+ on & lack ( k (  
:at ! job really is & ! be/ way ( do+ x 
are ! reasons :y f>m+ is ?\ght n to pay4
 ,no?+ c\ld pay ! way f>m+ is conduct$4 
,! f>m] foll[s luck & 8 =efa!rs4 ,he    

does n "k h[ economically to produce1 & 
he does n "k h[ to m>ket4 ,a manufactur]
 :o knew h[ nei!r to produce nor to     
m>ket w\ld n long /ay 9 bus9ess4 ,t !   
f>m] c /ay on %[s h[ wond]fully         
pr(itable f>m+ c be4  ,! way to atta9   
l[-pric$1 high-volume production 9 !    
factory or on ! f>m--& l[-pric$1        
high-volume production means pl5ty =    
ev]yone--is q simple4 ,! tr\ble is t !  
g5]al t5d5cy is to complicate v simple  
affairs4 ,take1 = an in/ance1 an        
improvem5t4  ,:5 we talk ab\t           
improvem5ts usually we h 9 m9d "s *ange 
9 a product4 ,an improv$ product is "o t
 has be5 *ang$4 ,t is n my idea4 ,i d n 
believe 9 />t+ to make until ,i h       
discov]$ ! be/ possible ?+4 ,?is1 (     
c\rse1 does n mean t a product %\ld nev]
 be *ang$1 b ,i ?9k t x w be f\nd m     
economical 9 ! end n ev5 to try to      
produce an article until y h fully      
satisfi$ y\rself t utility1 design1 &   
mat]ial are ! be/4 ,if y\r rese>*es d n 
give y t confid5ce1 !n keep "r on se>*+ 

until y f9d confid5ce4 ,! place to />t  
manufactur+ is ) ! article4 ,! factory1 
! organization1 ! sell+1 & ! f9ancial   
plans w %ape !mselves to ! article4 ,y w
 h a cutt+1 edge on y\r bus9ess *isel & 
9 ! end y w save "t4 ,ru%+ into         
manufactur+ )\t be+ c]ta9 ( ! product is
 ! unrecogniz$ cause ( _m bus9ess       
failures4 ,p seem to ?9k t ! big ?+ is !
 factory or ! /ore or ! f9ancial back+  
or ! managem5t4 ,! big ?+ is ! product1 
& any hurry 9 gett+ into fabrication    
be=e designs are complet$ is j s mu*    
wa/e "t4 ,i sp5t twelve ye>s be=e ,i _h 
a ,model ,t--:i* is :at is kn[n to-day z
 ! ,=d c>--t suit$ me4 ,we did n attempt
 to g into real production until we _h a
 real product4 ,t product has n be5     
ess5tially *ang$4  ,we are con/antly    
exp]im5t+ ) new ideas4 ,if y travel !   
roads 9 ! neighb\rhood ( ,de>born y c   
f9d all sorts ( models ( ,=d c>s4 ,!y   
are exp]im5tal c>s--!y are n new models4
 ,i d n believe 9 lett+ any good idea   
get by me1 b ,i w n quickly decide :e!r 

an idea is good or bad4 ,if an idea     
seems good or seems ev5 to h            
possibilities1 ,i believe 9 do+ :atev]  
is necess>y to te/ out ! idea f e angle4
 ,b te/+ out ! idea is some?+ v diff]5t 
f mak+ a *ange 9 ! c>4 ,:]e mo/         
manufactur]s f9d !mselves quick] to make
 a *ange 9 ! product ?an 9 ! me?od (    
manufactur+--we foll[ exactly ! opposite
 c\rse4  ,our big *anges h be5 9 me?ods 
( manufactur+4 ,!y nev] /& /ill4 ,i     
believe t !re is h>dly a s+le op]ation 9
 ! mak+ ( our c> t is ! same z :5 we    
made our fir/ c> ( ! pres5t model4 ,t is
 :y we make !m s *eaply4 ,! few *anges t
 h be5 made 9 ! c> h be5 9 ! direction (
 conv5i5ce 9 use or :]e we f\nd t a     
*ange 9 design might give add$ /r5g?4 ,!
 mat]ials 9 ! c> *ange z we le>n m & m  
ab\t mat]ials4 ,also we d n want to be  
held up 9 production or h ! exp5se (    
production increas$ by any possible     
%ortage 9 a p>ticul> mat]ial1 s we h =  
mo/ p>ts work$ out sub/itute mat]ials4  
,vanadium /eel1 = in/ance1 is our       

pr9cipal /eel4 ,) x we c get ! greate/  
/r5g? ) ! lea/ weight1 b x w\ld n be    
good bus9ess to let our :ole future     
dep5d ^u be+ able to get vanadium /eel4 
,we h work$ out a sub/itute4 ,all our   
/eels are special1 b = e "o ( !m we h at
 lea/ "o1 & sometimes sev]al1 fully     
prov$ & te/$ sub/itutes4 ,& s on ?r\gh  
all ( our mat]ials & likewise ) our     
p>ts4 ,9 ! beg9n+ we made v few ( our   
p>ts & none ( our motors4 ,n[ we make   
all our motors & mo/ ( our p>ts because 
we f9d x *eap] to d s4 ,b also we aim to
 make "s ( e "p s t we _c be caught 9   
any m>ket em]g5cy or be crippl$ by "s   
outside manufactur] be+ unable to fill 8
 ord]s4 ,! prices on glass 7 run up     
outrage\sly high dur+ ! w>2 we are among
 ! l>ge/ us]s ( glass 9 ! c\ntry4 ,n[ we
 are putt+ up our own glass factory4 ,if
 we _h devot$ all ( ?is en]gy to mak+   
*anges 9 ! product we %\ld be n[h]e2 b  
by n *ang+ ! product we are able to give
 our en]gy to ! improvem5t ( ! mak+4  ,!
 pr9cipal "p ( a *isel is ! cutt+ edge4 

,if !re is a s+le pr9ciple on :i* our   
bus9ess re/s x is t4 ,x makes no        
diff]5ce h[ f9ely made a *isel is or :at
 spl5did /eel x has 9 x or h[ well x is 
=g$--if x has no cutt+ edge x is n a    
*isel4 ,x is j a piece ( metal4 ,all (  
:i* be+ translat$ means t x is :at a ?+ 
does--n :at x is suppos$ to d--t matt]s4
 ,:at is ! use ( putt+ a trem5d\s =ce   
beh9d a blunt *isel if a light bl[ on a 
%>p *isel w d ! "w8 ,! *isel is !re to  
cut1 n to be hamm]$4 ,! hamm]+ is only  
incid5tal to ! job4 ,s if we want to "w 
:y n conc5trate on ! "w & d x 9 !       
quicke/ possible fa%ion8 ,! cutt+ edge (
 m]*&is+ is ! po9t :]e ! product t\*es !
 consum]4 ,an unsatisfactory product is 
"o t has a dull cutt+ edge4 ,a lot (    
wa/e ef=t is ne$$ to put x ?r\gh4 ,!    
cutt+ edge ( a factory is ! man & !     
ma*9e on ! job4 ,if ! man is n "r !     
ma*9e _c be2 if ! ma*9e is n "r ! man _c
 be4 ,= any "o to be requir$ to use m   
=ce ?an is absolutely necess>y = ! job 9
 h& is wa/e4  ,! ess5ce ( my idea !n is 

t wa/e & gre$ block ! deliv]y ( true    
s]vice4 ,bo? wa/e & gre$ are unnecess>y4
 ,wa/e is due l>gely to n und]/&+ :at "o
 does1 or be+ c>eless 9 do+ ( x4 ,gre$  
is m]ely a species ( ne>sight$ness4 ,i h
 /riv5 t[>d manufactur+ ) a m9imum (    
wa/e1 bo? ( mat]ials & ( human ef=t1 &  
!n t[>d di/ribution at a m9imum ( pr(it1
 dep5d+ = ! total pr(it ^u ! volume (   
di/ribution4 ,9 ! process ( manufactur+ 
,i want to di/ribute ! maximum ( wage--t
 is1 ! maximum ( buy+ p[]4 ,s9ce also   
?is makes = a m9imum co/ & we sell at a 
m9imum pr(it1 we c di/ribute a product 9
 consonance ) buy+ p[]4 ,?us ev]yone :o 
is connect$ ) u--ei!r z a manag]1 work]1
 or pur*as]--is ! bett] = our exi/5ce4  
,! in/itution t we h erect$ is p]=m+ a  
s]vice4 ,t is ! only reason ,i h = talk+
 ab\t x4 ,! pr9ciples ( t s]vice are ^!3
  #a4 ,an abs5ce ( fe> ( ! future & (   
v5]ation = ! pa/4 ,"o :o fe>s ! future1 
:o fe>s failure1 limits 8 activities4   
,failure is only ! opportunity m        
intellig5tly to beg9 aga94 ,!re is no   

disgrace 9 hone/ failure2 !re is        
disgrace 9 fe>+ to fail4 ,:at is pa/ is 
useful only z x sugge/s ways & means =  
progress4  #b4 ,a disreg>d (            
competition4 ,:oev] does a ?+ be/ ought 
to be ! "o to d x4 ,x is crim9al to try 
to get bus9ess away f ano!r man--crim9al
 because "o is !n try+ to l[] = p]sonal 
ga9 ! condition ( "o's fell[ man--to    
rule by =ce in/ead ( by intellig5ce4    
#c4 ,! putt+ ( s]vice be=e pr(it4 ,)\t a
 pr(it1 bus9ess _c ext5d4 ,!re is no?+  
inh]5tly wrong ab\t mak+ a pr(it4       
,well-conduct$ bus9ess ent]prise _c fail
 to return a pr(it1 b pr(it mu/ &       
inevitably w come z a rew>d = good      
s]vice4 ,x _c be ! basis--x mu/ be !    
result ( s]vice4  #d4 ,manufactur+ is n 
buy+ l[ & sell+ high4 ,x is ! process ( 
buy+ mat]ials fairly &1 ) ! smalle/     
possible addition ( co/1 trans=m+ ^?    
mat]ials into a consumable product &    
giv+ x to ! consum]4 ,gambl+1 speculat+1
 & %>p deal+1 t5d only to clog ?is      
progression4  ,h[ all ( ?is arose1 h[ x 

has work$ out1 & h[ x applies g5]ally   
are ! subjects ( ^! *apt]s4     ,,*apt] 
,i  ,,! ,,beg9n+ ,,( ,,bus9ess   ,on    
,may #ca1 #aiba1 ! ,=d ,motor ,company  
turn$ out ,c> ,no4 #e1jjj1jjj4 ,x is out
 9 my museum along ) ! gasol9e buggy t  
,i began "w on ?irty ye>s be=e & :i*    
fir/ ran satisfactorily along 9 ! spr+ (
 #ahic4 ,i 0 runn+ x :5 ! bobol9ks came 
to ,de>born & !y always come on ,april  
#bnd4 ,!re is all ! diff]5ce 9 ! _w 9 ! 
appe>ance ( ! two vehicles & almo/ z mu*
 diff]5ce 9 con/ruction & mat]ials1 b 9 
fundam5tals ! two are curi\sly          
alike--except t ! old buggy has on x a  
few wr9kles t we h n yet q adopt$ 9 our 
mod]n c>4 ,= t fir/ c> or buggy1 ev5    
?\gh x _h b two cyl9d]s1 w\ld make tw5ty
 miles an h\r & run sixty miles on !    
?ree gallons ( gas ! little tank held & 
is z good to-day z ! day x 0 built4 ,!  
developm5t 9 me?ods ( manufacture & 9   
mat]ials has be5 great] ?an ! developm5t
 9 basic design4 ,! :ole design has be5 
ref9$2 ! pres5t ,=d c>1 :i* is ! ,model 

,t1 has f\r cyl9d]s & a self />t]--x is 
9 e way a m conv5i5t & an easi] rid+ c>4
 ,x is simpl] ?an ! fir/ c>4 ,b almo/ e 
po9t 9 x may be f\nd also 9 ! fir/ c>4  
,! *anges h be5 br\ght ab\t ?r\gh       
exp]i5ce 9 ! mak+ & n ?r\gh any *ange 9 
! basic pr9ciple--:i* ,i take to be an  
important fact demon/rat+ t1 giv5 a good
 idea to />t )1 x is bett] to conc5trate
 on p]fect+ x ?an to hunt ar\nd = a new 
idea4 ,"o idea at a "t is ab\t z mu* z  
any "o c h&le4  ,x 0 life on ! f>m t    
drove me into devis+ ways & means to    
bett] transportation4 ,i 0 born on ,july
 #cj1 #ahfc1 on a f>m at ,de>born1      
,mi*igan1 & my e>lie/ recollection is t1
 consid]+ ! results1 !re 0 too mu* "w on
 ! place4 ,t is ! way ,i /ill feel ab\t 
f>m+4 ,!re is a leg5d t my p>5ts 7 v    
poor & t ! e>ly days 7 h>d ones4        
,c]ta9ly !y 7 n ri*1 b nei!r 7 !y poor4 
,z ,mi*igan f>m]s w5t1 we 7 prosp]\s4 ,!
 h\se 9 :i* ,i 0 born is /ill /&+1 & x &
 ! f>m are "p ( my pres5t hold+4  ,!re 0
 too mu* h>d h& lab\r on our own & all  

o!r f>ms ( ! "t4 ,ev5 :5 v "y ,i        
suspect$ t mu* might someh[ be done 9 a 
bett] way4 ,t is :at took me into       
me*anics--al?\gh my "m always said t ,i 
0 born a me*anic4 ,i _h a k9d ( work%op 
) odds & ends ( metal = tools be=e ,i _h
 any?+ else4 ,9 ^? days we did n h !    
toys ( to-day2 :at we _h 7 home made4   
,my toys 7 all tools--!y /ill are6 ,& e 
fragm5t ( ma*9]y 0 a treasure4  ,!      
bigge/ ev5t ( ^? e>ly ye>s 0 meet+ ) a  
road eng9e ab\t eight miles out (       
,detroit "o day :5 we 7 driv+ to t[n4 ,i
 0 !n twelve ye>s old4 ,! second bigge/ 
ev5t 0 gett+ a wat*--:i* happ5$ 9 ! same
 ye>4 ,i rememb] t eng9e z ?\gh ,i _h   
se5 x only ye/]day1 = x 0 ! fir/ vehicle
 o!r ?an horse-drawn t ,i _h ev] se54 ,x
 0 int5d$ prim>ily = driv+ ?re%+ ma*9es 
& sawmills & 0 simply a portable eng9e &
 boil] m\nt$ on :eels ) a wat] tank &   
coal c>t trail+ beh9d4 ,i _h se5 pl5ty (
 ^! eng9es haul$ ar\nd by horses1 b ?is 
"o _h a *a9 t made a connection betwe5 !
 eng9e & ! re> :eels ( ! wagon-l frame  

on :i* ! boil] 0 m\nt$4 ,! eng9e 0 plac$
 ov] ! boil] & "o man /&+ on ! plat=m   
beh9d ! boil] %ovel$ coal1 manag$ !     
?rottle1 & did ! /e]+4 ,x _h be5 made by
 ,ni*ols1 ,%ep>d  ,company ( ,battle    
,creek4 ,i f\nd t out at once4 ,! eng9e 
_h /opp$ to let u pass ) our horses & ,i
 0 (f ! wagon & talk+ to ! eng9e] be=e  
my fa!r1 :o 0 driv+1 knew :at ,i 0 up   
to4 ,! eng9e] 0 v glad to expla9 ! :ole 
affair4 ,he 0 pr\d ( x4 ,he %[$ me h[ ! 
*a9 0 disconnect$ f ! propell+ :eel & a 
belt put on to drive o!r ma*9]y4 ,he    
told me t ! eng9e made two hundr$       
revolutions a m9ute & t ! *a9 p9ion c\ld
 be %ift$ to let ! wagon /op :ile !     
eng9e 0 /ill runn+4 ,?is la/ is a       
feature :i*1 al?\gh 9 diff]5t fa%ion1 is
 incorporat$ into mod]n automobiles4 ,x 
0 n important ) /eam eng9es1 :i* are    
easily /opp$ & />t$1 b x became v       
important ) ! gasol9e eng9e4 ,x 0 t     
eng9e :i* took me into automotive       
transportation4 ,i tri$ to make models (
 x1 & "s ye>s lat] ,i did make "o t ran 

v well1 b f ! "t ,i saw t road eng9e z a
 boy ( twelve "r =w>d to to-day1 my     
great int]e/ has be5 9 mak+ a ma*9e t   
w\ld travel ! roads4 ,driv+ to t[n ,i   
always _h a pocket full ( tr9kets--nuts1
 wa%]s1 & odds & ends ( ma*9]y4 ,(t5 ,i 
took a brok5 wat* & tri$ to put x       
toge!r4 ,:5 ,i 0 ?irte5 ,i manag$ = !   
fir/ "t to put a wat* toge!r s t x w\ld 
keep "t4 ,by ! "t ,i 0 fifte5 ,i c\ld d 
almo/ any?+ 9 wat* repair+--al?\gh my   
tools 7 ( ! crude/4 ,!re is an imm5se   
am\nt to be le>n$ simply by t9k]+ ) ?+s4
 ,x is n possible to le>n f books h[    
ev]y?+ is made--& a real me*anic ought  
to "k h[ ne>ly ev]y?+ is made4 ,ma*9es  
are to a me*anic :at books are to a     
writ]4 ,he gets ideas f !m1 & if he has 
any bra9s he w apply ^? ideas4  ,f !    
beg9n+ ,i nev] c\ld "w up mu* int]e/ 9 !
 lab\r ( f>m+4 ,i want$ to h some?+ to d
 ) ma*9]y4 ,my fa!r 0 n entirely 9      
sympa?y ) my b5t t[>d me*anics4 ,he     
?\ght t ,i ought to be a f>m]4 ,:5 ,i   
left s*ool at sev5te5 & became an       

appr5tice 9 ! ma*9e %op ( ! ,drydock    
,eng9e ,works ,i 0 all b giv5 up = lo/4 
,i pass$ my appr5tice%ip )\t tr\ble--t  
is1 ,i 0 qualifi$ to be a ma*9i/ long   
be=e my ?ree-ye> t]m _h expir$--& hav+ a
 lik+ = f9e "w & a lean+ t[>d wat*es ,i 
work$ nights at repair+ 9 a jewelry %op4
 ,at "o p]iod ( ^? e>ly days ,i ?9k t ,i
 mu/ h _h fully ?ree hundr$ wat*es4 ,i  
?\ght t ,i c\ld build a s]viceable wat* 
= ar\nd ?irty c5ts & ne>ly />t$ 9 !     
bus9ess4 ,b ,i did n because ,i figur$  
out t wat*es 7 n univ]sal necessities1 &
 !re=e p g5]ally w\ld n buy !m4 ,j h[ ,i
 rea*$ t surpris+ conclusion ,i am      
unable to /ate4 ,i did n l ! ord9>y     
jewelry & wat* mak+ "w except+ :]e ! job
 0 h>d to d4 ,ev5 !n ,i want$ to make   
some?+ 9 quantity4 ,x 0 j ab\t ! "t :5 !
 /&>d railroad "t 0 be+ arrang$4 ,we _h 
=m]ly be5 on sun "t & = q a :ile1 j z 9 
our pres5t daylight-sav+ days1 !        
railroad "t diff]$ f ! local "t4 ,t     
bo!r$ me a good deal & s ,i succe$$ 9   
mak+ a wat* t kept bo? times4 ,x _h two 

dials & x 0 q a curiosity 9 !           
neighb\rhood4  ,9 #ahgi--t is1 ab\t f\r 
ye>s aft] ,i fir/ saw t ,ni*ols-,%ep>d  
ma*9e--,i manag$ to get a *ance to run  
"o & :5 my appr5tice%ip 0 ov] ,i work$ )
 a local repres5tative ( ! ,we/+h\se    
,company ( ,s*5ectady z an exp]t 9 !    
sett+ up & repair ( _! road eng9es4 ,!  
eng9e !y put out 0 mu* ! same z !       
,ni*ols-,%ep>d eng9e except+ t ! eng9e 0
 up 9 front1 ! boil] 9 ! re>1 & ! p[] 0 
appli$ to ! back :eels by a belt4 ,!y   
c\ld make twelve miles an h\r on ! road 
ev5 ?\gh ! self-propell+ feature 0 only 
an incid5t ( ! con/ruction4 ,!y 7       
sometimes us$ z tractors to pull heavy  
loads &1 if ! own] also happ5$ to be 9 !
 ?re%+-ma*9e bus9ess1 he hit*$ 8 ?re%+  
ma*9e & o!r p>aph]nalia to ! eng9e 9    
mov+ f f>m to f>m4 ,:at bo!r$ me 0 !    
weight & ! co/4 ,!y weigh$ a c\ple (    
tons & 7 f> too exp5sive to be own$ by  
o!r ?an a f>m] ) a great deal ( l&4 ,!y 
7 mo/ly employ$ by p :o w5t into ?re%+ z
 a bus9ess or :o _h sawmills or "s o!r  

l9e t requir$ portable p[]4  ,ev5 be=e t
 "t ,i _h ! idea ( mak+ "s k9d ( a light
 /eam c> t w\ld take ! place ( horses--m
 especially1 h[ev]1 z a tractor to att5d
 to ! excessively h>d lab\r ( pl\gh+4 ,x
 occurr$ to me1 z ,i rememb] some:at    
vaguely1 t precisely ! same idea might  
be appli$ to a c>riage or a wagon on !  
road4 ,a horseless c>riage 0 a common   
idea4 ,p _h be5 talk+ ab\t c>riages )\t 
horses = _m ye>s back--9 fact1 ev] s9ce 
! /eam eng9e 0 inv5t$--b ! idea ( !     
c>riage at fir/ did n seem s practical  
to me z ! idea ( an eng9e to d ! h>d]   
f>m "w1 & ( all ! "w on ! f>m pl\gh+ 0 !
 h>de/4 ,our roads 7 poor & we _h n !   
habit ( gett+ ar\nd4 ,"o ( ! mo/        
rem>kable features ( ! automobile on !  
f>m is ! way t x has broad5$ ! f>m]'s   
life4 ,we simply took = grant$ t unless 
! err& 7 urg5t we w\ld n g to t[n1 & ,i 
?9k we r>ely made m ?an a trip a week4  
,9 bad wea!r we did n g ev5 t (t54  ,be+
 a full-fl$g$ ma*9i/ & ) a v fair       
work%op on ! f>m x 0 n difficult = me to

 build a /eam wagon or tractor4 ,9 !    
build+ ( x came ! idea t p]haps x might 
be made = road use4 ,i felt p]fectly    
c]ta9 t horses1 consid]+ all ! bo!r (   
att5d+ !m & ! exp5se ( fe$+1 did n e>n  
_! keep4 ,! obvi\s ?+ to d 0 to design &
 build a /eam eng9e t w\ld be light     
en\gh to run an ord9>y wagon or to pull 
a pl\gh4 ,i ?\ght x m important fir/ to 
develop ! tractor4 ,to lift f>m drudg]y 
(f fle% & blood & lay x on /eel & motors
 has be5 my mo/ con/ant ambition4 ,x 0  
circum/ances t took me fir/ into !      
actual manufacture ( road c>s4 ,i f\nd  
ev5tually t p 7 m int]e/$ 9 some?+ t    
w\ld travel on ! road ?an 9 some?+ t    
w\ld d ! "w on ! f>ms4 ,9 fact1 ,i d\bt 
t ! light f>m tractor c\ld h be5        
introduc$ on ! f>m _h n ! f>m] _h 8 eyes
 op5$ sl[ly b surely by ! automobile4 ,b
 t is gett+ ahead ( ! /ory4 ,i ?\ght !  
f>m] w\ld be m int]e/$ 9 ! tractor4  ,i 
built a /eam c> t ran4 ,x _h a          
k]os5e-heat$ boil] & x develop$ pl5ty ( 
p[] & a neat control--:i* is s easy ) a 

/eam ?rottle4 ,b ! boil] 0 dang]\s4 ,to 
get ! requisite p[] )\t too big & heavy 
a p[] plant requir$ t ! eng9e "w "u high
 pressure2 sitt+ on a high-pressure /eam
 boil] is n altoge!r pleasant4 ,to make 
x ev5 reasonably safe requir$ an excess 
( weight t nullifi$ ! economy ( ! high  
pressure4 ,= two ye>s ,i kept exp]im5t+ 
) v>i\s sorts ( boil]s--! eng9e &       
control problems 7 simple en\gh--& !n ,i
 def9itely ab&on$ ! :ole idea ( runn+ a 
road vehicle by /eam4 ,i knew t 9 ,engl&
 !y _h :at am\nt$ to locomotives runn+  
on ! roads haul+ l9es ( trail]s & also  
!re 0 no difficulty 9 design+ a big /eam
 tractor = use on a l>ge f>m4 ,b ours 7 
n !n ,engli% roads2 !y w\ld h /all$ or  
rack$ to pieces ! /ronge/ & heavie/ road
 tractor4 ,& anyway ! manufactur+ ( a   
big tractor :i* only a few weal?y f>m]s 
c\ld buy did n seem to me wor? :ile4  ,b
 ,i did n give up ! idea ( a horseless  
c>riage4 ,! "w ) ! ,we/+h\se            
repres5tative only s]v$ to confirm !    
op9ion ,i _h =m$ t /eam 0 n suitable =  

light vehicles4 ,t is :y ,i /ay$ only a 
ye> ) t company4 ,!re 0 no?+ m t ! big  
/eam tractors & eng9es c\ld tea* me & ,i
 did n want to wa/e "t on some?+ t w\ld 
lead n[h]e4 ,a few ye>s be=e--x 0 :ile  
,i 0 an appr5tice--,i read 9 ! ,_w (    
,sci5ce1 an ,engli% publication1 ( !    
sil5t gas eng9e :i* 0 !n com+ out 9     
,engl&4 ,i ?9k x 0 ! ,otto eng9e4 ,x ran
 ) illum9at+ gas1 _h a s+le l>ge cyl9d]1
 & ! p[] impulses be+ ?us int]mitt5t    
requir$ an extremely heavy fly-:eel4 ,z 
f> z weight 0 conc]n$ x gave no?+ l !   
p[] p] p\nd ( metal t a /eam eng9e gave1
 & ! use ( illum9at+ gas seem$ to       
dismiss x z ev5 a possibility = road    
use4 ,x 0 int]e/+ to me only z all      
ma*9]y 0 int]e/+4 ,i foll[$ 9 ! ,engli% 
& ,am]ican magaz9es :i* we got 9 ! %op !
 developm5t ( ! eng9e & mo/ p>ticul>ly !
 h9ts ( ! possible replacem5t ( !       
illum9at+ gas fuel by a gas =m$ by !    
vaporization ( gasol9e4 ,! idea ( gas   
eng9es 0 by no means new1 b ?is 0 ! fir/
 "t t a really s]i\s ef=t _h be5 made to

 put !m on ! m>ket4 ,!y 7 receiv$ )     
int]e/ r ?an en?usiasm & ,i d n recall  
any "o :o ?\ght t ! int]nal combu/ion   
eng9e c\ld ev] h m ?an a limit$ use4    
,all ! wise p demon/rat$ conclusively t 
! eng9e c\ld n compete ) /eam4 ,!y nev] 
?\ght t x might c>ve out a c>e] =       
itself4 ,t is ! way ) wise p--!y are s  
wise & practical t !y always "k to a dot
 j :y some?+ _c be done2 !y always "k ! 
limitations4 ,t is :y ,i nev] employ an 
exp]t 9 full bloom4 ,if ev] ,i want$ to 
kill opposition by unfair means ,i w\ld 
end[ ! opposition ) exp]ts4 ,!y w\ld h s
 mu* good advice t ,i c\ld be sure !y   
w\ld d little "w4  ,! gas eng9e int]e/$ 
me & ,i foll[$ its progress1 b only f   
curiosity1 until ab\t #ahhe or #ahhf :51
 ! /eam eng9e be+ disc>d$ z ! motive p[]
 = ! c>riage t ,i int5d$ "s day to      
build1 ,i _h to look ar\nd = ano!r sort 
( motive p[]4 ,9 #ahhe ,i repair$ an    
,otto eng9e at ! ,eagle ,iron ,works 9  
,detroit4 ,no "o 9 t[n knew any?+ ab\t  
!m4 ,!re 0 a rum\r t ,i did &1 al?\gh ,i

 _h nev] be=e be5 9 contact ) "o1 ,i    
und]took & c>ri$ ?r\gh ! job4 ,t gave me
 a *ance to /udy ! new eng9e at fir/ h& 
& 9 #ahhg ,i built "o on ! ,otto        
f\r-cycle model j to see if ,i und]/ood 
! pr9ciples4 ,f\r cycle means t ! pi/on 
trav]ses ! cyl9d] f\r times to get "o   
p[] impulse4 ,! fir/ /roke draws 9 !    
gas1 ! second compresses x1 ! ?ird is ! 
explosion or p[] /roke1 :ile ! f\r?     
/roke exhau/s ! wa/e gas4 ,! little     
model work$ well en\gh2 x _h a "o-in*   
bore & a ?ree-in* /roke1 op]at$ )       
gasol9e1 & :ile x did n develop mu* p[]1
 x 0 slightly light] 9 proportion ?an ! 
eng9es be+ (f]$ comm]cially4 ,i gave x  
away lat] to a "y man :o want$ x =      
some?+ or o!r & ^: "n ,i h =gott52 x 0  
ev5tually de/roy$4 ,t 0 ! beg9n+ ( ! "w 
) ! int]nal combu/ion eng9e4  ,i 0 !n on
 ! f>m to :i* ,i _h return$1 m because  
,i want$ to exp]im5t ?an because ,i     
want$ to f>m1 &1 n[ be+ an all-ar\nd    
ma*9i/1 ,i _h a fir/-class work%op to   
replace ! toy %op ( e>li] days4 ,my fa!r

 (f]$ me =ty acres ( timb] l&1 provid$  
,i gave up be+ a ma*9i/4 ,i agre$ 9 a   
provisional way1 = cutt+ ! timb] gave me
 a *ance to get m>ri$4 ,i fitt$ out a   
sawmill & a portable eng9e & />t$ to cut
 out & saw up ! timb] on ! tract4 ,"s ( 
! fir/ ( t lumb] w5t into a cottage on  
my new f>m & 9 x we began our m>ri$     
life4 ,x 0 n a big h\se--?irty-"o feet  
squ>e & only a /ory & a half high--b x 0
 a com=table place4 ,i add$ to x my     
work%op1 & :5 ,i 0 n cutt+ timb] ,i 0   
work+ on ! gas eng9es--le>n+ :at !y 7 & 
h[ !y act$4 ,i read ev]y?+ ,i c\ld f9d1 
b ! greate/ k came f ! "w4 ,a gas eng9e 
is a my/]i\s sort ( ?+--x w n always g !
 way x %\ld4 ,y c imag9e h[ ^? fir/     
eng9es act$6  ,x 0 9 #ahij t ,i began on
 a d\ble-cyl9d] eng9e4 ,x 0 q           
impractical to consid] ! s+le cyl9d] =  
transportation purposes--! fly-:eel _h  
to be entirely too heavy4 ,betwe5 mak+ !
 fir/ f\r-cycle eng9e ( ! ,otto type & !
 />t on a d\ble cyl9d] ,i _h made a     
great _m exp]im5tal eng9es out ( tub+4  

,i fairly knew my way ab\t4 ,! d\ble    
cyl9d] ,i ?\ght c\ld be appli$ to a road
 vehicle & my orig9al idea 0 to put x on
 a bicycle ) a direct connection to !   
crank%aft & all[+ = ! re> :eel ( !      
bicycle to act z ! balance :eel4 ,! spe$
 0 go+ to be v>i$ only by ! ?rottle4 ,i 
nev] c>ri$ out ?is plan because x soon  
became app>5t t ! eng9e1 gasol9e tank1 &
 ! v>i\s necess>y controls w\ld be      
entirely too heavy = a bicycle4 ,! plan 
( ! two oppos$ cyl9d]s 0 t1 :ile "o w\ld
 be deliv]+ p[] ! o!r w\ld be exhau/+4  
,?is naturally w\ld n require s heavy a 
fly-:eel to ev5 ! application ( p[]4 ,! 
"w />t$ 9 my %op on ! f>m4 ,!n ,i 0 (f]$
 a job ) ! ,detroit ,electric ,company z
 an eng9e] & ma*9i/ at =ty-five doll>s a
 mon?4 ,i took x because t 0 m money ?an
 ! f>m 0 br++ me & ,i _h decid$ to get  
away f f>m life anyway4 ,! timb] _h all 
be5 cut4 ,we r5t$ a h\se on ,bagley     
,av5ue1 ,detroit4 ,! work%op came along 
& ,i set x up 9 a brick %$ at ! back ( !
 h\se4 ,dur+ ! fir/ sev]al mon?s ,i 0 9 

! night %ift at ! electric-light        
plant--:i* gave me v little "t =        
exp]im5t+--b aft] t ,i 0 9 ! day %ift & 
e night & all ( e ,saturday night ,i    
work$ on ! new motor4 ,i _c say t x 0   
h>d "w4 ,no "w ) int]e/ is ev] h>d4 ,i  
always am c]ta9 ( results4 ,!y always   
come if y "w h>d en\gh4 ,b x 0 a v great
 ?+ to h my wife ev5 m confid5t ?an ,i  
04 ,%e has always be5 t way4  ,i _h to  
"w f ! gr\nd up--t is1 al?\gh ,i knew t 
a numb] ( p 7 work+ on horseless        
c>riages1 ,i c\ld n "k :at !y 7 do+4 ,! 
h>de/ problems to ov]come 7 9 ! mak+ &  
break+ ( ! sp>k & 9 ! avoidance ( excess
 weight4 ,= ! transmission1 ! /e]+ ge>1 
& ! g5]al con/ruction1 ,i c\ld draw on  
my exp]i5ce ) ! /eam tractors4 ,9 #ahib 
,i complet$ my fir/ motor c>1 b x 0 n   
until ! spr+ ( ! foll[+ ye> t x ran to  
my satisfaction4 ,?is fir/ c> _h some?+ 
( ! appe>ance ( a buggy4 ,!re 7 two     
cyl9d]s ) a two-&-a-half-in* bore & a   
six-in* /roke set side by side & ov] !  
re> axle4 ,i made !m out ( ! exhau/ pipe

 ( a /eam eng9e t ,i _h b\ght4 ,!y      
develop$ ab\t f\r horsep[]4 ,! p[] 0    
transmitt$ f ! motor to ! c\nt]%aft by a
 belt & f ! c\nt]%aft to ! re> :eel by a
 *a94 ,! c> w\ld hold two p1 ! seat be+ 
susp5d$ on po/s & ! body on elliptical  
spr+s4 ,!re 7 two spe$s--"o ( t5 & ! o!r
 ( tw5ty miles p] h\r--obta9$ by %ift+ !
 belt1 :i* 0 done by a clut* lev] 9     
front ( ! driv+ seat4 ,?r[n =w>d1 ! lev]
 put 9 ! high spe$2 ?r[n back1 ! l[     
spe$2 ) ! lev] upright ! eng9e c\ld run 
free4 ,to />t ! c> x 0 necess>y to turn 
! motor ov] by h& ) ! clut* free4 ,to   
/op ! c> "o simply releas$ ! clut* &    
appli$ ! foot brake4 ,!re 0 no rev]se1 &
 spe$s o!r ?an ^? ( ! belt 7 obta9$ by !
 ?rottle4 ,i b\ght ! iron "w = ! frame (
 ! c>riage & also ! seat & ! spr+s4 ,!  
:eels 7 tw5ty-eight-in* wire bicycle    
:eels ) rubb] tires4 ,! balance :eel ,i 
_h ca/ f a patt]n t ,i made & all ( ! m 
delicate me*anism ,i made myself4 ,"o ( 
! features t ,i discov]$ necess>y 0 a   
comp5sat+ ge> t p]mitt$ ! same p[] to be

 appli$ to ea* ( ! re> :eels :5 turn+   
corn]s4 ,! ma*9e altoge!r weigh$ ab\t   
five hundr$ p\nds4 ,a tank "u ! seat    
held ?ree gallons ( gasol9e :i* 0 f$ to 
! motor ?r\gh a small pipe & a mix+     
valve4 ,! ignition 0 by electric sp>k4  
,! orig9al ma*9e 0 air-cool$--or to be m
 accurate1 ! motor simply 0 n cool$ at  
all4 ,i f\nd t on a run ( an h\r or m ! 
motor heat$ up1 & s ,i v %ortly put a   
wat] jacket ar\nd ! cyl9d]s & pip$ x to 
a tank 9 ! re> ( ! c> ov] ! cyl9d]s4    
,ne>ly all ( ^! v>i\s features _h be5   
plann$ 9 advance4 ,t is ! way ,i h      
always work$4 ,i draw a plan & "w out e 
detail on ! plan be=e />t+ to build4 ,= 
o!rwise "o w wa/e a great deal ( "t 9   
make%ifts z ! "w goes on & ! f9i%$      
article w n h coh]5ce4 ,x w n be rightly
 proportion$4 ,_m inv5tors fail because 
!y d n di/+ui% betwe5 plann+ &          
exp]im5t+4 ,! l>ge/ build+ difficulties 
t ,i _h 7 9 obta9+ ! prop] mat]ials4 ,! 
next 7 ) tools4 ,!re _h to be "s        
adju/m5ts & *anges 9 details ( ! design1

 b :at held me up mo/ 0 t ,i _h nei!r ! 
"t nor ! money to se>* = ! be/ mat]ial =
 ea* "p4 ,b 9 ! spr+ ( #ahic ! ma*9e 0  
runn+ to my p>tial satisfaction & giv+  
an opportunity fur!r to te/ out ! design
 & mat]ial on ! road4     ,,*apt] ,,ii  
,,:at ,i ,,le>n$ ,,ab\t ,,bus9ess   ,my 
gasol9e buggy 0 ! fir/ & = a long "t !  
only automobile 9 ,detroit4 ,x 0        
consid]$ to be some?+ ( a nuisance1 = x 
made a racket & x sc>$ horses4 ,also x  
block$ traffic4 ,= if ,i /opp$ my ma*9e 
any:]e 9 t[n a cr[d 0 ar\nd x be=e ,i   
c\ld />t up aga94 ,if ,i left x alone   
ev5 = a m9ute "s inquisitive p]son      
always tri$ to run x4 ,f9ally1 ,i _h to 
c>ry a *a9 & *a9 x to a lamp po/ :5ev]  
,i left x any:]e4 ,& !n !re 0 tr\ble ) !
 police4 ,i d n "k q :y1 = my impression
 is t !re 7 no spe$-limit laws 9 ^?     
days4 ,anyway1 ,i _h to get a special   
p]mit f ! mayor & ?us = a "t enjoy$ !   
di/9ction ( be+ ! only lic5s$ *auffeur 9
 ,am]ica4 ,i ran t ma*9e ab\t "o ?\s&   
miles ?r\gh #ahie & #ahif & !n sold x to

 ,*>les ,a9sley ( ,detroit = two hundr$ 
doll>s4 ,t 0 my fir/ sale4 ,i _h built !
 c> n to sell b only to exp]im5t )4 ,i  
want$ to />t ano!r c>4 ,a9sley want$ to 
buy4 ,i c\ld use ! money & we _h no     
tr\ble 9 agree+ ^u a price4  ,x 0 n at  
all my idea to make c>s 9 any su* petty 
fa%ion4 ,i 0 look+ ahead to production1 
b be=e t c\ld come ,i _h to h some?+ to 
produce4 ,x does n pay to hurry4 ,i />t$
 a second c> 9 #ahif2 x 0 mu* l ! fir/ b
 a little light]4 ,x also _h ! belt     
drive :i* ,i did n give up until "s "t  
lat]2 ! belts 7 all "r except+ 9 hot    
wea!r4 ,t is :y ,i lat] adopt$ ge>s4 ,i 
le>n$ a great deal f t c>4 ,o!rs 9 ?is  
c\ntry & abroad 7 build+ c>s by t "t1 & 
9 #ahie ,i he>d t a ,b5z c> f ,g]many 0 
on exhibition 9 ,macy's /ore 9 ,new     
,york4 ,i travel$ d[n to look at x b x  
_h no features t seem$ wor? :ile4 ,x    
also _h ! belt drive1 b x 0 mu* heavi]  
?an my c>4 ,i 0 work+ = lightness2 !    
=eign mak]s h nev] seem$ to appreciate  
:at light weight means4 ,i built ?ree   

c>s 9 all 9 my home %op & all ( !m ran =
 ye>s 9 ,detroit4 ,i /ill h ! fir/ c>2  
,i b\ght x back a few ye>s lat] f a man 
to :om ,mr4 ,a9sley _h sold x4 ,i paid  
"o hundr$ doll>s = x4  ,dur+ all ?is "t 
,i kept my position ) ! electric company
 & gradually advanc$ to *ief eng9e] at a
 sal>y ( "o hundr$ & tw5ty-five doll>s a
 mon?4 ,b my gas-eng9e exp]im5ts 7 no m 
popul> ) ! presid5t ( ! company ?an my  
fir/ me*anical lean+s 7 ) my fa!r4 ,x 0 
n t my employ] object$ to               
exp]im5ts--only to exp]im5ts ) a gas    
eng9e4 ,i c /ill he> him say3           
,electricity1 yes1 t's ! com+ ?+4 ,b    
gas--no4  ,he _h ample gr\nds = 8       
skepticism--to use ! milde/ t]ms4       
,practically no "o _h ! remote/ notion (
 ! future ( ! int]nal combu/ion eng9e1  
:ile we 7 j on ! edge ( ! great         
electrical developm5t4 ,z ) e           
comp>atively new idea1 electricity 0    
expect$ to d mu* m ?an we ev5 n[ h any  
indication t x c d4 ,i did n see ! use (
 exp]im5t+ ) electricity = my purposes4 

,a road c> c\ld n run on a trolley ev5  
if trolley wires _h be5 less exp5sive2  
no /orage batt]y 0 9 sight ( a weight t 
0 practical4 ,an electrical c> _h (     
necessity to be limit$ 9 radius & to    
conta9 a l>ge am\nt ( motive ma*9]y 9   
proportion to ! p[] ex]t$4 ,t is n to   
say t ,i held or n[ hold electricity    
*eaply2 we h n yet begun to use         
electricity4 ,b x has its place1 & !    
int]nal combu/ion eng9e has its place4  
,nei!r c sub/itute = ! o!r--:i* is      
exce$+ly =tunate4  ,i h ! dynamo t ,i   
fir/ _h *>ge ( at ! ,detroit ,edison    
,company4 ,:5 ,i />t$ our ,canadian     
plant ,i b\ght x f an (fice build+ to   
:i* x _h be5 sold by ! electric company1
 _h x revamp$ a little1 & = sev]al ye>s 
x gave excell5t s]vice 9 ! ,canadian    
plant4 ,:5 we _h to build a new p[]     
plant1 ow+ to ! increase 9 bus9ess1 ,i  
_h ! old motor tak5 out to my museum--a 
room out at ,de>born t holds a great    
numb] ( my me*anical treasures4  ,!     
,edison ,company (f]$ me ! g5]al        

sup]9t5d5cy ( ! company b only on       
condition t ,i w\ld give up my gas eng9e
 & devote myself to some?+ really       
useful4 ,i _h to *oose betwe5 my job &  
my automobile4 ,i *ose ! automobile1 or 
r ,i gave up ! job--!re 0 really no?+ 9 
! way ( a *oice4 ,= already ,i knew t ! 
c> 0 b\nd to be a success4 ,i quit my   
job on ,augu/ #ae1 #ahii1 & w5t into !  
automobile bus9ess4  ,x might be ?\ght  
some?+ ( a /ep1 = ,i _h no p]sonal      
funds4 ,:at money 0 left ov] f liv+ 0   
all us$ 9 exp]im5t+4 ,b my wife agre$ t 
! automobile c\ld n be giv5 up--t we _h 
to make or break4 ,!re 0 no dem& =      
automobiles--!re nev] is = a new        
article4 ,!y 7 accept$ 9 mu* ! fa%ion z 
0 m rec5tly ! airplane4 ,at fir/ !      
horseless c>riage 0 consid]$ m]ely a    
freak notion & _m wise p expla9$ )      
p>ticul>ity :y x c\ld nev] be m ?an a   
toy4 ,no man ( money ev5 ?\ght ( x z a  
comm]cial possibility4 ,i _c imag9e :y  
ea* new means ( transportation meets )  
su* opposition4 ,!re are ev5 ^? to-day  

:o %ake _! heads & talk ab\t ! luxury ( 
! automobile & only grudg+ly admit t    
p]haps ! motor truck is ( "s use4 ,b 9 !
 beg9n+ !re 0 h>dly any "o :o s5s$ t !  
automobile c\ld be a l>ge factor 9      
indu/ry4 ,! mo/ optimi/ic hop$ only = a 
developm5t ak9 to t ( ! bicycle4 ,:5 x 0
 f\nd t an automobile really c\ld g &   
sev]al mak]s />t$ to put out c>s1 !     
imm$iate qu]y 0 z to :i* w\ld g fa/e/4  
,x 0 a curi\s b natural developm5t--t   
rac+ idea4 ,i nev] ?\ght any?+ ( rac+1 b
 ! public refus$ to consid] ! automobile
 9 any light o!r ?an z a fa/ toy4 ,!re=e
 lat] we _h to race4 ,! indu/ry 0 held  
back by ?is initial rac+ slant1 = !     
att5tion ( ! mak]s 0 div]t$ to mak+ fa/ 
r ?an good c>s4 ,x 0 a bus9ess =        
speculators4  ,a gr\p ( m5 ( speculative
 turn ( m9d organiz$1 z soon z ,i left !
 electric company1 ! ,detroit           
,automobile ,company to exploit my c>4  
,i 0 ! *ief eng9e] & held a small am\nt 
( ! /ock4 ,= ?ree ye>s we cont9u$ mak+  
c>s m or less on ! model ( my fir/ c>4  

,we sold v few ( !m2 ,i c\ld get no     
support at all t[>d mak+ bett] c>s to be
 sold to ! public at l>ge4 ,! :ole ?\ght
 0 to make to ord] & to get ! l>ge/     
price possible = ea* c>4 ,! ma9 idea    
seem$ to be to get ! money4 ,& be+ )\t  
au?ority o!r ?an my eng9e]+ position    
gave me1 ,i f\nd t ! new company 0 n a  
vehicle = realiz+ my ideas b m]ely a    
money-mak+ conc]n--t did n make mu*     
money4 ,9 ,m>*1 #aijb1 ,i resign$1      
det]m9$ nev] aga9 to put myself "u      
ord]s4 ,! ,detroit ,automobile ,company 
lat] became ! ,cadillac ,company "u !   
own]%ip ( ! ,lel&s1 :o came 9           
subsequ5tly4  ,i r5t$ a %op--a "o-/ory  
brick %$--at #ha ,p>k ,place to cont9ue 
my exp]im5ts & to f9d out :at bus9ess   
really 04 ,i ?\ght t x mu/ be some?+    
diff]5t f :at x _h prov$ to be 9 my fir/
 adv5ture4  ,! ye> f #aijb until !      
=mation ( ! ,=d ,motor ,company 0       
practically "o ( inve/igation4 ,9 my    
little "o-room brick %op ,i work$ on !  
developm5t ( a f\r-cyl9d] motor & on !  

outside ,i tri$ to f9d out :at bus9ess  
really 0 & :e!r x ne$$ to be q s selfi% 
a scramble = money z x seem$ to be f my 
fir/ %ort exp]i5ce4 ,f ! p]iod ( ! fir/ 
c>1 :i* ,i h describ$1 until ! =mation (
 my pres5t company ,i built 9 all ab\t  
tw5ty-five c>s1 ( :i* n9ete5 or tw5ty 7 
built ) ! ,detroit ,automobile ,company4
 ,! automobile _h pass$ f ! initial /age
 :]e ! fact t x c\ld run at all 0 en\gh1
 to ! /age :]e x _h to %[ spe$4 ,alex&] 
,w9ton ( ,clevel&1 ! f\nd] ( ! ,w9ton   
c>1 0 !n ! track *ampion ( ! c\ntry &   
will+ to meet all com]s4 ,i design$ a   
two-cyl9d] enclos$ eng9e ( a m compact  
type ?an ,i _h be=e us$1 fitt$ x into a 
skeleton *assis1 f\nd t ,i c\ld make    
spe$1 & arrang$ a race ) ,w9ton4 ,we met
 on ! ,grosse ,po9t track at ,detroit4  
,i beat him4 ,t 0 my fir/ race1 & x     
br\ght adv]tis+ ( ! only k9d t p c>$ to 
read4 ,! public ?\ght no?+ ( a c> unless
 x made spe$--unless x beat o!r rac+    
c>s4 ,my ambition to build ! fa/e/ c> 9 
! _w l$ me to plan a f\r-cyl9d] motor4  

,b ( t m lat]4  ,! mo/ surpris+ feature 
( bus9ess z x 0 conduct$ 0 ! l>ge       
att5tion giv5 to f9ance & ! small       
att5tion to s]vice4 ,t seem$ to me to be
 rev]s+ ! natural process :i* is t !    
money %\ld come z ! result ( "w & n be=e
 ! "w4 ,! second feature 0 ! g5]al      
indiff]5ce to bett] me?ods ( manufacture
 z long z :atev] 0 done got by & took ! 
money4 ,9 o!r words1 an article app>5tly
 0 n built ) ref]5ce to h[ greatly x    
c\ld s]ve ! public b ) ref]5ce solely to
 h[ mu* money c\ld be _h = x--& t )\t   
any p>ticul> c>e :e!r ! cu/om] 0        
satisfi$4 ,to sell him 0 en\gh4 ,a      
dissatisfi$ cu/om] 0 reg>d$ n z a man ^:
 tru/ _h be5 violat$1 b ei!r z a        
nuisance or z a possible s\rce ( m money
 9 fix+ up ! "w :i* ought to h be5 done 
correctly 9 ! fir/ place4 ,= in/ance1 9 
automobiles !re 0 n mu* conc]n z to :at 
happ5$ to ! c> once x _h be5 sold4 ,h[  
mu* gasol9e x us$ p] mile 0 ( no great  
mom5t2 h[ mu* s]vice x actually gave did
 n matt]2 & if x broke d[n & _h to h    

p>ts replac$1 !n t 0 j h>d luck = !     
own]4 ,x 0 consid]$ good bus9ess to sell
 p>ts at ! highe/ possible price on !   
!ory t1 s9ce ! man _h already b\ght !   
c>1 he simply _h to h ! "p & w\ld be    
will+ to pay = x4  ,! automobile bus9ess
 0 n on :at ,i w\ld call an hone/ basis1
 to say no?+ ( be+1 f a manufactur+     
/&po9t1 on a sci5tific basis1 b x 0 no  
worse ?an bus9ess 9 g5]al4 ,t 0 ! p]iod1
 x may be rememb]$1 9 :i* _m            
corporations 7 be+ float$ & f9anc$4 ,!  
bank]s1 :o be=e !n _h conf9$ !mselves to
 ! railroads1 got into indu/ry4 ,my idea
 0 !n & /ill is t if a man did 8 "w     
well1 ! price he w\ld get = t "w1 !     
pr(its & all f9ancial matt]s1 w\ld c>e =
 !mselves & t a bus9ess ought to />t    
small & build itself up & out ( its     
e>n+s4 ,if !re are no e>n+s !n t is a   
signal to ! own] t he is wa/+ 8 "t &    
does n belong 9 t bus9ess4 ,i h nev]    
f\nd x necess>y to *ange ^? ideas1 b ,i 
discov]$ t ?is simple =mula ( do+ good  
"w & gett+ paid = x 0 suppos$ to be sl[ 

= mod]n bus9ess4 ,! plan at t "t mo/ 9  
favor 0 to />t (f ) ! l>ge/ possible    
capitalization & !n sell all ! /ock &   
all ! bonds t c\ld be sold4 ,:atev]     
money happ5$ to be left ov] aft] all !  
/ock & bond-sell+ exp5ses & promot]s1   
*>ges & all t1 w5t grudg+ly into !      
f\ndation ( ! bus9ess4 ,a good bus9ess 0
 n "o t did good "w & e>n$ a fair pr(it4
 ,a good bus9ess 0 "o t w\ld give !     
opportunity = ! float+ ( a l>ge am\nt ( 
/ocks & bonds at high prices4 ,x 0 !    
/ocks & bonds1 n ! "w1 t matt]$4 ,i c\ld
 n see h[ a new bus9ess or an old       
bus9ess c\ld be expect$ to be able to   
*>ge into its product a great big bond  
int]e/ & !n sell ! product at a fair    
price4 ,i h nev] be5 able to see t4  ,i 
h nev] be5 able to und]/& on :at !ory ! 
orig9al inve/m5t ( money c be *>g$ aga9/
 a bus9ess4 ,^? m5 9 bus9ess :o call    
!mselves f9anci]s say t money is wor? #f
 p] c5t1 or #e p] c5t1 or "s o!r p] c5t1
 & t if a bus9ess has "o hundr$ ?\s&    
doll>s inve/$ 9 x1 ! man :o made !      

inve/m5t is entitl$ to *>ge an int]e/   
paym5t on ! money1 because1 if in/ead ( 
putt+ t money into ! bus9ess he _h put x
 into a sav+s bank or into c]ta9        
securities1 he c\ld h a c]ta9 fix$      
return4 ,!re=e !y say t a prop] *>ge    
aga9/ ! op]at+ exp5ses ( a bus9ess is ! 
int]e/ on ?is money4 ,?is idea is at !  
root ( _m bus9ess failures & mo/ s]vice 
failures4 ,money is n wor? a p>ticul>   
am\nt4 ,z money x is n wor? any?+1 = x w
 d no?+ ( itself4 ,! only use ( money is
 to buy tools to "w ) or ! product (    
tools4 ,!re=e money is wor? :at x w help
 y to produce or buy & no m4 ,if a man  
?9ks t 8 money w e>n #e p] c5t1 or #f p]
 c5t1 he ought to place x :]e he c get t
 return1 b money plac$ 9 a bus9ess is n 
a *>ge on ! bus9ess--or1 r1 %\ld n be4  
,x ceases to be money & becomes1 or %\ld
 become1 an eng9e ( production1 & x is  
!re=e wor? :at x produces--& n a fix$   
sum accord+ to "s scale t has no be>+ ^u
 ! p>ticul> bus9ess 9 :i* ! money has   
be5 plac$4 ,any return %\ld come aft] x 

has produc$1 n be=e4  ,bus9ess m5       
believ$ t y c\ld d any?+ by f9anc+ x4   
,if x did n g ?r\gh on ! fir/ f9anc+ !n 
! idea 0 to ref9ance4 ,! process (      
ref9anc+ 0 simply ! game ( s5d+ good    
money aft] bad4 ,9 ! majority ( cases ! 
ne$ ( ref9anc+ arises f bad managem5t1 &
 ! effect ( ref9anc+ is simply to pay ! 
poor manag]s to keep up _! bad managem5t
 a little long]4 ,x is m]ely a          
po/ponem5t ( ! day ( judgm5t4 ,?is      
make%ift ( ref9anc+ is a device (       
speculative f9anci]s4 ,_! money is no   
good to !m unless !y c connect x up ) a 
place :]e real "w is be+ done1 & t !y _c
 d unless1 someh[1 t place is poorly    
manag$4 ,?us1 ! speculative f9anci]s    
delude !mselves t !y are putt+ _! money 
out to use4 ,!y are n2 !y are putt+ x   
out to wa/e4  ,i det]m9$ absolutely t   
nev] w\ld ,i jo9 a company 9 :i* f9ance 
came be=e ! "w or 9 :i* bank]s or       
f9anci]s _h a "p4 ,& fur!r t1 if !re 7  
no way to get />t$ 9 ! k9d ( bus9ess t  
,i ?\ght c\ld be manag$ 9 ! int]e/ ( !  

public1 !n ,i simply w\ld n get />t$ at 
all4 ,= my own %ort exp]i5ce1 toge!r )  
:at ,i saw go+ on ar\nd me1 0 q en\gh   
pro( t bus9ess z a m]e money-mak+ game 0
 n wor? giv+ mu* ?\ght to & 0 di/9ctly  
no place = a man :o want$ to accompli%  
any?+4 ,also x did n seem to me to be ! 
way to make money4 ,i h yet to h x      
demon/rat$ t x is ! way4 ,= ! only      
f\ndation ( real bus9ess is s]vice4  ,a 
manufactur] is n ?r\gh ) 8 cu/om] :5 a  
sale is complet$4 ,he has !n only />t$ )
 8 cu/om]4 ,9 ! case ( an automobile !  
sale ( ! ma*9e is only some?+ 9 ! nature
 ( an introduction4 ,if ! ma*9e does n  
give s]vice1 !n x is bett] = !          
manufactur] if he nev] _h !             
introduction1 = he w h ! wor/ ( all     
adv]tisem5ts--a dissatisfi$ cu/om]4 ,!re
 0 some?+ m ?an a t5d5cy 9 ! e>ly days (
 ! automobile to reg>d ! sell+ ( a ma*9e
 z ! real accompli%m5t & t !reaft] x did
 n matt] :at happ5$ to ! buy]4 ,t is !  
%ortsight$ salesman-on-commission       
attitude4 ,if a salesman is paid only = 

:at he sells1 x is n to be expect$ t he 
is go+ to ex]t any great ef=t on a      
cu/om] out ( :om no m commission is to  
be made4 ,& x is "r on ?is po9t t we    
lat] made ! l>ge/ sell+ argum5t = ! ,=d4
 ,! price & ! quality ( ! c> w\ld       
und\bt$ly h made a m>ket1 & a l>ge      
m>ket4 ,we w5t beyond t4 ,a man :o b\ght
 "o ( our c>s 0 9 my op9ion entitl$ to  
cont9u\s use ( t c>1 & !re=e if he _h a 
breakd[n ( any k9d x 0 our duty to see t
 8 ma*9e 0 put into %ape aga9 at !      
e>lie/ possible mom5t4 ,9 ! success ( ! 
,=d c> ! e>ly provision ( s]vice 0 an   
out/&+ elem5t4 ,mo/ ( ! exp5sive c>s ( t
 p]iod 7 ill provid$ ) s]vice /ations4  
,if y\r c> broke d[n y _h to dep5d on ! 
local repair man--:5 y 7 entitl$ to     
dep5d ^u ! manufactur]4 ,if ! local     
repair man 7 a =eh&$ sort ( a p]son1    
keep+ on h& a good /ock ( p>ts 7al?\gh  
on _m ( ! c>s ! p>ts 7 n int]*angeable71
 ! own] 0 lucky4 ,b if ! repair man 7 a 
%iftless p]son1 ) an adequate k (       
automobiles & an inord9ate desire to    

make a good ?+ out ( e c> t came into 8 
place = repairs1 !n ev5 a slight        
breakd[n meant weeks ( lay+ up & a :opp+
 big repair bill t _h to be paid be=e ! 
c> c\ld be tak5 away4 ,! repair m5 7 = a
 "t ! l>ge/ m5ace to ! automobile       
indu/ry4 ,ev5 z late z #aiaj & #aiaa !  
own] ( an automobile 0 reg>d$ z         
ess5tially a ri* man ^: money ought to  
be tak5 away f him4 ,we met t situation 
squ>ely & at ! v beg9n+4 ,we w\ld n h   
our di/ribution block$ by /upid1 gre$y  
m54  ,t is gett+ "s ye>s ahead ( ! /ory1
 b x is control by f9ance t breaks up   
s]vice because x looks to ! imm$iate    
doll>4 ,if ! fir/ consid]ation is to e>n
 a c]ta9 am\nt ( money1 !n1 unless by "s
 /roke ( luck matt]s are go+ especially 
well & !re is a surplus ov] = s]vice s t
 ! op]at+ m5 may h a *ance1 future      
bus9ess has to be sacrific$ = ! doll> ( 
to-day4  ,& also ,i notic$ a t5d5cy     
among _m m5 9 bus9ess to feel t _! lot 0
 h>d--!y work$ aga9/ a day :5 !y might  
retire & live on an income--get out ( ! 

/rife4 ,life to !m 0 a battle to be end$
 z soon z possible4 ,t 0 ano!r po9t ,i  
c\ld n und]/&1 = z ,i reason$1 life is n
 a battle except ) our own t5d5cy to sag
 ) ! d[npull ( gett+ settl$4 ,if to     
petrify is success all "o has to d is to
 hum\r ! lazy side ( ! m9d b if to gr[  
is success1 !n "o mu/ wake up anew e    
morn+ & keep awake all day4 ,i saw great
 bus9esses become b ! gho/ ( a "n       
because someone ?\ght !y c\ld be manag$ 
j z !y 7 always manag$1 & ?\gh !        
managem5t may h be5 mo/ excell5t 9 its  
day1 its excell5ce consi/$ 9 its        
al]tness to its day1 & n 9 slavi% foll[+
 ( its ye/]days4 ,life1 z ,i see x1 is n
 a location1 b a j\rney4 ,ev5 ! man :o  
mo/ feels himself settl$ is n settl$--he
 is probably sagg+ back4 ,ev]y?+ is 9   
flux1 & 0 meant to be4 ,life fl[s4 ,we  
may live at ! same numb] ( ! /reet1 b x 
is nev] ! same man :o lives !re4  ,& out
 ( ! delusion t life is a battle t may  
be lo/ by a false move gr[s1 ,i h       
notic$1 a great love = regul>ity4 ,m5   

fall into ! half-alive habit4 ,seldom   
does ! cobbl] take up ) ! new-fangl$ way
 ( sol+ %oes1 & seldom does ! artisan   
will+ly take up ) new me?ods 9 8 trade4 
,habit conduces to a c]ta9 in]tia1 & any
 di/urbance ( x affects ! m9d l tr\ble4 
,x w be recall$ t :5 a /udy 0 made ( %op
 me?ods1 s t ! workm5 might be taught to
 produce ) less useless motion &        
fatigue1 x 0 mo/ oppos$ by ! workm5     
!mselves4 ,?\gh !y suspect$ t x 0 simply
 a game to get m out ( !m1 :at mo/ irk$ 
!m 0 t x int]f]$ ) ! well-worn grooves 9
 :i* !y _h become accu/om$ to move4     
,bus9ess m5 g d[n ) _! bus9esses because
 !y l ! old way s well !y _c br+        
!mselves to *ange4 ,"o sees !m all      
ab\t--m5 :o d n "k t ye/]day is pa/1 &  
:o woke up ?is morn+ ) _! la/ ye>'s     
ideas4 ,x c\ld almo/ be writt5 d[n z a  
=mula t :5 a man beg9s to ?9k t he has  
at la/ f\nd 8 me?od he _h bett] beg9 a  
mo/ se>*+ exam9ation ( himself to see   
:e!r "s "p ( 8 bra9 has n gone to sleep4
 ,!re is a subtle dang] 9 a man ?9k+ t  

he is fix$ = life4 ,x indicates t ! next
 jolt ( ! :eel ( progress is go+ to fl+ 
him (f4  ,!re is also ! great fe> ( be+ 
?\ght a fool4 ,s _m m5 are afraid ( be+ 
consid]$ fools4 ,i grant t public op9ion
 is a p[]ful police influ5ce = ^? :o ne$
 x4 ,p]haps x is true t ! majority ( m5 
ne$ ! re/ra9t ( public op9ion4 ,public  
op9ion may keep a man bett] ?an he w\ld 
o!rwise be--if n bett] morally1 at lea/ 
bett] z f> z 8 social desirability is   
conc]n$4 ,b x is n a bad ?+ to be a fool
 = righte\sness' sake4 ,! be/ ( x is t  
su* fools usually live long en\gh to    
prove t !y 7 n fools--or ! "w !y h begun
 lives long en\gh to prove !y 7 n       
fooli%4  ,! money influ5ce--! press+ to 
make a pr(it on an inve/m5t--& its      
consequ5t neglect ( or skimp+ ( "w &    
h5ce ( s]vice %[$ itself to me 9 _m     
ways4 ,x seem$ to be at ! bottom ( mo/  
tr\bles4 ,x 0 ! cause ( l[ wages--= )\t 
well-direct$ "w high wages _c be paid4  
,& if ! :ole att5tion is n giv5 to ! "w 
x _c be well direct$4 ,mo/ m5 want to be

 free to "w2 "u ! sy/em 9 use !y c\ld n 
be free to "w4 ,dur+ my fir/ exp]i5ce ,i
 0 n free--,i c\ld n give full play to  
my ideas4 ,ev]y?+ _h to be plann$ to    
make money2 ! la/ consid]ation 0 ! "w4  
,& ! mo/ curi\s "p ( x all 0 ! insi/5ce 
t x 0 ! money & n ! "w t c\nt$4 ,x did n
 seem to /rike any "o z illogical t     
money %\ld be put ahead ( "w--ev5 ?\gh  
ev]yone _h to admit t ! pr(it _h to come
 f ! "w4 ,! desire seem$ to be to f9d a 
%ort cut to money & to pass ov] ! obvi\s
 %ort cut--:i* is ?r\gh ! "w4  ,take    
competition2 ,i f\nd t competition 0    
suppos$ to be a m5ace & t a good manag] 
circumv5t$ 8 competitors by gett+ a     
monopoly ?r\gh artificial means4 ,! idea
 0 t !re 7 only a c]ta9 numb] ( p :o    
c\ld buy & t x 0 necess>y to get _!     
trade ahead ( someone else4 ,"s w       
rememb] t lat] _m ( ! automobile        
manufactur]s ent]$ into an association  
"u ! ,seld5 ,pat5t j s t x might be     
legally possible to control ! price & ! 
output ( automobiles4 ,!y _h ! same idea

 t s _m trades unions h--! ridicul\s    
notion t m pr(it c be _h do+ less "w ?an
 m4 ,! plan1 ,i believe1 is a v         
antiquat$ "o4 ,i c\ld n see !n & am /ill
 unable to see t !re is n always en\gh =
 ! man :o does 8 "w2 "t sp5t 9 fight+   
competition is wa/$2 x _h bett] be sp5t 
9 do+ ! "w4 ,!re are always en\gh p     
ready & anxi\s to buy1 provid$ y supply 
:at !y want & at ! prop] price--& ?is   
applies to p]sonal s]vices z well z to  
goods4  ,dur+ ?is "t ( reflection ,i 0  
f> f idle4 ,we 7 go+ ahead ) a          
f\r-cyl9d] motor & ! build+ ( a pair (  
big rac+ c>s4 ,i _h pl5ty ( "t1 = ,i    
nev] left my bus9ess4 ,i d n believe a  
man c ev] leave 8 bus9ess4 ,he ought to 
?9k ( x by day & dream ( x by night4 ,x 
is nice to plan to d "o's "w 9 (fice    
h\rs1 to take up ! "w 9 ! morn+1 to drop
 x 9 ! ev5+--& n h a c>e until ! next   
morn+4 ,x is p]fectly possible to d t if
 "o is s con/itut$ z to be will+ ?r\gh  
all ( 8 life to accept direction1 to be 
an employee1 possibly a responsible     

employee1 b n a director or manag] (    
any?+4 ,a manual lab\r] mu/ h a limit on
 8 h\rs1 o!rwise he w we> himself out4  
,if he int5ds to rema9 always a manual  
lab\r]1 !n he %\ld =get ab\t 8 "w :5 !  
:i/le bl[s1 b if he int5ds to g =w>d & d
 any?+1 ! :i/le is only a signal to />t 
?9k+ ov] ! day's "w 9 ord] to discov] h[
 x might be done bett]4  ,! man :o has !
 l>ge/ capacity = "w & ?\ght is ! man :o
 is b\nd to succe$4 ,i _c pret5d to say1
 because ,i d n "k1 :e!r ! man :o works 
always1 :o nev] leaves 8 bus9ess1 :o is 
absolutely int5t ^u gett+ ahead1 & :o   
!re=e does get ahead--is happi] ?an !   
man :o keeps (fice h\rs1 bo? = 8 bra9 & 
8 h&s4 ,x is n necess>y = any "o to     
decide ! "q4 ,a t5-horsep[] eng9e w n   
pull z mu* z a tw5ty4 ,! man :o keeps   
bra9 (fice h\rs limits 8 horsep[]4 ,if  
he is satisfi$ to pull only ! load t he 
has1 well & good1 t is 8 affair--b he   
mu/ n compla9 if ano!r :o has increas$ 8
 horsep[] pulls m ?an he does4 ,leisure 
& "w br+ diff]5t results4 ,if a man     

wants leisure & gets x--!n he has no    
cause to compla94 ,b he _c h bo? leisure
 & ! results ( "w4  ,concretely1 :at ,i 
mo/ realiz$ ab\t bus9ess 9 t ye>--& ,i h
 be5 le>n+ m ea* ye> )\t f9d+ x necess>y
 to *ange my fir/ conclusions--is ?is3  
7#a7 ,t f9ance is giv5 a place ahead (  
"w & !re=e t5ds to kill ! "w & de/roy ! 
fundam5tal ( s]vice4  7#b7 ,t ?9k+ fir/ 
( money in/ead ( "w br+s on fe> (       
failure & ?is fe> blocks e av5ue (      
bus9ess--x makes a man afraid (         
competition1 ( *ang+ 8 me?ods1 or ( do+ 
any?+ :i* might *ange 8 condition4  7#c7
 ,t ! way is cle> = any "o :o ?9ks fir/ 
( s]vice--( do+ ! "w 9 ! be/ possible   
way4     ,,*apt] ,,iii  ,,/>t+ ,,!      
,,real ,,bus9ess   ,9 ! little brick %op
 at #ha ,p>k ,place ,i _h ample         
opportunity to "w out ! design & "s ( ! 
me?ods ( manufacture ( a new c>4 ,ev5 if
 x 7 possible to organize ! exact k9d ( 
corporation t ,i want$--"o 9 :i* do+ !  
"w well & suit+ ! public w\ld be        
controll+ factors--x became app>5t t ,i 

nev] c\ld produce a ?or\ghly good motor 
c> t might be sold at a l[ price "u !   
exi/+ cut-&-try manufactur+ me?ods4     
,ev]ybody kn[s t x is always possible to
 d a ?+ bett] ! second "t4 ,i d n "k :y 
manufactur+ %\ld n at t "t h g5]ally    
recogniz$ ?is z a basic fact--unless x  
might be t ! manufactur]s 7 9 su* a     
hurry to obta9 some?+ to sell t !y did n
 take "t = adequate prep>ation4 ,mak+ to
 ord] in/ead ( mak+ 9 volume is1 ,i     
suppose1 a habit1 a tradition1 t has    
desc5d$ f ! old h&icraft days4 ,ask a   
hundr$ p h[ !y want a p>ticul> article  
made4 ,ab\t eighty w n "k2 !y w leave x 
to y4 ,fifte5 w ?9k t !y mu/ say some?+1
 :ile five w really h pref]5ces &       
reasons4 ,! n9ety-five1 made up ( ^? :o 
d n "k & admit x & ! fifte5 :o d n "k b 
d n admit x1 con/itute ! real m>ket =   
any product4 ,! five :o want some?+     
special may or may n be able to pay !   
price = special "w4 ,if !y h ! price1 !y
 c get ! "w1 b !y con/itute a special & 
limit$ m>ket4 ,( ! n9ety-five p]haps t5 

or fifte5 w pay a price = quality4 ,( ^?
 rema9+1 a numb] w buy solely on price &
 )\t reg>d to quality4 ,_! numb]s are   
?9n+ ) ea* day4 ,buy]s are le>n+ h[ to  
buy4 ,! majority w consid] quality & buy
 ! bigge/ doll>'s wor? ( quality4 ,if1  
!re=e1 y discov] :at w give ?is #ie p]  
c5t4 ( p ! be/ all-r\nd s]vice & !n     
arrange to manufacture at ! v highe/    
quality & sell at ! v l[e/ price1 y w be
 meet+ a dem& :i* is s l>ge t x may be  
call$ univ]sal4  ,?is is n /&>diz+4 ,!  
use ( ! ^w /&>diz+ is v apt to lead "o  
into tr\ble1 = x implies a c]ta9 freez+ 
( design & me?od & usually works out s t
 ! manufactur] selects :atev] article he
 c ! mo/ easily make & sell at ! highe/ 
pr(it4 ,! public is n consid]$ ei!r 9 ! 
design or 9 ! price4 ,! ?\ght beh9d mo/ 
/&>dization is to be able to make a l>g]
 pr(it4 ,! result is t ) ! economies :i*
 are inevitable if y make only "o ?+1 a 
l>g] & l>g] pr(it is cont9ually be+ _h  
by ! manufactur]4 ,8 output also becomes
 l>g]--8 facilities produce m--& be=e he

 kn[s x 8 m>kets are ov]fl[+ ) goods :i*
 w n sell4 ,^! goods w\ld sell if !     
manufactur] w\ld take a l[] price = !m4 
,!re is always buy+ p[] pres5t--b t buy+
 p[] w n always respond to r$uctions 9  
price4 ,if an article has be5 sold at   
too high a price & !n1 because ( /agnant
 bus9ess1 ! price is sudd5ly cut1 !     
response is sometimes mo/ disappo9t+4 ,&
 = a v good reason4 ,! public is w>y4 ,x
 ?9ks t ! price-cut is a fake & x sits  
ar\nd wait+ = a real cut4 ,we saw mu* ( 
t la/ ye>4 ,if1 on ! contr>y1 !         
economies ( mak+ are transf]r$ at once  
to ! price & if x is well kn[n t su* is 
! policy ( ! manufactur]1 ! public w h  
confid5ce 9 him & w respond4 ,!y w tru/ 
him to give hone/ value4 ,s /&>dization 
may seem bad bus9ess unless x c>ries ) x
 ! plan ( con/antly r$uc+ ! price at :i*
 ! article is sold4 ,& ! price has to be
 r$uc$ 7?is is v important7 because ( ! 
manufactur+ economies t h come ab\t & n 
because ! fall+ dem& by ! public        
indicates t x is n satisfi$ ) ! price4  

,! public %\ld always be wond]+ h[ x is 
possible to give s mu* = ! money4       
,/&>dization 7to use ! ^w z ,i und]/& x7
 is n j tak+ "o's be/ sell+ article &   
conc5trat+ on x4 ,x is plann+ day &     
night & probably = ye>s1 fir/ on some?+ 
:i* w be/ suit ! public & !n on h[ x    
%\ld be made4 ,! exact processes (      
manufactur+ w develop ( !mselves4 ,!n1  
if we %ift ! manufactur+ f ! pr(it to ! 
s]vice basis1 we %all h a real bus9ess 9
 :i* ! pr(its w be all t any "o c\ld    
desire4  ,all ( ?is seems self-evid5t to
 me4 ,x is ! logical basis ( any bus9ess
 t wants to s]ve #ie p] c5t4 ( !        
community4 ,x is ! logical way 9 :i* !  
community c s]ve itself4 ,i _c compreh5d
 :y all bus9ess does n g on ?is basis4  
,all t has to be done 9 ord] to adopt x 
is to ov]come ! habit ( grabb+ at !     
ne>e/ doll> z ?\gh x 7 ! only doll> 9 ! 
_w4 ,! habit has already to an ext5t be5
 ov]come4 ,all ! l>ge & successful      
retail /ores 9 ?is c\ntry are on !      
"o-price basis4 ,! only fur!r /ep       

requir$ is to ?r[ ov]bo>d ! idea ( pric+
 on :at ! traffic w be> & in/ead g to ! 
common-s5se basis ( pric+ on :at x co/s 
to manufacture & !n r$uc+ ! co/ (       
manufacture4 ,if ! design ( ! product   
has be5 suffici5tly /udi$1 !n *anges 9 x
 w come v sl[ly4 ,b *anges 9 manufactur+
 processes w come v rapidly & :olly     
naturally4 ,t has be5 our exp]i5ce 9    
ev]y?+ we h und]tak54 ,h[ naturally x   
has all come ab\t1 ,i %all lat] outl9e4 
,! po9t t ,i wi% to impress "h is t x is
 impossible to get a product on :i* "o  
may conc5trate unless an unlimit$ am\nt 
( /udy is giv5 be=eh&4 ,x is n j an     
aft]noon's "w4  ,^! ideas 7 =m+ ) me    
dur+ ?is ye> ( exp]im5t+4 ,mo/ ( !      
exp]im5t+ w5t into ! build+ ( rac+ c>s4 
,! idea 9 ^? days 0 t a fir/-class c>   
ought to be a rac]4 ,i nev] really ?\ght
 mu* ( rac+1 b foll[+ ! bicycle idea1 ! 
manufactur]s _h ! notion t w9n+ a race  
on a track told ! public some?+ ab\t !  
m]its ( an automobile--al?\gh ,i c h>dly
 imag9e any te/ t w\ld tell less4  ,b1 z

 ! o!rs 7 do+ x1 ,i1 too1 _h to d x4 ,9 
#aijc1 ) ,tom ,coop]1 ,i built two c>s  
solely = spe$4 ,!y 7 q alike4 ,"o we    
nam$ ! #iii & ! o!r ! ,arr[4 ,if an     
automobile 7 go+ to be kn[n = spe$1 !n  
,i 0 go+ to make an automobile t w\ld be
 kn[n :]ev] spe$ 0 kn[n4 ,^! 74 ,i put 9
 f\r great big cyl9d]s giv+ #hj         
,h4,p4--:i* up to t "t _h be5 unhe>d (4 
,! ro> ( ^? cyl9d]s alone 0 en\gh to    
half kill a man4 ,!re 0 only "o seat4   
,"o life to a c> 0 en\gh4 ,i tri$ out ! 
c>s4 ,coop] tri$ out ! c>s4 ,we let !m  
out at full spe$4 ,i _c q describe !    
s5sation4 ,go+ ov] ,niag>a ,falls w\ld h
 be5 b a pa/ime aft] a ride 9 "o ( !m4  
,i did n want to take ! responsibility (
 rac+ ! #iii :i* we put up fir/1 nei!r  
did ,coop]4 ,coop] said he knew a man :o
 liv$ on spe$1 t no?+ c\ld g too fa/ =  
him4 ,he wir$ to ,salt ,lake ,city & on 
came a pr(essional bicycle rid] nam$    
,b>ney ,oldfield4 ,he _h nev] driv5 a   
motor c>1 b he lik$ ! idea ( try+ x4 ,he
 said he w\ld try any?+ once4  ,x took u

 only a week to tea* him h[ to drive4 ,!
 man did n "k :at fe> 04 ,all t he _h to
 le>n 0 h[ to control ! mon/]4          
,controll+ ! fa/e/ c> ( to-day 0 no?+ z 
comp>$ to controll+ t c>4 ,! /e]+ :eel  
_h n yet be5 ?\ght (4 ,all ! previ\s c>s
 t ,i _h built simply _h till]s4 ,on ?is
 "o ,i put a two-h&$ till]1 = hold+ ! c>
 9 l9e requir$ all ! /r5g? ( a /rong    
man4 ,! race = :i* we 7 work+ 0 at ?ree 
miles on ! ,grosse ,po9t track4 ,we kept
 our c>s z a d>k horse4 ,we left !      
pr$ictions to ! o!rs4 ,! tracks !n 7 n  
sci5tifically bank$4 ,x 0 n kn[n h[ mu* 
spe$ a motor c> c\ld develop4 ,no "o    
knew bett] ?an ,oldfield :at ! turns    
meant & z he took 8 seat1 :ile ,i 0     
crank+ ! c> = ! />t1 he rem>k$ *e]ily3  
,well1 ?is *>iot may kill me1 b !y w say
 aft]w>d t ,i 0 go+ l hell :5 %e took me
 ov] ! bank4  ,& he did g4444 ,he nev]  
d>$ to look ar\nd4 ,he did n %ut (f on !
 curves4 ,he simply let t c> g--& g x   
did4 ,he 0 ab\t half a mile ahead ( !   
next man at ! end ( ! race6  ,! #iii did

 :at x 0 int5d$ to d3 ,x adv]tis$ ! fact
 t ,i c\ld build a fa/ motorc>4 ,a week 
aft] ! race ,i =m$ ! ,=d ,motor         
,company4 ,i 0 vice-presid5t1 design]1  
ma/] me*anic1 sup]9t5d5t1 & g5]al       
manag]4 ,! capitalization ( ! company 0 
"o hundr$ ?\s& doll>s1 & ( ?is ,i own$  
#be #a_/b p] c5t4 ,! total am\nt        
subscrib$ 9 ca% 0 ab\t tw5ty-eight ?\s& 
doll>s--:i* is ! only money t ! company 
has ev] receiv$ = ! capital fund f o!r  
?an op]ations4 ,9 ! beg9n+ ,i ?\ght t x 
0 possible1 not)/&+ my =m] exp]i5ce1 to 
g =w>d ) a company 9 :i* ,i own$ less   
?an ! controll+ %>e4 ,i v %ortly f\nd ,i
 _h to h control & !re=e 9 #aijf1 )     
funds t ,i _h e>n$ 9 ! company1 ,i b\ght
 en\gh /ock to br+ my hold+s up to #ea  
p] c5t1 & a little lat] b\ght en\gh m to
 give me #eh-a_/b p] c5t4 ,! new        
equipm5t & ! :ole progress ( ! company h
 always be5 f9anc$ out ( e>n+s4 ,9 #aiai
 my son ,edsel pur*as$ ! rema9+ #da-a_/b
 p] c5t ( ! /ock because c]ta9 ( !      
m9ority /ockhold]s disagre$ ) my        

policies4 ,= ^! %>es he paid at ! rate (
 #ab1ejj = ea* #ajj p> & 9 all paid ab\t
 sev5ty-five millions4  ,! orig9al      
company & its equipm5t1 z may be ga!r$1 
7 n elaborate4 ,we r5t$ ,/rel['s c>p5t] 
%op on ,mack ,av5ue4 ,9 mak+ my designs 
,i _h also work$ out ! me?ods ( mak+1 b1
 s9ce at t "t we c\ld n af=d to buy     
ma*9]y1 ! entire c> 0 made accord+ to my
 designs1 b by v>i\s manufactur]s1 &    
ab\t all we did1 ev5 9 ! way ( assembl+1
 0 to put on ! :eels1 ! tires1 & ! body4
 ,t w\ld really be ! mo/ economical     
me?od ( manufactur+ if only "o c\ld be  
c]ta9 t all ( ! v>i\s p>ts w\ld be made 
on ! manufactur+ plan t ,i h above      
outl9$4 ,! mo/ economical manufactur+ ( 
! future w be t 9 :i* ! :ole ( an       
article is n made "u "o ro(--unless1 (  
c\rse1 x be a v simple article4 ,!      
mod]n--or bett]1 ! future--me?od is to h
 ea* "p made :]e x may be/ be made & !n 
assemble ! p>ts into a complete unit at 
! po9ts ( consumption4 ,t is ! me?od we 
are n[ foll[+ & expect to ext5d4 ,x w\ld

 make no diff]5ce :e!r "o company or "o 
individual own$ all ! factories         
fabricat+ ! compon5t p>ts ( a s+le      
product1 or :e!r su* "p 7 made 9 our    
indep5d5tly own$ factory1 if only all   
adopt$ ! same s]vice me?ods4 ,if we c   
buy z good a "p z we c make ourselves & 
! supply is ample & ! price "r1 we d n  
attempt to make x ourselves--or1 at any 
rate1 to make m ?an an em]g5cy supply4  
,9 fact1 x might be bett] to h ! own]%ip
 widely scatt]$4  ,i _h be5 exp]im5t+   
pr9cipally ^u ! cutt+ d[n ( weight4     
,excess weight kills any self-propell$  
vehicle4 ,!re are a lot ( fool ideas    
ab\t weight4 ,x is que]1 :5 y come to   
?9k ( x1 h[ "s fool t]ms get into curr5t
 use4 ,!re is ! phrase heavyweight z    
appli$ to a man's m5tal app>atus6 ,:at  
does x mean8 ,no "o wants to be fat &   
heavy ( body--!n :y ( head8 ,= "s clumsy
 reason we h come to confuse /r5g? )    
weight4 ,! crude me?ods ( e>ly build+   
und\bt$ly _h mu* to d ) ?is4 ,! old     
ox-c>t weigh$ a ton--& x _h s mu* weight

 t x 0 weak6 ,to c>ry a few tons (      
humanity f ,new ,york to ,*icago1 !     
railroad builds a tra9 t weighs _m      
hundr$ tons1 & ! result is an absolute  
loss ( real /r5g? & ! extravagant wa/e (
 untold millions 9 ! =m ( p[]4 ,! law ( 
dim9i%+ returns beg9s to op]ate at !    
po9t :]e /r5g? becomes weight4 ,weight  
may be desirable 9 a /eam roll] b n[h]e 
else4 ,/r5g? has no?+ to d ) weight4 ,! 
m5tality ( ! man :o does ?+s 9 ! _w is  
agile1 light1 & /rong4 ,! mo/ beautiful 
?+s 9 ! _w are ^? f :i* all excess      
weight has be5 elim9at$4 ,/r5g? is nev] 
j weight--ei!r 9 m5 or ?+s4 ,:5ev] any  
"o sugge/s to me t ,i might increase    
weight or add a "p1 ,i look into        
decreas+ weight & elim9at+ a "p6 ,! c> t
 ,i design$ 0 light] ?an any c> t _h yet
 be5 made4 ,x w\ld h be5 light] if ,i _h
 kn[n h[ to make x s--lat] ,i got !     
mat]ials to make ! light] c>4  ,9 our   
fir/ ye> we built ,model ,a1 sell+ !    
runab\t = eight hundr$ & fifty doll>s & 
! tonneau = "o hundr$ doll>s m4 ,?is    

model _h a two-cyl9d] oppos$ motor      
develop+ eight horsep[]4 ,x _h a *a9    
drive1 a sev5ty-two in* :eel base--:i* 0
 suppos$ to be long--& a fuel capacity (
 five gallons4 ,we made & sold #a1gjh   
c>s 9 ! fir/ ye>4 ,t is h[ well ! public
 respond$4  ,e "o ( ^! ,model ,a's has a
 hi/ory4 ,take ,no4 #dbj4 ,colonel ,d4  
,c4 ,colli] ( ,cali=nia b\ght x 9 #aijd4
 ,he us$ x = a c\ple ( ye>s1 sold x1 &  
b\ght a new ,=d4 ,no4 #dbj *ang$ h&s    
frequ5tly until #aijg :5 x 0 b\ght by "o
 ,edmund ,jacobs liv+ ne> ,ramona 9 !   
he>t ( ! m\nta9s4 ,he drove x = sev]al  
ye>s 9 ! r\ghe/ k9d ( "w4 ,!n he b\ght a
 new ,=d & sold 8 old "o4 ,by #aiae ,no4
 #dbj _h pass$ into ! h&s ( a man nam$  
,cantello :o took out ! motor1 hit*$ x  
to a wat] pump1 rigg$ up %afts on !     
*assis & n[1 :ile ! motor *ugs away at !
 pump+ ( wat]1 ! *assis drawn by a burro
 acts z a buggy4 ,! moral1 ( c\rse1 is t
 y c dissect a ,=d b y _c kill x4  ,9   
our fir/ adv]tisem5t we said3      ,our 
purpose is to con/ruct & m>ket an       

automobile specially     design$ =      
ev]yday we> & te>--bus9ess1 pr(essional1
 &     family use2 an automobile :i* w  
atta9 to a suffici5t spe$ to     satisfy
 ! av]age p]son )\t acquir+ any ( ^?    
breakneck     velocities :i* are s      
univ]sally condemn$2 a ma*9e :i* w      
be admir$ by man1 woman1 & *ild alike = 
its compactness1 its     simplicity1 its
 safety1 its all-ar\nd conv5i5ce1 &--la/
 b     n lea/--its exce$+ly reasonable  
price1 :i* places x )9     ! rea* ( _m  
?\s&s :o c\ld n ?9k ( pay+ !            
comp>atively fabul\s prices ask$ = mo/  
ma*9es4  ,& ^! are ! po9ts we emphasiz$3
  ,good mat]ial4  ,simplicity--mo/ ( !  
c>s at t "t requir$ consid]able skill 9 
_! managem5t4  ,! eng9e4  ,!            
ignition--:i* 0 furni%$ by two sets (   
six dry cell batt]ies4  ,! automatic    
oil+4  ,! simplicity & ! ease ( control 
( ! transmission1 :i* 0 ( ! planet>y    
type4  ,! workman%ip4  ,we did n make ! 
pleasure appeal4 ,we nev] h4 ,9 its fir/
 adv]tis+ we %[$ t a motor c> 0 a       

utility4 ,we said3  ,we (t5 he> quot$ ! 
old prov]b1 ,"t is money--& yet h[ few  
bus9ess & pr(essional m5 act z if !y    
really believ$ its tru?4  ,m5 :o are    
con/antly compla9+ ( %ortage ( "t &     
lam5t+ ! fewness ( days 9 ! week--m5 to 
:om e five m9utes wa/$ means a doll>    
?r[n away--m5 to :om five m9utes' delay 
sometimes means ! loss ( _m doll>s--w   
yet dep5d on ! haphaz>d1 uncom=table1 & 
limit$ means ( transportation af=d$ by  
/reet c>s1 etc41 :5 ! inve/m5t ( an     
exce$+ly mod]ate sum 9 ! pur*ase ( a    
p]fect$1 effici5t1 high-grade automobile
 w\ld cut out anxiety & unpunctuality & 
provide a luxuri\s means ( travel ev] at
 y\r beck & call4  ,always ready1 always
 sure4  ,built to save y "t & consequ5t 
money4  ,built to take y any:]e y want  
to g & br+ y back aga9 on "t4  ,built to
 add to y\r reputation = punctuality2 to
 keep y\r cu/om]s good-hum\r$ & 9 a buy+
 mood4  ,built = bus9ess or pleasure--j 
z y say4  ,built also = ! good ( y\r    
heal?--to c>ry y j>lessly ov] any k9d ( 

half dec5t roads1 to refre% y\r bra9 ) !
 luxury ( mu* out-doorness & y\r lungs )
 ! tonic ( tonics--! "r k9d ( atmosph]e4
  ,x is y\r say1 too1 :5 x comes to     
spe$4 ,y c--if y *oose--loit] l+]+ly    
?r\gh %ady av5ues or y c press d[n on ! 
foot-lev] until all ! sc5]y looks alike 
to y & y h to keep y\r eyes sk9n$ to    
c\nt ! mile/ones z !y pass4  ,i am giv+ 
! gi/ ( ?is adv]tisem5t to %[ t1 f !    
beg9n+1 we 7 look+ to provid+ s]vice--we
 nev] bo!r$ ) a sport+ c>4  ,! bus9ess  
w5t along almo/ z by magic4 ,! c>s ga9$ 
a reputation = /&+ up4 ,!y 7 t\gh1 !y 7 
simple1 & !y 7 well made4 ,i 0 work+ on 
my design = a univ]sal s+le model b ,i  
_h n settl$ ! designs nor _h we ! money 
to build & equip ! prop] k9d ( plant =  
manufactur+4 ,i _h n ! money to discov] 
! v be/ & lighte/ mat]ials4 ,we /ill _h 
to accept ! mat]ials t ! m>ket (f]$--we 
got ! be/ to be _h b we _h no facilities
 = ! sci5tific inve/igation ( mat]ials  
or = orig9al rese>*4  ,my associates 7 n
 conv9c$ t x 0 possible to re/rict our  

c>s to a s+le model4 ,! automobile trade
 0 foll[+ ! old bicycle trade1 9 :i* e  
manufactur] ?\ght x necess>y to br+ out 
a new model ea* ye> & to make x s unlike
 all previ\s models t ^? :o _h b\ght !  
=m] models w\ld want to get rid ( ! old 
& buy ! new4 ,t 0 suppos$ to be good    
bus9ess4 ,x is ! same idea t wom5 submit
 to 9 _! clo?+ & hats4 ,t is n s]vice--x
 seeks only to provide some?+ new1 n    
some?+ bett]4 ,x is extraord9>y h[      
firmly root$ is ! notion t              
bus9ess--cont9u\s sell+--dep5ds n on    
satisfy+ ! cu/om] once & = all1 b on    
fir/ gett+ 8 money = "o article & !n    
p]suad+ him he ought to buy a new &     
diff]5t "o4 ,! plan :i* ,i !n _h 9 !    
back ( my head b to :i* we 7 n !n       
suffici5tly advanc$ to give expression1 
0 t1 :5 a model 0 settl$ ^u !n e        
improvem5t on t model %\ld be           
int]*angeable ) ! old model1 s t a c>   
%\ld nev] get out ( date4 ,x is my      
ambition to h e piece ( ma*9]y1 or o!r  
non-consumable product t ,i turn out1 s 

/rong & s well made t no "o ought ev] to
 h to buy a second "o4 ,a good ma*9e (  
any k9d ought to la/ z long z a good    
wat*4  ,9 ! second ye> we scatt]$ our   
en]gies among ?ree models4 ,we made a   
f\r-cyl9d] t\r+ c>1 ,model ,b1 :i* sold 
= two ?\s& doll>s2 ,model ,c1 :i* 0 a   
slightly improv$ ,model ,a & sold at    
fifty doll>s m ?an ! =m] price2 & ,model
 ,f1 a t\r+ c> :i* sold = a ?\s& doll>s4
 ,t is1 we scatt]$ our en]gy & increas$ 
prices--& !re=e we sold few] c>s ?an 9 !
 fir/ ye>4 ,! sales 7 #a1fie c>s4  ,t   
,model ,b--! fir/ f\r-cyl9d] c> = g5]al 
road use--_h to be adv]tis$4 ,w9n+ a    
race or mak+ a record 0 !n ! be/ k9d (  
adv]tis+4 ,s ,i fix$ up ! ,arr[1 ! tw9 (
 ! old #iii--;9 fact practically remade 
x--& a week be=e ! ,new ,york           
,automobile %[ ,i drove x myself ov] a  
survey$ mile /raightaway on ! ice4 ,i   
%all nev] =get t race4 ,! ice seem$     
smoo? en\gh1 s smoo? t if ,i _h call$ (f
 ! trial we %\ld h secur$ an imm5se     
am\nt ( ! wrong k9d ( adv]tis+1 b in/ead

 ( be+ smoo?1 t ice 0 seam$ ) fissures  
:i* ,i knew 7 go+ to mean tr\ble ! mom5t
 ,i got up spe$4 ,b !re 0 no?+ to d b g 
?r\gh ) ! trial1 & ,i let ! old ,arr[   
out4 ,at e fissure ! c> leap$ into !    
air4 ,i nev] knew h[ x 0 com+ d[n4 ,:5  
,i wasn't 9 ! air1 ,i 0 skidd+1 b someh[
 ,i /ay$ top side up & on ! c\rse1 mak+ 
a record t w5t all ov] ! _w6 ,t put     
,model ,b on ! map--b n en\gh on to     
ov]come ! price advances4 ,no /unt & no 
adv]tis+ w sell an article = any l5g? ( 
"t4 ,bus9ess is n a game4 ,! moral is   
com+4  ,our little wood5 %op _h1 ) !    
bus9ess we 7 do+1 become totally        
inadequate1 & 9 #aijf we took out ( our 
work+ capital suffici5t funds to build a
 ?ree-/ory plant at ! corn] ( ,piquette 
& ,beaubi5 /reets--:i* = ! fir/ "t gave 
u real manufactur+ facilities4 ,we began
 to make & to assemble q a numb] ( !    
p>ts1 al?\gh /ill we 7 pr9cipally an    
assembl+ %op4 ,9 #aije-aijf we made only
 two models--"o ! f\r-cyl9d] c> at      
#b1jjj & ano!r t\r+ c> at #a1jjj1 bo?   

be+ ! models ( ! previ\s ye>--& our     
sales dropp$ to #a1eii c>s4  ,"s said x 
0 because we _h n br\ght out new models4
 ,i ?\ght x 0 because our c>s 7 too     
exp5sive--!y did n appeal to ! #ie p]   
c5t4 ,i *ang$ ! policy 9 ! next         
ye>--hav+ fir/ acquir$ /ock control4 ,= 
#aijf-aijg we entirely left (f mak+ t\r+
 c>s & made ?ree models ( runab\ts &    
road/]s1 none ( :i* diff]$ mat]ially f !
 o!r 9 manufactur+ process or 9 compon5t
 p>ts1 b 7 some:at diff]5t 9 appe>ance4 
,! big ?+ 0 t ! *eape/ c> sold = #fjj & 
! mo/ exp5sive = only #gej1 & "r !re    
came ! complete demon/ration ( :at price
 meant4 ,we sold #h1dbc c>s--ne>ly five 
times z _m z 9 our bigge/ previ\s ye>4  
,our bann] week 0 t ( ,may #ae1 #aijh1  
:5 we assembl$ #caa c>s 9 six work+     
days4 ,x almo/ swamp$ our facilities4 ,!
 =eman _h a tallybo>d on :i* he *alk$ up
 ea* c> z x 0 f9i%$ & turn$ ov] to !    
te/]s4 ,! tallybo>d 0 h>dly equal to !  
task4 ,on "o day 9 ! foll[+ ,june we    
assembl$ an ev5 "o hundr$ c>s4  ,9 !    

next ye> we dep>t$ f ! programme t _h   
be5 s successful & ,i design$ a big     
c>--fifty horsep[]1 six cyl9d]--t w\ld  
burn up ! roads4 ,we cont9u$ mak+ our   
small c>s1 b ! #aijg panic & ! div]sion 
to ! m exp5sive model cut d[n ! sales to
 #f1cih c>s4  ,we _h be5 ?r\gh an       
exp]im5t+ p]iod ( five ye>s4 ,! c>s 7   
beg9n+ to be sold 9 ,europe4 ,! bus9ess1
 z an automobile bus9ess !n w5t1 0      
consid]$ extraord9>ily prosp]\s4 ,we _h 
pl5ty ( money4 ,s9ce ! fir/ ye> we h    
practically always _h pl5ty ( money4 ,we
 sold = ca%1 we did n borr[ money1 & we 
sold directly to ! pur*as]4 ,we _h no   
bad debts & we kept )9 ourselves on e   
move4 ,i h always kept well )9 my       
res\rces4 ,i h nev] f\nd x necess>y to  
/ra9 !m1 because1 inevitably1 if y give 
att5tion to "w & s]vice1 ! res\rces w   
increase m rapidly ?an y c devise ways &
 means ( dispos+ ( !m4  ,we 7 c>eful 9 !
 selection ( our salesm54 ,at fir/ !re 0
 great difficulty 9 gett+ good salesm5  
because ! automobile trade 0 n suppos$  

to be /able4 ,x 0 suppos$ to be deal+ 9 
a luxury--9 pleasure vehicles4 ,we      
ev5tually appo9t$ ag5ts1 select+ ! v be/
 m5 we c\ld f9d1 & !n pay+ to !m a sal>y
 l>g] ?an !y c\ld possibly e>n 9 bus9ess
 = !mselves4 ,9 ! beg9n+ we _h n paid   
mu* 9 ! way ( sal>ies4 ,we 7 feel+ our  
way1 b :5 we knew :at our way 01 we     
adopt$ ! policy ( pay+ ! v highe/ rew>d 
= s]vice & !n insi/+ ^u gett+ ! highe/  
s]vice4 ,among ! requirem5ts = an ag5t  
we laid d[n ! foll[+3  7#a7 ,a          
progressive1 up-to-date man ke5ly alive 
to ! possibilities (     bus9ess4  7#b7 
,a suitable place ( bus9ess clean &     
dignifi$ 9 appe>ance4  7#c7 ,a /ock (   
p>ts suffici5t to make prompt           
replacem5ts & keep 9 active s]vice e ,=d
 c> 9 8 t]ritory4  7#d7 ,an adequately  
equipp$ repair %op :i* has 9 x ! "r     
ma*9]y = e necess>y repair & adju/m5t4  
7#e7 ,me*anics :o are ?or\ghly famili> )
 ! con/ruction & op]ation ( ,=d c>s4    
7#f7 ,a compreh5sive bookkeep+ sy/em & a
 foll[-up sales sy/em1 s t x may be     

in/antly app>5t :at is ! f9ancial /atus 
( ! v>i\s dep>tm5ts ( 8 bus9ess1 !      
condition & size ( 8 /ock1 ! pres5t     
own]s ( c>s1 & ! future prospects4  7#g7
 ,absolute cleanl9ess ?r\gh\t e         
dep>tm5t4 ,!re mu/ be no unwa%$ w9d[s1  
du/y furniture1 dirty floors4  7#h7 ,a  
suitable display sign4  7#i7 ,! adoption
 ( policies :i* w ensure absolutely     
squ>e deal+ & ! highe/ "* ( bus9ess     
e?ics4  ,& ?is is ! g5]al in/ruction t 0
 issu$3      ,a deal] or a salesman     
ought to h ! "n ( e possible            
automobile buy] 9 8 t]ritory1 includ+   
all ^? :o h     nev] giv5 ! matt] a     
?\ght4 ,he %\ld !n p]sonally solicit    
by visitation if possible--by           
correspond5ce at ! lea/--e man     on t 
li/ & !n mak+ necess>y memor&a1 "k !    
automobile situation z relat$ to e      
resid5t s solicit$4 ,if     y\r t]ritory
 is too l>ge to p]mit ?is1 y h too mu*  
t]ritory4  ,! way 0 n easy4 ,we 7 h>ri$ 
by a big suit br\ght aga9/ ! company to 
try to =ce u into l9e ) an association (

 automobile manufactur]s1 :o 7 op]at+ "u
 ! false pr9ciple t !re 0 only a limit$ 
m>ket = automobiles & t a monopoly ( t  
m>ket 0 ess5tial4 ,?is 0 ! fam\s ,seld5 
,pat5t suit4 ,at times ! support ( our  
def5se sev]ely /ra9$ our res\rces4 ,mr4 
,seld51 :o has b rec5tly di$1 _h little 
to d ) ! suit4 ,x 0 ! association :i*   
s\ght a monopoly "u ! pat5t4 ,!         
situation 0 ?is3  ,george ,b4 ,seld51 a 
pat5t attorney1 fil$ an application z f>
 back z #ahgi = a pat5t ! object ( :i* 0
 /at$ to be ,! production ( a safe1     
simple1 & *eap road locomotive1 light 9 
weight1 easy to control1 possess$ (     
suffici5t p[] to ov]come an ord9>y      
incl9ation4 ,?is application 0 kept     
alive 9 ! ,pat5t ,(fice1 by me?ods :i*  
are p]fectly legal1 until #ahie1 :5 !   
pat5t 0 grant$4 ,9 #ahgi1 :5 !          
application 0 fil$1 ! automobile 0      
practically unkn[n to ! g5]al public1 b 
by ! "t ! pat5t 0 issu$ ev]ybody 0      
famili> ) self-propell$ vehicles1 & mo/ 
( ! m51 includ+ myself1 :o _h be5 = ye>s

 work+ on motor propulsion1 7 surpris$  
to le>n t :at we _h made practicable 0  
cov]$ by an application ( ye>s be=e1    
al?\gh ! applicant _h kept 8 idea m]ely 
z an idea4 ,he _h done no?+ to put x    
into practice4  ,! specific claims "u ! 
pat5t 7 divid$ into six gr\ps & ,i ?9k t
 n a s+le "o ( !m 0 a really new idea   
ev5 9 #ahgi :5 ! application 0 fil$4 ,! 
,pat5t ,(fice all[$ a comb9ation & issu$
 a s-call$ comb9ation pat5t decid+ t !  
comb9ation 7a7 ( a c>riage ) its body   
ma*9]y & /e]+ :eel1 ) ! 7b7 propell+    
me*anism clut* & ge>1 & f9ally 7c7 !    
eng9e1 made a valid pat5t4  ,) all ( t  
we 7 n conc]n$4 ,i believ$ t my eng9e _h
 no?+ :atsoev] 9 common ) :at ,seld5 _h 
9 m9d4 ,! p[]ful comb9ation (           
manufactur]s :o call$ !mselves ! lic5s$ 
manufactur]s because !y op]at$ "u       
lic5ses f ! pat5tee1 br\ght suit aga9/ u
 z soon z we began to be a factor 9     
motor production4 ,! suit dragg$ on4 ,x 
0 int5d$ to sc>e u out ( bus9ess4 ,we   
took volumes ( te/imony1 & ! bl[ came on

 ,septemb] #ae1 #aiji1 :5 ,judge ,h\gh  
r5d]$ an op9ion 9 ! ,unit$ ,/ates       
,di/rict ,c\rt f9d+ aga9/ u4 ,imm$iately
 t ,lic5s$ ,association began to        
adv]tise1 w>n+ prospective pur*as]s     
aga9/ our c>s4 ,!y _h done ! same ?+ 9  
#aijc at ! />t ( ! suit1 :5 x 0 ?\ght t 
we c\ld be put out ( bus9ess4 ,i _h     
implicit confid5ce t ev5tually we %\ld  
w9 our suit4 ,i simply knew t we 7 "r1 b
 x 0 a consid]able bl[ to get ! fir/    
decision aga9/ u1 = we believ$ t _m     
buy]s--ev5 ?\gh no injunction 0 issu$   
aga9/ u--w\ld be fright5$ away f buy+   
because ( ! ?reats ( c\rt action aga9/  
individual own]s4 ,! idea 0 spread t if 
! suit f9ally w5t aga9/ me1 e man :o    
own$ a ,=d c> w\ld be prosecut$4 ,"s (  
my m en?usia/ic oppon5ts1 ,i und]/&1    
gave x out privately t !re w\ld be      
crim9al z well z civil suits & t a man  
buy+ a ,=d c> might z well be buy+ a    
ticket to jail4 ,we answ]$ ) an         
adv]tisem5t = :i* we took f\r pages 9 ! 
pr9cipal newspap]s all ov] ! c\ntry4 ,we

 set out our case--we set out our       
confid5ce 9 victory--& 9 conclusion     
said3  ,9 conclusion we beg to /ate if  
!re are any prospective automobile buy]s
 :o are at all intimidat$ by ! claims   
made by our adv]s>ies t we w give !m1 9 
addition to ! protection ( ! ,=d ,motor 
,company ) its "s #f1jjj1jjj4jj (       
assets1 an individual bond back$ by a   
,company ( m ?an #f1jjj1jjj4jj m (      
assets1 s t ea* & e individual own] ( a 
,=d c> w be protect$ until at lea/      
#ab1jjj1jjj4jj ( assets h be5 wip$ out  
by ^? :o desire to control & monopolize 
?is wond]ful indu/ry4  ,! bond is y\rs =
 ! ask+1 s d n all[ y\rself to be sold  
inf]ior c>s at extravagant prices       
because ( any /atem5t made by ?is ,div9e
 body4  ,n4 ,b4--,?is fight is n be+    
wag$ by ! ,=d ,motor ,company )\t !     
advice & c\nsel ( ! able/ pat5t         
attorneys ( ! ,ea/ & ,we/4  ,we ?\ght t 
! bond w\ld give assurance to ! buy]s--t
 !y ne$$ confid5ce4 ,!y did n4 ,we sold 
m ?an eighte5 ?\s& c>s--ne>ly d\ble !   

output ( ! previ\s ye>--& ,i ?9k ab\t   
fifty buy]s ask$ = bonds--p]haps x 0    
less ?an t4  ,z a matt] ( fact1 probably
 no?+ s well adv]tis$ ! ,=d c> & ! ,=d  
,motor ,company z did ?is suit4 ,x      
appe>$ t we 7 ! "u dog & we _h !        
public's sympa?y4 ,! association _h     
sev5ty million doll>s--we at ! beg9n+ _h
 n half t numb] ( ?\s&s4 ,i nev] _h a   
d\bt z to ! outcome1 b nev]!less x 0 a  
sword hang+ ov] our heads t we c\ld z   
well d )\t4 ,prosecut+ t suit 0 probably
 "o ( ! mo/ %ortsight$ acts t any gr\p (
 ,am]ican bus9ess m5 has ev] comb9$ to  
commit4 ,tak5 9 all its sidelights1 x   
=ms ! be/ possible example ( jo9+       
unwitt+ly to kill a trade4 ,i reg>d x z 
mo/ =tunate = ! automobile mak]s ( !    
c\ntry t we ev5tually won1 & !          
association ceas$ to be a s]i\s factor 9
 ! bus9ess4 ,by #aijh1 h[ev]1 9 spite ( 
?is suit1 we _h come to a po9t :]e x 0  
possible to ann\nce & put into          
fabrication ! k9d ( c> t ,i want$ to    
build4     ,,*apt] ,,iv  ,,! ,,secret   

,,( ,,manufactur+ ,,& ,,s]v+   ,n[ ,i am
 n outl9+ ! c>e] ( ! ,=d ,motor ,company
 = any p]sonal reason4 ,i am n say+3 ,g 
?\ & d likewise4 ,:at ,i am try+ to     
emphasize is t ! ord9>y way ( do+       
bus9ess is n ! be/ way4 ,i am com+ to ! 
po9t ( my entire dep>ture f ! ord9>y    
me?ods4 ,f ?is po9t dates ! extraord9>y 
success ( ! company4  ,we _h be5 fairly 
foll[+ ! cu/om ( ! trade4 ,our          
automobile 0 less complex ?an any o!r4  
,we _h no outside money 9 ! conc]n4 ,b  
aside f ^! two po9ts we did n diff]     
mat]ially f ! o!r automobile companies1 
except+ t we _h be5 some:at m successful
 & _h rigidly pursu$ ! policy ( tak+ all
 ca% disc\nts1 putt+ our pr(its back    
into ! bus9ess1 & ma9ta9+ a l>ge ca%    
balance4 ,we ent]$ c>s 9 all ( ! races4 
,we adv]tis$ & we pu%$ our sales4       
,outside ( ! simplicity ( ! con/ruction 
( ! c>1 our ma9 diff]5ce 9 design 0 t we
 made no provision = ! purely pleasure  
c>4 ,we 7 j z mu* a pleasure c> z any   
o!r c> on ! m>ket1 b we gave no att5tion

 to purely luxury features4 ,we w\ld d  
special "w = a buy]1 & ,i suppose t we  
w\ld h made a special c> at a price4 ,we
 7 a prosp]\s company4 ,we might easily 
h sat d[n & said3 ,n[ we h arriv$4 ,let 
u hold :at we h got4  ,inde$1 !re 0 "s  
disposition to take ?is /&4 ,"s ( !     
/ockhold]s 7 s]i\sly al>m$ :5 our       
production rea*$ "o hundr$ c>s a day4   
,!y want$ to d some?+ to /op me f ru9+ !
 company1 & :5 ,i repli$ to ! effect t  
"o hundr$ c>s a day 0 only a trifle & t 
,i hop$ be=e long to make a ?\s& a day1 
!y 7 inexpressibly %ock$ & ,i und]/&    
s]i\sly contemplat$ c\rt action4 ,if ,i 
_h foll[$ ! g5]al op9ion ( my associates
 ,i %\ld h kept ! bus9ess ab\t z x 01   
put our funds into a f9e adm9i/ration   
build+1 tri$ to make b>ga9s ) su*       
competitors z seem$ too active1 made new
 designs f "t to "t to cat* ! fancy ( ! 
public1 & g5]ally h pass$ on into !     
position ( a quiet1 respectable citiz5 )
 a quiet1 respectable bus9ess4  ,!      
temptation to /op & hang on to :at "o   

has is q natural4 ,i c entirely         
sympa?ize ) ! desire to quit a life (   
activity & retire to a life ( ease4 ,i h
 nev] felt ! urge myself b ,i c         
compreh5d :at x is--al?\gh ,i ?9k t a   
man :o retires ought entirely to get out
 ( a bus9ess4 ,!re is a disposition to  
retire & reta9 control4 ,x 01 h[ev]1 no 
"p ( my plan to d any?+ ( t sort4 ,i    
reg>d$ our progress m]ely z an          
invitation to d m--z an indication t we 
_h rea*$ a place :]e we might beg9 to   
p]=m a real s]vice4 ,i _h be5 plann+ e  
day ?r\gh ^! ye>s t[>d a univ]sal c>4 ,!
 public _h giv5 its reactions to ! v>i\s
 models4 ,! c>s 9 s]vice1 ! rac+1 & !   
road te/s gave excell5t guides z to !   
*anges t ought to be made1 & ev5 by     
#aije ,i _h fairly 9 m9d !              
specifications ( ! k9d ( c> ,i want$ to 
build4 ,b ,i lack$ ! mat]ial to give    
/r5g? )\t weight4 ,i came across t      
mat]ial almo/ by accid5t4  ,9 #aije ,i 0
 at a motor race at ,palm ,bea*4 ,!re 0 
a big sma%-up & a ,fr5* c> 0 wreck$4 ,we

 _h ent]$ our ,model ,k--! high-p[]$    
six4 ,i ?\ght ! =eign c>s _h small] &   
bett] p>ts ?an we knew any?+ ab\t4 ,aft]
 ! wreck ,i pick$ up a little valve /rip
 /em4 ,x 0 v light & v /rong4 ,i ask$   
:at x 0 made (4 ,nobody knew4 ,i gave ! 
/em to my assi/ant4  ,f9d out all ab\t  
?is1 ,i told him4 ,t is ! k9d ( mat]ial 
we ought to h 9 our c>s4  ,he f\nd      
ev5tually t x 0 a ,fr5* /eel & t !re 0  
vanadium 9 x4 ,we tri$ e /eel mak] 9    
,am]ica--n "o c\ld make vanadium /eel4  
,i s5t to ,engl& = a man :o und]/ood h[ 
to make ! /eel comm]cially4 ,! next ?+ 0
 to get a plant to turn x out4 ,t 0     
ano!r problem4 ,vanadium requires #c1jjj
 degrees ,fahr5heit4 ,! ord9>y furnace  
c\ld n g beyond #b1gjj degrees4 ,i f\nd 
a small /eel company 9 ,canton1 ,ohio4  
,i (f]$ to gu>antee !m aga9/ loss if !y 
w\ld run a heat = u4 ,!y agre$4 ,! fir/ 
heat 0 a failure4 ,v little vanadium    
rema9$ 9 ! /eel4 ,i _h !m try aga91 & ! 
second "t ! /eel came ?r\gh4 ,until !n  
we _h be5 =c$ to be satisfi$ ) /eel     

runn+ betwe5 #fj1jjj & #gj1jjj p\nds    
t5sile /r5g?4 ,) vanadium1 ! /r5g? w5t  
up to #agj1jjj p\nds4  ,hav+ vanadium 9 
h& ,i pull$ ap>t our models & te/$ 9    
detail to det]m9e :at k9d ( /eel 0 be/ =
 e "p--:e!r we want$ a h>d /eel1 a t\gh 
/eel1 or an ela/ic /eel4 ,we1 = ! fir/  
"t ,i ?9k1 9 ! hi/ory ( any l>ge        
con/ruction1 det]m9$ sci5tifically !    
exact quality ( ! /eel4 ,z a result we  
!n select$ tw5ty diff]5t types ( /eel = 
! v>i\s /eel p>ts4 ,ab\t t5 ( ^! 7      
vanadium4 ,vanadium 0 us$ :]ev] /r5g? & 
lightness 7 requir$4 ,( c\rse !y are n  
all ! same k9d ( vanadium /eel4 ,! o!r  
elem5ts v>y accord+ to :e!r ! "p is to  
/& h>d we> or :e!r x ne$s spr+--9 %ort1 
accord+ to :at x ne$s4 ,be=e ^!         
exp]im5ts ,i believe t n m ?an f\r      
diff]5t grades ( /eel _h ev] be5 us$ 9  
automobile con/ruction4 ,by fur!r       
exp]im5t+1 especially 9 ! direction (   
heat treat+1 we h be5 able /ill fur!r to
 increase ! /r5g? ( ! /eel & !re=e to   
r$uce ! weight ( ! c>4 ,9 #aiaj ! ,fr5* 

,dep>tm5t ( ,comm]ce & ,indu/ry took "o 
( our /e]+ sp9dle connect+ rod          
yokes--select+ x z a vital unit--& tri$ 
x aga9/ a simil> "p f :at !y consid]$ ! 
be/ ,fr5* c>1 & 9 e te/ our /eel prov$ !
 /rong]4  ,! vanadium /eel dispos$ ( mu*
 ( ! weight4 ,! o!r requisites ( a      
univ]sal c> ,i _h already work$ out & _m
 ( !m 7 9 practice4 ,! design _h to     
balance4 ,m5 die because a "p gives out4
 ,ma*9es wreck !mselves because "s p>ts 
are weak] ?an o!rs4 ,!re=e1 a "p ( !    
problem 9 design+ a univ]sal c> 0 to h z
 ne>ly z possible all p>ts ( equal /r5g?
 consid]+ _! purpose--to put a motor 9 a
 "o-horse %ay4 ,also x _h to be fool    
pro(4 ,?is 0 difficult because a gasol9e
 motor is ess5tially a delicate in/rum5t
 & !re is a wond]ful opportunity = any  
"o :o has a m9d t way to mess x up4 ,i  
adopt$ ?is slogan3  ,:5 "o ( my c>s     
breaks d[n ,i "k ,i am to blame4  ,f !  
day ! fir/ motor c> appe>$ on ! /reets x
 _h to me appe>$ to be a necessity4 ,x 0
 ?is k & assurance t l$ me to build to !

 "o end--a c> t w\ld meet ! wants ( !   
multitudes4 ,all my ef=ts 7 !n & /ill   
are turn$ to ! production ( "o c>--"o   
model4 ,&1 ye> foll[+ ye>1 ! pressure 01
 & /ill is1 to improve & ref9e & make   
bett]1 ) an increas+ r$uction 9 price4  
,! univ]sal c> _h to h ^! attributes3   
7#a7 ,quality 9 mat]ial to give s]vice 9
 use4 ,vanadium /eel is ! /ronge/1      
t\ghe/1 & mo/ la/+ ( /eels4 ,x =ms !    
f\ndation & sup]-/ructure ( ! c>s4 ,x is
 ! highe/ quality /eel 9 ?is respect 9 !
 _w1 reg>dless ( price4  7#b7           
,simplicity 9 op]ation--because ! masses
 are n me*anics4  7#c7 ,p[] 9 suffici5t 
quantity4  7#d7 ,absolute               
reliability--because ( ! v>i$ uses to   
:i* ! c>s w\ld be put & ! v>iety ( roads
 ov] :i* !y w\ld travel4  7#e7          
,lightness4 ,) ! ,=d !re are only #g4ie 
p\nds to be c>ri$ by ea* cubic in* (    
pi/on displacem5t4 ,?is is "o ( !       
reasons :y ,=d c>s are always go+1 :]ev]
 & :5ev] y see !m--?r\gh s& & mud1 ?r\gh
 slu%1 sn[1 & wat]1 up hills1 across    

fields & roadless pla9s4  7#f7          
,control--to hold its spe$ always 9 h&1 
calmly & safely meet+ e em]g5cy &       
cont+5cy ei!r 9 ! cr[d$ /reets ( ! city 
or on dang]\s roads4 ,! planet>y        
transmission ( ! ,=d gave ?is control & 
anybody c\ld "w x4 ,t is ! :y ( ! say+3 
,anybody c drive a ,=d4 ,x c turn ar\nd 
almo/ any:]e4  7#g7 ,! m a motor c>     
weighs1 naturally ! m fuel & lubricants 
are us$ 9 ! driv+2 ! light] ! weight1 ! 
light] ! exp5se ( op]ation4 ,! light    
weight ( ! ,=d c> 9 its e>ly ye>s 0 us$ 
z an argum5t aga9/ x4 ,n[ t is all      
*ang$4  ,! design :i* ,i settl$ ^u 0    
call$ ,model ,t4 ,! important feature ( 
! new model--:i*1 if x 7 accept$1 z ,i  
?\ght x w\ld be1 ,i int5d$ to make !    
only model & !n />t into real           
production--0 its simplicity4 ,!re 7 b  
f\r con/ructional units 9 ! c>--! p[]   
plant1 ! frame1 ! front axle1 & ! re>   
axle4 ,all ( ^! 7 easily accessible & !y
 7 design$ s t no special skill w\ld be 
requir$ = _! repair or replacem5t4 ,i   

believ$ !n1 al?\gh ,i said v little ab\t
 x because ( ! novelty ( ! idea1 t x    
ought to be possible to h p>ts s simple 
& s inexp5sive t ! m5ace ( exp5sive h&  
repair "w w\ld be entirely elim9at$4 ,! 
p>ts c\ld be made s *eaply t x w\ld be  
less exp5sive to buy new ones ?an to h  
old ones repair$4 ,!y c\ld be c>ri$ 9   
h>dw>e %ops j z nails or bolts are      
c>ri$4 ,i ?\ght t x 0 up to me z !      
design] to make ! c> s completely simple
 t no "o c\ld fail to und]/& x4  ,t     
works bo? ways & applies to ev]y?+4 ,!  
less complex an article1 ! easi] x is to
 make1 ! *eap] x may be sold1 & !re=e ! 
great] numb] may be sold4  ,x is n      
necess>y to g into ! te*nical details ( 
! con/ruction b p]haps ?is is z good a  
place z any to review ! v>i\s models1   
because ,model ,t 0 ! la/ ( ! models & !
 policy :i* x br\ght ab\t took ?is      
bus9ess out ( ! ord9>y l9e ( bus9ess4   
,application ( ! same idea w\ld take any
 bus9ess out ( ! ord9>y run4  ,i design$
 eight models 9 all be=e ,model ,t4 ,!y 

73 ,model ,a1 ,model ,b1 ,model ,c1     
,model ,f1 ,model ,n1 ,model ,r1 ,model 
,s1 & ,model ,k4 ,( ^!1 ,models ,a1 ,c1 
& ,f _h two-cyl9d] oppos$ horizontal    
motors4 ,9 ,model ,a ! motor 0 at ! re> 
( ! driv]'s seat4 ,9 all ( ! o!r models 
x 0 9 a hood 9 front4 ,models ,b1 ,n1   
,r1 & ,s _h motors ( ! f\r-cyl9d]       
v]tical type4 ,model ,k _h six cyl9d]s4 
,model ,a develop$ eight horsep[]4      
,model ,b develop$ tw5ty-f\r horsep[] ) 
a #d-a_/b-;in* cyl9d] & a #e-;in* /roke4
 ,! highe/ horsep[] 0 9 ,model ,k1 !    
six-cyl9d] c>1 :i* develop$ =ty         
horsep[]4 ,! l>ge/ cyl9d]s 7 ^? ( ,model
 ,b4 ,! smalle/ 7 9 ,models ,n1 ,r1 & ,s
 :i* 7 #c-c_/d in*es 9 diamet] ) a      
#c-c_/h-;in* /roke4 ,model ,t has a     
#c-c_/d-;in* cyl9d] ) a #d-;in* /roke4  
,! ignition 0 by dry batt]ies 9 all     
except+ ,model ,b1 :i* _h /orage        
batt]ies1 & 9 ,model ,k :i* _h bo?      
batt]y & magneto4 ,9 ! pres5t model1 !  
magneto is a "p ( ! p[] plant & is built
 94 ,! clut* 9 ! fir/ f\r models 0 ( !  

cone type2 9 ! la/ f\r & 9 ! pres5t     
model1 ( ! multiple disc type4 ,!       
transmission 9 all ( ! c>s has be5      
planet>y4 ,model ,a _h a *a9 drive4     
,model ,b _h a %aft drive4 ,! next two  
models _h *a9 drives4 ,s9ce !n all ( !  
c>s h _h %aft drives4 ,model ,a _h a    
#gb-;in* :eel base4 ,model ,b1 :i* 0 an 
extremely good c>1 _h #ib in*es4 ,model 
,k _h #abj in*es4 ,model ,c _h #gh      
in*es4 ,! o!rs _h #hd in*es1 & ! pres5t 
c> has #ajj in*es4 ,9 ! fir/ five models
 all ( ! equipm5t 0 extra4 ,! next ?ree 
7 sold ) a p>tial equipm5t4 ,! pres5t c>
 is sold ) full equipm5t4 ,model ,a     
weigh$ #a1bej p\nds4 ,! lighte/ c>s 7   
,models ,n & ,r4 ,!y weigh$ #a1jej      
p\nds1 b !y 7 bo? runab\ts4 ,! heavie/  
c> 0 ! six-cyl9d]1 :i* weigh$ #b1jjj    
p\nds4 ,! pres5t c> weighs #a1bjj lbs4  
,! ,model ,t _h practically no features 
:i* 7 n conta9$ 9 "s "o or o!r ( !      
previ\s models4 ,e detail _h be5 fully  
te/$ 9 practice4 ,!re 0 no guess+ z to  
:e!r or n x w\ld be a successful model4 

,x _h to be4 ,!re 0 no way x c\ld escape
 be+ s1 = x _h n be5 made 9 a day4 ,x   
conta9$ all t ,i 0 !n able to put into a
 motor c> plus ! mat]ial1 :i* = ! fir/  
"t ,i 0 able to obta94 ,we put out      
,model ,t = ! season #aijh-aiji4  ,!    
company 0 !n five ye>s old4 ,! orig9al  
factory space _h be5 4#bh acre4 ,we _h  
employ$ an av]age ( #caa p 9 ! fir/ ye>1
 built #a1gjh c>s1 & _h "o bran* h\se4  
,9 #aijh1 ! factory space _h increas$ to
 #b4fe acres & we own$ ! build+4 ,!     
av]age numb] ( employees _h increas$ to 
#a1ijh4 ,we built #f1aha c>s & _h f\rte5
 bran* h\ses4 ,x 0 a prosp]\s bus9ess4  
,dur+ ! season #aijh-aiji we cont9u$ to 
make ,models ,r & ,s1 f\r-cyl9d]        
runab\ts & road/]s1 ! models t _h       
previ\sly be5 s successful1 & :i* sold  
at #gjj & #gej4 ,b ,model ,t swept !m "r
 out4 ,we sold #aj1fjg c>s--a l>g] numb]
 ?an any manufactur] _h ev] sold4 ,!    
price = ! t\r+ c> 0 #hej4 ,on ! same    
*assis we m\nt$ a t[n c> at #a1jjj1 a   
road/] at #hbe1 a c\pe at #iej1 & a     

l&aulet at #iej4  ,?is season demon/rat$
 conclusively to me t x 0 "t to put !   
new policy 9 =ce4 ,! salesm51 be=e ,i _h
 ann\nc$ ! policy1 7 spurr$ by ! great  
sales to ?9k t ev5 great] sales might be
 _h if only we _h m models4 ,x is /range
 h[1 j z soon z an article becomes      
successful1 somebody />ts to ?9k t x    
w\ld be m successful if only x 7        
diff]5t4 ,!re is a t5d5cy to keep       
monkey+ ) /yles & to spoil a good ?+ by 
*ang+ x4 ,! salesm5 7 insi/5t on        
increas+ ! l9e4 ,!y li/5$ to ! #e p]    
c5t41 ! special cu/om]s :o c\ld say :at 
!y want$1 & =got all ab\t ! #ie p] c5t4 
:o j b\ght )\t mak+ any fuss4 ,no       
bus9ess c improve unless x pays ! close/
 possible att5tion to compla9ts &       
sugge/ions4 ,if !re is any defect 9     
s]vice !n t mu/ be in/antly & rigor\sly 
inve/igat$1 b :5 ! sugge/ion is only z  
to /yle1 "o has to make sure :e!r x is n
 m]ely a p]sonal :im t is be+ voic$4    
,salesm5 always want to cat] to :ims    
in/ead ( acquir+ suffici5t k ( _!       

product to be able to expla9 to ! cu/om]
 ) ! :im t :at !y h w satisfy 8 e       
requirem5t--t is1 ( c\rse1 provid$ :at  
!y h does satisfy ^! requirem5ts4       
,!re=e 9 #aiji ,i ann\nc$ "o morn+1 )\t 
any previ\s w>n+1 t 9 ! future we 7 go+ 
to build only "o model1 t ! model 0 go+ 
to be ,model ,t1 & t ! *assis w\ld be   
exactly ! same = all c>s1 & ,i rem>k$3  
,any cu/om] c h a c> pa9t$ any col\r t  
he wants s long z x is black4  ,i _c say
 t any "o agre$ ) me4 ,! sell+ p c\ld n 
( c\rse see ! advantages t a s+le model 
w\ld br+ ab\t 9 production4 ,m ?an t1 !y
 did n p>ticul>ly c>e4 ,!y ?\ght t our  
production 0 good en\gh z x 0 & !re 0 a 
v decid$ op9ion t l[]+ ! sales price    
w\ld hurt sales1 t ! p :o want$ quality 
w\ld be driv5 away & t !re w\ld be none 
to replace !m4 ,!re 0 v little          
conception ( ! motor indu/ry4 ,a motor  
c> 0 /ill reg>d$ z some?+ 9 ! way ( a   
luxury4 ,! manufactur]s did a good deal 
to spread ?is idea4 ,"s clev] p]sons    
inv5t$ ! "n pleasure c> & ! adv]tis+    

emphasiz$ ! pleasure features4 ,! sales 
p _h gr\nd = _! objections & p>ticul>ly 
:5 ,i made ! foll[+ ann\ncem5t3  ,i w   
build a motor c> = ! great multitude4 ,x
 w be l>ge en\gh = ! family b small     
en\gh = ! individual to run & c>e =4 ,x 
w be con/ruct$ ( ! be/ mat]ials1 by !   
be/ m5 to be hir$1 aft] ! simple/       
designs t mod]n eng9e]+ c devise4 ,b x w
 be s l[ 9 price t no man mak+ a good   
sal>y w be unable to own "o--& enjoy ) 8
 family ! bless+ ( h\rs ( pleasure 9    
,god's great op5 spaces4  ,?is          
ann\ncem5t 0 receiv$ n )\t pleasure4 ,! 
g5]al comm5t 03  ,if ,=d does t he w be 
out ( bus9ess 9 six mon?s4  ,!          
impression 0 t a good c> c\ld n be built
 at a l[ price1 & t1 anyh[1 !re 0 no use
 9 build+ a l[-pric$ c> because only    
weal?y p 7 9 ! m>ket = c>s4 ,!          
#aijh-aiji sales ( m ?an t5 ?\s& c>s _h 
conv9c$ me t we ne$$ a new factory4 ,we 
already _h a big mod]n factory--!       
,piquette ,/reet plant4 ,x 0 z good z1  
p]haps a little bett] ?an1 any          

automobile factory 9 ! c\ntry4 ,b ,i did
 n see h[ x 0 go+ to c>e = ! sales &    
production t 7 inevitable4 ,s ,i b\ght  
sixty acres at ,highl& ,p>k1 :i* 0 !n   
consid]$ away out 9 ! c\ntry f ,detroit4
 ,! am\nt ( gr\nd b\ght & ! plans = a   
bigg] factory ?an ! _w has ev] se5 7    
oppos$4 ,! "q 0 already be+ ask$3  ,h[  
soon w ,=d bl[ up8  ,nobody kn[s h[ _m  
?\s& times x has be5 ask$ s9ce4 ,x is   
ask$ only because ( ! failure to grasp t
 a pr9ciple r ?an an individual is at   
"w1 & ! pr9ciple is s simple t x seems  
my/]i\s4  ,= #aiji-aiaj1 9 ord] to pay =
 ! new l& & build+s1 ,i slightly rais$ !
 prices4 ,?is is p]fectly ju/ifiable &  
results 9 a b5efit1 n an injury1 to !   
pur*as]4 ,i did exactly ! same ?+ a few 
ye>s ago--or r1 9 t case ,i did n l[] ! 
price z is my annual cu/om1 9 ord] to   
build ! ,riv] ,r\ge plant4 ,! extra     
money might 9 ea* case h be5 _h by      
borr[+1 b !n we %\ld h _h a cont9u+ *>ge
 ^u ! bus9ess & all subsequ5t c>s w\ld h
 _h to be> ?is *>ge4 ,! price ( all !   

models 0 increas$ #ajj1 ) ! exception ( 
! road/]1 :i* 0 increas$ only #ge & ( ! 
l&aulet & t[n c>1 :i* 7 increas$ #aej & 
#bjj respectively4 ,we sold #ah1ffd c>s1
 & !n = #aiaj-aiaa1 ) ! new facilities1 
,i cut ! t\r+ c> f #iej to #ghj & we    
sold #cd1ebh c>s4 ,t is ! beg9n+ ( !    
/eady r$uction 9 ! price ( ! c>s 9 !    
face ( ev]-increas+ co/ ( mat]ials &    
ev]-high] wages4  ,contra/ ! ye> #aijh )
 ! ye> #aiaa4 ,! factory space increas$ 
f #b4fe to #cb acres4 ,! av]age numb] ( 
employees f #a1ijh to #d1aaj1 & ! c>s   
built f a little ov] six ?\s& to ne>ly  
?irty-five ?\s&4 ,y w note t m5 7 n     
employ$ 9 proportion to ! output4  ,we  
71 almo/ ov]night x seems1 9 great      
production4 ,h[ did all ?is come ab\t8  
,simply ?r\gh ! application ( an        
inevitable pr9ciple4 ,by ! application (
 intellig5tly direct$ p[] & ma*9]y4 ,9 a
 little d>k %op on a side /reet an old  
man _h lab\r$ = ye>s mak+ axe h&les4    
,out ( season$ hickory he fa%ion$ !m1 ) 
! help ( a draw %ave1 a *isel1 & a      

supply ( s&pap]4 ,c>efully 0 ea* h&le   
weigh$ & balanc$4 ,no two ( !m 7 alike4 
,! curve mu/ exactly fit ! h& & mu/     
con=m to ! gra9 ( ! wood4 ,f dawn until 
d>k ! old man lab\r$4 ,8 av]age product 
0 eight h&les a week1 = :i* he receiv$ a
 doll> & a half ea*4 ,& (t5 "s ( ^! 7   
unsaleable--because ! balance 0 n true4 
,to-day y c buy a bett] axe h&le1 made  
by ma*9]y1 = a few c5ts4 ,& y ne$ n     
worry ab\t ! balance4 ,!y are all       
alike--& e "o is p]fect4 ,mod]n me?ods  
appli$ 9 a big way h n only br\ght ! co/
 ( axe h&les d[n to a fraction ( _! =m] 
co/--b !y h imm5sely improv$ ! product4 
,x 0 ! application ( ^! same me?ods to !
 mak+ ( ! ,=d c> t at ! v />t l[]$ !    
price & height5$ ! quality4 ,we j       
develop$ an idea4 ,! nucleus ( a bus9ess
 may be an idea4 ,t is1 an inv5tor or a 
?\ghtful workman works out a new & bett]
 way to s]ve "s e/abli%$ human ne$2 !   
idea comm5ds itself1 & p want to avail  
!mselves ( x4 ,9 ?is way a s+le         
individual may prove1 ?r\gh 8 idea or   

discov]y1 ! nucleus ( a bus9ess4 ,b !   
creation ( ! body & bulk ( t bus9ess is 
%>$ by ev]yone :o has any?+ to d ) x4   
,no manufactur] c say3 ,i built ?is     
bus9ess--if he has requir$ ! help (     
?\s&s ( m5 9 build+ x4 ,x is a jo9t     
production4 ,ev]yone employ$ 9 x has    
contribut$ some?+ to x4 ,by work+ &     
produc+ !y make x possible = ! pur*as+  
_w to keep com+ to t bus9ess = ! type ( 
s]vice x provides1 & ?us !y help e/abli%
 a cu/om1 a trade1 a habit :i* supplies 
!m ) a livelihood4 ,t is ! way our      
company grew & j h[ ,i %all />t expla9+ 
9 ! next *apt]4  ,9 ! meantime1 !       
company _h become _w-wide4 ,we _h       
bran*es 9 ,london & 9 ,au/ralia4 ,we 7  
%ipp+ to e "p ( ! _w1 & 9 ,engl&        
p>ticul>ly we 7 beg9n+ to be z well kn[n
 z 9 ,am]ica4 ,! introduction ( ! c> 9  
,engl& 0 some:at difficult on acc\nt ( !
 failure ( ! ,am]ican bicycle4 ,because 
! ,am]ican bicycle _h n be5 suit$ to    
,engli% uses x 0 tak5 = grant$ & made a 
po9t ( by ! di/ributors t no ,am]ican   

vehicle c\ld appeal to ! ,briti% m>ket4 
,two ,model ,a's f\nd _! way to ,engl& 9
 #aijc4 ,! newspap]s refus$ to notice   
!m4 ,! automobile ag5ts refus$ to take !
 slighte/ int]e/4 ,x 0 rum\r$ t !       
pr9cipal compon5ts ( its manufacture 7  
/r+ & hoop wire & t a buy] w\ld be lucky
 if x held toge!r = a =tnight6 ,9 ! fir/
 ye> ab\t a doz5 c>s 9 all 7 us$2 !     
second 0 only a little bett]4 ,& ,i may 
say z to ! reliability ( t ,model ,a t  
mo/ ( !m aft] ne>ly tw5ty ye>s are /ill 
9 "s k9d ( s]vice 9 ,engl&4  ,9 #aije   
our ag5t ent]$ a ,model ,c 9 ! ,scotti% 
,reliability ,trials4 ,9 ^? days        
reliability runs 7 m popul> 9 ,engl& ?an
 motor races4 ,p]haps !re 0 no inkl+ t  
aft] all an automobile 0 n m]ely a toy4 
,! ,scotti% ,trials 0 ov] eight hundr$  
miles ( hilly1 heavy roads4 ,! ,=d came 
?r\gh ) only "o involunt>y /op aga9/ x4 
,t />t$ ! ,=d sales 9 ,engl&4 ,9 t same 
ye> ,=d taxicabs 7 plac$ 9 ,london = !  
fir/ "t4 ,9 ! next sev]al ye>s ! sales  
began to pick up4 ,! c>s w5t into e     

endurance & reliability te/ & won e "o (
 !m4 ,! ,brighton deal] _h t5 ,=ds driv5
 ov] ! ,s\? ,d[ns = two days 9 a k9d (  
/eeple*ase & e "o ( !m came ?r\gh4 ,z a 
result six hundr$ c>s 7 sold t ye>4 ,9  
#aiaa ,h5ry ,alex&] drove a ,model ,t to
 ! top ( ,b5 ,nevis1 #d1fjj feet4 ,t ye>
 #ad1jfj c>s 7 sold 9 ,engl&1 & x has   
nev] s9ce be5 necess>y to /age any k9d (
 a /unt4 ,we ev5tually op5$ our own     
factory at ,man*e/]2 at fir/ x 0 purely 
an assembl+ plant4 ,b z ! ye>s h gone by
 we h progressively made m & m ( ! c>4  
,,*apt] ,v  ,,gett+ ,,into ,,production 
,if a device w\ld save 9 "t j #aj p]    
c5t4 or increase results #aj p] c5t41 !n
 its abs5ce is always a #aj p] c5t4 tax4
 ,if ! "t ( a p]son is wor? fifty c5ts  
an h\r1 a #aj p] c5t4 sav+ is wor? five 
c5ts an h\r4 ,if ! own] ( a skyscrap]   
c\ld increase 8 income #aj p] c5t41 he  
w\ld will+ly pay half ! increase j to "k
 h[4 ,! reason :y he owns a skyscrap] is
 t sci5ce has prov$ t c]ta9 mat]ials1   
us$ 9 a giv5 way1 c save space &        

increase r5tal incomes4 ,a build+ ?irty 
/ories high ne$s no m gr\nd space ?an "o
 five /ories high4 ,gett+ along ) !     
old-/yle ar*itecture co/s ! five-/ory   
man ! income ( tw5ty-five floors4 ,save 
t5 /eps a day = ea* ( twelve ?\s&       
employees & y w h sav$ fifty miles (    
wa/$ motion & missp5t en]gy4  ,^? are ! 
pr9ciples on :i* ! production ( my plant
 0 built up4 ,!y all come practically z 
( c\rse4 ,9 ! beg9n+ we tri$ to get     
ma*9i/s4 ,z ! necessity = production    
increas$ x became app>5t n only t en\gh 
ma*9i/s 7 n to be _h1 b also t skill$ m5
 7 n necess>y 9 production1 & out ( ?is 
grew a pr9ciple t ,i lat] want to pres5t
 9 full4  ,x is self-evid5t t a majority
 ( ! p 9 ! _w are n m5tally--ev5 if !y  
are physically--capable ( mak+ a good   
liv+4 ,t is1 !y are n capable ( furni%+ 
) _! own h&s a suffici5t quantity ( !   
goods :i* ?is _w ne$s to be able to     
ex*ange _! unaid$ product = ! goods :i* 
!y ne$4 ,i h he>d x said1 9 fact ,i     
believe x is q a curr5t ?\ght1 t we h   

tak5 skill out ( "w4 ,we h n4 ,we h put 
9 skill4 ,we h put a high] skill into   
plann+1 managem5t1 & tool build+1 & !   
results ( t skill are enjoy$ by ! man :o
 is n skill$4 ,?is ,i %all lat] enl>ge  
on4  ,we h to recognize ! unev5ness 9   
human m5tal equipm5ts4 ,if e job 9 our  
place requir$ skill ! place w\ld nev] h 
exi/$4 ,suffici5tly skill$ m5 to ! numb]
 ne$$ c\ld n h be5 tra9$ 9 a hundr$     
ye>s4 ,a million m5 work+ by h& c\ld n  
ev5 approximate our pres5t daily output4
 ,no "o c\ld manage a million m54 ,b m  
important ?an t1 ! product ( ! unaid$   
h&s ( ^? million m5 c\ld n be sold at a 
price 9 consonance ) buy+ p[]4 ,& ev5 if
 x 7 possible to imag9e su* an          
aggregation & imag9e its managem5t &    
correlation1 j ?9k ( ! area t x w\ld h  
to occupy6 ,h[ _m ( ! m5 w\ld be engag$1
 n 9 produc+1 b 9 m]ely c>ry+ f place to
 place :at ! o!r m5 _h produc$8 ,i _c   
see h[ "u su* conditions ! m5 c\ld      
possibly be paid m ?an t5 or tw5ty c5ts 
a day--= ( c\rse x is n ! employ] :o    

pays wages4 ,he only h&les ! money4 ,x  
is ! product t pays ! wages & x is !    
managem5t t arranges ! production s t ! 
product may pay ! wages4  ,! m          
economical me?ods ( production did n    
beg9 all at once4 ,!y began gradually--j
 z we began gradually to make our own   
p>ts4 ,model ,t 0 ! fir/ motor t we made
 ourselves4 ,! great economies began 9  
assembl+ & !n ext5d$ to o!r sections s  
t1 :ile to-day we h skill$ me*anics 9   
pl5ty1 !y d n produce automobiles--!y   
make x easy = o!rs to produce !m4 ,our  
skill$ m5 are ! tool mak]s1 ! exp]im5tal
 workm51 ! ma*9i/s1 & ! patt]n mak]s4   
,!y are z good z any m5 9 ! _w--s good1 
inde$1 t !y %\ld n be wa/$ 9 do+ t :i* !
 ma*9es !y contrive c d bett]4 ,! rank &
 file ( m5 come to u unskill$2 !y le>n  
_! jobs )9 a few h\rs or a few days4 ,if
 !y d n le>n )9 t "t !y w nev] be ( any 
use to u4 ,^! m5 are1 _m ( !m1 =eign]s1 
& all t is requir$ be=e !y are tak5 on  
is t !y %\ld be pot5tially able to d    
en\gh "w to pay ! ov]head *>ges on !    

floor space !y occupy4 ,!y d n h to be  
able-bodi$ m54 ,we h jobs t require     
great physical /r5g?--al?\gh !y are     
rapidly less5+2 we h o!r jobs t require 
no /r5g? :atsoev]--jobs :i*1 z f> z     
/r5g? is conc]n$1 might be att5d$ to by 
a *ild ( ?ree4  ,x is n possible1 )\t   
go+ deeply into te*nical processes1 to  
pres5t ! :ole developm5t ( manufactur+1 
/ep by /ep1 9 ! ord] 9 :i* ea* ?+ came  
ab\t4 ,i d n "k t ?is c\ld be done1     
because some?+ has be5 happ5+ ne>ly e   
day & nobody c keep track4 ,take at r&om
 a numb] ( ! *anges4 ,f !m x is possible
 n only to ga9 "s idea ( :at w happ5 :5 
?is _w is put on a production basis1 b  
also to see h[ mu* m we pay = ?+s ?an we
 ought to1 & h[ mu* l[] wages are ?an !y
 ought to be1 & :at a va/ field rema9s  
to be explor$4 ,! ,=d ,company is only a
 little way along on ! j\rney4  ,a ,=d  
c> conta9s ab\t five ?\s& p>ts--t is    
c\nt+ screws1 nuts1 & all4 ,"s ( ! p>ts 
are fairly bulky & o!rs are almo/ ! size
 ( wat* p>ts4 ,9 our fir/ assembl+ we   

simply />t$ to put a c> toge!r at a spot
 on ! floor & workm5 br\ght to x ! p>ts 
z !y 7 ne$$ 9 exactly ! same way t "o   
builds a h\se4 ,:5 we />t$ to make p>ts 
x 0 natural to create a s+le dep>tm5t ( 
! factory to make t "p1 b usually "o    
workman p]=m$ all ( ! op]ations necess>y
 on a small "p4 ,! rapid press (        
production made x necess>y to devise    
plans ( production t w\ld avoid hav+ !  
work]s fall+ ov] "o ano!r4 ,! undirect$ 
work] sp5ds m ( 8 "t walk+ ab\t =       
mat]ials & tools ?an he does 9 work+2 he
 gets small pay because p$e/rianism is n
 a highly paid l9e4  ,! fir/ /ep =w>d 9 
assembly came :5 we began tak+ ! "w to !
 m5 in/ead ( ! m5 to ! "w4 ,we n[ h two 
g5]al pr9ciples 9 all op]ations--t a man
 %all nev] h to take m ?an "o /ep1 if   
possibly x c be avoid$1 & t no man ne$  
ev] /oop ov]4  ,! pr9ciples ( assembly  
are ^!3  7#a7 ,place ! tools & ! m5 9 ! 
sequ5ce ( ! op]ation s t ea* compon5t "p
 %all travel ! lea/ possible di/ance    
:ile 9 ! process ( f9i%+4  7#b7 ,use "w 

slides or "s o!r =m ( c>ri] s t :5 a    
workman completes 8 op]ation1 he drops !
 "p always 9 ! same place--:i* place mu/
 always be ! mo/ conv5i5t place to 8    
h&--& if possible h gravity c>ry ! "p to
 ! next workman = 8 op]ation4  7#c7 ,use
 slid+ assembl+ l9es by :i* ! p>ts to be
 assembl$ are deliv]$ at conv5i5t       
di/ances4  ,! net result ( ! application
 ( ^! pr9ciples is ! r$uction ( !       
necessity = ?\ght on ! "p ( ! work] & ! 
r$uction ( 8 movem5ts to a m9imum4 ,he  
does z ne>ly z possible only "o ?+ )    
only "o movem5t4 ,! assembl+ ( ! *assis 
is1 f ! po9t ( view ( ! non-me*anical   
m9d1 our mo/ int]e/+ & p]haps be/ kn[n  
op]ation1 & at "o "t x 0 an exce$+ly    
important op]ation4 ,we n[ %ip out !    
p>ts = assembly at ! po9t ( di/ribution4
  ,along ab\t ,april #a1 #aiac1 we fir/ 
tri$ ! exp]im5t ( an assembly l9e4 ,we  
tri$ x on assembl+ ! fly:eel magneto4   
,we try ev]y?+ 9 a little way fir/--we w
 rip out any?+ once we discov] a bett]  
way1 b we h to "k absolutely t ! new way

 is go+ to be bett] ?an ! old be=e we d 
any?+ dra/ic4  ,i believe t ?is 0 ! fir/
 mov+ l9e ev] in/all$4 ,! idea came 9 a 
g5]al way f ! ov]head trolley t !       
,*icago pack]s use 9 dress+ beef4 ,we _h
 previ\sly assembl$ ! fly-:eel magneto 9
 ! usual me?od4 ,) "o workman do+ a     
complete job he c\ld turn out f         
?irty-five to =ty pieces 9 a n9e-h\r    
day1 or ab\t tw5ty m9utes to an         
assembly4 ,:at he did alone 0 !n spread 
into tw5ty-n9e op]ations2 t cut d[n !   
assembly "t to ?irte5 m9utes1 t5        
seconds4 ,!n we rais$ ! height ( ! l9e  
eight in*es--?is 0 9 #aiad--;& cut ! "t 
to sev5 m9utes4 ,fur!r exp]im5t+ ) !    
spe$ t ! "w %\ld move at cut ! "t d[n to
 five m9utes4 ,9 %ort1 ! result is ?is3 
by ! aid ( sci5tific /udy "o man is n[  
able to d some:at m ?an f\r did only a  
comp>atively few ye>s ago4 ,t l9e       
e/abli%$ ! effici5cy ( ! me?od & we n[  
use x ev]y:]e4 ,! assembl+ ( ! motor1   
=m]ly done by "o man1 is n[ divid$ into 
eighty-f\r op]ations--^? m5 d ! "w t    

?ree times _! numb] =m]ly did4 ,9 a %ort
 "t we tri$ out ! plan on ! *assis4     
,ab\t ! be/ we _h done 9 /ation>y *assis
 assembl+ 0 an av]age ( twelve h\rs &   
tw5ty-eight m9utes p] *assis4 ,we tri$ !
 exp]im5t ( draw+ ! *assis ) a rope &   
w9dlass d[n a l9e two hundr$ fifty feet 
long4 ,six assembl]s travel$ ) ! *assis 
& pick$ up ! p>ts f piles plac$ along ! 
l9e4 ,?is r\gh exp]im5t r$uc$ ! "t to   
five h\rs fifty m9utes p] *assis4 ,9 !  
e>ly "p ( #aiad we elevat$ ! assembly   
l9e4 ,we _h adopt$ ! policy ( man-high  
"w2 we _h "o l9e tw5ty-six & ?ree qu>t] 
in*es & ano!r tw5ty-f\r & "o half in*es 
f ! floor--to suit squads ( diff]5t     
heights4 ,! wai/-high arrangem5t & a    
fur!r subdivision ( "w s t ea* man _h   
few] movem5ts cut d[n ! lab\r "t p]     
*assis to "o h\r ?irty-?ree m9utes4     
,only ! *assis 0 !n assembl$ 9 ! l9e4 ,!
 body 0 plac$ on 9 ,john ,r4 ,/reet--!  
fam\s /reet t runs ?r\gh our ,highl&    
,p>k factories4 ,n[ ! l9e assembles !   
:ole c>4  ,x mu/ n be imag9$1 h[ev]1 t  

all ?is work$ out z quickly z x s\nds4  
,! spe$ ( ! mov+ "w _h to be c>efully   
tri$ out2 9 ! fly-:eel magneto we fir/  
_h a spe$ ( sixty in*es p] m9ute4 ,t 0  
too fa/4 ,!n we tri$ eighte5 in*es p]   
m9ute4 ,t 0 too sl[4 ,f9ally we settl$  
on =ty-f\r in*es p] m9ute4 ,! idea is t 
a man mu/ n be hurri$ 9 8 "w--he mu/ h e
 second necess>y b n a s+le unnecess>y  
second4 ,we h work$ out spe$s = ea*     
assembly1 = ! success ( ! *assis        
assembly caus$ u gradually to ov]haul   
our entire me?od ( manufactur+ & to put 
all assembl+ 9 me*anically driv5 l9es4  
,! *assis assembl+ l9e1 = in/ance1 goes 
at a pace ( six feet p] m9ute2 ! front  
axle assembly l9e goes at "o hundr$     
eighty-n9e in*es p] m9ute4 ,9 ! *assis  
assembl+ are =ty-five sep>ate op]ations 
or /ations4 ,! fir/ m5 fa/5 f\r mud-gu>d
 brackets to ! *assis frame2 ! motor    
arrives on ! t5? op]ation & s on 9      
detail4 ,"s m5 d only "o or two small   
op]ations1 o!rs d m4 ,! man :o places a 
"p does n fa/5 x--! "p may n be fully 9 

place until aft] sev]al op]ations lat]4 
,! man :o puts 9 a bolt does n put on ! 
nut2 ! man :o puts on ! nut does n      
tight5 x4 ,on op]ation numb] ?irty-f\r !
 budd+ motor gets its gasol9e2 x has    
previ\sly receiv$ lubrication2 on       
op]ation numb] =ty-f\r ! radiator is    
fill$ ) wat]1 & on op]ation numb]       
=ty-five ! c> drives out onto ,john ,r4 
,/reet4  ,ess5tially ! same ideas h be5 
appli$ to ! assembl+ ( ! motor4 ,9      
,octob]1 #aiac1 x requir$ n9e h\rs &    
fifty-f\r m9utes ( lab\r "t to assemble 
"o motor2 six mon?s lat]1 by ! mov+     
assembly me?od1 ?is "t _h be5 r$uc$ to  
five h\rs & fifty-six m9utes4 ,e piece (
 "w 9 ! %ops moves2 x may move on hooks 
on ov]head *a9s go+ to assembly 9 !     
exact ord] 9 :i* ! p>ts are requir$2 x  
may travel on a mov+ plat=m1 or x may g 
by gravity1 b ! po9t is t !re is no     
lift+ or truck+ ( any?+ o!r ?an         
mat]ials4 ,mat]ials are br\ght 9 on     
small trucks or trail]s op]at$ by       
cut-d[n ,=d *assis1 :i* are suffici5tly 

mobile & quick to get 9 & out ( any     
aisle :]e !y may be requir$ to g4 ,no   
workman has any?+ to d ) mov+ or lift+  
any?+4 ,t is all 9 a sep>ate dep>tm5t--!
 dep>tm5t ( transportation4  ,we />t$   
assembl+ a motor c> 9 a s+le factory4   
,!n z we began to make p>ts1 we began to
 dep>tm5talize s t ea* dep>tm5t w\ld d  
only "o ?+4 ,z ! factory is n[ organiz$ 
ea* dep>tm5t makes only a s+le "p or    
assembles a "p4 ,a dep>tm5t is a little 
factory 9 itself4 ,! "p comes into x z  
raw mat]ial or z a ca/+1 goes ?r\gh !   
sequ5ce ( ma*9es & heat treatm5ts1 or   
:atev] may be requir$1 & leaves t       
dep>tm5t f9i%$4 ,x 0 only because (     
transport ease t ! dep>tm5ts 7 gr\p$    
toge!r :5 we />t$ to manufacture4 ,i did
 n "k t su* m9ute divisions w\ld be     
possible2 b z our production grew &     
dep>tm5ts multipli$1 we actually *ang$ f
 mak+ automobiles to mak+ p>ts4 ,!n we  
f\nd t we _h made ano!r new discov]y1   
:i* 0 t by no means all ( ! p>ts _h to  
be made 9 "o factory4 ,x 0 n really a   

discov]y--x 0 some?+ 9 ! nature ( go+   
ar\nd 9 a circle to my fir/ manufactur+ 
:5 ,i b\ght ! motors & probably n9ety p]
 c5t4 ( ! p>ts4 ,:5 we began to make our
 own p>ts we practically took = grant$ t
 !y all _h to be made 9 ! "o factory--t 
!re 0 "s special virtue 9 hav+ a s+le   
ro( ov] ! manufacture ( ! entire c>4 ,we
 h n[ develop$ away f ?is4 ,if we build 
any m l>ge factories1 x w be only       
because ! mak+ ( a s+le "p mu/ be 9 su* 
trem5d\s volume z to require a l>ge     
unit4 ,i hope t 9 ! c\rse ( "t ! big    
,highl& ,p>k plant w be do+ only "o or  
two ?+s4 ,! ca/+ has already be5 tak5   
away f x & has gone to ! ,riv] ,r\ge    
plant4 ,s n[ we are on our way back to  
:]e we />t$ f--except+ t1 in/ead ( buy+ 
our p>ts on ! outside1 we are beg9n+ to 
make !m 9 our own factories on !        
outside4  ,?is is a developm5t :i* holds
 exceptional consequ5ces1 = x means1 z  
,i %all enl>ge 9 a lat] *apt]1 t highly 
/&>diz$1 highly subdivid$ indu/ry ne$ no
 long] become conc5trat$ 9 l>ge plants )

 all ! inconv5i5ces ( transportation &  
h\s+ t hamp] l>ge plants4 ,a ?\s& or    
five hundr$ m5 ought to be en\gh 9 a    
s+le factory2 !n !re w\ld be no problem 
( transport+ !m to "w or away f "w & !re
 w\ld be no slums or any ( ! o!r        
unnatural ways ( liv+ incid5t to !      
ov]cr[d+ t mu/ take place if ! workm5   
are to live )9 reasonable di/ances ( a v
 l>ge plant4  ,highl& ,p>k n[ has five  
hundr$ dep>tm5ts4 ,d[n at our ,piquette 
plant we _h only eighte5 dep>tm5ts1 &   
=m]ly at ,highl& ,p>k we _h only "o     
hundr$ & fifty dep>tm5ts4 ,?is          
illu/rates h[ f> we are go+ 9 !         
manufacture ( p>ts4  ,h>dly a week      
passes )\t "s improvem5t be+ made       
some:]e 9 ma*9e or process1 & sometimes 
?is is made 9 defiance ( :at is call$ ! 
be/ %op practice4 ,i recall t a ma*9e   
manufactur] 0 once call$ into conf]5ce  
on ! build+ ( a special ma*9e4 ,!       
specifications call$ = an output ( two  
hundr$ p] h\r4  ,?is is a mi/ake1 said !
 manufactur]1 y mean two hundr$ a       

day--no ma*9e c be =c$ to two hundr$ an 
h\r4  ,! company (fic] s5t = ! man :o _h
 design$ ! ma*9e & !y call$ 8 att5tion  
to ! specification4 ,he said3  ,yes1 :at
 ab\t x8  ,x c't be done1 said !        
manufactur] positively1 no ma*9e built w
 d t--x is out ( ! "q4  ,out ( ! "q6    
exclaim$ ! eng9e]1 if y w come d[n to ! 
ma9 floor y w see "o do+ x2 we built "o 
to see if x c\ld be done & n[ we want m 
l x4  ,! factory keeps no record (      
exp]im5ts4 ,! =em5 & sup]9t5d5ts rememb]
 :at has be5 done4 ,if a c]ta9 me?od has
 =m]ly be5 tri$ & fail$1 somebody w     
rememb] x--b ,i am n p>ticul>ly anxi\s =
 ! m5 to rememb] :at someone else has   
tri$ to d 9 ! pa/1 = !n we might quickly
 accumulate f> too _m ?+s t c\ld n be   
done4 ,t is "o ( ! tr\bles ) ext5sive   
records4 ,if y keep on record+ all ( y\r
 failures y w %ortly h a li/ %[+ t !re  
is no?+ left = y to try--:]eas x by no  
means foll[s because "o man has fail$ 9 
a c]ta9 me?od t ano!r man w n succe$4   
,!y told u we c\ld n ca/ gray iron by   

our endless *a9 me?od & ,i believe !re  
is a record ( failures4 ,b we are do+ x4
 ,! man :o c>ri$ ?r\gh our "w ei!r did n
 "k or paid no att5tion to ! previ\s    
figures4 ,likewise we 7 told t x 0 out (
 ! "q to p\r ! hot iron directly f !    
bla/ furnace into m\ld4 ,! usual me?od  
is to run ! iron into pigs1 let !m      
season = a "t1 & !n remelt !m = ca/+4 ,b
 at ! ,riv] ,r\ge plant we are ca/+     
directly f cupolas t are fill$ f ! bla/ 
furnaces4 ,!n1 too1 a record (          
failures--p>ticul>ly if x is a dignifi$ 
& well-au!nticat$ record--det]s a "y man
 f try+4 ,we get "s ( our be/ results f 
lett+ fools ru% 9 :]e angels fe> to     
tread4  ,none ( our m5 are exp]ts4 ,we h
 mo/ un=tunately f\nd x necess>y to get 
rid ( a man z soon z he ?9ks himself an 
exp]t--because no "o ev] consid]s       
himself exp]t if he really kn[s 8 job4  
,a man :o kn[s a job sees s mu* m to be 
done ?an he has done1 t he is always    
press+ =w>d & nev] gives up an in/ant ( 
?\ght to h[ good & h[ effici5t he is4   

,?9k+ always ahead1 ?9k+ always ( try+  
to d m1 br+s a /ate ( m9d 9 :i* no?+ is 
impossible4 ,! mom5t "o gets into !     
exp]t /ate ( m9d a great numb] ( ?+s    
become impossible4  ,i refuse to        
recognize t !re are impossibilities4 ,i 
_c discov] t any "o kn[s en\gh ab\t     
any?+ on ?is e>? def9itely to say :at is
 & :at is n possible4 ,! "r k9d (       
exp]i5ce1 ! "r k9d ( te*nical tra9+1    
ought to enl>ge ! m9d & r$uce ! numb] ( 
impossibilities4 ,x un=tunately does    
no?+ ( ! k9d4 ,mo/ te*nical tra9+ & !   
av]age ( t :i* we call exp]i5ce1 provide
 a record ( previ\s failures &1 in/ead (
 ^! failures be+ tak5 = :at !y are wor?1
 !y are tak5 z absolute b>s to progress4
 ,if "s man1 call+ himself an au?ority1 
says t ?is or t _c be done1 !n a horde (
 un?9k+ foll[]s />t ! *orus3 ,x c't be  
done4  ,take ca/+s4 ,ca/+s has always   
be5 a wa/eful process & is s old t x has
 accumulat$ _m traditions :i* make      
improvem5ts extraord9>ily difficult to  
br+ ab\t4 ,i believe "o au?ority on     

m\ld+ decl>$--be=e we />t$ our          
exp]im5ts--t any man :o said he c\ld    
r$uce co/s )9 half a ye> wrote himself  
d[n z a fraud4  ,our f\ndry us$ to be   
mu* l o!r f\ndries4 ,:5 we ca/ ! fir/   
,model ,t cyl9d]s 9 #aiaj1 ev]y?+ 9 !   
place 0 done by h&2 %ovels & :eelb>r[s  
ab\nd$4 ,! "w 0 !n ei!r skill$ or       
unskill$2 we _h m\ld]s & we _h lab\r]s4 
,n[ we h ab\t five p] c5t4 ( ?or\ghly   
skill$ m\ld]s & core sett]s1 b ! rema9+ 
#ie p] c5t4 are unskill$1 or to put x m 
accurately1 mu/ be skill$ 9 exactly "o  
op]ation :i* ! mo/ /upid man c le>n )9  
two days4 ,! m\ld+ is all done by       
ma*9]y4 ,ea* "p :i* we h to ca/ has a   
unit or units ( its own--accord+ to !   
numb] requir$ 9 ! plan ( production4 ,! 
ma*9]y ( ! unit is adapt$ to ! s+le     
ca/+2 ?us ! m5 9 ! unit ea* p]=m a s+le 
op]ation t is always ! same4 ,a unit    
consi/s ( an ov]head railway to :i* at  
int]vals are hung little plat=ms = !    
m\lds4 ,)\t go+ into te*nical details1  
let me say ! mak+ ( ! m\lds & ! cores1 &

 ! pack+ ( ! cores1 are done ) ! "w 9   
motion on ! plat=ms4 ,! metal is p\r$ at
 ano!r po9t z ! "w moves1 & by ! "t !   
m\ld 9 :i* ! metal has be5 p\r$ rea*es !
 t]m9al1 x is cool en\gh to />t on its  
automatic way to clean+1 ma*9+1 &       
assembl+4 ,& ! plat=m is mov+ ar\nd = a 
new load4  ,take ! developm5t ( !       
pi/on-rod assembly4 ,ev5 "u ! old plan1 
?is op]ation took only ?ree m9utes & did
 n seem to be "o to bo!r ab\t4 ,!re 7   
two b5*es & tw5ty-eight m5 9 all2 !y    
assembl$ "o hundr$ sev5ty-five pi/ons & 
rods 9 a n9e-h\r day--:i* means j five  
seconds ov] ?ree m9utes ea*4 ,!re 0 no  
inspection1 & _m ( ! pi/on & rod        
assemblies came back f ! motor assembl+ 
l9e z defective4 ,x is a v simple       
op]ation4 ,! workman pu%$ ! p9 out ( !  
pi/on1 oil$ ! p91 slipp$ ! rod 9 place1 
put ! p9 ?r\gh ! rod & pi/on1 tight5$ "o
 screw1 & op5$ ano!r screw4 ,t 0 ! :ole 
op]ation4 ,! =eman1 exam9+ ! op]ation1  
c\ld n discov] :y x %\ld take z mu* z   
?ree m9utes4 ,he analyz$ ! motions ) a  

/op-wat*4 ,he f\nd t f\r h\rs out ( a   
n9e-h\r day 7 sp5t 9 walk+4 ,! assembl] 
did n g (f any:]e1 b he _h to %ift 8    
feet to ga!r 9 8 mat]ials & to pu% away 
8 f9i%$ piece4 ,9 ! :ole task1 ea* man  
p]=m$ six op]ations4 ,! =eman devis$ a  
new plan2 he split ! op]ation into ?ree 
divisions1 put a slide on ! b5* & ?ree  
m5 on ea* side ( x1 & an inspector at ! 
end4 ,in/ead ( "o man p]=m+ ! :ole      
op]ation1 "o man !n p]=m$ only "o ?ird (
 ! op]ation--he p]=m$ only z mu* z he   
c\ld d )\t %ift+ 8 feet4 ,!y cut d[n !  
squad f tw5ty-eight to f\rte5 m54 ,! =m]
 record = tw5ty-eight m5 0 "o hundr$    
sev5ty-five assemblies a day4 ,n[ sev5  
m5 turn out tw5ty-six hundr$ assemblies 
9 eight h\rs4 ,x is n necess>y to       
calculate ! sav+s !re6  ,pa9t+ ! re>    
axle assembly once gave "s tr\ble4 ,x   
us$ to be dipp$ by h& into a tank (     
enamel4 ,?is requir$ sev]al h&l+s & !   
s]vices ( two m54 ,n[ "o man takes c>e (
 x all on a special ma*9e1 design$ &    
built 9 ! factory4 ,! man n[ m]ely hangs

 ! assembly on a mov+ *a9 :i* c>ries x  
up ov] ! enamel tank1 two lev]s !n ?ru/ 
?imbles ov] ! ends ( ! ladle %aft1 !    
pa9t tank rises six feet1 imm]ses !     
axle1 returns to position1 & ! axle goes
 on to ! dry+ ov54 ,! :ole cycle (      
op]ations n[ takes j ?irte5 seconds4  ,!
 radiator is a complex affair & sold]+ x
 us$ to be a matt] ( skill4 ,!re are    
n9ety-five tubes 9 a radiator4 ,fitt+ & 
sold]+ ^! tubes 9 place is by h& a long 
op]ation1 requir+ bo? skill & pati5ce4  
,n[ x is all done by a ma*9e :i* w make 
twelve hundr$ radiator cores 9 eight    
h\rs2 !n !y are sold]$ 9 place by be+   
c>ri$ ?r\gh a furnace by a conveyor4 ,no
 t9smi? "w & s no skill are requir$4    
,we us$ to rivet ! crank-case arms to ! 
crank-case1 us+ pneumatic hamm]s :i* 7  
suppos$ to be ! late/ developm5t4 ,x    
took six m5 to hold ! hamm]s & six m5 to
 hold ! cas+s1 & ! d9 0 t]rific4 ,n[ an 
automatic press op]at$ by "o man1 :o    
does no?+ else1 gets ?r\gh five times z 
mu* "w 9 a day z ^? twelve m5 did4  ,9 !

 ,piquette plant ! cyl9d] ca/+ travel$  
f\r ?\s& feet 9 ! c\rse ( f9i%+2 n[ x   
travels only slightly ov] ?ree hundr$   
feet4  ,!re is no manual h&l+ ( mat]ial4
 ,!re is n a s+le h& op]ation4 ,if a    
ma*9e c be made automatic1 x is made    
automatic4 ,n a s+le op]ation is ev]    
consid]$ z be+ done 9 ! be/ or *eape/   
way4 ,at t1 only ab\t t5 p] c5t4 ( our  
tools are special2 ! o!rs are regul>    
ma*9es adju/$ to ! p>ticul> job4 ,& !y  
are plac$ almo/ side by side4 ,we put m 
ma*9]y p] squ>e foot ( floor space ?an  
any o!r factory 9 ! _w--e foot ( space n
 us$ c>ries an ov]head exp5se4 ,we want 
none ( t wa/e4 ,yet !re is all ! room   
ne$$--no man has too mu* room & no man  
has too little room4 ,divid+ & subdivid+
 op]ations1 keep+ ! "w 9 motion--^? are 
! keynotes ( production4 ,b also x is to
 be rememb]$ t all ! p>ts are design$ s 
t !y c be mo/ easily made4 ,& ! sav+8   
,al?\gh ! comp>ison is n q fair1 x is   
/>tl+4 ,if at our pres5t rate (         
production we employ$ ! same numb] ( m5 

p] c> t we did :5 we began 9 #aijc--;&  
^? m5 7 only = assembly--we %\ld to-day 
require a =ce ( m ?an two hundr$ ?\s&4  
,we h less ?an fifty ?\s& m5 on         
automobile production at our highe/ po9t
 ( ar\nd f\r ?\s& c>s a day6     ,,*apt]
 ,,vi  ,,ma*9es ,,& ,,m5   ,t :i* "o has
 to fight h>de/ aga9/ 9 br++ toge!r a   
l>ge numb] ( p to d "w is excess        
organization & consequ5t r$ tape4 ,to my
 m9d !re is no b5t ( m9d m dang]\s ?an t
 :i* is sometimes describ$ z ! g5ius =  
organization4 ,?is usually results 9 !  
bir? ( a great big *>t %[+1 aft] !      
fa%ion ( a family tree1 h[ au?ority     
ramifies4 ,! tree is heavy ) nice r\nd  
b]ries1 ea* ( :i* be>s ! "n ( a man or (
 an (fice4 ,e man has a title & c]ta9   
duties :i* are /rictly limit$ by !      
circumf]5ce ( 8 b]ry4  ,if a /raw boss  
wants to say some?+ to ! g5]al          
sup]9t5d5t1 8 message has to g ?r\gh !  
sub-=eman1 ! =eman1 ! dep>tm5t head1 &  
all ! assi/ant sup]9t5d5ts1 be=e1 9 !   
c\rse ( "t1 x rea*es ! g5]al sup]9t5d5t4

 ,probably by t "t :at he want$ to talk 
ab\t is already hi/ory4 ,x takes ab\t   
six weeks = ! message ( a man liv+ 9 a  
b]ry on ! l[] left-h& corn] ( ! *>t to  
rea* ! presid5t or *airman ( ! bo>d1 &  
if x ev] does rea* "o ( ^! augu/        
(ficials1 x has by t "t ga!r$ to itself 
ab\t a p\nd ( criticisms1 sugge/ions1 & 
comm5ts4 ,v few ?+s are ev] tak5 "u     
(ficial consid]ation until long aft] !  
"t :5 !y actually ought to h be5 done4  
,! buck is pass$ to & fro & all         
responsibility is dodg$ by              
individuals--foll[+ ! lazy notion t two 
heads are bett] ?an "o4  ,n[ a bus9ess1 
9 my way ( ?9k+1 is n a ma*9e4 ,x is a  
collection ( p :o are br\ght toge!r to d
 "w & n to write lett]s to "o ano!r4 ,x 
is n necess>y = any "o dep>tm5t to "k   
:at any o!r dep>tm5t is do+4 ,if a man  
is do+ 8 "w he w n h "t to take up any  
o!r "w4 ,x is ! bus9ess ( ^? :o plan !  
entire "w to see t all ( ! dep>tm5ts are
 work+ prop]ly t[>d ! same end4 ,x is n 
necess>y to h meet+s to e/abli% good    

feel+ betwe5 individuals or dep>tm5ts4  
,x is n necess>y = p to love ea* o!r 9  
ord] to "w toge!r4 ,too mu* good        
fell[%ip may inde$ be a v bad ?+1 = x   
may lead to "o man try+ to cov] up !    
faults ( ano!r4 ,t is bad = bo? m54  ,:5
 we are at "w we ought to be at "w4 ,:5 
we are at play we ought to be at play4  
,!re is no use try+ to mix ! two4 ,!    
sole object ought to be to get ! "w done
 & to get paid = x4 ,:5 ! "w is done1 !n
 ! play c come1 b n be=e4 ,& s ! ,=d    
factories & ent]prises h no             
organization1 no specific duties atta*+ 
to any position1 no l9e ( succession or 
( au?ority1 v few titles1 & no          
conf]5ces4 ,we h only ! cl]ical help t  
is absolutely requir$2 we h no elaborate
 records ( any k9d1 & consequ5tly no r$ 
tape4  ,we make ! individual            
responsibility complete4 ,! workman is  
absolutely responsible = 8 "w4 ,! /raw  
boss is responsible = ! workm5 "u him4  
,! =eman is responsible = 8 gr\p4 ,!    
dep>tm5t head is responsible = !        

dep>tm5t4 ,! g5]al sup]9t5d5t is        
responsible = ! :ole factory4 ,e man has
 to "k :at is go+ on 9 8 sph]e4 ,i say  
g5]al sup]9t5d5t4 ,!re is no su* =mal   
title4 ,"o man is 9 *>ge ( ! factory &  
has be5 = ye>s4 ,he has two m5 ) him1   
:o1 )\t 9 any way hav+ _! duties def9$1 
h tak5 p>ticul> sections ( ! "w to      
!mselves4 ,) !m are ab\t half a doz5 o!r
 m5 9 ! nature ( assi/ants1 b )\t       
specific duties4 ,!y h all made jobs =  
!mselves--b !re are no limits to _!     
jobs4 ,!y j "w 9 :]e !y be/ fit4 ,"o man
 *ases /ock & %ortages4 ,ano!r has      
grabb$ inspection1 & s on4  ,?is may    
seem haphaz>d1 b x is n4 ,a gr\p ( m51  
:olly int5t ^u gett+ "w done1 h no      
difficulty 9 see+ t ! "w is done4 ,!y d 
n get into tr\ble ab\t ! limits (       
au?ority1 because !y are n ?9k+ (       
titles4 ,if !y _h (fices & all t1 !y    
w\ld %ortly be giv+ up _! "t to (fice "w
 & to wond]+ :y did !y n h a bett] (fice
 ?an "s o!r fell[4  ,because !re are no 
titles & no limits ( au?ority1 !re is no

 "q ( r$ tape or go+ ov] a man's head4  
,any workman c g to anybody1 & s        
e/abli%$ has become ?is cu/om1 t a =eman
 does n get sore if a workman goes ov]  
him & directly to ! head ( ! factory4 ,!
 workman r>ely ev] does s1 because a    
=eman kn[s z well z he kn[s 8 own "n t  
if he has be5 unju/ x w be v quickly    
f\nd out1 & he %all no long] be a =eman4
 ,"o ( ! ?+s t we w n tol]ate is        
inju/ice ( any k9d4 ,! mom5t a man />ts 
to swell ) au?ority he is discov]$1 & he
 goes out1 or goes back to a ma*9e4 ,a  
l>ge am\nt ( lab\r unre/ comes f ! unju/
 ex]cise ( au?ority by ^? 9 subord9ate  
positions1 & ,i am afraid t 9 f> too _m 
manufactur+ in/itutions x is really n   
possible = a workman to get a squ>e     
deal4  ,! "w & ! "w alone controls u4 ,t
 is "o ( ! reasons :y we h no titles4   
,mo/ m5 c sw+ a job1 b !y are floor$ by 
a title4 ,! effect ( a title is v       
peculi>4 ,x has be5 us$ too mu* z a sign
 ( emancipation f "w4 ,x is almo/       
equival5t to a badge be>+ ! leg5d3  ,?is

 man has no?+ to d b reg>d himself z    
important & all o!rs z inf]ior4  ,n only
 is a title (t5 injuri\s to ! we>]1 b x 
has its effect on o!rs z well4 ,!re is  
p]haps no great] s+le s\rce ( p]sonal   
dissatisfaction among m5 ?an ! fact t ! 
title-be>]s are n always ! real lead]s4 
,ev]ybody ackn[l$ges a real lead]--a man
 :o is fit to plan & comm&4 ,& :5 y f9d 
a real lead] :o be>s a title1 y w h to  
inquire ( someone else :at 8 title is4  
,he doesn't boa/ ab\t x4  ,titles 9     
bus9ess h be5 greatly ov]done & bus9ess 
has suff]$4 ,"o ( ! bad features is !   
division ( responsibility accord+ to    
titles1 :i* goes s f> z to am\nt to a   
removal altoge!r ( responsibility4 ,:]e 
responsibility is brok5 up into _m small
 bits & divid$ among _m dep>tm5ts1 ea*  
dep>tm5t "u its own titul> head1 :o 9   
turn is surr\nd$ by a gr\p be>+ _! nice 
sub-titles1 x is difficult to f9d any "o
 :o really feels responsible4 ,ev]yone  
kn[s :at pass+ ! buck means4 ,! game mu/
 h orig9at$ 9 indu/rial organizations   

:]e ! dep>tm5ts simply %ove             
responsibility along4 ,! heal? ( e      
organization dep5ds on e memb]--:atev] 8
 place--feel+ t ev]y?+ t happ5s to come 
to 8 notice relat+ to ! welf>e ( !      
bus9ess is 8 own job4 ,railroads h gone 
to ! devil "u ! eyes ( dep>tm5ts t say3 
,oh1 t doesn't come "u our dep>tm5t4    
,dep>tm5t ,x1 #ajj miles away1 has t 9  
*>ge4  ,!re us$ to be a lot ( advice    
giv5 to (ficials n to hide beh9d _!     
titles4 ,! v necessity = ! advice %[$ a 
condition t ne$$ m ?an advice to correct
 x4 ,& ! correction is j ?is--aboli% !  
titles4 ,a few may be legally necess>y2 
a few may be useful 9 direct+ ! public  
h[ to d bus9ess ) ! conc]n1 b = ! re/ ! 
be/ rule is simple3 ,get rid ( !m4  ,z a
 matt] ( fact1 ! record ( bus9ess 9     
g5]al j n[ is su* z to detract v mu* f !
 value ( titles4 ,no "o w\ld boa/ ( be+ 
presid5t ( a bankrupt bank4 ,bus9ess on 
! :ole has n be5 s skillfully /e]$ z to 
leave mu* m>g9 = pride 9 ! /e]sm54 ,! m5
 :o be> titles n[ & are wor? any?+ are  

=gett+ _! titles & are d[n 9 ! f\ndation
 ( bus9ess look+ = ! weak spots4 ,!y are
 back aga9 9 ! places f :i* !y          
rose--try+ to recon/ruct f ! bottom up4 
,& :5 a man is really at "w1 he ne$s no 
title4 ,8 "w hon\rs him4  ,all ( our p  
come into ! factory or ! (fices ?r\gh ! 
employm5t dep>tm5ts4 ,z ,i h said1 we d 
n hire exp]ts--nei!r d we hire m5 on pa/
 exp]i5ces or = any position o!r ?an !  
l[e/4 ,s9ce we d n take a man on 8 pa/  
hi/ory1 we d n refuse him because ( 8   
pa/ hi/ory4 ,i nev] met a man :o 0      
?or\ghly bad4 ,!re is always "s good 9  
him--if he gets a *ance4 ,t is ! reason 
we d n c>e 9 ! lea/ ab\t a man's        
antec$5ts--we d n hire a man's hi/ory1  
we hire ! man4 ,if he has be5 9 jail1 t 
is no reason to say t he w be 9 jail    
aga94 ,i ?9k1 on ! contr>y1 he is1 if   
giv5 a *ance1 v likely to make a special
 ef=t to keep out ( jail4 ,our employm5t
 (fice does n b> a man = any?+ he has   
previ\sly done--he is equally acceptable
 :e!r he has be5 9 ,s+ ,s+ or at ,h>v>d 

& we d n ev5 inquire f :i* place he has 
graduat$4 ,all t he ne$s is ! desire to 
"w4 ,if he does n desire to "w1 x is v  
unlikely t he w apply = a position1 = x 
is pretty well und]/ood t a man 9 ! ,=d 
plant works4  ,we d n1 to repeat1 c>e   
:at a man has be54 ,if he has gone to   
college he ought to be able to g ahead  
fa/]1 b he has to />t at ! bottom &     
prove 8 ability4 ,e man's future re/s   
solely ) himself4 ,!re is f> too mu*    
loose talk ab\t m5 be+ unable to obta9  
recognition4 ,) u e man is fairly c]ta9 
to get ! exact recognition he des]ves4  
,( c\rse1 !re are c]ta9 factors 9 !     
desire = recognition :i* mu/ be reckon$ 
)4 ,! :ole mod]n indu/rial sy/em has    
w>p$ ! desire s out ( %ape t x is n[    
almo/ an obsession4 ,!re 0 a "t :5 a    
man's p]sonal advancem5t dep5d$ entirely
 & imm$iately ^u 8 "w1 & n ^u any "o's  
favor2 b n[adays x (t5 dep5ds f> too mu*
 ^u ! individual's good =tune 9 cat*+ "s
 influ5tial eye4 ,t is :at we h         
successfully f\ght aga9/4 ,m5 w "w ) !  

idea ( cat*+ somebody's eye2 !y w "w ) !
 idea t if !y fail to get cr$it = :at !y
 h done1 !y might z well h done x badly 
or n h done x at all4 ,?us ! "w         
sometimes becomes a second>y            
consid]ation4 ,! job 9 h&--! article 9  
h&1 ! special k9d ( s]vice 9 h&--turns  
out to be n ! pr9cipal job4 ,! ma9 "w   
becomes p]sonal advancem5t--a plat=m f  
:i* to cat* somebody's eye4 ,?is habit (
 mak+ ! "w second>y & ! recognition     
prim>y is unfair to ! "w4 ,x makes      
recognition & cr$it ! real job4 ,& ?is  
also has an un=tunate effect on ! work]4
 ,x enc\rages a peculi> k9d ( ambition  
:i* is nei!r lovely nor productive4 ,x  
produces ! k9d ( man :o imag9es t by /&+
 9 ) ! boss he w get ahead4 ,e %op kn[s 
?is k9d ( man4 ,& ! wor/ ( x is !re are 
"s ?+s 9 ! pres5t indu/rial sy/em :i*   
make x appe> t ! game really pays4 ,=em5
 are only human4 ,x is natural t !y %\ld
 be flatt]$ by be+ made to believe t !y 
hold ! weal or woe ( workm5 9 _! h&s4 ,x
 is natural1 also1 t be+ op5 to flatt]y1

 _! self-seek+ subord9ates %\ld flatt]  
!m /ill m to obta9 & pr(it by _! favor4 
,t is :y ,i want z little z possible ( !
 p]sonal elem5t4  ,x is p>ticul>ly easy 
= any man :o nev] kn[s x all to g =w>d  
to a high] position ) u4 ,"s m5 w "w h>d
 b !y d n possess ! capacity to ?9k &   
especially to ?9k quickly4 ,su* m5 get z
 f> z _! ability des]ves4 ,a man may1 by
 8 indu/ry1 des]ve advancem5t1 b x _c be
 possibly giv5 him unless he also has a 
c]ta9 elem5t ( lead]%ip4 ,?is is n a    
dream _w we are liv+ 94 ,i ?9k t e man 9
 ! %ak+-d[n process ( our factory       
ev5tually l&s ab\t :]e he belongs4  ,we 
are nev] satisfi$ ) ! way t ev]y?+ is   
done 9 any "p ( ! organization2 we      
always ?9k x ought to be done bett] & t 
ev5tually x w be done bett]4 ,! _s (    
cr[d+ =ces ! man :o has ! qualities = a 
high] place ev5tually to get x4 ,he     
p]haps w\ld n get ! place if at any "t !
 organization--:i* is a ^w ,i d n l to  
use--became fix$1 s t !re w\ld be r\t9e 
/eps & dead m5's %oes4 ,b we h s few    

titles t a man :o ought to be do+ some?+
 bett] ?an he is do+1 v soon gets to do+
 x--he is n re/ra9$ by ! fact t !re is  
no position ahead ( him op5--= !re are  
no positions4 ,we h no cut-&-dri$       
places--our be/ m5 make _! places4 ,?is 
is easy en\gh to d1 = !re is always "w1 
& :5 y ?9k ( gett+ ! "w done in/ead (   
f9d+ a title to fit a man :o wants to be
 promot$1 !n !re is no difficulty ab\t  
promotion4 ,! promotion itself is n     
=mal2 ! man simply f9ds himself do+     
some?+ o!r ?an :at he 0 do+ & gett+ m   
money4  ,all ( our p h ?us come up f !  
bottom4 ,! head ( ! factory />t$ z a    
ma*9i/4 ,! man 9 *>ge ( ! big ,riv]     
,r\ge plant began z a patt]nmak]4 ,ano!r
 man ov]see+ "o ( ! pr9cipal dep>tm5ts  
/>t$ z a sweep]4 ,!re is n a s+le man   
any:]e 9 ! factory :o did n simply come 
9 (f ! /reet4 ,ev]y?+ t we h develop$   
has be5 done by m5 :o h qualifi$        
!mselves ) u4 ,we =tunately did n inh]it
 any traditions & we are n f\nd+ any4   
,if we h a tradition x is ?is3  ,ev]y?+ 

c always be done bett] ?an x is be+     
done4  ,t press+ always to d "w bett] & 
fa/] solves ne>ly e factory problem4 ,a 
dep>tm5t gets its /&+ on its rate (     
production4 ,! rate ( production & ! co/
 ( production are di/9ct elem5ts4 ,!    
=em5 & sup]9t5d5ts w\ld only be wa/+ "t 
7 !y to keep a *eck on ! co/s 9 _!      
dep>tm5ts4 ,!re are c]ta9 co/s--su* z ! 
rate ( wages1 ! ov]head1 ! price (      
mat]ials1 & ! l1 :i* !y c\ld n 9 any way
 control1 s !y d n bo!r ab\t !m4 ,:at !y
 c control is ! rate ( production 9 _!  
own dep>tm5ts4 ,! rat+ ( a dep>tm5t is  
ga9$ by divid+ ! numb] ( p>ts produc$ by
 ! numb] ( h&s work+4 ,e =eman *ecks 8  
own dep>tm5t daily--he c>ries ! figures 
always ) him4 ,! sup]9t5d5t has a       
tabulation ( all ! scores2 if !re is    
some?+ wrong 9 a dep>tm5t ! output score
 %[s x at once1 ! sup]9t5d5t makes      
inquiries & ! =eman looks alive4 ,a     
consid]able "p ( ! inc5tive to bett]    
me?ods is directly traceable to ?is     
simple rule-(-?umb me?od ( rat+         

production4 ,! =eman ne$ n be a co/     
acc\ntant--he is no bett] a =eman = be+ 
"o4 ,8 *>ges are ! ma*9es & ! human be+s
 9 8 dep>tm5t4 ,:5 !y are work+ at _!   
be/ he has p]=m$ 8 s]vice4 ,! rate ( 8  
production is 8 guide4 ,!re is no reason
 = him to scatt] 8 en]gies ov] collat]al
 subjects4  ,?is rat+ sy/em simply =ces 
a =eman to =get p]sonalities--to =get   
ev]y?+ o!r ?an ! "w 9 h&4 ,if he %\ld   
select ! p he likes in/ead ( ! p :o c   
be/ d ! "w1 8 dep>tm5t record w quickly 
%[ up t fact4  ,!re is no difficulty 9  
pick+ out m54 ,!y pick !mselves out     
because--al?\gh "o he>s a great deal    
ab\t ! lack ( opportunity =             
advancem5t--! av]age workman is m       
int]e/$ 9 a /eady job ?an he is 9       
advancem5t4 ,sc>cely m ?an five p] c5t1 
( ^? :o "w = wages1 :ile !y h ! desire  
to receive m money1 h also ! will+ness  
to accept ! additional responsibility & 
! additional "w :i* goes ) ! high]      
places4 ,only ab\t tw5ty-five p] c5t4   
are ev5 will+ to be /raw bosses1 & mo/ (

 !m take t position because x c>ries ) x
 m pay ?an work+ on a ma*9e4 ,m5 ( a m  
me*anical turn ( m9d1 b ) no desire =   
responsibility1 g into ! tool-mak+      
dep>tm5ts :]e !y receive consid]ably m  
pay ?an 9 production prop]4 ,b ! va/    
majority ( m5 want to /ay put4 ,!y want 
to be l$4 ,!y want to h ev]y?+ done = !m
 & to h no responsibility4 ,!re=e1 9    
spite ( ! great mass ( m51 ! difficulty 
is n to discov] m5 to advance1 b m5 :o  
are will+ to be advanc$4  ,! accept$    
!ory is t all p are anxi\s = advancem5t1
 & a great _m pretty plans h be5 built  
up f t4 ,i c only say t we d n f9d t to 
be ! case4 ,! ,am]icans 9 our employ d  
want to g ahead1 b !y by no means d     
always want to g cle> ?r\gh to ! top4 ,!
 =eign]s1 g5]ally speak+1 are cont5t to 
/ay z /raw bosses4 ,:y all ( ?is is1 ,i 
d n "k4 ,i am giv+ ! facts4  ,z ,i h    
said1 ev]yone 9 ! place res]ves an op5  
m9d z to ! way 9 :i* e job is be+ done4 
,if !re is any fix$ !ory--any fix$      
rule--x is t no job is be+ done well    

en\gh4 ,! :ole factory managem5t is     
always op5 to sugge/ion1 & we h an      
in=mal sugge/ion sy/em by :i* any       
workman c communicate any idea t comes  
to him & get action on x4  ,! sav+ ( a  
c5t p] piece may be di/9ctly wor? :ile4 
,a sav+ ( "o c5t on a "p at our pres5t  
rate ( production repres5ts twelve ?\s& 
doll>s a ye>4 ,"o c5t sav$ on ea* "p    
w\ld am\nt to millions a ye>4 ,!re=e1 9 
comp>+ sav+s1 ! calculations are c>ri$  
out to ! ?\s&? "p ( a c5t4 ,if ! new way
 sugge/$ %[s a sav+ & ! co/ ( mak+ !    
*ange w pay = itself )9 a reasonable    
"t--say )9 ?ree mon?s--! *ange is made  
practically z ( c\rse4 ,^! *anges are by
 no means limit$ to improvem5ts :i* w   
increase production or decrease co/4 ,a 
great _m--p]haps mo/ ( !m--are 9 ! l9e (
 mak+ ! "w easi]4 ,we d n want any h>d1 
man-kill+ "w ab\t ! place1 & !re is n[ v
 little ( x4 ,& usually x s works out t 
adopt+ ! way :i* is easi] on ! m5 also  
decreases ! co/4 ,!re is mo/ intimate   
connection betwe5 dec5cy & good bus9ess4

 ,we also inve/igate d[n to ! la/       
decimal :e!r x is *eap] to make or to   
buy a "p4  ,! sugge/ions come f ev]y:]e4
 ,! ,poli% workm5 seem to be ! clev]e/ (
 all ( ! =eign]s 9 mak+ !m4 ,"o1 :o c\ld
 n speak ,engli%1 indicat$ t if ! tool 9
 8 ma*9e 7 set at a diff]5t angle x     
might we> long]4 ,z x 0 x la/$ only f\r 
or five cuts4 ,he 0 "r1 & a lot ( money 
0 sav$ 9 gr9d+4 ,ano!r ,pole1 runn+ a   
drill press1 rigg$ up a little fixture  
to save h&l+ ! "p aft] drill+4 ,t 0     
adopt$ g5]ally & a consid]able sav+     
result$4 ,! m5 (t5 try out little       
atta*m5ts ( _! own because1 conc5trat+  
on "o ?+1 !y c1 if !y h a m9d t way1    
usually devise "s improvem5t4 ,!        
cleanl9ess ( a man's ma*9e also--al?\gh 
clean+ a ma*9e is no "p ( 8 duty--is    
usually an indication ( 8 intellig5ce4  
,"h are "s ( ! sugge/ions3 ,a proposal t
 ca/+s be tak5 f ! f\ndry to ! ma*9e %op
 on an ov]head conveyor sav$ sev5ty m5 9
 ! transport division4 ,!re us$ to be   
sev5te5 m5--& ?is 0 :5 production 0     

small]--tak+ ! burrs (f ge>s1 & x 0 a   
h>d1 na/y job4 ,a man r\ghly sket*$ a   
special ma*9e4 ,8 idea 0 work$ out & !  
ma*9e built4 ,n[ f\r m5 h sev]al times !
 output ( ! sev5te5 m5--& h no h>d "w at
 all to d4 ,*ang+ f a solid to a weld$  
rod 9 "o "p ( ! *assis effect$ an       
imm$iate sav+ ( ab\t "o half million a  
ye> on a small] ?an ! pres5t-day        
production4 ,mak+ c]ta9 tubes out ( flat
 %eets in/ead ( draw+ !m 9 ! usual way  
effect$ ano!r enorm\s sav+4  ,! old     
me?od ( mak+ a c]ta9 ge> compris$ f\r   
op]ations & #ab p] c5t4 ( ! /eel w5t    
into scrap4 ,we use mo/ ( our scrap &   
ev5tually we w use x all1 b t is no     
reason = n cutt+ d[n on scrap--! m]e    
fact t all wa/e is n a dead loss is no  
excuse = p]mitt+ wa/e4 ,"o ( ! workm5   
devis$ a v simple new me?od = mak+ ?is  
ge> 9 :i* ! scrap 0 only "o p] c5t4     
,aga91 ! cam%aft has to h heat treatm5t 
9 ord] to make ! surface h>d2 ! cam     
%afts always came out ( ! heat-treat ov5
 some:at w>p$1 & ev5 back 9 #aiah1 we   

employ$ #cg m5 j to /raight5 ! %afts4   
,sev]al ( our m5 exp]im5t$ = ab\t a ye> 
& f9ally work$ out a new =m ( ov5 9 :i* 
! %afts c\ld n w>p4 ,9 #aiba1 ) !       
production mu* l>g] ?an 9 #aiah1 we     
employ$ only eight m5 9 ! :ole op]ation4
  ,& !n !re is ! press+ to take away !  
necessity = skill 9 any job done by any 
"o4 ,! old-"t tool h>d5] 0 an exp]t4 ,he
 _h to judge ! heat+ temp]atures4 ,x 0 a
 hit-or-miss op]ation4 ,! wond] is t he 
hit s (t54 ,! heat treatm5t 9 ! h>d5+ ( 
/eel is highly important--provid+ "o    
kn[s exactly ! "r heat to apply4 ,t _c  
be kn[n by rule-(-?umb4 ,x has to be    
measur$4 ,we introduc$ a sy/em by :i* ! 
man at ! furnace has no?+ at all to d ) 
! heat4 ,he does n see ! pyromet]--!    
in/rum5t :i* regi/]s ! temp]ature4      
,col\r$ electric lights give him 8      
signals4  ,none ( our ma*9es is ev]     
built haphaz>dly4 ,! idea is inve/igat$ 
9 detail be=e a move is made4 ,sometimes
 wood5 models are con/ruct$ or aga9 !   
p>ts are drawn to full size on a        

blackbo>d4 ,we are n b\nd by prec$5t b  
we leave no?+ to luck1 & we h yet to    
build a ma*9e t w n d ! "w = :i* x 0    
design$4 ,ab\t n9ety p] c5t4 ( all      
exp]im5ts h be5 successful4  ,:atev]    
exp]tness 9 fabrication t has develop$  
has be5 due to m54 ,i ?9k t if m5 are   
unhamp]$ & !y "k t !y are s]v+1 !y w    
always put all ( m9d & w into ev5 ! mo/ 
trivial ( tasks4     ,,*apt] ,,vii  ,,! 
,,t]ror ,,( ,,! ,,ma*9e   ,repetitive   
lab\r--! do+ ( "o ?+ ov] & ov] aga9 &   
always 9 ! same way--is a t]rify+       
prospect to a c]ta9 k9d ( m9d4 ,x is    
t]rify+ to me4 ,i c\ld n possibly d !   
same ?+ day 9 & day out1 b to o!r m9ds1 
p]haps ,i might say to ! majority (     
m9ds1 repetitive op]ations hold no      
t]rors4 ,9 fact1 to "s types ( m9d ?\ght
 is absolutely appall+4 ,to !m ! ideal  
job is "o :]e ! creative in/9ct ne$ n be
 express$4 ,! jobs :]e x is necess>y to 
put 9 m9d z well z muscle h v few       
tak]s--we always ne$ m5 :o l a job      
because x is difficult4 ,! av]age work]1

 ,i am sorry to say1 wants a job 9 :i*  
he does n h to put =? mu* physical      
ex]tion--above all1 he wants a job 9 :i*
 he does n h to ?9k4 ,^? :o h :at might 
be call$ ! creative type ( m9d & :o     
?or\ghly abhor monotony are apt to      
imag9e t all o!r m9ds are simil>ly      
re/less & !re=e to ext5d q unwant$      
sympa?y to ! lab\r+ man :o day 9 & day  
out p]=ms almo/ exactly ! same op]ation4
  ,:5 y come "r d[n to x1 mo/ jobs are  
repetitive4 ,a bus9ess man has a r\t9e t
 he foll[s ) great exactness2 ! "w ( a  
bank presid5t is ne>ly all r\t9e2 ! "w (
 "u (fic]s & cl]ks 9 a bank is purely   
r\t9e4 ,inde$1 = mo/ purposes & mo/ p1 x
 is necess>y to e/abli% some?+ 9 ! way (
 a r\t9e & to make mo/ motions purely   
repetitive--o!rwise ! individual w n get
 en\gh done to be able to live (f 8 own 
ex]tions4 ,!re is no reason :y any "o ) 
a creative m9d %\ld be at a monoton\s   
job1 = ev]y:]e ! ne$ = creative m5 is   
press+4 ,!re w nev] be a de>? ( places =
 skill$ p1 b we h to recognize t ! w to 

be skill$ is n g5]al4 ,& ev5 if ! w be  
pres5t1 !n ! c\rage to g ?r\gh ) ! tra9+
 is abs5t4 ,"o _c become skill$ by m]e  
wi%+4  ,!re are f> too _m assumptions   
ab\t :at human nature ought to be & n   
en\gh rese>* into :at x is4 ,take !     
assumption t creative "w c be und]tak5  
only 9 ! realm ( vision4 ,we speak (    
creative arti/s 9 music1 pa9t+1 & ! o!r 
arts4 ,we seem+ly limit ! creative      
functions to productions t may be hung  
on gall]y walls1 or play$ 9 conc]t      
halls1 or o!rwise display$ :]e idle &   
fa/idi\s p ga!r to admire ea* o!r's     
culture4 ,b if a man wants a field =    
vital creative "w1 let him come :]e he  
is deal+ ) high] laws ?an ^? ( s\nd1 or 
l9e1 or col\r2 let him come :]e he may  
deal ) ! laws ( p]sonality4 ,we want    
arti/s 9 indu/rial relation%ip4 ,we want
 ma/]s 9 indu/rial me?od--bo? f ! /&po9t
 ( ! produc] & ! product4 ,we want ^? :o
 c m\ld ! political1 social1 indu/rial1 
& moral mass into a s\nd & %apely :ole4 
,we h limit$ ! creative faculty too mu* 

& h us$ x = too trivial ends4 ,we want  
m5 :o c create ! work+ design = all t is
 "r & good & desirable 9 our life4 ,good
 int5tions plus well-?\ght-out work+    
designs c be put into practice & c be   
made to succe$4 ,x is possible to       
increase ! well-be+ ( ! work+man--n by  
hav+ him d less "w1 b by aid+ him to d  
m4 ,if ! _w w give its att5tion & int]e/
 & en]gy to ! mak+ ( plans t w pr(it !  
o!r fell[ z he is1 !n su* plans c be    
e/abli%$ on a practical work+ basis4    
,su* plans w endure--& !y w be f> ! mo/ 
pr(itable bo? 9 human & f9ancial values4
 ,:at ?is g5]ation ne$s is a deep fai?1 
a pr(\nd conviction 9 ! practicability (
 righte\sness1 ju/ice1 & humanity 9     
indu/ry4 ,if we _c h ^! qualities1 !n we
 7 bett] (f )\t indu/ry4 ,inde$1 if we  
_c get ^? qualities1 ! days ( indu/ry   
are numb]$4 ,b we c get !m4 ,we are     
gett+ !m4  ,if a man _c e>n 8 keep )\t !
 aid ( ma*9]y1 is x b5efit+ him to )hold
 t ma*9]y because att5dance ^u x may be 
monoton\s8 ,& let him />ve8 ,or is x    

bett] to put him 9 ! way ( a good liv+8 
,is a man ! happi] = />v+8 ,if he is !  
happi] = us+ a ma*9e to less ?an its    
capacity1 is he happi] = produc+ less   
?an he might & consequ5tly gett+ less   
?an 8 %>e ( ! _w's goods 9 ex*ange8  ,i 
h n be5 able to discov] t repetitive    
lab\r injures a man 9 any way4 ,i h be5 
told by p>l\r exp]ts t repetitive lab\r 
is s\l--z well z body--de/roy+1 b t has 
n be5 ! result ( our inve/igations4 ,!re
 0 "o case ( a man :o all day long did  
little b /ep on a treadle release4 ,he  
?\ght t ! motion 0 mak+ him "o-sid$2 !  
m$ical exam9ation did n %[ t he _h be5  
affect$ b1 ( c\rse1 he 0 *ang$ to ano!r 
job t us$ a diff]5t set ( muscles4 ,9 a 
few weeks he ask$ = 8 old job aga94 ,x  
w\ld seem reasonable to imag9e t go+    
?r\gh ! same set ( motions daily = eight
 h\rs w\ld produce an abnormal body1 b  
we h nev] _h a case ( x4 ,we %ift m5    
:5ev] !y ask to be %ift$ & we %\ld l    
regul>ly to *ange !m--t w\ld be entirely
 feasible if only ! m5 w\ld h x t way4  

,!y d n l *anges :i* !y d n !mselves    
sugge/4 ,"s ( ! op]ations are und\bt$ly 
monoton\s--s monoton\s t x seems sc>cely
 possible t any man w\ld c>e to cont9ue 
long at ! same job4 ,probably ! mo/     
monoton\s task 9 ! :ole factory is "o 9 
:i* a man picks up a ge> ) a /eel hook1 
%akes x 9 a vat ( oil1 !n turns x into a
 basket4 ,! motion nev] v>ies4 ,! ge>s  
come to him always 9 exactly ! same     
place1 he gives ea* "o ! same numb] (   
%akes1 & he drops x into a basket :i* is
 always 9 ! same place4 ,no muscul>     
en]gy is requir$1 no intellig5ce is     
requir$4 ,he does little m ?an wave 8   
h&s g5tly to & fro--! /eel rod is s     
light4 ,yet ! man on t job has be5 do+ x
 = eight solid ye>s4 ,he has sav$ &     
inve/$ 8 money until n[ he has ab\t =ty 
?\s& doll>s--& he /ubbornly resi/s e    
attempt to =ce him into a bett] job6  ,!
 mo/ ?or\gh rese>* has n br\ght out a   
s+le case ( a man's m9d be+ twi/$ or    
dead5$ by ! "w4 ,! k9d ( m9d t does n l 
repetitive "w does n h to /ay 9 x4 ,! "w

 9 ea* dep>tm5t is classifi$ accord+ to 
its desirability & skill into ,classes  
,a1 ,b1 & ,c1 ea* class hav+ any:]e f t5
 to ?irty diff]5t op]ations4 ,a man     
comes directly f ! employm5t (fice to   
,class ,c4 ,z he gets bett] he goes into
 ,class ,b1 & s on into ,class ,a1 & out
 ( ,class ,a into tool mak+ or "s       
sup]visory capacity4 ,x is up to him to 
place himself4 ,if he /ays 9 production 
x is because he likes x4  ,9 a previ\s  
*apt] ,i not$ t no "o apply+ = "w is    
refus$ on acc\nt ( physical condition4  
,?is policy w5t into effect on ,janu>y  
#ab1 #aiad1 at ! "t ( sett+ ! m9imum    
wage at five doll>s a day & ! work+ day 
at eight h\rs4 ,x c>ri$ ) x ! fur!r     
condition t no "o %\ld be dis*>g$ on    
acc\nt ( physical condition1 except1 (  
c\rse1 9 ! case ( contagi\s disease4 ,i 
?9k t if an indu/rial in/itution is to  
fill its :ole role1 x ought to be       
possible = a cross-section ( its        
employees to %[ ab\t ! same proportions 
z a cross-section ( a society 9 g5]al4  

,we h always ) u ! maim$ & ! halt4 ,!re 
is a mo/ g5]\s disposition to reg>d all 
( ^! p :o are physically incapacitat$ = 
lab\r z a *>ge on society & to support  
!m by *>ity4 ,!re are cases :]e ,i      
imag9e t ! support mu/ be by *>ity--z1 =
 in/ance1 an idiot4 ,b ^? cases are     
extraord9>ily r>e1 & we h f\nd x        
possible1 among ! great numb] ( diff]5t 
tasks t mu/ be p]=m$ some:]e 9 !        
company1 to f9d an op5+ = almo/ any "o &
 on ! basis ( production4 ,! bl9d man or
 cripple c1 9 ! p>ticul> place to :i* he
 is assign$1 p]=m j z mu* "w & receive  
exactly ! same pay z a :olly able-bodi$ 
man w\ld4 ,we d n pref] cripples--b we h
 demon/rat$ t !y c e>n full wages4  ,x  
w\ld be q outside ! _s ( :at we are try+
 to d1 to take on m5 because !y 7       
crippl$1 pay !m a l[] wage1 & be cont5t 
) a l[] output4 ,t might be directly    
help+ ! m5 b x w\ld n be help+ !m 9 !   
be/ way4 ,! be/ way is always ! way by  
:i* !y c be put on a productive p> )    
able-bodi$ m54 ,i believe t !re is v    

little occasion = *>ity 9 ?is _w--t is1 
*>ity 9 ! s5se ( mak+ gifts4 ,mo/       
c]ta9ly bus9ess & *>ity _c be comb9$2 ! 
purpose ( a factory is to produce1 & x  
ill s]ves ! community 9 g5]al unless x  
does produce to ! utmo/ ( its capacity4 
,we are too ready to assume )\t         
inve/igation t ! full possession (      
faculties is a condition requisite to ! 
be/ p]=mance ( all jobs4 ,to discov] j  
:at 0 ! real situation1 ,i _h all ( !   
diff]5t jobs 9 ! factory classifi$ to ! 
k9d ( ma*9e & "w--:e!r ! physical lab\r 
involv$ 0 light1 m$ium1 or heavy2 :e!r x
 7 a wet or a dry job1 & if n1 ) :at k9d
 ( fluid2 :e!r x 7 clean or dirty2 ne>  
an ov5 or a furnace2 ! condition ( !    
air2 :e!r "o or bo? h&s _h to be us$2   
:e!r ! employee /ood or sat d[n at 8 "w2
 :e!r x 0 noisy or quiet2 :e!r x requir$
 accuracy2 :e!r ! light 0 natural or    
artificial2 ! numb] ( pieces t _h to be 
h&l$ p] h\r2 ! weight ( ! mat]ial h&l$2 
& ! description ( ! /ra9 ^u ! work]4 ,x 
turn$ out at ! "t ( ! inquiry t !re 7 !n

 #g1hhb diff]5t jobs 9 ! factory4 ,( ^!1
 #idi 7 classifi$ z heavy "w requir+    
/rong1 able-bodi$1 & practically        
physically p]fect m52 #c1cch requir$ m5 
( ord9>y physical developm5t & /r5g?4 ,!
 rema9+ #c1eie jobs 7 disclos$ z requir+
 no physical ex]tion & c\ld be p]=m$ by 
! slighte/1 weake/ sort ( m54 ,9 fact1  
mo/ ( !m c\ld be satisfactorily fill$ by
 wom5 or old] *ildr54 ,! lighte/ jobs 7 
aga9 classifi$ to discov] h[ _m ( !m    
requir$ ! use ( full faculties1 & we    
f\nd t #fgj c\ld be fill$ by legless m51
 #b1fcg by "o-legg$ m51 #b by armless   
m51 #gae by "o-arm$ m51 & #aj by bl9d   
m54 ,!re=e1 out ( #g1hhb k9ds ( jobs1   
#d1jcd--;al?\gh "s ( !m requir$         
/r5g?--did n require full physical      
capacity4 ,t is1 develop$ indu/ry c     
provide wage "w = a high] av]age ( /&>d 
m5 ?an are ord9>ily includ$ 9 any normal
 community4 ,if ! jobs 9 any "o indu/ry 
or1 say1 any "o factory1 7 analyz$ z    
ours h be5 analyz$1 ! proportion might  
be v diff]5t1 yet ,i am q sure t if "w  

is suffici5tly subdivid$--subdivid$ to !
 po9t ( highe/ economy--!re w be no de>?
 ( places 9 :i* ! physically            
incapacitat$ c d a man's job & get a    
man's wage4 ,x is economically mo/      
wa/eful to accept crippl$ m5 z *>ges &  
!n to tea* !m trivial tasks l ! weav+ ( 
baskets or "s o!r =m ( unremun]ative h& 
lab\r1 9 ! hope1 n ( aid+ !m to make a  
liv+1 b ( prev5t+ despond5cy4  ,:5 a man
 is tak5 on by ! ,employm5t ,dep>tm5t1 !
 !ory is to put him into a job suit$ to 
8 condition4 ,if he is already at "w &  
he does n seem able to p]=m ! "w1 or if 
he does n l 8 "w1 he is giv5 a transf]  
c>d1 :i* he takes up to ! transf]       
dep>tm5t1 & aft] an exam9ation he is    
tri$ out 9 "s o!r "w m suit$ to 8       
condition or disposition4 ,^? :o are    
bel[ ! ord9>y physical /&>ds are j z    
good work]s1 rightly plac$1 z ^? :o are 
above4 ,= in/ance1 a bl9d man 0 assign$ 
to ! /ock dep>tm5t to c\nt bolts & nuts 
= %ipm5t to bran* e/abli%m5ts4 ,two o!r 
able-bodi$ m5 7 already employ$ on ?is  

"w4 ,9 two days ! =eman s5t a note to ! 
transf] dep>tm5t releas+ ! able-bodi$ m5
 because ! bl9d man 0 able to d n only 8
 own "w b also ! "w t _h =m]ly be5 done 
by ! s\nd m54  ,?is salvage c be c>ri$  
fur!r4 ,x is usually tak5 = grant$ t :5 
a man is injur$ he is simply out ( !    
runn+ & %\ld be paid an all[ance4 ,b !re
 is always a p]iod ( convalesc5ce1      
especially 9 fracture cases1 :]e ! man  
is /rong en\gh to "w1 &1 inde$1 by t "t 
usually anxi\s to "w1 = ! l>ge/ possible
 accid5t all[ance c nev] be z great z a 
man's wage4 ,if x 71 !n a bus9ess w\ld  
simply h an additional tax put ^u x1 & t
 tax w\ld %[ up 9 ! co/ ( ! product4    
,!re w\ld be less buy+ ( ! product &    
!re=e less "w = somebody4 ,t is an      
inevitable sequ5ce t mu/ always be borne
 9 m9d4  ,we h exp]im5t$ ) b$ridd5      
m5--m5 :o 7 able to sit up4 ,we put     
black oilclo? cov]s or aprons ov] ! b$s 
& set ! m5 to "w screw+ nuts on small   
bolts4 ,?is is a job t has to be done by
 h& & on :i* fifte5 or tw5ty m5 are kept

 busy 9 ! ,magneto ,dep>tm5t4 ,! m5 9 ! 
hospital c\ld d x j z well z ! m5 9 !   
%op & !y 7 able to receive _! regul>    
wages4 ,9 fact1 _! production 0 ab\t #bj
 p] c5t41 ,i believe1 above ! usual %op 
production4 ,no man _h to d ! "w unless 
he want$ to4 ,b !y all want$ to4 ,x kept
 "t f hang+ on _! h&s4 ,!y slept & ate  
bett] & recov]$ m rapidly4  ,no p>ticul>
 consid]ation has to be giv5 to         
deaf-&-dumb employees4 ,!y d _! "w "o   
hundr$ p] c5t4 ,! tub]cul> employees--& 
!re are usually ab\t a ?\s& ( !m--mo/ly 
"w 9 ! mat]ial salvage dep>tm5t4 ,^?    
cases :i* are consid]$ contagi\s "w     
toge!r 9 an especially con/ruct$ %$4 ,! 
"w ( all ( !m is l>gely out ( doors4    
,at ! "t ( ! la/ analysis ( employ$1 !re
 7 #i1efc sub-/&>d m54 ,( ^!1 #abc _h   
crippl$ or amputat$ arms1 =e>ms1 or h&s4
 ,"o _h bo? h&s (f4 ,!re 7 #d totally   
bl9d m51 #bjg bl9d 9 "o eye1 #bec ) "o  
eye ne>ly bl9d1 #cg deaf & dumb1 #fj    
epileptics1 #d ) bo? legs or feet miss+1
 #bcd ) "o foot or leg miss+4 ,! o!rs _h

 m9or imp$im5ts4  ,! l5g? ( "t requir$  
to become pr(ici5t 9 ! v>i\s occupations
 is ab\t z foll[s3 #dc p] c5t4 ( all !  
jobs require n ov] "o day ( tra9+2 #cf  
p] c5t4 require f "o day to "o week2 #f 
p] c5t4 require f "o to two weeks2 #ad  
p] c5t4 require f "o mon? to "o ye>2 "o 
p] c5t4 require f "o to six ye>s4 ,! la/
 jobs require great skill--z 9 tool mak+
 & die s9k+4  ,! discipl9e ?r\gh\t !    
plant is rigid4 ,!re are no petty rules1
 & no rules ! ju/ice ( :i* c reasonably 
be disput$4 ,! inju/ice ( arbitr>y      
dis*>ge is avoid$ by conf9+ ! "r (      
dis*>ge to ! employm5t manag]1 & he     
r>ely ex]cises x4 ,! ye> #aiai is ! la/ 
on :i* /ati/ics 7 kept4 ,9 t ye> #cj1aee
 *anges occurr$4 ,( ^? #aj1ccd 7 abs5t m
 ?an t5 days )\t notice & !re=e dropp$4 
,because !y refus$ ! job assign$ or1 )\t
 giv+ cause1 dem&$ a transf]1 #c1gjb 7  
let g4 ,a refusal to le>n ,engli% 9 !   
s*ool provid$ acc\nt$ = #ch m2 #ajh     
enli/$2 ab\t #c1jjj 7 transf]r$ to o!r  
plants4 ,go+ home1 go+ into f>m+ or     

bus9ess acc\nt$ = ab\t ! same numb]4    
,eighty-two wom5 7 dis*>g$ because _!   
husb&s 7 work+--we d n employ m>ri$ wom5
 ^: husb&s h jobs4 ,out ( ! :ole lot    
only #hj 7 flatly dis*>g$ & ! causes 73 
,misrepres5tation1 #ef2 by ord] (       
,educational ,dep>tm5t1 #bj2 &          
undesirable1 #d4  ,we expect ! m5 to d  
:at !y are told4 ,! organization is s   
highly specializ$ & "o "p is s dep5d5t  
^u ano!r t we c\ld n = a mom5t consid]  
all[+ m5 to h _! own way4 ,)\t ! mo/    
rigid discipl9e we w\ld h ! utmo/       
confusion4 ,i ?9k x %\ld n be o!rwise 9 
indu/ry4 ,! m5 are !re to get ! greate/ 
possible am\nt ( "w done & to receive ! 
highe/ possible pay4 ,if ea* man 7      
p]mitt$ to act 9 8 own way1 production  
w\ld suff] & !re=e pay w\ld suff]4 ,any 
"o :o does n l to "w 9 our way may      
always leave4 ,! company's conduct t[>d 
! m5 is meant to be exact & imp>tial4 ,x
 is naturally to ! int]e/ bo? ( ! =em5 &
 ( ! dep>tm5t heads t ! releases f _!   
dep>tm5ts %\ld be few4 ,! workman has a 

full *ance to tell 8 /ory if he has be5 
unju/ly treat$--he has full rec\rse4 ,( 
c\rse1 x is inevitable t inju/ices      
occur4 ,m5 are n always fair ) _! fell[ 
workm54 ,defective human nature ob/ructs
 our good int5tions n[ & !n4 ,! =eman   
does n always get ! idea1 or misapplies 
x--b ! company's int5tions are z ,i h   
/at$1 & we use e means to h !m und]/ood4
  ,x is necess>y to be mo/ insi/5t 9 !  
matt] ( abs5ces4 ,a man may n come or g 
z he pleases2 he may always apply =     
leave to ! =eman1 b if he leaves )\t    
notice1 !n1 on 8 return1 ! reasons = 8  
abs5ce are c>efully inve/igat$ & are    
sometimes ref]r$ to ! ,m$ical ,dep>tm5t4
 ,if 8 reasons are good1 he is p]mitt$  
to resume "w4 ,if !y are n good he may  
be dis*>g$4 ,9 hir+ a man ! only data   
tak5 conc]ns 8 "n1 8 address1 8 age1    
:e!r he is m>ri$ or s+le1 ! numb] ( 8   
dep5d5ts1 :e!r he has ev] work$ = ! ,=d 
,motor ,company1 & ! condition ( 8 sight
 & 8 he>+4 ,no que/ions are ask$ conc]n+
 :at ! man has previ\sly done1 b we h   

:at we call ! ,bett] ,advantage ,notice1
 by :i* a man :o has _h a trade be=e he 
came to u files a notice ) ! employm5t  
dep>tm5t /at+ :at ! trade 04 ,9 ?is way1
 :5 we ne$ speciali/s ( any k9d1 we c   
get !m "r out ( production4 ,?is is also
 "o ( ! av5ues by :i* tool mak]s &      
m\ld]s quickly rea* ! high] positions4  
,i once want$ a ,swiss wat* mak]4 ,!    
c>ds turn$ "o up--he 0 runn+ a drill    
press4 ,! ,heat ,treat dep>tm5t want$ a 
skill$ firebrick lay]4 ,he also 0 f\nd  
on a drill press--he is n[ a g5]al      
inspector4  ,!re is n mu* p]sonal       
contact--! m5 d _! "w & g home--a       
factory is n a draw+ room4 ,b we try to 
h ju/ice &1 :ile !re may be little 9 !  
way ( h& %ak+--we h no pr(essional h&   
%ak]s--also we try to prev5t opportunity
 = petty p]sonalities4 ,we h s _m       
dep>tm5ts t ! place is almo/ a _w 9     
itself--e k9d ( man c f9d a place       
some:]e 9 x4 ,take fight+ betwe5 m54 ,m5
 w fight1 & usually fight+ is a cause = 
dis*>ge on ! spot4 ,we f9d t does n help

 ! fight]s--x m]ely gets !m out ( our   
sight4 ,s ! =em5 h become r +5i\s 9     
devis+ puni%m5ts t w n take any?+ away f
 ! man's family & :i* require no "t at  
all to adm9i/]4  ,"o po9t t is          
absolutely ess5tial to high capacity1 z 
well z to humane production1 is a clean1
 well-light$ & well-v5tilat$ factory4   
,our ma*9es are plac$ v close toge!r--e 
foot ( floor space 9 ! factory c>ries1 (
 c\rse1 ! same ov]head *>ge4 ,! consum] 
mu/ pay ! extra ov]head & ! extra       
transportation involv$ 9 hav+ ma*9es ev5
 six in*es f>!r ap>t ?an !y h to be4 ,we
 measure on ea* job ! exact am\nt ( room
 t a man ne$s2 he mu/ n be cramp$--t    
w\ld be wa/e4 ,b if he & 8 ma*9e occupy 
m space ?an is requir$1 t also is wa/e4 
,?is br+s our ma*9es clos] toge!r ?an 9 
probably any o!r factory 9 ! _w4 ,to a  
/rang] !y may seem pil$ "r on top ( "o  
ano!r1 b !y are sci5tifically arrang$1 n
 only 9 ! sequ5ce ( op]ations1 b to give
 e man & e ma*9e e squ>e in* t he       
requires &1 if possible1 n a squ>e in*1 

& c]ta9ly n a squ>e foot1 m ?an he      
requires4 ,our factory build+s are n    
int5d$ to be us$ z p>ks4 ,! close plac+ 
requires a maximum ( safegu>ds &        
v5tilation4  ,ma*9e safegu>d+ is a      
subject all ( itself4 ,we d n consid]   
any ma*9e--no matt] h[ effici5tly x may 
turn out its "w--z a prop] ma*9e unless 
x is absolutely safe4 ,we h no ma*9es t 
we consid] unsafe1 b ev5 at t a few     
accid5ts w happ54 ,e accid5t1 no matt]  
h[ trivial1 is trac$ back by a skill$   
man employ$ solely = t purpose1 & a /udy
 is made ( ! ma*9e to make t same       
accid5t 9 ! future impossible4  ,:5 we  
put up ! old] build+s1 we did n und]/& s
 mu* ab\t v5tilation z we d to-day4 ,9  
all ! lat] build+s1 ! support+ columns  
are made holl[ & ?r\gh !m ! bad air is  
pump$ out & ! good air introduc$4 ,a    
ne>ly ev5 temp]ature is kept ev]y:]e !  
ye> r\nd &1 dur+ daylight1 !re is n[h]e 
! necessity = artificial light4 ,some?+ 
l sev5 hundr$ m5 are detail$ exclusively
 to keep+ ! %ops clean1 ! w9d[s wa%$1 & 

all ( ! pa9t fre%4 ,! d>k corn]s :i*    
invite expectoration are pa9t$ :ite4 ,"o
 _c h morale )\t cleanl9ess4 ,we tol]ate
 make%ift cleanl9ess no m ?an make%ift  
me?ods4  ,no reason exi/s :y factory "w 
%\ld be dang]\s4 ,if a man has work$ too
 h>d or ?r\gh too long h\rs he gets into
 a m5tal /ate t invites accid5ts4 ,"p ( 
! "w ( prev5t+ accid5ts is to avoid ?is 
m5tal /ate2 "p is to prev5t c>elessness1
 & "p is to make ma*9]y absolutely      
fool-pro(4 ,! pr9cipal causes ( accid5ts
 z !y are gr\p$ by ! exp]ts are3  7#a7  
,defective /ructures2 7#b7 defective    
ma*9es2 7#c7 insuffici5t room2 7#d7     
abs5ce ( safegu>ds2 7#e7 unclean        
conditions2 7#f7 bad lights2 7#g7 bad   
air2 7#h7 unsuitable clo?+2 7#i7        
c>elessness2 7#aj7 ignorance2 7#aa7     
m5tal condition2 7#ab7 lack (           
coop]ation4  ,! que/ions ( defective    
/ructures1 defective ma*9]y1 insuffici5t
 room1 unclean conditions1 bad light1   
bad air1 ! wrong m5tal condition1 & !   
lack ( coop]ation are easily dispos$ (4 

,none ( ! m5 "w too h>d4 ,! wages settle
 n9e t5?s ( ! m5tal problems &          
con/ruction gets rid ( ! o!rs4 ,we h !n 
to gu>d aga9/ unsuitable clo?+1         
c>elessness1 & ignorance1 & to make     
ev]y?+ we h fool-pro(4 ,?is is m        
difficult :]e we h belts4 ,9 all ( our  
new con/ruction1 ea* ma*9e has its      
individual electric motor1 b 9 ! old]   
con/ruction we _h to use belts4 ,e belt 
is gu>d$4 ,ov] ! automatic conveyors are
 plac$ bridges s t no man has to cross  
at a dang]\s po9t4 ,:]ev] !re is a      
possibility ( fly+ metal1 ! workman is  
requir$ to we> goggles & ! *ances are   
fur!r r$uc$ by surr\nd+ ! ma*9e ) nett+4
 ,ar\nd hot furnaces we h rail+s4 ,!re  
is n[h]e an op5 "p ( a ma*9e 9 :i* clo?+
 c be caught4 ,all ! aisles are kept    
cle>4 ,! />t+ swit*es ( draw presses are
 protect$ by big r$ tags :i* h to be    
remov$ be=e ! swit* c be turn$--?is     
prev5ts ! ma*9e be+ />t$ ?\ghtlessly4   
,workm5 w we> unsuitable clo?+--ties t  
may be caught 9 a pulley1 fl[+ sleeves1 

& all mann] ( unsuitable articles4 ,!   
bosses h to wat* = t1 & !y cat* mo/ ( ! 
(f5d]s4 ,new ma*9es are te/$ 9 e way    
be=e !y are p]mitt$ to be in/all$4 ,z a 
result we h practically no s]i\s        
accid5ts4  ,indu/ry ne$s n exact a human
 toll4     ,,*apt] ,,viii  ,,wages      
,!re is no?+ to runn+ a bus9ess by      
cu/om--to say+3 ,i pay ! go+ rate (     
wages4 ,! same man w\ld n s easily say3 
,i h no?+ bett] or *eap] to sell ?an any
 "o has4 ,no manufactur] 9 8 "r m9d w\ld
 cont5d t buy+ only ! *eape/ mat]ials is
 ! way to make c]ta9 ( manufactur+ ! be/
 article4 ,!n :y d we he> s mu* talk    
ab\t ! liquidation ( lab\r & ! b5efits t
 w fl[ to ! c\ntry f cutt+ wages--:i*   
means only ! cutt+ ( buy+ p[] & !       
curtail+ ( ! home m>ket8 ,:at good is   
indu/ry if x be s unskillfully manag$ z 
n to return a liv+ to ev]yone conc]n$8  
,no "q is m important ?an t ( wages--mo/
 ( ! p ( ! c\ntry live on wages4 ,!     
scale ( _! liv+--! rate ( _!            
wages--det]m9es ! prosp]ity ( ! c\ntry4 

,?r\gh\t all ! ,=d indu/ries we n[ h a  
m9imum wage ( six doll>s a day2 we us$  
to h a m9imum ( five doll>s2 be=e t we  
paid :atev] x 0 necess>y to pay4 ,x w\ld
 be bad morals to g back to ! old m>ket 
rate ( pay+--b also x w\ld be ! wor/    
sort ( bad bus9ess4  ,fir/ get at !     
relation%ips4 ,x is n usual to speak (  
an employee z a p>tn]1 & yet :at else is
 he8 ,:5ev] a man f9ds ! managem5t ( a  
bus9ess too mu* = 8 own "t or /r5g?1 he 
calls 9 assi/ants to %>e ! managem5t )  
him4 ,:y1 !n1 if a man f9ds ! production
 "p ( a bus9ess too mu* = 8 own two h&s 
%\ld he d5y ! title ( p>tn] to ^? :o    
come 9 & help him produce8 ,e bus9ess t 
employs m ?an "o man is a k9d (         
p>tn]%ip4 ,! mom5t a man calls =        
assi/ance 9 8 bus9ess--ev5 ?\gh !       
assi/ant be b a boy--t mom5t he has tak5
 a p>tn]4 ,he may himself be sole own] (
 ! res\rces ( ! bus9ess & sole director 
( its op]ations1 b only :ile he rema9s  
sole manag] & sole produc] c he claim   
complete indep5d5ce4 ,no man is         

indep5d5t z long z he has to dep5d on   
ano!r man to help him4 ,x is a          
reciprocal relation--! boss is ! p>tn] (
 8 work]1 ! work] is p>tn] ( 8 boss4 ,& 
su* be+ ! case1 x is useless = "o gr\p  
or ! o!r to assume t x is ! "o          
indisp5sable unit4 ,bo? are             
indisp5sable4 ,! "o c become unduly     
ass]tive only at ! exp5se ( ! o!r--&    
ev5tually at its own exp5se z well4 ,x  
is utt]ly fooli% = ,capital or = ,lab\r 
to ?9k ( !mselves z gr\ps4 ,!y are      
p>tn]s4 ,:5 !y pull & haul aga9/ ea*    
o!r--!y simply injure ! organization 9  
:i* !y are p>tn]s & f :i* bo? draw      
support4  ,x ought to be ! employ]'s    
ambition1 z lead]1 to pay bett] wages   
?an any simil> l9e ( bus9ess1 & x ought 
to be ! workman's ambition to make ?is  
possible4 ,( c\rse !re are m5 9 all %ops
 :o seem to believe t if !y d _! be/1 x 
w be only = ! employ]'s b5efit--& n at  
all = _! own4 ,x is a pity t su* a feel+
 %\ld exi/4 ,b x does exi/ & p]haps x   
has "s ju/ification4 ,if an employ]     

urges m5 to d _! be/1 & ! m5 le>n aft] a
 :ile t _! be/ does n br+ any rew>d1 !n 
!y naturally drop back into gett+ by4 ,b
 if !y see ! fruits ( h>d "w 9 _! pay   
envelope--pro( t h>d] "w means high]    
pay--!n also !y beg9 to le>n t !y are a 
"p ( ! bus9ess1 & t its success dep5ds  
on !m & _! success dep5ds on x4  ,:at   
ought ! employ] to pay8--,:at ought !   
employee to receive8 ,^! are b m9or     
que/ions4 ,! basic "q is ,:at c !       
bus9ess /&8 ,c]ta9ly no bus9ess c /&    
outgo t exce$s its income4 ,:5 y pump   
wat] out ( a well at a fa/] rate ?an !  
wat] fl[s 91 ! well goes dry4 ,& :5 !   
well runs dry1 ^? :o dep5d on x g ?ir/y4
 ,& if1 p]*ance1 !y imag9e !y c pump "o 
well dry & !n jump to "s o!r well1 x is 
only a matt] ( "t :5 all ! wells w be   
dry4 ,!re is n[ a widespread dem& = m   
ju/ly divid$ rew>ds1 b x mu/ be         
recogniz$ t !re are limits to rew>ds4 ,!
 bus9ess itself sets ! limits4 ,y _c    
di/ribute #aej1jjj out ( a bus9ess t    
br+s 9 only #ajj1jjj4 ,! bus9ess limits 

! wages1 b does any?+ limit ! bus9ess8  
,! bus9ess limits itself by foll[+ bad  
prec$5ts4  ,if m51 in/ead ( say+ !      
employ] ought to d ?us-&-s1 w\ld say1 ! 
bus9ess ought to be s /imulat$ & manag$ 
t x c d ?us-&-s1 !y w\ld get some:]e4   
,because only ! bus9ess c pay wages4    
,c]ta9ly ! employ] _c1 unless ! bus9ess 
w>rants4 ,b if t bus9ess does w>rant    
high] wages & ! employ] refuses1 :at is 
to be done8 ,z a rule a bus9ess means ! 
livelihood ( too _m m51 to be tamp]$ )4 
,x is crim9al to assass9ate a bus9ess to
 :i* l>ge numb]s ( m5 h giv5 _! lab\rs &
 to :i* !y h le>n$ to look z _! field ( 
usefulness & _! s\rce ( livelihood4     
,kill+ ! bus9ess by a /rike or a lock\t 
does n help4 ,! employ] c ga9 no?+ by   
look+ ov] ! employees & ask+ himself1   
,h[ little c ,i get !m to take8 ,nor !  
employee by gl>+ back & ask+1 ,h[ mu* c 
,i =ce him to give8 ,ev5tually bo? w h  
to turn to ! bus9ess & ask1 ,h[ c ?is   
indu/ry be made safe & pr(itable1 s t x 
w be able to provide a sure & com=table 

liv+ = all ( u8  ,b by no means all     
employ]s or all employees w ?9k /raight4
 ,! habit ( act+ %ortsight$ly is a h>d  
"o to break4 ,:at c be done8 ,no?+4 ,no 
rules or laws w effect ! *anges4 ,b     
enlight5$ self-int]e/ w4 ,x takes a     
little :ile = enlight5m5t to spread4 ,b 
spread x mu/1 = ! conc]n 9 :i* bo?      
employ] & employees "w to ! same end (  
s]vice is b\nd to =ge ahead 9 bus9ess4  
,:at d we mean by high wages1 anyway8   
,we mean a high] wage ?an 0 paid t5     
mon?s or t5 ye>s ago4 ,we d n mean a    
high] wage ?an ought to be paid4 ,our   
high wages ( to-day may be l[ wages t5  
ye>s f n[4  ,if x is "r = ! manag] ( a  
bus9ess to try to make x pay l>g]       
divid5ds1 x is q z "r t he %\ld try to  
make x pay high] wages4 ,b x is n !     
manag] ( ! bus9ess :o pays ! high wages4
 ,( c\rse1 if he c & w n1 !n ! blame is 
on him4 ,b he alone c nev] make high    
wages possible4 ,high wages _c be paid  
unless ! workm5 e>n !m4 ,_! lab\r is !  
productive factor4 ,x is n ! only       

productive factor--poor managem5t c wa/e
 lab\r & mat]ial & nullify ! ef=ts (    
lab\r4 ,lab\r c nullify ! results ( good
 managem5t4 ,b 9 a p>tn]%ip ( skill$    
managem5t & hone/ lab\r1 x is ! workman 
:o makes high wages possible4 ,he inve/s
 8 en]gy & skill1 & if he makes an      
hone/1 :olehe>t$ inve/m5t1 high wages   
ought to be 8 rew>d4 ,n only has he e>n$
 !m1 b he has _h a big "p 9 creat+ !m4  
,x ought to be cle>1 h[ev]1 t ! high    
wage beg9s d[n 9 ! %op4 ,if x is n      
creat$ !re x _c get into pay envelopes4 
,!re w nev] be a sy/em inv5t$ :i* w d   
away ) ! necessity ( "w4 ,nature has se5
 to t4 ,idle h&s & m9ds 7 nev] int5d$ = 
any "o ( u4 ,"w is our sanity1 our      
self-respect1 our salvation4 ,s f> f be+
 a curse1 "w is ! greate/ bless+4 ,exact
 social ju/ice fl[s only out ( hone/ "w4
 ,! man :o contributes mu* %\ld take    
away mu*4 ,!re=e no elem5t ( *>ity is   
pres5t 9 ! pay+ ( wages4 ,! k9d (       
workman :o gives ! bus9ess ! be/ t is 9 
him is ! be/ k9d ( workman a bus9ess c  

h4 ,& he _c be expect$ to d ?is         
indef9itely )\t prop] recognition ( 8   
contribution4 ,! man :o comes to ! day's
 job feel+ t no matt] h[ mu* he may     
give1 x w n yield him en\gh ( a return  
to keep him beyond want1 is n 9 %ape to 
d 8 day's "w4 ,he is anxi\s & worri$1 & 
x all reacts to ! detrim5t ( 8 "w4  ,b  
if a man feels t 8 day's "w is n only   
supply+ 8 basic ne$1 b is also giv+ him 
a m>g9 ( com=t & enabl+ him to give 8   
boys & girls _! opportunity & 8 wife "s 
pleasure 9 life1 !n 8 job looks good to 
him & he is free to give x ( 8 be/4 ,?is
 is a good ?+ = him & a good ?+ = !     
bus9ess4 ,! man :o does n get a c]ta9   
satisfaction out ( 8 day's "w is los+ ! 
be/ "p ( 8 pay4  ,= ! day's "w is a     
great ?+--a v great ?+6 ,x is at ! v    
f\ndation ( ! _w2 x is ! basis ( our    
self-respect4 ,& ! employ] ought        
con/antly to put 9 a h>d] day's "w ?an  
any ( 8 m54 ,! employ] :o is s]i\sly    
try+ to d 8 duty 9 ! _w mu/ be a h>d    
work]4 ,he _c say1 ,i h s _m ?\s& m5    

work+ = me4 ,! fact ( ! matt] is t s _m 
?\s& m5 h him work+ = !m--& ! bett] !y  
"w ! busi] !y keep him dispos+ ( _!     
products4 ,wages & sal>ies are 9 fix$   
am\nts1 & ?is mu/ be s1 9 ord] to h a   
basis to figure on4 ,wages & sal>ies are
 a sort ( pr(it-%>+ fix$ 9 advance1 b x 
(t5 happ5s t :5 ! bus9ess ( ! ye> is    
clos$1 x is discov]$ t m c be paid4 ,&  
!n m ought to be paid4 ,:5 we are all 9 
! bus9ess work+ toge!r1 we all ought to 
h "s %>e 9 ! pr(its--by way ( a good    
wage1 or sal>y1 or add$ comp5sation4 ,& 
t is beg9n+ n[ q g5]ally to be          
recogniz$4  ,!re is n[ a def9ite dem& t 
! human side ( bus9ess be elevat$ to a  
position ( equal importance ) ! mat]ial 
side4 ,& t is go+ to come ab\t4 ,x is j 
a "q :e!r x is go+ to be br\ght ab\t    
wisely--9 a way t w cons]ve ! mat]ial   
side :i* n[ su/a9s u1 or unwisely & 9   
su* a way z %all take f u all ! b5efit (
 ! "w ( ! pa/ ye>s4 ,bus9ess repres5ts  
our national livelihood1 x reflects our 
economic progress1 & gives u our place  

among o!r nations4 ,we d n want to      
jeop>dize t4 ,:at we want is a bett]    
recognition ( ! human elem5t 9 bus9ess4 
,& surely x c be a*iev$ )\t dislocation1
 )\t loss to any "o1 inde$ ) an increase
 ( b5efit to e human be+4 ,& ! secret ( 
x all is 9 a recognition ( human        
p>tn]%ip4 ,until ea* man is absolutely  
suffici5t unto himself1 ne$+ ! s]vices (
 no o!r human be+ 9 any capacity :atev]1
 we %all nev] get beyond ! ne$ (        
p>tn]%ip4  ,su* are ! fundam5tal tru?s (
 wages4 ,!y are p>tn]%ip di/ributions4  
,:5 c a wage be consid]$ adequate8 ,h[  
mu* ( a liv+ is reasonably to be expect$
 f "w8 ,h y ev] consid]$ :at a wage does
 or ought to d8 ,to say t x %\ld pay !  
co/ ( liv+ is to say almo/ no?+4 ,! co/ 
( liv+ dep5ds l>gely ^u ! effici5cy (   
production & transportation2 & !        
effici5cy ( ^! is ! sum ( ! effici5cies 
( ! managem5t & ! work]s4 ,good "w1 well
 manag$1 ought to result 9 high wages & 
l[ liv+ co/s4 ,if we attempt to regulate
 wages on liv+ co/s1 we get n[h]e4 ,!   

co/ ( liv+ is a result & we _c expect to
 keep a result con/ant if we keep alt]+ 
! factors :i* produce ! result4 ,:5 we  
try to regulate wages accord+ to ! co/ (
 liv+1 we are imitat+ a dog *as+ 8 tail4
 ,&1 anyh[1 :o is compet5t to say j :at 
k9d ( liv+ we %all base ! co/s on8 ,let 
u broad5 our view & see :at a wage is to
 ! workm5--& :at x ought to be4  ,! wage
 c>ries all ! work]'s obligations       
outside ! %op2 x c>ries all t is        
necess>y 9 ! way ( s]vice & managem5t   
inside ! %op4 ,! day's productive "w is 
! mo/ valuable m9e ( weal? t has ev] be5
 op5$4 ,c]ta9ly x ought to be> n less   
?an all ! work]'s outside obligations4  
,& c]ta9ly x ought to be made to take   
c>e ( ! work]'s sunset days :5 lab\r is 
no long] possible to him--& %\ld be no  
long] necess>y4 ,& if x is made to d ev5
 ^!1 indu/ry w h to be adju/$ to a      
s*$ule ( production1 di/ribution1 &     
rew>d1 :i* w /op ! leaks into ! pockets 
( m5 :o d n assi/ 9 production4 ,9 ord] 
to create a sy/em :i* %all be z         

indep5d5t ( ! good-w ( b5evol5t employ]s
 z ( ! ill-w ( selfi% ones1 we %all h to
 f9d a basis 9 ! actual facts ( life    
itself4  ,x co/s j z mu* physical /r5g? 
to turn out a day's "w :5 :eat is #a a  
bu%el1 z :5 :eat is #b4ej a bu%el4 ,eggs
 may be #ab c5ts a doz5 or #ij c5ts a   
doz54 ,:at diff]5ce does x make 9 !     
units ( en]gy a man uses 9 a productive 
day's "w8 ,if only ! man himself 7      
conc]n$1 ! co/ ( 8 ma9t5ance & ! pr(it  
he ought to h w\ld be a simple matt]4 ,b
 he is n j an individual4 ,he is a      
citiz51 contribut+ to ! welf>e ( !      
nation4 ,he is a h\sehold]4 ,he is      
p]haps a fa!r ) *ildr5 :o mu/ be re>$ to
 usefulness on :at he is able to e>n4   
,we mu/ reckon ) all ^! facts4 ,h[ are y
 go+ to figure ! contribution ( ! home  
to ! day's "w8 ,y pay ! man = 8 "w1 b h[
 mu* does t "w owe to 8 home8 ,h[ mu* to
 8 position z a citiz58 ,h[ mu* to 8    
position z a fa!r8 ,! man does ! "w 9 ! 
%op1 b 8 wife does ! "w 9 ! home4 ,! %op
 mu/ pay !m bo?4 ,on :at sy/em ( figur+ 

is ! home go+ to f9d its place on ! co/ 
%eets ( ! day's "w8 ,is ! man's own     
livelihood to be reg>d$ z ! co/8 ,& is 8
 ability to h a home & family ! pr(it8  
,is ! pr(it on a day's "w to be comput$ 
on a ca% basis only1 measur$ by ! am\nt 
a man has left ov] aft] 8 own & 8       
family's wants are all suppli$8 ,or are 
all ^! relation%ips to be consid]$      
/rictly "u head ( co/1 & ! pr(it to be  
comput$ entirely outside ( !m8 ,t is1   
aft] hav+ support$ himself & family1    
clo!d !m1 h\s$ !m1 educat$ !m1 giv5 !m !
 privileges incid5t to _! /&>d ( liv+1  
ought !re to be provision made = /ill   
some?+ m 9 ! way ( sav+s pr(it8 ,& are  
all prop]ly *>geable to ! day's "w8 ,i  
?9k !y are4 ,o!rwise1 we h ! hide\s     
prospect ( little *ildr5 & _! mo!rs be+ 
=c$ out to "w4  ,^! are que/ions :i*    
call = accurate obs]vation &            
computation4 ,p]haps !re is no "o item  
connect$ ) our economic life t w\ld     
surprise u m ?an a k ( j :at burd5s !   
day's "w4 ,x is p]haps possible         

accurately to det]m9e--albeit )         
consid]able int]f]5ce ) ! day's "w      
itself--h[ mu* en]gy ! day's "w takes   
out ( a man4 ,b x is n at all possible  
accurately to det]m9e h[ mu* x w require
 to put back t en]gy into him aga9/ !   
next day's dem&s4 ,nor is x possible to 
det]m9e h[ mu* ( t exp5d$ en]gy he w    
nev] be able to get back at all4        
,economics has nev] yet devis$ a s9k+   
fund = ! replacem5t ( ! /r5g? ( a work]4
 ,x is possible to set up a k9d ( s9k+  
fund 9 ! =m ( old-age p5sions4 ,b       
p5sions d n att5d to ! pr(it :i* ea*    
day's lab\r ought to yield 9 ord] to    
take c>e ( all ( life's ov]head1 ( all  
physical losses1 & ( ! inevitable       
det]ioration ( ! manual work]4  ,! be/  
wages t h up to date ev] be5 paid are n 
ne>ly z high z !y ought to be4 ,bus9ess 
is n yet suffici5tly well organiz$ & its
 objectives are n yet suffici5tly cle>  
to make x possible to pay m ?an a       
fraction ( ! wages t ought to be paid4  
,t is "p ( ! "w we h be=e u4 ,x does n  

help t[>d a solution to talk ab\t       
aboli%+ ! wage sy/em & sub/itut+        
communal own]%ip4 ,! wage sy/em is !    
only "o t we h1 "u :i* contributions to 
production c be rew>d$ accord+ to _!    
wor?4 ,take away ! wage measure & we    
%all h univ]sal inju/ice4 ,p]fect !     
sy/em & we may h univ]sal ju/ice4  ,i h 
le>n$ ?r\gh ! ye>s a good deal ab\t     
wages4 ,i believe 9 ! fir/ place t1 all 
o!r consid]ations aside1 our own sales  
dep5d 9 a measure ^u ! wages we pay4 ,if
 we c di/ribute high wages1 !n t money  
is go+ to be sp5t & x w s]ve to make    
/orekeep]s & di/ributors & manufactur]s 
& work]s 9 o!r l9es m prosp]\s & _!     
prosp]ity w be reflect$ 9 our sales4    
,c\ntry-wide high wages spell           
c\ntry-wide prosp]ity1 provid$1 h[ev]1 !
 high] wages are paid = high]           
production4 ,pay+ high wages & l[]+     
production is />t+ d[n ! incl9e t[>d    
dull bus9ess4  ,x took u "s "t to get   
our be>+s on wages1 & x 0 n until we _h 
gone ?or\ghly into production on ,model 

,t1 t x 0 possible to figure out :at    
wages ought to be4 ,be=e !n we _h _h "s 
pr(it %>+4 ,we _h at ! end ( ea* ye>1 = 
"s ye>s pa/1 divid$ a p]c5tage ( our    
e>n+s ) ! employees4 ,= in/ance1 z long 
ago z #aiji we di/ribut$ eighty ?\s&    
doll>s on ! basis ( ye>s ( s]vice4 ,a   
"o-ye> man receiv$ #e p] c5t4 ( 8 ye>'s 
wages2 a two-ye> man1 #g-a_/b p] c5t41 &
 a ?ree-ye> man1 #aj p] c5t4 ,!         
objection to t plan 0 t x _h no direct  
connection ) ! day's "w4 ,a man did n   
get 8 %>e until long aft] 8 "w 0 done & 
!n x came to him almo/ 9 ! way ( a      
pres5t4 ,x is always un=tunate to h     
wages t+$ ) *>ity4  ,& !n1 too1 ! wages 
7 n sci5tifically adju/$ to ! jobs4 ,!  
man 9 job ,a might get "o rate & ! man 9
 job ,b a high] rate1 :ile z a matt] (  
fact job ,a might require m skill or    
ex]tion ?an job ,b4 ,a great deal (     
inequity creeps into wage rates unless  
bo? ! employ] & ! employee "k t ! rate  
paid has be5 arriv$ at by some?+ bett]  
?an a guess4 ,!re=e1 />t+ ab\t #aiac we 

_h "t /udies made ( all ! ?\s&s (       
op]ations 9 ! %ops4 ,by a "t /udy x is  
possible !oretically to det]m9e :at a   
man's output %\ld be4 ,!n1 mak+ l>ge    
all[ances1 x is fur!r possible to get at
 a satisfactory /&>d output = a day1 &1 
tak+ into consid]ation ! skill1 to      
arrive at a rate :i* w express ) fair   
accuracy ! am\nt ( skill & ex]tion t    
goes into a job--& h[ mu* is to be      
expect$ f ! man 9 ! job 9 return = !    
wage4 ,)\t sci5tific /udy ! employ] does
 n "k :y he is pay+ a wage & ! work]    
does n "k :y he is gett+ x4 ,on ! "t    
figures all ( ! jobs 9 our factory 7    
/&>diz$ & rates set4  ,we d n h piece   
"w4 ,"s ( ! m5 are paid by ! day & "s   
are paid by ! h\r1 b 9 practically e    
case !re is a requir$ /&>d output bel[  
:i* a man is n expect$ to fall4 ,7 x    
o!rwise1 nei!r ! workman nor ourselves  
w\ld "k :e!r or n wages 7 be+ e>n$4 ,!re
 mu/ be a fix$ day's "w be=e a real wage
 c be paid4 ,wat*m5 are paid = pres5ce4 
,workm5 are paid = "w4  ,hav+ ^! facts 9

 h& we ann\nc$ & put into op]ation 9    
,janu>y1 #aiad1 a k9d ( pr(it-%>+ plan 9
 :i* ! m9imum wage = any class ( "w & "u
 c]ta9 conditions 0 five doll>s a day4  
,at ! same "t we r$uc$ ! work+ day to   
eight h\rs--x _h be5 n9e--& ! week to   
=ty-eight h\rs4 ,?is 0 entirely a       
volunt>y act4 ,all ( our wage rates h   
be5 volunt>y4 ,x 0 to our way ( ?9k+ an 
act ( social ju/ice1 & 9 ! la/ analysis 
we did x = our own satisfaction ( m9d4  
,!re is a pleasure 9 feel+ t y h made   
o!rs happy--t y h less5$ 9 "s degree !  
burd5s ( y\r fell[-m5--t y h provid$ a  
m>g9 out ( :i* may be _h pleasure &     
sav+4 ,good-w is "o ( ! few really      
important assets ( life4 ,a det]m9$ man 
c w9 almo/ any?+ t he goes aft]1 b      
unless1 9 8 gett+1 he ga9s good w he has
 n pr(it$ mu*4  ,!re 01 h[ev]1 no *>ity 
9 any way involv$4 ,t 0 n g5]ally       
und]/ood4 ,_m employ]s ?\ght we 7 j mak+
 ! ann\ncem5t because we 7 prosp]\s &   
want$ adv]tis+ & !y condemn$ u because  
we 7 upsett+ /&>ds--violat+ ! cu/om (   

pay+ a man ! smalle/ am\nt he w\ld take4
 ,!re is no?+ to su* /&>ds & cu/oms4 ,!y
 h to be wip$ out4 ,"s day !y w be4     
,o!rwise1 we _c aboli% pov]ty4 ,we made 
! *ange n m]ely because we want$ to pay 
high] wages & ?\ght we c\ld pay !m4 ,we 
want$ to pay ^! wages s t ! bus9ess w\ld
 be on a la/+ f\ndation4 ,we 7 n        
di/ribut+ any?+--we 7 build+ = ! future4
 ,a l[ wage bus9ess is always insecure4 
,probably few indu/rial ann\ncem5ts h   
creat$ a m _w-wide comm5t ?an did ?is   
"o1 & h>dly any "o got ! facts q "r4    
,workm5 q g5]ally believ$ t !y 7 go+ to 
get five doll>s a day1 reg>dless ( :at  
"w !y did4  ,! facts 7 some:at diff]5t f
 ! g5]al impression4 ,! plan 0 to       
di/ribute pr(its1 b in/ead ( wait+ until
 ! pr(its _h be5 e>n$--to approximate !m
 9 advance & to add !m1 "u c]ta9        
conditions1 to ! wages ( ^? p]sons :o _h
 be5 9 ! employ ( ! company = six mon?s 
or m4 ,x 0 classifi$ p>ticipation among 
?ree classes ( employees3  7#a7 ,m>ri$  
m5 liv+ ) & tak+ good c>e ( _! families4

  7#b7 ,s+le m5 ov] tw5ty-two ye>s ( age
 :o are ( prov$ ?rifty     habits4  7#c7
 ,"y m5 "u tw5ty-two ye>s ( age1 & wom5 
:o are ! sole support ( "s next ( k94   
,a man 0 fir/ to be paid 8 j wages--:i* 
7 !n on an av]age ( ab\t fifte5 p] c5t4 
above ! usual m>ket wage4 ,he 0 !n      
eligible to a c]ta9 pr(it4 ,8 wages plus
 8 pr(it 7 calculat$ to give a m9imum   
daily income ( five doll>s4 ,! pr(it %>+
 rate 0 divid$ on an h\r basis & 0      
cr$it$ to ! h\rly wage rate1 s z to give
 ^? receiv+ ! l[e/ h\rly rate ! l>ge/   
proportion ( pr(its4 ,x 0 paid e two    
weeks ) ! wages4 ,= example1 a man :o   
receiv$ ?irty-f\r c5ts an h\r _h a pr(it
 rate ( tw5ty-eight & "o half c5ts an   
h\r--:i* w\ld give him a daily income ( 
five doll>s4 ,a man receiv+ fifty-f\r   
c5ts an h\r w\ld h a pr(it rate (       
tw5ty-"o c5ts an h\r--:i* w\ld give him 
a daily income ( six doll>s4  ,x 0 a    
sort ( prosp]ity-%>+ plan4 ,b on        
conditions4 ,! man & 8 home _h to come  
up to c]ta9 /&>ds ( cleanl9ess &        

citiz5%ip4 ,no?+ pat]nal 0 int5d$6--a   
c]ta9 am\nt ( pat]nalism did develop1 & 
t is "o reason :y ! :ole plan & ! social
 welf>e dep>tm5t 7 readju/$4 ,b 9 !     
beg9n+ ! idea 0 t !re %\ld be a v       
def9ite inc5tive to bett] liv+ & t ! v  
be/ inc5tive 0 a money premium on prop] 
liv+4 ,a man :o is liv+ aright w d 8 "w 
aright4 ,& !n1 too1 we want$ to avoid ! 
possibility ( l[]+ ! /&>d ( "w ?r\gh an 
increas$ wage4 ,x 0 demon/rat$ 9 w> "t t
 too quickly increas+ a man's pay       
sometimes increases only 8 cupidity &   
!re=e decreases 8 e>n+ p[]4 ,if1 9 !    
beg9n+1 we _h simply put ! increase 9 ! 
pay envelopes1 !n v likely ! "w /&>ds   
w\ld h brok5 d[n4 ,! pay ( ab\t half !  
m5 0 d\bl$ 9 ! new plan2 x might h be5  
tak5 z easy money4 ,! ?\ght ( easy money
 breaks d[n "w4 ,!re is a dang] 9 too   
rapidly rais+ ! pay ( any man--:e!r he  
previ\sly receiv$ "o doll> or "o hundr$ 
doll>s a day4 ,9 fact1 if ! sal>y ( a   
hundr$-doll>-a-day man 7 increas$       
ov]night to ?ree hundr$ doll>s a day he 

w\ld probably make a bigg] fool (       
himself ?an ! work+ man ^: pay is       
increas$ f "o doll> to ?ree doll>s an   
h\r4 ,! man ) ! l>g] am\nt ( money has  
l>g] opportunity to make a fool (       
himself4  ,9 ?is fir/ plan ! /&>ds      
insi/$ ^u 7 n petty--al?\gh sometimes !y
 may h be5 adm9i/]$ 9 a petty fa%ion4   
,we _h ab\t fifty inve/igators 9 !      
,social ,dep>tm5t2 ! /&>d ( common s5se 
among !m 0 v high inde$1 b x is         
impossible to assemble fifty m5 equally 
end[$ ) common s5se4 ,!y err$ at        
times--"o always he>s ab\t ! errors4 ,x 
0 expect$ t 9 ord] to receive ! bonus   
m>ri$ m5 %\ld live ) & take prop] c>e ( 
_! families4 ,we _h to break up ! evil  
cu/om among _m ( ! =eign work]s ( tak+ 9
 bo>d]s--( reg>d+ _! homes z some?+ to  
make money out ( r ?an z a place to live
 94 ,boys "u eighte5 receiv$ a bonus if 
!y support$ ! next ( k94 ,s+le m5 :o    
liv$ :olesomely %>$4 ,! be/ evid5ce t ! 
plan 0 ess5tially b5eficial is ! record4
 ,:5 ! plan w5t into effect1 #fj p] c5t4

 ( ! work]s imm$iately qualifi$ to %>e2 
at ! end ( six mon?s #gh p] c5t4 7 %>+1 
& at ! end ( "o ye> #hg p] c5t4 ,)9 a   
ye> & "o half only a fraction ( "o p]   
c5t4 fail$ to %>e4  ,! l>ge wage _h o!r 
results4 ,9 #aiad1 :5 ! fir/ plan w5t   
into effect1 we _h #ad1jjj employees & x
 _h be5 necess>y to hire at ! rate (    
ab\t #ec1jjj a ye> 9 ord] to keep a     
con/ant =ce ( #ad1jjj4 ,9 #aiae we _h to
 hire only #f1ejh m5 & ! majority ( ^!  
new m5 7 tak5 on because ( ! gr[? ( !   
bus9ess4 ,) ! old turnov] ( lab\r & our 
pres5t =ce we %\ld h to hire at ! rate (
 ne>ly #bjj1jjj m5 a ye>--:i* w\ld be   
pretty ne>ly an impossible proposition4 
,ev5 ) ! m9imum ( in/ruction t is       
requir$ to ma/] almo/ any job 9 our     
place1 we _c take on a new /aff ea*     
morn+1 or ea* week1 or ea* mon?2 =1     
al?\gh a man may qualify = acceptable "w
 at an acceptable rate ( spe$ )9 two or 
?ree days1 he w be able to d m aft] a   
ye>'s exp]i5ce ?an he did at ! beg9n+4  
,! matt] ( lab\r turnov] has n s9ce     

bo!r$ u2 x is r h>d to give exact       
figures because :5 we are n runn+ to    
capacity1 we rotate "s ( ! m5 9 ord] to 
di/ribute ! "w among greate/ numb]4 ,?is
 makes x h>d to di/+ui% betwe5 !        
volunt>y & involunt>y exits4 ,to-day we 
keep no figures2 we n[ ?9k s little (   
our turnov] t we d n bo!r to keep       
records4 ,z f> z we "k ! turnov] is     
some:]e betwe5 #c p] c5t4 & #f p] c5t4 a
 mon?4  ,we h made *anges 9 ! sy/em1 b  
we h n deviat$ f ?is pr9ciple3  ,if y   
expect a man to give 8 "t & en]gy1 fix 8
 wages s t he w h no f9ancial worries4  
,x pays4 ,our pr(its1 aft] pay+ good    
wages & a bonus--:i* bonus us$ to run   
ar\nd t5 millions a ye> be=e we *ang$ ! 
sy/em--%[ t pay+ good wages is ! mo/    
pr(itable way ( do+ bus9ess4  ,!re 7    
objections to ! bonus-on-conduct me?od (
 pay+ wages4 ,x t5d$ t[>d pat]nalism4   
,pat]nalism has no place 9 indu/ry4     
,welf>e "w t consi/s 9 pry+ into        
employees' private conc]ns is out (     
date4 ,m5 ne$ c\nsel & m5 ne$ help1     

(t5times special help2 & all ?is ought  
to be r5d]$ = dec5cy's sake4 ,b ! broad 
workable plan ( inve/m5t & p>ticipation 
w d m to solidify indu/ry & /r5g!n      
organization ?an w any social "w on !   
outside4  ,)\t *ang+ ! pr9ciple we h    
*ang$ ! me?od ( paym5t4     ,,*apt] ,,ix
  ,,:y ,,n ,,always ,,h ,,good          
,,bus9ess8   ,! employ] has to live by !
 ye>4 ,! workman has to live by ! ye>4  
,b bo? ( !m1 z a rule1 "w by ! week4 ,!y
 get an ord] or a job :5 !y c & at !    
price !y c4 ,dur+ :at is call$ a        
prosp]\s "t1 ord]s & jobs are pl5tiful4 
,dur+ a dull season !y are sc>ce4       
,bus9ess is always ei!r fea/+ or fa/+ & 
is always ei!r good or bad4 ,al?\gh !re 
is nev] a "t :5 ev]yone has too mu* (   
?is _w's goods--:5 ev]yone is too       
com=table or too happy--!re come p]iods 
:5 we h ! a/\nd+ spectacle ( a _w hungry
 = goods & an indu/rial ma*9e hungry =  
"w & ! two--! dem& & ! means ( satisfy+ 
x--held ap>t by a money b>ri]4 ,bo?     
manufactur+ & employm5t are 9-&-out     

affairs4 ,in/ead ( a /eady progression  
we g ahead by fits & />ts--n[ go+ too   
fa/1 n[ /opp+ altoge!r4 ,:5 a great _m p
 want to buy1 !re is said to be a       
%ortage ( goods4 ,:5 nobody wants to    
buy1 !re is said to be an ov]production 
( goods4 ,i "k t we h always _h a       
%ortage ( goods1 b ,i d n believe we h  
ev] _h an ov]production4 ,we may h1 at a
 p>ticul> "t1 too mu* ( ! wrong k9d (   
goods4 ,t is n ov]production--t is m]ely
 headless production4 ,we may also h    
great /ocks ( goods at too high prices4 
,t is n ov]production--x is ei!r bad    
manufactur+ or bad f9anc+4 ,is bus9ess  
good or bad accord+ to ! dictates (     
fate8 ,mu/ we accept ! conditions z     
inevitable8 ,bus9ess is good or bad z we
 make x s4 ,! only reason = gr[+ crops1 
= m9+1 or = manufactur+1 is t p may eat1
 keep w>m1 h clo?+ to we>1 & articles to
 use4 ,!re is no o!r possible reason1   
yet t reason is =c$ into ! backgr\nd &  
in/ead we h op]ations c>ri$ on1 n to !  
end ( s]vice1 b to ! end ( mak+ money--&

 ?is because we h evolv$ a sy/em ( money
 t in/ead ( be+ a conv5i5t m$ium (      
ex*ange1 is at times a b>ri] to ex*ange4
 ,( ?is m lat]4  ,we suff] frequ5t      
p]iods ( s-call$ bad luck only because  
we manage s badly4 ,if we _h a va/ crop 
failure1 ,i c imag9e ! c\ntry go+       
hungry1 b ,i _c conceive h[ x is t we   
tol]ate hung] & pov]ty1 :5 !y gr[ solely
 out ( bad managem5t1 & especially out (
 ! bad managem5t t is implicit 9 an     
unreason$ f9ancial /ructure4 ,( c\rse ! 
w> upset affairs 9 ?is c\ntry4 ,x upset 
! :ole _w4 ,!re w\ld h be5 no w> _h     
managem5t be5 bett]4 ,b ! w> alone is n 
to blame4 ,! w> %[$ up a great numb] ( !
 defects ( ! f9ancial sy/em1 b m ?an    
any?+ else x %[$ h[ insecure is bus9ess 
support$ only by a money f\ndation4 ,i d
 n "k :e!r bad bus9ess is ! result ( bad
 f9ancial me?ods or :e!r ! wrong motive 
9 bus9ess creat$ bad f9ancial me?ods1 b 
,i d "k t1 :ile x w\ld be :olly         
undesirable to try to ov]turn ! pres5t  
f9ancial sy/em1 x is :olly desirable to 

re%ape bus9ess on ! basis ( s]vice4 ,!n 
a bett] f9ancial sy/em w h to come4 ,!  
pres5t sy/em w drop out because x w h no
 reason = be+4 ,! process w h to be a   
gradual "o4  ,! />t t[>d ! /abilization 
( 8 own affairs may be made by any "o4  
,"o _c a*ieve p]fect results act+ alone1
 b z ! example beg9s to s9k 9 !re w be  
foll[]s1 & ?us 9 ! c\rse ( "t we c hope 
to put inflat$ bus9ess & its fell[1     
depress$ bus9ess1 into a class )        
small-pox--t is1 into ! class (         
prev5table diseases4 ,x is p]fectly     
possible1 ) ! reorganization ( bus9ess &
 f9ance t is b\nd to come ab\t1 to take 
! ill effect ( seasons1 if n ! seasons1 
out ( indu/ry1 & also ! p]iodic         
depressions4 ,f>m+ is already 9 process 
( reorganization4 ,:5 indu/ry & f>m+ are
 fully reorganiz$ !y w be complem5t>y2  
!y belong toge!r1 n ap>t4 ,z an         
indication1 take our valve plant4 ,we   
e/abli%$ x eighte5 miles out 9 ! c\ntry 
s t ! work]s c\ld also be f>m]s4 ,by !  
use ( ma*9]y f>m+ ne$ n consume m ?an a 

fraction ( ! "t x n[ consumes2 ! "t     
nature requires to produce is mu* l>g]  
?an t requir$ = ! human contribution (  
se$+1 cultivat+1 & h>ve/+2 9 _m         
indu/ries :]e ! p>ts are n bulky x does 
n make mu* diff]5ce :]e !y are made4 ,by
 ! aid ( wat] p[] !y c well be made out 
9 f>m+ c\ntry4 ,?us we c1 to a mu* l>g] 
degree ?an is commonly kn[n1 h          
f>m]-indu/riali/s :o bo? f>m & "w "u !  
mo/ sci5tific & heal?ful conditions4 ,t 
arrangem5t w c>e = "s seasonal          
indu/ries2 o!rs c arrange a succession (
 products accord+ to ! seasons & !      
equipm5t1 & /ill o!rs c1 ) m c>eful     
managem5t1 iron out _! seasons4 ,a      
complete /udy ( any specific problem w  
%[ ! way4  ,! p]iodic depressions are m 
s]i\s because !y seem s va/ z to be     
uncontrollable4 ,until ! :ole           
reorganization is br\ght ab\t1 !y _c be 
:olly controll$1 b ea* man 9 bus9ess c  
easily d some?+ = himself & :ile b5efit+
 8 own organization 9 a v mat]ial way1  
also help o!rs4 ,! ,=d production has n 

reflect$ good times or bad times2 x has 
kept "r on reg>dless ( conditions       
except+ f #aiag to #aiai1 :5 ! factory 0
 turn$ ov] to w> "w4 ,! ye> #aiab-aiac 0
 suppos$ to be a dull "o2 al?\gh n[ "s  
call x normal2 we all b d\bl$ our sales2
 #aiac-aiad 0 dull2 we increas$ our     
sales by m ?an a ?ird4 ,! ye> #aibj-aiba
 is suppos$ to h be5 "o ( ! mo/ depress$
 9 hi/ory2 we sold a million & a qu>t]  
c>s1 or ab\t five times z _m z 9        
#aiac-aiad--! normal ye>4 ,!re is no    
p>ticul> secret 9 x4 ,x is1 z is ev]y?+ 
else 9 our bus9ess1 ! inevitable result 
( ! application ( a pr9ciple :i* c be   
appli$ to any bus9ess4  ,we n[ h a      
m9imum wage ( six doll>s a day paid )\t 
res]vation4 ,! p are suffici5tly us$ to 
high wages to make sup]vision           
unnecess>y4 ,! m9imum wage is paid j z  
soon z a work] has qualifi$ 9 8         
production--:i* is a matt] t dep5ds ^u 8
 own desire to "w4 ,we h put our e/imate
 ( pr(its into ! wage & are n[ pay+     
high] wages ?an dur+ ! boom times aft] !

 w>4 ,b we are1 z always1 pay+ !m on !  
basis ( "w4 ,& t ! m5 d "w is evid5c$ by
 ! fact t al?\gh six doll>s a day is !  
m9imum wage1 ab\t #fj p] c5t4 ( ! work]s
 receive above ! m9imum4 ,! six doll>s  
is n a flat b a m9imum wage4  ,consid]  
fir/ ! fundam5tals ( prosp]ity4         
,progress is n made by pull+ (f a s]ies 
( /unts4 ,ea* /ep has to be regulat$4 ,a
 man _c expect to progress )\t ?9k+4    
,take prosp]ity4 ,a truly prosp]\s "t is
 :5 ! l>ge/ numb] ( p are gett+ all !y c
 legitimately eat & we>1 & are 9 e s5se 
( ! ^w com=table4 ,x is ! degree ( !    
com=t ( ! p at l>ge--n ! size ( !       
manufactur]'s bank balance--t evid5ces  
prosp]ity4 ,! function ( ! manufactur]  
is to contribute to ?is com=t4 ,he is an
 in/rum5t ( society & he c s]ve society 
only z he manages 8 ent]prises s z to   
turn ov] to ! public an increas+ly bett]
 product at an ev]-decreas+ price1 & at 
! same "t to pay to all ^? :o h a h& 9 8
 bus9ess an ev]-increas+ wage1 bas$ ^u !
 "w !y d4 ,9 ?is way & 9 ?is way alone c

 a manufactur] or any "o 9 bus9ess      
ju/ify 8 exi/5ce4  ,we are n mu* conc]n$
 ) ! /ati/ics & ! !ories ( ! economi/s  
on ! recurr+ cycles ( prosp]ity &       
depression4 ,!y call ! p]iods :5 prices 
are high prosp]\s4 ,a really prosp]\s   
p]iod is n to be judg$ on ! prices t    
manufactur]s are quot+ = articles4  ,we 
are n conc]n$ ) comb9ations ( words4 ,if
 ! prices ( goods are above ! incomes ( 
! p1 !n get ! prices d[n to ! incomes4  
,ord9>ily1 bus9ess is conceiv$ z />t+ ) 
a manufactur+ process & end+ ) a        
consum]4 ,if t consum] does n want to   
buy :at ! manufactur] has to sell him & 
has n ! money to buy x1 !n ! manufactur]
 blames ! consum] & says t bus9ess is   
bad1 & ?us1 hit*+ ! c>t be=e ! horse1 he
 goes on 8 way lam5t+4 ,isn't t nons5se8
  ,does ! manufactur] exi/ = ! consum]  
or does ! consum] exi/ = ! manufactur]8 
,if ! consum] w n--says he _c--buy :at !
 manufactur] has to (f]1 is t ! fault ( 
! manufactur] or ! consum]8 ,or is      
nobody at fault8 ,if nobody is at fault 

!n ! manufactur] mu/ g out ( bus9ess4   
,b :at bus9ess ev] />t$ ) ! manufactur] 
& end$ ) ! consum]8 ,:]e does ! money to
 make ! :eels g r\nd come f8 ,f !       
consum]1 ( c\rse4 ,& success 9          
manufacture is bas$ solely ^u an ability
 to s]ve t consum] to 8 lik+4 ,he may be
 s]v$ by quality or he may be s]v$ by   
price4 ,he is be/ s]v$ by ! highe/      
quality at ! l[e/ price1 & any man :o c 
give to ! consum] ! highe/ quality at ! 
l[e/ price is b\nd to be a lead] 9      
bus9ess1 :atev] ! k9d ( an article he   
makes4 ,!re is no gett+ away f ?is4  ,!n
 :y fl\nd] ar\nd wait+ = good bus9ess8  
,get ! co/s d[n by bett] managem5t4 ,get
 ! prices d[n to ! buy+ p[]4  ,cutt+    
wages is ! easie/ & mo/ slov5ly way to  
h&le ! situation1 n to speak ( its be+  
an inhuman way4 ,x is1 9 effect1 ?r[+ ^u
 lab\r ! incompet5cy ( ! manag]s ( !    
bus9ess4 ,if we only knew x1 e          
depression is a *all5ge to e manufactur]
 to put m bra9s into 8 bus9ess--to      
ov]come by managem5t :at o!r p try to   

ov]come by wage r$uction4 ,to tamp] )   
wages be=e all else is *ang$1 is to     
evade ! real issue4 ,& if ! real issue  
is tackl$ fir/1 no r$uction ( wages may 
be necess>y4 ,t has be5 my exp]i5ce4 ,! 
imm$iate practical po9t is t1 9 !       
process ( adju/m5t1 someone w h to take 
a loss4 ,& :o c take a loss except ^? :o
 h some?+ :i* !y c af=d to lose8 ,b !   
expression1 take a loss1 is r mislead+4 
,really no loss is tak5 at all4 ,x is   
only a giv+ up ( a c]ta9 "p ( ! pa/     
pr(its 9 ord] to ga9 m 9 ! future4 ,i 0 
talk+ n long s9ce ) a h>dw>e m]*ant 9 a 
small t[n4 ,he said3  ,i expect to take 
a loss ( #aj1jjj on my /ock4 ,b ( c\rse1
 y "k1 x isn't really l los+ t mu*4 ,we 
h>dw>e m5 h _h pretty good times4 ,mo/ (
 my /ock 0 b\ght at high prices1 b ,i h 
already sold sev]al /ocks & _h ! b5efit 
( !m4 ,besides1 ! t5 ?\s& doll>s :i* ,i 
say ,i w lose are n ! same k9d ( doll>s 
t ,i us$ to h4 ,!y are1 9 a way1        
speculative doll>s4 ,!y are n ! good    
doll>s t b\ght #ajj c5ts' wor?4 ,s1 ?\gh

 my loss may s\nd big1 x is n big4 ,& at
 ! same "t ,i am mak+ x possible = ! p 9
 my t[n to g on build+ _! h\ses )\t be+ 
disc\rag$ by ! size ( ! h>dw>e item4    
,he is a wise m]*ant4 ,he w\ld r take   
less pr(it & keep bus9ess mov+ ?an keep 
8 /ock at high prices & b> ! progress ( 
8 community4 ,a man l t is an asset to a
 t[n4 ,he has a cle> head4 ,he is bett] 
able to sw+ ! adju/m5t ?r\gh 8 inv5tory 
?an ?r\gh cutt+ d[n ! wages ( 8 deliv]y 
m5--?r\gh cutt+ d[n _! ability to buy4  
,he did n sit ar\nd hold+ on to 8 prices
 & wait+ = some?+ to turn up4 ,he       
realiz$ :at seems to h be5 q g5]ally    
=gott5--t x is "p ( proprietor%ip e n[ &
 aga9 to lose money4 ,we _h to take our 
loss4  ,our sales ev5tually fell (f z   
all o!r sales fell (f4 ,we _h a l>ge    
inv5tory &1 tak+ ! mat]ials & p>ts 9 t  
inv5tory at _! co/ price1 we c\ld n turn
 out a c> at a price l[] ?an we 7 ask+1 
b t 0 a price :i* on ! turn ( bus9ess 0 
high] ?an p c\ld or want$ to pay4 ,we   
clos$ d[n to get our be>+s4 ,we 7 fac$ )

 mak+ a cut ( #ag1jjj1jjj 9 ! inv5tory  
or tak+ a mu* l>g] loss ?an t by n do+  
bus9ess4 ,s !re 0 no *oice at all4  ,t  
is always ! *oice t a man 9 bus9ess has4
 ,he c take ! direct loss on 8 books & g
 ahead & d bus9ess or he c /op do+      
bus9ess & take ! loss ( idl5ess4 ,! loss
 ( n do+ bus9ess is commonly a loss     
great] ?an ! actual money involv$1 =    
dur+ ! p]iod ( idl5ess fe> w consume    
initiative &1 if ! %utd[n is long en\gh1
 !re w be no en]gy left ov] to />t up ) 
aga94  ,!re is no use wait+ ar\nd =     
bus9ess to improve4 ,if a manufactur]   
wants to p]=m 8 function1 he mu/ get 8  
price d[n to :at p w pay4 ,!re is       
always1 no matt] :at ! condition1 a     
price t p c & w pay = a necessity1 &    
always1 if ! w is !re1 t price c be met4
  ,x _c be met by l[]+ quality or by    
%ortsight$ economy1 :i* results only 9 a
 dissatisfi$ work+ =ce4 ,x _c be met by 
fuss+ or buzz+ ar\nd4 ,x c be met only  
by increas+ ! effici5cy ( production &1 
view$ 9 ?is fa%ion1 ea* bus9ess         

depression1 s-call$1 ought to be reg>d$ 
z a *all5ge to ! bra9s ( ! bus9ess      
community4 ,conc5trat+ on prices in/ead 
( on s]vice is a sure indication ( ! k9d
 ( bus9ess man :o c give no ju/ification
 = 8 exi/5ce z a proprietor4  ,?is is   
only ano!r way ( say+ t sales %\ld be   
made on ! natural basis ( real value1   
:i* is ! co/ ( transmut+ human en]gy    
into articles ( trade & comm]ce4 ,b t   
simple =mula is n consid]$ bus9ess-l4 ,x
 is n complex en\gh4 ,we h bus9ess :i*  
takes ! mo/ hone/ ( all human activities
 & makes !m subject to ! speculative    
%rewdness ( m5 :o c produce false       
%ortages ( food & o!r commodities1 & ?us
 excite 9 society anxiety ( dem&4 ,we h 
false /imulation & !n false numbness4   
,economic ju/ice is be+ con/antly & q   
(t5 innoc5tly violat$4 ,y may say t x is
 ! economic condition :i* makes mank9d  
:at x is2 or y may say t x is mank9d t  
makes ! economic condition :at x is4 ,y 
w f9d _m claim+ t x is ! economic sy/em 
:i* makes m5 :at !y are4 ,!y blame our  

indu/rial sy/em = all ! faults :i* we   
behold 9 mank9d g5]ally4 ,& y w f9d o!r 
m5 :o say t man creates 8 own           
conditions2 t if ! economic1 indu/rial1 
or social sy/em is bad1 x is b a        
reflection ( :at man himself is4 ,:at is
 wrong 9 our indu/rial sy/em is a       
reflection ( :at is wrong 9 man himself4
 ,manufactur]s hesitate to admit t !    
mi/akes ( ! pres5t indu/rial me?ods are1
 9 "p at lea/1 _! own mi/akes1          
sy/ematiz$ & ext5d$4 ,b take ! "q       
outside ( a man's imm$iate conc]ns1 & he
 sees ! po9t readily en\gh4  ,no d\bt1 )
 a less faulty human nature a less      
faulty social sy/em w\ld h gr[n up4 ,or1
 if human nature 7 worse ?an x is1 a    
worse sy/em w\ld h gr[n up--?\gh        
probably a worse sy/em w\ld n h la/$ z  
long z ! pres5t "o has4 ,b few w claim t
 mank9d delib]ately set out to create a 
faulty social sy/em4 ,grant+ )\t res]ve 
t all faults ( ! social sy/em are 9 man 
himself1 x does n foll[ t he delib]ately
 organiz$ 8 imp]fections & e/abli%$ !m4 

,we %all h to *>ge a great deal up to   
ignorance4 ,we %all h to *>ge a great   
deal up to innoc5ce4  ,take ! beg9n+s ( 
our pres5t indu/rial sy/em4 ,!re 0 no   
indication ( h[ x w\ld gr[4 ,e new      
advance 0 hail$ ) joy4 ,no "o ev] ?\ght 
( capital & lab\r z ho/ile int]e/s4 ,no 
"o ev] dream$ t ! v fact ( success w\ld 
br+ insidi\s dang]s ) x4 ,& yet ) gr[? e
 imp]fection lat5t 9 ! sy/em came out4  
,a man's bus9ess grew to su* proportions
 t he _h to h m help]s ?an he knew by _!
 fir/ names2 b t fact 0 n regrett$2 x 0 
r hail$ ) joy4 ,& yet x has s9ce l$ to  
an imp]sonal sy/em :]e9 ! workman has   
become some?+ less ?an a p]son--a m]e "p
 ( ! sy/em4 ,no "o believes1 ( c\rse1 t 
?is dehumaniz+ process 0 delib]ately    
inv5t$4 ,x j grew4 ,x 0 lat5t 9 ! :ole  
e>ly sy/em1 b no "o saw x & no "o c\ld  
=esee x4 ,only prodigi\s & unhe>d-(     
developm5t c\ld br+ x to light4  ,take !
 indu/rial idea2 :at is x8 ,! true      
indu/rial idea is n to make money4 ,!   
indu/rial idea is to express a          

s]viceable idea1 to duplicate a useful  
idea1 by z _m ?\s&s z !re are p :o ne$  
x4  ,to produce1 produce2 to get a sy/em
 t w r$uce production to a f9e art2 to  
put production on su* a basis z w       
provide means = expansion & ! build+ (  
/ill m %ops1 ! production ( /ill m ?\s&s
 ( useful ?+s--t is ! real indu/rial    
idea4 ,! negation ( ! indu/rial idea is 
! ef=t to make a pr(it out ( speculation
 in/ead ( out ( "w4 ,!re are %ort-sight$
 m5 :o _c see t bus9ess is bigg] ?an any
 "o man's int]e/s4 ,bus9ess is a process
 ( give & take1 live & let live4 ,x is  
coop]ation among _m =ces & int]e/s4     
,:5ev] y f9d a man :o believes t bus9ess
 is a riv] ^: b5eficial fl[ ought to /op
 z soon z x rea*es him y f9d a man :o   
?9ks he c keep bus9ess alive by /opp+   
its circulation4 ,he w\ld produce weal? 
by ?is /opp+ ( ! production ( weal?4  ,!
 pr9ciples ( s]vice _c fail to cure bad 
bus9ess4 ,:i* leads u into ! practical  
application ( ! pr9ciples ( s]vice &    
f9ance4     ,,*apt] ,x  ,,h[ ,,*eaply   

,,c ,,?+s ,,be ,,made8   ,no "o w d5y t 
if prices are suffici5tly l[1 buy]s w   
always be f\nd1 no matt] :at are suppos$
 to be ! bus9ess conditions4 ,t is "o ( 
! elem5tal facts ( bus9ess4 ,sometimes  
raw mat]ials w n move1 no matt] h[ l[ ! 
price4 ,we h se5 some?+ ( t dur+ ! la/  
ye>1 b t is because ! manufactur]s & !  
di/ributors 7 try+ to dispose ( high-co/
 /ocks be=e mak+ new engagem5ts4 ,!     
m>kets 7 /agnant1 b n saturat$ ) goods4 
,:at is call$ a saturat$ m>ket is only  
"o 9 :i* ! prices are above ! pur*as+   
p[]4  ,unduly high prices are always a  
sign ( uns\nd bus9ess1 because !y are   
always due to "s abnormal condition4 ,a 
heal?y pati5t has a normal temp]ature2 a
 heal?y m>ket has normal prices4 ,high  
prices come ab\t commonly by reason (   
speculation foll[+ ! report ( a %ortage4
 ,al?\gh !re is nev] a %ortage 9 ev]y?+1
 a %ortage 9 j a few important          
commodities1 or ev5 9 "o1 s]ves to />t  
speculation4 ,or aga91 goods may n be   
%ort at all4 ,an inflation ( curr5cy or 

cr$it w cause a quick bulge 9 app>5t    
buy+ p[] & ! consequ5t opportunity to   
speculate4 ,!re may be a comb9ation (   
actual %ortages & a curr5cy inflation--z
 frequ5tly happ5s dur+ w>4 ,b 9 any     
condition ( unduly high prices1 no matt]
 :at ! real cause1 ! p pay ! high prices
 because !y ?9k !re is go+ to be a      
%ortage4 ,!y may buy bread ahead ( _!   
own ne$s1 s z n to be left lat] 9 !     
lur*1 or !y may buy 9 ! hope ( resell+  
at a pr(it4 ,:5 !re 0 talk ( a sug>     
%ortage1 h\sewives :o _h nev] 9 _! lives
 b\ght m ?an t5 p\nds ( sug> at once    
tri$ to get /ocks ( "o hundr$ or two    
hundr$ p\nds1 & :ile !y 7 do+ ?is1      
speculators 7 buy+ sug> to /ore 9       
w>eh\ses4 ,ne>ly all our w> %ortages 7  
caus$ by speculation or buy+ ahead (    
ne$4  ,no matt] h[ %ort ! supply ( an   
article is suppos$ to be1 no matt] if ! 
,gov]nm5t takes control & seizes e ounce
 ( t article1 a man :o is will+ to pay !
 money c always get :atev] supply he is 
will+ to pay =4 ,no "o ev] kn[s actually

 h[ great or h[ small is ! national /ock
 ( any commodity4 ,! v be/ figures are n
 m ?an guesses2 e/imates ( ! _w's /ock (
 a commodity are /ill wild]4 ,we may ?9k
 we "k h[ mu* ( a commodity is produc$  
on a c]ta9 day or 9 a c]ta9 mon?1 b t   
does n tell u h[ mu* w be produc$ ! next
 day or ! next mon?4 ,likewise we d n "k
 h[ mu* is consum$4 ,by sp5d+ a great   
deal ( money we might1 9 ! c\rse ( "t1  
get at fairly accurate figures on h[ mu*
 ( a p>ticul> commodity 0 consum$ ov] a 
p]iod1 b by ! "t ^? figures 7 compil$ !y
 w\ld be utt]ly useless except =        
hi/orical purposes1 because 9 ! next    
p]iod ! consumption might be d\ble or   
half z mu*4 ,p d n /ay put4 ,t is !     
tr\ble ) all ! fram]s ( ,sociali/ic &   
,communi/ic1 & ( all o!r plans = ! ideal
 regulation ( society4 ,!y all presume t
 p w /ay put4 ,! reaction>y has ! same  
idea4 ,he insi/s t ev]yone ought to /ay 
put4 ,nobody does1 & = t ,i am ?ankful4 
,consumption v>ies accord+ to ! price & 
! quality1 & nobody kn[s or c figure out

 :at future consumption w am\nt to1     
because e "t a price is l[]$ a new      
/ratum ( buy+ p[] is rea*$4 ,ev]yone    
kn[s t1 b _m refuse to recognize x by _!
 acts4 ,:5 a /orekeep] buys goods at a  
wrong price & f9ds !y w n move1 he      
r$uces ! price by degrees until !y d    
move4 ,if he is wise1 in/ead ( nibbl+ at
 ! price & enc\rag+ 9 8 cu/om]s ! hope (
 ev5 l[] prices1 he takes a great big   
bite out ( ! price & gets ! /uff out ( 8
 place4 ,ev]yone takes a loss on "s     
proposition ( sales4 ,! common hope is t
 aft] ! loss !re may be a big pr(it to  
make up = ! loss4 ,t is usually a       
delusion4 ,! pr(it out ( :i* ! loss has 
to be tak5 mu/ be f\nd 9 ! bus9ess      
prec$+ ! cut4 ,any "o :o 0 fooli% en\gh 
to reg>d ! high pr(its ( ! boom p]iod z 
p]man5t pr(its got into f9ancial tr\ble 
:5 ! drop came4 ,h[ev]1 !re is a belief1
 & a v /rong "o1 t bus9ess consi/s ( a  
s]ies ( pr(its & losses1 & good bus9ess 
is "o 9 :i* ! pr(its exce$ ! losses4    
,!re=e "s m5 reason t ! be/ price to    

sell at is ! highe/ price :i* may be _h4
 ,t is suppos$ to be good bus9ess       
practice4 ,is x8 ,we h n f\nd x s4  ,we 
h f\nd 9 buy+ mat]ials t x is n wor?    
:ile to buy = o!r ?an imm$iate ne$s4 ,we
 buy only en\gh to fit into ! plan (    
production1 tak+ into consid]ation !    
/ate ( transportation at ! "t4 ,if      
transportation 7 p]fect & an ev5 fl[ (  
mat]ials c\ld be assur$1 x w\ld n be    
necess>y to c>ry any /ock :atsoev]4 ,!  
c>loads ( raw mat]ials w\ld arrive on   
s*$ule & 9 ! plann$ ord] & am\nts1 & g f
 ! railway c>s into production4 ,t w\ld 
save a great deal ( money1 = x w\ld give
 a v rapid turnov] & ?us decrease !     
am\nt ( money ti$ up 9 mat]ials4 ,) bad 
transportation "o has to c>ry l>g]      
/ocks4 ,at ! "t ( revalu+ ! inv5tory 9  
#aiba ! /ock 0 unduly high because      
transportation _h be5 s bad4 ,b we le>n$
 long ago nev] to buy ahead =           
speculative purposes4 ,:5 prices are go+
 up x is consid]$ good bus9ess to buy f>
 ahead1 & :5 prices are up to buy z     

little z possible4 ,x ne$s no argum5t to
 demon/rate t1 if y buy mat]ials at t5  
c5ts a p\nd & ! mat]ial goes lat] to    
tw5ty c5ts a p\nd y w h a di/9ct        
advantage ov] ! man :o is compell$ to   
buy at tw5ty c5ts4 ,b we h f\nd t ?us   
buy+ ahead does n pay4 ,x is ent]+ into 
a guess+ conte/4 ,x is n bus9ess4 ,if a 
man buys a l>ge /ock at t5 c5ts1 he is 9
 a f9e position z long z ! o!r man is   
pay+ tw5ty c5ts4 ,!n he lat] gets a     
*ance to buy m ( ! mat]ial at tw5ty     
c5ts1 & x seems to be a good buy because
 ev]y?+ po9ts to ! price go+ to ?irty   
c5ts4 ,hav+ great satisfaction 9 8      
previ\s judgm5t1 on :i* he made money1  
he ( c\rse makes ! new pur*ase4 ,!n !   
price drops & he is j :]e he />t$4 ,we h
 c>efully figur$1 ov] ! ye>s1 t buy+    
ahead ( requirem5ts does n pay--t ! ga9s
 on "o pur*ase w be (fset by ! losses on
 ano!r1 & 9 ! end we h gone to a great  
deal ( tr\ble )\t any correspond+       
b5efit4 ,!re=e 9 our buy+ we simply get 
! be/ price we c = ! quantity t we      

require4 ,we d n buy less if ! price be 
high & we d n buy m if ! price be l[4   
,we c>efully avoid b>ga9 lots 9 excess (
 requirem5ts4 ,x 0 n easy to rea* t     
decision4 ,b 9 ! end speculation w kill 
any manufactur]4 ,give him a c\ple (    
good pur*ases on :i* he makes money &   
be=e long he w be ?9k+ m ab\t mak+ money
 out ( buy+ & sell+ ?an out ( 8         
legitimate bus9ess1 & he w sma%4 ,! only
 way to keep out ( tr\ble is to buy :at 
"o ne$s--no m & no less4 ,t c\rse       
removes "o haz>d f bus9ess4  ,?is buy+  
exp]i5ce is giv5 at l5g? because x      
expla9s our sell+ policy4 ,in/ead ( giv+
 att5tion to competitors or to dem&1 our
 prices are bas$ on an e/imate ( :at !  
l>ge/ possible numb] ( p w want to pay1 
or c pay1 = :at we h to sell4 ,& :at has
 result$ f t policy is be/ evid5c$ by   
comp>+ ! price ( ! t\r+ c> & !          
production4    ,,ye>                    
,,price                ,,production     
#aiji-aj             #iej               
#ah1ffd c>s   #aiaj-aa             #ghj 

#cd1ebh     #aiaa-ab             #fij   
#gh1ddj     #aiab-ac             #fjj   
#afh1bbj     #aiac-ad             #eej  
#bdh1cjg     #aiad-ae             #dij  
#cjh1bac     #aiae-af             #ddj  
#ecc1iba     #aiaf-ag             #cfj  
#ghe1dcb     #aiag-ah             #dej  
#gjf1ehd     #aiah-ai             #ebe  
#ecc1gjf     7,! above two ye>s 7 w>    
ye>s & ! factory 0 9 w> "w74   #aiai-bj 
#ege to #ddj            #iif1ffj        
#aibj-ba           #ddj to #cee         
#a1bej1jjj    ,! high prices ( #aiba 71 
consid]+ ! f9ancial inflation1 n really 
high4 ,at ! "t ( writ+ ! price is #dig4 
,^! prices are actually l[] ?an !y appe>
 to be1 because improvem5ts 9 quality   
are be+ /eadily made4 ,we /udy e c> 9   
ord] to discov] if x has features t     
might be develop$ & adapt$4 ,if any "o  
has any?+ bett] ?an we h we want to "k  
x1 & = t reason we buy "o ( e new c> t  
comes out4 ,usually ! c> is us$ = a     
:ile1 put ?r\gh a road te/1 tak5 ap>t1 &
 /udi$ z to h[ & ( :at ev]y?+ is made4  

,scatt]$ ab\t ,de>born !re is probably  
"o ( ne>ly e make ( c> on e>?4 ,e little
 :ile :5 we buy a new c> x gets into !  
newspap]s & somebody rem>ks t ,=d       
doesn't use ! ,=d4 ,la/ ye> we ord]$ a  
big ,lan*e/]--:i* is suppos$ to be ! be/
 c> 9 ,engl&4 ,x lay 9 our ,long ,isl&  
factory = sev]al mon?s & !n ,i decid$ to
 drive x to ,detroit4 ,!re 7 sev]al ( u 
& we _h a little c>avan--! ,lan*e/]1 a  
,pack>d1 & a ,=d or two4 ,i happ5$ to be
 rid+ 9 ! ,lan*e/] pass+ ?r\gh a ,new   
,york t[n & :5 ! report]s came up !y    
want$ to "k "r away :y ,i 0 n rid+ 9 a  
,=d4  ,well1 y see1 x is ?is way1 ,i    
answ]$4 ,i am on a vacation n[2 ,i am 9 
no hurry1 we d n c>e mu* :5 we get home4
 ,t is ! reason ,i am n 9 ! ,=d4  ,y "k1
 we also h a l9e ( ,=d /ories6  ,our    
policy is to r$uce ! price1 ext5d !     
op]ations1 & improve ! article4 ,y w    
notice t ! r$uction ( price comes fir/4 
,we h nev] consid]$ any co/s z fix$4    
,!re=e we fir/ r$uce ! price to a po9t  
:]e we believe m sales w result4 ,!n we 

g ahead & try to make ! price4 ,we d n  
bo!r ab\t ! co/s4 ,! new price =ces !   
co/s d[n4 ,! m usual way is to take !   
co/s & !n det]m9e ! price1 & al?\gh t   
me?od may be sci5tific 9 ! n>r[ s5se1 x 
is n sci5tific 9 ! broad s5se1 because  
:at e>?ly use is x to "k ! co/ if x     
tells y y _c manufacture at a price at  
:i* ! article c be sold8 ,b m to ! po9t 
is ! fact t1 al?\gh "o may calculate :at
 a co/ is1 & ( c\rse all ( our co/s are 
c>efully calculat$1 no "o kn[s :at a co/
 ought to be4 ,"o ( ! ways ( discov]+   
:at a co/ ought to be is to "n a price s
 l[ z to =ce ev]ybody 9 ! place to !    
highe/ po9t ( effici5cy4 ,! l[ price    
makes ev]ybody dig = pr(its4 ,we make m 
discov]ies conc]n+ manufactur+ & sell+  
"u ?is =c$ me?od ?an by any me?od (     
leisurely inve/igation4  ,! paym5t (    
high wages =tunately contributes to ! l[
 co/s because ! m5 become /eadily m     
effici5t on acc\nt ( be+ reliev$ (      
outside worries4 ,! paym5t ( five doll>s
 a day = an eight-h\r day 0 "o ( ! f9e/ 

co/-cutt+ moves we ev] made1 & !        
six-doll> day wage is *eap] ?an ! five4 
,h[ f> ?is w g1 we d n "k4  ,we h always
 made a pr(it at ! prices we h fix$ &1 j
 z we h no idea h[ high wages w g1 we   
also h no idea h[ l[ prices w g1 b !re  
is no p>ticul> use 9 bo!r+ on t po9t4 ,!
 tractor1 = in/ance1 0 fir/ sold = #gej1
 !n at #hej1 !n at #fbe1 & ! o!r day we 
cut x #cg p] c5t1 to #cie4 ,! tractor is
 n made 9 connection ) ! automobiles4   
,no plant is l>ge en\gh to make two     
articles4 ,a %op has to be devot$ to    
exactly "o product 9 ord] to get ! real 
economies4  ,= mo/ purposes a man ) a   
ma*9e is bett] ?an a man )\t a ma*9e4   
,by ! ord]+ ( design ( product & (      
manufactur+ process we are able to      
provide t k9d ( a ma*9e :i* mo/         
multiplies ! p[] ( ! h&1 & !re=e we give
 to t man a l>g] role ( s]vice1 :i*     
means t he is entitl$ to a l>g] %>e (   
com=t4  ,keep+ t pr9ciple 9 m9d we c    
attack wa/e ) a def9ite objective4 ,we w
 n put into our e/abli%m5t any?+ t is   

useless4 ,we w n put up elaborate       
build+s z monum5ts to our success4 ,!   
int]e/ on ! inve/m5t & ! co/ ( _! upkeep
 only s]ve to add uselessly to ! co/ (  
:at is produc$--s ^! monum5ts ( success 
are apt to end z tombs4 ,a great        
adm9i/ration build+ may be necess>y4 ,9 
me x ar\ses a suspicion t p]haps !re is 
too mu* adm9i/ration4 ,we h nev] f\nd a 
ne$ = elaborate adm9i/ration & w\ld     
pref] to be adv]tis$ by our product ?an 
by :]e we make our product4  ,!         
/&>dization t effects l>ge economies = !
 consum] results 9 pr(its ( su* gross   
magnitude to ! produc] t he c sc>cely "k
 :at to d ) 8 money4 ,b 8 ef=t mu/ be   
s9c]e1 pa9/ak+1 & fe>less4 ,cutt+ out a 
half-a-doz5 models is n /&>diz+4 ,x may 
be1 & usually is1 only ! limit+ (       
bus9ess1 = if "o is sell+ on ! ord9>y   
basis ( pr(it--t is1 on ! basis ( tak+ z
 mu* money away f ! consum] z he w give 
up--!n surely ! consum] ought to h a    
wide range ( *oice4  ,/&>dization1 !n1  
is ! f9al /age ( ! process4 ,we />t )   

consum]1 "w back ?r\gh ! design1 &      
f9ally arrive at manufactur+4 ,!        
manufactur+ becomes a means to ! end (  
s]vice4  ,x is important to be> ?is ord]
 9 m9d4 ,z yet1 ! ord] is n ?or\ghly    
und]/ood4 ,! price relation is n        
und]/ood4 ,! notion p]si/s t prices     
ought to be kept up4 ,on ! contr>y1 good
 bus9ess--l>ge consumption--dep5ds on _!
 go+ d[n4  ,& "h is ano!r po9t4 ,!      
s]vice mu/ be ! be/ y c give4 ,x is     
consid]$ good manufactur+ practice1 & n 
bad e?ics1 occasionally to *ange designs
 s t old models w become obsolete & new 
ones w h to be b\ght ei!r because repair
 p>ts = ! old _c be _h1 or because ! new
 model (f]s a new sales argum5t :i* c be
 us$ to p]suade a consum] to scrap :at  
he has & buy some?+ new4 ,we h be5 told 
t ?is is good bus9ess1 t x is clev]     
bus9ess1 t ! object ( bus9ess ought to  
be to get p to buy frequ5tly & t x is   
bad bus9ess to try to make any?+ t w la/
 =ev]1 because :5 once a man is sold he 
w n buy aga94  ,our pr9ciple ( bus9ess  

is precisely to ! contr>y4 ,we _c       
conceive h[ to s]ve ! consum] unless we 
make = him some?+ t1 z f> z we c        
provide1 w la/ =ev]4 ,we want to        
con/ruct "s k9d ( a ma*9e t w la/ =ev]4 
,x does n please u to h a buy]'s c> we> 
out or become obsolete4 ,we want ! man  
:o buys "o ( our products nev] to h to  
buy ano!r4 ,we nev] make an improvem5t t
 r5d]s any previ\s model obsolete4 ,!   
p>ts ( a specific model are n only      
int]*angeable ) all o!r c>s ( t model1 b
 !y are int]*angeable ) simil> p>ts on  
all ! c>s t we h turn$ out4 ,y c take a 
c> ( t5 ye>s ago &1 buy+ to-day's p>ts1 
make x ) v little exp5se into a c> (    
to-day4 ,hav+ ^! objectives ! co/s      
always come d[n "u pressure4 ,& s9ce we 
h ! firm policy ( /eady price r$uction1 
!re is always pressure4 ,sometimes x is 
j h>d]6  ,take a few m in/ances ( sav+4 
,! sweep+s net six hundr$ ?\s& doll>s a 
ye>4 ,exp]im5ts are con/antly go+ on 9 !
 utilization ( scrap4 ,9 "o ( ! /amp+   
op]ations six-in* circles ( %eet metal  

are cut out4 ,^! =m]ly w5t into scrap4  
,! wa/e worri$ ! m54 ,!y work$ to f9d   
uses = ! discs4 ,!y f\nd t ! plates 7 j 
! "r size & %ape to /amp into radiator  
caps b ! metal 0 n ?ick en\gh4 ,!y tri$ 
a d\ble ?ickness ( plates1 ) ! result t 
!y made a cap :i* te/s prov$ to be      
/rong] ?an "o made out ( a s+le %eet (  
metal4 ,we get #aej1jjj ( ^? discs a    
day4 ,we h n[ f\nd a use = ab\t #bj1jjj 
a day & expect to f9d fur!r uses = !    
rema9d]4 ,we sav$ ab\t t5 doll>s ea* by 
mak+ transmissions in/ead ( buy+ !m4 ,we
 exp]im5t$ ) bolts & produc$ a special  
bolt made on :at is call$ an upsett+    
ma*9e ) a roll$ ?read t 0 /rong] ?an any
 bolt we c\ld buy1 al?\gh 9 its mak+ 0  
us$ only ab\t "o ?ird ( ! mat]ial t !   
outside manufactur]s us$4 ,! sav+ on "o 
/yle ( bolt alone am\nt$ to half a      
million doll>s a ye>4 ,we us$ to        
assemble our c>s at ,detroit1 & al?\gh  
by special pack+ we manag$ to get five  
or six into a freight c>1 we ne$$ _m    
hundr$s ( freight c>s a day4 ,tra9s 7   

mov+ 9 & out all ! "t4 ,once a ?\s&     
freight c>s 7 pack$ 9 a s+le day4 ,a    
c]ta9 am\nt ( conge/ion 0 inevitable4 ,x
 is v exp5sive to knock d[n ma*9es &    
crate !m s t !y _c be injur$ 9          
transit--to say no?+ ( ! transportation 
*>ges4 ,n[1 we assemble only ?ree or f\r
 hundr$ c>s a day at ,detroit--j en\gh =
 local ne$s4 ,we n[ %ip ! p>ts to our   
assembl+ /ations all ov] ! ,unit$ ,/ates
 & 9 fact pretty mu* all ov] ! _w1 & !  
ma*9es are put toge!r !re4 ,:]ev] x is  
possible = a bran* to make a "p m *eaply
 ?an we c make x 9 ,detroit & %ip x to  
!m1 !n ! bran* makes ! "p4  ,! plant at 
,man*e/]1 ,engl&1 is mak+ ne>ly an      
entire c>4 ,! tractor plant at ,cork1   
,irel&1 is mak+ almo/ a complete        
tractor4 ,?is is an enorm\s sav+ (      
exp5se & is only an indication ( :at may
 be done ?r\gh\t indu/ry g5]ally1 :5 ea*
 "p ( a composite article is made at !  
exact po9t :]e x may be made mo/        
economically4 ,we are con/antly         
exp]im5t+ ) e mat]ial t ent]s into ! c>4

 ,we cut mo/ ( our own lumb] f our own  
=e/s4 ,we are exp]im5t+ 9 ! manufacture 
( artificial lea!r because we use ab\t  
=ty ?\s& y>ds ( artificial lea!r a day4 
,a p5ny "h & a p5ny !re runs into l>ge  
am\nts 9 ! c\rse ( a ye>4  ,! greate/   
developm5t ( all1 h[ev]1 is ! ,riv]     
,r\ge plant1 :i*1 :5 x is runn+ to its  
full capacity1 w cut deeply & 9 _m      
directions into ! price ( ev]y?+ we     
make4 ,! :ole tractor plant is n[ !re4  
,?is plant is locat$ on ! riv] on !     
outskirts ( ,detroit & ! prop]ty cov]s  
six hundr$ & sixty-five acres--en\gh =  
future developm5t4 ,x has a l>ge slip & 
a turn+ bas9 capable ( accommodat+ any  
lake /eam%ip2 a %ort-cut canal & "s     
dr$g+ w give a direct lake connection by
 way ( ! ,detroit ,riv]4 ,we use a great
 deal ( coal4 ,?is coal comes directly f
 our m9es ov] ! ,detroit1 ,tol$o &      
,ironton ,railway1 :i* we control1 to ! 
,highl& ,p>k plant & ! ,riv] ,r\ge      
plant4 ,"p ( x goes = /eam purposes4    
,ano!r "p goes to ! by-product coke ov5s

 :i* we h e/abli%$ at ! ,riv] ,r\ge     
plant4 ,coke moves on f ! ov5s by       
me*anical transmission to ! bla/        
furnaces4 ,! l[ volatile gases f ! bla/ 
furnaces are pip$ to ! p[] plant boil]s 
:]e !y are jo9$ by ! sawdu/ & ! %av+s f 
! body plant--! mak+ ( all our bodies   
has be5 %ift$ to ?is plant--& 9 addition
 ! coke breeze 7! du/ 9 ! mak+ ( coke7  
is n[ also be+ utiliz$ = /ok+4 ,! /eam  
p[] plant is ?us fir$ almo/ exclusively 
f :at w\ld o!rwise be wa/e products4    
,imm5se /eam turb9es directly c\pl$ )   
dynamos trans=m ?is p[] into            
electricity1 & all ( ! ma*9]y 9 !       
tractor & ! body plants is run by       
individual motors f ?is electricity4 ,9 
! c\rse ( "t x is expect$ t !re w be    
suffici5t electricity to run practically
 ! :ole ,highl& ,p>k plant1 & we %all !n
 h cut out our coal bill4  ,among !     
by-products ( ! coke ov5s is a gas4 ,x  
is pip$ bo? to ! ,r\ge & ,highl& ,p>k   
plants :]e x is us$ = heat-treat        
purposes1 = ! enamell+ ov5s1 = ! c>     

ov5s1 & ! l4 ,we =m]ly _h to buy ?is    
gas4 ,! ammonium sulphate is us$ =      
f]tiliz]4 ,! b5zol is a motor fuel4 ,!  
small sizes ( coke1 n suitable = ! bla/ 
furnaces1 are sold to !                 
employees--deliv]$ free into _! homes at
 mu* less ?an ! ord9>y m>ket price4 ,!  
l>ge-siz$ coke goes to ! bla/ furnaces4 
,!re is no manual h&l+4 ,we run ! melt$ 
iron directly f ! bla/ furnaces into    
great ladles4 ,^! ladles travel into !  
%ops & ! iron is p\r$ directly into !   
m\lds )\t ano!r heat+4 ,we ?us n only   
get a uni=m quality ( iron accord+ to   
our own specifications & directly "u our
 control1 b we save a melt+ ( pig iron &
 9 fact cut out a :ole process 9        
manufactur+ z well z mak+ available all 
our own scrap4  ,:at all ?is w am\nt to 
9 po9t ( sav+s we d n "k--t is1 we d n  
"k h[ great w be ! sav+1 because ! plant
 has n be5 runn+ long en\gh to give m   
?an an indication ( :at is ahead1 & we  
save 9 s _m directions--9               
transportation1 9 ! g5]ation ( our p[]1 

9 ! g5]ation ( gas1 9 ! exp5se 9 ca/+1 &
 !n ov] & above t is ! rev5ue f !       
by-products & f ! small] sizes ( coke4  
,! inve/m5t to accompli% ^! objects to  
date am\nts to some?+ ov] =ty million   
doll>s4  ,h[ f> we %all ?us rea* back to
 s\rces dep5ds entirely on circum/ances4
 ,nobody any:]e c really d m ?an guess  
ab\t ! future co/s ( production4 ,x is  
wis] to recognize t ! future holds m ?an
 ! pa/--t e day holds )9 x an improvem5t
 on ! me?ods ( ! day be=e4  ,b h[ ab\t  
production8 ,if e necess>y ( life 7     
produc$ s *eaply & 9 su* quantities1    
w\ld n ! _w %ortly be surfeit$ ) goods8 
,w !re n come a po9t :51 reg>dless (    
price1 p simply w n want any?+ m ?an :at
 !y already h8 ,& if 9 ! process (      
manufactur+ few] & few] m5 are us$1 :at 
is go+ to become ( ^! m5--h[ are !y go+ 
to f9d jobs & live8  ,take ! second po9t
 fir/4 ,we m5tion$ _m ma*9es & _m me?ods
 t displac$ great numb]s ( m5 & !n      
someone asks3  ,yes1 t is a v f9e idea f
 ! /&po9t ( ! proprietor1 b h[ ab\t ^!  

poor fell[s ^: jobs are tak5 away f !m8 
,! "q is entirely reasonable1 b x is a  
little curi\s t x %\ld be ask$4 ,= :5 7 
m5 ev] really put out ( "w by ! bett]+ (
 indu/rial processes8 ,! /age-coa*      
driv]s lo/ _! jobs ) ! com+ ( !         
railways4 ,%\ld we h prohibit$ !        
railways & kept ! /age-coa* driv]s8 ,7  
!re m m5 work+ ) ! /age-coa*es ?an are  
work+ on ! railways8 ,%\ld we h prev5t$ 
! taxicab because its com+ took ! bread 
out ( ! m\?s ( ! horse-cab driv]s8 ,h[  
does ! numb] ( taxicabs comp>e ) ! numb]
 ( horse-cabs :5 ! latt] 7 9 _! prime8  
,! com+ ( %oe ma*9]y clos$ mo/ ( ! %ops 
( ^? :o made %oes by h&4 ,:5 %oes 7 made
 by h&1 only ! v well-to-d c\ld own m   
?an a s+le pair ( %oes1 & mo/ work+ p   
w5t b>efoot$ 9 summ]4 ,n[1 h>dly any "o 
has only "o pair ( %oes1 & %oe mak+ is a
 great indu/ry4 ,no1 e "t y c s arrange 
t "o man w d ! "w ( two1 y s add to !   
weal? ( ! c\ntry t !re w be a new &     
bett] job = ! man :o is displac$4 ,if   
:ole indu/ries *ang$ ov]night1 !n       

dispos+ ( ! surplus m5 w\ld be a        
problem1 b ^! *anges d n occur z rapidly
 z t4 ,!y come gradually4 ,9 our own    
exp]i5ce a new place always op5s = a man
 z soon z bett] processes h tak5 8 old  
job4 ,& :at happ5s 9 my %ops happ5s     
ev]y:]e 9 indu/ry4 ,!re are _m times m  
m5 to-day employ$ 9 ! /eel indu/ries ?an
 !re 7 9 ! days :5 e op]ation 0 by h&4  
,x has to be s4 ,x always is s & always 
w be s4 ,& if any man _c see x1 x is    
because he w n look beyond 8 own nose4  
,n[ z to saturation4 ,we are cont9ually 
ask$3  ,:5 w y get to ! po9t (          
ov]production8 ,:5 w !re be m c>s ?an p 
to use !m8  ,we believe x is possible "s
 day to rea* ! po9t :]e all goods are   
produc$ s *eaply & 9 su* quantities t   
ov]production w be a reality4 ,b z f> z 
we are conc]n$1 we d n look =w>d to t   
condition ) fe>--we look =w>d to x )    
great satisfaction4 ,no?+ c\ld be m     
spl5did ?an a _w 9 :i* ev]ybody has all 
t he wants4 ,our fe> is t ?is condition 
w be too long po/pon$4 ,z to our own    

products1 t condition is v f> away4 ,we 
d n "k h[ _m motor c>s a family w desire
 to use ( ! p>ticul> k9d t we make4 ,we 
"k t1 z ! price has come d[n1 ! f>m]1 :o
 at fir/ us$ "o c> 7& x mu/ be rememb]$ 
t x is n s v long ago t ! f>m m>ket =   
motor c>s 0 absolutely unkn[n--! limit (
 sales 0 at t "t fix$ by all ! wise     
/ati/ical %>ps at some:]e ne> ! numb] ( 
millionaires 9 ! c\ntry7 n[ (t5 uses    
two1 & also he buys a truck4 ,p]haps1   
in/ead ( s5d+ workm5 out to scatt]$ jobs
 9 a s+le c>1 x w be *eap] to s5d ea*   
work] out 9 a c> ( 8 own4 ,t is happ5+ )
 salesm54 ,! public f9ds its own        
consumptive ne$s ) un]r+ accuracy1 &    
s9ce we no long] make motor c>s or      
tractors1 b m]ely ! p>ts :i* :5 assembl$
 become motor c>s & tractors1 !         
facilities z n[ provid$ w\ld h>dly be   
suffici5t to provide replacem5ts = t5   
million c>s4 ,& x w\ld be q ! same ) any
 bus9ess4 ,we d n h to bo!r ab\t        
ov]production = "s ye>s to come1 provid$
 ! prices are "r4 ,x is ! refusal ( p to

 buy on acc\nt ( price t really         
/imulates real bus9ess4 ,!n if we want  
to d bus9ess we h to get ! prices d[n   
)\t hurt+ ! quality4 ,?us price r$uction
 =ces u to le>n improv$ & less wa/eful  
me?ods ( production4 ,"o big "p ( !     
discov]y ( :at is normal 9 indu/ry      
dep5ds on manag]ial g5ius discov]+ bett]
 ways ( do+ ?+s4 ,if a man r$uces 8     
sell+ price to a po9t :]e he is mak+ no 
pr(it or incurr+ a loss1 !n he simply is
 =c$ to discov] h[ to make z good an    
article by a bett] me?od--mak+ 8 new    
me?od produce ! pr(it1 & n produc+ a    
pr(it out ( r$uc$ wages or increas$     
prices to ! public4  ,x is n good       
managem5t to take pr(its out ( ! work]s 
or ! buy]s2 make managem5t produce !    
pr(its4 ,don't *eap5 ! product2 don't   
*eap5 ! wage2 don't ov]*>ge ! public4   
,put bra9s into ! me?od1 & m bra9s1 &   
/ill m bra9s--d ?+s bett] ?an ev] be=e2 
& by ?is means all p>ties to bus9ess are
 s]v$ & b5efit$4  ,& all ( ?is c always 
be done4     ,,*apt] ,,xi  ,,money ,,&  

,,goods   ,! prim>y object ( a          
manufactur+ bus9ess is to produce1 & if 
t objective is always kept1 f9ance      
becomes a :olly second>y matt] t has    
l>gely to d ) bookkeep+4 ,my own        
f9ancial op]ations h be5 v simple4 ,i   
/>t$ ) ! policy ( buy+ & sell+ = ca%1   
keep+ a l>ge fund ( ca% always on h&1   
tak+ full advantage ( all disc\nts1 &   
collect+ int]e/ on bank balances4 ,i    
reg>d a bank pr9cipally z a place 9 :i* 
x is safe & conv5i5t to keep money4 ,!  
m9utes we sp5d on a competitor's bus9ess
 we lose on our own4 ,! m9utes we sp5d 9
 becom+ exp]t 9 f9ance we lose 9        
production4 ,! place to f9ance a        
manufactur+ bus9ess is ! %op1 & n !     
bank4 ,i w\ld n say t a man 9 bus9ess   
ne$s to "k no?+ at all ab\t f9ance1 b he
 is bett] (f kn[+ too little ?an too    
mu*1 = if he becomes too exp]t he w get 
into ! way ( ?9k+ t he c borr[ money    
in/ead ( e>n+ x & !n he w borr[ m money 
to pay back :at he has borr[$1 & in/ead 
( be+ a bus9ess man he w be a note      

juggl]1 try+ to keep 9 ! air a regul>   
flock ( bonds & notes4  ,if he is a     
really exp]t juggl]1 he may keep go+ q a
 long "t 9 ?is fa%ion1 b "s day he is   
b\nd to make a miss & ! :ole collection 
w come tumbl+ d[n ar\nd him4            
,manufactur+ is n to be confus$ ) bank+1
 & ,i ?9k t !re is a t5d5cy = too _m    
bus9ess m5 to mix up 9 bank+ & = too _m 
bank]s to mix up 9 bus9ess4 ,! t5d5cy is
 to di/ort ! true purposes ( bo? bus9ess
 & bank+ & t hurts bo? ( !m4 ,! money   
has to come out ( ! %op1 n out ( ! bank1
 & ,i h f\nd t ! %op w answ] e possible 
requirem5t1 & 9 "o case1 :5 x 0 believ$ 
t ! company 0 r s]i\sly 9 ne$ ( funds1 !
 %op :5 call$ on rais$ a l>g] sum ?an   
any bank 9 ?is c\ntry c\ld loan4  ,we h 
be5 ?r[n into f9ance mo/ly 9 ! way (    
d5ial4 ,"s ye>s back we _h to keep /&+ a
 d5ial t ! ,=d ,motor ,company 0 own$ by
 ! ,/&>d ,oil ,company & ) t d5ial1 =   
conv5i5ce's sake1 we c\pl$ a d5ial t we 
7 connect$ ) any o!r conc]n or t we     
int5d$ to sell c>s by mail4 ,la/ ye> !  

be/-lik$ rum\r 0 t we 7 d[n 9 ,wall     
,/reet hunt+ = money4 ,i did n bo!r to  
d5y t4 ,x takes too mu* "t to d5y       
ev]y?+4 ,in/ead1 we demon/rat$ t we did 
n ne$ any money4 ,s9ce !n ,i h he>d no?+
 m ab\t be+ f9anc$ by ,wall ,/reet4  ,we
 are n aga9/ borr[+ money & we are n    
aga9/ bank]s4 ,we are aga9/ try+ to make
 borr[$ money take ! place ( "w4 ,we are
 aga9/ ! k9d ( bank] :o reg>ds a bus9ess
 z a melon to be cut4 ,! ?+ is to keep  
money & borr[+ & f9ance g5]ally 9 _!    
prop] place1 & 9 ord] to d t "o has to  
consid] exactly = :at ! money is ne$$ & 
h[ x is go+ to be paid (f4  ,money is   
only a tool 9 bus9ess4 ,x is j a "p ( ! 
ma*9]y4 ,y might z well borr[ #ajj1jjj  
la!s z #ajj1jjj if ! tr\ble is inside   
y\r bus9ess4 ,m la!s w n cure x2 nei!r w
 m money4 ,only heavi] doses ( bra9s &  
?\ght & wise c\rage c cure4 ,a bus9ess t
 misuses :at x has w cont9ue to misuse  
:at x c get4 ,! po9t is--cure ! misuse4 
,:5 t is done1 ! bus9ess w beg9 to make 
its own money1 j z a repair$ human body 

beg9s to make suffici5t pure blood4     
,borr[+ may easily become an excuse = n 
bor+ into ! tr\ble4 ,borr[+ may easily  
become a sop = laz9ess & pride4 ,"s     
bus9ess m5 are too lazy to get into     
ov]alls & g d[n to see :at is ! matt]4  
,or !y are too pr\d to p]mit ! ?\ght t  
any?+ !y h orig9at$ c\ld g wrong4 ,b !  
laws ( bus9ess are l ! law ( gravity1 & 
! man :o opposes !m feels _! p[]4       
,borr[+ = expansion is "o ?+2 borr[+ to 
make up = mismanagem5t & wa/e is q      
ano!r4 ,y d n want money = ! latt]--= ! 
reason t money _c d ! job4 ,wa/e is     
correct$ by economy2 mismanagem5t is    
correct$ by bra9s4 ,nei!r ( ^!          
correctives has any?+ to d ) money4     
,inde$1 money "u c]ta9 circum/ances is  
_! enemy4 ,& _m a bus9ess man ?anks 8   
/>s = ! p9* :i* %[$ him t 8 be/ capital 
0 9 8 own bra9s & n 9 bank loans4       
,borr[+ "u c]ta9 circum/ances is j l a  
drunk>d tak+ ano!r dr9k to cure ! effect
 ( ! la/ "o4 ,x does n d :at x is       
expect$ to d4 ,x simply increases !     

difficulty4 ,tight5+ up ! loose places 9
 a bus9ess is mu* m pr(itable ?an any   
am\nt ( new capital at #g p] c5t4  ,!   
int]nal ailm5ts ( bus9ess are ! ones t  
require mo/ att5tion4 ,bus9ess 9 ! s5se 
( trad+ ) ! p is l>gely a matt] ( fill+ 
! wants ( ! p4 ,if y make :at !y ne$1 & 
sell x at a price :i* makes possession a
 help & n a h>d%ip1 !n y w d bus9ess z  
long z !re is bus9ess to d4 ,p buy :at  
helps !m j z naturally z !y dr9k wat]4  
,b ! process ( mak+ ! article w require 
con/ant c>e4 ,ma*9]y we>s out & ne$s to 
be re/or$4 ,m5 gr[ uppi%1 lazy1 or      
c>eless4 ,a bus9ess is m5 & ma*9es unit$
 9 ! production ( a commodity1 & bo? !  
man & ! ma*9es ne$ repairs &            
replacem5ts4 ,sometimes x is ! m5 high] 
up :o mo/ ne$ revamp+--& !y !mselves are
 always ! la/ to recognize x4 ,:5 a     
bus9ess becomes conge/$ ) bad me?ods2 :5
 a bus9ess becomes ill ?r\gh lack (     
att5tion to "o or m ( its functions2 :5 
executives sit com=tably back 9 _! *airs
 z if ! plans !y inaugurat$ are go+ to  

keep !m go+ =ev]2 :5 bus9ess becomes a  
m]e plantation on :i* to live1 & n a big
 "w :i* "o has to d--!n y may expect    
tr\ble4 ,y w wake up "s f9e morn+ & f9d 
y\rself do+ m bus9ess ?an y h ev] done  
be=e--& gett+ less out ( x4 ,y f9d      
y\rself %ort ( money4 ,y c borr[ money4 
,& y c d x1 oh1 s easily4 ,p w cr[d     
money on y4 ,x is ! mo/ subtle          
temptation ! "y bus9ess man has4 ,b if y
 d borr[ money y are simply giv+ a      
/imulant to :atev] may be wrong4 ,y fe$ 
! disease4 ,is a man m wise ) borr[$    
money ?an he is ) 8 own8 ,n z a usual   
?+4 ,to borr[ "u su* conditions is to   
mortgage a decl9+ prop]ty4  ,! "t = a   
bus9ess man to borr[ money1 if ev]1 is  
:5 he does n ne$ x4 ,t is1 :5 he does n 
ne$ x z a sub/itute = ! ?+s he ought    
himself to d4 ,if a man's bus9ess is 9  
excell5t condition & 9 ne$ ( expansion1 
x is comp>atively safe to borr[4 ,b if a
 bus9ess is 9 ne$ ( money ?r\gh         
mismanagem5t1 !n ! ?+ to d is to get    
into ! bus9ess & correct ! tr\ble f !   

inside--n p\ltice x ) loans f ! outside4
  ,my f9ancial policy is ! result ( my  
sales policy4 ,i hold t x is bett] to   
sell a l>ge numb] ( articles at a small 
pr(it ?an to sell a few at a l>ge pr(it4
 ,?is enables a l>g] numb] ( p to buy & 
x gives a l>g] numb] ( m5 employm5t at  
good wages4 ,x p]mits ! plann+ (        
production1 ! elim9ation ( dull seasons1
 & ! wa/e ( c>ry+ an idle plant4 ,?us   
results a suitable1 cont9u\s bus9ess1 & 
if y w ?9k x ov]1 y w discov] t mo/     
s-call$ urg5t f9anc+ is made necess>y   
because ( a lack ( plann$1 cont9u\s     
bus9ess4 ,r$uc+ prices is tak5 by !     
%ort-sight$ to be ! same z r$uc+ !      
income ( a bus9ess4 ,x is v difficult to
 deal ) t sort ( a m9d because x is s   
totally lack+ 9 ev5 ! backgr\nd k ( :at 
bus9ess is4 ,= in/ance1 ,i 0 once ask$1 
:5 contemplat+ a r$uction ( eighty      
doll>s a c>1 :e!r on a production ( five
 hundr$ ?\s& c>s ?is w\ld n r$uce !     
income ( ! company by =ty million       
doll>s4 ,( c\rse if "o sold only five   

hundr$ ?\s& c>s at ! new price1 ! income
 w\ld be r$uc$ =ty million doll>s--:i*  
is an int]e/+ ma!matical calculation t  
has no?+ :atsoev] to d ) bus9ess1       
because unless y r$uce ! price ( an     
article ! sales d n cont9u\sly increase 
& !re=e ! bus9ess has no /ability4  ,if 
a bus9ess is n increas+1 x is b\nd to be
 decreas+1 & a decreas+ bus9ess always  
ne$s a lot ( f9anc+4 ,old-"t bus9ess w5t
 on ! doctr9e t prices %\ld always be   
kept up to ! highe/ po9t at :i* p w buy4
 ,really mod]n bus9ess has to take !    
opposite view4  ,bank]s & lawy]s c r>ely
 appreciate ?is fact4 ,!y confuse in]tia
 ) /ability4 ,x is p]fectly beyond _!   
compreh5sion t ! price %\ld ev]         
volunt>ily be r$uc$4 ,t is :y putt+ !   
usual type ( bank] or lawy] into !      
managem5t ( a bus9ess is c\rt+ disa/]4  
,r$uc+ prices increases ! volume &      
disposes ( f9ance1 provid$ "o reg>ds !  
inevitable pr(it z a tru/ fund ) :i* to 
conduct m & bett] bus9ess4 ,our pr(it1  
because ( ! rapidity ( ! turnov] 9 !    

bus9ess & ! great volume ( sales1 has1  
no matt] :at ! price at :i* ! product 0 
sold1 always be5 l>ge4 ,we h _h a small 
pr(it p] article b a l>ge aggregate     
pr(it4 ,! pr(it is n con/ant4 ,aft]     
cutt+ ! prices1 ! pr(its = a "t run l[1 
b !n ! inevitable economies beg9 to get 
9 _! "w & ! pr(its g high aga94 ,b !y   
are n di/ribut$ z divid5ds4 ,i h always 
insi/$ on ! paym5t ( small divid5ds & ! 
company has to-day no /ockhold]s :o     
want$ a diff]5t policy4 ,i reg>d bus9ess
 pr(its above a small p]c5tage z belong+
 m to ! bus9ess ?an to ! /ockhold]s4  ,!
 /ockhold]s1 to my way ( ?9k+1 ought to 
be only ^? :o are active 9 ! bus9ess &  
:o w reg>d ! company z an in/rum5t (    
s]vice r ?an z a ma*9e = mak+ money4 ,if
 l>ge pr(its are made--& work+ to s]ve  
=ces !m to be l>ge--!n !y %\ld be 9 "p  
turn$ back into ! bus9ess s t x may be  
/ill bett] fitt$ to s]ve1 & 9 "p pass$  
on to ! pur*as]4 ,dur+ "o ye> our pr(its
 7 s mu* l>g] ?an we expect$ !m to be t 
we volunt>ily return$ fifty doll>s to   

ea* pur*as] ( a c>4 ,we felt t unwitt+ly
 we _h ov]*>g$ ! pur*as] by t mu*4 ,my  
price policy & h5ce my f9ancial policy  
came up 9 a suit br\ght aga9/ ! company 
sev]al ye>s ago to compel ! paym5t (    
l>g] divid5ds4 ,on ! witness /& ,i gave 
! policy !n 9 =ce & :i* is /ill 9 =ce4  
,x is ?is3  ,9 ! fir/ place1 ,i hold t x
 is bett] to sell a l>ge numb] ( c>s at 
a reasonably small m>g9 ?an to sell few]
 c>s at a l>ge m>g9 ( pr(it4  ,i hold   
?is because x enables a l>ge numb] ( p  
to buy & enjoy ! use ( a c> & because x 
gives a l>g] numb] ( m5 employm5t at    
good wages4 ,^? are aims ,i h 9 life4 ,b
 ,i w\ld n be c\nt$ a success2 ,i w\ld  
be1 9 fact1 a flat failure if ,i c\ld n 
accompli% t & at ! same "t make a fair  
am\nt ( pr(it = myself & ! m5 associat$ 
) me 9 bus9ess4  ,?is policy ,i hold is 
good bus9ess policy because x           
works--because ) ea* succe$+ ye> we h   
be5 able to put our c> )9 ! rea* (      
great] & great] numb]s1 give employm5t  
to m & m m51 &1 at ! same "t1 ?r\gh !   

volume ( bus9ess1 increase our own      
pr(its beyond any?+ we _h hop$ = or ev5 
dream$ ( :5 we />t$4  ,be> 9 m9d1 e "t y
 r$uce ! price ( ! c> )\t r$uc+ !       
quality1 y increase ! possible numb] (  
pur*as]s4 ,!re are _m m5 :o w pay #cfj =
 a c> :o w\ld n pay #ddj4 ,we _h 9 r\nd 
numb]s #ejj1jjj buy]s ( c>s on ! #ddj   
basis1 & ,i figure t on ! #cfj basis we 
c increase ! sales to possibly #hjj1jjj 
c>s = ! ye>--less pr(it on ea* c>1 b m  
c>s1 m employm5t ( lab\r1 & 9 ! end we  
%all get all ! total pr(it we ought to  
make4  ,& let me say "r "h1 t ,i d n    
believe t we %\ld make su* an awful     
pr(it on our c>s4 ,a reasonable pr(it is
 "r1 b n too mu*4 ,s x has be5 my policy
 to =ce ! price ( ! c> d[n z fa/ z      
production w\ld p]mit1 & give ! b5efits 
to us]s & lab\r]s--) result+ surpris+ly 
enorm\s b5efits to ourselves4  ,?is     
policy does n agree ) ! g5]al op9ion t a
 bus9ess is to be manag$ to ! end t !   
/ockhold]s c take out ! l>ge/ possible  
am\nt ( ca%4 ,!re=e ,i d n want         

/ockhold]s 9 ! ord9>y s5se ( ! t]m--!y d
 n help =w>d ! ability to s]ve4 ,my     
ambition is to employ m & m m5 & to     
spread1 9 s f> z ,i am able1 ! b5efits (
 ! indu/rial sy/em t we are work+ to    
f\nd2 we want to help build lives &     
homes4 ,?is requires t ! l>ge/ %>e ( !  
pr(its be put back into productive      
ent]prise4 ,h5ce we h no place = !      
non-work+ /ockhold]s4 ,! work+ /ockhold]
 is m anxi\s to increase 8 opportunity  
to s]ve ?an to bank divid5ds4  ,if x at 
any "t became a "q betwe5 l[]+ wages or 
aboli%+ divid5ds1 ,i w\ld aboli%        
divid5ds4 ,t "t is n apt to come1 =1 z  
,i h po9t$ out1 !re is no economy 9 l[  
wages4 ,x is bad f9ancial policy to     
r$uce wages because x also r$uces buy+  
p[]4 ,if "o believes t lead]%ip br+s    
responsibility1 !n a "p ( t             
responsibility is 9 see+ t ^? :om "o    
leads %all h an adequate opportunity to 
e>n a liv+4 ,f9ance conc]ns n m]ely !   
pr(it or solv5cy ( a company2 x also    
compreh5ds ! am\nt ( money t ! company  

turns back to ! community ?r\gh wages4  
,!re is no *>ity 9 ?is4 ,!re is no *>ity
 9 prop] wages4 ,x is simply t no       
company c be said to be /able :i* is n s
 well manag$ t x c af=d a man an        
opportunity to d a great deal ( "w &    
!re=e to e>n a good wage4  ,!re is      
some?+ sacr$ ab\t wages--!y repres5t    
homes & families & dome/ic de/9ies4 ,p  
ought to tread v c>efully :5 approa*+   
wages4 ,on ! co/ %eet1 wages are m]e    
figures2 out 9 ! _w1 wages are bread    
boxes & coal b9s1 babies' cradles &     
*ildr5's education--family com=ts &     
cont5tm5t4 ,on ! o!r h&1 !re is some?+ j
 z sacr$ ab\t capital :i* is us$ to     
provide ! means by :i* "w c be made     
productive4 ,nobody is help$ if our     
indu/ries are suck$ dry ( _! life-blood4
 ,!re is some?+ j z sacr$ ab\t a %op t  
employs ?\s&s ( m5 z !re is ab\t a home4
 ,! %op is ! ma9/ay ( all ! f9] ?+s :i* 
! home repres5ts4 ,if we want ! home to 
be happy1 we mu/ contrive to keep ! %op 
busy4 ,! :ole ju/ification ( ! pr(its   

made by ! %op is t !y are us$ to make   
d\bly secure ! homes dep5d5t on t %op1 &
 to create m jobs = o!r m54 ,if pr(its g
 to swell a p]sonal =tune1 t is "o ?+2  
if !y g to provide a s\nd] basis =      
bus9ess1 bett] work+ conditions1 bett]  
wages1 m ext5d$ employm5t--t is q ano!r 
?+4 ,capital ?us employ$ %\ld n be      
c>elessly tamp]$ )4 ,x is = ! s]vice (  
all1 ?\gh x may be "u ! direction ( "o4 
,pr(its belong 9 ?ree places3 !y belong 
to ! bus9ess--to keep x /eady1          
progressive1 & s\nd4 ,!y belong to ! m5 
:o help$ produce !m4 ,& !y belong also1 
9 "p1 to ! public4 ,a successful bus9ess
 is pr(itable to all ?ree ( ^!          
int]e/s--plann]1 produc]1 & pur*as]4  ,p
 ^: pr(its are excessive :5 measur$ by  
any s\nd /&>d %\ld be ! fir/ to cut     
prices4 ,b !y nev] are4 ,!y pass all _! 
extra co/s d[n ! l9e until ! :ole burd5 
is borne by ! consum]2 & besides do+ t1 
!y *>ge ! consum] a p]c5tage on !       
increas$ *>ges4 ,_! :ole bus9ess        
philosophy is3 ,get :ile ! gett+ is     

good4 ,!y are ! speculators1 !          
exploit]s1 ! no-good elem5t t is always 
injur+ legitimate bus9ess4 ,!re is no?+ 
to be expect$ f !m4 ,!y h no vision4 ,!y
 _c see beyond _! own ca% regi/]s4  ,^! 
p c talk m easily ab\t a #aj or #bj p]  
c5t4 cut 9 wages ?an !y c ab\t a #aj or 
#bj p] c5t4 cut 9 pr(its4 ,b a bus9ess  
man1 survey+ ! :ole community 9 all its 
int]e/s & wi%+ to s]ve t community1     
ought to be able to make 8 contribution 
to /ability4  ,x has be5 our policy     
always to keep on h& a l>ge am\nt (     
ca%--! ca% balance 9 rec5t ye>s has     
usually be5 9 excess ( fifty million    
doll>s4 ,?is is deposit$ 9 banks all ov]
 ! c\ntry1 we d n borr[ b we h e/abli%$ 
l9es ( cr$it1 s t if we s c>$ we might  
raise a v l>ge am\nt ( money by bank    
borr[+4 ,b keep+ ! ca% res]ve makes     
borr[+ unnecess>y--our provision is only
 to be prep>$ to meet an em]g5cy4 ,i h  
no prejudice aga9/ prop] borr[+4 ,x is  
m]ely t ,i d n want to run ! dang] (    
hav+ ! control ( ! bus9ess & h5ce !     

p>ticul> idea ( s]vice to :i* ,i am     
devot$ tak5 into o!r h&s4  ,a           
consid]able "p ( f9ance is 9 ! ov]com+ (
 seasonal op]ation4 ,! fl[ ( money ought
 to be ne>ly cont9u\s4 ,"o mu/ "w       
/eadily 9 ord] to "w pr(itably4 ,%utt+  
d[n involves great wa/e4 ,x br+s ! wa/e 
( unemploym5t ( m51 ! wa/e ( unemploym5t
 ( equipm5t1 & ! wa/e ( re/rict$ future 
sales ?r\gh ! high] prices ( int]rupt$  
production4 ,t has be5 "o ( ! problems  
we _h to meet4 ,we c\ld n manufacture   
c>s to /ock dur+ ! w9t] mon?s :5        
pur*ases are less ?an 9 spr+ or summ]4  
,:]e or h[ c\ld any "o /ore half a      
million c>s8 ,& if /or$1 h[ c\ld !y be  
%ipp$ 9 ! ru% season8 ,& :o w\ld f9d !  
money to c>ry su* a /ock ( c>s ev5 if !y
 c\ld be /or$8  ,seasonal "w is h>d on !
 work+ =ce4 ,good me*anics w n accept   
jobs t are good = only "p ( ! ye>4 ,to  
"w 9 full =ce twelve mon?s ( ! ye>      
gu>antees workm5 ( ability1 builds up a 
p]man5t manufactur+ organization1 &     
cont9ually improves ! product--! m5 9 ! 

factory1 ?r\gh un9t]rupt$ s]vice1 become
 m famili> ) ! op]ations4  ,! factory   
mu/ build1 ! sales dep>tm5t mu/ sell1 & 
! deal] mu/ buy c>s all ! ye> ?r\gh1 if 
ea* w\ld enjoy ! maximum pr(it to be    
d]iv$ f ! bus9ess4 ,if ! retail buy] w n
 consid] pur*as+ except 9 seasons1 a    
campaign ( education ne$s to be wag$1   
prov+ ! all-!-ye>-ar\nd value ( a c> r  
?an ! limit$-season value4 ,& :ile !    
educat+ is be+ done1 ! manufactur] mu/  
build1 & ! deal] mu/ buy1 9 anticipation
 ( bus9ess4  ,we 7 ! fir/ to meet !     
problem 9 ! automobile bus9ess4 ,! sell+
 ( ,=d c>s is a m]*&is+ proposition4 ,9 
! days :5 e c> 0 built to ord] & #ej c>s
 a mon? a big output1 x 0 reasonable to 
wait = ! sale be=e ord]+4 ,! manufactur]
 wait$ = ! ord] be=e build+4  ,we v     
%ortly f\nd t we c\ld n d bus9ess on    
ord]4 ,! factory c\ld n be built l>ge   
en\gh--ev5 7 x desirable--to make betwe5
 ,m>* & ,augu/ all ! c>s t 7 ord]$ dur+ 
^? mon?s4 ,!re=e1 ye>s ago began !      
campaign ( education to demon/rate t a  

,=d 0 n a summ] luxury b a ye>-r\nd     
necessity4 ,c\pl$ ) t came ! education (
 ! deal] into ! k t ev5 if he c\ld n    
sell s _m c>s 9 w9t] z 9 summ] x w\ld   
pay him to /ock 9 w9t] = ! summ] & ?us  
be able to make in/ant deliv]y4 ,bo?    
plans h work$ out2 9 mo/ p>ts ( ! c\ntry
 c>s are us$ almo/ z mu* 9 w9t] z 9     
summ]4 ,x has be5 f\nd t !y w run 9 sn[1
 ice1 or mud--9 any?+4 ,h5ce ! w9t]     
sales are con/antly gr[+ l>g] & !       
seasonal dem& is 9 "p lift$ f ! deal]4  
,& he f9ds x pr(itable to buy ahead 9   
anticipation ( ne$s4 ,?us we h no       
seasons 9 ! plant2 ! production1 up     
until ! la/ c\ple ( ye>s1 has be5       
cont9u\s except+ = ! annual %ut d[ns =  
inv5tory4 ,we h _h an int]ruption dur+ !
 p]iod ( extreme depression b x 0 an    
int]ruption made necess>y 9 ! process ( 
readju/+ ourselves to ! m>ket           
conditions4  ,9 ord] to atta9 cont9u\s  
production & h5ce a cont9u\s turn+ ov] (
 money we h _h to plan our op]ations )  
extreme c>e4 ,! plan ( production is    

work$ out v c>efully ea* mon? betwe5 !  
sales & production dep>tm5ts1 ) ! object
 ( produc+ en\gh c>s s t ^? 9 transit w 
take c>e ( ! ord]s 9 h&4 ,=m]ly1 :5 we  
assembl$ & %ipp$ c>s1 ?is 0 ( ! highe/  
importance because we _h no place 9 :i* 
to /ore f9i%$ c>s4 ,n[ we %ip p>ts      
in/ead ( c>s & assemble only ^? requir$ 
= ! ,detroit di/rict4 ,t makes ! plann+ 
no less important1 = if ! production    
/ream & ! ord] /ream are n approximately
 equal we %\ld be ei!r jamm$ ) unsold   
p>ts or beh9d 9 our ord]s4 ,:5 y are    
turn+ out ! p>ts to make #d1jjj c>s a   
day1 j a v little c>elessness 9         
ov]e/imat+ ord]s w pile up a f9i%$      
inv5tory runn+ into ! millions4 ,t makes
 ! balanc+ ( op]ations an exce$+ly      
delicate matt]4  ,9 ord] to e>n ! prop] 
pr(it on our n>r[ m>g9 we mu/ h a rapid 
turnov]4 ,we make c>s to sell1 n to     
/ore1 & a mon?'s unsold production w\ld 
turn into a sum ! int]e/ on :i* alone   
w\ld be enorm\s4 ,! production is plann$
 a ye> ahead & ! numb] ( c>s to be made 

9 ea* mon? ( ! ye> is s*$ul$1 = ( c\rse 
x is a big problem to h ! raw mat]ials &
 su* p>ts z we /ill buy f ! outside fl[+
 9 consonance ) production4 ,we c no m  
af=d to c>ry l>ge /ocks ( f9i%$ ?an we c
 ( raw mat]ial4 ,ev]y?+ has to move 9 & 
move out4 ,& we h _h "s n>r[ escapes4   
,"s ye>s ago ! plant ( ! ,diamond       
,manufactur+ ,company burn$ d[n4 ,!y 7  
mak+ radiator p>ts = u & ! brass        
p>ts--tub+s & ca/+s4 ,we _h to move     
quickly or take a big loss4 ,we got     
toge!r ! heads ( all our dep>tm5ts1 !   
patt]n-mak]s & ! draughtsm54 ,!y work$ f
 tw5ty-f\r to =ty-eight h\rs on a /ret*4
 ,!y made new patt]ns2 ! ,diamond       
,company leas$ a plant & got "s ma*9]y 9
 by express4 ,we furni%$ ! o!r equipm5t 
= !m & 9 tw5ty days !y 7 %ipp+ aga94 ,we
 _h en\gh /ock on h& to c>ry u ov]1 say1
 = sev5 or eight days1 b t fire prev5t$ 
u %ipp+ c>s = t5 or fifte5 days4 ,except
 = our hav+ /ock ahead x w\ld h held u  
up = tw5ty days--& our exp5ses w\ld h   
gone "r on4  ,to repeat4 ,! place 9 :i* 

to f9ance is ! %op4 ,x has nev] fail$ u1
 & once1 :5 x 0 ?\ght t we 7 h>d up =   
money1 x s]v$ r conclusively to         
demon/rate h[ mu* bett] f9ance c be     
conduct$ f ! inside ?an f ! outside4    
,,*apt] ,,xii  ,,money--,,ma/] ,,or     
,,s]vant8   ,9 ,decemb]1 #aibj1 bus9ess 
! c\ntry ov] 0 m>k+ "t4 ,m automobile   
plants 7 clos$ ?an 7 op5 & q a numb] (  
^? :i* 7 clos$ 7 completely 9 ! *>ge (  
bank]s4 ,rum\rs ( bad f9ancial condition
 7 afloat conc]n+ ne>ly e indu/rial     
company1 & ,i became int]e/$ :5 !       
reports p]si/$ t ! ,=d ,motor ,company n
 only ne$$ money b c\ld n get x4 ,i h   
become accu/om$ to all k9ds ( rum\rs    
ab\t our company--s mu* s1 t n[adays ,i 
r>ely d5y any sort ( rum\r4 ,b ^!       
reports diff]$ f all previ\s ones4 ,!y 7
 s exact & circum/antial4 ,i le>n$ t ,i 
_h ov]come my prejudice aga9/ borr[+ & t
 ,i might be f\nd almo/ any day d[n 9   
,wall ,/reet1 hat 9 h&1 ask+ = money4 ,&
 rum\r w5t ev5 fur!r & said t no "o w\ld
 give me money & t ,i might h to break  

up & g out ( bus9ess4  ,x is true t we  
did h a problem4 ,9 #aiai we _h borr[$  
#gj1jjj1jjj on notes to buy ! full /ock 
int]e/ 9 ! ,=d ,motor ,company4 ,on ?is 
we _h #cc1jjj1jjj left to pay4 ,we _h   
#ah1jjj1jjj 9 income taxes due or %ortly
 to become due to ! ,gov]nm5t1 & also we
 int5d$ to pay our usual bonus = ! ye>  
to ! workm51 :i* am\nt$ to #g1jjj1jjj4  
,altoge!r1 betwe5 ,janu>y #a/ & ,april  
#ah1 #aiba1 we _h paym5ts ahead total+  
#eh1jjj1jjj4 ,we _h only #bj1jjj1jjj 9  
bank4 ,our balance %eet 0 m or less     
common k & ,i suppose x 0 tak5 = grant$ 
t we c\ld n raise ! #ch1jjj1jjj ne$$ )\t
 borr[+4 ,= t is q a l>ge sum ( money4  
,)\t ! aid ( ,wall ,/reet su* a sum c\ld
 n easily & quickly be rais$4 ,we 7     
p]fectly good = ! money4 ,two ye>s be=e 
we _h borr[$ #gj1jjj1jjj4 ,& s9ce our   
:ole prop]ty 0 un5cumb]$ & we _h no     
comm]cial debts1 ! matt] ( l5d+ a l>ge  
sum to u w\ld n ord9>ily h be5 a matt] (
 mom5t4 ,9 fact1 x w\ld h be5 good bank+
 bus9ess4  ,h[ev]1 ,i began to see t our

 ne$ = money 0 be+ indu/ri\sly circulat$
 z an evid5ce ( imp5d+ failure4 ,!n ,i  
began to suspect t1 al?\gh ! rum\rs came
 9 news dispat*es f all ov] ! c\ntry1 !y
 might p]haps be trac$ to a s+le s\rce4 
,?is belief 0 fur!r /r5g!n$ :5 we 7     
in=m$ t a v fat f9ancial editor 0 at    
,battle ,creek s5d+ out bullet9s conc]n+
 ! acut5ess ( our f9ancial condition4   
,!re=e1 ,i took c>e n to d5y a s+le     
rum\r4 ,we _h made our f9ancial plans & 
!y did n include borr[+ money4  ,i _c   
too greatly emphasize t ! v wor/ "t to  
borr[ money is :5 ! bank+ p ?9k t y ne$ 
money4 ,9 ! la/ *apt] ,i outl9$ our     
f9ancial pr9ciples4 ,we simply appli$ ^?
 pr9ciples4 ,we plann$ a ?or\gh         
h\se-clean+4  ,g back a bit & see :at ! 
conditions 74 ,along 9 ! e>ly "p ( #aibj
 came ! fir/ indications t ! fev]i%     
speculative bus9ess eng5d]$ by ! w> 0 n 
go+ to cont9ue4 ,a few conc]ns t _h     
sprung out ( ! w> & _h no real reason = 
exi/5ce fail$4 ,p sl[$ d[n 9 _! buy+4   
,our own sales kept "r along1 b we knew 

t soon] or lat] !y w\ld drop (f4 ,i     
?\ght s]i\sly ( cutt+ prices1 b ! co/s (
 manufactur+ ev]y:]e 7 out ( control4   
,lab\r gave less & less 9 return = high 
wages4 ,! suppli]s ( raw mat]ial refus$ 
ev5 to ?9k ( com+ back to e>?4 ,! v pla9
 w>n+s ( ! /orm w5t q unhe$$4  ,9 ,june 
our own sales began to be affect$4 ,!y  
grew less & less ea* mon? f ,june on    
until ,septemb]4 ,we _h to d some?+ to  
br+ our product )9 ! pur*as+ p[] ( !    
public1 & n only t1 we _h to d some?+   
dra/ic en\gh to demon/rate to ! public t
 we 7 actually play+ ! game & n j %amm+4
 ,!re=e 9 ,septemb] we cut ! price ( !  
t\r+ c> f #ege to #ddj4 ,we cut ! price 
f> bel[ ! co/ ( production1 = we 7 /ill 
mak+ f /ock b\ght at boom prices4 ,! cut
 creat$ a consid]able s5sation4 ,we     
receiv$ a deal ( criticism4 ,x 0 said t 
we 7 di/urb+ conditions4 ,t is exactly  
:at we 7 try+ to d4 ,we want$ to d our  
"p 9 br++ prices f an artificial to a   
natural level4 ,i am firmly ( ! op9ion t
 if at ?is "t or e>li] manufactur]s &   

di/ributors _h all made dra/ic cuts 9 _!
 prices & _h put ?r\gh ?or\gh           
h\se-clean+s we %\ld n h s long a       
bus9ess depression4 ,hang+ on 9 ! hope (
 gett+ high] prices simply delay$       
adju/m5t4 ,nobody got ! high] prices !y 
hop$ =1 & if ! losses _h be5 tak5 all at
 once1 n only w\ld ! productive & ! buy+
 p[]s ( ! c\ntry h become h>moniz$1 b we
 %\ld h be5 sav$ ?is long p]iod ( g5]al 
idl5ess4 ,hang+ on 9 ! hope ( high]     
prices m]ely made ! losses great]1      
because ^? :o hung on _h to pay int]e/  
on _! high-pric$ /ocks & also lo/ !     
pr(its !y might h made by work+ on a    
s5sible basis4 ,unemploym5t cut d[n wage
 di/ribution & ?us ! buy] & ! sell]     
became m & m sep>at$4 ,!re 0 a lot (    
flurri$ talk ( arrang+ to give va/      
cr$its to ,europe--! idea be+ t !reby ! 
high-pric$ /ocks might be palm$ (f4 ,(  
c\rse ! proposals 7 n put 9 any su*     
crude fa%ion1 & ,i ?9k t q a lot ( p    
s9c]ely believ$ t if l>ge cr$its 7      
ext5d$ abroad ev5 )\t a hope ( ! paym5t 

( ei!r pr9cipal or int]e/1 ,am]ican     
bus9ess w\ld someh[ be b5efit$4 ,x is   
true t if ^! cr$its 7 tak5 by ,am]ican  
banks1 ^? :o _h high-pric$ /ocks might h
 gott5 rid ( !m at a pr(it1 b ! banks   
w\ld h acquir$ s mu* froz5 cr$it t !y   
w\ld h m ne>ly resembl$ ice h\ses ?an   
banks4 ,i suppose x is natural to hang  
on to ! possibility ( pr(its until ! v  
la/ mom5t1 b x is n good bus9ess4  ,our 
own sales1 aft] ! cut1 increas$1 b soon 
!y began to fall (f aga94 ,we 7 n       
suffici5tly )9 ! pur*as+ p[] ( ! c\ntry 
to make buy+ easy4 ,retail prices       
g5]ally _h n t\*$ bottom4 ,! public     
di/ru/$ all prices4 ,we laid our plans =
 ano!r cut & we kept our production     
ar\nd "o hundr$ ?\s& c>s a mon?4 ,?is   
production 0 n ju/ifi$ by our sales b we
 want$ to h z mu* z possible ( our raw  
mat]ial trans=m$ into f9i%$ product be=e
 we %ut d[n4 ,we knew t we w\ld h to %ut
 d[n 9 ord] to take an inv5tory & clean 
h\se4 ,we want$ to op5 ) ano!r big cut &
 to h c>s on h& to supply ! dem&4 ,!n ! 

new c>s c\ld be built out ( mat]ial     
b\ght at l[] prices4 ,we det]m9$ t we 7 
go+ to get l[] prices4  ,we %ut d[n 9   
,decemb] ) ! int5tion ( op5+ aga9 9 ab\t
 two weeks4 ,we f\nd s mu* to d t       
actually we did n op5 = ne>ly six weeks4
 ,! mom5t t we %ut d[n ! rum\rs conc]n+ 
our f9ancial condition became m & m     
active4 ,i "k t a great _m p hop$ t we  
%\ld h to g out aft] money--=1 7 we     
seek+ money1 !n we %\ld h to come to    
t]ms4 ,we did n ask = money4 ,we did n  
want money4 ,we _h "o (f] ( money4 ,an  
(fic] ( a ,new ,york bank call$ on me ) 
a f9ancial plan :i* includ$ a l>ge loan 
& 9 :i* also 0 an arrangem5t by :i* a   
repres5tative ( ! bank]s w\ld act z     
treasur] & take *>ge ( ! f9ance ( !     
company4 ,^? p meant well en\gh1 ,i am q
 sure4 ,we did n want to borr[ money b x
 s happ5$ t at ! mom5t we 7 )\t a       
treasur]4 ,to t ext5t ! bank]s _h       
envisag$ our condition correctly4 ,i    
ask$ my son ,edsel to be treasur] z well
 z presid5t ( ! company4 ,t fix$ u up z 

to a treasur]1 s !re 0 really no?+ at   
all t ! bank]s c\ld d = u4  ,!n we began
 our h\se-clean+4 ,dur+ ! w> we _h gone 
into _m k9ds ( w> "w & _h ?us be5 =c$ to
 dep>t f our pr9ciple ( a s+le product4 
,?is _h caus$ _m new dep>tm5ts to be    
add$4 ,! (fice =ce _h exp&$ & mu* ( !   
wa/efulness ( scatt]$ production _h     
crept 94 ,w> "w is ru% "w & is wa/eful  
"w4 ,we began ?r[+ out ev]y?+ t did n   
contribute to ! production ( c>s4  ,!   
only imm$iate paym5t s*$ul$ 0 ! purely  
volunt>y "o ( a sev5-million-doll> bonus
 to our workm54 ,!re 0 no obligation to 
pay1 b we want$ to pay on ! fir/ (      
,janu>y4 ,t we paid out ( our ca% on h&4
  ,?r\gh\t ! c\ntry we h ?irty-five     
bran*es4 ,^! are all assembl+ plants1 b 
9 tw5ty-two ( !m p>ts are also          
manufactur$4 ,!y _h /opp$ ! mak+ ( p>ts 
b !y w5t on assembl+ c>s4 ,at ! "t (    
%utt+ d[n we _h practically no c>s 9    
,detroit4 ,we _h %ipp$ out all ! p>ts1 &
 dur+ ,janu>y ! ,detroit deal]s actually
 _h to g z f> a field z ,*icago &       

,columbus to get c>s = local ne$s4 ,!   
bran*es %ipp$ to ea* deal]1 "u 8 ye>ly  
quota1 en\gh c>s to cov] ab\t a mon?'s  
sales4 ,! deal]s work$ h>d on sales4    
,dur+ ! latt] "p ( ,janu>y we call$ 9 a 
skeleton organization ( ab\t t5 ?\s& m51
 mo/ly =em51 sub-=em51 & /raw bosses1 & 
we />t$ ,highl& ,p>k into production4   
,we collect$ our =eign acc\nts & sold   
our by-products4  ,!n we 7 ready = full 
production4 ,& gradually into full      
production we w5t--on a pr(itable basis4
 ,! h\se-clean+ swept out ! wa/e t _h   
bo? made ! prices high & absorb$ !      
pr(it4 ,we sold (f ! useless /uff4 ,be=e
 we _h employ$ fifte5 m5 p] c> p] day4  
,aft]w>d we employ$ n9e p] c> p] day4   
,?is did n mean t six out ( fifte5 m5   
lo/ _! jobs4 ,!y only ceas$ be+         
unproductive4 ,we made t cut by apply+ !
 rule t ev]y?+ & ev]ybody mu/ produce or
 get out4  ,we cut our (fice =ces 9     
halves & (f]$ ! (fice work]s bett] jobs 
9 ! %ops4 ,mo/ ( !m took ! jobs4 ,we    
aboli%$ e ord] blank & e =m ( /ati/ics t

 did n directly aid 9 ! production ( a  
c>4 ,we _h be5 collect+ tons ( /ati/ics 
because !y 7 int]e/+4 ,b /ati/ics w n   
con/ruct automobiles--s out !y w5t4  ,we
 took out #fj p] c5t4 ( our telephone   
ext5sions4 ,only a comp>atively few m5 9
 any organization ne$ telephones4 ,we   
=m]ly _h a =eman = e five m52 n[ we h a 
=eman = e tw5ty m54 ,! o!r =em5 are     
work+ on ma*9es4  ,we cut ! ov]head *>ge
 f #adf a c> to #ic a c>1 & :5 y realize
 :at ?is means on m ?an f\r ?\s& c>s a  
day y w h an idea h[1 n by economy1 n by
 wage-cutt+1 b by ! elim9ation ( wa/e1 x
 is possible to make an impossible      
price4 ,mo/ important ( all1 we f\nd out
 h[ to use less money 9 our bus9ess by  
spe$+ up ! turnov]4 ,& 9 increas+ !     
turnov] rate1 "o ( ! mo/ important      
factors 0 ! ,detroit1 ,tol$o1  ,ironton 
,railroad--:i* we pur*as$4 ,! railroad  
took a l>ge place 9 ! s*eme ( economy4  
,to ! road itself ,i h giv5 ano!r *apt]4
  ,we discov]$1 aft] a little exp]im5t+1
 t freight s]vice c\ld be improv$       

suffici5tly to r$uce ! cycle (          
manufacture f tw5ty-two to f\rte5 days4 
,t is1 raw mat]ial c\ld be b\ght1       
manufactur$1 & ! f9i%$ product put into 
! h&s ( ! di/ributor 9 7r\ghly7 #cc p]  
c5t4 less "t ?an be=e4 ,we _h be5 c>ry+ 
an inv5tory ( ar\nd #fj1jjj1jjj to      
insure un9t]rupt$ production4 ,cutt+ d[n
 ! "t "o ?ird releas$ #bj1jjj1jjj1 or   
#a1bjj1jjj a ye> 9 int]e/4 ,c\nt+ !     
f9i%$ inv5tory1 we sav$ approximately   
#h1jjj1jjj m--t is1 we 7 able to release
 #bh1jjj1jjj 9 capital & save ! int]e/  
on t sum4  ,on ,janu>y #a/ we _h        
#bj1jjj1jjj4 ,on ,april #a/ we _h       
#hg1cjj1jjj1 or #bg1cjj1jjj m ?an we    
ne$$ to wipe out all our indebt$ness4 ,t
 is :at bor+ into ! bus9ess did = u6    
,?is am\nt came to u 9 ^! items3    ,ca%
 on h&1 ,janu>y                         
#bj1jjj1jjj   ,/ock on h& turn$ into    
ca%1 ,janu>y #a to ,april #a            
#bd1gjj1jjj   ,spe$+ up transit ( goods 
releas$                 #bh1jjj1jjj     
,collect$ f ag5ts 9 =eign c\ntries      

#c1jjj1jjj   ,sale ( by-products        
#c1gjj1jjj   ,sale ( ,lib]ty ,bonds     
#g1ijj1jjj    ,,total                   
#hg1cjj1jjj  ,n[ ,i h told ab\t all ?is 
n 9 ! way ( an exploit1 b to po9t out h[
 a bus9ess may f9d res\rces )9 itself   
in/ead ( borr[+1 & also to />t a little 
?9k+ z to :e!r ! =m ( our money may n   
put a premium on borr[+ & ?us give f>   
too great a place 9 life to ! bank]s4   
,we c\ld h borr[$ #dj1jjj1jjj--m _h we  
want$ to4 ,suppose we _h borr[$1 :at    
w\ld h happ5$8 ,%\ld we h be5 bett]     
fitt$ to g on ) our bus9ess8 ,or worse  
fitt$8 ,if we _h borr[$ we %\ld n h be5 
"u ! necessity ( f9d+ me?ods to *eap5   
production4 ,_h we be5 able to obta9 !  
money at #f p] c5t4 flat--& we %\ld 9   
commissions & ! l h _h to pay m ?an t--!
 int]e/ *>ge alone on a ye>ly production
 ( #ejj1jjj c>s w\ld h am\nt$ to ab\t   
f\r doll>s a c>4 ,!re=e we %\ld n[ be   
)\t ! b5efit ( bett] production & load$ 
) a heavy debt4 ,our c>s w\ld probably  
co/ ab\t "o hundr$ doll>s m ?an !y d2   

h5ce we %\ld h a small] production1 = we
 c\ld n h s _m buy]s2 we %\ld employ    
few] m51 & 9 %ort1 %\ld n be able to    
s]ve to ! utmo/4 ,y w note t ! f9anci]s 
propos$ to cure by l5d+ money & n by    
bett]+ me?ods4 ,!y did n sugge/ putt+ 9 
an eng9e]2 !y want$ to put 9 a treasur]4
  ,& t is ! dang] ( hav+ bank]s 9       
bus9ess4 ,!y ?9k solely 9 t]ms ( money4 
,!y ?9k ( a factory z mak+ money1 n     
goods4 ,!y want to wat* ! money1 n !    
effici5cy ( production4 ,!y _c compreh5d
 t a bus9ess nev] /&s /ill1 x mu/ g =w>d
 or g back4 ,!y reg>d a r$uction 9      
prices z a ?r[+ away ( pr(it in/ead ( z 
a build+ ( bus9ess4  ,bank]s play f> too
 great a "p 9 ! conduct ( indu/ry4 ,mo/ 
bus9ess m5 w privately admit t fact4 ,!y
 w seldom publicly admit x because !y   
are afraid ( _! bank]s4 ,x requir$ less 
skill to make a =tune deal+ 9 money ?an 
deal+ 9 production4 ,! av]age successful
 bank] is by no means s intellig5t &    
res\rceful a man z is ! av]age          
successful bus9ess man4 ,yet ! bank]    

?r\gh 8 control ( cr$it practically     
controls ! av]age bus9ess man4  ,!re has
 be5 a great rea*+ out by bank]s 9 ! la/
 fifte5 or tw5ty ye>s--& especially s9ce
 ! w>--& ! ,f$]al ,res]ve ,sy/em = a "t 
put into _! h&s an almo/ limitless      
supply ( cr$it4 ,! bank] is1 z ,i h     
not$1 by tra9+ & because ( 8 position1  
totally unsuit$ to ! conduct ( indu/ry4 
,if1 !re=e1 ! controll]s ( cr$it h      
lately acquir$ ?is v l>ge p[]1 is x n to
 be tak5 z a sign t !re is some?+ wrong 
) ! f9ancial sy/em t gives to f9ance    
in/ead ( to s]vice ! pr$om9ant p[] 9    
indu/ry8 ,x 0 n ! indu/rial acum5 ( !   
bank]s t br\ght !m into ! managem5t (   
indu/ry4 ,ev]yone w admit t4 ,!y 7 pu%$ 
!re1 willy-nilly1 by ! sy/em itself4    
,!re=e1 ,i p]sonally want to discov]    
:e!r we are op]at+ "u ! be/ f9ancial    
sy/em4  ,n[1 let me say at once t my    
objection to bank]s has no?+ to d )     
p]sonalities4 ,i am n aga9/ bank]s z    
su*4 ,we /& v mu* 9 ne$ ( ?\ghtful m51  
skill$ 9 f9ance4 ,! _w _c g on )\t bank+

 facilities4 ,we h to h money4 ,we h to 
h cr$it4 ,o!rwise ! fruits ( production 
c\ld n be ex*ang$4 ,we h to h capital4  
,)\t x !re c\ld be no production4 ,b    
:e!r we h bas$ our bank+ & our cr$it on 
! "r f\ndation is q ano!r matt]4  ,x is 
no "p ( my ?\ght to attack our f9ancial 
sy/em4 ,i am n 9 ! position ( "o :o has 
be5 beat5 by ! sy/em & wants rev5ge4 ,x 
does n make ! lea/ diff]5ce to me       
p]sonally :at bank]s d because we h be5 
able to manage our affairs )\t outside  
f9ancial aid4 ,my inquiry is prompt$ by 
no p]sonal motive :atsoev]4 ,i only want
 to "k :e!r ! greate/ good is be+ r5d]$ 
to ! greate/ numb]4  ,no f9ancial sy/em 
is good :i* favors "o class ( produc]s  
ov] ano!r4 ,we want to discov] :e!r x is
 n possible to take away p[] :i* is n   
bas$ on weal? creation4 ,any sort (     
class legislation is p]nici\s4 ,i ?9k t 
! c\ntry's production has become s *ang$
 9 its me?ods t gold is n ! be/ m$ium ) 
:i* x may be measur$1 & t ! gold /&>d z 
a control ( cr$it gives1 z x is n[ 7& ,i

 believe inevitably7 adm9i/]$1 class    
advantage4 ,! ultimate *eck on cr$it is 
! am\nt ( gold 9 ! c\ntry1 reg>dless ( !
 am\nt ( weal? 9 ! c\ntry4  ,i am n     
prep>$ to dogmatize on ! subject ( money
 or cr$it4 ,z f> z money & cr$it are    
conc]n$1 no "o z yet kn[s en\gh ab\t !m 
to dogmatize4 ,! :ole "q w h to be      
settl$ z all o!r que/ions ( real        
importance h to be settl$1 & t is by    
cauti\s1 well-f\nd$ exp]im5t4 ,& ,i am n
 incl9$ to g beyond cauti\s exp]im5ts4  
,we h to proce$ /ep by /ep & v c>efully4
 ,! "q is n political1 x is economic1 & 
,i am p]fectly c]ta9 t help+ ! p to ?9k 
on ! "q is :olly advantage\s4 ,!y w n   
act )\t adequate k1 & ?us cause disa/]1 
if a s9c]e ef=t is made to provide !m ) 
k4 ,! money "q has fir/ place 9         
multitudes ( m9ds ( all degrees or p[]4 
,b a glance at mo/ ( ! cure-all sy/ems  
%[s h[ contradictory !y are4 ,! majority
 ( !m make ! assumption ( hone/y among  
mank9d1 to beg9 )1 & t1 ( c\rse1 is a   
prime defect4 ,ev5 our pres5t sy/em w\ld

 "w spl5didly if all m5 7 hone/4 ,z a   
matt] ( fact1 ! :ole money "q is #ie p] 
c5t4 human nature2 & y\r successful     
sy/em mu/ *eck human nature1 n dep5d ^u 
x4  ,! p are ?9k+ ab\t ! money "q2 & if 
! money ma/]s h any in=mation :i* !y ?9k
 ! p ought to h to prev5t !m go+ a/ray1 
n[ is ! "t to give x4 ,! days are fa/   
slipp+ away :5 ! fe> ( cr$it curtailm5t 
w avail1 or :5 wordy slogans w affright4
 ,! p are naturally cons]vative4 ,!y are
 m cons]vative ?an ! f9anci]s4 ,^? :o   
believe t ! p are s easily l$ t !y w\ld 
p]mit pr9t+ presses to run (f money l   
milk tickets d n und]/& !m4 ,x is !     
innate cons]vation ( ! p t has kept our 
money good 9 spite ( ! fanta/ic tricks  
:i* ! f9anci]s play--& :i* !y cov] up ) 
high te*nical t]ms4  ,! p are on ! side 
( s\nd money4 ,!y are s unalt]ably on ! 
side ( s\nd money t x is a s]i\s "q h[  
!y w\ld reg>d ! sy/em "u :i* !y live1 if
 !y once knew :at ! initiat$ c d ) x4   
,! pres5t money sy/em is n go+ to be    
*ang$ by spee*-mak+ or political        

s5sationalism or economic exp]im5t4 ,x  
is go+ to *ange "u ! pressure (         
conditions--conditions t we _c control &
 pressure t we _c control4 ,^!          
conditions are n[ ) u2 t pressure is n[ 
^u u4  ,! p mu/ be help$ to ?9k         
naturally ab\t money4 ,!y mu/ be told   
:at x is1 & :at makes x money1 & :at are
 ! possible tricks ( ! pres5t sy/em :i* 
put nations & peoples "u control ( !    
few4  ,money1 aft] all1 is extremely    
simple4 ,x is a "p ( our transportation 
sy/em4 ,x is a simple & direct me?od (  
convey+ goods f "o p]son to ano!r4      
,money is 9 itself mo/ admirable4 ,x is 
ess5tial4 ,x is n intr9sically evil4 ,x 
is "o ( ! mo/ useful devices 9 social   
life4 ,& :5 x does :at x 0 int5d$ to d1 
x is all help & no h9drance4  ,b money  
%\ld always be money4 ,a foot is always 
twelve in*es1 b :5 is a doll> a doll>8  
,if ton weights *ang$ 9 ! coal y>d1 &   
peck measures *ang$ 9 ! groc]y1 & y>d   
/icks 7 to-day #db in*es & to-morr[ #cc 
in*es 7by "s occult process call$       

ex*ange7 ! p w\ld mighty soon rem$y t4  
,:5 a doll> is n always a doll>1 :5 !   
#ajj-;c5t doll> becomes ! #fe-;c5t      
doll>1 & !n ! #ej-;c5t doll>1 & !n !    
#dg-;c5t doll>1 z ! good old ,am]ican   
gold & silv] doll>s did1 :at is ! use ( 
yell+ ab\t *eap money1 depreciat$ money8
 ,a doll> t /ays #ajj c5ts is z necess>y
 z a p\nd t /ays #af ounces & a y>d t   
/ays #cf in*es4  ,! bank]s :o d /raight 
bank+ %\ld reg>d !mselves z naturally ! 
fir/ m5 to probe & und]/& our monet>y   
sy/em--in/ead ( be+ cont5t ) ! ma/]y (  
local bank+-h\se me?ods2 & if !y w\ld   
deprive ! gambl]s 9 bank balances ( ! "n
 ( bank] & ou/ !m once = all f ! place (
 influ5ce :i* t "n gives !m1 bank+ w\ld 
be re/or$ & e/abli%$ z ! public s]vice x
 ought to be1 & ! iniquities ( ! pres5t 
monet>y sy/em & f9ancial devices w\ld be
 lift$ f ! %\ld]s ( ! p4  ,!re is an if 
"h1 ( c\rse4 ,b x is n insurm\ntable4   
,affairs are com+ to a jam z x is1 & if 
^? :o possess te*nical facility d n     
engage to rem$y ! case1 ^? :o lack t    

facility may attempt x4 ,no?+ is m      
fooli% ?an = any class to assume t      
progress is an attack ^u x4 ,progress is
 only a call made ^u x to l5d its       
exp]i5ce = ! g5]al advancem5t4 ,x is    
only ^? :o are unwise :o w attempt to   
ob/ruct progress & !reby become its     
victims4 ,all ( u are "h toge!r1 all ( u
 mu/ g =w>d toge!r2 x is p]fectly silly 
= any man or class to take umbrage at ! 
/irr+ ( progress4 ,if f9anci]s feel t   
progress is only ! re/lessness (        
weak-m9d$ p]sons1 if !y reg>d all       
sugge/ions ( bett]m5t z a p]sonal slap1 
!n !y are tak+ ! "p :i* proves m ?an    
any?+ else c\ld _! unfitness to cont9ue 
9 _! lead]%ip4  ,if ! pres5t faulty     
sy/em is m pr(itable to a f9anci] ?an a 
m p]fect sy/em w\ld be1 & if t f9anci]  
values 8 few rema9+ ye>s ( p]sonal      
pr(its m highly ?an he w\ld value !     
hon\r ( mak+ a contribution to ! life ( 
! _w by help+ to erect a bett] sy/em1 !n
 !re is no way ( prev5t+ a cla% (       
int]e/s4 ,b x is fair to say to ! selfi%

 f9ancial int]e/s t1 if _! fight is wag$
 to p]petuate a sy/em j because x pr(its
 !m1 !n _! fight is already lo/4 ,:y    
%\ld f9ance fe>8 ,! _w w /ill be "h4 ,m5
 w d bus9ess ) "o ano!r4 ,!re w be money
 & !re w be ne$ ( ma/]s ( ! me*anism (  
money4 ,no?+ is go+ to dep>t b ! knots &
 tangles4 ,!re w be "s readju/m5ts1 (   
c\rse4 ,banks w no long] be ! ma/]s (   
indu/ry4 ,!y w be ! s]vants ( indu/ry4  
,bus9ess w control money in/ead ( money 
controll+ bus9ess4 ,! ru9\s int]e/ sy/em
 w be greatly modifi$4 ,bank+ w n be a  
risk1 b a s]vice4 ,banks w beg9 to d mu*
 m = ! p ?an !y d n[1 & in/ead ( be+ !  
mo/ exp5sive bus9esses 9 ! _w to manage1
 & ! mo/ highly pr(itable 9 ! matt] (   
divid5ds1 !y w become less co/ly1 & !   
pr(its ( _! op]ation w g to ! community 
:i* !y s]ve4  ,two facts ( ! old ord]   
are fundam5tal4 ,fir/3 t )9 ! nation    
itself ! t5d5cy ( f9ancial control is   
t[>d its l>ge/ c5traliz$ bank+          
in/itutions--ei!r a gov]nm5t bank or a  
closely alli$ gr\p ( private f9anci]s4  

,!re is always 9 e nation a def9ite     
control ( cr$it by private or           
semi-public int]e/s4 ,second3 9 ! _w z a
 :ole ! same c5traliz+ t5d5cy is        
op]ative4 ,an ,am]ican cr$it is "u      
control ( ,new ,york int]e/s1 z be=e !  
w> _w cr$it 0 controll$ 9 ,london--!    
,briti% p\nd /]l+ 0 ! /&>d ( ex*ange = !
 _w's trade4  ,two me?ods ( re=m are op5
 to u1 "o beg9n+ at ! bottom & "o beg9n+
 at ! top4 ,! latt] is ! m ord]ly way1 !
 =m] is be+ tri$ 9 ,russia4 ,if our re=m
 %\ld beg9 at ! top x w require a social
 vision & an altrui/ic f]v\r ( a s9c]ity
 & int5sity :i* is :olly inconsi/5t )   
selfi% %rewdness4  ,! weal? ( ! _w nei!r
 consi/s 9 nor is adequately repres5t$  
by ! money ( ! _w4 ,gold itself is n a  
valuable commodity4 ,x is no m weal? ?an
 hat *ecks are hats4 ,b x c be s        
manipulat$1 z ! sign ( weal?1 z to give 
its own]s or controll]s ! :ip-h& ov] !  
cr$it :i* produc]s ( real weal? require4
 ,deal+ 9 money1 ! commodity ( ex*ange1 
is a v lucrative bus9ess4 ,:5 money     

itself becomes an article ( comm]ce to  
be b\ght & sold be=e real weal? c be    
mov$ or ex*ang$1 ! usur]s & speculators 
are !reby p]mitt$ to lay a tax on       
production4 ,! hold :i* controll]s (    
money are able to ma9ta9 on productive  
=ces is se5 to be m p[]ful :5 x is      
rememb]$ t1 al?\gh money is suppos$ to  
repres5t ! real weal? ( ! _w1 !re is    
always mu* m weal? ?an !re is money1 &  
real weal? is (t5 compell$ to wait ^u   
money1 ?us lead+ to t mo/ p>adoxical    
situation--a _w fill$ ) weal? b suff]+  
want4  ,^! facts are n m]ely fiscal1 to 
be ca/ into figures & left !re4 ,!y are 
in/9ct ) human de/9y & !y ble$4 ,!      
pov]ty ( ! _w is seldom caus$ by lack ( 
goods b by a money /r+5cy4 ,comm]cial   
competition betwe5 nations1 :i* leads to
 int]national rivalry & ill-w1 :i* 9 _! 
turn bre$ w>s-- ^! are "s ( ! human     
significations ( ^! facts4 ,?us pov]ty &
 w>1 two great prev5table evils1 gr[ on 
a s+le /em4  ,let u see if a beg9n+ t[>d
 a bett] me?od _c be made4     ,,*apt]  

,,xiii  ,,:y ,,be ,,poor8   ,pov]ty     
spr+s f a numb] ( s\rces1 ! m important 
( :i* are controllable4 ,s does special 
privilege4 ,i ?9k x is entirely feasible
 to aboli% bo? pov]ty & special         
privilege--& !re c be no "q b t _!      
abolition is desirable4 ,bo? are        
unnatural1 b x is "w1 n law1 to :i* we  
mu/ look = results4  ,by pov]ty ,i mean 
! lack ( reasonably suffici5t food1     
h\s+1 & clo?+ = an individual or a      
family4 ,!re w h to be diff]5ces 9 !    
grades ( su/5ance4 ,m5 are n equal 9    
m5tality or 9 physique4 ,any plan :i*   
/>ts ) ! assumption t m5 are or ought to
 be equal is unnatural & !re=e          
unworkable4 ,!re c be no feasible or    
desirable process ( level+ d[n4 ,su* a  
c\rse only promotes pov]ty by mak+ x    
univ]sal in/ead ( exceptional4 ,=c+ !   
effici5t produc] to become ineffici5t   
does n make ! ineffici5t produc] m      
effici5t4 ,pov]ty c be done away ) only 
by pl5ty1 & we h n[ gone f> en\gh along 
9 ! sci5ce ( production to be able to   

see1 z a natural developm5t1 ! day :5   
production & di/ribution w be s         
sci5tific t all may h accord+ to ability
 & indu/ry4  ,! extreme ,sociali/s w5t  
wide ( ! m>k 9 _! reason+ t indu/ry w\ld
 inevitably cru% ! work]4 ,mod]n indu/ry
 is gradually lift+ ! work] & ! _w4 ,we 
only ne$ to "k m ab\t plann+ & me?ods4  
,! be/ results c & w be br\ght ab\t by  
individual initiative & +5uity--by      
intellig5t individual lead]%ip4 ,!      
gov]nm5t1 because x is ess5tially       
negative1 _c give positive aid to any   
really con/ructive programme4 ,x c give 
negative aid--by remov+ ob/ructions to  
progress & by ceas+ to be a burd5 ^u !  
community4  ,! und]ly+ causes ( pov]ty1 
z ,i c see !m1 are ess5tially due to !  
bad adju/m5t betwe5 production &        
di/ribution1 9 bo? indu/ry &            
agriculture--betwe5 ! s\rce ( p[] & its 
application4 ,! wa/es due to lack (     
adju/m5t are /up5d\s4 ,all ( ^! wa/es   
mu/ fall be=e intellig5t lead]%ip       
consecrat$ to s]vice4 ,s long z lead]%ip

 ?9ks m ( money ?an x does ( s]vice1 !  
wa/es w cont9ue4 ,wa/e is prev5t$ by    
f>-sight$ n by %ort-sight$ m54          
,%ort-sight$ m5 ?9k fir/ ( money4 ,!y _c
 see wa/e4 ,!y ?9k ( s]vice z altrui/ic 
in/ead ( z ! mo/ practical ?+ 9 ! _w4   
,!y _c get f> en\gh away f ! little ?+s 
to see ! big ?+s--to see ! bigge/ ?+ (  
all1 :i* is t opportuni/ production f a 
purely money /&po9t is ! lea/ pr(itable4
  ,s]vice c be bas$ ^u altruism1 b t    
sort ( s]vice is n usually ! be/4 ,!    
s5tim5tal trips up ! practical4  ,x is n
 t ! indu/rial ent]prises are unable    
fairly to di/ribute a %>e ( ! weal? :i* 
!y create4 ,x is simply t ! wa/e is s   
great t !re is n a suffici5t %>e =      
ev]yone engag$1 not)/&+ ! fact t !      
product is usually sold at s high a     
price z to re/rict its fulle/           
consumption4  ,take "s ( ! wa/es4 ,take 
! wa/es ( p[]4 ,! ,mississippi ,valley  
is )\t coal4 ,?r\gh its c5tre p\r _m    
millions ( pot5tial horsep[]--!         
,mississippi ,riv]4 ,b if ! p by its    

banks want p[] or heat !y buy coal t has
 be5 haul$ hundr$s ( miles & consequ5tly
 has to be sold at f> above its wor? z  
heat or p[]4 ,or if !y _c af=d to buy   
?is exp5sive coal1 !y g out & cut d[n   
trees1 !reby depriv+ !mselves ( "o ( !  
great cons]v]s ( wat] p[]4 ,until       
rec5tly !y nev] ?\ght ( ! p[] at h& :i*1
 at next to no?+ beyond ! initial co/1  
c\ld heat1 light1 cook1 & "w = ! huge   
population :i* t valley is de/9$ to     
support4  ,! cure ( pov]ty is n 9       
p]sonal economy b 9 bett] production4 ,!
 ?rift & economy ideas h be5 ov]work$4  
,! ^w economy repres5ts a fe>4 ,! great 
& tragic fact ( wa/e is impress$ on a   
m9d by "s circum/ance1 usually ( a mo/  
mat]iali/ic k9d4 ,!re comes a viol5t    
reaction aga9/ extravagance--! m9d      
cat*es hold ( ! idea ( economy4 ,b x    
only flies f a great] to a less] evil2 x
 does n make ! full j\rney f error to   
tru?4  ,economy is ! rule ( half-alive  
m9ds4 ,!re c be no d\bt t x is bett] ?an
 wa/e2 nei!r c !re be any d\bt t x is n 

z good z use4 ,p :o pride !mselves on _!
 economy take x z a virtue4 ,b :at is m 
pitiable ?an a poor1 p9*$ m9d sp5d+ !   
ri* days & ye>s clut*+ a few bits (     
metal8 ,:at c be f9e ab\t p>+ !         
necessities ( life to ! v quick8 ,we all
 "k economical p :o seem to be nigg>dly 
ev5 ab\t ! am\nt ( air !y brea! & !     
am\nt ( appreciation !y w all[ !mselves 
to give to any?+4 ,!y %rivel--body &    
s\l4 ,economy is wa/e3 x is wa/e ( !    
juices ( life1 ! sap ( liv+4 ,= !re are 
two k9ds ( wa/e--t ( ! prodigal :o ?r[s 
8 sub/ance away 9 riot\s liv+1 & t ( !  
slugg>d :o all[s 8 sub/ance to rot f    
non-use4 ,! rigid economiz] is 9 dang] (
 be+ class$ ) ! slugg>d4 ,extravagance  
is usually a reaction f suppression (   
exp5diture4 ,economy is likely to be a  
reaction f extravagance4  ,ev]y?+ 0 giv5
 u to use4 ,!re is no evil f :i* we     
suff] t did n come ab\t ?r\gh misuse4 ,!
 wor/ s9 we c commit aga9/ ! ?+s ( our  
common life is to misuse !m4 ,misuse is 
! wid] t]m4 ,we l to say wa/e1 b wa/e is

 only "o phase ( misuse4 ,all wa/e is   
misuse2 all misuse is wa/e4  ,x is      
possible ev5 to ov]emphasize ! sav+     
habit4 ,x is prop] & desirable t ev]yone
 h a m>g92 x is really wa/eful n to h   
"o--if y c h "o4 ,b x c be ov]done4 ,we 
tea* *ildr5 to save _! money4 ,z an     
attempt to c\nt]act ?\ghtless & selfi%  
exp5diture1 t has a value4 ,b x is n    
positive2 x does n lead ! *ild out into 
! safe & useful av5ues ( self-expression
 or self-exp5diture4 ,to tea* a *ild to 
inve/ & use is bett] ?an to tea* him to 
save4 ,mo/ m5 :o are labori\sly sav+ a  
few doll>s w\ld d bett] to inve/ ^? few 
doll>s--fir/ 9 !mselves1 & !n 9 "s      
useful "w4 ,ev5tually !y w\ld h m to    
save4 ,"y m5 ought to inve/ r ?an save4 
,!y ought to inve/ 9 !mselves to        
increase creative value2 aft] !y h tak5 
!mselves to ! peak ( usefulness1 !n w be
 "t en\gh to ?9k ( lay+ aside1 z a fix$ 
policy1 a c]ta9 sub/antial %>e ( income4
 ,y are n sav+ :5 y prev5t y\rself f    
becom+ m productive4 ,y are really tak+ 

away f y\r ultimate capital2 y are r$uc+
 ! value ( "o ( nature's inve/m5ts4 ,!  
pr9ciple ( use is ! true guide4 ,use is 
positive1 active1 life-giv+4 ,use is    
alive4 ,use adds to ! sum ( good4       
,p]sonal want may be avoid$ )\t *ang+ ! 
g5]al condition4 ,wage increases1 price 
increases1 pr(it increases1 o!r k9ds (  
increases design$ to br+ m money "h or  
money !re1 are only attempts ( ?is or t 
class to get out ( ! fire--reg>dless (  
:at may happ5 to ev]yone else4 ,!re is a
 fooli% belief t if only ! money c be   
gott51 someh[ ! /orm c be wea!r$4 ,lab\r
 believes t if x c get m wages1 x c     
wea!r ! /orm4 ,capital ?9ks t if x c get
 m pr(its1 x c wea!r ! /orm4 ,!re is a  
pa!tic fai? 9 :at money c d4 ,money is v
 useful 9 normal times1 b money has no m
 value ?an ! p put into x by production1
 & x c be s misus$4 ,x c be s           
sup]/iti\sly wor%ipp$ z a sub/itute =   
real weal? z to de/roy its value        
altoge!r4  ,! idea p]si/s t !re exi/s an
 ess5tial conflict betwe5 indu/ry & !   

f>m4 ,!re is no su* conflict4 ,x is     
nons5se to say t because ! cities are   
ov]cr[d$ ev]ybody ought to g back to !  
f>m4 ,if ev]ybody did s f>m+ w\ld soon  
decl9e z a satisfactory occupation4 ,x  
is n m s5sible = ev]yone to flock to !  
manufactur+ t[ns4 ,if ! f>ms be des]t$1 
( :at use are manufactur]s8 ,a          
reciprocity c exi/ betwe5 f>m+ &        
manufactur+4 ,! manufactur] c give !    
f>m] :at he ne$s to be a good f>m]1 & ! 
f>m] & o!r produc]s ( raw mat]ials c    
give ! manufactur] :at he ne$s to be a  
good manufactur]4 ,!n ) transportation z
 a mess5g]1 we %all h a /able & a s\nd  
sy/em built on s]vice4 ,if we live 9    
small] communities :]e ! t5sion ( liv+  
is n s high1 & :]e ! products ( ! fields
 & g>d5s c be _h )\t ! int]f]5ce ( s _m 
pr(ite]s1 !re w be little pov]ty or     
unre/4  ,look at ?is :ole matt] (       
seasonal "w4 ,take build+ z an example (
 a seasonal trade4 ,:at a wa/e ( p[] x  
is to all[ build]s to hib]nate ?r\gh !  
w9t]1 wait+ = ! build+ season to come   

ar\nd6  ,& :at an equal wa/e ( skill x  
is to =ce exp]i5c$ artisans :o h gone   
into factories to escape ! loss ( ! w9t]
 season to /ay 9 ! factory jobs ?r\gh ! 
build+ season because !y are afraid !y  
may n get _! factory places back 9 !    
w9t]4 ,:at a wa/e ?is all-ye> sy/em has 
be56 ,if ! f>m] c\ld get away f ! %op to
 till 8 f>m 9 ! plant+1 gr[+1 & h>ve/+  
seasons 7!y are only a small "p ( ! ye>1
 aft] all71 & if ! build] c\ld get away 
f ! %op to ply 8 useful trade 9 its     
season1 h[ mu* bett] !y w\ld be1 & h[   
mu* m smoo?ly ! _w w\ld proce$4         
,suppose we all mov$ outdoors e spr+ &  
summ] & liv$ ! :olesome life ( !        
outdoors = ?ree or f\r mon?s6 ,we c\ld n
 h slack times4  ,! f>m has its dull    
season4 ,t is ! "t = ! f>m] to come into
 ! factory & help produce ! ?+s he ne$s 
to till ! f>m4 ,! factory also has its  
dull season4 ,t is ! "t = ! workm5 to g 
out to ! l& to help produce food4 ,?us  
we might take ! slack out ( "w & re/ore 
! balance betwe5 ! artificial & !       

natural4  ,b n ! lea/ b5efit w\ld be ! m
 balanc$ view ( life we %\ld ?us obta94 
,! mix+ ( ! arts is n only b5eficial 9 a
 mat]ial way1 b x makes = bread? ( m9d &
 fairness ( judgm5t4 ,a great deal ( our
 unre/ to-day is ! result ( n>r[1       
prejudic$ judgm5t4 ,if our "w 7 m       
div]sifi$1 if we saw m sides ( life1 if 
we saw h[ necess>y 0 "o factor to ano!r1
 we %\ld be m balanc$4 ,e man is bett] =
 a p]iod ( "w "u ! op5 sky4  ,x is n at 
all impossible4 ,:at is desirable & "r  
is nev] impossible4 ,x w\ld only mean a 
little teamwork--a little less att5tion 
to gre$y ambition & a little m att5tion 
to life4  ,^? :o are ri* f9d x desirable
 to g away = ?ree or f\r mon?s a ye> &  
dawdle 9 idl5ess ar\nd "s fancy w9t] or 
summ] resort4 ,! rank & file ( !        
,am]ican p w\ld n wa/e _! "t t way ev5  
if !y c\ld4 ,b !y w\ld provide ! team-"w
 necess>y = an outdoor1 seasonal        
employm5t4  ,x is h>dly possible to d\bt
 t mu* ( ! unre/ we see ab\t u is !     
result ( unnatural modes ( life4 ,m5 :o 

d ! same ?+ cont9u\sly ! ye> ar\nd & are
 %ut away f ! heal? ( ! sun & !         
spaci\sness ( ! great out ( doors are   
h>dly to be blam$ if !y see matt]s 9 a  
di/ort$ light4 ,& t applies equally to !
 capitali/ & ! work]4  ,:at is !re 9    
life t %\ld hamp] normal & :olesome     
modes ( liv+8 ,& :at is !re 9 indu/ry   
incompatible ) all ! arts receiv+ 9 _!  
turn ! att5tion ( ^? qualifi$ to s]ve 9 
!m8 ,x may be object$ t if ! =ces (     
indu/ry 7 )drawn f ! %ops e summ] x w\ld
 imp$e production4 ,b we mu/ look at !  
matt] f a univ]sal po9t ( view4 ,we mu/ 
consid] ! increas$ en]gy ( ! indu/rial  
=ces aft] ?ree or f\r mon?s 9 outdoor   
"w4 ,we mu/ also consid] ! effect on !  
co/ ( liv+ :i* w\ld result f a g5]al    
return to ! fields4  ,we h1 z ,i        
indicat$ 9 a previ\s *apt]1 be5 work+   
t[>d ?is comb9ation ( f>m & factory & ) 
entirely satisfactory results4 ,at      
,nor?ville1 n f> f ,detroit1 we h a     
little factory mak+ valves4 ,x is a     
little factory1 b x makes a great _m    

valves4 ,bo? ! managem5t & ! me*anism ( 
! plant are comp>atively simple because 
x makes b "o ?+4 ,we d n h to se>* =    
skill$ employees4 ,! skill is 9 ! ma*9e4
 ,! p ( ! c\ntryside c "w 9 ! plant "p (
 ! "t & on ! f>m "p ( ! "t1 = me*anical 
f>m+ is n v labori\s4 ,! plant p[] is   
d]iv$ f wat]4  ,ano!r plant on a some:at
 l>g] scale is 9 build+ at ,flat ,rock1 
ab\t fifte5 miles f ,detroit4 ,we h     
damm$ ! riv]4 ,! dam also s]ves z a     
bridge = ! ,detroit1 ,tol$o  ,ironton   
,railway1 :i* 0 9 ne$ ( a new bridge at 
t po9t1 & a road = ! public--all 9 "o   
con/ruction4 ,we are go+ to make our    
glass at ?is po9t4 ,! damm+ ( ! riv]    
gives suffici5t wat] = ! float+ to u (  
mo/ ( our raw mat]ial4 ,x also gives u  
our p[] ?r\gh a hydroelectric plant4 ,&1
 be+ well out 9 ! mid/ ( ! f>m+ c\ntry1 
!re c be no possibility ( cr[d+ or any (
 ! ills incid5t to too great a          
conc5tration ( population4 ,! m5 w h    
plots ( gr\nd or f>ms z well z _! jobs 9
 ! factory1 & ^! c be scatt]$ ov] fifte5

 or tw5ty miles surr\nd+--= ( c\rse     
n[adays ! work+man c come to ! %op 9 an 
automobile4 ,!re we %all h ! comb9ation 
( agriculture & indu/rialism & ! entire 
abs5ce ( all ! evils ( conc5tration4  ,!
 belief t an indu/rial c\ntry has to    
conc5trate its indu/ries is n1 9 my     
op9ion1 well-f\nd$4 ,t is only a /age 9 
indu/rial developm5t4 ,z we le>n m ab\t 
manufactur+ & le>n to make articles )   
int]*angeable p>ts1 !n ^? p>ts c be made
 "u ! be/ possible conditions4 ,& ^! be/
 possible conditions1 z f> z ! employees
 are conc]n$1 are also ! be/ possible   
conditions f ! manufactur+ /&po9t4 ,"o  
c\ld n put a great plant on a little    
/ream4 ,"o c put a small plant on a     
little /ream1 & ! comb9ation ( little   
plants1 ea* mak+ a s+le "p1 w make !    
:ole *eap] ?an a va/ factory w\ld4 ,!re 
are exceptions1 z :]e ca/+ has to be    
done4 ,9 su* case1 z at ,riv] ,r\ge1 we 
want to comb9e ! mak+ ( ! metal & ! ca/+
 ( x & also we want to use all ( ! wa/e 
p[]4 ,?is requires a l>ge inve/m5t & a  

consid]able =ce ( m5 9 "o place4 ,b su* 
comb9ations are ! exception r ?an !     
rule1 & !re w\ld n be en\gh ( !m s]i\sly
 to int]f]e ) ! process ( break+ d[n !  
conc5tration ( indu/ry4  ,indu/ry w     
dec5tralize4 ,!re is no city t w\ld be  
rebuilt z x is1 7 x de/roy$--:i* fact is
 9 itself a confession ( our real       
e/imate ( our cities4 ,! city _h a place
 to fill1 a "w to d4 ,d\btless ! c\ntry 
places w\ld n h approximat$ _!          
livabl5ess _h x n be5 = ! cities4 ,by   
cr[d+ toge!r1 m5 h le>n$ "s secrets4 ,!y
 w\ld nev] h le>n$ !m alone 9 ! c\ntry4 
,sanitation1 light+1 social             
organization--all ^! are products ( m5's
 exp]i5ce 9 ! city4 ,b also e social    
ailm5t f :i* we to-day suff] orig9at$ & 
c5tres 9 ! big cities4 ,y w f9d ! small]
 communities liv+ along 9 unison ) !    
seasons1 hav+ nei!r extreme pov]ty nor  
weal?--none ( ! viol5t plagues ( upheave
 & unre/ :i* afflict our great          
populations4 ,!re is some?+ ab\t a city 
( a million p :i* is untam$ & ?reat5+4  

,?irty miles away1 happy & cont5t$      
villages read ( ! rav+s ( ! city6 ,a    
great city is really a helpless mass4   
,ev]y?+ x uses is c>ri$ to x4 ,/op      
transport & ! city /ops4 ,x lives (f !  
%elves ( /ores4 ,! %elves produce no?+4 
,! city _c fe$1 clo!1 w>m1 or h\se      
itself4 ,city conditions ( "w & liv+ are
 s artificial t in/9cts sometimes rebel 
aga9/ _! unnaturalness4  ,& f9ally1 !   
ov]head exp5se ( liv+ or do+ bus9ess 9 !
 great cities is becom+ s l>ge z to be  
unbe>able4 ,x places s great a tax ^u   
life t !re is no surplus ov] to live on4
 ,! politicians h f\nd x easy to borr[  
money & !y h borr[$ to ! limit4 ,)9 !   
la/ decade ! exp5se ( runn+ e city 9 !  
c\ntry has trem5d\sly increas$4 ,a good 
"p ( t exp5se is = int]e/ ^u money      
borr[$2 ! money has gone ei!r into      
non-productive brick1 /one1 & mort>1 or 
into necessities ( city life1 su* z wat]
 supplies & sewage sy/ems at f> above a 
reasonable co/4 ,! co/ ( ma9ta9+ ^!     
works1 ! co/ ( keep+ 9 ord] great masses

 ( p & traffic is great] ?an !          
advantages d]iv$ f community life4 ,!   
mod]n city has be5 prodigal1 x is to-day
 bankrupt1 & to-morr[ x w cease to be4  
,! provision ( a great am\nt ( *eap &   
conv5i5t p[]--n all at once1 b z x may  
be us$--w d m ?an any?+ else to br+ ab\t
 ! balanc+ ( life & ! cutt+ ( ! wa/e :i*
 bre$s pov]ty4 ,!re is no s+le s\rce (  
p[]4 ,x may be t g5]at+ electricity by a
 /eam plant at ! m9e m\? w be ! mo/     
economical me?od = "o community4        
,hydro-electric p[] may be be/ = ano!r  
community4 ,b c]ta9ly 9 e community !re 
ought to be a c5tral /ation to furni%   
*eap p[]--x ought to be held z ess5tial 
z a railway or a wat] supply4 ,& we c\ld
 h e great s\rce ( p[] h>ness$ & work+ =
 ! common good 7 x n t ! exp5se ( obta9+
 capital /&s 9 ! way4 ,i ?9k t we %all h
 to revise "s ( our notions ab\t        
capital4  ,capital t a bus9ess makes =  
itself1 t is employ$ to exp& ! workman's
 opportunity & increase 8 com=t &       
prosp]ity1 & t is us$ to give m & m m5  

"w1 at ! same "t r$uc+ ! co/ ( s]vice to
 ! public--t sort ( capital1 ev5 ?\gh x 
be "u s+le control1 is n a m5ace to     
humanity4 ,x is a work+ surplus held 9  
tru/ & daily use = ! b5efit ( all4 ,!   
hold] ( su* capital c sc>cely reg>d x z 
a p]sonal rew>d4 ,no man c view su* a   
surplus z 8 own1 = he did n create x    
alone4 ,x is ! jo9t product ( 8 :ole    
organization4 ,! own]'s idea may h      
releas$ all ! en]gy & direction1 b      
c]ta9ly x did n supply all ! en]gy &    
direction4 ,e workman 0 a p>tn] 9 !     
creation4 ,no bus9ess c possibly be     
consid]$ only ) ref]5ce to to-day & to !
 individuals engag$ 9 x4 ,x mu/ h !     
means to c>ry on4 ,! be/ wages ought to 
be paid4 ,a prop] liv+ ought to be      
assur$ e p>ticipant 9 ! bus9ess--no     
matt] :at 8 "p4 ,b1 = ! sake ( t        
bus9ess's ability to support ^? :o "w 9 
x1 a surplus has to be held some:]e4 ,! 
truly hone/ manufactur] holds 8 surplus 
pr(its 9 t tru/4 ,ultimately x does n   
matt] :]e ?is surplus be held nor :o    

controls x2 x is its use t matt]s4      
,capital t is n con/antly creat+ m &    
bett] jobs is m useless ?an s&4 ,capital
 t is n con/antly mak+ conditions (     
daily lab\r bett] & ! rew>d ( daily     
lab\r m j1 is n fulfill+ its highe/     
function4 ,! highe/ use ( capital is n  
to make m money1 b to make money d m    
s]vice = ! bett]m5t ( life4 ,unless we 9
 our indu/ries are help+ to solve !     
social problem1 we are n do+ our        
pr9cipal "w4 ,we are n fully s]v+4      
,,*apt] ,,xiv  ,,! ,,tractor ,,& ,,p[]  
,,f>m+   ,x is n g5]ally kn[n t our     
tractor1 :i* we call ! ,=dson1 0 put    
into production ab\t a ye> be=e we _h   
int5d$1 because ( ! ,allies' w>-"t food 
em]g5cy1 & t all ( our e>ly production  
7aside1 ( c\rse1 f ! trial & exp]im5tal 
ma*9es7 w5t directly to ,engl&4 ,we s5t 
9 all five ?\s& tractors across ! sea 9 
! critical #aiag-ah p]iod :5 ! subm>9es 
7 busie/4 ,e "o ( !m arriv$ safely1 &   
(fic]s ( ! ,briti% ,gov]nm5t h be5 good 
en\gh to say t )\t _! aid ,engl& c\ld   

sc>cely h met its food crisis4  ,x 0 ^! 
tractors1 run mo/ly by wom51 t pl\gh$ up
 ! old e/ates & golf c\rses & let all   
,engl& be plant$ & cultivat$ )\t tak+   
away f ! fight+ man p[] or crippl+ !    
=ces 9 ! munitions factories4  ,x came  
ab\t 9 ?is way3 ,! ,engli% food         
adm9i/ration1 ab\t ! "t t we ent]$ ! w> 
9 #aiag1 saw t1 ) ! ,g]man subm>9es     
torp$o+ a freight] almo/ e day1 !       
already l[ supply ( %ipp+ 0 go+ to be   
totally inadequate to c>ry ! ,am]ican   
troops across ! seas1 to c>ry ! ess5tial
 munitions = ^! troops & ! ,allies1 to  
c>ry ! food = ! fight+ =ces1 & at ! same
 "t c>ry en\gh food = ! home population 
( ,engl&4 ,x 0 !n t !y began %ipp+ out (
 ,engl& ! wives & families ( ! colonials
 & made plans = ! gr[+ ( crops at home4 
,! situation 0 a grave "o4 ,!re 7 n     
en\gh draft animals 9 all ,engl& to     
pl\gh & cultivate l& to raise crops 9   
suffici5t volume to make ev5 a d5t 9 !  
food imports4 ,p[] f>m+ 0 sc>cely kn[n1 
= ! ,engli% f>ms 7 n1 be=e ! w>1 big    

en\gh to w>rant ! pur*ase ( heavy1      
exp5sive f>m ma*9]y1 & especially )     
agricultural lab\r s *eap & pl5tiful4   
,v>i\s conc]ns 9 ,engl& made tractors1 b
 !y 7 heavy affairs & mo/ly run by /eam4
 ,!re 7 n en\gh ( !m to g ar\nd4 ,m c\ld
 n easily be made1 = all ! factories 7  
work+ on munitions1 & ev5 if !y _h be5  
made !y 7 too big & clumsy = ! av]age   
field & 9 addition requir$ ! managem5t (
 eng9e]s4 ,we _h put toge!r sev]al      
tractors at our ,man*e/] plant =        
demon/ration purposes4 ,!y _h be5 made 9
 ! ,unit$ ,/ates & m]ely assembl$ 9     
,engl&4 ,! ,bo>d ( ,agriculture reque/$ 
! ,royal ,agricultural ,society to make 
a te/ ( ^! tractors & report4 ,?is is   
:at !y report$3  ,at ! reque/ ( ! ,royal
 ,agricultural ,society ( ,engl&1 we h  
exam9$ two ,=d tractors1 rat$ at #be h4 
p41 at "w pl\gh+3  ,fir/1 cross-pl\gh+ a
 fall[ ( /rong l& 9 a dirty condition1 &
 subsequ5tly 9 a field ( light] l& :i*  
_h se$$ itself d[n into r\gh grass1 &   
:i* af=d$ e opportunity ( te/+ ! motor  

on ! level & on a /eep hill4  ,9 ! fir/ 
trial1 a #b-;furr[ ,oliv] pl\gh 0 us$1  
pl\gh+ on an av]age #e in*es deep ) a   
#af-;in* wide furr[2 a #c-;furr[        
,cock%utt pl\gh 0 also us$ at ! same    
dep? ) ! brea/ pit*$ #aj in*es4  ,9 !   
second trial1 ! #c-;furr[ pl\gh 0 us$1  
pl\gh+ an av]age ( #f in*es deep4  ,9   
bo? cases ! motor did its "w ) ease1 &  
on a measur$ acre ! "t occupi$ 0 #a h\r 
#cj m9utes1 ) a consumption ( #b gallons
 ( p>aff9 p] acre4  ,^! results we      
consid] v satisfactory4  ,! pl\ghs 7 n q
 suitable to ! l&1 & ! tractors1        
consequ5tly1 7 work+ at "s disadvantage4
  ,! total weight ( ! tractor fully     
load$ ) fuel & wat]1 z weigh$ by u1 0   
#bc #a_/d cwts4  ,! tractor is light =  
its p[]1 &1 consequ5tly1 light on ! l&1 
is easily h&l$1 turns 9 a small circle1 
& leaves a v n>r[ headl&4  ,! motor is  
quickly />t$ up f cold on a small supply
 ( petrol4  ,aft] ^! trials we proce$$  
to ,messrs4 ,=d's works at ,traf=d ,p>k1
 ,man*e/]1 :]e "o ( ! motors _h be5 s5t 

to be dismantl$ & inspect$ 9 detail4    
,we f9d ! design ( ample /r5g?1 & ! "w (
 fir/-rate quality4 ,we consid] !       
driv+-:eels r light1 & we und]/& t a new
 & /rong] patt]n is to be suppli$ 9     
future4  ,! tractor is design$ purely = 
work+ on ! l&1 & ! :eels1 :i* are fitt$ 
) spuds1 %\ld be provid$ ) "s protection
 to enable !m to travel on ! road :5    
mov+ f f>m to f>m4  ,be>+ ! above po9ts 
9 m9d1 we recomm5d1 "u exi/+            
circum/ances1 t /eps be tak5 to con/ruct
 imm$iately z _m ( ^! tractors z        
possible4  ,! report 0 sign$ by ,pr(4   
,w4 ,e4 ,dalby & ,f4 ,s4 ,c\rtney1      
eng9e]+2 ,r4 ,n4 ,greaves1 eng9e]+ &    
agriculture2 ,rob]t ,w4 ,hobbs & ,h5ry  
,ov]man1 agriculture2 ,gilb]t ,gre5all1 
honor>y directors1 & ,john ,e4 ,cross1  
/ew>d4  ,almo/ imm$iately aft] ! fil+ ( 
t report we receiv$ ! foll[+ wire3  ,h n
 receiv$ any?+ def9ite conc]n+ %ipm5t   
necess>y /eel & plant = ,cork factory4  
,"u be/ circum/ances h[ev] ,cork factory
 production c\ld n be available be=e    

next spr+4 ,! ne$ = food production 9   
,engl& is imp]ative & l>ge quantity (   
tractors mu/ be available at e>lie/     
possible date = purpose break+ up exi/+ 
grass l& & pl\gh+ = ,fall :eat4 ,am     
reque/$ by high au?orities to appeal to 
,mr4 ,=d = help4 ,w\ld y be will+ to s5d
 ,sor5s5 & o!rs ) draw+s ( ev]y?+       
necess>y1 loan+ !m to ,briti% ,gov]nm5t 
s t p>ts c be manufactur$ ov] "h &      
assembl$ 9 ,gov]nm5t factories "u       
,sor5s5's guidance8 ,c assure y         
positively ?is sugge/ion is made 9      
national int]e/ & if c>ri$ out w be done
 by ! ,gov]nm5t = ! p ) no manufactur+  
or capitali/ int]e/ inve/$ & no pr(it   
be+ made by any int]e/s :atev]4 ,! matt]
 is v urg5t4 ,impossible to %ip any?+   
adequate f ,am]ica because _m ?\s&      
tractors mu/ be provid$4 ,=d ,tractor   
consid]$ be/ & only suitable design4    
,consequ5tly national necessity entirely
 dep5d5t ,mr4 ,=d's design4 ,my "w      
prev5ts me com+ ,am]ica to pres5t !     
proposal p]sonally4 ,urge favorable     

consid]ation & imm$iate decision because
 e day is ( vital importance4 ,y may    
rely on manufactur+ facility =          
production "h "u /ricte/ imp>tial       
,gov]nm5t control4 ,w\ld welcome ,sor5s5
 & any & e o!r assi/ance & guidance y c 
furni% f ,am]ica4 ,cable reply1 ,p]ry1  
,c>e ( ,h>d+ ,prodome1 ,london4         
,,prodome4  ,i und]/& t its s5d+ 0      
direct$ by ! ,briti% ,cab9et4 ,we at    
once cabl$ our entire will+ness to l5d !
 draw+s1 ! b5efit ( :at exp]i5ce we _h  
to date1 & :atev] m5 might be necess>y  
to get production "u way1 & on ! next   
%ip s5t ,*>les ,e4 ,sor5s5 ) full       
draw+s4 ,mr4 ,sor5s5 _h op5$ ! ,man*e/] 
plant & 0 famili> ) ,engli% conditions4 
,he 0 9 *>ge ( ! manufacture ( tractors 
9 ?is c\ntry4  ,mr4 ,sor5s5 />t$ at "w )
 ! ,briti% (ficials to ! end ( hav+ !   
p>ts made & assembl$ 9 ,engl&4 ,_m ( !  
mat]ials :i* we us$ 7 special & c\ld n  
be obta9$ 9 ,engl&4 ,all ( _! factories 
equipp$ = do+ ca/+ & ma*9e "w 7 fill$ ) 
munition ord]s4 ,x prov$ to be exce$+ly 

difficult = ! ,m9i/ry to get t5d]s ( any
 k9d4 ,!n came ,june & a s]ies (        
de/ructive air raids on ,london4 ,!re 0 
a crisis4 ,some?+ _h to be done1 &      
f9ally1 aft] pass+ to & fro among half !
 factories ( ,engl&1 our m5 succe$$ 9   
gett+ ! t5d]s lodg$ ) ! ,m9i/ry4  ,"l   
,miln] exhibit$ ^! t5d]s to ,mr4        
,sor5s54 ,tak+ ! be/ ( !m ! price p]    
tractor came to ab\t #a1ejj )\t any     
gu>antee ( deliv]y4  ,t price is out (  
all reason1 said ,mr4 ,sor5s51  ,^! %\ld
 n co/ m ?an #gjj apiece4  ,c y make    
five ?\s& at t price8 ask$ ,"l ,miln]4  
,yes1 answ]$ ,mr4 ,sor5s54  ,h[ long w x
 take y to deliv] !m8  ,we w />t %ipp+  
)9 sixty days4  ,!y sign$ a contract on 
! spot1 :i*1 among o!r ?+s1 provid$ = an
 advance paym5t ( #be p] c5t4 ( ! total 
sum4 ,mr4 ,sor5s5 cabl$ u :at he _h done
 & took ! next boat home4 ,! #be five p]
 c5t4 paym5t 01 by ! way1 n t\*$ by u   
until aft] ! entire contract 0 complet$3
 we deposit$ x 9 a k9d ( tru/ fund4  ,! 
tractor works 0 n ready to g into       

production4 ,! ,highl& ,p>k plant might 
h be5 adapt$1 b e ma*9e 9 x 0 go+ day & 
night on ess5tial w> "w4 ,!re 0 only "o 
?+ to d4 ,we ran up an em]g5cy ext5sion 
to our plant at ,de>born1 equipp$ x )   
ma*9]y t 0 ord]$ by telegraph & mo/ly   
came by express1 & 9 less ?an sixty days
 ! fir/ tractors 7 on ! docks 9 ,new    
,york 9 ! h&s ( ! ,briti% au?orities4   
,!y delay$ 9 gett+ c>go space1 b on     
,decemb] #f1 #aiag1 we receiv$ ?is      
cable3  ,london1 ,decemb] #e1 #aiag4    
,,sor5s51  ,=dson1 ,f4 ,r4 ,de>born4    
,fir/ tractors arriv$1 :5 w ,smi? & o!rs
 leave8 ,cable4  ,,p]ry4  ,! entire     
%ipm5t ( five ?\s& tractors w5t ?r\gh )9
 ?ree mon?s & t is :y ! tractors 7 be+  
us$ 9 ,engl& long be=e !y 7 really kn[n 
9 ! ,unit$ ,/ates4  ,! plann+ ( !       
tractor really ant$at$ t ( ! motor c>4  
,out on ! f>m my fir/ exp]im5ts 7 )     
tractors1 & x w be rememb]$ t ,i 0      
employ$ = "s "t by a manufactur] ( /eam 
tractors--! big heavy road & ?re%]      
eng9es4 ,b ,i did n see any future = !  

l>ge tractors4 ,!y 7 too exp5sive = !   
small f>m1 requir$ too mu* skill to     
op]ate1 & 7 mu* too heavy z comp>$ ) !  
pull !y ex]t$4 ,& anyway1 ! public 0 m  
int]e/$ 9 be+ c>ri$ ?an 9 be+ pull$2 !  
horseless c>riage made a great] appeal  
to ! imag9ation4 ,& s x 0 t ,i          
practically dropp$ "w ^u a tractor until
 ! automobile 0 9 production4 ,) !      
automobile on ! f>ms1 ! tractor became a
 necessity4 ,= !n ! f>m]s _h be5        
introduc$ to p[]4  ,! f>m] does n /& s  
mu* 9 ne$ ( new tools z ( p[] to run !  
tools t he has4 ,i h foll[$ _m a we>y   
mile beh9d a pl\gh & ,i "k all ! drudg]y
 ( x4 ,:at a wa/e x is = a human be+ to 
sp5d h\rs & days beh9d a sl[ly mov+ team
 ( horses :5 9 ! same "t a tractor c\ld 
d six times z mu* "w6 ,x is no wond] t1 
do+ ev]y?+ sl[ly & by h&1 ! av]age f>m] 
has n be5 able to e>n m ?an a b>e liv+  
:ile f>m products are nev] z pl5tiful & 
*eap z !y ought to be4  ,z 9 !          
automobile1 we want$ p[]--n weight4 ,!  
weight idea 0 firmly fix$ 9 ! m9ds (    

tractor mak]s4 ,x 0 ?\ght t excess      
weight meant excess pull+ p[]--t ! ma*9e
 c\ld n grip unless x 7 heavy4 ,& ?is 9 
spite ( ! fact t a cat has n mu* weight 
& is a pretty good climb]4 ,i h already 
set out my ideas on weight4 ,! only k9d 
( tractor t ,i ?\ght wor? work+ on 0 "o 
t w\ld be light1 /rong1 & s simple t any
 "o c\ld run x4 ,also x _h to be s *eap 
t any "o c\ld buy x4 ,) ^! ends 9 view1 
we work$ = ne>ly fifte5 ye>s on a design
 & sp5t "s millions ( doll>s 9          
exp]im5ts4 ,we foll[$ exactly ! same    
c\rse z ) ! automobile4 ,ea* "p _h to be
 z /rong z x 0 possible to make x1 !    
p>ts _h to be few 9 numb]1 & ! :ole _h  
to admit ( quantity production4 ,we _h  
"s ?\ght t p]haps ! automobile eng9e    
might be us$ & we conduct$ a few        
exp]im5ts ) x4 ,b f9ally we became      
conv9c$ t ! k9d ( tractor we want$ & !  
automobile _h practically no?+ 9 common4
 ,x 0 ! int5tion f ! beg9n+ t ! tractor 
%\ld be made z a sep>ate und]tak+ f !   
automobile & 9 a di/9ct plant4 ,no plant

 is big en\gh to make two articles4  ,! 
automobile is design$ to c>ry2 ! tractor
 is design$ to pull--to climb4 ,& t     
diff]5ce 9 function made all ! diff]5ce 
9 ! _w 9 con/ruction4 ,! h>d problem 0  
to get be>+s t w\ld /& up aga9/ ! heavy 
pull4 ,we f9ally got !m & a con/ruction 
:i* seems to give ! be/ av]age p]=mance 
"u all conditions4 ,we fix$ ^u a        
f\r-cyl9d] eng9e t is />t$ by gasol9e b 
runs !reaft] on k]os5e4 ,! lighte/      
weight t we c\ld atta9 ) /r5g? 0 #b1dbe 
p\nds4 ,! grip is 9 ! lugs on ! driv+   
:eels--z 9 ! claws ( ! cat4  ,9 addition
 to its /rictly pull+ functions1 !      
tractor1 to be ( ! greate/ s]vice1 _h   
also to be design$ = "w z a /ation>y    
eng9e s t :5 x 0 n out on ! road or 9 ! 
fields x might be hit*$ up ) a belt to  
run ma*9]y4 ,9 %ort1 x _h to be a       
compact1 v]satile p[] plant4 ,& t x has 
be54 ,x has n only pl\gh$1 h>r[$1       
cultivat$1 & reap$1 b x has also ?re%$1 
run gri/ mills1 saw mills1 & v>i\s o!r  
sorts ( mills1 pull$ /umps1 pl\gh$ sn[1 

& done ab\t ev]y?+ t a plant ( mod]ate  
p[] c\ld d f %eep-%e>+ to pr9t+ a       
newspap]4 ,x has be5 fitt$ ) heavy tires
 to haul on roads1 ) sl$ge runn]s = !   
woods & ice1 & ) rimm$ :eels to run on  
rails4 ,:5 ! %ops 9 ,detroit 7 %ut d[n  
by coal %ortage1 we got out ! ,de>born  
,indep5d5t by s5d+ a tractor to !       
electro-typ+ factory--/ation+ ! tractor 
9 ! alley1 s5d+ up a belt f\r /ories1 & 
mak+ ! plates by tractor p[]4 ,its use 9
 n9ety-five di/9ct l9es ( s]vice has be5
 call$ to our att5tion1 & probably we "k
 only a fraction ( ! uses4  ,! me*anism 
( ! tractor is ev5 m simple ?an t ( !   
automobile & x is manufactur$ 9 exactly 
! same fa%ion4 ,until ! pres5t ye>1 !   
production has be5 held back by ! lack (
 a suitable factory4 ,! fir/ tractors _h
 be5 made 9 ! plant at ,de>born :i* is  
n[ us$ z an exp]im5tal /ation4 ,t 0 n   
l>ge en\gh to affect ! economies (      
l>ge-scale production & x c\ld n well be
 enl>g$ because ! design 0 to make !    
tractors at ! ,riv] ,r\ge plant1 & t1   

until ?is ye>1 0 n 9 full op]ation4  ,n[
 t plant is complet$ = ! mak+ (         
tractors4 ,! "w fl[s exactly z ) !      
automobiles4 ,ea* "p is a sep>ate       
dep>tm5tal und]tak+ & ea* "p z x is     
f9i%$ jo9s ! conveyor sy/em :i* leads x 
to its prop] initial assembly &         
ev5tually into ! f9al assembly4 ,ev]y?+ 
moves & !re is no skill$ "w4 ,! capacity
 ( ! pres5t plant is "o million tractors
 a ye>4 ,t is ! numb] we expect to      
make--= ! _w ne$s inexp5sive1           
g5]al-utility p[] plants m n[ ?an ev]   
be=e--& also x n[ kn[s en\gh ab\t ma*9]y
 to want su* plants4  ,! fir/ tractors1 
z ,i h said1 w5t to ,engl&4 ,!y 7 fir/  
(f]$ 9 ! ,unit$ ,/ates 9 #aiah at #gej4 
,9 ! next ye>1 ) ! high] co/s1 ! price  
_h to be made #hhe2 9 ! middle ( ! ye> x
 0 possible aga9 to make ! introductory 
price ( #gej4 ,9 #aibj we *>g$ #gij2 9 !
 next ye> we 7 suffici5tly famili> ) !  
production to beg9 cutt+4 ,! price came 
d[n to #fbe & !n 9 #aibb ) ! ,riv] ,r\ge
 plant function+ we 7 able to cut to    

#cie4 ,all ( :i* %[s :at gett+ into     
sci5tific production w d to a price4 ,j 
z ,i h no idea h[ *eaply ! ,=d          
automobile c ev5tually be made1 ,i h no 
idea h[ *eaply ! tractor c ev5tually be 
made4  ,x is important t x %all be *eap4
 ,o!rwise p[] w n g to all ! f>ms4 ,& !y
 mu/ all ( !m h p[]4 ,)9 a few ye>s a   
f>m dep5d+ solely on horse & h& p[] w be
 z mu* ( a curiosity z a factory run by 
a treadmill4 ,! f>m] mu/ ei!r take up   
p[] or g out ( bus9ess4 ,! co/ figures  
make ?is inevitable4 ,dur+ ! w> !       
,gov]nm5t made a te/ ( a ,=dson tractor 
to see h[ its co/s comp>$ ) do+ ! "w )  
horses4 ,! figures on ! tractor 7 tak5  
at ! high price plus freight4 ,!        
depreciation & repair items are n s     
great z ! report sets !m =?1 & ev5 if !y
 71 ! prices are cut 9 halves :i* w\ld  
!re=e cut ! depreciation & repair *>ge 9
 halves4 ,^! are ! figures3  ,,co/1     
,,=dson1 #hhj4 ,,we>+ ,,life1 #d1hjj    
,,h\rs ,,at #d_/e ,,acres ,,p] ,,h\r1   
#c1hdj ,,acres    #c1hdj acres at #hhj2 

depreciation p] acre             4#bba  
,repairs = #c1hdj acres1 #ajj2 p] acre  
4#jbf    ,fuel co/1 k]os5e at #ai c5ts2 
#b gal4 p] acre       4#ch    #a gal4   
oil p] #h acres2 p] acre                
4#jge    ,driv]1 #b p] day1 #h acres2 p]
 acre                  4#be             
---   ,co/ ( pl\gh+ ) ,=dson2 p] acre4  
4#ie  #h ,,horses ,,co/1 #a1bjj4 ,,work+
 ,,life1 #e1jjj ,,h\rs ,,at #d_/e ,,acre
 ,,p] ,,h\r1 #d1jjj ,,acres      #d1jjj 
acres at #a1bjj1 depreciation ( horses1 
p] acre4 4 4 4 #cj     ,fe$ p] horse1   
#dj c5ts 7#ajj work+ days7 p] acre 4 4 4
 4 4 #dj     ,fe$ p] horse1 #aj c5ts a  
day 7#bfe idle days7 p] acre4 4 4 #b4fe 
,two driv]s1 two gang pl\ghs1 at #b ea* 
p] day1 p] acre4 4 #ej                  
----     ,co/ ( pl\gh+ ) horses2 p]     
acre4 4 4 4 4 4 4 4 4 4 4 #a4df  ,at    
pres5t co/s1 an acre w\ld run ab\t #dj  
c5ts only two c5ts repres5t+            
depreciation & repairs4 ,b ?is does n   
take acc\nt ( ! "t elem5t4 ,! pl\gh+ is 
done 9 ab\t "o f\r? ! "t1 ) only !      

physical en]gy us$ to /e] ! tractor4    
,pl\gh+ has become a matt] ( motor+     
across a field4  ,f>m+ 9 ! old /yle is  
rapidly fad+ into a picturesque memory4 
,?is does n mean t "w is go+ to remove f
 ! f>m4 ,"w _c be remov$ f any life t is
 productive4 ,b p[]-f>m+ does mean      
?is--drudg]y is go+ to be remov$ f !    
f>m4 ,p[]-f>m+ is simply tak+ ! burd5 f 
fle% & blood & putt+ x on /eel4 ,we are 
9 ! op5+ ye>s ( p[]-f>m+4 ,! motor c>   
wr\ght a revolution 9 mod]n f>m life1 n 
because x 0 a vehicle1 b because x _h   
p[]4 ,f>m+ ought to be some?+ m ?an a   
rural occupation4 ,x ought to be !      
bus9ess ( rais+ food4 ,& :5 x does      
become a bus9ess ! actual "w ( f>m+ !   
av]age sort ( f>m c be done 9 tw5ty-f\r 
days a ye>4 ,! o!r days c be giv5 ov] to
 o!r k9ds ( bus9ess4 ,f>m+ is too       
seasonal an occupation to engage all ( a
 man's "t4  ,z a food bus9ess1 f>m+ w   
ju/ify itself z a bus9ess if x raises   
food 9 suffici5t quantity & di/ributes x
 "u su* conditions z w enable e family  

to h en\gh food = its reasonable ne$s4  
,!re c\ld n be a food tru/ if we 7 to   
raise su* ov]:elm+ quantities ( all k9ds
 ( food z to make manipulation &        
exploitation impossible4 ,! f>m] :o     
limits 8 plant+ plays into ! h&s ( !    
speculators4  ,& !n1 p]haps1 we %all    
witness a revival ( ! small fl\r-mill+  
bus9ess4 ,x 0 an evil day :5 ! village  
fl\r mill disappe>$4 ,coop]ative f>m+ w 
become s develop$ t we %all see         
associations ( f>m]s ) _! own pack+     
h\ses 9 :i* _! own hogs w be turn$ into 
ham & bacon1 & ) _! own fl\r mills 9 :i*
 _! gra9 w be turn$ into comm]cial      
food/uffs4  ,:y a /e] rais$ 9 ,texas    
%\ld be br\ght to ,*icago & !n s]v$ 9   
,bo/on is a "q t _c be answ]$ z long z  
all ! /e]s ! city ne$s c\ld be rais$ ne>
 ,bo/on4 ,! c5tralization ( food        
manufactur+ indu/ries1 entail+ enorm\s  
co/s = transportation & organization1 is
 too wa/eful long to cont9ue 9 a        
develop$ community4  ,we %all h z great 
a developm5t 9 f>m+ dur+ ! next tw5ty   

ye>s z we h _h 9 manufactur+ dur+ ! la/ 
tw5ty4     ,,*apt] ,,xv  ,,:y ,,*>ity8  
,:y %\ld !re by any necessity = almsgiv+
 9 a civiliz$ community8 ,x is n !      
*>itable m9d to :i* ,i object4 ,heav5   
=bid t we %\ld ev] gr[ cold t[>d a fell[
 creature 9 ne$4 ,human sympa?y is too  
f9e = ! cool1 calculat+ attitude to take
 its place4 ,"o c "n v few great        
advances t did n h human sympa?y beh9d  
!m4 ,x is 9 ord] to help p t e notable  
s]vice is und]tak54  ,! tr\ble is t we h
 be5 us+ ?is great1 f9e motive =ce =    
ends too small4 ,if human sympa?y       
prompts u to fe$ ! hungry1 :y %\ld x n  
give ! l>g] desire--to make hung] 9 our 
mid/ impossible8 ,if we h sympa?y en\gh 
= p to help !m out ( _! tr\bles1 surely 
we ought to h sympa?y en\gh to keep !m  
out4  ,x is easy to give2 x is h>d] to  
make giv+ unnecess>y4 ,to make ! giv+   
unnecess>y we mu/ look beyond !         
individual to ! cause ( 8 mis]y--n      
hesitat+1 ( c\rse1 to relieve him 9 !   
meantime1 b n /opp+ ) m]e tempor>y      

relief4 ,! difficulty seems to be 9     
gett+ to look beyond to ! causes4 ,m p c
 be mov$ to help a poor family ?an c be 
mov$ to give _! m9ds t[>d ! removal (   
pov]ty altoge!r4  ,i h no pati5ce )     
pr(essional *>ity1 or ) any sort (      
comm]cializ$ humanit>ianism4 ,! mom5t   
human helpfulness is sy/ematiz$1        
organiz$1 comm]cializ$1 &               
pr(essionaliz$1 ! he>t ( x is ext+ui%$1 
& x becomes a cold & clammy ?+4  ,real  
human helpfulness is nev] c>d-catalogu$ 
or adv]tis$4 ,!re are m orphan *ildr5   
be+ c>$ = 9 ! private homes ( p :o love 
!m ?an 9 ! in/itutions4 ,!re are m old p
 be+ %elt]$ by fri5ds ?an y c f9d 9 !   
old p's homes4 ,!re is m aid by loans f 
family to family ?an by ! loan          
societies4 ,t is1 human society on a    
humane basis looks out = itself4 ,x is a
 grave "q h[ f> we ought to c\nt5ance ! 
comm]cialization ( ! natural in/9ct (   
*>ity4  ,pr(essional *>ity is n only    
cold b x hurts m ?an x helps4 ,x        
degrades ! recipi5ts & drugs _!         

self-respect4 ,ak9 to x is s5tim5tal    
idealism4 ,! idea w5t abroad n s _m ye>s
 ago t s]vice 0 some?+ t we %\ld expect 
to h done = u4 ,untold numb]s ( p became
 ! recipi5ts ( well-meant social s]vice4
 ,:ole sections ( our population 7      
coddl$ into a /ate ( expectant1 *ild-l  
helplessness4 ,!re grew up a regul>     
pr(ession ( do+ ?+s = p1 :i* gave an    
outlet = a laudable desire = s]vice1 b  
:i* contribut$ no?+ :atev] to !         
self-reliance ( ! p nor to ! correction 
( ! conditions out ( :i* ! suppos$ ne$ =
 su* s]vice grew4  ,worse ?an ?is       
enc\ragem5t ( *ildi% wi/fulness1 in/ead 
( tra9+ = self-reliance &               
self-suffici5cy1 0 ! creation ( a feel+ 
( res5tm5t :i* ne>ly always ov]takes !  
objects ( *>ity4 ,p (t5 compla9 ( !     
+ratitude ( ^? :om !y help4 ,no?+ is m  
natural4 ,9 ! fir/ place1 preci\s little
 ( our s-call$ *>ity is ev] real *>ity1 
(f]$ out ( a he>t full ( int]e/ &       
sympa?y4 ,9 ! second place1 no p]son ev]
 reli%es be+ 9 a position :]e he is =c$ 

to take favors4  ,su* social "w creates 
a /ra9$ relation--! recipi5t ( b\nty    
feels t he has be5 belittl$ 9 ! tak+1 & 
x is a "q :e!r ! giv] %\ld n also feel t
 he has be5 belittl$ 9 ! giv+4 ,*>ity   
nev] l$ to a settl$ /ate ( affairs4 ,!  
*>itable sy/em t does n aim to make     
itself unnecess>y is n p]=m+ s]vice4 ,x 
is simply mak+ a job = itself & is an   
add$ item to ! record ( non-production4 
,*>ity becomes unnecess>y z ^? :o seem  
to be unable to e>n liv+s are tak5 out (
 ! non-productive class & put into !    
productive4 ,9 a previ\s *apt] ,i h set 
out h[ exp]im5ts 9 our %ops h demon/rat$
 t 9 suffici5tly subdivid$ indu/ry !re  
are places :i* c be fill$ by ! maim$1 ! 
halt1 & ! bl9d4 ,sci5tific indu/ry ne$ n
 be a mon/] dev\r+ all :o come ne> x4   
,:5 x is1 !n x is n fulfill+ its place 9
 life4 ,9 & out ( indu/ry !re mu/ be    
jobs t take ! full /r5g? ( a p[]ful man2
 !re are o!r jobs1 & pl5ty ( !m1 t      
require m skill ?an ! artisans ( !      
,middle ,ages ev] _h4 ,! m9ute          

subdivision ( indu/ry p]mits a /rong man
 or a skill$ man always to use 8 /r5g?  
or skill4 ,9 ! old h& indu/ry1 a skill$ 
man sp5t a good "p ( 8 "t at unskill$   
"w4 ,t 0 a wa/e4 ,b s9ce 9 ^? days e    
task requir$ bo? skill$ & unskill$ lab\r
 to be p]=m$ by ! "o man1 !re 0 little  
room = ei!r ! man :o 0 too /upid ev] to 
be skill$ or ! man :o did n h !         
opportunity to le>n a trade4  ,no       
me*anic work+ ) only 8 h&s c e>n m ?an a
 b>e su/5ance4 ,he _c h a surplus4 ,x   
has be5 tak5 = grant$ t1 com+ into old  
age1 a me*anic mu/ be support$ by 8     
*ildr5 or1 if he has no *ildr51 t he w  
be a public *>ge4 ,all ( t is q         
unnecess>y4 ,! subdivision ( indu/ry    
op5s places t c be fill$ by practically 
any "o4 ,!re are m places 9 subdivision 
indu/ry t c be fill$ by bl9d m5 ?an !re 
are bl9d m54 ,!re are m places t c be   
fill$ by cripples ?an !re are cripples4 
,& 9 ea* ( ^! places ! man :o           
%ort-sight$ly might be consid]$ z an    
object ( *>ity c e>n j z adequate a liv+

 z ! ke5e/ & mo/ able-bodi$4 ,x is wa/e 
to put an able-bodi$ man 9 a job t might
 be j z well c>$ = by a cripple4 ,x is a
 frightful wa/e to put ! bl9d at weav+  
baskets4 ,x is wa/e to h convicts break+
 /one or pick+ hemp or do+ any sort (   
petty1 useless task4  ,a well-conduct$  
jail %\ld n only be self-support+1 b a  
man 9 jail ought to be able to support 8
 family or1 if he has no family1 he %\ld
 be able to accumulate a sum ( money    
suffici5t to put him on 8 feet :5 he    
gets out ( jail4 ,i am n advocat+       
convict lab\r or ! f>m+ out ( m5        
practically z slaves4 ,su* a plan is too
 dete/able = words4 ,we h greatly       
ov]done ! prison bus9ess1 anyway2 we    
beg9 at ! wrong end4 ,b z long z we h   
prisons !y c be fitt$ into ! g5]al s*eme
 ( production s neatly t a prison may   
become a productive unit work+ = !      
relief ( ! public & ! b5efit ( !        
prison]s4 ,i "k t !re are laws--fooli%  
laws pass$ by un?9k+ m5--t re/rict !    
indu/rial activities ( prisons4 ,^? laws

 7 pass$ mo/ly at ! behe/ ( :at is call$
 ,lab\r4 ,!y are n = ! b5efit ( !       
work+man4 ,increas+ ! *>ges ^u a        
community does n b5efit any "o 9 !      
community4 ,if ! idea ( s]vice be kept 9
 m9d1 !n !re is always 9 e community m  
"w to d ?an !re are m5 :o c d x4        
,indu/ry organiz$ = s]vice removes ! ne$
 = philan?ropy4 ,philan?ropy1 no matt]  
h[ noble its motive1 does n make =      
self-reliance4 ,we mu/ h self-reliance4 
,a community is ! bett] = be+           
discont5t$1 = be+ dissatisfi$ ) :at x   
has4 ,i d n mean ! petty1 daily1 nagg+1 
gnaw+ sort ( discont5t1 b a broad1      
c\rage\s sort ( discont5t :i* believes t
 ev]y?+ :i* is done c & ought to be     
ev5tually done bett]4 ,indu/ry organiz$ 
= s]vice--& ! work+man z well z ! lead] 
mu/ s]ve--c pay wages suffici5tly l>ge  
to p]mit e family to be bo? self-reliant
 & self-support+4 ,a philan?ropy t sp5ds
 its "t & money 9 help+ ! _w to d m =   
itself is f> bett] ?an ! sort :i* m]ely 
gives & ?us enc\rages idl5ess4          

,philan?ropy1 l ev]y?+ else1 ought to be
 productive1 & ,i believe t x c be4 ,i h
 p]sonally be5 exp]im5t+ ) a trade s*ool
 & a hospital to discov] if su*         
in/itutions1 :i* are commonly reg>d$ z  
b5evol5t1 _c be made to /& on _! own    
feet4 ,i h f\nd t !y c be4  ,i am n 9   
sympa?y ) ! trade s*ool z x is commonly 
organiz$--! boys get only a smatt]+ ( k 
& !y d n le>n h[ to use t k4 ,! trade   
s*ool %\ld n be a cross betwe5 a        
te*nical college & a s*ool2 x %\ld be a 
means ( tea*+ boys to be productive4 ,if
 !y are put at useless tasks--at mak+   
articles & !n ?r[+ !m away--!y _c h !   
int]e/ or acquire ! k :i* is _! "r4 ,&  
dur+ ! p]iod ( s*ool+ ! boy is n        
productive2 ! s*ools--unless by         
*>ity--make no provision = ! support ( !
 boy4 ,_m boys ne$ support2 !y mu/ "w at
 ! fir/ ?+ :i* comes to h&4 ,!y h no    
*ance to pick & *oose4  ,:5 ! boy ?us   
ent]s life untra9$1 he b adds to !      
already great sc>city ( compet5t lab\r4 
,mod]n indu/ry requires a degree (      

ability & skill :i* nei!r e>ly quitt+ ( 
s*ool nor long cont9uance at s*ool      
provides4 ,x is true t1 9 ord] to reta9 
! int]e/ ( ! boy & tra9 him 9 h&icraft1 
manual tra9+ dep>tm5ts h be5 introduc$ 9
 ! m progressive s*ool sy/ems1 b ev5 ^! 
are confess$ly make%ifts because !y only
 cat] to1 )\t satisfy+1 ! normal boy's  
creative in/9cts4  ,to meet ?is         
condition--to fulfill ! boy's           
educational possibilities & at ! same "t
 beg9 8 indu/rial tra9+ along           
con/ructive l9es--! ,h5ry ,=d ,trade    
,s*ool 0 incorporat$ 9 #aiaf4 ,we d n   
use ! ^w philan?ropy 9 connection ) ?is 
ef=t4 ,x grew out ( a desire to aid !   
boy ^: circum/ances compell$ him to     
leave s*ool e>ly4 ,?is desire to aid    
fitt$ 9 conv5i5tly ) ! necessity (      
provid+ tra9$ tool-mak]s 9 ! %ops4 ,f ! 
beg9n+ we h held to ?ree c>d9al         
pr9ciples3 fir/1 t ! boy 0 to be kept a 
boy & n *ang$ into a premature          
work+-man2 second1 t ! academic tra9+ 0 
to g h& 9 h& ) ! indu/rial in/ruction2  

?ird1 t ! boy 0 to be giv5 a s5se (     
pride & responsibility 9 8 "w by be+    
tra9$ on articles :i* 7 to be us$4 ,he  
works on objects ( recogniz$ indu/rial  
wor?4 ,! s*ool is incorporat$ z a       
private s*ool & is op5 to boys betwe5 ! 
ages ( twelve & eighte54 ,x is organiz$ 
on ! basis ( s*ol>%ips & ea* boy is     
aw>d$ an annual ca% s*ol>%ip ( f\r      
hundr$ doll>s at 8 entrance4 ,?is is    
gradually increas$ to a maximum ( six   
hundr$ doll>s if 8 record is            
satisfactory4  ,a record ( ! class & %op
 "w is kept & also ( ! indu/ry ! boy    
displays 9 ea*4 ,x is ! m>ks 9 indu/ry  
:i* are us$ 9 mak+ subsequ5t adju/m5ts (
 8 s*ol>%ip4 ,9 addition to 8 s*ol>%ip  
ea* boy is giv5 a small am\nt ea* mon?  
:i* mu/ be deposit$ 9 8 sav+s acc\nt4   
,?is ?rift fund mu/ be left 9 ! bank z  
long z ! boy rema9s 9 ! s*ool unless he 
is giv5 p]mission by ! au?orities to use
 x = an em]g5cy4  ,"o by "o ! problems (
 manag+ ! s*ool are be+ solv$ & bett]   
ways ( accompli%+ its objects are be+   

discov]$4 ,at ! beg9n+ x 0 ! cu/om to   
give ! boy "o ?ird ( ! day 9 class "w & 
two ?irds 9 %op "w4 ,?is daily adju/m5t 
0 f\nd to be a h9drance to progress1 &  
n[ ! boy takes 8 tra9+ 9 blocks (       
weeks--"o week 9 ! class & two weeks 9 !
 %op4 ,classes are cont9u\s1 ! v>i\s    
gr\ps tak+ _! weeks 9 turn4  ,! be/     
in/ructors obta9able are on ! /aff1 & ! 
text-book is ! ,=d plant4 ,x (f]s m     
res\rces = practical education ?an mo/  
univ]sities4 ,! ari?metic lessons come 9
 concrete %op problems4 ,no long] is !  
boy's m9d tortur$ ) ! my/]i\s ,a :o c r[
 f\r miles :ile ,b is r[+ two4 ,! actual
 processes & actual conditions are      
exhibit$ to him--he is taught to obs]ve4
 ,cities are no long] black specks on   
maps & cont95ts are n j pages ( a book4 
,! %op %ipm5ts to ,s+apore1 ! %op       
receipts ( mat]ial f ,africa & ,s\?     
,am]ica are %[n to him1 & ! _w becomes  
an inhabit$ planet in/ead ( a col\r$    
globe on ! tea*]'s desk4 ,9 physics &   
*emi/ry ! indu/rial plant provides a    

laboratory 9 :i* !ory becomes practice &
 ! lesson becomes actual exp]i5ce4      
,suppose ! action ( a pump is be+       
taught4 ,! tea*] expla9s ! p>ts & _!    
functions1 answ]s que/ions1 & !n !y all 
troop away to ! eng9e rooms to see a    
great pump4 ,! s*ool has a regul>       
factory work%op ) ! f9e/ equipm5t4 ,!   
boys "w up f "o ma*9e to ! next4 ,!y "w 
solely on p>ts or articles ne$$ by !    
company1 b our ne$s are s va/ t ?is li/ 
compreh5ds ne>ly ev]y?+4 ,! inspect$ "w 
is pur*as$ by ! ,=d ,motor ,company1 &1 
( c\rse1 ! "w t does n pass inspection  
is a loss to ! s*ool4  ,! boys :o h     
progress$ fur!/ d f9e micromet] "w1 & !y
 d e op]ation ) a cle> und]/&+ ( !      
purposes & pr9ciples involv$4 ,!y repair
 _! own ma*9es2 !y le>n h[ to take c>e (
 !mselves ar\nd ma*9]y2 !y /udy         
patt]n-mak+ & 9 clean1 well-light$ rooms
 ) _! in/ructors !y lay ! f\ndation =   
successful c>e]s4  ,:5 !y graduate1     
places are always op5 = !m 9 ! %ops at  
good wages4 ,! social & moral well-be+ (

 ! boys is giv5 an unobtrusive c>e4 ,!  
sup]vision is n ( au?ority b ( fri5dly  
int]e/4 ,! home conditions ( e boy are  
pretty well kn[n1 & 8 t5d5cies are      
obs]v$4 ,& no attempt is made to coddle 
him4 ,no attempt is made to r5d] him    
namby-pamby4 ,"o day :5 two boys came to
 ! po9t ( a fight1 !y 7 n lectur$ on !  
wick$ness ( fight+4 ,!y 7 c\nsel$ to    
make up _! diff]5ces 9 a bett] way1 b   
:51 boy-l1 !y pref]r$ ! m primitive mode
 ( settlem5t1 !y 7 giv5 gloves & made to
 fight x out 9 a corn] ( ! %op4 ,! only 
prohibition laid ^u !m 0 t !y 7 to f9i% 
x !re1 & n to be caught fight+ outside !
 %op4 ,! result 0 a %ort enc\nt]        
&--fri5d%ip4  ,!y are h&l$ z boys2 _!   
bett] boyi% in/9cts are enc\rag$2 & :5  
"o sees !m 9 ! %ops & classes "o _c     
easily miss ! light ( dawn+ ma/]y 9 _!  
eyes4 ,!y h a s5se ( belong+4 ,!y feel  
!y are do+ some?+ wor? :ile4 ,!y le>n   
readily & eag]ly because !y are le>n+ ! 
?+s :i* e active boy wants to le>n &    
ab\t :i* he is con/antly ask+ que/ions t

 none ( 8 home-folks c answ]4  ,beg9n+ )
 six boys ! s*ool n[ has two hundr$ & is
 possess$ ( s practical a sy/em t x may 
exp& to sev5 hundr$4 ,x began ) a       
deficit1 b z x is "o ( my basic ideas t 
any?+ wor? :ile 9 itself c be made      
self-su/a9+1 x has s develop$ its       
processes t x is n[ pay+ its way4  ,we h
 be5 able to let ! boy h 8 boyhood4 ,^! 
boys le>n to be workm5 b !y d n =get h[ 
to be boys4 ,t is ( ! fir/ importance4  
,!y e>n f #ai to #ce c5ts an h\r--:i* is
 m ?an !y c\ld e>n z boys 9 ! sort ( job
 op5 to a y\ng/]4 ,!y c bett] help      
support _! families by /ay+ 9 s*ool ?an 
by go+ out to "w4 ,:5 !y are ?r\gh1 !y h
 a good g5]al education1 ! beg9n+ ( a   
te*nical education1 & !y are s skill$ z 
workm5 t !y c e>n wages :i* w give !m ! 
lib]ty to cont9ue _! education if !y l4 
,if !y d n want m education1 !y h at    
lea/ ! skill to comm& high wages any:]e4
 ,!y d n h to g into our factories2 mo/ 
( !m d because !y d n "k :]e bett] jobs 
are to be _h--we want all our jobs to be

 good = ! m5 :o take !m4 ,b !re is no   
/r+ ti$ to ! boys4 ,!y h e>n$ _! own way
 & are "u obligations to no "o4 ,!re is 
no *>ity4 ,! place pays = itself4  ,!   
,=d ,hospital is be+ work$ out on       
some:at simil> l9es1 b because ( !      
int]ruption ( ! w>--:5 x 0 giv5 to !    
,gov]nm5t & became ,g5]al ,hospital ,no4
 #cf1 h\s+ "s fifte5 hundr$ pati5ts--!  
"w has n yet advanc$ to ! po9t (        
absolutely def9ite results4 ,i did n    
delib]ately set out to build ?is        
hospital4 ,x began 9 #aiad z ! ,detroit 
,g5]al ,hospital & 0 design$ to be      
erect$ by popul> subscription4 ,) o!rs1 
,i made a subscription1 & ! build+      
began4 ,long be=e ! fir/ build+s 7 done1
 ! funds became exhau/$ & ,i 0 ask$ to  
make ano!r subscription4 ,i refus$      
because ,i ?\ght t ! manag]s %\ld h kn[n
 h[ mu* ! build+ 0 go+ to co/ be=e !y   
/>t$4 ,& t sort ( a beg9n+ did n give   
great confid5ce z to h[ ! place w\ld be 
manag$ aft] x 0 f9i%$4 ,h[ev]1 ,i did   
(f] to take ! :ole hospital1 pay+ back  

all ! subscriptions t _h be5 made4 ,?is 
0 accompli%$1 & we 7 go+ =w>d ) ! "w :51
 on ,augu/ #a1 #aiah1 ! :ole in/itution 
0 turn$ ov] to ! ,gov]nm5t4 ,x 0 return$
 to u 9 ,octob]1 #aiai1 & on ! t5? day (
 ,novemb] ( ! same ye> ! fir/ private   
pati5t 0 admitt$4  ,! hospital is on    
,we/ ,gr& ,b\lev>d 9 ,detroit & ! plot  
embraces tw5ty acres1 s t !re w be ample
 room = expansion4 ,x is our ?\ght to   
ext5d ! facilities z !y ju/ify !mselves4
 ,! orig9al design ( ! hospital has be5 
q ab&on$ & we h endeav\r$ to "w out a   
new k9d ( hospital1 bo? 9 design &      
managem5t4 ,!re are pl5ty ( hospitals = 
! ri*4 ,!re are pl5ty ( hospitals = !   
poor4 ,!re are no hospitals = ^? :o c   
af=d to pay only a mod]ate am\nt & yet  
desire to pay )\t a feel+ t !y are      
recipi5ts ( *>ity4 ,x has be5 tak5 =    
grant$ t a hospital _c bo? s]ve & be    
self-support+--t x has to be ei!r an    
in/itution kept go+ by private          
contributions or pass into ! class (    
private sanit>iums manag$ = pr(it4 ,?is 

hospital is design$ to be               
self-support+--to give a maximum (      
s]vice at a m9imum ( co/ & )\t !        
slighte/ col\r+ ( *>ity4  ,9 ! new      
build+s t we h erect$ !re are no w>ds4  
,all ( ! rooms are private & ea* "o is  
provid$ ) a ba?4 ,! rooms--:i* are 9    
gr\ps ( tw5ty-f\r--are all id5tical 9   
size1 9 fitt+s1 & 9 furni%+s4 ,!re is no
 *oice ( rooms4 ,x is plann$ t !re %all 
be no *oice ( any?+ )9 ! hospital4 ,e   
pati5t is on an equal foot+ ) e o!r     
pati5t4  ,x is n at all c]ta9 :e!r      
hospitals z !y are n[ manag$ exi/ =     
pati5ts or = doctors4 ,i am n unm9dful (
 ! l>ge am\nt ( "t :i* a capable        
physician or surgeon gives to *>ity1 b  
also ,i am n conv9c$ t ! fees ( surgeons
 %\ld be regulat$ accord+ to ! weal? ( !
 pati5t1 & ,i am entirely conv9c$ t :at 
is kn[n z pr(essional etiquette is a    
curse to mank9d & to ! developm5t (     
m$ic9e4 ,diagnosis is n v mu* develop$4 
,i %\ld n c>e to be among ! proprietors 
( a hospital 9 :i* e /ep _h n be5 tak5  

to insure t ! pati5ts 7 be+ treat$ = :at
 actually 0 ! matt] ) !m1 in/ead ( =    
some?+ t "o doctor _h decid$ !y _h4     
,pr(essional etiquette makes x v        
difficult = a wrong diagnosis to be     
correct$4 ,! consult+ physician1 unless 
he be a man ( great tact1 w n *ange a   
diagnosis or a treatm5t unless !        
physician :o has call$ him 9 is 9 ?or\gh
 agreem5t1 & !n if a *ange be made1 x is
 usually )\t ! k ( ! pati5t4 ,!re seems 
to be a notion t a pati5t1 & especially 
:5 9 a hospital1 becomes ! prop]ty ( !  
doctor4 ,a consci5ti\s practition] does 
n exploit ! pati5t4 ,a less consci5ti\s 
"o does4 ,_m physicians seem to reg>d ! 
su/a9+ ( _! own diagnoses z ( z great   
mom5t z ! recov]y ( ! pati5t4  ,x has   
be5 an aim ( our hospital to cut away f 
all ( ^! practices & to put ! int]e/ ( !
 pati5t fir/4 ,!re=e1 x is :at is kn[n z
 a clos$ hospital4 ,all ( ! physicians &
 all ( ! nurses are employ$ by ! ye> &  
!y c h no practice outside ( ! hospital4
 ,includ+ ! int]ns1 tw5ty-"o physicians 

& surgeons are on ! /aff4 ,^! m5 h be5  
select$ ) great c>e & !y are paid       
sal>ies t am\nt to at lea/ z mu* z !y   
w\ld ord9>ily e>n 9 successful private  
practice4 ,!y h1 none ( !m1 any f9ancial
 int]e/ :atsoev] 9 any pati5t1 & a      
pati5t may n be treat$ by a doctor f !  
outside4 ,we gladly ackn[l$ge ! place & 
! use ( ! family physician4 ,we d n seek
 to supplant him4 ,we take ! case :]e he
 leaves (f1 & return ! pati5t z quickly 
z possible4 ,our sy/em makes x          
undesirable = u to keep pati5ts long]   
?an necess>y--we d n ne$ t k9d (        
bus9ess4 ,& we w %>e ) ! family         
physician our k ( ! case1 b :ile !      
pati5t is 9 ! hospital we assume full   
responsibility4 ,x is clos$ to outside  
physicians' practice1 ?\gh x is n clos$ 
to our coop]ation ) any family physician
 :o desires x4  ,! admission ( a pati5t 
is int]e/+4 ,! incom+ pati5t is fir/    
exam9$ by ! s5ior physician & !n is r\t$
 = exam9ation ?r\gh ?ree1 f\r1 or :atev]
 numb] ( doctors seems necess>y4 ,?is   

r\t+ takes place reg>dless ( :at !      
pati5t came to ! hospital =1 because1 z 
we are gradually le>n+1 x is ! complete 
heal? r ?an a s+le ailm5t :i* is        
important4 ,ea* ( ! doctors makes a     
complete exam9ation1 & ea* s5ds 9 8     
writt5 f9d+s to ! head physician )\t any
 opportunity :atsoev] to consult ) any (
 ! o!r exam9+ physicians4 ,at lea/ ?ree1
 & sometimes six or sev51 absolutely    
complete & absolutely indep5d5t         
diagnoses are ?us 9 ! h&s ( ! head ( !  
hospital4 ,!y con/itute a complete      
record ( ! case4 ,^! precautions are    
tak5 9 ord] to insure1 )9 ! limits (    
pres5t-day k1 a correct diagnosis4  ,at 
! pres5t "t1 !re are ab\t six hundr$ b$s
 available4 ,e pati5t pays accord+ to a 
fix$ s*$ule t includes ! hospital room1 
bo>d1 m$ical & surgical att5dance1 &    
nurs+4 ,!re are no extras4 ,!re are no  
private nurses4 ,if a case requires m   
att5tion ?an ! nurses assign$ to ! w+ c 
give1 !n ano!r nurse is put on1 b )\t   
any additional exp5se to ! pati5t4 ,?is1

 h[ev]1 is r>ely necess>y because !     
pati5ts are gr\p$ accord+ to ! am\nt (  
nurs+ t !y w ne$4 ,!re may be "o nurse =
 two pati5ts1 or "o nurse = five        
pati5ts1 z ! type ( cases may require4  
,no "o nurse ev] has m ?an sev5 pati5ts 
to c>e =1 & because ( ! arrangem5ts x is
 easily possible = a nurse to c>e = sev5
 pati5ts :o are n desp]ately ill4 ,9 !  
ord9>y hospital ! nurses mu/ make _m    
useless /eps4 ,m ( _! "t is sp5t 9 walk+
 ?an 9 c>+ = ! pati5t4 ,?is hospital is 
design$ to save /eps4 ,ea* floor is     
complete 9 itself1 & j z 9 ! factories  
we h tri$ to elim9ate ! necessity = wa/e
 motion1 s h we also tri$ to elim9ate   
wa/e motion 9 ! hospital4 ,! *>ge to    
pati5ts = a room1 nurs+1 & m$ical       
att5dance is #d4ej a day4 ,?is w be l[]$
 z ! size ( ! hospital increases4 ,!    
*>ge = a major op]ation is #abe4 ,! *>ge
 = m9or op]ations is accord+ to a fix$  
scale4 ,all ( ! *>ges are t5tative4 ,!  
hospital has a co/ sy/em j l a factory4 
,! *>ges w be regulat$ to make ends j   

meet4  ,!re seems to be no good reason  
:y ! exp]im5t %\ld n be successful4 ,its
 success is purely a matt] ( managem5t &
 ma!matics4 ,! same k9d ( managem5t :i* 
p]mits a factory to give ! fulle/ s]vice
 w p]mit a hospital to give ! fulle/    
s]vice1 & at a price s l[ z to be )9 !  
rea* ( ev]yone4 ,! only diff]5ce betwe5 
hospital & factory acc\nt+ is t ,i d n  
expect ! hospital to return a pr(it2 we 
d expect x to cov] depreciation4 ,!     
inve/m5t 9 ?is hospital to date is ab\t 
#i1jjj1jjj4  ,if we c get away f *>ity1 
! funds t n[ g into *>itable ent]prises 
c be turn$ to fur!r+ production--to mak+
 goods *eaply & 9 great pl5ty4 ,& !n we 
%all n only be remov+ ! burd5 ( taxes f 
! community & free+ m5 b also we c be   
add+ to ! g5]al weal?4 ,we leave =      
private int]e/ too _m ?+s we ought to d 
= ourselves z a collective int]e/4 ,we  
ne$ m con/ructive ?9k+ 9 public s]vice4 
,we ne$ a k9d ( univ]sal tra9+ 9        
economic facts4 ,! ov]-rea*+ ambitions (
 speculative capital1 z well z !        

unreasonable dem&s ( irresponsible      
lab\r1 are due to ignorance ( ! economic
 basis ( life4 ,nobody c get m out (    
life ?an life c produce--yet ne>ly      
ev]ybody ?9ks he c4 ,speculative capital
 wants m2 lab\r wants m2 ! s\rce ( raw  
mat]ial wants m2 & ! pur*as+ public     
wants m4 ,a family kn[s t x _c live     
beyond its income2 ev5 ! *ildr5 "k t4 ,b
 ! public nev] seems to le>n t x _c live
 beyond its income--h m ?an x produces4 
,9 cle>+ out ! ne$ = *>ity we mu/ keep 9
 m9d n only ! economic facts ( exi/5ce1 
b also t lack ( k ( ^! facts enc\rages  
fe>4 ,bani% fe> & we c h self-reliance4 
,*>ity is n pres5t :]e self-reliance    
dwells4  ,fe> is ! (fspr+ ( a reliance  
plac$ on some?+ outside--on a =eman's   
good-w1 p]haps1 on a %op's prosp]ity1 on
 a m>ket's /ead9ess4 ,t is j ano!r way (
 say+ t fe> is ! portion ( ! man :o     
ackn[l$ges 8 c>e] to be 9 ! keep+ (     
e>?ly circum/ances4 ,fe> is ! result ( !
 body assum+ asc5dancy ov] ! s\l4  ,!   
habit ( failure is purely m5tal & is !  

"m ( fe>4 ,?is habit gets itself fix$ on
 m5 because !y lack vision4 ,!y />t out 
to d some?+ t rea*es f ,a to ,z4 ,at ,a 
!y fail1 at ,b !y /umble1 & at ,c !y    
meet ) :at seems to be an insup]able    
difficulty4 ,!y !n cry ,beat5 & ?r[ !   
:ole task d[n4 ,!y h n ev5 giv5 !mselves
 a *ance really to fail2 !y h n giv5 _! 
vision a *ance to be prov$ or disprov$4 
,!y h simply let !mselves be beat5 by ! 
natural difficulties t att5d e k9d (    
ef=t4  ,m m5 are beat5 ?an fail4 ,x is n
 wisdom !y ne$ or money1 or brilliance1 
or pull1 b j pla9 gri/le & bone4 ,?is   
rude1 simple1 primitive p[] :i* we call 
/ick-to-x-iv5ess is ! uncr[n$ k+ ( ! _w 
( endeav\r4 ,p are utt]ly wrong 9 _!    
slant ^u ?+s4 ,!y see ! successes t m5 h
 made & someh[ !y appe> to be easy4 ,b t
 is a _w away f ! facts4 ,x is failure t
 is easy4 ,success is always h>d4 ,a man
 c fail 9 ease2 he c succe$ only by pay+
 out all t he has & is4 ,x is ?is :i*   
makes success s pitiable a ?+ if x be 9 
l9es t are n useful & uplift+4  ,if a   

man is 9 con/ant fe> ( ! indu/rial      
situation he ought to *ange 8 life s z n
 to be dep5d5t ^u x4 ,!re is always !   
l&1 & few] p are on ! l& n[ ?an ev]     
be=e4 ,if a man lives 9 fe> ( an        
employ]'s favor *ang+ t[>d him1 he ought
 to extricate himself f dep5d5ce on any 
employ]4 ,he c become 8 own boss4 ,x may
 be t he w be a poor] boss ?an ! "o he  
leaves1 & t 8 returns w be mu* less1 b  
at lea/ he w h rid himself ( ! %ad[ ( 8 
pet fe>1 & t is wor? a great deal 9     
money & position4 ,bett] /ill is = ! man
 to come ?r\gh himself & exce$ himself  
by gett+ rid ( 8 fe>s 9 ! mid/ ( !      
circum/ances :]e 8 daily lot is ca/4    
,become a freeman 9 ! place :]e y fir/  
surr5d]$ y\r fre$om4 ,w9 y\r battle :]e 
y lo/ x4 ,& y w come to see t1 al?\gh   
!re 0 mu* outside ( y t 0 n "r1 !re 0 m 
inside ( y t 0 n "r4 ,?us y w le>n t !  
wrong inside ( y spoils ev5 ! "r t is   
outside ( y4  ,a man is /ill ! sup]ior  
be+ ( ! e>?4 ,:atev] happ5s1 he is /ill 
a man4 ,bus9ess may slack5 tomorr[--he  

is /ill a man4 ,he goes ?r\gh ! *anges (
 circum/ances1 z he goes ?r\gh !        
v>iations ( temp]ature--/ill a man4 ,if 
he c only get ?is ?\ght reborn 9 him1 x 
op5s new wells & m9es 9 8 own be+4 ,!re 
is no security outside ( himself4 ,!re  
is no weal? outside ( himself4 ,!       
elim9ation ( fe> is ! br++ 9 ( security 
& supply4  ,let e ,am]ican become /eel$ 
aga9/ coddl+4 ,am]icans ought to res5t  
coddl+4 ,x is a drug4 ,/& up & /& out2  
let weakl+s take *>ity4     ,,*apt]     
,,xvi  ,,! ,,railroads   ,no?+ 9 ?is    
c\ntry furni%es a bett] example ( h[ a  
bus9ess may be turn$ f its function (   
s]vice ?an d ! railroads4 ,we h a       
railroad problem1 & mu* le>n$ ?\ght &   
discussion h be5 devot$ to ! solution ( 
t problem4 ,ev]yone is dissatisfi$ ) !  
railways4 ,! public is dissatisfi$      
because bo? ! pass5g] & freight rates   
are too high4 ,! railroad employees are 
dissatisfi$ because !y say _! wages are 
too l[ & _! h\rs too long4 ,! own]s ( ! 
railways are dissatisfi$ because x is   

claim$ t no adequate return is realiz$  
^u ! money inve/$4 ,all ( ! contacts ( a
 prop]ly manag$ und]tak+ ought to be    
satisfactory4 ,if ! public1 ! employees1
 & ! own]s d n f9d !mselves bett] (f    
because ( ! und]tak+1 !n !re mu/ be     
some?+ v wrong inde$ ) ! mann] 9 :i* !  
und]tak+ is c>ri$ ?r\gh4  ,i am entirely
 )\t any disposition to pose z a        
railroad au?ority4 ,!re may be railroad 
au?orities1 b if ! s]vice z r5d]$ by !  
,am]ican railroad to-day is ! result (  
accumulat$ railway k1 !n ,i _c say t my 
respect = ! usefulness ( t k is at all  
pr(\nd4 ,i h n ! slighte/ d\bt 9 ! _w t 
! active manag]s ( ! railways1 ! m5 :o  
really d ! "w1 are entirely capable (   
conduct+ ! railways ( ! c\ntry to !     
satisfaction ( e "o1 & ,i h equally no  
d\bt t ^! active manag]s h1 by =ce ( a  
*a9 ( circum/ances1 all b ceas$ to      
manage4 ,& "r !re is ! s\rce ( mo/ ( !  
tr\ble4 ,! m5 :o "k railroad+ h n be5   
all[$ to manage railroads4  ,9 a previ\s
 *apt] on f9ance 7 set =? ! dang]s      

att5dant ^u ! indiscrim9ate borr[+ (    
money4 ,x is inevitable t any "o :o c   
borr[ freely to cov] errors ( managem5t 
w borr[ r ?an correct ! errors4 ,our    
railway manag]s h be5 practically =c$ to
 borr[1 = s9ce ! v inception ( !        
railways !y h n be5 free ag5ts4 ,! guid+
 h& ( ! railway has be51 n ! railroad   
man1 b ! bank]4 ,:5 railroad cr$it 0    
high1 m money 0 to be made out ( float+ 
bond issues & speculat+ 9 ! securities  
?an out ( s]vice to ! public4 ,a v small
 fraction ( ! money e>n$ by ! railways  
has gone back into ! rehabilitation ( ! 
prop]ties4 ,:5 by skill$ managem5t ! net
 rev5ue became l>ge en\gh to pay a      
consid]able divid5d ^u ! /ock1 !n t     
divid5d 0 us$ fir/ by ! speculators on !
 inside & controll+ ! railroad fiscal   
policy to boom ! /ock & unload _!       
hold+s1 & !n to float a bond issue on ! 
/r5g? ( ! cr$it ga9$ ?r\gh ! e>n+s4 ,:5 
! e>n+s dropp$ or 7 artificially        
depress$1 !n ! speculators b\ght back ! 
/ock & 9 ! c\rse ( "t /ag$ ano!r advance

 & unload+4 ,!re is sc>cely a railroad 9
 ! ,unit$ ,/ates t has n be5 ?r\gh "o or
 m receiv]%ips1 due to ! fact t !       
f9ancial int]e/s pil$ on load aft] load 
( securities until ! /ructures grew     
topheavy & fell ov]4 ,!n !y got 9 on !  
receiv]%ips1 made money at ! exp5se (   
gullible security hold]s1 & />t$ ! same 
old pyramid+ game all ov] aga94  ,!     
natural ally ( ! bank] is ! lawy]4 ,su* 
games z h be5 play$ on ! railroads h    
ne$$ exp]t legal advice4 ,lawy]s1 l     
bank]s1 "k absolutely no?+ ab\t bus9ess4
 ,!y imag9e t a bus9ess is prop]ly      
conduct$ if x keeps )9 ! law or if ! law
 c be alt]$ or int]pret$ to suit !      
purpose 9 h&4 ,!y live on rules4 ,!     
bank]s took f9ance out ( ! h&s ( !      
manag]s4 ,!y put 9 lawy]s to see t !    
railroads violat$ ! law only 9 legal    
fa%ion1 & ?us grew up imm5se legal      
dep>tm5ts4 ,in/ead ( op]at+ "u ! rules (
 common s5se & accord+ to circum/ances1 
e railroad _h to op]ate on ! advice (   
c\nsel4 ,rules spread ?r\gh e "p ( !    

organization4 ,!n came ! avalan*e ( /ate
 & f$]al regulations1 until to-day we   
f9d ! railways hog-ti$ 9 a mass ( rules 
& regulations4 ,) ! lawy]s & ! f9anci]s 
on ! inside & v>i\s /ate commissions on 
! outside1 ! railway manag] has little  
*ance4 ,t is ! tr\ble ) ! railways4     
,bus9ess _c be conduct$ by law4  ,we h  
_h ! opportunity ( demon/rat+ to        
ourselves :at a fre$om f ! bank]-legal  
mortma9 means1 9 our exp]i5ce ) !       
,detroit1 ,tol$o  ,ironton ,railway4 ,we
 b\ght ! railway because its "r ( way   
int]f]$ ) "s ( our improvem5ts on !     
,riv] ,r\ge4 ,we did n buy x z an       
inve/m5t1 or z an adjunct to our        
indu/ries1 or because ( its /rategic    
position4 ,! extraord9>ily good         
situation ( ! railway seems to h become 
univ]sally app>5t only s9ce we b\ght x4 
,t1 h[ev]1 is beside ! po9t4 ,we b\ght !
 railway because x int]f]$ ) our plans4 
,!n we _h to d some?+ ) x4 ,! only ?+ to
 d 0 to run x z a productive ent]prise1 
apply+ to x exactly ! same pr9ciples z  

are appli$ 9 e dep>tm5t ( our indu/ries4
 ,we h z yet made no special ef=ts ( any
 k9d & ! railway has n be5 set up z a   
demon/ration ( h[ e railway %\ld be run4
 ,x is true t apply+ ! rule ( maximum   
s]vice at m9imum co/ has caus$ ! income 
( ! road to exce$ ! outgo--:i*1 = t     
road1 repres5ts a mo/ unusual condition4
 ,x has be5 repres5t$ t ! *anges we h   
made--& rememb] !y h be5 made simply z  
"p ( ! day's "w--are peculi>ly          
revolution>y & q )\t application to     
railway managem5t 9 g5]al4 ,p]sonally1 x
 w\ld seem to me t our little l9e does n
 diff] mu* f ! big l9es4 ,9 our own "w  
we h always f\nd t1 if our pr9ciples 7  
"r1 ! area ov] :i* !y 7 appli$ did n    
matt]4 ,! pr9ciples t we use 9 ! big    
,highl& ,p>k plant seem to "w equally   
well 9 e plant t we e/abli%4 ,x has nev]
 made any diff]5ce ) u :e!r we multipli$
 :at we 7 do+ by five or five hundr$4   
,size is only a matt] ( ! multiplication
 table1 anyway4  ,! ,detroit1 ,tol$o    
,ironton ,railway 0 organiz$ "s         

tw5ty-odd ye>s ago & has be5 reorganiz$ 
e few ye>s s9ce !n4 ,! la/              
reorganization 0 9 #aiad4 ,! w> & !     
f$]al control ( ! railways int]rupt$ !  
cycle ( reorganization4 ,! road owns    
#cdc miles ( track1 has #eb miles (     
bran*es1 & #de miles ( trackage rights  
ov] o!r roads4 ,x goes f ,detroit almo/ 
due s\? to ,ironton on ! ,ohio ,riv]1   
?us tapp+ ! ,we/ ,virg9ia coal deposits4
 ,x crosses mo/ ( ! l>ge trunk l9es & x 
is a road :i*1 f a g5]al bus9ess /&po9t1
 ought to pay4 ,x has paid4 ,x seems to 
h paid ! bank]s4 ,9 #aiac ! net         
capitalization p] mile ( road 0         
#aje1jjj4 ,9 ! next receiv]%ip ?is 0 cut
 d[n to #dg1jjj p] mile4 ,i d n "k h[   
mu* money 9 all has be5 rais$ on ! /r5g?
 ( ! road4 ,i d "k t 9 ! reorganization 
( #aiad ! bondhold]s 7 assess$ & =c$ to 
turn into ! treasury ne>ly five million 
doll>s--:i* is ! am\nt t we paid = !    
entire road4 ,we paid sixty c5ts on !   
doll> = ! out/&+ mortgage bonds1 al?\gh 
! rul+ price j be=e ! "t ( pur*ase 0    

betwe5 ?irty & =ty c5ts on ! doll>4 ,we 
paid a doll> a %>e = ! common /ock &    
five doll>s a %>e = ! pref]r$ /ock--:i* 
seem$ to be a fair price consid]+ t no  
int]e/ _h ev] be5 paid ^u ! bonds & a   
divid5d on ! /ock 0 a mo/ remote        
possibility4 ,! roll+ /ock ( ! road     
consi/$ ( ab\t sev5ty locomotives1      
tw5ty-sev5 pass5g] c>s1 & ar\nd         
tw5ty-eight hundr$ freight c>s4 ,all ( !
 roll+ /ock 0 9 extremely bad condition 
& a good "p ( x w\ld n run at all4 ,all 
( ! build+s 7 dirty1 unpa9t$1 & g5]ally 
run d[n4 ,! roadb$ 0 some?+ m ?an a     
/reak ( ru/ & some?+ less ?an a railway4
 ,! repair %ops 7 ov]-mann$ & "u-ma*9$4 
,practically ev]y?+ connect$ ) op]ation 
0 conduct$ ) a maximum ( wa/e4 ,!re 01  
h[ev]1 an exce$+ly ample executive &    
adm9i/ration dep>tm5t1 & ( c\rse a legal
 dep>tm5t4 ,! legal dep>tm5t alone co/ 9
 "o mon? ne>ly #ah1jjj4  ,we took ov] ! 
road 9 ,m>*1 #aiba4 ,we began to apply  
indu/rial pr9ciples4 ,!re _h be5 an     
executive (fice 9 ,detroit4 ,we clos$ t 

up & put ! adm9i/ration into ! *>ge ( "o
 man & gave him half ( ! flat-topp$ desk
 out 9 ! freight (fice4 ,! legal        
dep>tm5t w5t ) ! executive (fices4 ,!re 
is no reason = s mu* litigation 9       
connection ) railroad+4 ,our p quickly  
settl$ all ! mass ( out/&+ claims1 "s ( 
:i* _h be5 hang+ on = ye>s4 ,z new      
claims arise1 !y are settl$ at once & on
 ! facts1 s t ! legal exp5se seldom     
exce$s #bjj a mon?4 ,all ( ! unnecess>y 
acc\nt+ & r$ tape 7 ?r[n out & ! payroll
 ( ! road 0 r$uc$ f #b1gjj to #a1fej m54
 ,foll[+ our g5]al policy1 all titles & 
(fices o!r ?an ^? requir$ by law 7      
aboli%$4 ,! ord9>y railway organization 
is rigid2 a message has to g up ?r\gh a 
c]ta9 l9e ( au?ority & no man is expect$
 to d any?+ )\t explicit ord]s f 8      
sup]ior4 ,"o morn+ ,i w5t out to ! road 
v e>ly & f\nd a wreck+ tra9 ) /eam up1 a
 crew abo>d & all ready to />t4 ,x _h   
be5 await+ ord]s = half an h\r4 ,we w5t 
d[n & cle>$ ! wreck be=e ! ord]s came   
?r\gh2 t 0 be=e ! idea ( p]sonal        

responsibility _h soak$ 94 ,x 0 a little
 h>d to break ! ord]s habit2 ! m5 at    
fir/ 7 afraid to take responsibility4 ,b
 z we w5t on1 !y seem$ to l ! plan m & m
 & n[ no man limits 8 duties4 ,a man is 
paid = a day's "w ( eight h\rs & he is  
expect$ to "w dur+ ^? eight h\rs4 ,if he
 is an eng9e] & f9i%es a run 9 f\r h\rs 
!n he works at :atev] else may be 9 dem&
 = ! next f\r h\rs4 ,if a man works m   
?an eight h\rs he is n paid =           
ov]time--he d$ucts 8 ov]time f ! next   
work+ day or saves x up & gets a :ole   
day (f ) pay4 ,our eight-h\r day is a   
day ( eight h\rs & n a basis = comput+  
pay4  ,! m9imum wage is six doll>s a    
day4 ,!re are no extra m54 ,we h cut d[n
 9 ! (fices1 9 ! %ops1 & on ! roads4 ,9 
"o %op #bj m5 are n[ do+ m "w ?an #ei   
did be=e4 ,n long ago "o ( our track    
gangs1 consi/+ ( a =eman & #ae m51 0    
work+ beside a p>allel road on :i* 0 a  
gang ( #dj m5 do+ exactly ! same sort ( 
track repair+ & balla/+4 ,9 five days   
our gang did two telegraph poles m ?an !

 compet+ gang6  ,! road is be+          
rehabilitat$2 ne>ly ! :ole track has be5
 reballa/$ & _m miles ( new rails h be5 
laid4 ,! locomotives & roll+ /ock are   
be+ ov]haul$ 9 our own %ops & at a v    
slight exp5se4 ,we f\nd t ! supplies    
b\ght previ\sly 7 ( poor quality or     
unfitt$ = ! use2 we are sav+ money on   
supplies by buy+ bett] qualities & see+ 
t no?+ is wa/$4 ,! m5 seem entirely     
will+ to coop]ate 9 sav+4 ,!y d n disc>d
 t :i* might be us$4 ,we ask a man1 ,:at
 c y get out ( an eng9e8 & he answ]s )  
an economy record4 ,& we are n p\r+ 9   
great am\nts ( money4 ,ev]y?+ is be+    
done out ( e>n+s4 ,t is our policy4 ,!  
tra9s mu/ g ?r\gh & on "t4 ,! "t (      
freight movem5ts has be5 cut d[n ab\t   
two ?irds4 ,a c> on a sid+ is n j a c>  
on a sid+4 ,x is a great big "q m>k4    
,someone has to "k :y x is !re4 ,x us$  
to take #h or #i days to get freight    
?r\gh to ,philadelphia or ,new ,york2 n[
 x takes ?ree & a half days4 ,!         
organization is s]v+4  ,all sorts (     

explanations are put =w>d1 ( :y a       
deficit 0 turn$ into a surplus4 ,i am   
told t x is all due to div]t+ ! freight 
( ! ,=d indu/ries4 ,if we _h div]t$ all 
( our bus9ess to ?is road1 t w\ld n     
expla9 :y we manage at s mu* l[] an     
op]at+ co/ ?an be=e4 ,we are r\t+ z mu* 
z we c ( our own bus9ess ov] ! road1 b  
only because we !re get ! be/ s]vice4 ,=
 ye>s pa/ we _h be5 try+ to s5d freight 
ov] ?is road because x 0 conv5i5tly     
locat$1 b we _h nev] be5 able to use x  
to any ext5t because ( ! delay$         
deliv]ies4 ,we c\ld n c\nt on a %ipm5t  
to )9 five or six weeks2 t ti$ up too   
mu* money & also broke into our         
production s*$ule4 ,!re 0 no reason :y !
 road %\ld n h _h a s*$ule2 b x did n4  
,! delays became legal matt]s to be tak5
 up 9 due legal c\rse2 t is n ! way (   
bus9ess4 ,we ?9k t a delay is a         
criticism ( our "w & is some?+ at once  
to be inve/igat$4 ,t is bus9ess4  ,!    
railroads 9 g5]al h brok5 d[n1 & if !   
=m] conduct ( ! ,detroit1 ,tol$o        

,ironton is any crit]ion ( managem5t 9  
g5]al !re is no reason 9 ! _w :y !y %\ld
 n h brok5 d[n4 ,too _m railroads are   
run1 n f ! (fices ( practical m51 b f   
bank+ (fices1 & ! pr9ciples ( proc$ure1 
! :ole outlook1 are f9ancial--n         
transportational1 b f9ancial4 ,!re has  
be5 a breakd[n simply because m att5tion
 has be5 paid to railroads z factors 9 !
 /ock m>ket ?an z s]vants ( ! p4        
,outworn ideas h be5 reta9$1 developm5t 
has be5 practically /opp$1 & railroad m5
 ) vision h n be5 set free to gr[4  ,w a
 billion doll>s solve t sort ( tr\ble8  
,no1 a billion doll>s w only make !     
difficulty "o billion doll>s worse4 ,!  
purpose ( ! billion is simply to cont9ue
 ! pres5t me?ods ( railroad managem5t1 &
 x is because ( ! pres5t me?ods t we h  
any railroad difficulties at all4  ,!   
mi/ak5 & fooli% ?+s we did ye>s ago are 
j ov]tak+ u4 ,at ! beg9n+ ( railway     
transportation 9 ! ,unit$ ,/ates1 ! p _h
 to be taught its use1 j z !y _h to be  
taught ! use ( ! telephone4 ,also1 ! new

 railroads _h to make bus9ess 9 ord] to 
keep !mselves solv5t4 ,& because railway
 f9anc+ began 9 "o ( ! rott5e/ p]iods ( 
our bus9ess hi/ory1 a numb] ( practices 
7 e/abli%$ z prec$5ts :i* h influ5c$    
railway "w ev] s9ce4 ,"o ( ! fir/ ?+s ! 
railways did 0 to ?rottle all o!r me?ods
 ( transportation4 ,!re 0 ! beg9n+ ( a  
spl5did canal sy/em 9 ?is c\ntry & a    
great movem5t = canalization 0 at its   
height4 ,! railroad companies b\ght out 
! canal companies & let ! canals fill up
 & *oke ) we$s & refuse4 ,all ov] !     
,ea/]n & 9 p>ts ( ! ,middle ,we/]n /ates
 are ! rema9s ( ?is network ( int]nal   
wat]ways4 ,!y are be+ re/or$ n[ z       
rapidly z possible2 !y are be+ l9k$     
toge!r2 v>i\s commissions1 public &     
private1 h se5 ! vision ( a complete    
sy/em ( wat]ways s]v+ all p>ts ( !      
c\ntry1 & ?anks to _! ef=ts1 p]si/5ce1 &
 fai?1 progress is be+ made4  ,b !re 0  
ano!r4 ,?is 0 ! sy/em ( mak+ ! haul z   
long z possible4 ,any "o :o is famili> )
 ! exposures :i* result$ 9 ! =mation ( !

 ,int]/ate ,comm]ce ,commission kn[s :at
 is meant by ?is4 ,!re 0 a p]iod :5 rail
 transport 0 n reg>d$ z ! s]vant ( !    
travel+1 manufactur+1 & comm]cial       
publics4 ,bus9ess 0 treat$ z if x exi/$ 
= ! b5efit ( ! railways4 ,dur+ ?is p]iod
 ( folly1 x 0 n good railroad+ to get   
goods f _! %ipp+ po9t to _! de/9ation by
 ! mo/ direct l9e possible1 b to keep !m
 on ! road z long z possible1 s5d !m    
ar\nd ! longe/ way1 give z _m connect+  
l9es z possible a piece ( ! pr(it1 & let
 ! public /& ! result+ loss ( "t &      
money4 ,t 0 once c\nt$ good railroad+4  
,x has n entirely pass$ out ( practice  
to-day4  ,"o ( ! great *anges 9 our     
economic life to :i* ?is railroad policy
 contribut$ 0 ! c5tralization ( c]ta9   
activities1 n because c5tralization 0   
necess>y1 nor because x contribut$ to ! 
well-be+ ( ! p1 b because1 among o!r    
?+s1 x made d\ble bus9ess = ! railroads4
 ,take two /aples--meat & gra94 ,if y   
look at ! maps :i* ! pack+ h\ses put    
out1 & see :]e ! cattle are drawn f2 &  

!n if y consid] t ! cattle1 :5 conv]t$  
into food1 are haul$ aga9 by ! same     
railways "r back to ! place :]e !y came 
f1 y w get "s sidelight on !            
transportation problem & ! price ( meat4
 ,take also gra94 ,e read] (            
adv]tisem5ts kn[s :]e ! great fl\r mills
 ( ! c\ntry are locat$4 ,& !y probably  
"k also t ^! great mills are n locat$ 9 
! sections :]e ! gra9 ( ! ,unit$ ,/ates 
is rais$4 ,!re are /agg]+ quantities (  
gra91 ?\s&s ( tra9loads1 haul$ uselessly
 long di/ances1 & !n 9 ! =m ( fl\r haul$
 back aga9 long di/ances to ! /ates &   
sections :]e ! gra9 0 rais$--a burd5+ ( 
! railroads :i* is ( no b5efit to !     
communities :]e ! gra9 orig9at$1 nor to 
any "o else except ! monopoli/ic mills &
 ! railroads4 ,! railroads c always d a 
big bus9ess )\t help+ ! bus9ess ( !     
c\ntry at all2 !y c always be engag$ 9 j
 su* useless haul+4 ,on meat & gra9 &   
p]haps on cotton1 too1 ! transportation 
burd5 c\ld be r$uc$ by m ?an half1 by ! 
prep>ation ( ! product = use be=e x is  

%ipp$4 ,if a coal community m9$ coal 9  
,p5nsylvania1 & !n s5t x by railway to  
,mi*igan or ,wiscons9 to be scre5$1 & !n
 haul$ x back aga9 to ,p5nsylvania =    
use1 x w\ld n be mu* silli] ?an ! haul+ 
( ,texas beef alive to ,*icago1 !re to  
be kill$1 & !n %ipp$ back dead to       
,texas2 or ! haul+ ( ,kansas gra9 to    
,m9nesota1 !re to be gr\nd 9 ! mills &  
haul$ back aga9 z fl\r4 ,x is good      
bus9ess = ! railroads1 b x is bad       
bus9ess = bus9ess4 ,"o angle ( !        
transportation problem to :i* too few m5
 are pay+ att5tion is ?is useless haul+ 
( mat]ial4 ,if ! problem 7 tackl$ f !   
po9t ( ridd+ ! railroads ( _! useless   
hauls1 we might discov] t we are 9 bett]
 %ape ?an we ?9k to take c>e ( !        
legitimate transportation bus9ess ( !   
c\ntry4 ,9 commodities l coal x is      
necess>y t !y be haul$ f :]e !y are to  
:]e !y are ne$$4 ,! same is true ( ! raw
 mat]ials ( indu/ry--!y mu/ be haul$ f !
 place :]e nature has /or$ !m to ! place
 :]e !re are p ready to "w !m4 ,& z ^!  

raw mat]ials are n (t5 f\nd assembl$ 9  
"o section1 a consid]able am\nt (       
transportation to a c5tral assembl+     
place is necess>y4 ,! coal comes f "o   
section1 ! copp] f ano!r1 ! iron f      
ano!r1 ! wood f ano!r--!y mu/ all be    
br\ght toge!r4  ,b :]ev] x is possible a
 policy ( dec5tralization ought to be   
adopt$4 ,we ne$1 in/ead ( mammo? fl\r   
mills1 a multitude ( small] mills       
di/ribut$ ?r\gh all ! sections :]e gra9 
is gr[n4 ,:]ev] x is possible1 ! section
 t produces ! raw mat]ial ought to      
produce also ! f9i%$ product4 ,gra9 %\ld
 be gr\nd to fl\r :]e x is gr[n4 ,a     
hog-gr[+ c\ntry %\ld n export hogs1 b   
pork1 hams1 & bacon4 ,! cotton mills    
ought to be ne> ! cotton fields4 ,?is is
 n a revolution>y idea4 ,9 a s5se x is a
 reaction>y "o4 ,x does n sugge/ any?+  
new2 x sugge/s some?+ t is v old4 ,?is  
is ! way ! c\ntry did ?+s be=e we fell  
into ! habit ( c>t+ ev]y?+ ar\nd a few  
?\s& miles & add+ ! c>tage to !         
consum]'s bill4 ,our communities ought  

to be m complete 9 !mselves4 ,!y ought n
 to be unnecess>ily dep5d5t on railway  
transportation4 ,out ( :at !y produce !y
 %\ld supply _! own ne$s & %ip !        
surplus4 ,& h[ c !y d ?is unless !y h ! 
means ( tak+ _! raw mat]ials1 l gra9 &  
cattle1 & *ang+ !m into f9i%$ products8 
,if private ent]prise does n yield ^!   
means1 ! coop]ation ( f>m]s c4 ,! *ief  
inju/ice su/a9$ by ! f>m] to-day is t1  
be+ ! greate/ produc]1 he is prev5t$ f  
be+ also ! greate/ m]*&is]1 because he  
is compell$ to sell to ^? :o put 8      
products into m]*antable =m4 ,if he c\ld
 *ange 8 gra9 into fl\r1 8 cattle into  
beef1 & 8 hogs into hams & bacon1 n only
 w\ld he receive ! full] pr(it ( 8      
product1 b he w\ld r5d] 8 ne>-by        
communities m indep5d5t ( railway       
exig5cies1 & !reby improve !            
transportation sy/em by reliev+ x ( !   
burd5 ( 8 unf9i%$ product4 ,! ?+ is n   
only reasonable & practicable1 b x is   
becom+ absolutely necess>y4 ,m ?an t1 x 
is be+ done 9 _m places4 ,b x w n regi/]

 its full effect on ! transportation    
situation & ^u ! co/ ( liv+ until x is  
done m widely & 9 m k9ds ( mat]ials4  ,x
 is "o ( nature's comp5sations to )draw 
prosp]ity f ! bus9ess :i* does n s]ve4  
,we h f\nd t on ! ,detroit1 ,tol$o      
,ironton we c\ld1 foll[+ our univ]sal   
policy1 r$uce our rates & get m bus9ess4
 ,we made "s cuts1 b ! ,int]/ate        
,comm]ce ,commission refus$ to all[ !m6 
,"u su* conditions :y discuss !         
railroads z a bus9ess8 ,or z a s]vice8  
,,*apt] ,,xvii  ,,?+s ,,9 ,,g5]al   ,no 
man exce$s ,?omas ,a4 ,edison 9 broad   
vision & und]/&+4 ,i met him fir/ _m    
ye>s ago :5 ,i 0 ) ! ,detroit ,edison   
,company--probably ab\t #ahhg or        
!reab\ts4 ,! electrical m5 held a       
conv5tion at ,atlantic ,city1 & ,edison1
 z ! lead] 9 electrical sci5ce1 made an 
address4 ,i 0 !n work+ on my gasol9e    
eng9e1 & mo/ p1 includ+ all ( my        
associates 9 ! electrical company1 _h   
tak5 pa9s to tell me t "t sp5t on a     
gasol9e eng9e 0 "t wa/$--t ! p[] ( !    

future 0 to be electricity4 ,^!         
criticisms _h n made any impression on  
me4 ,i 0 work+ ahead ) all my might4 ,b 
be+ 9 ! same room ) ,edison sugge/$ to  
me t x w\ld be a good idea to f9d out if
 ! ma/] ( electricity ?\ght x 0 go+ to  
be ! only p[] 9 ! future4 ,s1 aft] ,mr4 
,edison _h f9i%$ 8 address1 ,i manag$ to
 cat* him alone = a mom5t4 ,i told him  
:at ,i 0 work+ on4  ,at once he 0       
int]e/$4 ,he is int]e/$ 9 e se>* = new  
k4 ,& !n ,i ask$ him if he ?\ght t !re 0
 a future = ! int]nal combu/ion eng9e4  
,he answ]$ some?+ 9 ?is fa%ion3  ,yes1  
!re is a big future = any light-weight  
eng9e t c develop a high horsep[] & be  
self-conta9$4 ,no "o k9d ( motive p[] is
 ev] go+ to d all ! "w ( ! c\ntry4 ,we d
 n "k :at electricity c d1 b ,i take =  
grant$ t x _c d ev]y?+4  ,keep on ) y\r 
eng9e4 ,if y c get :at y are aft]1 ,i c 
see a great future4  ,t is *>act]i/ic ( 
,edison4 ,he 0 ! c5tral figure 9 !      
electrical indu/ry1 :i* 0 !n "y &       
en?usia/ic4 ,! rank & file ( !          

electrical m5 c\ld see no?+ ahead b     
electricity1 b _! lead] c\ld see )      
cry/al cle>ness t no "o p[] c\ld d all !
 "w ( ! c\ntry4 ,i suppose t is :y he 0 
! lead]4  ,su* 0 my fir/ meet+ )        
,edison4 ,i did n see him aga9 until _m 
ye>s aft]--until our motor _h be5       
develop$ & 0 9 production4 ,he rememb]$ 
p]fectly our fir/ meet+4 ,s9ce !n we h  
se5 ea* o!r (t54 ,he is "o ( my close/  
fri5ds1 & we toge!r h swapp$ _m an idea4
  ,8 k is almo/ univ]sal4 ,he is int]e/$
 9 e conceivable subject & he recognizes
 no limitations4 ,he believes t all ?+s 
are possible4 ,at ! same "t he keeps 8  
feet on ! gr\nd4 ,he goes =w>d /ep by   
/ep4 ,he reg>ds impossible z a          
description = t :i* we h n at ! mom5t ! 
k to a*ieve4 ,he kn[s t z we amass k we 
build ! p[] to ov]come ! impossible4 ,t 
is ! rational way ( do+ ! impossible4 ,!
 irrational way is to make ! attempt )\t
 ! toil ( accumulat+ k4 ,mr4 ,edison is 
only approa*+ ! height ( 8 p[]4 ,he is !
 man :o is go+ to %[ u :at *emi/ry      

really c d4 ,= he is a real sci5ti/ :o  
reg>ds ! k = :i* he is always se>*+ z a 
tool to %ape ! progress ( ! _w4 ,he is n
 ! type ( sci5ti/ :o m]ely /ores up k & 
turns 8 head into a museum4 ,edison is  
easily ! _w's greate/ sci5ti/4 ,i am n  
sure t he is n also ! _w's wor/ bus9ess 
man4 ,he kn[s almo/ no?+ ( bus9ess4     
,john ,burr\ghs 0 ano!r ( ^? :o hon\r$  
me ) _! fri5d%ip4 ,i1 too1 l birds4 ,i l
 ! outdoors4 ,i l to walk across c\ntry 
& jump f5ces4 ,we h five hundr$ bird    
h\ses on ! f>m4 ,we call !m our bird    
hotels1 & "o ( !m1 ! ,hotel             
,pont*>tra9--a m>t9 h\se--has sev5ty-six
 ap>tm5ts4 ,all w9t] long we h wire     
baskets ( food hang+ ab\t on ! trees &  
!n !re is a big bas9 9 :i* ! wat] is    
kept f freez+ by an electric heat]4     
,summ] & w9t]1 food1 dr9k1 & %elt] are  
on h& = ! birds4 ,we h hat*$ pheasants &
 quail 9 incubators & !n turn$ !m ov] to
 electric brood]s4 ,we h all k9ds ( bird
 h\ses & ne/s4 ,! sp>r[s1 :o are great  
abus]s ( hospitality1 insi/ t _! ne/s be

 immovable--t !y d n sway 9 ! w9d2 !    
wr5s l sway+ ne/s4 ,s we m\nt$ a numb] (
 wr5 boxes on /rips ( spr+ /eel s t !y  
w\ld sway 9 ! w9d4 ,! wr5s lik$ ! idea &
 ! sp>r[s did n1 s we h be5 able to h ! 
wr5s ne/ 9 peace4 ,9 summ] we leave     
*]ries on ! trees & /rawb]ries op5 9 !  
b$s1 & ,i ?9k t we h n only m b also m  
diff]5t k9ds ( bird call]s ?an any:]e   
else 9 ! nor!rn /ates4 ,john ,burr\ghs  
said he ?\ght we _h1 & "o day :5 he 0   
/ay+ at our place he came across a bird 
t he _h nev] se5 be=e4  ,ab\t t5 ye>s   
ago we import$ a great numb] ( birds f  
abroad--yell[-hamm]s1 *aff9*es1 gre5    
f9*es1 r$ pales1 twites1 bullf9*es1     
jays1 l9nets1 l>ks--"s five hundr$ ( !m4
 ,!y /ay$ ar\nd a :ile1 b :]e !y are n[ 
,i d n "k4 ,i %all n import any m4      
,birds are entitl$ to live :]e !y want  
to live4  ,birds are ! be/ ( companions4
 ,we ne$ !m = _! beauty & _!            
companion%ip1 & also we ne$ !m = !      
/rictly economic reason t !y de/roy     
h>mful insects4 ,! only "t ,i ev] us$ ! 

,=d organization to influ5ce legislation
 0 on behalf ( ! birds1 & ,i ?9k ! end  
ju/ifi$ ! means4 ,! ,weeks-,mc,lean     
,bird ,bill1 provid+ = bird sanctu>ies =
 our migratory birds1 _h be5 hang+ 9    
,congress ) e likelihood ( dy+ a natural
 dea?4 ,its imm$iate sponsors c\ld n    
ar\se mu* int]e/ among ! ,congressm54   
,birds d n vote4 ,we got beh9d t bill & 
we ask$ ea* ( our six ?\s& deal]s to    
wire to 8 repres5tative 9 ,congress4 ,x 
began to become app>5t t birds might h  
votes2 ! bill w5t ?r\gh4 ,our           
organization has nev] be5 us$ = any     
political purpose & nev] w be4 ,we      
assume t our p h a "r to _! own         
pref]5ces4  ,to get back to ,john       
,burr\ghs4 ,( c\rse ,i knew :o he 0 & ,i
 _h read ne>ly ev]y?+ he _h writt51 b ,i
 _h nev] ?\ght ( meet+ him until "s ye>s
 ago :5 he develop$ a grudge aga9/ mod]n
 progress4 ,he dete/$ money & especially
 he dete/$ ! p[] :i* money gives to     
vulg> p to despoil ! lovely c\ntryside4 
,he grew to dislike ! indu/ry out ( :i* 

money is made4 ,he dislik$ ! noise (    
factories & railways4 ,he criticiz$     
indu/rial progress1 & he decl>$ t !     
automobile 0 go+ to kill ! appreciation 
( nature4 ,i fundam5tally disagre$ )    
him4 ,i ?\ght t 8 emotions _h tak5 him  
on ! wrong tack & s ,i s5t him an       
automobile ) ! reque/ t he try x out &  
discov] = himself :e!r x w\ld n help him
 to "k nature bett]4 ,t automobile--& x 
took him "s "t to le>n h[ to manage x   
himself--completely *ang$ 8 po9t ( view4
 ,he f\nd t x help$ him to see m1 & f ! 
"t ( gett+ x1 he made ne>ly all ( 8     
bird-hunt+ exp$itions beh9d ! /e]+ :eel4
 ,he le>n$ t in/ead ( hav+ to conf9e    
himself to a few miles ar\nd ,slabsides1
 ! :ole c\ntryside 0 op5 to him4  ,out (
 t automobile grew our fri5d%ip1 & x 0 a
 f9e "o4 ,no man c\ld help be+ ! bett] =
 kn[+ ,john ,burr\ghs4 ,he 0 n a        
pr(essional naturali/1 nor did he make  
s5tim5t d = h>d rese>*4 ,x is easy to   
gr[ s5tim5tal out ( doors2 x is h>d to  
pursue ! tru? ab\t a bird z "o w\ld     

pursue a me*anical pr9ciple4 ,b ,john   
,burr\ghs did t1 & z a result !         
obs]vations he set d[n 7 v l>gely       
accurate4 ,he 0 impati5t ) m5 :o 7 n    
accurate 9 _! obs]vations ( natural     
life4 ,john ,burr\ghs fir/ lov$ nature =
 its own sake2 x 0 n m]ely 8 /ock (     
mat]ial z a pr(essional writ]4 ,he lov$ 
x be=e he wrote ab\t x4  ,late 9 life he
 turn$ philosoph]4 ,8 philosophy 0 n s  
mu* a philosophy ( nature z x 0 a       
natural philosophy--! long1 s]5e ?\ghts 
( a man :o _h liv$ 9 ! tranquil _s ( !  
trees4 ,he 0 n pagan2 he 0 n pan!i/2 b  
he did n mu* divide betwe5 nature &     
human nature1 nor betwe5 human nature & 
div9e4 ,john ,burr\ghs liv$ a :olesome  
life4 ,he 0 =tunate to h z 8 home ! f>m 
on :i* he 0 born4 ,?r\gh long ye>s 8    
surr\nd+s 7 ^? :i* made = quietness (   
m9d4 ,he lov$ ! woods & he made         
du/y-m9d$ city p love !m1 too--he help$ 
!m see :at he saw4 ,he did n make mu*   
beyond a liv+4 ,he c\ld h done s1       
p]haps1 b t 0 n 8 aim4 ,l ano!r ,am]ican

 naturali/1 8 occupation c\ld h be5     
describ$ z inspector ( birds' ne/s &    
hillside pa?s4 ,( c\rse1 t does n pay 9 
doll>s & c5ts4  ,:5 he _h pass$ ! ?ree  
score & t5 he *ang$ 8 views on indu/ry4 
,p]haps ,i _h some?+ to d ) t4 ,he came 
to see t ! :ole _w c\ld n live by hunt+ 
birds' ne/s4 ,at "o "t 9 8 life1 he _h a
 grudge aga9/ all mod]n progress1       
especially :]e x 0 associat$ ) ! burn+ (
 coal & ! noise ( traffic4 ,p]haps t 0 z
 ne> to lit]>y affectation z he ev]     
came4 ,wordswor? dislik$ railways too1 &
 ,?oreau said t he c\ld see m ( ! c\ntry
 by walk+4 ,p]haps x 0 influ5ces su* z  
^! :i* b5t ,john ,burr\ghs = a "t aga9/ 
indu/rial progress4 ,b only = a "t4 ,he 
came to see t x 0 =tunate = him t o!rs' 
ta/es ran 9 o!r *annels1 j z x 0 =tunate
 = ! _w t 8 ta/e ran 9 its own *annel4  
,!re has be5 no obs]vable developm5t 9 !
 me?od ( mak+ birds' ne/s s9ce ! beg9n+ 
( record$ obs]vation1 b t 0 h>dly a     
reason :y human be+s %\ld n pref] mod]n 
sanit>y homes to cave dwell+s4 ,?is 0 a 

"p ( ,john ,burr\ghs's sanity--he 0 n   
afraid to *ange 8 views4 ,he 0 a lov] ( 
,nature1 n h] dupe4 ,9 ! c\rse ( "t he  
came to value & approve mod]n devices1 &
 ?\gh ?is by itself is an int]e/+ fact1 
x is n s int]e/+ z ! fact t he made ?is 
*ange aft] he 0 sev5ty ye>s old4 ,john  
,burr\ghs 0 nev] too old to *ange4 ,he  
kept gr[+ to ! la/4 ,! man :o is too set
 to *ange is dead already4 ,! fun]al is 
a m]e detail4  ,if he talk$ m ( "o p]son
 ?an ano!r1 x 0 ,em]son4 ,n only did he 
"k ,em]son by he>t z an au?or1 b he knew
 him by he>t z a _s4 ,he taught me to "k
 ,em]son4 ,he _h s saturat$ himself )   
,em]son t at "o "t he ?\ght z he did &  
ev5 fell into 8 mode ( expression4 ,b   
aft]w>d he f\nd 8 own way--:i* = him 0  
bett]4  ,!re 0 no sadness 9 ,john       
,burr\ghs's dea?4 ,:5 ! gra9 lies br[n &
 ripe "u ! h>ve/ sun1 & ! h>ve/]s are   
busy b9d+ x into %eaves1 !re is no      
sadness = ! gra94 ,x has rip5$ & has    
fulfill$ its t]m1 & s _h ,john          
,burr\ghs4 ,) him x 0 full rip5ess &    

h>ve/1 n decay4 ,he work$ almo/ to !    
end4 ,8 plans ran beyond ! end4 ,!y     
buri$ him amid ! sc5es he lov$1 & x 0 8 
eighty-f\r? bir?day4 ,^? sc5es w be     
pres]v$ z he lov$ !m4  ,john ,burr\ghs1 
,edison1 & ,i ) ,h>vey ,s4 ,fire/one    
made sev]al vagabond trips toge!r4 ,we  
w5t 9 motor c>avans & slept "u canvas4  
,once we gypsi$ ?r\gh ! ,adirondacks &  
aga9 ?r\gh ! ,allegh5ies1 head+ s\?w>d4 
,! trips 7 good fun--except t !y began  
to attract too mu* att5tion4         99 
99       99       99       99  ,to-day  
,i am m oppos$ to w> ?an ev] ,i 01 & ,i 
?9k ! p ( ! _w "k--ev5 if ! politicians 
d n--t w> nev] settles any?+4 ,x 0 w> t 
made ! ord]ly & pr(itable processes ( ! 
_w :at !y are to-day--a loose1 disjo9t$ 
mass4 ,( c\rse1 "s m5 get ri* out ( w>2 
o!rs get poor4 ,b ! m5 :o get ri* are n 
^? :o f\ght or :o really help$ beh9d !  
l9es4 ,no patriot makes money out ( w>4 
,no man ) true patriotism c\ld make     
money out ( w>--out ( ! sacrifice ( o!r 
m5's lives4 ,until ! soldi] makes money 

by fight+1 until mo!rs make money by    
giv+ _! sons to dea?--n until !n %\ld   
any citiz5 make money out ( provid+ 8   
c\ntry ) ! means to pres]ve its life4   
,if w>s are to cont9ue1 x w be h>d] &   
h>d] = ! upright bus9ess man to reg>d w>
 z a legitimate means ( high & spe$y    
pr(its4 ,w> =tunes are los+ ca/e e day4 
,ev5 gre$ w "s day hesitate be=e !      
ov]:elm+ unpopul>ity & opposition :i* w 
meet ! w> pr(ite]4 ,bus9ess %\ld be on !
 side ( peace1 because peace is         
bus9ess's be/ asset4  ,&1 by ! way1 0   
inv5tive g5ius ev] s /]ile z x 0 dur+ ! 
w>8  ,an imp>tial inve/igation ( ! la/  
w>1 ( :at prec$$ x & :at has come out ( 
x1 w\ld %[ beyond a d\bt t !re is 9 ! _w
 a gr\p ( m5 ) va/ p[]s ( control1 t    
pref]s to rema9 unkn[n1 t does n seek   
(fice or any ( ! tok5s ( p[]1 t belongs 
to no nation :atev] b is int]national--a
 =ce t uses e gov]nm5t1 e widespread    
bus9ess organization1 e ag5cy (         
publicity1 e res\rce ( national         
psy*ology1 to ?r[ ! _w into a panic = ! 

sake ( gett+ /ill m p[] ov] ! _w4 ,an   
old gambl+ trick us$ to be = ! gambl] to
 cry ,police6 :5 a lot ( money 0 on !   
table1 &1 9 ! panic t foll[$1 to seize !
 money & run (f ) x4 ,!re is a p[] )9 ! 
_w :i* cries ,w>6 & 9 ! confusion ( !   
nations1 ! unre/ra9$ sacrifice :i* p    
make = safety & peace runs (f ) ! spoils
 ( ! panic4  ,! po9t to keep 9 m9d is t1
 ?\gh we won ! milit>y conte/1 ! _w has 
n yet q succe$$ 9 w9n+ a complete       
victory ov] ! promot]s ( w>4 ,we ought n
 to =get t w>s are a purely manufactur$ 
evil & are made accord+ to a def9ite    
te*nique4 ,a campaign = w> is made ^u z 
def9ite l9es z a campaign = any o!r     
purpose4 ,fir/1 ! p are work$ ^u4 ,by   
clev] tales ! p's suspicions are ar\s$  
t[>d ! nation aga9/ :om w> is desir$4   
,make ! nation suspici\s2 make ! o!r    
nation suspici\s4 ,all y ne$ = ?is is a 
few ag5ts ) "s clev]ness & no consci5ce 
& a press ^: int]e/ is lock$ up ) !     
int]e/s t w be b5efit$ by w>4 ,!n ! ov]t
 act w soon appe>4 ,x is no trick at all

 to get an ov]t act once y "w ! hatr$ ( 
two nations up to ! prop] pit*4  ,!re 7 
m5 9 e c\ntry :o 7 glad to see ! ,_w ,w>
 beg9 & sorry to see x /op4 ,hundr$s (  
,am]ican =tunes date f ! ,civil ,w>2    
?\s&s ( new =tunes date f ! ,_w ,w>4    
,nobody c d5y t w> is a pr(itable       
bus9ess = ^? :o l t k9d ( money4 ,w> is 
an orgy ( money1 j z x is an orgy (     
blood4  ,& we %\ld n s easily be l$ into
 w> if we consid]$ :at x is t makes a   
nation really great4 ,x is n ! am\nt (  
trade t makes a nation great4 ,!        
creation ( private =tunes1 l ! creation 
( an autocracy1 does n make any c\ntry  
great4 ,nor does ! m]e *ange ( an       
agricultural population into a factory  
population4 ,a c\ntry becomes great :51 
by ! wise developm5t ( its res\rces & ! 
skill ( its p1 prop]ty is widely &      
fairly di/ribut$4  ,=eign trade is full 
( delusions4 ,we ought to wi% = e nation
 z l>ge a degree ( self-support z       
possible4 ,in/ead ( wi%+ to keep !m     
dep5d5t on u = :at we manufacture1 we   

%\ld wi% !m to le>n to manufacture      
!mselves & build up a solidly f\nd$     
civilization4 ,:5 e nation le>ns to     
produce ! ?+s :i* x c produce1 we %all  
be able to get d[n to a basis ( s]v+ ea*
 o!r along ^? special l9es 9 :i* !re c  
be no competition4 ,! ,nor? ,temp]ate   
,zone w nev] be able to compete ) !     
tropics 9 ! special products ( !        
tropics4 ,our c\ntry w nev] be a        
competitor ) ! ,ori5t 9 ! production (  
tea1 nor ) ! ,s\? 9 ! production (      
rubb]4  ,a l>ge proportion ( our =eign  
trade is bas$ on ! backw>dness ( our    
=eign cu/om]s4 ,selfi%ness is a motive t
 w\ld pres]ve t backw>dness4 ,humanity  
is a motive t w\ld help ! backw>d       
nations to a self-support+ basis4 ,take 
,mexico1 = example4 ,we h he>d a great  
deal ab\t ! developm5t ( ,mexico4       
,exploitation is ! ^w t ought in/ead to 
be us$4 ,:5 its ri* natural res\rces are
 exploit$ = ! increase ( ! private      
=tunes ( =eign capitali/s1 t is n       
developm5t1 x is ravi%m5t4 ,y c nev]    

develop ,mexico until y develop !       
,mexican4 ,& yet h[ mu* ( ! developm5t (
 ,mexico by =eign exploit]s ev] took    
acc\nt ( ! developm5t ( its p8 ,!       
,mexican peon has be5 reg>d$ z m]e fuel 
= ! =eign money-mak]s4 ,=eign trade has 
be5 8 degradation4  ,%ort-sight$ p are  
afraid ( su* c\nsel4 ,!y say3 ,:at w\ld 
become ( our =eign trade8  ,:5 ! natives
 ( ,africa beg9 rais+ _! own cotton & ! 
natives ( ,russia beg9 mak+ _! own f>m+ 
implem5ts & ! natives ( ,*9a beg9       
supply+ _! own wants1 x w make a        
diff]5ce1 to be sure1 b does any        
?\ghtful man imag9e t ! _w c long       
cont9ue on ! pres5t basis ( a few       
nations supply+ ! ne$s ( ! _w8 ,we mu/  
?9k 9 t]ms ( :at ! _w w be :5           
civilization becomes g5]al1 :5 all !    
peoples h le>n$ to help !mselves4  ,:5 a
 c\ntry goes mad ab\t =eign trade x     
usually dep5ds on o!r c\ntries = its raw
 mat]ial1 turns its population into     
factory fodd]1 creates a private ri*    
class1 & lets its own imm$iate int]e/   

lie neglect$4 ,"h 9 ! ,unit$ ,/ates we h
 en\gh "w to d develop+ our own c\ntry  
to relieve u ( ! necessity ( look+ =    
=eign trade = a long "t4 ,we h          
agriculture en\gh to fe$ u :ile we are  
do+ x1 & money en\gh to c>ry ! job      
?r\gh4 ,is !re any?+ m /upid ?an !      
,unit$ ,/ates /&+ idle because ,japan or
 ,france or any o!r c\ntry has n s5t u  
an ord] :5 !re is a hundr$-ye> job      
await+ u 9 develop+ our own c\ntry8     
,comm]ce began 9 s]vice4 ,m5 c>ri$ (f _!
 surplus to p :o _h none4 ,! c\ntry t   
rais$ corn c>ri$ x to ! c\ntry t c\ld   
raise no corn4 ,! lumb] c\ntry br\ght   
wood to ! treeless pla94 ,! v9e c\ntry  
br\ght fruit to cold nor!rn climes4 ,!  
pa/ure c\ntry br\ght meat to ! grassless
 region4 ,x 0 all s]vice4 ,:5 all !     
peoples ( ! _w become develop$ 9 ! art (
 self-support1 comm]ce w get back to t  
basis4 ,bus9ess w once m become s]vice4 
,!re w be no competition1 because !     
basis ( competition w h vani%$4 ,! v>i$ 
peoples w develop skills :i* w be 9 !   

nature ( monopolies & n competitive4 ,f 
! beg9n+1 ! races h exhibit$ di/9ct     
/ra9s ( g5ius3 ?is "o = gov]nm5t2 ano!r 
= colonization2 ano!r = ! sea2 ano!r =  
art & music2 ano!r = agriculture2 ano!r 
= bus9ess1 & s on4 ,l9coln said t ?is   
nation c\ld n survive half-slave &      
half-free4 ,! human race _c =ev] exi/   
half-exploit] & half-exploit$4 ,until we
 become buy]s & sell]s alike1 produc]s &
 consum]s alike1 keep+ ! balance n =    
pr(it b = s]vice1 we are go+ to h       
topsy-turvy conditions4  ,france has    
some?+ to give ! _w ( :i* no competition
 c *eat h]4 ,s has ,italy4 ,s has       
,russia4 ,s h ! c\ntries ( ,s\? ,am]ica4
 ,s has ,japan4 ,s has ,brita94 ,s has !
 ,unit$ ,/ates4 ,! soon] we get back to 
a basis ( natural specialties & drop ?is
 free-=-all sy/em ( grab1 ! soon] we    
%all be sure ( int]national             
self-respect--& int]national peace4     
,try+ to take ! trade ( ! _w c promote  
w>4 ,x _c promote prosp]ity4 ,"s day ev5
 ! int]national bank]s w le>n ?is4  ,i h

 nev] be5 able to discov] any hon\rable 
reasons = ! beg9n+ ( ! ,_w ,w>4 ,x seems
 to h gr[n out ( a v complicat$         
situation creat$ l>gely by ^? :o ?\ght  
!y c\ld pr(it by w>4 ,i believ$1 on !   
in=mation t 0 giv5 to me 9 #aiaf1 t "s (
 ! nations 7 anxi\s = peace & w\ld      
welcome a demon/ration = peace4 ,x 0 9 !
 hope t ?is 0 true t ,i f9anc$ !        
exp$ition to ,/ockholm 9 :at has s9ce   
be5 call$ ! ,peace ,%ip4 ,i d n regret !
 attempt4 ,! m]e fact t x fail$ is n1 to
 me1 conclusive pro( t x 0 n wor? try+4 
,we le>n m f our failures ?an f our     
successes4 ,:at ,i le>n$ on t trip 0    
wor? ! "t & ! money exp5d$4 ,i d n n[ "k
 :e!r ! in=mation z convey$ to me 0 true
 or false4 ,i d n c>e4 ,b ,i ?9k ev]yone
 w agree t if x _h be5 possible to end !
 w> 9 #aiaf ! _w w\ld be bett] (f ?an x 
is to-day4  ,= ! victors wa/$ !mselves 9
 w9n+1 & ! vanqui%$ 9 resi/+4 ,nobody   
got an advantage1 hon\rable or          
di%on\rable1 out ( t w>4 ,i _h hop$1    
f9ally1 :5 ! ,unit$ ,/ates ent]$ ! w>1 t

 x might be a w> to end w>s1 b n[ ,i "k 
t w>s d n end w>s any m ?an an          
extraord9>ily l>ge conflagration does   
away ) ! fire haz>d4 ,:5 our c\ntry     
ent]$ ! w>1 x became ! duty ( e citiz5  
to d 8 utmo/ t[>d see+ ?r\gh to ! end t 
:i* we _h und]tak54 ,i believe t x is ! 
duty ( ! man :o opposes w> to oppose go+
 to w> up until ! "t ( its actual       
decl>ation4 ,my opposition to w> is n   
bas$ ^u pacifi/ or non-resi/ant         
pr9ciples4 ,x may be t ! pres5t /ate (  
civilization is su* t c]ta9 int]national
 que/ions _c be discuss$2 x may be t !y 
h to be f\ght out4 ,b ! fight+ nev]     
settles ! "q4 ,x only gets ! p>ticipants
 ar\nd to a frame ( m9d :]e !y w agree  
to discuss :at !y 7 fight+ ab\t4  ,once 
we 7 9 ! w>1 e facility ( ! ,=d         
indu/ries 0 put at ! disposal ( !       
,gov]nm5t4 ,we _h1 up to ! "t ( !       
decl>ation ( w>1 absolutely refus$ to   
take w> ord]s f ! =eign bellig]5ts4 ,x  
is entirely out ( keep+ ) ! pr9ciples ( 
our bus9ess to di/urb ! r\t9e ( our     

production unless 9 an em]g5cy4 ,x is at
 v>iance ) our human pr9ciples to aid   
ei!r side 9 a w> 9 :i* our c\ntry 0 n   
involv$4 ,^! pr9ciples _h no            
application1 once ! ,unit$ ,/ates ent]$ 
! w>4 ,f ,april1 #aiag1 until ,novemb]1 
#aiah1 our factory work$ practically    
exclusively = ! ,gov]nm5t4 ,( c\rse we  
made c>s & p>ts & special deliv]y trucks
 & ambulances z a "p ( our g5]al        
production1 b we also made _m o!r       
articles t 7 m or less new to u4 ,we    
made #b #a_/b-ton & #f-ton trucks4 ,we  
made ,lib]ty motors 9 great quantities1 
a]o cyl9d]s1 #a4ee ,mm4 & #d4g ,mm4     
caissons4 ,we made li/5+ devices1 /eel  
helmets 7bo? at ,highl& ,p>k &          
,philadelphia71 & ,eagle ,boats1 & we   
did a l>ge am\nt ( exp]im5tal "w on     
arm\r plate1 comp5sators1 & body arm\r4 
,= ! ,eagle ,boats we put up a special  
plant on ! ,riv] ,r\ge site4 ,^! boats 7
 design$ to combat ! subm>9es4 ,!y 7    
#bjd feet long1 made ( /eel1 & "o ( !   
conditions prec$5t to _! build+ 0 t _!  

con/ruction %\ld n int]f]e ) any o!r l9e
 ( w> production & also t !y be deliv]$ 
quickly4 ,! design 0 work$ out by !     
,navy ,dep>tm5t4 ,on ,decemb] #bb1      
#aiag1 ,i (f]$ to build ! boats = !     
,navy4 ,! discussion t]m9at$ on ,janu>y 
#ae1 #aiah1 :5 ! ,navy ,dep>tm5t aw>d$ !
 contract to ! ,=d ,company4 ,on ,july  
#aa?1 ! fir/ complet$ boat 0 laun*$4 ,we
 made bo? ! hulls & ! eng9es1 & n a =g+ 
or a roll$ beam ent]$ into ! con/ruction
 ( o!r ?an ! eng9e4 ,we /amp$ ! hulls   
entirely out ( %eet /eel4 ,!y 7 built   
indoors4 ,9 f\r mon?s we ran up a build+
 at ! ,riv] ,r\ge a ?ird ( a mile long1 
#cej feet wide1 & #ajj feet high1 cov]+ 
m ?an ?irte5 acres4 ,^! boats 7 n built 
by m>9e eng9e]s4 ,!y 7 built simply by  
apply+ our production pr9ciples to a new
 product4  ,) ! ,armi/ice1 we at once   
dropp$ ! w> & w5t back to peace4        
99       99       99       99       99  
,an able man is a man :o c d ?+s1 & 8   
ability to d ?+s is dep5d5t on :at he   
has 9 him4 ,:at he has 9 him dep5ds on  

:at he />t$ ) & :at he has done to      
increase & discipl9e x4  ,an educat$ man
 is n "o ^: memory is tra9$ to c>ry a   
few dates 9 hi/ory--he is "o :o c       
accompli% ?+s4 ,a man :o _c ?9k is n an 
educat$ man h[ev] _m college degrees he 
may h acquir$4 ,?9k+ is ! h>de/ "w any  
"o c d--:i* is probably ! reason :y we h
 s few ?9k]s4 ,!re are two extremes to  
be avoid$3 "o is ! attitude ( contempt  
t[>d education1 ! o!r is ! tragic       
snobb]y ( assum+ t m>*+ ?r\gh an        
educational sy/em is a sure cure =      
ignorance & m$iocrity4 ,y _c le>n 9 any 
s*ool :at ! _w is go+ to d next ye>1 b y
 c le>n "s ( ! ?+s :i* ! _w has tri$ to 
d 9 =m] ye>s1 & :]e x fail$ & :]e x     
succe$$4 ,if education consi/$ 9 w>n+ ! 
"y /ud5t away f "s ( ! false !ories on  
:i* m5 h tri$ to build1 s t he may be   
sav$ ! loss ( ! "t 9 f9d+ out by bitt]  
exp]i5ce1 its good w\ld be unque/ion$4  
,an education :i* consi/s ( signpo/s    
indicat+ ! failure & ! fallacies ( ! pa/
 d\btless w\ld be v useful4 ,x is n     

education j to possess ! !ories ( a lot 
( pr(essors4 ,speculation is v int]e/+1 
& sometimes pr(itable1 b x is n         
education4 ,to be le>n$ 9 sci5ce to-day 
is m]ely to be aw>e ( a hundr$ !ories t 
h n be5 prov$4 ,& n to "k :at ^? !ories 
are is to be un$ucat$1 ignorant1 & s =?4
 ,if k ( guesses is le>n+1 !n "o may    
become le>n$ by ! simple exp$i5t ( mak+ 
8 own guesses4 ,& by ! same tok5 he c   
dub ! re/ ( ! _w ignorant because x does
 n "k :at 8 guesses are4 ,b ! be/ t     
education c d = a man is to put him 9   
possession ( 8 p[]s1 give him control ( 
! tools ) :i* de/9y has end[$ him1 &    
tea* him h[ to ?9k4 ,! college r5d]s its
 be/ s]vice z an intellectual gymnasium1
 9 :i* m5tal muscle is develop$ & !     
/ud5t /r5g!n$ to d :at he c4 ,to say1   
h[ev]1 t m5tal gymna/ics c be _h only 9 
college is n true1 z e educator kn[s4 ,a
 man's real education beg9s aft] he has 
left s*ool4 ,true education is ga9$     
?r\gh ! discipl9e ( life4  ,!re are _m  
k9ds ( k1 & x dep5ds on :at cr[d y happ5

 to be 91 or h[ ! fa%ions ( ! day happ5 
to run1 :i* k9d ( k1 is mo/ respect$ at 
! mom5t4 ,!re are fa%ions 9 k1 j z !re  
are 9 ev]y?+ else4 ,:5 "s ( u 7 lads1 k 
us$ to be limit$ to ! ,bible4 ,!re 7    
c]ta9 m5 9 ! neighb\rhood :o knew !     
,book ?or\ghly1 & !y 7 look$ up to &    
respect$4 ,biblical k 0 highly valu$ !n4
 ,b n[adays x is d\btful :e!r deep      
acqua9tance ) ! ,bible w\ld be suffici5t
 to w9 a man a "n = le>n+4  ,k1 to my   
m9d1 is some?+ t 9 ! pa/ somebody knew &
 left 9 a =m :i* enables all :o w to    
obta9 x4 ,if a man is born ) normal     
human faculties1 if he is equipp$ )     
en\gh ability to use ! tools :i* we call
 lett]s 9 read+ or writ+1 !re is no k )9
 ! possession ( ! race t he _c h--if he 
wants x6 ,! only reason :y e man does n 
"k ev]y?+ t ! human m9d has ev] le>n$ is
 t no "o has ev] yet f\nd x wor? :ile to
 "k t mu*4 ,m5 satisfy _! m9ds m by f9d+
 out ?+s = !mselves ?an by heap+ toge!r 
! ?+s :i* somebody else has f\nd out4 ,y
 c g out & ga!r k all y\r life1 & ) all 

y\r ga!r+ y w n cat* up ev5 ) y\r own   
times4 ,y may fill y\r head ) all !     
facts ( all ! ages1 & y\r head may be j 
an ov]load$ fact-box :5 y get ?r\gh4 ,! 
po9t is ?is3 ,great piles ( k 9 ! head  
are n ! same z m5tal activity4 ,a man   
may be v le>n$ & v useless4 ,& !n aga91 
a man may be unle>n$ & v useful4  ,!    
object ( education is n to fill a man's 
m9d ) facts2 x is to tea* him h[ to use 
8 m9d 9 ?9k+4 ,& x (t5 happ5s t a man c 
?9k bett] if he is n hamp]$ by ! k ( !  
pa/4  ,x is a v human t5d5cy to ?9k t   
:at mank9d does n yet "k no "o c le>n4  
,& yet x mu/ be p]fectly cle> to ev]yone
 t ! pa/ le>n+ ( mank9d _c be all[$ to  
h9d] our future le>n+4 ,mank9d has n    
gone s v f> :5 y measure its progress   
aga9/ ! k t is yet to be ga9$--! secrets
 t are yet to be le>n$4  ,"o good way to
 h9d] progress is to fill a man's head )
 all ! le>n+ ( ! pa/2 x makes him feel t
 because 8 head is full1 !re is no?+ m  
to le>n4 ,m]ely ga!r+ k may become ! mo/
 useless "w a man c d4 ,:at c y d to    

help & heal ! _w8 ,t is ! educational   
te/4 ,if a man c hold up 8 own end1 he  
c\nts = "o4 ,if he c help t5 or a hundr$
 or a ?\s& o!r m5 hold up _! ends1 he   
c\nts = m4 ,he may be q ru/y on _m ?+s t
 inhabit ! realm ( pr9t1 b he is a le>n$
 man j ! same4 ,:5 a man is ma/] ( 8 own
 sph]e1 :atev] x may be1 he has won 8   
degree--he has ent]$ ! realm ( wisdom4  
99       99       99       99       99  
,! "w :i* we describe z ,/udies 9 !     
,jewi% ,"q1 & :i* is v>i\sly describ$ by
 antagoni/s z ! ,jewi% campaign1 !      
attack on ! ,jews1 ! anti-,semitic      
pogrom1 & s =?1 ne$s no explanation to  
^? :o h foll[$ x4 ,its motives &        
purposes mu/ be judg$ by ! "w itself4 ,x
 is (f]$ z a contribution to a "q :i*   
deeply affects ! c\ntry1 a "q :i* is    
racial at its s\rce1 & :i* conc]ns      
influ5ces & ideals r ?an p]sons4 ,our   
/atem5ts mu/ be judg$ by c&id read]s :o 
are intellig5t en\gh to lay our words   
alongside life z !y are able to obs]ve  
x4 ,if our ^w & _! obs]vation agree1 !  

case is made4 ,x is p]fectly silly to   
beg9 to damn u be=e x has be5 %[n t our 
/atem5ts are baseless or reckless4 ,!   
fir/ item to be consid]$ is ! tru? ( :at
 we h set =?4 ,& t is precisely ! item  
:i* our critics *oose to evade4  ,read]s
 ( our articles w see at once t we are n
 actuat$ by any k9d ( prejudice1 except 
x may be a prejudice 9 favor ( !        
pr9ciples :i* h made our civilization4  
,!re _h be5 obs]v$ 9 ?is c\ntry c]ta9   
/reams ( influ5ce :i* 7 caus+ a m>k$    
det]ioration 9 our lit]ature1 amusem5ts1
 & social conduct2 bus9ess 0 dep>t+ f   
its old-"t sub/antial s\ndness2 a g5]al 
lett+ d[n ( /&>ds 0 felt ev]y:]e4 ,x 0 n
 ! robu/ co>s5ess ( ! :ite man1 ! rude  
indelicacy1 say1 ( ,%akespe>e's *>act]s1
 b a na/y ,ori5talism :i* has insidi\sly
 affect$ e *annel ( expression--& to su*
 an ext5t t x 0 "t to *all5ge x4 ,! fact
 t ^! influ5ces are all traceable to "o 
racial s\rce is a fact to be reckon$ )1 
n by u only1 b by ! intellig5t p ( !    
race 9 "q4 ,x is entirely cr$itable to  

!m t /eps h be5 tak5 by !m to remove _! 
protection f ! m flagrant violators (   
,am]ican hospitality1 b !re is /ill room
 to disc>d outworn ideas ( racial       
sup]iority ma9ta9$ by economic or       
intellectually subv]sive w>f>e ^u       
,*ri/ian society4  ,our "w does n pret5d
 to say ! la/ ^w on ! ,jew 9 ,am]ica4 ,x
 says only ! ^w :i* describes 8 obvi\s  
pres5t impress on ! c\ntry4 ,:5 t       
impress is *ang$1 ! report ( x c be     
*ang$4 ,= ! pres5t1 !n1 ! "q is :olly 9 
! ,jews' h&s4 ,if !y are z wise z !y    
claim to be1 !y w lab\r to make ,jews   
,am]ican1 in/ead ( lab\r+ to make       
,am]ica ,jewi%4 ,! g5ius ( ! ,unit$     
,/ates ( ,am]ica is ,*ri/ian 9 ! broade/
 s5se1 & its de/9y is to rema9 ,*ri/ian4
 ,?is c>ries no sect>ian mean+ ) x1 b   
relates to a basic pr9ciple :i* diff]s f
 o!r pr9ciples 9 t x provides = lib]ty )
 morality1 & pl$ges society to a code ( 
relations bas$ on fundam5tal ,*ri/ian   
conceptions ( human rights & duties4  ,z
 = prejudice or hatr$ aga9/ p]sons1 t is

 nei!r ,am]ican nor ,*ri/ian4 ,our      
opposition is only to ideas1 false      
ideas1 :i* are sapp+ ! moral /am9a ( !  
p4 ,^! ideas proce$ f easily id5tifi$   
s\rces1 !y are promulgat$ by easily     
discov]able me?ods2 & !y are controll$  
by m]e exposure4 ,we h simply us$ !     
me?od ( exposure4 ,:5 p le>n to id5tify 
! s\rce & nature ( ! influ5ce swirl+    
ar\nd !m1 x is suffici5t4 ,let !        
,am]ican p once und]/& t x is n natural 
deg5]acy1 b calculat$ subv]sion t       
afflicts u1 & !y are safe4 ,!           
explanation is ! cure4  ,?is "w 0 tak5  
up )\t p]sonal motives4 ,:5 x rea*$ a   
/age :]e we believ$ ! ,am]ican p c\ld   
grasp ! key1 we let x re/ = ! "t4 ,our  
enemies say t we began x = rev5ge & t we
 laid x d[n 9 fe>4 ,"t w %[ t our       
critics are m]ely deal+ 9 evasion       
because !y d>e n tackle ! ma9 "q4 ,"t w 
also %[ t we are bett] fri5ds to !      
,jews' be/ int]e/s ?an are ^? :o praise 
!m to _! faces & criticize !m beh9d _!  
backs4     ,,*apt] ,,xviii  ,,democracy 

,,& ,,indu/ry   ,p]haps no ^w is m      
ov]work$ n[adays ?an ! ^w democracy1 &  
^? :o %\t l\de/ ab\t x1 ,i ?9k1 z a     
rule1 want x lea/4 ,i am always         
suspici\s ( m5 :o speak glibly (        
democracy4 ,i wond] if !y want to set up
 "s k9d ( a despotism or if !y want to h
 somebody d = !m :at !y ought to d =    
!mselves4 ,i am = ! k9d ( democracy t   
gives to ea* an equal *ance accord+ to 8
 ability4 ,i ?9k if we give m att5tion  
to s]v+ our fell[s we %all h less conc]n
 ) ! empty =ms ( gov]nm5t & m conc]n ) !
 ?+s to be done4 ,?9k+ ( s]vice1 we %all
 n bo!r ab\t good feel+ 9 indu/ry or    
life2 we %all n bo!r ab\t masses &      
classes1 or clos$ & op5 %ops1 & su*     
matt]s z h no?+ at all to d ) ! real    
bus9ess ( liv+4 ,we c get d[n to facts4 
,we /& 9 ne$ ( facts4  ,x is a %ock :5 !
 m9d awak5s to ! fact t n all ( humanity
 is human--t :ole gr\ps ( p d n reg>d   
o!rs ) humane feel+s4 ,great ef=ts h be5
 made to h ?is appe> z ! attitude ( a   
class1 b x is really ! attitude ( all   

classes1 9 s f> z !y are sway$ by !     
false notion ( classes4 ,be=e1 :5 x 0 ! 
con/ant ef=t ( propag&a to make ! p     
believe t x 0 only ! ri* :o 7 )\t humane
 feel+s1 ! op9ion became g5]al t among !
 poor ! humane virtues fl\ri%$4  ,b !   
ri* & ! poor are bo? v small m9orities1 
& y _c classify society "u su* heads4   
,!re are n en\gh ri* & !re are n en\gh  
poor to s]ve ! purpose ( su*            
classification4 ,ri* m5 h become poor   
)\t *ang+ _! natures1 & poor m5 h become
 ri*1 & ! problem has n be5 affect$ by  
x4  ,betwe5 ! ri* & ! poor is ! great   
mass ( ! p :o are nei!r ri* nor poor4 ,a
 society made up exclusively (          
millionaires w\ld n be diff]5t f our    
pres5t society2 "s ( ! millionaires w\ld
 h to raise :eat & bake bread & make    
ma*9]y & run tra9s--else !y w\ld all    
/>ve to dea?4 ,someone mu/ d ! "w4      
,really we h no fix$ classes4 ,we h m5  
:o w "w & m5 :o w n4 ,mo/ ( ! classes t 
"o reads ab\t are purely fictional4     
,take c]ta9 capitali/ pap]s4 ,y w be    

amaz$ by "s ( ! /atem5ts ab\t ! lab\r+  
class4 ,we :o h be5 & /ill are a "p ( ! 
lab\r+ class "k t ! /atem5ts are untrue4
 ,take c]ta9 ( ! lab\r pap]s4 ,y are    
equally amaz$ by "s ( ! /atem5ts !y make
 ab\t capitali/s4 ,& yet on bo? sides   
!re is a gra9 ( tru?4 ,! man :o is a    
capitali/ & no?+ else1 :o gambles ) !   
fruits ( o!r m5's lab\rs1 des]ves all t 
is said aga9/ him4 ,he is 9 precisely ! 
same class z ! *eap gambl] :o *eats     
work+m5 out ( _! wages4 ,! /atem5ts we  
read ab\t ! lab\r+ class 9 ! capitali/ic
 press are seldom writt5 by manag]s (   
great indu/ries1 b by a class ( writ]s  
:o are writ+ :at !y ?9k w please _!     
employ]s4 ,!y write :at !y imag9e w     
please4 ,exam9e ! lab\r press & y w f9d 
ano!r class ( writ]s :o simil>ly seek to
 tickle ! prejudices :i* !y conceive !  
lab\r+ man to h4 ,bo? k9ds ( writ]s are 
m]e propag&i/s4 ,& propag&a t does n    
spread facts is self-de/ructive4 ,& x   
%\ld be4 ,y _c prea* patriotism to m5 = 
! purpose ( gett+ !m to /& /ill :ile y  

rob !m--& get away ) t k9d ( prea*+ v   
long4 ,y _c prea* ! duty ( work+ h>d &  
produc+ pl5tifully1 & make t a scre5 =  
an additional pr(it to y\rself4 ,& nei!r
 c ! work] conceal ! lack ( a day's "w  
by a phrase4  ,und\bt$ly ! employ+ class
 possesses facts :i* ! employ$ ought to 
h 9 ord] to con/ruct s\nd op9ions & pass
 fair judgm5ts4 ,und\bt$ly ! employ$    
possess facts :i* are equally important 
to ! employ]4 ,x is extremely d\btful1  
h[ev]1 if ei!r side has all ! facts4 ,& 
?is is :]e propag&a1 ev5 if x 7 possible
 = x to be entirely successful1 is      
defective4 ,x is n desirable t "o set ( 
ideas be put ov] on a class hold+ ano!r 
set ( ideas4 ,:at we really ne$ is to   
get all ! ideas toge!r & con/ruct f !m4 
,take1 = in/ance1 ?is :ole matt] ( union
 lab\r & ! "r to /rike4  ,! only /rong  
gr\p ( union m5 9 ! c\ntry is ! gr\p t  
draws sal>ies f ! unions4 ,"s ( !m are v
 ri*4 ,"s ( !m are int]e/$ 9 influ5c+ ! 
affairs ( our l>ge in/itutions ( f9ance4
 ,o!rs are s extreme 9 _! s-call$       

socialism t !y bord] on ,bol%evism &    
an>*ism--_! union sal>ies lib]at+ !m f !
 necessity ( "w s t !y c devote _!      
en]gies to subv]sive propag&a4 ,all ( !m
 enjoy a c]ta9 pre/ige & p[] :i*1 9 !   
natural c\rse ( competition1 !y c\ld n  
o!rwise h won4  ,if ! (ficial p]sonnel (
 ! lab\r unions 7 z /rong1 z hone/1 z   
dec5t1 & z pla9ly wise z ! bulk ( ! m5  
:o make up ! memb]%ip1 ! :ole movem5t   
w\ld h tak5 on a diff]5t complexion ^!  
la/ few ye>s4 ,b ?is (ficial p]sonnel1 9
 ! ma9--!re are notable exceptions--has 
n devot$ itself to an alliance ) !      
naturally /rong qualities ( ! work+man2 
x has r devot$ itself to play+ ^u 8     
weaknesses1 pr9cipally ^u ! weaknesses (
 t newly arriv$ portion ( ! population  
:i* does n yet "k :at ,am]icanism is1 & 
:i* nev] w "k if left to ! tutelage ( _!
 local union lead]s4  ,! work+m51 except
 ^? few :o h be5 inoculat$ ) ! fallaci\s
 doctr9e ( ! class w> & :o h accept$ !  
philosophy t progress consi/s 9 fom5t+  
discord 9 indu/ry 7,:5 y get y\r #ab a  

day1 don't /op at t4 ,agitate = #ad4 ,:5
 y get y\r eight h\rs a day1 don't be a 
fool & gr[ cont5t$2 agitate = six h\rs4 
,/>t some?+6 ,always />t some?+671 h !  
pla9 s5se :i* enables !m to recognize t 
) pr9ciples accept$ & obs]v$1 conditions
 *ange4 ,! union lead]s h nev] se5 t4   
,!y wi% conditions to rema9 z !y are1   
conditions ( inju/ice1 provocation1     
/rikes1 bad feel+1 & crippl$ national   
life4 ,else :]e w\ld be ! ne$ = union   
(fic]s8 ,e /rike is a new argum5t = !m2 
!y po9t to x & say1 ,y see6 ,y /ill ne$ 
u4  ,! only true lab\r lead] is ! "o :o 
leads lab\r to "w & to wages1 & n !     
lead] :o leads lab\r to /rikes1         
sabotage1 & />vation4 ,! union ( lab\r  
:i* is com+ to ! =e 9 ?is c\ntry is !   
union ( all ^: int]e/s are              
int]dep5d5t--^: int]e/s are altoge!r    
dep5d5t on ! usefulness & effici5cy ( ! 
s]vice !y r5d]4  ,!re is a *ange com+4  
,:5 ! union ( union lead]s disappe>s1 ) 
x w g ! union ( bl9d bosses--bosses :o  
nev] did a dec5t ?+ = _! employees until

 !y 7 compell$4 ,if ! bl9d boss 0 a     
disease1 ! selfi% union lead] 0 !       
antidote4 ,:5 ! union lead] became !    
disease1 ! bl9d boss became ! antidote4 
,bo? are misfits1 bo? are out ( place 9 
well-organiz$ society4 ,& !y are bo?    
disappe>+ toge!r4  ,x is ! bl9d boss ^: 
voice is he>d to-day say+1 ,n[ is ! "t  
to sma% lab\r1 we've got !m on ! run4 ,t
 voice is go+ d[n to sil5ce ) ! voice t 
prea*es class w>4 ,! produc]s--f ! m5 at
 ! draw+ bo>d to ! m5 on ! m\ld+        
floor--h gott5 toge!r 9 a real union1 & 
!y w h&le _! own affairs h5ce=?4  ,!    
exploitation ( dissatisfaction is an    
e/abli%$ bus9ess to-day4 ,its object is 
n to settle any?+1 nor to get any?+     
done1 b to keep dissatisfaction 9       
exi/5ce4 ,& ! in/rum5ts us$ to d ?is are
 a :ole set ( false !ories & promises   
:i* c nev] be fulfill$ z long z ! e>?   
rema9s :at x is4  ,i am n oppos$ to     
lab\r organization4 ,i am n oppos$ to   
any sort ( organization t makes =       
progress4 ,x is organiz+ to limit       

production--:e!r by employ]s or by      
work]s--t matt]s4  ,! work+man himself  
mu/ be on gu>d aga9/ "s v dang]\s       
notions--dang]\s to himself & to !      
welf>e ( ! c\ntry4 ,x is sometimes said 
t ! less a work] does1 ! m jobs he      
creates = o!r m54 ,?is fallacy assumes t
 idl5ess is creative4 ,idl5ess nev]     
creat$ a job4 ,x creates only burd5s4 ,!
 indu/ri\s man nev] runs 8 fell[ work]  
out ( a job2 inde$1 x is ! indu/ri\s man
 :o is ! p>tn] ( ! indu/ri\s manag]--:o 
creates m & m bus9ess & !re=e m & m     
jobs4 ,x is a great pity t ! idea %\ld  
ev] h gone abroad among s5sible m5 t by 
soldi]+ on ! job !y help someone else4  
,a mom5t's ?\ght w %[ ! weakness ( su*  
an idea4 ,! heal?y bus9ess1 ! bus9ess t 
is always mak+ m & m opportunities = m5 
to e>n an hon\rable & ample liv+1 is !  
bus9ess 9 :i* e man does a day's "w (   
:i* he is pr\d4 ,& ! c\ntry t /&s mo/   
securely is ! c\ntry 9 :i* m5 "w hone/ly
 & d n play tricks ) ! means (          
production4 ,we _c play fa/ & loose )   

economic laws1 because if we d !y h&le u
 9 v h>d ways4  ,! fact t a piece ( "w  
is n[ be+ done by n9e m5 :i* us$ to be  
done by t5 m5 does n mean t ! t5? man is
 unemploy$4 ,he is m]ely n employ$ on t 
"w1 & ! public is n c>ry+ ! burd5 ( 8   
support by pay+ m ?an x ought on t "w--=
 aft] all1 x is ! public t pays6  ,an   
indu/rial conc]n :i* is wide en\gh awake
 to reorganize = effici5cy1 & hone/     
en\gh ) ! public to *>ge x necess>y co/s
 & no m1 is usually su* an ent]pris+    
conc]n t x has pl5ty ( jobs at :i* to   
employ ! t5? man4 ,x is b\nd to gr[1 &  
gr[? means jobs4 ,a well-manag$ conc]n  
is always seek+ to l[] ! lab\r co/ to ! 
public2 & x is c]ta9 to employ m m5 ?an 
! conc]n :i* loafs along & makes !      
public pay ! co/ ( its mismanagem5t4  ,!
 t5? man 0 an unnecess>y co/4 ,!        
ultimate consum] 0 pay+ him4 ,b ! fact t
 he 0 unnecess>y on t p>ticul> job does 
n mean t he is unnecess>y 9 ! "w ( ! _w1
 or ev5 9 ! "w ( 8 p>ticul> %op4  ,!    
public pays = all mismanagem5t4 ,m ?an  

half ! tr\ble ) ! _w to-day is ! soldi]+
 & dilution & *eapness & ineffici5cy =  
:i* ! p are pay+ _! good money4 ,:]ev]  
two m5 are be+ paid = :at "o c d1 ! p   
are pay+ d\ble :at !y ought4 ,& x is a  
fact t only a little :ile ago 9 ! ,unit$
 ,/ates1 man = man1 we 7 n produc+ :at  
we did = sev]al ye>s previ\s to ! w>4   
,a day's "w means m ?an m]ely be+ on    
duty at ! %op = ! requir$ numb] ( h\rs4 
,x means giv+ an equival5t 9 s]vice = ! 
wage drawn4 ,& :5 t equival5t is tamp]$ 
) ei!r way--:5 ! man gives m ?an he     
receives1 or receives m ?an he gives--x 
is n long be=e s]i\s dislocation w be   
manife/4 ,ext5d t condition ?r\gh\t !   
c\ntry1 & y h a complete upset (        
bus9ess4 ,all t indu/rial difficulty    
means is ! de/ruction ( basic equival5ts
 9 ! %op4 ,managem5t mu/ %>e ! blame )  
lab\r4 ,managem5t has be5 lazy1 too4    
,managem5t has f\nd x easi] to hire an  
additional five hundr$ m5 ?an to s      
improve its me?ods t "o hundr$ m5 ( !   
old =ce c\ld be releas$ to o!r "w4 ,!   

public 0 pay+1 & bus9ess 0 boom+1 &     
managem5t didn't c>e a p94 ,x 0 no      
diff]5t 9 ! (fice f :at x 0 9 ! %op4 ,! 
law ( equival5ts 0 brok5 j z mu* by     
manag]s z by workm54 ,practically no?+ (
 importance is secur$ by m]e dem&4 ,t is
 :y /rikes always fail--ev5 ?\gh !y may 
seem to succe$4 ,a /rike :i* br+s high] 
wages or %ort] h\rs & passes on ! burd5 
to ! community is really unsuccessful4  
,x only makes ! indu/ry less able to    
s]ve--& decreases ! numb] ( jobs t x c  
support4 ,?is is n to say t no /rike is 
ju/ifi$--x may draw att5tion to an evil4
 ,m5 c /rike ) ju/ice--t !y w !reby get 
ju/ice is ano!r "q4 ,! /rike = prop]    
conditions & j rew>ds is ju/ifiable4 ,! 
pity is t m5 %\ld be compell$ to use !  
/rike to get :at is !irs by "r4 ,no     
,am]ican ought to be compell$ to /rike =
 8 rights4 ,he ought to receive !m      
naturally1 easily1 z a matt] ( c\rse4   
,^! ju/ifiable /rikes are usually !     
employ]'s fault4 ,"s employ]s are n fit 
= _! jobs4 ,! employm5t ( m5--!         

direction ( _! en]gies1 ! arrang+ ( _!  
rew>ds 9 hone/ ratio to _! production & 
to ! prosp]ity ( ! bus9ess--is no small 
job4 ,an employ] may be unfit = 8 job1 j
 z a man at ! la! may be unfit4         
,ju/ifiable /rikes are a sign t ! boss  
ne$s ano!r job--"o t he c h&le4 ,! unfit
 employ] causes m tr\ble ?an ! unfit    
employee4 ,y c *ange ! latt] to ano!r m 
suitable job4 ,b ! =m] mu/ usually be   
left to ! law ( comp5sation4 ,! ju/ifi$ 
/rike1 !n1 is "o t ne$ nev] h be5 call$ 
if ! employ] _h done 8 "w4  ,!re is a   
second k9d ( /rike--! /rike ) a conceal$
 design4 ,9 ?is k9d ( /rike ! work+m5   
are made ! tools ( "s manipulator :o    
seeks 8 own ends ?r\gh !m4 ,to          
illu/rate3 ,"h is a great indu/ry ^:    
success is due to hav+ met a public ne$ 
) effici5t & skillful production4 ,x has
 a record = ju/ice4 ,su* an indu/ry     
pres5ts a great temptation to           
speculators4 ,if !y c only ga9 control (
 x !y c reap ri* b5efit f all ! hone/   
ef=t t has be5 put into x4 ,!y c de/roy 

its b5efici>y wage & pr(it-%>+1 squeeze 
e la/ doll> out ( ! public1 ! product1 &
 ! work+man1 & r$uce x to ! plight ( o!r
 bus9ess conc]ns :i* are run on l[      
pr9ciples4 ,! motive may be ! p]sonal   
gre$ ( ! speculators or !y may want to  
*ange ! policy ( a bus9ess because its  
example is emb>rass+ to o!r employ]s :o 
d n want to d :at is "r4 ,! indu/ry _c  
be t\*$ f )91 because its m5 h no reason
 to /rike4 ,s ano!r me?od is adopt$4 ,! 
bus9ess may keep _m outside %ops busy   
supply+ x ) mat]ial4 ,if ^! outside %ops
 c be ti$ up1 !n t great indu/ry may be 
crippl$4  ,s /rikes are fom5t$ 9 !      
outside indu/ries4 ,e attempt is made to
 curtail ! factory's s\rce ( supplies4  
,if ! work+m5 9 ! outside %ops knew :at 
! game 01 !y w\ld refuse to play x1 b !y
 don't "k2 !y s]ve z ! tools ( design+  
capitali/s )\t kn[+ x4 ,!re is "o po9t1 
h[ev]1 t ought to r\se ! suspicions (   
work+m5 engag$ 9 ?is k9d ( /rike4 ,if ! 
/rike _c get itself settl$1 no matt] :at
 ei!r side (f]s to d1 x is almo/        

positive pro( t !re is a ?ird p>ty      
int]e/$ 9 hav+ ! /rike cont9ue4 ,t hidd5
 influ5ce does n want a settlem5t on any
 t]ms4 ,if su* a /rike is won by !      
/rik]s1 is ! lot ( ! work+man improv$8  
,aft] ?r[+ ! indu/ry into ! h&s (       
outside speculators1 are ! workm5 giv5  
any bett] treatm5t or wages8  ,!re is a 
?ird k9d ( /rike--! /rike t is provok$  
by ! money int]e/s = ! purpose ( giv+   
lab\r a bad "n4 ,! ,am]ican workman has 
always _h a reputation = s\nd judgm5t4  
,he has n all[$ himself to be l$ away by
 e %\t] :o promis$ to create ! mill5nium
 out ( ?9 air4 ,he has _h a m9d ( 8 own 
& has us$ x4 ,he has always recogniz$ ! 
fundam5tal tru? t ! abs5ce ( reason 0   
nev] made good by ! pres5ce ( viol5ce4  
,9 8 way ! ,am]ican work+man has won a  
c]ta9 pre/ige ) 8 own p & ?r\gh\t ! _w4 
,public op9ion has be5 incl9$ to reg>d )
 respect 8 op9ions & desires4 ,b !re    
seems to be a det]m9$ ef=t to fa/5 !    
,bol%evik /a9 on ,am]ican ,lab\r by     
incit+ x to su* impossible attitudes &  

su* :olly unhe>d-( actions z %all *ange 
public s5tim5t f respect to criticism4  
,m]ely avoid+ /rikes1 h[ev]1 does n     
promote indu/ry4 ,we may say to !       
work+man3  ,y h a grievance1 b ! /rike  
is no rem$y--x only makes ! situation   
worse :e!r y w9 or lose4  ,!n ! work+man
 may admit ?is to be true & refra9 f    
/rik+4 ,does t settle any?+8  ,no6 ,if !
 work] ab&ons /rikes z an unwor?y means 
( br++ ab\t desirable conditions1 x     
simply means t employ]s mu/ get busy on 
_! own initiative & correct defective   
conditions4  ,! exp]i5ce ( ! ,=d        
indu/ries ) ! work+man has be5 entirely 
satisfactory1 bo? 9 ! ,unit$ ,/ates &   
abroad4 ,we h no antagonism to unions1 b
 we p>ticipate 9 no arrangem5ts ) ei!r  
employee or employ] organizations4 ,!   
wages paid are always high] ?an any     
reasonable union c\ld ?9k ( dem&+ & !   
h\rs ( "w are always %ort]4 ,!re is no?+
 t a union memb]%ip c\ld d = our p4 ,"s 
( !m may belong to unions1 probably !   
majority d n4 ,we d n "k & make no      

attempt to f9d out1 = x is a matt] ( n !
 slighte/ conc]n to u4 ,we respect !    
unions1 sympa?ize ) _! good aims &      
d5\nce _! bad ones4 ,9 turn ,i ?9k t !y 
give u respect1 = !re has nev] be5 any  
au?oritative attempt to come betwe5 ! m5
 & ! managem5t 9 our plants4 ,( c\rse   
radical agitators h tri$ to /ir up      
tr\ble n[ & aga91 b ! m5 h mo/ly reg>d$ 
!m simply z human oddities & _! int]e/ 9
 !m has be5 ! same sort ( int]e/ t !y   
w\ld h 9 a f\r-legg$ man4  ,9 ,engl& we 
did meet ! trades union "q squ>ely 9 our
 ,man*e/] plant4 ,! workm5 ( ,man*e/]   
are mo/ly unioniz$1 & ! usual ,engli%   
union re/rictions ^u output prevail4 ,we
 took ov] a body plant 9 :i* 7 a numb] (
 union c>p5t]s4 ,at once ! union (fic]s 
ask$ to see our executives & arrange    
t]ms4 ,we deal only ) our own employees 
& nev] ) outside repres5tatives1 s our p
 refus$ to see ! union (ficials4        
,!reupon !y call$ ! c>p5t]s out on      
/rike4 ,! c>p5t]s w\ld n /rike & 7      
expell$ f ! union4 ,!n ! expell$ m5     

br\ght suit aga9/ ! union = _! %>e ( !  
b5efit fund4 ,i d n "k h[ ! litigation  
turn$ out1 b t 0 ! end ( int]f]5ce by   
trades union (fic]s ) our op]ations 9   
,engl&4  ,we make no attempt to coddle !
 p :o "w ) u4 ,x is absolutely a        
give-&-take relation4 ,dur+ ! p]iod 9   
:i* we l>gely increas$ wages we did h a 
consid]able sup]visory =ce4 ,! home life
 ( ! m5 0 inve/igat$ & an ef=t 0 made to
 f9d out :at !y did ) _! wages4 ,p]haps 
at ! "t x 0 necess>y2 x gave u valuable 
in=mation4 ,b x w\ld n d at all z a     
p]man5t affair & x has be5 ab&on$4  ,we 
d n believe 9 ! glad h&1 or !           
pr(essionaliz$ p]sonal t\*1 or human    
elem5t4 ,x is too late 9 ! day = t sort 
( ?+4 ,m5 want some?+ m ?an a wor?y     
s5tim5t4 ,social conditions are n made  
out ( words4 ,!y are ! net result ( !   
daily relations betwe5 man & man4 ,! be/
 social _s is evid5c$ by "s act :i* co/s
 ! managem5t some?+ & :i* b5efits all4  
,t is ! only way to prove good int5tions
 & w9 respect4 ,propag&a1 bullet9s1     

lectures--!y are no?+4 ,x is ! "r act   
s9c]ely done t c\nts4  ,a great bus9ess 
is really too big to be human4 ,x gr[s s
 l>ge z to supplant ! p]sonality ( !    
man4 ,9 a big bus9ess ! employ]1 l !    
employee1 is lo/ 9 ! mass4 ,toge!r !y h 
creat$ a great productive organization  
:i* s5ds out articles t ! _w buys & pays
 = 9 return money t provides a          
livelihood = ev]yone 9 ! bus9ess4 ,!    
bus9ess itself becomes ! big ?+4  ,!re  
is some?+ sacr$ ab\t a big bus9ess :i*  
provides a liv+ = hundr$s & ?\s&s (     
families4 ,:5 "o looks ab\t at ! babies 
com+ into ! _w1 at ! boys & girls go+ to
 s*ool1 at ! "y work+m5 :o1 on ! /r5g? (
 _! jobs1 are m>ry+ & sett+ up =        
!mselves1 at ! ?\s&s ( homes t are be+  
paid = on in/allm5ts out ( ! e>n+s (    
m5--:5 "o looks at a great productive   
organization t is enabl+ all ^! ?+s to  
be done1 !n ! cont9uance ( t bus9ess    
becomes a holy tru/4 ,x becomes great] &
 m important ?an ! individuals4  ,!     
employ] is b a man l 8 employees & is   

subject to all ! limitations ( humanity4
 ,he is ju/ifi$ 9 hold+ 8 job only z he 
c fill x4 ,if he c /e] ! bus9ess        
/raight1 if 8 m5 c tru/ him to run 8 end
 ( ! "w prop]ly & )\t endang]+ _!       
security1 !n he is fill+ 8 place4       
,o!rwise he is no m fit = 8 position ?an
 w\ld be an infant4 ,! employ]1 l       
ev]yone else1 is to be judg$ solely by 8
 ability4 ,he may be b a "n to ! m5--a  
"n on a signbo>d4 ,b !re is ! bus9ess--x
 is m ?an a "n4 ,x produces ! liv+--& a 
liv+ is a pretty tangible ?+4 ,! bus9ess
 is a reality4 ,x does ?+s4 ,x is a go+ 
conc]n4 ,! evid5ce ( its fitness is t ! 
pay envelopes keep com+4  ,y c h>dly h  
too mu* h>mony 9 bus9ess4 ,b y c g too  
f> 9 pick+ m5 because !y h>monize4 ,y c 
h s mu* h>mony t !re w n be en\gh ( !   
?ru/ & c\nt]?ru/ :i* is life--en\gh ( ! 
competition :i* means ef=t & progress4  
,x is "o ?+ = an organization to be     
work+ h>moni\sly t[>d "o object1 b x is 
ano!r ?+ = an organization to "w        
h>moni\sly ) ea* individual unit (      

itself4 ,"s organizations use up s mu*  
en]gy & "t ma9ta9+ a feel+ ( h>mony t !y
 h no =ce left to "w = ! object = :i* ! 
organization 0 creat$4 ,! organization  
is second>y to ! object4 ,! only        
h>moni\s organization t is wor? any?+ is
 an organization 9 :i* all ! memb]s are 
b5t on ! "o ma9 purpose--to get along   
t[>d ! objective4 ,a common purpose1    
hone/ly believ$ 91 s9c]ely desir$--t is 
! great h>moniz+ pr9ciple4  ,i pity !   
poor fell[ :o is s s(t & flabby t he mu/
 always h an atmosph]e ( good feel+     
ar\nd him be=e he c d 8 "w4 ,!re are su*
 m54 ,& 9 ! end1 unless !y obta9 en\gh  
m5tal & moral h>d9ess to lift !m out (  
_! s(t reliance on feel+1 !y are        
failures4 ,n only are !y bus9ess        
failures2 !y are "* failures also2 x is 
z if _! bones nev] atta9$ a suffici5t   
degree ( h>dness to enable !m to /& on  
_! own feet4 ,!re is altoge!r too mu*   
reliance on good feel+ 9 our bus9ess    
organizations4 ,p h too great a fondness
 = work+ ) ! p !y l4 ,9 ! end x spoils a

 good _m valuable qualities4  ,d n      
misund]/& me2 :5 ,i use ! t]m good feel+
 ,i mean t habit ( mak+ "o's p]sonal    
likes & dislikes ! sole /&>d ( judgm5t4 
,suppose y d n l a man4 ,is t any?+     
aga9/ him8 ,x may be some?+ aga9/ y4    
,:at h y\r likes or dislikes to d ) !   
facts8 ,e man ( common s5se kn[s t !re  
are m5 :om he dislikes1 :o are really m 
capable ?an he is himself4  ,& tak+ all 
?is out ( ! %op & into ! broad] fields1 
x is n necess>y = ! ri* to love ! poor  
or ! poor to love ! ri*4 ,x is n        
necess>y = ! employ] to love ! employee 
or = ! employee to love ! employ]4 ,:at 
is necess>y is t ea* %\ld try to d      
ju/ice to ! o!r accord+ to 8 des]ts4 ,t 
is real democracy & n ! "q ( :o ought to
 own ! bricks & ! mort> & ! furnaces & !
 mills4 ,& democracy has no?+ to d ) !  
"q1 ,:o ought to be boss8  ,t is v mu* l
 ask+3 ,:o ought to be ! t5or 9 !       
qu>tet8 ,obvi\sly1 ! man :o c s+ t5or4  
,y c\ld n h depos$ ,c>uso4 ,suppose "s  
!ory ( musical democracy _h consign$    

,c>uso to ! musical prolet>iat4 ,w\ld t 
h re>$ ano!r t5or to take 8 place8 ,or  
w\ld ,c>uso's gifts h /ill rema9$ 8 own8
     ,,*apt] ,,xix  ,,:at ,,we ,,may    
,,expect   ,we are--unless ,i d n read !
 signs aright--9 ! mid/ ( a *ange4 ,x is
 go+ on all ab\t u1 sl[ly & sc>cely     
obs]v$1 b ) a firm surety4 ,we are      
gradually le>n+ to relate cause &       
effect4 ,a great deal ( t :i* we call   
di/urbance--a great deal ( ! upset 9 :at
 h seem$ to be e/abli%$ in/itutions--is 
really b ! surface indication ( some?+  
approa*+ a reg5]ation4 ,! public po9t ( 
view is *ang+1 & we really ne$ only a   
some:at diff]5t po9t ( view to make ! v 
bad sy/em ( ! pa/ into a v good sy/em ( 
! future4 ,we are displac+ t peculi>    
virtue :i* us$ to be admir$ z           
h>d-head$ness1 & :i* 0 really only      
wood5-head$ness1 ) intellig5ce1 & also  
we are gett+ rid ( mu%y s5tim5talism4 ,!
 fir/ confus$ h>dness ) progress2 !     
second confus$ s(tness ) progress4 ,we  
are gett+ a bett] view ( ! realities &  

are beg9n+ to "k t we h already 9 ! _w  
all ?+s ne$ful = ! fulle/ k9d ( a life &
 t we %all use !m bett] once we le>n :at
 !y are & :at !y mean4  ,:atev] is      
wrong--& we all "k t mu* is wrong--c be 
right$ by a cle> def9ition ( !          
wrongness4 ,we h be5 look+ s mu* at "o  
ano!r1 at :at "o has & ano!r lacks1 t we
 h made a p]sonal affair out ( some?+ t 
is too big = p]sonalities4 ,to be sure1 
human nature ent]s l>gely into our      
economic problems4 ,selfi%ness exi/s1 & 
d\btless x col\rs all ! competitive     
activities ( life4 ,if selfi%ness 7 !   
*>act]i/ic ( any "o class x might be    
easily dealt )1 b x is 9 human fibre    
ev]y:]e4 ,& gre$ exi/s4 ,& envy exi/s4  
,& jeal\sy exi/s4  ,b z ! /ruggle = m]e 
exi/5ce gr[s less--& x is less ?an x us$
 to be1 al?\gh ! s5se ( unc]ta9ty may h 
increas$--we h an opportunity to release
 "s ( ! f9] motives4 ,we ?9k less ( !   
frills ( civilization z we gr[ us$ to   
!m4 ,progress1 z ! _w has ?us f> kn[n x1
 is accompani$ by a great increase 9 !  

?+s ( life4 ,!re is m ge>1 m wr\ght     
mat]ial1 9 ! av]age ,am]ican backy>d ?an
 9 ! :ole doma9 ( an ,african k+4 ,!    
av]age ,am]ican boy has m p>aph]nalia   
ar\nd him ?an a :ole ,eskimo community4 
,! ut5sils ( kit*51 d9+ room1 b$room1 & 
coal cell> make a li/ t w\ld h /agg]$ ! 
mo/ luxuri\s pot5tate ( five hundr$ ye>s
 ago4 ,! increase 9 ! imp$im5ta ( life  
only m>ks a /age4 ,we are l ! ,indian :o
 comes into t[n ) all 8 money & buys    
ev]y?+ he sees4 ,!re is no adequate     
realization ( ! l>ge proportion ( !     
lab\r & mat]ial ( indu/ry t is us$ 9    
furni%+ ! _w ) its trump]y & tr9kets1   
:i* are made only to be sold1 & are     
b\ght m]ely to be own$--t p]=m no s]vice
 9 ! _w & are at la/ m]e rubbi% z at    
fir/ !y 7 m]e wa/e4 ,humanity is advanc+
 out ( its tr9ket-mak+ /age1 & indu/ry  
is com+ d[n to meet ! _w's ne$s1 & ?us  
we may expect fur!r advancem5t t[>d t   
life :i* _m n[ see1 b :i* ! pres5t good 
en\gh /age h9d]s our atta9+4  ,& we are 
gr[+ out ( ?is wor%ip ( mat]ial         

possessions4 ,x is no long] a di/9ction 
to be ri*4 ,z a matt] ( fact1 to be ri* 
is no long] a common ambition4 ,p d n   
c>e = money z money1 z !y once did4     
,c]ta9ly !y d n /& 9 awe ( x1 nor ( him 
:o possesses x4 ,:at we accumulate by   
way ( useless surplus does u no hon\r4  
,x takes only a mom5t's ?\ght to see t z
 f> z individual p]sonal advantage is   
conc]n$1 va/ accumulations ( money mean 
no?+4 ,a human be+ is a human be+ & is  
n\ri%$ by ! same am\nt & quality ( food1
 is w>m$ by ! same weight ( clo?+1 :e!r 
he be ri* or poor4 ,& no "o c inhabit m 
?an "o room at a "t4  ,b if "o has      
visions ( s]vice1 if "o has va/ plans   
:i* no ord9>y res\rces c\ld possibly    
realize1 if "o has a life ambition to   
make ! indu/rial des]t bloom l ! rose1 &
 ! "w-a-day life sudd5ly blossom into   
fre% & en?usia/ic human motives ( high] 
"* & effici5cy1 !n "o sees 9 l>ge sums (
 money :at ! f>m] sees 9 8 se$ corn--!  
beg9n+ ( new & ri*] h>ve/s ^: b5efits c 
no m be selfi%ly conf9$ ?an c ! sun's   

rays4  ,!re are two fools 9 ?is _w4 ,"o 
is ! millionaire :o ?9ks t by ho>d+     
money he c someh[ accumulate real p[]1 &
 ! o!r is ! p5niless re=m] :o ?9ks t if 
only he c take ! money f "o class & give
 x to ano!r1 all ! _w's ills w be cur$4 
,!y are bo? on ! wrong track4 ,!y might 
z well try to corn] all ! *eck]s or all 
! dom9oes ( ! _w "u ! delusion t !y are 
!reby corn]+ great quantities ( skill4  
,"s ( ! mo/ successful money-mak]s ( our
 times h nev] add$ "o p5nywor? to !     
weal? ( m54 ,does a c>d play] add to !  
weal? ( ! _w8  ,if we all creat$ weal?  
up to ! limits1 ! easy limits1 ( our    
creative capacity1 !n x w\ld simply be a
 case ( !re be+ en\gh = ev]ybody1 &     
ev]ybody gett+ en\gh4 ,any real sc>city 
( ! necess>ies ( life 9 ! _w--n a       
fictiti\s sc>city caus$ by ! lack (     
cl9k+ metallic disks 9 "o's purse--is   
due only to lack ( production4 ,& lack (
 production is due only too (t5 to lack 
( k ( h[ & :at to produce4         99   
99       99       99       99  ,?is mu* 

we mu/ believe z a />t+ po9t3  ,t ! e>? 
produces1 or is capable ( produc+1 en\gh
 to give dec5t su/5ance to ev]yone--n ( 
food alone1 b ( ev]y?+ else we ne$4 ,=  
ev]y?+ is produc$ f ! e>?4  ,t x is     
possible = lab\r1 production1           
di/ribution1 & rew>d to be s organiz$ z 
to make c]ta9 t ^? :o contribute %all   
receive %>es det]m9$ by an exact ju/ice4
  ,t reg>dless ( ! frailties ( human    
nature1 our economic sy/em c be s adju/$
 t selfi%ness1 al?\gh p]haps n aboli%$1 
c be robb$ ( p[] to "w s]i\s economic   
inju/ice4         99       99       99  
99       99  ,! bus9ess ( life is easy  
or h>d accord+ to ! skill or ! lack (   
skill display$ 9 production &           
di/ribution4 ,x has be5 ?\ght t bus9ess 
exi/$ = pr(it4 ,t is wrong4 ,bus9ess    
exi/s = s]vice4 ,x is a pr(ession1 & mu/
 h recogniz$ pr(essional e?ics1 to      
violate :i* declasses a man4 ,bus9ess   
ne$s m ( ! pr(essional _s4 ,!           
pr(essional _s seeks pr(essional        
integrity1 f pride1 n f compulsion4 ,!  

pr(essional _s detects its own          
violations & p5alizes !m4 ,bus9ess w "s 
day become clean4 ,a ma*9e t /ops e     
little :ile is an imp]fect ma*9e1 & its 
imp]fection is )9 itself4 ,a body t     
falls sick e little :ile is a diseas$   
body1 & its disease is )9 itself4 ,s )  
bus9ess4 ,its faults1 _m ( !m purely !  
faults ( ! moral con/itution ( bus9ess1 
clog its progress & make x sick e little
 :ile4 ,"s day ! e?ics ( bus9ess w be   
univ]sally recogniz$1 & 9 t day bus9ess 
w be se5 to be ! olde/ & mo/ useful (   
all ! pr(essions4         99       99   
99       99       99  ,all t ! ,=d      
indu/ries h done--all t ,i h done--is to
 endeav\r to evid5ce by works t s]vice  
comes be=e pr(it & t ! sort ( bus9ess   
:i* makes ! _w bett] = its pres5ce is a 
noble pr(ession4 ,(t5 x has come to me t
 :at is reg>d$ z ! some:at rem>kable    
progression ( our ent]prises--,i w n say
 success1 = t ^w is an epitaph1 & we are
 j />t+--is due to "s accid5t2 & t !    
me?ods :i* we h us$1 :ile well en\gh 9  

_! way1 fit only ! mak+ ( our p>ticul>  
products & w\ld n d at all 9 any o!r l9e
 ( bus9ess or inde$ = any products or   
p]sonalities o!r ?an our own4  ,x us$ to
 be tak5 = grant$ t our !ories & our    
me?ods 7 fundam5tally uns\nd4 ,t is     
because !y 7 n und]/ood4 ,ev5ts h kill$ 
t k9d ( comm5t1 b !re rema9s a :olly    
s9c]e belief t :at we h done c\ld n be  
done by any o!r company--t we h be5 t\*$
 by a w&1 t nei!r we nor any "o else    
c\ld make %oes1 or hats1 or sew+ ma*9es1
 or wat*es1 or typewrit]s1 or any o!r   
necessity aft] ! mann] 9 :i* we make    
automobiles & tractors4 ,& t if only we 
v5tur$ into o!r fields we %\ld "r       
quickly discov] our errors4 ,i d n agree
 ) any ( ?is4 ,no?+ has come out ( !    
air4 ,! =ego+ pages %\ld prove t4 ,we h 
no?+ t o!rs might n h4 ,we h _h no good 
=tune except t :i* always att5ds any "o 
:o puts 8 be/ into 8 "w4 ,!re 0 no?+ t  
c\ld be call$ favorable ab\t our beg9n+4
 ,we began ) almo/ no?+4 ,:at we h1 we  
e>n$1 & we e>n$ x by unremitt+ lab\r &  

fai? 9 a pr9ciple4 ,we took :at 0 a     
luxury & turn$ x into a necessity & )\t 
trick or subt]fuge4 ,:5 we began to make
 our pres5t motor c> ! c\ntry _h few    
good roads1 gasol9e 0 sc>ce1 & ! idea 0 
firmly implant$ 9 ! public m9d t an     
automobile 0 at ! be/ a ri* man's toy4  
,our only advantage 0 lack ( prec$5t4   
,we began to manufacture accord+ to a   
cre$--a cre$ :i* 0 at t "t unkn[n 9     
bus9ess4 ,! new is always ?\ght odd1 &  
"s ( u are s con/itut$ t we c nev] get  
ov] ?9k+ t any?+ :i* is new mu/ be odd &
 probably que]4 ,! me*anical work+ out (
 our cre$ is con/antly *ang+4 ,we are   
cont9ually f9d+ new & bett] ways ( putt+
 x into practice1 b we h n f\nd x       
necess>y to alt] ! pr9ciples1 & ,i _c   
imag9e h[ x might ev] be necess>y to    
alt] !m1 because ,i hold t !y are       
absolutely univ]sal & mu/ lead to a     
bett] & wid] life = all4  ,if ,i did n  
?9k s ,i w\ld n keep work+--= ! money t 
,i make is inconsequ5t4 ,money is useful
 only z x s]ves to =w>d by practical    

example ! pr9ciple t bus9ess is ju/ifi$ 
only z x s]ves1 t x mu/ always give m to
 ! community ?an x takes away1 & t      
unless ev]ybody b5efits by ! exi/5ce ( a
 bus9ess !n t bus9ess %\ld n exi/4 ,i h 
prov$ ?is ) automobiles & tractors4 ,i  
int5d to prove x ) railways &           
public-s]vice corporations--n = my      
p]sonal satisfaction & n = ! money t may
 be e>n$4 7,x is p]fectly impossible1   
apply+ ^! pr9ciples1 to avoid mak+ a mu*
 l>g] pr(it ?an if pr(it 7 ! ma9        
object47 ,i want to prove x s t all ( u 
may h m1 & t all ( u may live bett] by  
increas+ ! s]vice r5d]$ by all          
bus9esses4 ,pov]ty _c be aboli%$ by     
=mula2 x c be aboli%$ only by h>d &     
intellig5t "w4 ,we are1 9 effect1 an    
exp]im5tal /ation to prove a pr9ciple4  
,t we d make money is only fur!r pro( t 
we are "r4 ,= t is a species ( argum5t t
 e/abli%es itself )\t words4  ,9 ! fir/ 
*apt] 0 set =? ! cre$4 ,let me repeat x 
9 ! light ( ! "w t has be5 done "u x--= 
x is at ! basis ( all our "w3  7#a7 ,an 

abs5ce ( fe> ( ! future or ( v5]ation = 
! pa/4 ,"o :o fe>s ! future1 :o fe>s    
failure1 limits 8 activities4 ,failure  
is only ! opportunity m intellig5tly to 
beg9 aga94 ,!re is no disgrace 9 hone/  
failure2 !re is disgrace 9 fe>+ to fail4
 ,:at is pa/ is useful only z x sugge/s 
ways & means = progress4  7#b7 ,a       
disreg>d ( competition4 ,:oev] does a ?+
 be/ ought to be ! "o to d x4 ,x is     
crim9al to try to get bus9ess away f    
ano!r man--crim9al because "o is !n try+
 to l[] = p]sonal ga9 ! condition ( "o's
 fell[-m51 to rule by =ce in/ead ( by   
intellig5ce4  7#c7 ,! putt+ ( s]vice    
be=e pr(it4 ,)\t a pr(it1 bus9ess _c    
ext5d4 ,!re is no?+ inh]5tly wrong ab\t 
mak+ a pr(it4 ,well-conduct$ bus9ess    
ent]prises _c fail to return a pr(it b  
pr(it mu/ & inevitably w come z a rew>d 
= good s]vice4 ,x _c be ! basis--x mu/  
be ! result ( s]vice4  7#d7 ,manufactur+
 is n buy+ l[ & sell+ high4 ,x is !     
process ( buy+ mat]ials fairly &1 ) !   
smalle/ possible addition ( co/1        

trans=m+ ^? mat]ials into a consumable  
product & di/ribut+ x to ! consum]4     
,gambl+1 speculat+1 & %>p deal+ t5d only
 to clog ?is progression4         99    
99       99       99       99  ,we mu/ h
 production1 b x is ! _s beh9d x t c\nts
 mo/4 ,t k9d ( production :i* is a      
s]vice inevitably foll[s a real desire  
to be ( s]vice4 ,! v>i\s :olly          
artificial rules set up = f9ance &      
indu/ry & :i* pass z laws break d[n )   
su* frequ5cy z to prove t !y are n ev5  
good guesses4 ,! basis ( all economic   
reason+ is ! e>? & its products4 ,to    
make ! yield ( ! e>?1 9 all its =ms1    
l>ge en\gh & dep5dable en\gh to s]ve z !
 basis = real life--! life :i* is m ?an 
eat+ & sleep+--is ! highe/ s]vice4 ,t is
 ! real f\ndation = an economic sy/em4  
,we c make ?+s--! problem ( production  
has be5 solv$ brilliantly4 ,we c make   
any numb] ( diff]5t sort ( ?+s by !     
millions4 ,! mat]ial mode ( our life is 
spl5didly provid$ =4 ,!re are en\gh     
processes & improvem5ts n[ pigeonhol$ & 

await+ application to br+ ! physical    
side ( life to almo/ mill5nial          
complet5ess4 ,b we are too wrapp$ up 9 !
 ?+s we are do+--we are n en\gh conc]n$ 
) ! reasons :y we d !m4 ,our :ole       
competitive sy/em1 our :ole creative    
expression1 all ! play ( our faculties  
seem to be c5tr$ ar\nd mat]ial          
production & its by-products ( success &
 weal?4  ,!re is1 = in/ance1 a feel+ t  
p]sonal or gr\p b5efit c be _h at !     
exp5se ( o!r p]sons or gr\ps4 ,!re is   
no?+ to be ga9$ by cru%+ any "o4 ,if !  
f>m]'s bloc %\ld cru% ! manufactur]s    
w\ld ! f>m]s be bett] (f8 ,if !         
manufactur]'s bloc %\ld cru% ! f>m]s1   
w\ld ! manufactur]s be bett] (f8 ,c\ld  
,capital ga9 by cru%+ ,lab\r8 ,or ,lab\r
 by cru%+ ,capital8 ,or does a man 9    
bus9ess ga9 by cru%+ a competitor8 ,no1 
de/ructive competition b5efits no "o4 ,!
 k9d ( competition :i* results 9 !      
defeat ( ! _m & ! ov]lord%ip ( ! ru?less
 few mu/ g4 ,de/ructive competition     
lacks ! qualities out ( :i* progress    

comes4 ,progress comes f a g5]\s =m (   
rivalry4 ,bad competition is p]sonal4 ,x
 works = ! aggr&izem5t ( "s individual  
or gr\p4 ,x is a sort ( w>f>e4 ,x is    
inspir$ by a desire to get someone4 ,x  
is :olly selfi%4 ,t is to say1 its      
motive is n pride 9 ! product1 nor a    
desire to excel 9 s]vice1 nor yet a     
:olesome ambition to approa* to         
sci5tific me?ods ( production4 ,x is    
mov$ simply by ! desire to cr[d out o!rs
 & monopolize ! m>ket = ! sake ( ! money
 returns4 ,t be+ accompli%$1 x always   
sub/itutes a product ( inf]ior quality4 
99       99       99       99       99  
,free+ ourselves f ! petty sort (       
de/ructive competition frees u f _m set 
notions4 ,we are too closely ti$ to old 
me?ods & s+le1 "o-way uses4 ,we ne$ m   
mobility4 ,we h be5 us+ c]ta9 ?+s j "o  
way1 we h be5 s5d+ c]ta9 goods ?r\gh    
only "o *annel--& :5 t use is slack1 or 
t *annel is /opp$1 bus9ess /ops1 too1 & 
all ! sorry consequ5ces ( depression set
 94 ,take corn1 = example4 ,!re are     

millions ^u millions ( bu%els ( corn    
/or$ 9 ! ,unit$ ,/ates ) no visible     
outlet4 ,a c]ta9 am\nt ( corn is us$ z  
food = man & bea/1 b n all ( x4 ,9      
pre-,prohibition days a c]ta9 am\nt (   
corn w5t into ! mak+ ( liquor1 :i* 0 n a
 v good use = good corn4 ,b ?r\gh a long
 c\rse ( ye>s corn foll[$ ^? two        
*annels1 & :5 "o ( !m /opp$ ! /ocks (   
corn began to pile up4 ,x is ! money    
fiction t usually ret>ds ! movem5t (    
/ocks1 b ev5 if money 7 pl5tiful we c\ld
 n possibly consume ! /ores ( food :i*  
we sometimes possess4  ,if food/uffs    
become too pl5tiful to be consum$ z     
food1 :y n f9d o!r uses = !m8 ,:y use   
corn only = hogs & di/ill]ies8 ,:y sit  
d[n & bemoan ! t]rible disa/] t has     
befall5 ! corn m>ket8 ,is !re no use =  
corn besides ! mak+ ( pork or ! mak+ (  
:isky8 ,surely !re mu/ be4 ,!re %\ld be 
s _m uses = corn t only ! important uses
 c\ld ev] be fully s]v$2 !re ought      
always be en\gh *annels op5 to p]mit    
corn to be us$ )\t wa/e4  ,once ^u a "t 

! f>m]s burn$ corn z fuel--corn 0       
pl5tiful & coal 0 sc>ce4 ,t 0 a crude   
way to dispose ( corn1 b x conta9$ ! g]m
 ( an idea4 ,!re is fuel 9 corn2 oil &  
fuel alcohol are obta9able f corn1 & x  
is high "t t someone 0 op5+ up ?is new  
use s t ! /or$-up corn crops may be     
mov$4 ,:y h only "o /r+ to our b[8 ,:y n
 two8 ,if "o breaks1 !re is ! o!r4 ,if !
 hog bus9ess slack5s1 :y %\ld n ! f>m]  
turn 8 corn into tractor fuel8  ,we ne$ 
m div]sity all r\nd4 ,! f\r-track sy/em 
ev]y:]e w\ld n be a bad idea4 ,we h a   
s+le-track money sy/em4 ,x is a mighty  
f9e sy/em = ^? :o own x4 ,x is a p]fect 
sy/em = ! int]e/-collect+1              
cr$it-controll+ f9anci]s :o lit]ally own
 ! commodity call$ ,money & :o lit]ally 
own ! ma*9]y by :i* money is made & us$4
 ,let !m keep _! sy/em if !y l x4 ,b ! p
 are f9d+ out t x is a poor sy/em = :at 
we call h>d times because x ties up !   
l9e & /ops traffic4 ,if !re are special 
protections = ! int]e/s1 !re ought also 
to be special protections = ! pla9 p4   

,div]sity ( outlet1 ( use1 & ( f9ancial 
enablem5t1 are ! /ronge/ def5ses we c h 
aga9/ economic em]g5cies4  ,x is        
likewise ) ,lab\r4 ,!re surely ought to 
be fly+ squadrons ( "y m5 :o w\ld be    
available = em]g5cy conditions 9 h>ve/  
field1 m9e1 %op1 or railroad4 ,if !     
fires ( a hundr$ indu/ries ?reat5 to g  
out = lack ( coal1 & "o million m5 are  
m5ac$ by unemploym5t1 x w\ld seem bo?   
good bus9ess & good humanity = a        
suffici5t numb] ( m5 to volunte] = !    
m9es & ! railroads4 ,!re is always      
some?+ to be done 9 ?is _w1 & only      
ourselves to d x4 ,! :ole _w may be     
idle1 & 9 ! factory s5se !re may be no?+
 to d4 ,!re may be no?+ to d 9 ?is place
 or t1 b !re is always some?+ to d4 ,x  
is ?is fact :i* %\ld urge u to su* an   
organization ( ourselves t ?is some?+ to
 be done may get done1 & unemploym5t    
r$uc$ to a m9imum4         99       99  
99       99       99  ,e advance beg9s 9
 a small way & ) ! individual4 ,! mass c
 be no bett] ?an ! sum ( ! individuals4 

,advancem5t beg9s )9 ! man himself2 :5  
he advances f half-int]e/ to /r5g? (    
purpose2 :5 he advances f hesitancy to  
decisive directness2 :5 he advances f   
immaturity to maturity ( judgm5t2 :5 he 
advances f appr5tice%ip to ma/]y2 :5 he 
advances f a m]e dilettante at lab\r to 
a work] :o f9ds a g5u9e joy 9 "w2 :5 he 
advances f an eye-s]v] to "o :o c be    
entru/$ to d 8 "w )\t ov]sight & )\t    
prodd+--:y1 !n ! _w advances6 ,! advance
 is n easy4 ,we live 9 flabby times :5  
m5 are be+ taught t ev]y?+ ought to be  
easy4 ,"w t am\nts to any?+ w nev] be   
easy4 ,& ! high] y g 9 ! scale (        
responsibility1 ! h>d] becomes ! job4   
,ease has its place1 ( c\rse4 ,e man :o 
works ought to h suffici5t leisure4 ,!  
man :o works h>d %\ld h 8 easy *air1 8  
com=table fireside1 8 pleasant          
surr\nd+s4 ,^! are 8 by "r4 ,b no "o    
des]ves ease until aft] 8 "w is done4 ,x
 w nev] be possible to put uphol/]$ ease
 into "w4 ,"s "w is ne$lessly h>d4 ,x c 
be light5$ by prop] managem5t4 ,e device

 ought to be employ$ to leave a man free
 to d a man's "w4 ,fle% & blood %\ld n  
be made to be> burd5s t /eel c be>4 ,b  
ev5 :5 ! be/ is done1 "w /ill rema9s "w1
 & any man :o puts himself into 8 job w 
feel t x is "w4  ,& !re _c be mu* pick+ 
& *oos+4 ,! appo9t$ task may be less ?an
 0 expect$4 ,a man's real "w is n always
 :at he w\ld h *os5 to d4 ,a man's real 
"w is :at he is *os5 to d4 ,j n[ !re are
 m m5ial jobs ?an !re w be 9 ! future2 &
 z long z !re are m5ial jobs1 someone w 
h to d !m2 b !re is no reason :y a man  
%\ld be p5aliz$ because 8 job is m5ial4 
,!re is "o ?+ t c be said ab\t m5ial    
jobs t _c be said ab\t a great _m       
s-call$ m responsible jobs1 & t is1 !y  
are useful & !y are respectable & !y are
 hone/4  ,! "t has come :5 drudg]y mu/  
be tak5 out ( lab\r4 ,x is n "w t m5    
object to1 b ! elem5t ( drudg]y4 ,we mu/
 drive out drudg]y :]ev] we f9d x4 ,we  
%all nev] be :olly civiliz$ until we    
remove ! treadmill f ! daily job4       
,inv5tion is do+ ?is 9 "s degree n[4 ,we

 h succe$$ to a v great ext5t 9 reliev+ 
m5 ( ! heavi] & m on]\s jobs t us$ to   
sap _! /r5g?1 b ev5 :5 light5+ ! heavi] 
lab\r we h n yet succe$$ 9 remov+       
monotony4 ,t is ano!r field t beckons   
u--! abolition ( monotony1 & 9 try+ to  
accompli% t we %all d\btless discov] o!r
 *anges t w h to be made 9 our sy/em4   
99       99       99       99       99  
,! opportunity to "w is n[ great] ?an   
ev] x 04 ,! opportunity to advance is   
great]4 ,x is true t ! "y man :o ent]s  
indu/ry to-day ent]s a v diff]5t sy/em f
 t 9 :i* ! "y man ( tw5ty-five ye>s ago 
began 8 c>e]4 ,! sy/em has be5 tight5$  
up2 !re is less play or friction 9 x2   
few] matt]s are left to ! haphaz>d w ( !
 individual2 ! mod]n work] f9ds himself 
"p ( an organization :i* app>5tly leaves
 him little initiative4 ,yet1 ) all ?is1
 x is n true t m5 are m]e ma*9es4 ,x is 
n true t opportunity has be5 lo/ 9      
organization4 ,if ! "y man w lib]ate    
himself f ^! ideas & reg>d ! sy/em z x  
is1 he w f9d t :at he ?\ght 0 a b>ri] is

 really an aid4  ,factory organization  
is n a device to prev5t ! expansion (   
ability1 b a device to r$uce ! wa/e &   
losses due to m$iocrity4 ,x is n a      
device to h9d] ! ambiti\s1 cle>-head$   
man f do+ 8 be/1 b a device to prev5t ! 
don't-c>e sort ( individual f do+ 8     
wor/4 ,t is to say1 :5 laz9ess1         
c>elessness1 slo?fulness1 & lack-int]e/ 
are all[$ to h _! own way1 ev]ybody     
suff]s4 ,! factory _c prosp] & !re=e _c 
pay liv+ wages4 ,:5 an organization     
makes x necess>y = ! don't-c>e class to 
d bett] ?an !y naturally w\ld1 x is = _!
 b5efit--!y are bett] physically1       
m5tally1 & f9ancially4 ,:at wages %\ld  
we be able to pay if we tru/$ a l>ge    
don't-c>e class to _! own me?ods & gait 
( production8  ,if ! factory sy/em :i*  
br\ght m$iocrity up to a high] /&>d     
op]at$ also to keep ability d[n to a l[]
 /&>d--x w\ld be a v bad sy/em1 a v bad 
sy/em inde$4 ,b a sy/em1 ev5 a p]fect   
"o1 mu/ h able individuals to op]ate x4 
,no sy/em op]ates itself4 ,& ! mod]n    

sy/em ne$s m bra9s = its op]ation ?an   
did ! old4 ,m bra9s are ne$$ to-day ?an 
ev] be=e1 al?\gh p]haps !y are n ne$$ 9 
! same place z !y once 74 ,x is j l p[]3
 =m]ly e ma*9e 0 run by foot p[]2 ! p[] 
0 "r at ! ma*9e4 ,b n[adays we h mov$ ! 
p[] back--conc5trat$ x 9 ! p[]-h\se4    
,?us also we h made x unnecess>y = !    
highe/ types ( m5tal ability to be      
engag$ 9 e op]ation 9 ! factory4 ,!     
bett] bra9s are 9 ! m5tal p[]-plant4  ,e
 bus9ess t is gr[+ is at ! same "t      
creat+ new places = capable m54 ,x _c   
help b d s4 ,?is does n mean t new op5+s
 come e day & 9 gr\ps4 ,n at all4 ,!y   
come only aft] h>d "w2 x is ! fell[ :o c
 /& ! gaff ( r\t9e & /ill keep himself  
alive & al]t :o f9ally gets into        
direction4 ,x is n s5sational brilliance
 t "o seeks 9 bus9ess1 b s\nd1          
sub/antial dep5dability4 ,big ent]prises
 ( necessity move sl[ly & cauti\sly4 ,! 
"y man ) ambition ought to take a long  
look ahead & leave an ample m>g9 ( "t = 
?+s to happ54         99       99       

99       99       99  ,a great _m ?+s   
are go+ to *ange4 ,we %all le>n to be   
ma/]s r ?an s]vants ( ,nature4 ,) all   
our fanci$ skill we /ill dep5d l>gely on
 natural res\rces & ?9k t !y _c be      
displac$4 ,we dig coal & ore & cut d[n  
trees4 ,we use ! coal & ! ore & !y are  
gone2 ! trees _c be replac$ )9 a        
lifetime4 ,we %all "s day h>ness ! heat 
t is all ab\t u & no long] dep5d on     
coal--we may n[ create heat ?r\gh       
electricity g5]at$ by wat] p[]4 ,we %all
 improve on t me?od4 ,z *emi/ry advances
 ,i feel q c]ta9 t a me?od w be f\nd to 
trans=m gr[+ ?+s into sub/ances t w     
endure bett] ?an ! metals--we h sc>cely 
t\*$ ! uses ( cotton4 ,bett] wood c be  
made ?an is gr[n4 ,! _s ( true s]vice w 
create = u4 ,we h only ea* ( u to d our 
p>ts s9c]ely4         99       99       
99       99       99  ,ev]y?+ is        
possible 444 fai? is ! sub/ance ( ?+s   
hop$ =1 ! evid5ce ( ?+s n se54     ,,!  
,,book ,,ends   ,,index    ,abs5tees    
dis*>g$1   ,accid5ts1 safegu>d+ aga9/2  

causes (   ,advancem5t1 p]sonal         
,adv]tisem5t1 fir/1 ( ,=d ,motor ,co4   
,ag5ts1   ,agriculture1 a prim>y        
function   ,a9sley1 ,*>les   ,alex&]1   
,h5ry1 drives ,=d c> to top ( ,b5       
,nevis1 #d1fjj feet1        9 #aiaa     
,antec$5ts1 a man's1 ( no int]e/ 9 hir+ 
at ,=d factory   ,assembly ( a ,=d c>2  
fir/ exp]im5t 9 a mov+ assembly l9e1    
,april #a1 #aiac2 results ( ! exp]im5t  
,automobile1 public's fir/ attitude t[>d
   ,automobile bus9ess1 bad me?ods (2 9 
its beg9n+s   ,bank]s play too great a  
"p 9 bus9ess2 9 railroads   ,bank+1     
,b$ridd5 m5 at "w1   ,b5z c> on         
exhibition at ,macy's 9 #ahhe1   ,birds1
 ,mr4 ,=d's fondness =   ,bl9d m5 c "w1 
,bol%evism1   ,bonuses--,see ,pr(it-,%>+
   ,borr[+ money2 :at x w\ld h meant to 
,=d ,motor ,co4 9 #aibj   ,briti% ,bo>d 
( ,agriculture1   ,briti% ,cab9et &     
,=dson tractors1   ,burr\ghs1 ,john     
,bus9ess1 monopoly & pr(ite]+ bad =2    
function (   ,buy+ = imm$iate ne$s only1
   ,cadillac ,company1   ,capital1      

,capitali/ newspap]s1   ,capitali/s1    
,ca% balance1 l>ge   ,*>ity1 pr(essional
   ,city life1   ,classes mo/ly         
fictional1   ,classification ( "w at ,=d
 plants1   ,cleanl9ess ( factory1       
,coal us$ 9 ,=d plants f ,=d m9es1      
,coke ov5s at ,riv] ,r\ge plant1        
,colli]1 ,colonel ,d4 ,c4               
,competition1   ,consumption v>ies      
accord+ to price & quality1   ,convict  
lab\r1   ,coop]1 ,tom   ,coop]ative     
f>m+1   ,cork1 ,irel&1 ,=dson tractor   
plant   ,corn1 pot5tial uses (   ,co/s (
 production1 records (2 prices =ce d[n2 
high wages        contribute to l[      
,c\ntry1 liv+ 9   ,c\rtney1 ,f4 ,s4     
,creative "w1   ,cre$1 indu/rial1 ,mr4  
,=d's   ,cripples c "w1   ,cross1 ,john 
,e4   ,dalby1 ,pr(4 ,w4 ,e41   ,deaf &  
dumb m5 at "w1   ,de>born ,indep5d5t1   
,de>born plant1   ,democracy1   ,detroit
 ,automobile ,co41   ,detroit ,g5]al    
,hospital1 n[ ,=d ,hospital1   ,detroit1
 ,tol$o & ,ironton ,railway1 pur*as$ by 
,=d ,motor ,co41        9 ,m>*1 #aiba1  

,developm5t1 opportunity =1 9 ,u4 ,s41  
,diamond ,manufactur+ ,co4 fire1        
,discipl9e at ,=d plants1   ,divid5ds1  
aboli%1 r ?an l[] wages1   ,divid5ds1   
small1 ,=d policy (1   ,doctors1        
,doll>1 ! fluctuat+1   ,drudg]y1        
,eagle ,boats1   ,economy1   ,edison1   
,?omas ,a41   ,educat$ man1 an2         
def9ition (1   ,education1 ,mr4 ,=d's   
ideas on1   ,educational ,dep>tm5t1     
,electricity g5]at$ at ,=d plants1      
,employees1 all1 are really p>tn]s1     
,employm5t ,dep>tm5t1   ,equal1 all m5  
are n1   ,exp]i5ce1 lack (1 no b> to    
employm5t1   ,exp]im5ts1 no record (1   
kept at ,=d factories1   ,exp]ts1 no1 at
 ,=d plants1    ,factory1 ,=d1 gr[? (1  
,factory organization1 function (1      
,failure1 habit (1   ,f>m+1 lack ( k 91 
no conflict betwe51 & indu/ry1          
future developm5t 91   ,f>m+ ) tractors1
   ,fe>1   ,f$]al ,res]ve ,sy/em1       
,fight+1 a cause = imm$iate dis*>ge1    
,f9ance1   ,f9ancial crisis 9 #aiba1 h[ 
,=d ,motor ,co4 met1   ,f9ancial sy/em  

at pres5t inadequate1   ,fire/one1      
,h>vey ,s41   ,flat ,rock plant1        
,floor space = work]s1   ,fl\r-mill+1   
,food/uffs1 pot5tial uses (1   ,=d c>-- 
! fir/1 ,no4 #e1jjj1jjj1     ! second1  
introduction (1     9 ,engl& 9 #aijc1   
ab\t #e1jjj p>ts 91     sales &         
production--,see ,sales   ,=d1 ,h5ry--  
,born at ,de>born1 ,mi*41 ,july #cj1    
#ahfc1     me*anically incl9$1          
leaves s*ool at sev5te51 becomes        
appr5tice at ,drydock ,eng9e            
,works1     wat* repair]1     works )   
local repres5tative ( ,we/+h\se ,co4 z  
exp]t 9          sett+ up & repair+ road
 eng9es1     builds a /eam tractor 9 8  
work%op1     reads ( ! sil5t gas eng9e 9
 ! ,_w ( ,sci5ce1     9 #ahhg builds "o 
on ! ,otto f\r-cycle model1     fa!r    
gives him =ty acres ( timb] l&1         
m>riage1     9 #ahij beg9s "w on        
d\ble-cyl9d] eng9e1     leaves f>m &    
works z eng9e] & ma*9i/ ) ! ,detroit    
,electric ,co41     r5ts h\se 9 ,detroit
 & sets up work%op 9 back y>d1     9    

#ahib completes fir/ motor c>1     fir/ 
road te/ 9 #ahic1     builds second     
motor c>1     quits job ) ,electric ,co4
 ,augu/ #ae1 #ahii1 & goes into         
automobile bus9ess1     organization (  
,detroit ,automobile ,co41     resigns  
f1 9 #aijb1     r5ts %op to cont9ue     
exp]im5ts at #ha ,p>k ,place1 ,detroit1 
beats ,alex&] ,w9ton 9 race1     e>ly   
reflections on bus9ess1     9 #aijc     
builds1 ) ,tom ,coop]1 two c>s1 ! #iii &
 !          ,arr[ = spe$1     =ms ! ,=d 
,motor ,co41     buys controll+ %>e 9   
#aijf1     builds ,model ,a1     builds 
,model ,b & ,model ,c1     makes a      
record 9 race ov] ice 9 ! ,arr[1        
builds fir/ real manufactur+ plant1 9   
,may1 #aijh1     assembles #caa c>s 9   
six work+s days1     9 ,june1 #aijh1    
assembles "o hundr$ c>s 9 "o day1     9 
#aiji1 decides to manufacture only      
,model ,t1 pa9t$ black1     buys sixty  
acres ( l& = plant at ,highl& ,p>k1     
outside (          ,detroit1     h[ he  
met ! f9ancial crises ( #aiba1     buys 

,detroit1 ,tol$o  ,ironton ,ry41 ,m>*1  
#aiba1   ,=d doesn't use ! ,=d1   ,=d1  
,edsel1   ,=d ,hospital1   ,=d ,motor   
,co41 organiz$ #aijc1     ,h5ry ,=d buys
 controll+ %>e 9 #aijf1     h[ x met    
f9ancial crisis 9 #aiba1     ?irty-five 
bran*es (1 9 ,u4 ,s4   ,=d1 y c dissect 
x1 b y _c kill x1   ,=dson tractor1     
prices1     g5esis & developm5t (1      
co/ ( f>m+ )1     #e1jjj s5t to ,engl& 9
 #aiag-ah1   ,=eign trade1    ,gas f    
coke ov5s at ,riv] ,r\ge plant utiliz$1 
,gold is n weal?1   ,good feel+ 9 work+ 
n ess5tial1 ?\gh desirable1   ,gov]nm5t1
 ! function (1   ,greaves1 ,r4 ,n41     
,gre$ vs4 s]vice1   ,gre5hall1 ,gilb]t1 
,grosse ,po9t track1    ,habit conduces 
to a c]ta9 in]tia1   ,highl& ,p>k plant1
   ,hobbs1 ,rob]t ,w41   ,hospital1 ,=d1
   ,h\gh1 ,judge1 r5d]s decision aga9/  
,=d ,motor ,co4 9 ,seld5        ,pat5t  
suit1   ,h\rs ( lab\r p] day r$uc$ f n9e
 to eight 9 ,janu>y1 #aiad1   ,human1 a 
great bus9ess is too big to be1   ,human
 elem5t 9 bus9ess1    ,ideas1 old & new1

   ,improvem5ts 9 products1   ,int]/ate 
,comm]ce ,commission1   ,inv5tory1 cutt+
 d[n1 by improv$ freight s]vice1        
,inve/m5t1 int]e/ on1 n prop]ly *>geable
 to op]at+ exp5ses1    ,jacobs1 ,edmund1
   ,jail1 m5 91 ought to be able to     
support _! families1   ,jewi% "q1 /udies
 9 !1   ,jobs1 m5ial1   ,john ,r4       
,/reet1    ,lab\r1     ! economic       
fundam5tal1 & ,capital1 pot5tial uses (1
   ,lab\r lead]s1   ,lab\r newspap]s1   
,lab\r turnov]1   ,lawy]s1 l bank]s1 "k 
absolutely no?+ ab\t bus9ess1           
,legislation1 ! function (1   ,lic5s$   
,association1   ,life is n a location1 b
 a j\rney1   ,light = work+1   ,loss1   
tak+ a2 9 times ( bus9ess depression1   
,man*e/]1 ,eng41     ,=d plant at1      
/rike at1   ,ma*9]y1 its place 9 life1  
,manufacture1 a prim>y function1        
,m$ical ,dep>tm5t1   ,mexico1   ,miln]1 
,"l1   ,models--     ,a1     ,b1     ,c1
     ,f1     ,k1     ,n1     ,r1     ,s1
     ,t1     *ang+1 n a ,=d policy1     
,money1     *as+1     pres5t sy/em (1   

:at x is wor?1     inve/$ 9 a bus9ess n 
*>geable to x1     fluctuat+ value (1   
is n weal?1   ,monopoly1 bad = bus9ess1 
,monoton\s "w1   ,motion1 wa/e1         
elim9at+1    ,nor?ville1 ,mi*41 plant1  
comb9ation f>m & factory1    ,oldfteld1 
,b>ney1   ,opportunity = "y m5 ( today1 
,organization1 excess1 & r$ tape1       
,ov]man1 ,h5ry1   ,otto eng9e1          
,ov]head *>ge p] c>1 cut f #adf to #ic1 
,p>ts1 ab\t #e1jjj1 9 a ,=d c>1         
,pat]nalism has no place 9 indu/ry1     
,peace ,%ip   ,philan?ropy1   ,physical 
incapacity n necess>ily a h9drance to   
work+1   ,physicians1   ,piquette plant1
   ,pov]ty1   ,p[]-f>m+1   ,price       
policy1 ,mr4 ,=d's1   ,produc] dep5ds ^u
 s]vice1   ,production1     pr9ciples ( 
,=d plant1     plan (1 work$ out        
c>efully1     7,= production ( ,=d c>s1 
see ,sales & table (          production
 on p4 #ade7   ,pr(essional *>ity1      
,pr(ite]+1 bad = bus9ess1   ,pr(it-%>+1 
,prop]ty1 ! "r (1   ,pr(it1 small p]    
article1 l>ge aggregate1   ,pr(its      

belong to plann]1 produc]1 & pur*as]1   
,price     rais+1     r$uc+1   ,prices1 
,if1 ( goods are above ! incomes ( ! p1 
!n get          ! prices d[n to !       
incomes1   ,prices1 unduly high1 always 
a sign ( uns\nd bus9ess1   ,prices ( ,=d
 t\r+ c>s s9ce #aiji1   ,prison laws1   
,prison]s ought to be able to support _!
 families1    ,railroads1     active    
manag]s h ceas$ to manage1     suff]+ f 
bank]s & lawy]s1     folly ( long hauls1
   ,reaction>ies1   ,r$ tape1           
,ref9anc+1   ,re=m]s1   ,repetitive     
lab\r1   ,ri*1 ,x is no long] a         
di/9ction to be1   ,"r ( prop]ty1       
,riv] ,r\ge plant1   ,r\t9e "w1   ,royal
 ,agricultural ,society1   ,rum\rs 9    
#aibj t ,=d ,motor ,co4 0 9 a bad       
f9ancial condition1   ,russia1 "u       
,sovietism1    ,safegu>d+ ma*9es1       
,sales dep5d ^u wages1   ,sales ( ,=d   
c>s     9 #aijc-d1 #a1gjh c>s1     9    
#aijd-e1 #a1fie c>s1     9 #aije-f1     
#a1eii c>s1     9 #aijf-g1 #h1dbc c>s1  
9 #aijg-h1 #f1cih c>s1     9 #aijh-i1   

#aj1fjg c>s1     9 #aiji-aj1 #ah1ffd    
c>s1     9 #aiaj-aa1 #hd1ebh c>s1       
see also table ( production s9ce #aiji1 
,saturation1 po9t (1   ,sav+ habit1     
,s*ools1     trade1     ,h5ry ,=d ,trade
 ,s*ool1   ,scotti% ,reliability        
,trials1 te/ ( ,=d c> 9   ,scrap1       
utilization (1   ,seasonal unemploym5t1 
,seld51 ,george ,b41   ,seld5 ,pat5t1   
fam\s suit aga9/ ,=d ,motor ,co41 9     
#aiji1   ,s]vice1     pr9ciples (1     !
 f\ndation ( real bus9ess1     comes    
be=e pr(it1   ,simplicity1 philosophy (1
   ,social ,dep>tm5t1   ,sor5s51 ,*>les 
,e41   ,/&>d ,oil ,co41   ,/&>dization1 
,/ati/ics aboli%$ 9 #aibj1   ,/eel1     
vanadium1   ,/rel['s c>p5t] %op1        
,/rike1 ! "r to1   ,/rikes1     :y1     
fail1   ,sugge/ions f employees1        
,surgeons' fees1   ,sweep+s1 sav+1 nets 
#f1jjj a ye>1    ,titles1 no1 to jobs at
 ,=d factory1   ,tractor--,see ,=dson   
,trade1 =eign1   ,trade s*ools1         
,h5ry ,=d ,trade ,s*ool   ,tra9+1       
little1 requir$ = jobs at ,=d plants1   

,transportation1 a prim>y function1     
,turnov] ( goods1    ,union lab\r1      
,univ]sal c>1 ess5tial attributes (1    
,vanadium /eel1   ,v5tilation ( factory1
    ,wages1     m9imum ( #f a day at all
 ,=d plants1     are p>tn]%ip           
di/ributions1     fallacy ( regulat+1 on
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