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237 to act as a medium of exchange, or else as the basis of such a medium. In performing this function it wears out; in other words, it is consumed. Being given a monopoly of this use or function, it has an artificial value,—a value which it would not have if other articles, normally capable of this function, were not forbidden to compete with it. And these articles suffer from this restriction of competition in very much the same way that a theatre forbidden to give Sunday performances suffers if its rival is allowed the privilege. Mr. Fisher may deny the analogy as stoutly as he chooses; it is none the less established. This analogy established, Mr. Fisher's position falls,—falls as surely as his other position has fallen: the position that government cannot affect values, which he at first laid down with as much contemptuous assurance as if no one could deny it without thereby proving himself a born fool. So there is no need to refute the rest of the assertions. I will simply enter a specific denial of some of them. It is untrue that gold is not withdrawn from the market to raise its price. It is untrue that the gold mines are kept open principally to supply the arts. It is untrue that, if gold were twice as dear or twice as cheap, bankers would not lose or gain; the chief business of the banker is not to buy and sell gold, but to lend it. And I believe it to be untrue—though here I do not speak of what I positively know—that English law permits the establishment of such banks as Proudhon, Greene, and Spooner proposed. Mr. Fisher certainly should know more about this than I, but I doubt his statement, first, because I have found him in error so often; second, because nine out of ten Massachusetts lawyers will tell you with supreme confidence that there is no law in Massachusetts prohibiting the use of notes and checks as currency (yet there is one of many years' standing, framed in plain terms, and often have I astonished lawyers of learning and ability by showing it to them); and, third, because I am sure that, if such banks were legal in England, they would have been started long ago.

THE EQUALIZATION OF WAGE AND PRODUCT.

To the Editor of Liberty: One does not lay oneself open to a charge of disloyalty to the principles of liberty by guarding against extravagant hopes. It seems necessary to keep this in mind before saying a word against any anticipations formed