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238 by ardent and able advocates of liberty like yourself. It is a hyperbole (possibly open to misconstruction) to imply that some advocates of liberty regard it as a panacea for every ill. It therefore is a great advantage when its expected benefits are clearly defined as in your issue of the nth. You believe that under liberty the laborer's wages will buy back his product. This is fortunately a definite issue. It implies that if there be a naked producer or a commodity the complete production of which, including all the outlay needful for its delivery to the consumer at the very moment when he needs to consume it, occupies time and demands the empolymentemployment [sic] of wealth in material, sustenance of producer, and tools, of none of which this producer is possessed, this pauper producer shall retain the full value of his product notwithstanding his partial dependence upon some one who provides the necessaries for his production in anticipation of his fruition. Is not this a fair and correct interpretation of your phrase? and supposing it to be so, does it not show that you expect too much?(1)

The facilitation of credit and the so-called circulation of debts as a substitute for currency, together with all schemes for mutual banking or schemes for the more rapid development of commerce, imply that valuables shall be temporarily placed at the disposal of others than their owners who meanwhile sustain a privation and also take a serious risk, but that these owners shall obtain no recompense beyond the bare return of their valuables unimpaired. (2) If a complex and therefore intricate scheme or calculation results in producing something out of nothing it opens a suspicion that there is some concealed flaw in the train of thought. Credit without remuneration, debt without cost, unlimited or very plentiful money without depreciation, are the desired and hoped results of the new schemes. It is most important to distinguish between demanding liberty to try these schemes, and pledging liberty to their success. Unfortunately it does not appear to be sufficient to call attention to this distinction. Ardent friends will often unite the cause of the fad with that of the principle unless the fad itself be destroyed. There are faddists who avoid this pitfall. (3) Thus there are some who advocate a reform of spelling, but as advocates of freedom decline to make even that hoped success of reformed spelling, or its hoped rapid progress under a free system of education, a plea or prop for arguments to emancipate teaching from government restriction, or for enforced alienation of citizens' property for its support. Teaching ought to be free not because it is argued that spelling would be reformed and the reform would be good, but simply that the reform may get a chance and if good may succeed. So government restriction on banking and credit ought not to be repealed because Westrup's or Greene's finance would prevail and bless the people, but so that this and any other device may be tested and if good succeed. (4)

As against the scheme itself the contention is that wealth originates solely in production, and that with plentiful production the wealth of the poor will increase even though the wealth of some rich people is vastly, and, as it is thought, inordinately increased. But this banking scheme does not add to production. (5) It is but a scheme for destroying one source of income of the rich or appropriating it to the poorer producer. Without any attempt at deduction experience dictates the induction that the chances are in favor of the man with a special faculty for successful financial operations rather than of students of principles. The man who can actually value a horse, a house, a crop of wheat, is more useful in pursuing his function as a speculator than a student who can ably analyze the components of value by prolonged and tardy research. The trader helps society most and at greater risk, so those of them who succeed have