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which is not the case at present. (My readers may not see the point, but Mr. Fisher and my printers will.)

(5) This I deny. It is the especial claim of free banking that it will increase production. To make capital fluent is to make business active and to keep labor steadily employed at wages which will cause a tremendous effective demand for goods. If free banking were only a picayunish attempt to distribute more equitably the small amount of wealth now produced, I would not waste a moment's energy on it.

(6) Here we have a very good reason why I should continue to debate with Mr. Fisher rather than form a banking partnership with Mr. Westrup. Very likely the banking firm of Westrup, Tucker & Co. would come speedily to grief. But I am none the less interested in securing the greatest possible liberty for banking so that I may profit by the greater competition that would then be carried on between those born with a genius for finance. But what about Proudhon, Mr. Fisher? He was no amateur. He could value, not only a horse, but a railroad, the money kings utilized his business brains, his Manual for a Bourse Speculator served them as a guide, and, when he started his Banque du Peuple, it immediately assumed such proportions that Napoleon had to construct a crime for which to clap him into jail in order to save the Bank of France from this dangerous competitor. Amateur, indeed!

(7) On the contrary, there is an abundance of evidence. The suppression of Proudhon's bank was a coercion of the market. And in this country attempt after attempt has been made to introduce credit money outside of government and national bank channels, and the promptness of the suppression has always been proportional to the success of the attempt.

(8) Here Mr. Fisher becomes heretical. The champions of gold are proclaiming with one voice that the monetization of silver will prove the demonetization of gold.

(9) Just as free, and no more so. But this is no freedom at all. I tell Mr. Fisher again that it is a crime to issue and circulate as currency a note promising to deliver iron at a certain time. I know that it is a crime in this country, and I believe that the laws of England contain restrictions that accomplish virtually the same result.

(10) There is no contradiction between my position and Greene's. Greene held, as I hold, that the existing monopoly imparts an artificial value to gold, and that the abolition of the monopoly would take away this artificial value. But he also held, as I hold, that, after this reduction of value had

been effected, the variations in the volume of mutual money