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facilitates exchange equally with the railway car and wears out in the process just as the railway car wears out, is in my judgment consumed precisely as the railway car is consumed. That only is a complete product, Mr. Fisher tells us, which is in the hands of a person who applies it to the direct gratification of some personal craving. I suppose Mr. Fisher will not deny that a railway car is a complete product. But if it can be said to be in the hands of a person who applies it to the direct gratification of some personal craving, then the same can be said of gold.

(12) I did not mean to say for a moment that a government could carry out such an arbitrary policy of fixing values to an unlimited extent without a revolution, but only that as far as the attempt should be made, the economic result, pending the revolution, would be as stated.

(13) Yes, to a trifling extent. And if the horse were then to be used to buy a sheep, and then to buy a dog, and then to buy a cat, and then to buy a cigar, until finally he could not be sold for enough oats to keep him from falling in his tracks, it is my firm conviction that the horse in that case would be economically consumed in fulfilling the function of currency.




[Liberty, February 26, 1887.]

I must refer once more to the Winsted Press and its editor. It is lamentable to see so bright a man as Mr. Pinney wasting his nervous force in assaults on windmills. But it is his habit, whenever he finds it necessary or thinks it timely to say something in answer to free-money advocates, to set up a windmill, label it free money, and attack that. An instance of this occurs in a scolding article on the subject in his issue of February 17, as the following sentence shows: "We had a little taste of this free currency in the days of State wildcat banking, when every little community had its State bank issues." The italics are mine,—used to emphasize the substitution of the windmill State for the giant Freedom. How could State bank issues be free money? Monopoly is monopoly, whether granted by the United States or by a single State, and the old State banking system was a thoroughly monopolistic system. The unfairness and absurdity of Mr.

Finney's remark become apparent with the reflection that the