claim that railroads are necessarily exempt to a marked extent from competition, although I do not think on that account that it will be necessary to hand them over to the government in order to secure their benefits for the people. Still, if I were to accept Mr. George's premise that industries which are necessarily monopolies should be managed by the State, I might possibly conclude that railroads and some other enterprises belong under that head. But how his premise is related to the issue of money I do not understand at all. That the issue of money is at present a monopoly I admit and insist, but it is such only because the State has laid violent hands upon it, either to hold for itself or to farm out as a privilege. If left free, there is nothing in its nature that necessarily exempts it from competition. It takes little or no capital to start a bank of issue whose operations may become worldwide, and, if a thousand banks should prove necessary to the prevention of exorbitant rates, it is as feasible to have them as to have one. Why, then, is the issue of money necessarily a monopoly, and as such to be entrusted exclusively to the State? I have asked Mr. George a great many questions in the last half-dozen years, not one of which has he ever condescended to answer. Therefore I scarcely dare hope that he will vouchsafe the important information which I now beg of him.—Liberty, October 8, 1887.
The different uses of the word "free" lead to many misunderstandings. For instance, a writer in the Denver Arbitrator gives the preference to free trade and free land over free money and free transportation on the ground that the former are "natural rights" while the latter are "privileges that can be conferred only by society." Here free money is evidently taken to mean the supply of money to the people free of cost by some external power. But it no more means that than free rum means the supply of rum free of cost. It means freedom to manufacture money and offer it in the market, and is a part of free trade itself. One may look upon free money and free trade as privileges, or as rights, or as simple equalities recognized by contract; that is a matter of ethics and politics. But whichever way one views them, he must view both alike, for economically they are the same in principle. There is no possible justification for calling one a right and the other a privilege, and giving a preference to. one or the other on the basis of that distinction.—Liberty, September 29, 1888.
"A right theory of the functions of money," writes Robert Ellis Thompson in the Irish World, "is of the first necessity
