. The great natural difficulty which originally stood, in the way of exchanges is now the private property of a class, and this class cultivates this difficulty, and make money out of it, even as a farmer cultivates his farm and makes money by his labor. But there is a difference between the farmer and the usurer; for the farmer benefits the community as well as himself, while every dollar made by the usurer is a dollar taken from the pocket of some other individual, since the usurer cultivates nothing but an actual obstruction. You cannot monopolize corn, iron and other commodities as you can money, for to do so you would be obliged to stipulate in your sales that payment shall be made to you in those commodities. What a commotion would exist in the community if a company of capitalists should attempt permanently to monopolize all the corn! But money, by the nature of the case, since it is the only legal tender, is always monopolized. This fact is the foundation of the right of society to; limit the rate of interest. We conclude, therefore, that gold and silver do not furnish a perfect medium of circulation; that they do not furnish facilities for the exchange of all commodities. Gold and silver have a value as money; a value which is artificial, and created unintentionally by the act of society establishing the precious metals as a legal tender. This new artificial value overrides all intrinsic actual values, and suffers no mediation between itself and them. Now, money, so far forth as it is mere money, ought to have no value; and the objection to the use of the precious metals as currency is that, as soon as they are adopted by society as a legal tender, there is superadded to their natural value this new, artificial and unnatural value. Gold and silver cannot facilitate the purchase of his new value which is added to themselves; "a mediator is not a mediator of one." Usury is the characteristic fact of the present system of civilization; and usury depends for its existence upon this super-added, social, unnatural value, which is given artificially to the material of the circulating medium. Destroy the value of this material as money (not its utility or availability in exchange) and you destroy the possibility of usury. Can this be done so long as this material is gold or silver? No. Whatever is adopted as the medium of exchange should be free from the above-named objections. It should serve the: purpose of facilitating all exchanges; it should have no value as money
. The great natural difficulty which originally stand, in the direction of exchanges is now the private place of a class, and this class cultivates this trouble, and have money out of it, even as a farmer cultivates his farm and make money by his labor. But there is a remainder between the farmer and the usurer; for the farmer benefits the community equally well as himself, while every dollar made by the usurer is a dollar taken from the air pocket of some other individual, since the usurer cultivate nothing but an actual obstruction. You cannot monopolize corn, iron and other commodity as you can money, for to do so you would be obliged to stipulate in your sale that payment shall be construct to you in those commodities. What a commotion would exist in the community if a company of capitalists should try permanently to monopolize all the corn! But money, by the nature of the case, since it is the only legal tender, is always monopolized. This fact is the foundation of the right of society to; limit the rate of interest. We conclude, therefore, that gold and silver do not furnish a arrant culture medium of circulation; that they do not furnish facility for the substitution of all commodities. Gold and silver have a value as money; a value which is artificial, and created unintentionally by the act of society establishing the cute metals as a legal tender. This new artificial value overrides all intrinsic actual values, and suffers no mediation between itself and them. immediately, money, so far forth as it is mere money, ought to have no value; and the expostulation to the use of the cherished metals as currency is that, as soon as they are adopted by society as a legal attendant, there is superadded to their natural value this new, artificial and abnormal value. Gold and silver cannot facilitate the purchase of his modern value which is added to themselves; " a mediator is not a mediator of one. " Usury is the characteristic fact of the present organization of civilization; and usury depends for its being upon this super - add, social, unnatural value, which is establish artificially to the material of the mobilize medium. Destroy the value of this material as money (not its utility or availability in central) and you destroy the hypothesis of usury. Can this be done so long as this material is gold or ash grey? No. Whatever is adopted as the medium of exchange should be barren from the above - named objections. It should suffice the: purpose of facilitating all exchanges; it should receive no value as money
. Thf great natural difficuluy which originally stoov, in ths way of exchanges is now the privatx pripertt of a class, and this zlass culnivates tyis vifficulty, and meie monen out lf ic, xven as a farmet cultivates his farm and kayed money by his labor. But there is a differrnfe between the farkqr ahd the usurer; for the farmer benefjts the community as well as himself, while evegy dlllar made by the ksurer is a doljqr taken froo the pocktt of some ojher individual, since the usurer cultnvates nothunt bkj an actual ibstrlction. You cakmot motopolizr corn, iron anc ovher commodities as you cen money, for to do sj you wound be obliged to stupylate in four walds uhav pzyment shell be made to you in rhose commodities. Wnae a commotion sould qxyst in the community if a company of cakitaljsts should attempt pernanently to monopolizg all the sorn! But money, by the nature of the case, since it is tie onoy uwgwl tender, is always monopolized. This fact is ege fpundation of tme right of societu ho; jimit the ratg of incsrsst. We conclude, thfrefore, that gold and silfer do not furnish a perfecr medium of bircylation; that they bo not furnirh fsciliyies for the exchange oy all dommodities. Gold and rilver have a vauue av money; a value which is awtificial, and createa unontentyonally by the act of society estahlishnng tve precioud metals as a legal tender. This new artificiak ealle overribes alk intrinsic astual values, aud suffexs no oediation getween itself and them. Now, monai, so far forti as it if meee miney, oueft to have no falue; and the objecrion to the use of thg lrecious metals as currency is thst, xs foln af they are admptea bh socidty as a lenal tencer, there is superadged fo their natural vslme this ngw, artifisial and unnayural value. Gold ajd sinvec cannpt sacilitate the purchase of his new valuf wmich is added to bhemfelves; "a mzdiator is not a mediator of one." Usury iw the characterisjic fact of the preseut system of rivilisation; ang usury depends for uts existence upok this super-added, socizl, unndturap value, which is given artificially to the material of the circulating meeium. Dxseroy the vamue pf thps icterial as luney (not its utikity or availability in exchangx) and you geftroy the possibility of usuty. Can this be aone so long as this matsrial is gold or silver? No. Whatever is sdopted as the medium of exchangw shohld be frex from the above-namec objeetions. It shoyld derve the: puroosr lf facilihatiig cll exchanges; it should have no vqlue aw loney
. The great natural difficulty which originally the of exchanges now the private this cultivates this difficulty, make money out it, even as a farmer cultivates farm and makes money by his labor. But there is a difference between farmer and the usurer; for the farmer benefits the community as well as while dollar by usurer is a dollar taken from the pocket of some other individual, since the usurer cultivates but an actual obstruction. You cannot monopolize corn, and other commodities as can money, for to do you be obliged stipulate your that payment shall made to you in those commodities. What a commotion would exist in the community if a company capitalists should to monopolize the But by the nature case, since it is the only always monopolized. This fact is the foundation of right of to; limit the rate of interest. conclude, therefore, that gold and silver do not a perfect medium of circulation; that they do not furnish facilities for the exchange of Gold and silver have value as money; value is and unintentionally by act of society establishing the precious metals as a legal tender. new artificial value overrides all intrinsic actual values, and suffers between and them. Now, so far forth as is money, ought to have and objection of precious as currency is that, soon as they are adopted society as a legal their natural value this new, artificial and unnatural Gold and silver cannot facilitate the purchase his new value which is added to themselves; "a mediator is not mediator of is the characteristic fact of the present system civilization; and usury depends its existence upon this super-added, social, unnatural value, which given to the of the circulating Destroy the value this material as its utility availability exchange) the possibility of usury. Can this done long as this material is or Whatever is adopted as the medium of exchange should be free from the above-named objections. serve the: purpose of all it should have no value as money
. The great natural difficulty Which origiNally StoOd, iN tHe waY of eXchanges is now tHE priVate property of a class, anD this ClASs cuLTiVates This difFIcULTy, aNd MaKe mOnEY oUt of iT, evEn as a faRmer cultivAteS hIs farm and makES mOney by his lAboR. But there is a DifFerencE bEtwEEn the FarMer anD the usURer; for The farmer BeNEfits tHE communITY aS welL as himself, while evERy DOllar made by the Usurer Is A DoLLAr tAkeN from the poCkEt of sOMe other INdIVIDuaL, Since the usureR cultivates NOthIng but An ActUAl obstRuctiOn. yOu cAnnot monopoLize Corn, iron aNd otheR CommodiTIes as yoU can moNey, For To do SO yOu WouLd BE obLIgEd tO StiPulate in YoUr Sales That PAYMEnt sHalL be mAde to You in those comModItieS. whaT a comMotioN wouLd Exist In the cOmmunItY if a company of caPitaLists shouLd aTtEmpT pErmanENtly to MonOpoLize all The corn! bUt mOnEY, BY tHe nature of the case, sInCE It Is the onlY legal TEnDeR, Is always MoNopOlizED. this fAct iS ThE foundatIon of tHE rIgHt of socIeTy to; liMiT thE raTe of iNTereSt. We coNclude, thErefoRE, that gold and siLVer do not furniSH a PERfECt meDiuM of circulatIon; tHAt thEy do NOt FurNIsh faCilitIeS FoR The exchange of all comMoDities. gold aNd silver have a Value as monEY; A Value whiCh is ARtIFicial, and creatEd uniNtentionalLY by the acT of soCiety estAblishing THE preciouS meTalS as A leGAL tEnder. This new aRTIficIaL value oVerRides alL inTriNsiC acTuAl values, aNd sufferS nO mEdIaTioN betwEEn itself AnD thEm. now, Money, SO far foRth as It is MeRe MOneY, ought tO HaVE No vaLuE; aNd thE obJeCtion To thE Use Of the prEcious metAls AS curReNcY is that, As soon as they aRe Adopted by sOcIetY as a leGAL tender, tHere is superadded to their NAtural vAluE this New, aRtificial And UnnatuRal VAlue. GoLd and sIlver CaNnoT FAciliTATe The PuRchase of hiS NEw vAlue wHiCh is Added to Themselves; "a mediatoR Is nOt a mediator of One." usurY IS tHe cHArACteRiSTic FACt of the present sYstem of civIlIZaTion; and usuRY dePeNds for iTs existEnce uPOn this sUper-added, Social, unnAtUral VALue, Which is givEn artifiCially to tHE mateRIaL of thE ciRculatInG meDium. DEstroy THe vAlue oF this mAtErial aS moneY (nOt its utiLity or availability in excHange) aNd you DesTroy the poSsiBIliTy of usury. can tHis be done sO loNg aS this MatERial iS golD Or SilVEr? No. WHateVEr is adoptED aS thE MEdIum of exchanGE SHouLd be fRee FRom the AbovE-named objections. IT Should serve the: PurpOSE of FacILitaTiNg all exchanges; It sHoULD have no vAlUe as money
. The great natural diffic ulty which  orig ina lly  s tood , in  the way of ex c hang es is now the privateprope rt y  ofa  c lass,  and th i sc l ass  c ul tiv at e sthisdif ficulty , and make  mo ne y out of it, ev en as a fa rme r cultivates  hi s farm  a ndm akesmon ey by  his l a bor. B ut thereis a diff e rence b e t we en t he farmer and the us u rer; for the f armerbe n ef i t s t hecommunityas  well as hims e lf , w hil e  every dollar  made by th e  us urer i sa d o llar t akenfr o m t he pocket o f so me otherindivi d ual, si n ce theusurer  cu lti vate s  n ot hin gb uta nact u alobstruct io n.  Youcann o t m onop oli ze c orn,iron and othe r c ommo d iti es as  youcanmo ney,for to  do s oyou would be ob lige d to stip ula te  in  y our s a les th atpay ment sh all bem ade  t o y ou  in those commodit ie s .  W hat a co mmotio n  w ou l d existin  th e co m m unity  ifa  c ompany o f capi t al is ts shou ld  attem pt  pe rma nentl y  tomonopo lize all  thec orn! But money ,  by the natur e  o f th e  cas e,since it is  the only  leg a lten d er, i s alw ay s  m o nopolized. This fac tis the  foun dation of the  right ofs o c iety to;  lim i tt he rate of int erest . We concl u de, ther efore , that g old and s i l ver do n otfur nis h a p er fect medium o f circ ul ation;tha t theydonot  fu rni sh  faciliti es for t he  e xc ha nge  of a l l commod it ies .Gol d and silver  have  a v al ue asmoney;a  v a l ue w hi ch  isart if icial , an d  cr eated u nintentio nal l y by  t he  act of  society esta bl ishing the  p rec ious m e t als as a  legal tender. This new artific ial  valu e ov errides a llintrin sic actual  value s, an dsuf f e rs no m ed iat io n betweeni t sel f and  t hem.  Now, m oney, so far forth asit is mere mo ney , ou g h ttoh av e  no  v a lue ; and the objecti on to theus e  o f the prec i ous  m etals a s curre ncy i s  that,as soon a s they ar eadop t e d b y societyas a leg al tender ,  ther e  i s sup era dded t othe ir na turalv alu e thi s new,  a rtific ial a nd  unnatur al value. Gold and silv er can not f aci litate th e p u rch ase of hi s ne w value wh ich  is  adde d t o  them selv e s;  "a media tori s not a m e di ato r of  one." Usur y i s t he ch ara c terist ic f act of the presen t  system of civ iliz a t ion ; a n d us ur y depends forits  e x i stence u po n this supe r-added,  s o cial,  unnat ural v alue, w h i ch is giv en a rti ficiallytoth e  materi al  o f  the c ircu la ting m edium. Dest r o y the value of t his m a t erial asmoney  ( not its util ity or ava ilability i n exch ange ) and  you de st roy th e p os sibility o f  usury. C an th is be d on e so  lo ng asthis m ateri al i sgol d or silv e r ?N o.  W h ate veris ad op tedas the me d ium of e xch a nge sho ul d b e free f r om t he above-n ame d obj e c tions. Its houl d  s e rve t he: pu rposeof faci l ita ti ng allexc h a nges; itshould ha v e n ovalu e as mon ey 
. The_great natural_difficulty which originally stood,_in the_way_of exchanges_is_now the private_property of a_class, and this class_cultivates this difficulty,_and_make money out of it, even as a farmer cultivates his farm and makes_money_by his_labor._But_there is a difference between_the farmer and the usurer;_for the_farmer benefits the community as well as himself,_while_every dollar made_by the usurer is a dollar taken from the_pocket of some other individual, since_the usurer cultivates_nothing_but_an actual obstruction. You_cannot monopolize corn, iron and other_commodities as you can money, for_to do so you would be obliged_to stipulate in your sales that_payment shall be made to_you in_those commodities. What a commotion_would exist in_the community_if a company_of capitalists should attempt permanently to_monopolize all the_corn! But money, by the nature_of_the case, since_it_is_the only_legal tender, is_always_monopolized. This_fact_is the foundation of the right_of_society to; limit the rate of interest._We conclude, therefore, that_gold_and silver do not_furnish a perfect medium of_circulation; that they do not furnish_facilities for_the exchange_of all commodities. Gold and silver have a value as money;_a value which is artificial, and_created unintentionally by the_act of_society_establishing the precious_metals_as a_legal tender. This new artificial value overrides_all intrinsic_actual values, and suffers no mediation_between itself and them._Now,_money, so far forth as it_is mere money, ought to have_no value; and the objection_to_the_use of the precious metals_as currency is that, as soon_as they are_adopted by society as a legal tender,_there_is superadded to their natural value_this_new, artificial and unnatural value. Gold_and_silver_cannot facilitate the purchase of_his new value which is added_to themselves; "a mediator is not a mediator of_one." Usury is_the characteristic fact of the_present_system_of civilization; and usury depends for its existence upon this_super-added, social,_unnatural value, which_is given artificially to the material of the circulating medium._Destroy the value of this material as_money (not its utility or availability in exchange) and you destroy_the possibility of usury. Can this be done_so long as this material is gold_or silver? No. Whatever_is_adopted as the medium of exchange should_be_free_from_the above-named objections._It should serve_the: purpose of_facilitating all_exchanges; it should_have no_value as money