0. 55 (68)

he seems a sensible person and worthy of esteem, but I cant say my point of view is shared by the majority of Chinese.

I see China as the fourth element, I would say necessary, to the three triangle. I see great Powers in need of much raw material which China possesses. I should like American collaboration; I do wish it, but remember the spherical form of the planet. Germany sees already possibilities in Africa and Madagascar.

I am not yet convinced that violence will succeed in the long run in China. I see preferably the use of re-education of China, a huge development of "cultural relations, in fact the work of an "IRCE" titanically enlarged to explain to China what the " Axis, is doing. I do not deny this seems a vast programme. I could have wished for a more rapid work of the same sort in my own country, and the inclusion by the Italian university of the study of U.S. economy through the years 1950 up to to-day. We pray to God this understanding does not arrive too late, which does not diminish the let us off another curiosity, more important perhaps, as to why China is not with the Axis? I do not mean fragments of China, but the whole of China.

If I could picture a cultivated Chinese of to-day, curious about the history of ancient Greece, I would repeat to him two points from my previous articles, i.e.:

1. the fleet that won at Salamis was built with money lent by the state of Athens, to individual Athenians.

2. The Greece of Metaxasis paying 54 per cent (fifty-four) of its income to the english insurers, whose names are hidden from the Greek people.

USURY AND LIMITED LIABILITY COMPANIES

Members of
Two

Limited Liability Companies, having got themselves talked about, hide themselves
from all investigations. They are the members of the Bank of England, whose names
were not revealed even after the outbreak of this war to the inquiring Member of
Parliament, and the equally anonymous firms which sold gold to the U. S. Treasury from
1933 onwards. I repeat that the said Treasury has for distribution no list of the
people from whom they bought gold after Jan. 1, 1932." The greater part of the gold
coming from abroad which the Treasury acquired, was bought after its arrival in
the U. S. It is also to be noted that the gold sent to the U. S. A. may have been
in the possession of either a government or of private individuals.

The twenty-five million dollars lent to Chiang Kai Chek are a mere bagatelle
in comparison with the ten billions spent by Morgenthau in acquiring gold. I am
not convinced that the problem of the Far East should be too much simplified. An
excellent analysis of the war has been in an article signed "O. R. A." in the
"Bollettino d'Informazioni della Federazione Soc. Italiane per Azioni," 15 Oct.
1939, Scorte Auree (p. 516).

Giving the distribution average per person in the U. S. A.: $138; France $65
(not in 1940, but in 1939); United Kingdom $49 (approsimately).

In the second group: Italy $5; Japan $0.40, that is, forty cents.

The genoese have a proverb: "A qui nissun fesso"; and I hope that no Italian,
German, or Japanese will ever be so simple or so plumb idiotic as to accept a nearly
useless metal in exchange for wheat or wool. A nation is badly governed when it leaves
the control of its purchasing power in alien hands, or when it bases its purchasing
power on a substance that other countries can produce more easily or abundantly,
or other men can control, manipulate, etc., creating artificial poverty for the
people.

We observe that China is not listed in the "Bollettino," and I suspect this
is from lack of information. I also note that the Bank of Central China issues
paper money for five cents, and Sun Co. (S'hai) Ltd. issues it at the nominal value

Usury and Limited, 2

of one cent (approximately 15 italian centesimi) so that it might seem as if
metallic money does not abound in that country.

I see everywhere in the Occident that the great monetary frauds that have been
committed during the last two centuries, frauds which have had repercussions on
european life. But I am not convinced that the whole of China sees with my eyes.
If the China of Chiang Kai Chek has accomplished a "reform" by reducing the in-
terest rate to a legal 20% (equal to two hundred, and not twenty per cent, when
the bank trick of the mercantilist system is added), one can only think that some
distinction exists between ourselves and the Far East.

We know that India is exploited by the Brahmins who do not oppose the usurers, and we also know that after the Mohametan conquest no civic sense ever got into that country. Gandhi has only touched the scattered villages, each for itself, isolated, without any capacity for organizing a nation. A jungle, fertile perhaps, but below any possible European concept of civic life. The chaos in China must have come from the loss of all economic sense, a fearful loss, when one considers the organic power which created the great dynasties.

Nevertheless I cannot believe that the Chinese are necessarily grateful for
the twenty-five million dollars lent by the dirtiest usurers in America with the
intention of keep up confusion in the Far East.

I am sorry to learn that a book called "The British Empire and the British
People" was not written in English (as I indicated in the "Meridiano") but in
Japanese, and we still lack a translation into Italian or German. But even if
we had all the facts exposed by T. Ioti relative to Sassoon and the other shysters
in Shanghai, we should still not know enough about the fight between Japan and the
Chinese continent. These twenty-five million dollars are too few to have much im-
portance as against the material possibilities of China. And what is happening to
Chiang? A small quantity of out-of-date munitions made costly by heavy transport
charges and the heavy commissions to various agents, etc.

I have shouted for eight years against the american propaganda put out in

Usury and Limited, 3

New York during the last two decades. Now I am preoccupied about chinese raw
materials which would be so useful to the Rome-Berlin-Tokyo triangle, hoping
naturally, that the U. S. A. will throw the weight of their 130 or 140 million
inhabitants on the side of a sane and just collaboration.

A sane economic system calls for the defence of "work-money." With this idea
a correspondent for the Japan Times and another from "Gerarchia" (Oct., XVIII) ex-
press themselves simultaneously, rejecting the old evil custom of secluding Japanese
and Italian labor on the world market at an unjustly low price.

I repeat: the ancient Roman Empire began to decay with the sale, in the
Italian market, of Egyptian grain at prices which ruined the agriculture in the
peninsula.

Peace rises, almost inevitably, from the just price. And the just price
carries with it a defence of the purchasing power of work (especially agricultural
work); this implies also non-dumping. And the almost savage fury which Japan in-
spires arises from the fear of Japan's capacity to drown other markets with cheap
merchandise. China, however, does not share this fear.

We are all so ignorant of China that we should pool the little we know.

The Chinaman says, "Japan needs our raw materials. We are disposed to con-
cede commercial advantages in the 'five provinces.' Japan has to work hard and
has to export small things like toothpicks for lack of material."

But it is also said: "Chiang Kai Chok is a hero."

Naturally my eyes turn to Pekin. From all I read about Wang Chin Wei, he seems
a sensible and estimable person, but I can't say my point of view is shared by the
majority of Chinese.

I see China as the fourth element, I would say necessary, to the triangle.
I see three great Powers in need of much raw material which China possesses. I
should like American collaboration; keeping communication I want it in fact, but I
also have before me the spherical shape of our planet. Germany already sees pos-
sibilities in Africa and Madagascar.

Members of
two

The twenty-five million dollars lent to Chiang Kai Chek are a mere bagatelle
in comparison with the ten billions spent by Morgenthau in acquiring gold. I am
not convinced that the problem of the Far East should be too much simplified. An
excellent analysis of the war has been in an article signed "O. R. A." in the
"Bollettino d'Informazioni della Federazione Soc. Italiane per Azioni," 15 Oct.
1939, *Scorte Auree* (p. 516).

Giving the distribution average per person in the U. S. A.: $138; France $65
(not in 1940, but in 1939); United Kingdom $49 (approximately).

The genoese have a proverb: "A qui nissun'e fesso"; and I hope that no Italian,
German, or Japanese will ever be so simple or so plumb idiotic as to accept a nearly
useless metal in exchange for wheat or wool. A nation is badly governed when it leaves
the control of its purchasing power in alien hands, or when it bases its purchasing
power on a substance that other countries can produce more easily or abundantly,
or other men can control, manipulate, etc., creating artificial poverty for the
people.

Usury and Limited, 2

We know that India is exploited by the Brahmins who do not oppose the usurpers,
and we also know that after the Mohametan conquest no civic sense ever got into
that country. Gandhi has only touched the scattered villages, each for itself,
isolated, without any capacity for organizing a nation. A jungle, fertile perhaps,
but below any possible European concept of civic life. The chaos in China must
have come from the loss of all economic sense, a fearful loss, when one considers
the organic power which created the great dynasties.

Nevertheless I cannot believe that the Chinese are necessarily grateful for
the twenty-five million dollars lent by the dirtiest usurpers in America with the
intention of keep up confusion in the Far East.

I am sorry to learn that a book called "The British Empire and the British
People" was not written in English (as I indicated in the "Meridiano") but in
Japanese, and we still lack a translation into Italian or German. But even if
we had all the facts exposed by T. Ioti relative to Sassoon and the other shysters
in Shanghai, we should still not know enough about the fight between Japan and the
Chinese continent. Those twenty-five million dollars are too few to have much im-
portance as against the material possibilities of China. And what is happening to
Chiang? A small quantity of out-of-date munitions made costly by heavy transport
charges and the heavy commissions to various agents, etc.

Usury and Limited, 3

A sane economic system calls for the defence of "work-money." With this idea a correspondent for the Japan Times and another from "Gerarchia" (Oct., XVIII) express themselves simultaneously, rejecting the old evil custom of sebling Japanese and Italian labor on the world market at an unjustly low price.

Peace rises, almost inevitably, from the just price. And the just price carries with it a defence of the purchasing power of work (especially agricultural work); this implies also non-dumping. And the almost savage fury which Japan inspires arises from the fear of Japan's capacity to drown other markets with cheap merchandise. China, however, does not share this fear.

The Chinaman says, "Japan needs our raw materials. We are disposed to concede commercial advantages in the 'five provinces.' Japan has to work hard and has to export small things like toothpicks for lack of material."

I see China as the fourth element, I would say necessary, to the triangle. I see three great Powers in need of much raw material which China possesses. I should like American collaboration; keeping our work going I want it in fact, but I also have before me the spherical shape of our planet. Germany already sees possibilities in Africa and Madagascar.

Usury and Limited, 4

I am not yet convinced that violence will succeed in the long run in China. I see preferably the use of re-education of China, a huge development of "cultural" relations, in fact the work of an "IRCE" titanically enlarged to explain to China what the Axis is doing. I do not deny that this seems a vast program. I could have wished for a more rapid work of the same sort in my own country, and the inclusion by the Italian universities of the study of U. S. economy through the years 1950 up till today. We pray God this mutual understanding does not arrive too late. All of which does not eliminate another, perhaps more important curiosity: to know why China is not with the Axis. I do not mean fragments of China, but the whole of China.

If I could picture a cultivated Chinese of today, curious about the history of ancient Greece, I would repeat to him two points from my previous articles, i.e.:

1. the fleet that won at Salamis was built with money lent by the state of Athens to individual Athenians.

2. the Greece of Metaxas is paying 54% (fifty-four per cent) of its income to english insurers whose names are hidden from the Greek people.

Ori. 51 (64)

FREE EXCHANGE.

Minister Ricardi's recent article deserves to be read with the greatest attention. It is the clearest exposition of the new economic direction that I have come on; nevertheless it contains a few words ambiguous not to the Minister, but to american readers.
I reiterate my warning against the betrayal of words. All economic terminology has been falsified.

Raffaello Ricardi writes "libero scambio" (free exchange), giving this term a correct meaning. But what is called free exchange (trade) has not been free for a century or for several centuries.

No trade is free where one party is forced to exchange his goods at an unjustly low price, or against his will. And the illiberal (which is called liberal) system was nothing less than strangulation through monopoly, or through "dumping", that is, depression of the market with merchandize offered at a low price (undercutting) in order to ruin the "enemy" or the rival.

After the 1914-18 war in England the big limited liability companies in England put up the price of chickens to 7/6 a pair to prevent poor veterans from starting chicken-farming on their own; and this is roughly speaking the system employed between nations.

To-day a world conflagration may start because the U.S.A. is having a fit of hysterics over rubber from the Dutch East Indies. It would be a pity to lose the last battle through lack of understanding between the two countries.

One must explain to my American compatriots the importance of exchanges and multi-lateral treaties, because they have a holy terror of the word *barter*.

They must learn to understand the meaning of the phrase "money of account". The Minister proposes a "money of account", but it is

FREE EXCHANGE

Minister Riccardi's recent article deserves to be read with the greatest attention. It is the clearest exposition of the new economic direction that I have come on; nevertheless it contains a few words ambiguous not to the Minister, but to American readers. I reiterate my warning against the betrayal of words. All economic terminology has been falsified.

Raffaello Bazzano Riccardi writes "libero scambio" (free exchange), giving this term a correct meaning. But what is called free exchange (trade) has not been free for a century or for several centuries.

No trade is free where one party is forced to exchange his goods at an unjustly low price, or against his will. And the illiberal (which is called liberal) system was nothing less than strangulation through monopoly, or through "dumping," that is, depression of the market with merchandise offered at low price (undercutting) in order to ruin the "enemy" or the rival.

After the 1914-15 war the big limited liability companies in England put up the price of chickens to 7/6 a pair to prevent poor veterans from starting chicken-farming on their own; and this is roughly speaking the system employed between nations.

Today a world conflagration may start because the U.S.A. is having a fit of hysterics over rubber from the Dutch East Indies. It would be a pity to lose the last battle through lack of understanding between the two countries.

They must learn to understand the highly important meaning of the phrase "money of account." The Minister proposes a "money of account," but it is necessary to make this act as clear as possible to avoid muddle.

FREE EXCHANGE

Raffaello Esmee Riccardi writes "libero seambio" (free exchange), giving this term a correct meaning. But what is called free exchange (trade) has not been free for a century or for several centuries.

One must explain to my American compatriots the importance of exchanges and multi-lateral treaties, because they have a holy terror of the word barter.

ori 52 (65)

Usury and Limited Liability Companies.

Limited Liability Companies, having got themselves talked about, all hide themselves from investigation; the members of the Bank of England, whose names were not revealed even after the outbreak of this war to the inquiring Member of Parliament, and the equally anonymous firms who sold gold to the U.S. Treasury from 1933 onwards. I repeat that the said Treasury has for distribution no list of the people from whom they bought gold after Jan. 1932. The greater part of the gold coming from abroad which the Treasury acquired, was bought after its arrival in the US. It is also to be noted that the gold sent to the U.S.A. may have been in the possession of either a government or of private individuals.

The twenty-five million dollars lent to Chiang Kai Chek are a mere bagatelle in comparison with the ten billions spent by Morgenthau in acquiring gold. I am not convinced that the problem of the Far East should be too much simplified. An analysis of the war has been made in an article signed " O.R.A. ", in the " Bollettino d' Informazioni della Federazione Soc. Italiane per Azioni " Oct. 15. 1939, Gold-Shortage (p5I6).

Giving the distribution average per person in the U.S.A.: $138; France $65; (not in 1940, but in 1939); United Kingdom $49; (approximately).

In the second group: Italy $ 5; Japan, $ 0.40, that is forty cents.

The genoese have a proverb: " A qui nissun' e fesso "; and I hope that no Italian, German, or Japanese will ever be so simple or so plumb idiotic as to accept a nearly useless metal in exchange for wheat or wool.

ori 53 (66)

A nation is badly governed when it leaves the control of its purchasing power in alien hands, or when it bases its purchasing power on a sub-stance that other countries can produce more easily or abundantly, or other men can control, manipulate, etc., creating artificial poverty for the people.

We observe the China is not listed in the Bollettino, and I suspect this is from lack of information. I also note, that the Bank of Central China issues paper money for five cents, and that Sun Co. (S'hai) Ltd. issues it at the nominal value of one cent (approx. 15 italians centesimi) so that it might seem as if metallic money does not abound in that country. I observe that problem in the Occident with the great monetary frauds that have been committed during the last two centuries, which have had repercussions on european life. But I am not convinced that the whole of China sees with my eyes. If the China of Chiang Kai Chek has accomplished a "reform" by reducing the interest rate to a legal 20% (equal to two hundred cent, and not twenty, p.c. when the bank trick of the mercantilist system is added) one can only think that some distinction exists between ourselves and the Far East.

Nevertheless I cannot believe that the Chinese are necessarily grateful for the twenty-five million dollars lent by the dirtiest usurers in America with the intention of keeping up confusion in the Far East.

ori54 (67)

I am sorry to learn that a book called "The British Empire and the British People" was not written in English (as I indicated in the "Meridiano") but in Japanese, and we still lack a translation into Italian or German, but even if we had all the facts exposed by T. Ioti relative to Sassoon and the other shysters in Shanghai, we should still not know enough about the fight between Japan and the Chinese continent. Those twenty-five million dollars are too few to have much importance as against the material possibilities of China. And what is happening to Chiang? A small quantity of out-of-date munitions over-burdened by transport charges and the heavy commissions to various agents, etc.

I have shouted for eight years against the american propaganda put out in New York during the last two decades. Now I am preoccupied about the chinese raw materials which would be so useful to the Rome-Berlin-Tokyo triangle, hoping naturally, that the U.S.A. will stop throwing the weight of their 130 or 140 million inhabitants on the side of a sane and just collaboration.

A sane economic system calls for the defence of "work-money".
With this idea a collaborator of the _Japan Times_ and another from "Ger-
archia" (Oct. XVIII) express themselves simultaneously, rejecting the old
evil custom of selling Japanese and Italian labour on the world market at
an unjustly low price.

I repeat: the old Roman Empire began to decay with the sale,
in the Italian market, of Egyptian grain at prices which ruined the
agriculture in the peninsula.

All of Peace rises, almost inevitably, from the just price. And the
just price carries with it a defence of the purchasing power of work
(especially agricultural work); this implies also non-dumping. And the
almost savage fury which Japan inspires arises from the fear of Japan's

ori55 (68)

capacity to drown other markets with cheap merchandize. China however,
does not share this fear.

We are all so ignorant of China that we should collect (pool) the
little we know.

The Chinaman says" Japan needs our raw materials. We are dis-
posed to concede commercial advantages in the " five provinces". Japan
has to work hard and has to export small things like toothpicks, for
lack of material ".

But it is also said: "Chiang Kai Chek is a hero".

I see China as the fourth element, I would say necessary, to the
triangle. I see three great Powers in need of much raw material which
China possesses. I should like American collaboration; keeping count of
the spherical form of the planet. Germany seems already sees possibi-
lities in Africa and Madagascar.

I am not yet convinced that violence will succeed in the long
run in China. I see preferably the use of re-education of China, a huge
development of " cultural"relations , in fact the work of an " IRCE"
titanically enlarged to explain to China what the Axis is doing. I do
not deny that this seems a vast programme. I could have wished for a
more rapid work in my own country , and the inclusion by the Italian uni
universities of the study of U.S.economy through the years 1750 up till
to-day. We pray to God this mutual understanding does not arrive too late.
All of which does not eliminate another perhaps more important curio-
sity, as to why China is not with the Axis? I do not mean fragments of
China, but the whole of China.

ori ff 56 ( 69)

about the history of ancient Greece, I would repeat two points from my
previous articles, to him i.e.:

2. the Greece of Metaxis is paying 54, fifty-four%, of its income to the english insurers, whose names are hidden from the Greek people.

Mr Pound,

I have faithfully followed the trans. & original in the
order of illustrations. But there is confusion: on p. 3 (pp. 72-73)
of the original *Orient*..) the verso of the W. note, not recto, should
appear; the verso of W. appears on p. 71,and there it is miscalled
recto. The fourth photo should be the Pound, not the Tang note, which
should appear on p. 69.

G.

0. 56 (69)

Money.

Certain distinctions in economic -monetary science are no more mys-
terious than the differences between football and tennis which any ten-
year-old can understand.

(Pound paper money)

All the sleight of hand

and criminality of the Keynes, Guggenheims (Gregory), of the London School
hide of Economics and such has been needed to make these distinctions and create
a pseudo economy which leads to wars and artificial scarcity, at the same
time imposing an unstable market, a few profiteers, because an un-
stable market allows of getting rich quick. ( quick turnover).

Here are some reproductions of paper money with short explanation
of their meaning.

We have the design of a state note of the Tang dynasty, Yung-
and
Hui/ period, a.d. 650/ 656, we find an identical design on a state note
of the period of Hwei Ch'ang of the same dynasty, during the years a.d.841-
847, here reproduced.

This note is, or was, in the collection of A.Mc.F. Davis of Boston
author of the book "Certain Old Chinese Notes"; yellow paper, black ink,
with red seals; measuring 9 2/3 of an inch by 6 1/2 inches.

This is a STATE note, not a bank note.

It was due to the decadence of the dynasty if these notes became
devalued or lost their power of purchasing and not due to a defect in the
system of issue because they are STATE notes not bank notes. The inscription
is identical with that on the billy ten lire bills used in Italy to-day,
even to the details in wording.

As to diminution in value, one should observe that gold money, 
also diminishes, not only in war-time, but in all places and at all times when there is a lack of necessary material for food and clothing.

O. 57 (70)

I do not present a doctrine, I present documented facts. These Chinese notes have existed, and specimens have reached us. And they functioned. The form of the Ming money, so many centuries later, is so nearly identical to the same, that A. Mc. F. Davis is of opinion that the notes of the fallen dynasties might have gone on circulating unnoticed. ( That should not be taken literally, because the seals would be different).

The second photograph shows the now celebrated note of Woergl, a village of four thousand inhabitants near Innsbruck. These were issued in 1931 and terrorized all the European swine, although saving the village much misery. But the village had to give up its system of honest money by order from Vienna, enslaved by the Rothschilds at that time.

(note)

Later Hitler freed Austria, but not before the Rothschilds had been able to send an enormous sum of money to Skoda.

The Woergl note has two characteristics. First one sees the word ARBEITSWERT (work-money???) value of work done(??) 5 schillings.

Hitler also proclaimed the base (Foundation) of german money to be WORK to be the foundation of german money. But this speech of the Fuerer's has not had the publicity and diffusion that honest and simple persons might rightly have expected. This war did not begin in 1938 and perhaps will not end with the military victory.

The sword (has the intention of) defending the plough, to-day as in the past, but without a group of sentinels, Gerione, the (?? follower) promoter (?? initiator??) of monopoly and interest at 60%, will once more, or many times, be ready and capable

"Passar monti ed infranger mura e armati "

The complete picture of fraud is not limited to the photo-album of the Rothschild family, there are eleven other components of the directors composing the bank of France; Lazard, Schneider, Neuflize, a hundred hono-

0. 58 (72)

other "Honorary Londoners" (Farinacci's designation) Goldsmid, Mocatta, the best of Sieff, Pixley etc., all in good health, with all possible privileges, ready to transfer themselves to New York under the dirty shield of the Kuhn, Loeb and Morgantnau & co.

The destitution of the french Rothschilds is nothing but "window-dressing". A theatrical effect, which has hit only those having the and wealth greatest publicity, after the greatest part of their riches had been placed in safety abroad.

The second point to observe on the Woergl note is the tax of 5 grosschen (at the end of the month) to be paid every month by whoever still has the note, thus slowing up its monetary function, i.e. that of circulation.

Here we are on discussible ground. The Gesellschaft propaganda is synthesized on the reverse of the money itself in the words: "To All". Money (debateable) is needed on the reverse of the money circulating slowly. The slow circulation of money has driven the world into an economic crisis (gre at etc., causing much misery. (?? poverty)).

The slow circulation of money has driven the world into an economic crisis. etc., causing much misery. (?? poverty). It has needed only monetary reform, and that was needed. Gesell, with a certain simplicity, believed that it would be possible to get out of (escape) the difficulties he was бы needed only monetary reform.

History has shown a more direct way, and Italians who are taking this road can consider the possibilities and the strength of the Gesellist mechanism from another point of view. I have already put down For the moment I only want to present the fact of the existence of these notes (photo) which worked for more than a year in the Tyrol.

The fourth photograph is also proof that of the possibilities of a money which is not based on gold, but on work and marketable goods. (photo) The student and even the (business-man) traditionalist will better understand the nature of money better by considering the meaning (significance) of this PRIVATE note, issued by my grandfather and his brother, in spite of the fact that he has lived for seventy years in a house in the face of

For the moment I only want to present the fact of the existence of these notes which worked for more than a year in the Tyrol.

0. 59 (73)

the monopolists and financiers of New York. The inscription reads; Fifty cents ( half a dollar) payable on sight to bearer IN LUMBER or MERCHANDIZE.

This conforms to the dogma of Schacht and Hitlerian Germany: " "Money which does not correspond to marketable goods, is nothing but printed paper."

The worth of this note depended on the fact that the Chippewa Falls company had the lumber, and could deliver it to anyone. It also depended on the fact that my grandfather personally made sure that the combined (?) certain saws were set to make sure ( not approximately, but *sure*) that each plank was an inch and a quarter thick before planing; so that a square foot of this board lumber gave the user a square foot of plank one inch thick after planing. One can see from the state of the note that it had been used and passed from hand to hand.

whether
The extortioners and usurers always employ the same methods, against
an individual or a nation.

clear
To make the activity of the Axis understood in America, one must turn to people capable of understanding it, to a few researchers who have studied the true history of the American Revolution. They are in great part descendants of the men who of 1776, who remember the sanctions put out by the rotten government in London against the colonists, for example sanctions against the paper-money of the Pennsylvania colony, in 1750; or the more numerous, who preserve the tradition of rebellion, individuals of the time of Jackson, or of my grandfather until Larkin's experiment a few years ago.

To illustrate the extortioners' methods, notice observe, how they profit by the, often artificial, scarcity of money, issued by whoever has the means to do so in legal form.

The answer was private paper-money.

The monopolists' methods find confirmation in the case of the Chippewa falls railway. My grandfather wanted to build a railway, but when he

0. 60 (74)

tried to get to work, the monopolists refused simply and absolutely to sell him the rails. Finally he found an abandoned railway in the north of New York State, and bought the rails, the only ones not controlled by the monopoly. The wooden ties were cut from the forest. My grandfather had five thousand dollars and enjoyed large (wide?) credit among the woodmen. I do not believe that any stretch of railway of similar length has been built with so little money, national or bank.

able to understand the reasons "of state" of the Axis. The methods of monopolists do not change, and *this* can be recognized anywhere.

Italy and Germany are doing on a large scale what was done on a smaller one in America during the conquest of the continent.

One can count on finding understanding and allies among this breed. Instead of a fifth or sixth column, it would be a base, a solid foundation disposed to collaborate, once they had understood.

MONEY

Certain distinctions in economic-monetary science are no more mysterious than differences between football and tennis which any ten-year old can understand.

(Illustration: Pound paper money)

All the sleight of hand and criminality of the Keynes, Guggenheim (Gregory) of the London School of Economics and the like has been needed to hide these distinctions and create a pseudo-economy which leads to wars and artificial searities, at the same time creating an unstable market, the work of a few scoundrels, because an unstable market allows a quick turnover and riches.

Here are some reproductions of paper money with short explanations of their meaning.

We have the design of a state note of the Tang dynasty, Yung-Hui period, A. D. 650-656; and we find an identical design, here reproduced, on a state note of the period of Hwei Ch'ang (六二六, the same dynasty during A. D. 841-847).

This note is, or was, in the collection of A. Mc. F. Davis of Boston, author of the book "Certain Old Chinese Notes": yellow paper, black ink, with red seals; measuring 9⅜ by 6¼ inches.

It was due to the decadence of the dynasty if these notes became devalued or lost their purchasing power, and not due to a defect in the system of issue, because they are STATE notes, not bank notes. The inscription is identical with that on ten lire bills used in Italy today, even to the details in wording.

As to diminution in value, one should observe that the purchasing power of gold money also diminishes, not only in war-time, but in all places and at all times when there is a scarcity of material for food and clothing.

Money, 2

have existed, and specimens have reached us. And they functioned. The form of the Ming money many centuries later is so identical that A. Mc. F. Davis is of the opinion that the notes of the fallen dynasties might have circulated as legal tender. (That should not be taken literally, because the seals would be different.)

The second photograph shows the now celebrated note of Wörgl, a village of four thousand inhabitants near Innsbruck. These were issued in 1933 and terrorized all the european swine, although saving the village much misery. But the village had to give up its system of honest money by order from Vienna, enslaved by the Rothschilds at that time.

(Illustration: a Wörgl note)

The Wörgl note has two characteristics. First one sees the word ARBEITSWERT (work-money): value of work done, 5 schillings.

Hitler also proclaimed WORK as the basis of german money. But this speech of the Führer has not had the publicity and diffusion that honest and simple persons might rightly have expected. This war did not begin in 1938 and perhaps will not end with military victory.

Today as often in the past, the sword has the intention of defending the plough but without a group of vigilant sentinels, Gerione, the protector of monopoly and interest at 60%, will one more time, or a hundred times, be ready and capable

### Passar monti ed infranger mura e armati.

The complete picture of fraud is not limited to the photo album of the Rothschild family. There are eleven other components of the directors of the Bank of France: Lazard, Schneider, Neuflize, a hundred "honorary Londoners" (Farinacci's designation), Goldsmid, Mocatta, Sieff, Pixley, etc., all in the best of health,

Money, 3

with all possible privileges, ready to transfer themselves to New York under the dirty
shield of the Kuhn, Loeb and Morgenthau co.

The destitution of the french Rothschilds is nothing but "window-dressing," a
theatrical effect which has hit only those having the greatest publicity, and after
the greater part of their riches had been placed in safety abroad.

The second point to observe on the Woergl note is the tax of 5 groschen to be
paid every month by whoever has kept the note and thus impaired its monetary function,
is., to circulate.

Here we are on discussible ground. The Gesellite propaganda is synthesized
on the reverse of the money itself in the words: "To All." The slow circulation
of money has driven the world into an economic crisis, etc., causing much poverty.

(Illustration:
Wörgl note,
recto)

Gesell, with a certain simplicity, believed that it needed only monetary re-
form to get out of the difficulties. History has shown a more direct way, and
Italians who are taking this road can consider the possibilities and the strength
of the Gesellist mechanism from another point of view. I have already explained
my own personal views in "Meridiano." For the moment I onoy want to draw attention to
the fact of the existence of these notes which worked for more than a year in
the Tyrol.

The fourth photograph is also proof of the possibilities of a money which
is not based on gold, but on work and marketable goods.

(Illustration: Tang note, A.D. 850)

The student and even the ordinary businessman will understand the nature of
money better by considering the significance of this PRIVATE note issued by my
grandfather and his brother in spite of the monopolists and financiers of New
York. The inscription reads: Fifty cents (half a dollar) payable on sight to
bearer IN LUMBER or MERCHANDIZE.

This conforms to the dogma of Schacht and Hitlerian Germany: "Money which
does not correspond to marketable goods is nothing but printed paper."

Money, 4

The worth of this note depended on the fact that the Chippewa Falls Company had the lumber and could deliver it to anyone. It also depended on the fact that my grandfather personally supervised the setting of the saws to make sure (not approximately, but *sure*) that each plank was an inch and a quarter thick before planing, so that a square foot of this lumber gave the user a square foot of board an inch thick after planing. One can see from the state of this note that it was used and passed from hand to hand.

The extortioners and usurers always employ the same methods, whether against an individual or a nation.

To make the activity of the Axis clear in America one must turn to people capable of understanding it, to the few researchers who have studied the true history of the American Revolution. They are in great part the descendants of the men of the Revolution of 1776, who remember the sanctions decreed by the rotten government in London, for example, sanctions against the paper money of the Pennsylvania colony in 1750; or the more numerous, who preserve the tradition of rebellion, individuals of the time of Jackson, or of my grandfather until Larkin's experiment a few years ago.

To illustrate the extortioners' methods, observe how they profit by the often artificial scarcity of money. The answer was private paper money, issued by whoever has the means to do so in legal form.

The monopolists' methods find confirmation in the case of the Chippewa Falls railway. My grandfather wanted to build a railway, but when he tried to build it the monopolists refused simply and absolutely to sell him the rails. He finally found an abandoned railway in the north of New York State and bought the rails, the only ones not controlled by the monopoly. The wooden ties were cut from the forest. My grandfather had five thousand dollars and enjoyed a large credit among the woodsmen. I do not believe that any stretch of railway of similar length has been built with so little national or bank money.

Anyone in America who has seen such things will be capable of understanding

LIBERTY AND DUTY

The American public is an ass. It has spent at least ten billions of dollars to finance this anglo-jewish war against the Axis without knowing it, that is, without knowing how or when. It has done it blindly, and perhaps still incapable of seeing how it has been deprived of so much purchasing power and gixxam it into the hands of the gold-merchants, and how these latter have used the billions to finance munition factories, to speculate on raw materials whose prices increase in proportion to the scarcity produced by sabotage. War is the maximum sabotage.

American Big Business is in bad faith, because it believesthat a sane, clean monetary system damages business; whereas such a system favors and develops business.

Jefferson, Adams, Van Buren knew this. Voltaire was also convinced of this truth, as was Kao Tseu, founder of the Tang dynasty in the six hundreds A. D.

I repeat: Big Business is a stupendous ass. "Utilities" (so-called public wholly services in the U. S.) are even worse asses, and stupid. To have a quarter of a pound of butter they lose thirty pounds, and think themselves conservative. They lament that a change to an intelligent economy would deprive them of individual liberty.

Half a century ago Zephaniah Swift Spaulding brought Machiavelli's idea of cycles up to date, saying: "First the gold, then the kuxx jews, then the hell of a war in the place where the jews are not."

We have recently seen the Hambro case, not to be always naming Rothschild, Wiseman, Kahn, Sieff, etc. Gold left Norway, and leaves any place where there is danger of fighting; and the insurers follow it, hoping to impose a tax (interest) on all the victims of the destruction for every shell bought, or for every penny "lent" toward reconstruction.

MONEY

We have the design of a state note of the Tang dynasty, Yung-Hui period, A. D. 650-656; and we find an identical design, here reproduced, on a state note of the period of Hwei Ch'ang (六二六至六二九), of the same dynasty during A. D. 841-847.

This note is, or was, in the collection of A. Mc. F. Davis of Boston, author of the book "Certain Old Chinese Notes": yellow paper, black ink, with red seals; measuring 9¼ by 6¼ inches.

Money, 2

have existed, and specimens have reached us. And they functioned. The form of the
ming money many centuries later is so identical that A. Mc. F. Davis is of the
opinion that the notes of the fallen dynasties might have circulated as legal tender.
(That should not be taken literally, because the seals would be different.)

(Illustration: a Wörgl note)

Hitler also proclaimed WORK as the basis of german money. But this speech
of the Führer has not had the publicity and diffusion that honest and simple per-
sons might rightly have expected. This war did not begin in 1938 and perhaps will
not end with military victory.

The complete picture of fraud is not limited to the photo album of the Roth-
schild family. There are eleven other components of the directors of the Bank of
France: Lazard, Schneider, Neuflize, a hundred "honorary Londoners" (Farinacci's
designation), Goldsmid, Mocatta, Sieff, Pixley, etc., all in the best of health,

Money, 3

with all possible privileges, ready to transfer themselves to New York under the dirty
shield of the Kuhn, Loeb and Morganthau co.

The destitution of the french Rothschilds is nothing but "window-dressing," a
theatrical effect which has hit only those having the greatest publicity, and after
the greater part of their riches had been phed in safety abroad.

Illustration:
Woergl note,
recto)

Money, 4

The extortioners and insurers always employ the same methods, whether against an individual or a nation.

LIBERTY AND DUTY

The American public is an ass. It has spend at least ten billions of dollars to finance this anglo-jewish war against the Axis without knowing it, that is, without knowing how or when. It has done it blindly, and perhaps still incapable of seeing how it has been deprived of so much purchasing power and gkxex it into the hands of the gold-merchants, and how these latter have used the billions to finance munition factories, to speculate on raw materials whose prices increase in proportion to the scareity produced by sabotage. War is the maximum sabotage.

Jefferson, Adams, Van Buren knew this. Voltaire was also convinced of this truth, as was Kao Tsou, founder of the Tang dynasty in the six hundreds A. D.

I repeat: Big Business is a stupendous ass. "Utilities" (so-called public services in the U. S.) are even worse asses, and stupid. To have a quarter of a pound of butter they lose thirty pounds, and think themselves conservative. They lament that a change to an intelligent economy would deprive them of individual liberty.

Half a century ago Zephaniah Swift Spaulding brought Machiavelli's idea of cycles up to date, saying: "First the gold, then the kexx jews, then the hell of a war in the place where the jews are not."

We have recently seen the Hambro case, not to be always naming Rothschild, Wiseman, Kahn, Sieff, etc. Gold left Norway, and leaves any place where there is danger of fighting; and the usurers follow it, hoping to impose a tax (interest) on all the victims of the destruction for every shell bought, or for every penny "lent" toward reconstruction.

p.84.

-1-

The Canonists znekatingek after racking their brains for centuries concluded that 5% was a just price for the loan of their metallic money.

It is known that money stamped on leather, paper, or metal (so-called precious) has a tendency to diminish in value (i.e. in it's purchasing power) when viewed over the centuries.

John Adams, who originally thought out our loss lost American rights, and freed our forebears from the tyrants and extortioners of London, ? has left the saying that " a money (currency) that loses value (deteriorates?) (i.e. progressively devalued) is a TAX unequally distributed. That is, the workers and sellers lose little, and (are re-imbursed?) but the man with the fixed salary and the capitalist, lose out.

Before Silvio Gesell and the Italian, Avigliano, no-one had seen clearly the way to utilise this tendency of money to depreciate. It would be like the action of water flowing down to a hydro-electric plant, which uses this force of gravity. Instead of this automatic, chaotic devaluation Gesell proposes a regular and legal devaluation. He proposes to <u>compensate</u> (counter-balance?)(a compensation) for the public benefit. That is, a stamp, having the value of <u>one</u> per cent of the nominal value of the bill, should be stuck onto the bill on the first day of each month.

If this stamp is sold by the State, the State gets back annually twelve per cent of the value of the amount of stamp-scrip paper issued by the State itself (or by delegates of the State, if you think the Guilds should issue the notes, or the Treasury be asked).

Clearly this intake would diminish the need for other taxes.

It is also clear that at the end of eight years and four month s the State would have taken in the sum equal to that of the money issued dur- ing the first year of the system.

Adams also said clearly, that paper-money which was losing value

p.85.

-2-

did not leave the nation in debt.

Let me point out that stamp-scrip does not leave the State under the obligation to pay an annual interest on the notes issued, as is the case with "Bonds", or in other words, Adams was still speaking about the inflation that follows an over-abundant issue of paper-money, which was equal to a tax, and brought suffering to the tax-payers, but did not leave a public debt at interest.

Stamp-scrip has one great advantage. When an honest government buys only what is necessary, or shows sanity in spending for the benefit of the nation, it could pay with this new money; and at the end of eight years and four months, all this mass of purchasing power would have cancelled itself, leaving the people without debt.

As early as 1932 the Gesell money of Woergl carried the inscription "Arbeitswert", "Work-money", five schillings, ten schillings.

The money thought out by Por as " Order of the system itself to produce and consume as many as possible of certain given goods(things) " can also be taken to indicate the motivation of the order.

In fact, as I maintained so far back as 1932, money can be a " certificate of work done". An since the "order of the day" is "Social justice"(including economic justice)(which includes economic justice) this work done ought to give the right to purchasing power up to the 10 or 50 lire inscribed on the note.

I say ought, because the possibility of equalling this purchasing power over a given time will depend on the good sense of whoever is ordering and choosing the direction of the work.

I am not handing-out "Money magic". The protection of agricultural purchasing power is a fundamental of any good government. Whoever destroys it, by slow degrees perhaps, but inevitably, destroys his Homeland.

Paying emergency expenses, let us say of a war, with new money issued

p.35-6.

-3-

in the usual manner would create inflation, therefore over several centuries "Bonds" have been issued thereby delaying payment. But an annual debt remains; in addition to the taxes so much a year is needed to pay the interest.

If these exceptional expenses were to be paid with stamp-scrip, the debt would cancel itself in eight years and four months. Or would diminish the need for other taxes. Passing from the domain of economics into the social world, money is a certificate that the bearer is worthy of the right to eat and be clothed.

Humanly speaking, the money we earn by our daily job (immediate work, current work,) has quite a different from any coming from "Capital", like the difference between fresh fruit and canned meat.

But the uncertainty of intake (income); the terror of unemployment is a corrosive which has killed off half humanity in the XIXth Century. And then as I have explained in these pages the so-called top strata of activity in any civilization needs a relatively long period to build up works which will in due time produce salable goods.

Hence the justification of a small income for the consumer, recognised by family cheques in other categories (classes?).

A public debt can serve to destroy the national purchasing power, but in a manner useful and beneficial to a nation. But there must be moderation. And above all there must be enough clear-sightedness to realise that a public debt old-style is not necessary. It may in some circumstance be advisable but it is not necessary.

All or part of the material (goods?) and services needed by the State ( also in exceptional times) could be paid in stamp-scrip, and at the end of eight years and four months there would be no debt left to burden the people.

I know Gesell's arguments about the advantages which would follow on the use of stamp-scrip, the acceleration of the monetary circulation but I am not entirely convinced. I recognise a use great possibly, but certainly limited

p.86.

-4-

in this velocity.

Where there is no grain or iron, grain and iron cannot be bought
either by beautifully printed paper <u>or</u> with gold.

But it seems to me --- perhaps I am obstinate in insisting--- that
every payment of interest on a public debt should be considered as a national
dividend; and the amount of this payment must not surpass the material <u>profits</u>
of the Nation, during the year in which the payment takes place.

The "Material profits" in this sense, will be the goods which without
the distribution of the "Dividend"(which is in money(monetary)) would remain
unsold.

The first stage of the economic fight is for clear(precise) expression
of quite simple things. I do not know whether I reach "La clarte latine". But
I am not inflationist because I maintain the possibilities which the State
possesses to buy and pay with newly issued paper-money, and any interpretation
which would make you think that I wish for inflation, will be due either to my
incompetent expression, or to lack of patience in the reader.

May. 55.

O'& 87

The Problem of Taxes.

Official confirmation is comforting. The speech of his Ex-
cellency Thaon de Revel at the inauguration of the Milanese branch of
the bank of Rome should bring relief to anyone ~~to~~ anyone who has upheld
for years the ideas that he put forward.

I quote a few useful phrases from the Giornale di Genova, July 20:
"Indicating the destiny of gold, not the least factor in the attitude of
the U.S.A. in the world conflict, .... it has been shown that we can do
without it."

The classic idea of the function of gold has been superceded...
"work-money.... ide as superceded...phenomenon of production... above
all, work, including that of the directors."

In fact, H.Ex. Thaon de Revel definitely lines up with the minis-
ters Funk and Riccardi.

Having got as far as the sane fundamental idea of work as mone-
tary basis, measure ed exchangeable claims, we can look towards a
distance
[M sic]
theoretic [M sic] still.

Supposing the monetary circulation of a nation to be _thirty billions_.

If this money were liable to a tax by monthly stamp at the rate of 1% to a month, the income of the State would be _three billion_ and _six hundred million_ a year.

This is the system proposed by Gesell, which has been tried out
with complete success at Woergl. A stamp had to be added to the Woergl
notes at the beginning of each month to the tune of 1% of the face-value
of the note.

It might be inadvisable that _all_ the nation's money should be in
stamp-script. I have already explained why, but I repeat:

Money functions not only as an instrument of exchange, but also

2

) 88

as a means of saving. Stamp-scrip does not serve the latter purpose, but only that of exchange.

The Italian Treasury for Jan. 29 of the year XIX shows an income of 31,082 millions; spending 39,876 millions; deficit 8,794 millions, but supposing it were worse (to use round figures), intake 30 billions, expenses 40 billions, and a deficit of 10 billions.

Let us consider the public debt. The service or interest the State would have to pay on this debt mounts to 10,056 millions, (published debt 30, VI, 1940) was then 210,622,867 lire.

Which is to say that the debt interest is greater than the deficit.

If instead of increasing the usual taxes on the year's balance, tenbillions of the governmental expenses of the year, let us say XXI, were to be paid in newly issued stamp-scrip, the deficit would be reduced by ten billions, at the same time creating an annual income of 1/2 one billion 200 millions.

Business would benefit and have time to breathe.

If, during the years XXII, XXIII, XXIV, this issue of stamp-scrip were continued, a new horizon might appear. And if, I, the under-signed, should not appear so suspect when repeating: If money is considered as certificate of work done, taxes (in the known form) would no longer be necessary.

In unusual times this Gesellschaft system could very well serve to make good the deficit. But when normal times returned there would be a progressive diminution of all the taxes which weigh so heavily, impede trade, exchanges and strangle outlets.

All the Gesellist propaganda before H.E. Rossoni's illuminating phrase, "and so the State takes its cut", was based on the theory that the obligation (need) to put a stamp on the notes would stimulate exchange of goods.

3

89

It is evident, or at least I think everyone would admit that an
augmented velocity of circulation is a means of avoiding a swelling of
the quantity of money needed for a nation's business.

As a matter of fact, at Woergl, only a part of the stamp-scrip foreseen
by the first calculations was ever put into use.

I ask patience of any literary reader while I give a few figures.

Supposing the taxes to be... 30,000,000,000
and that they are replaced by stamp-scrip... 10,000,000,000
there remains ... 20,000,000,000
but the ten billions scrip bring in yearly...

(by stamps or tickets) 1,200,000,000
remains ... ... ... 18,800,000,000
a noticeable reduction.

If the gentle reader cares, he can make the calculation for forty
billions at his leisure.

By the Gesellschaft system, the State lends the money, instead of
borrowing from others.

That the State can lend was proved by the fact that the fleet
which won at Salamis was built with money lent by the State of Athens to
private persons.

The well-known prosperity of the colony of Pennsylvania in the
XVIII. century was based on the system of loans by the government to
private citizens.

With the sale of state bonds the burden of service increases;
that is, the payments of interest augment, or the rate of interest is
reduced, thereby diminishing the value of the money itself, that is,
a thousand lire which bring me in 20 lire a year are worth less than
when they bring in 50 per annum.

4

89.90.

The State can lend money. The money can be based on work, which means it can be a certificate of work done.

All the expenses of the State can be paid by an issue of certificates of work done, direct recognition of fact of the employes work by said certificate. Payment for supplies bought is an indirect recognition of the results of labour.

Arbeitswert, work-value. Certificate that work up to the value of ten lire, a hundred lire, had been performed.

By Gesell's system these certificates (notes) become a source of income to the State; diminishing the need for other taxes, up to 12% of the value of the newly issued certificates.

The bureaucratic work of accountancy is thus reduced to nearly nothing. The expenses of gathering in the taxes, reduced to a minimum. The convenience of this form of tax, that the tax can fall only on the person at the moment when he actually has in his pocket a sum of one hundred times the amount of the tax.

O. 75 (87)

The problem of Taxes

An official confirmation is comforting. The speech of His Excellence, Thaon di Revel at the inauguration of the Milaese branch of the bank of Rome should bring relief to anyone who has upheld the ideas that he set forth in his forward.

I quote a few phrases useful from the Giornale di Genova, July 20 "Noting the destination (99) of gold, is not the least factor in the attitude of the U.S.A. in the world conflict, ... it has been shown that we can do without it."

The classic idea of the function of money as a measure of production superceded... work-money... ideas superceded... productive phenomena... above all work including that of the directors (managers) who have superceded us.

In fact, H.E. Thaon di Revel, definitely lines up with the ministers Funk and Riccardi.

Having got as far as the sane fundamental conception that work as monetary basis, basis of claims (scambiabili quantitativamente determinati) measured, exchangeable claims, we can look towards a still theoretic horizon. Supposing that the monetary circulation of a nation to be thirty billions.

IF this money were liable to be taxed at a monthly rate of 1% per annum, the income (return) to the State would be three billion and sixhundred million a year.

This is the Gesellschaft proposal, a system tried out with triumphant success at Wörgl. The Wörgl notes had to have a stamp put on at the beginning of every month, to the tune of 1% of the worth of the note.

But it would not be advisable (if necessary) that all the nation's money should be in stamp-scrip. I have already explained why, but I repeat:

instruments also

Money functions as a means of exchange, and as a means of saving. At present it is not convenient for the State to stamp-scrip does not serve the purpose so well of saving, but only the purpose of exchange.

0. 76 (88)

The Treasury balance-sheet(??) for 29 jan. in the year XIX shows a credit(?? entrate) an intake, for Italy of 31,082 mmillions; outlay(spend-ing) 39,876 millions; debit, 8,794 millions, (leaving a debt of), but sup-posing it were worse( to use round figures), intake 30 billions, payments 40 billions, and a debt of ?? IO billions.

Then let us consider the public debt. The service or interest that the State would have to pay on this debt mounts up to 10,056 millions( published debt 30, vi, 1940)was then 210,622,286 lire.

Which is to say that the service (servizio) of the debt is higher than the (disavanzo) interest on the amounts 15

more writing down
If instead of piling up the taxes usual on the year's balance, ten
<u>millions</u> (were to be paid of the of the governmental expenses of the year,
let us say XXI, in newly issued stamp-scrip, a debit of ten millions would
be paid off, (a difference of 10 m. would be balanced out??), at the same
<u>time creating</u> an annual intake (income??) of a billion 200 millions.

Without the least doubt business would feel a breathing space and
greatly benefit.

If, during the years XXII, XXIII, XXIV, this issue of stamp-
scrip were continued, a horizon would, so to say, widen. (?? be extended).
when I
And I, the undersigned, would not appear so hermetic in repeating: If money
is considered as certificate of work done, taxes, (in the known form) would no
longer be necessary.
abnormal

In unusual times this Gesellist system could very well
to even up
serve fill out the balance. But back to normal times, all the taxes which we
do heavily,
weigh and impede, and strangle more or less exchanges and outlets, would be
there would be a progressive diminution of
H. E. Rossoni's

I add that all the Gesellist propaganda before the illuminating
phrase:" And so the State takes its share (//cut)" (?? earns its pay??)
was based on the theory that the need to put a stamp on the notes would great-

0. 77 (89) greatly increase the velocity of circulation monetary and stimulate exchange of goods.

supposes

It is known, or one believes that anybody concedes, that the increase in velocity of circulation is a means of avoiding inflation (watering-down purchasing power), an inflation of the quantity of money needed for a nation's business.

I ask the patience of any literary reader while I give a few figures.

Supposing the taxes to be . . . 30,000000,000
and that they are replaced by stamp-scrip.. . 10,000 000 000
there remains.. . . . 20,000 000 000
But the ten billions scrip of stamps or tickets bring in yearly /by stamp of ticket/
remains.. . . . 1,200,000 000
a noticeable reduction.

The gentle reader can make the calculation also for forty billions if he cares to.

By the Gesellschaft system, the State lends the money, instead of borrowing (? pretendere danaro) from others.

That the State can lend was proved by the fact that the fleet which won at Salamis was constructed with money lent by the State of Athens to private persons.

n

The well-known prosperity of the colony of Pennsylvania in the eighteenth century was based on the system of loans by the government to private persons.

With the sale of state bonds the burden of service (payment of interest??) grows; that is, the payments of interest augment, or the rate of interest (tariffa??) is reduced, thereby diminishing the value of

0. 78 (90)

All the expences of the State can be paid by issuing certificates of work done, ( recognition of fact??) thus recognizing at first hand the State employee's work, by the said certificate.

by paying for
In the payment of goods bought, the work is indirectly acknowledged,
in recognizing the fruit ( results??) of the work, work of agricultural,
mining of raw materials, or manufacturing.

Arbeitswert, work-value. Certificate that the work was finished up to the value of ten lire, a hundred lire, etc..

By Gesell's system these certificates ( notes) become a source of
income to the State; diminishing the need for other taxes, up to the 12%
of the value of the certificates newly issued.

nearly
The bureaucratic work of accountancy is thus reduced to nothing.
The expenses of gathering in the taxes, reduced to a minimum. The convenience
of this form of tax; that said tax can only fall on the person at the moment
when he actually has the a sum of one hundred times the amount of the tax in
his pocket.

The Problem of Taxes

Official confirmation is comforting. The speech of his Excellency Thaon de Revel at the inauguration of the Milanese branch of the bank of Rome is gratifying to anyone who has upheld for years the ideas that he put forward.

I quote a few useful phrases from the Giornale di Genova, July 20:
Indicating the destiny of gold, not the least factor in the attitude of the
U. S. A. in the world conflict,... it has been shown that we can do without
it."

The classic idea of the function of gold has been superseded... "work-money... ideas superseded...phenomenon of production...above all, work, including that of the directors."

Having got as far as the sane fundamental idea of work as the basis of
money, the basis of exchangeable claims quantitatively measured, we can
look further into the theory.

Supposing that the monetary circulation of a nation be thirty billions.

If this money were liable to a tax by monthly stamp at the rate of 1% a month, the income to the State would be three billion and six hundred million a year.

This is the system proposed by Gesell, which has been tried out with
complete success at Woergl. A stamp had to be added to the Woergl notes at
the beginning of each month to the tune of 1% of the face value of the note.

But it would never be advisable that all the nation's money should be
in stamp-scrip. I have already explained why, but I repeat:

Money functions not only as an instrument of exchange, but also as a means of saving. Stamp-scrip does not serve the latter purpose, but only that of exchange.

The Italian Treasury for Jan. 29 of the year XIX shows an income of
31,082 millions; expenses 39, 876 millions; deficit 8, 794 millions. But sup-
posing it were worse (to use round figure): income 30 billions, expenses 40

Problem of Taxes, 2

Let us consider the public debt. The service or interest the State would
have to pay on this debt amounts to 10,056 millions, and the debt as of June 30,
1940 was then 210, 622, 286 lire.

If instead of increasing the usual taxes on the year's balance, ten billions
of the governmental expenses of the year, let us say XXI, were to be paid in
newly issued stamp-scrip, the deficit would be reduced by ten billions, at the
same time creating an annual income of one billion 200 millions.

If, during the years XXXXXXXXX, XXII, XXIII, XXIV, this issue of stamp-
scrip were continued, a new horizon might show. And I, the under-signed, should
not appear so suspect when repeating: If money is considered as certificate of
work done, taxes (in the known form) would no longer be necessary.

In unusual times this Gesellite system could very well serve to make good
the deficit. But when normal times returned there would be a progressive dimin-
ution of all the taxes which weigh so heavily, impede trade and strangle outlets.

I add that the Gesellist propaganda before H. E. Rossoni's illuminating
phrase, "and so the State takes its cut," was based on the theory that the ob-
ligation to put a stamp on the notes would greatly speed up the circulation of
money and stimulate exchange of goods.

It is evident, or at least I think everyone would admit that an augmented
velocity of circulation is a means of avoiding a swelling, an inflation of the
quantity of money needed for a nation's business.

As a matter of fact, at Woergl only a part of the stamp-scrip foreseen
by the first calculations was ever put into use.

I ask patience of any literary reader while I give a few figures:

["Problem of Taxes, 3", "Supposing the taxes to be . . . . . . . . . . . . . . . . . . . .

The Problem of Taxes

I quote a few useful phrases from the Giornale di Genova, July 20:
Indicating the destiny of gold, not the least factor in the attitude of the
U. S. A. in the world conflict, ... it has been shown that we can do without
it."

The classic idea of the function of gold has been superseded..."work-money...
ideas superseded...phenomenon of production...above all, work, including that
of the directors."

Problem of Taxes, 2

If, during the years XXII, XXIII, XXIV, this issue of stamp-
scrip were continued, a new horizon might show. And I, the under-signed, should
not appear so suspect when repeating: If money is considered as certificate of
work done, taxes (in the known form) would no longer be necessary.

But I swear that there are still people in Italy, whether's Monaco speech. ~~But I swear that there are still people in Italy, and nowise malevolent, who would feel an intellectual uneasiness reading those words on the paper of their everyday money.~~

I had no wish to be a billiard (mysterious) nine years ago when I wrote: "If money is considered certificate of work done, taxes are no longer necessary". I should have added "not necessary in the usual form". And I might say "not in the sense (manner) nor the usual intention".

But the certificate of work done needs an addition to become money: a medal for bravery (not money: is something more (certain), A certificate of work done, to become money needs to be measured, valued, and exchangeable.

From the moment it becomes exchangeable at a given figure, you will have, instead of tax, another need, the need and duty to AVOID inflation.

This would be the duty to cancel or retire & withdraw those certificates at the rate at which the goods and merchandise are consumed.

This duty needs clarification. In the mercantilist system, the State was in the habit of buying (metal, a certain amount of) and later to pay its expenses. In this buying-and-selling, the Jews, and others, defrauded the Nation in various ways.

A revolution which would turn Europe to a "work" basis, would not by this simple fact avoid all, I say ALL, the perils and insidiousness of LEIGH CAPITAL.

when the State issues (bills) notes (mandati), It must consider much why, to whom, (and how many; i.e.) how much notes should be issued. And if the work-day is worth 1/100 of a cent, the workman is worth 1/100 of a grain, the workman's food, meat, transport etc., this compensation of 1/100 of a cent deliverable any, whenever, in the State, in these goods and services must be available (even, where in the State, in measure calculated to the just value twofold of the work, dissolves according to the minimum diliquece).

Not to fall into (??deliquio), a man's work must be worth twice the minimum demand that the work value should increase (??value the State, on needs of a man, with wife and two children. The well-being of the State, on the dutch system of a stable population is not in use, does not plus). If the Dutch system of a stable population is not in use, does not increase its progress of the State.

The welfare of progress, demand that the work value shall increase.

0.84 (94)

5

94

I had no wish to be mysterious nine years ago when I wrote: If money is considered certificate of work done, taxes are no longer necessary: I should have added "not necessary in the usual form". and I might say "neither in the usual manner nor with the usual intention".

But the certificate of work done needs an addition to become money: a medal for bravery is something other than money; a certificate of work done needs an indication of its exchange value. From the moment it becomes exchangeable at a given figure, you will have, instead of tax, the consist in need and duty to AVOID inflation. This duty would be to cancel or withdraw the certificates at the rate at which the goods and merchandise are consumed.

To clarify this duty: in the mercantilist system the State was in the habit of buying metal with which later to pay its expenses. In this buying-and-selling, the jews and others, defrauded the nation in various ways.

A revolution putting Europe onto a "work" basis, would not by this simple moveavoid all, I say ALL, the insidious perils of LEIHKAPITAL.

When the State issues mandates, it must consider why, to whom, and how many should be issued. And if the workday is worth a certain amount of grain, wool, fat, heat, transport, etc., goods and services must be deliverable anywhere whatsoever in the State, according to the just worth of the work.

If the nation is not to decay, a man's work should at least

yield the upkeep of himself, a wife, and two children( unless sage said: "Probability constitutes the (that) statute of regulation"). A Chinese An Emperor before the Tang dynasty, said: "To enrich oneself at the expense of the people is like carving ones own flesh to feed ones own stomach."

To-day my question is: how many of those who cry Yes, are ready to

6

s2

95 - 96

who would feel an intellectual pleasure in understanding, not simply accept blindly the idea of a Europe based on work which would imply as logical consequence work-money, ARBEITS-WERT? And this work-value, it seems to me, would inevitably lead to an indication of the exchange value of the work itself, that is an estimation of the quantity of food, merchandise, wool, grain, fats, equivalent, in the original sense of the word equivalent, to the work done.

e2

This would mean in part a new monetary technique. We do not MEDAL FOR BRAVURE, but ALL, the PERILS and the OBSTACLES of a new monetary technique (else, A CERTIFICATE OF FIDuciATE UTOPIA. In fact, Utopia does not spring full-grown from a work done, to become valued, and exchangeable, without the consent of the community. What is valued, and exchangeable, are MARKETABLE GOODS? CONSUMEABLE GOODS? DESIREABLE GOODS? WHICH FROM THE POINT OF VIEW, ARE WHICH? OF TAX, AND OF DUTY TO AVOID INFLATION?

RATES WOULD BE定 at the rates at which (withdraw) those; cates at the rates at which are consumed.

ate

A REVOLUTION FROM OUTSIDE TO A WORK-BASIS, WOULD BE INDIQUOUS, TO BE SIMPLE, IF ONLY, I SAY ALL, THE PERILS AND THE OBSTACLES OF A CAPITAL.

WHEN THE STATE RECEIVED NOTES (MANDATI), IT MUST DO THE WORK, TO whom, and how much it should be issued. IS IT SO? IS IT SO MUCH GRAIN, WOOL, FAT, HEAT, TRANSPORT, (THIS CONSIGNMENT OF) THEN WHAT GOODS AND SERVICES MUST BE AVAILABLE EVERYWHERE IN THE STATE? MEASURE CALCULATED TO THE JUST VALUE (WORTH) OF THE WORK.

Dissolve diliquescence

BE WORTH

NOT TO FALL INTO (VIRTUE), A MAN'S WORK MUST BE DEDICATED TO THE NEEDS OF A MAN, WITH WIFE AND TWO CHILDREN. THE WELL-BEING OF THE STATE, ITS PROGRESS, DEMAND THAT THE WORK VALUE SHOULD INCREASE (VIRGINTI) IF THE DUTCH SYSTEM OF A STABLE POPULATION IS NOT IN USE, DUE TO CERTAIN

n

m

0.84 (94)

But I swear that there are still people in Italy, that there are still people in Italy, and nowise malevolent, who would feel an uneasyness reading those words on the paper of their everyday money.

I had no wish to be a billinear (mysterious) nine years ago when I wrote: "if money is considered a certificate of work done, taxes are no longer necessary". I should have added "not necessary in the usual form". And I might say "not in the sense (manner) nor the usual intention".

But the certificate of work done needs an addition to become money: a medal for bravery is not money; it is something more (else),. A certificate of work done, to become money needs to be measured, valued, and exchangeable.

From the moment it becomes exchangeable at a given figure, you will have to, instead of tax, another need, the need and duty to AVOID inflation.

This would be the duty to cancel or retire (withdraw) those certificates at the rate to which the goods and merchandise are consumed.

This is the duty needs clarification. In the mercantilist system, the State was in the habit of buying (metal, a certain and later to pay its expenses). In this buying-and-selling, the Jews, and others, deirauded the nation in various ways.

A revolution which would turn Europe to a "work"-basis, would not by this simple fact avoid all, I say ALL, the perils and insidiousness of

LABOUR CAPITAL.

When the State issues notes ( mandati), it must consider them much more than money because they have a big lietti value, and they must be paid by the work-day is worth so much grain, wool, fat, heat, transport etc., this consignment of these goods and services must be available everywhere in the State, in measure calculated to the just value ( worth) of the work.

dissolve

dissociate

be worth

Not to fall into (deliquio), a man's work must equal the minimum needs of a man, with wife and two children. The well-being of the State, or its progress demand that the work value should increase (?? vale anche di piu) (if the Dutch system of a stable population is not in use, does not pertain

0, 85 (95)

A chinese savant said: " the profits do not constitute a national treasure, probity constitutes it". The first emperor of the Tang dynasty, said: "To enrich oneself at the expense of the people, is like cutting ( carving) ones own flesh to feed one's own stomach".

To-day my question is: how many of those who cry Yes, are ready to understand, I say understand, not simply to accept blindly, (without paying attention), the idea of a Europe based on work, the logical consequence implying work-money, ARBEITSWORT?

And this work-value would inevitably lead, it seems to me, to the valorization of work itself, that is an estimation of the quantity of food, merchandise, wool, grain, fats, equivalent, in the original sense of the word Equivalent, to the work done.

This would mean partially ( but only in part) a new monetary technique. We do not promise Utopia. In fact, Utopia does not spring full-grown from man.

marketable goods? Consumable goods? Desirable goods? Necessary goods? Which are which?

All these puzzlements are dumped on the head of any benevolent minister wanting to help the (boss), head. At the moment, I do not think we are even at the first step; that is, at a real understanding of the " work-money" idea. Which will nevertheless be among the ideas of the new Europe. I am not convinced that that it is only a technical question, it seems to me that ethics themselves require justice everywhere, (all round), amongst other justice in payments?? ( paghe?) in prices, the material recompense for work, both physical and of the spirit.

B. IOSOR B. SC.

I am unable to find any text in this image. The image appears to be a blurry depiction of a person on a horse.

IOI '7

NATURAL FORCES and HUMAN EFFORT.

If you leave it to the sub-human acting automatically in a "liberal"
plutocracy, the buying power of the monetary unit tends to diminish, as
water flows downward. The form of devaluation induced by delayed buying
shows not in quantity but in the dimension "time".

This delay can have a high ethical value; it may show a people's
moderation, or not, as the case may be. God sees the heart of the
people. And without ethics, volitionist economics do not exist. Without
direction of the will the character of a people will remain sub-human.

With an increase in wisdom the direction of the will becomes more
precise in its orientation. Gesell's theory supercedes the bastard,
Jewish-liberal in wishing to use a natural tendency of the monetary unit
to diminish, "as water in the hydraulic plant is directed to creating ele
electric energy". That is all there is to it. Gesell's remedy will not
cure a shortage, but does cure stagnation.

In certain truthhes have well shown for centuries that one gets tired and goes to sleep seeing the written : one needs moderation to understand them. , while other parti-

Stemp-scrip is perhaps the most easily understandable method of
cancellation and at the same time creates an income for the State.
cular points of the total economic problem remain hidden in a fog.

Among the least comprehensible of these has been cancellation of
credit and purchasing-power at a rate equal to that at which goods are
consumed.

G.H. Douglas has confused nearly all his disciples by his efforts
to explain this cancellation.

B. 1050B P. 50

IOI 8

A cistern is not a substitute for rain. On a raft where there is no egg, neither money nor jewels will buy an egg.

✓ Devaluation, or the diminution of purchasing-power is, as J.Adams observed, a tax that falls unequally on people. It is true that it leaves the nation without an interest-bearing debt, it falls on workers and on people receiving a fixed salary, it falls on the capitalist and those living on a fixed income, but it does not fall on the producers.

At first sight it seems almost useful to the people.

Jeffrey Mark is a perfectly honest economist, having been preoccupied for twenty years by the impossibility of producing goods by simply producing money. According to him, interest always creates a number of claims in excess of available goods, hence leading to bankruptcy.

To this some people say that without interest business would not continue, considering human nature.

One ought to reply, that certain kinds of riches, that is, living animals and the combination of cultivateable land and labour can enable us to augment our total of available goods.

The trouble for economic science is, that certain truthes have so well known for centuries that one gets bored and goes to sleep seeing the written; one needs moderation to understand them, while other particles.

Stamp-scrip is perhaps the most easily understandable method of cancellation and at the same time creates an income for the State.

Cicular points of the total economic problem remain hidden in a fog.

C.H.Douglas has confused nearly all his disciples by his efforts to explain this cancellation.

B. 1050B P.SC.

A.

9.

and at the same time produces an income for the state. That is the monthly stamp which has to be stuck onto this paper money, makes 12% a year for the State on the amount issued. Any attempt to increase this rate of income would be folly. It has already been a folly in Canada, and in all the other countries which have tried the experiment,

This system of stamps seems to me the only one by which the tendency to a diminution of purchasing-power is used to prevent inflation, and the diminution of purchasing-power.

I demand to prove it, we must have the verifiable facts about the village of Wuerkl.

This town was nearly starved to death and not been paid for ten years of goodly scarletтен because the people had no money, even the elementary school teachers and not received their salaries.

By the law and national bullion, the burgomaster was prevented from doing any action, because he was not head of an autonomous state. Nevertheless he managed to slide the stranglehold of Vienna, that is the choice of international finance.

After a long, hard, local, inscribed "Arbeitswert", worth of work, was paid, the town built a new bridge, they increased the number of civil-teachers, etc., One must admit that you could not have had more favorable conditions for such an experiment in self-support as a town or city (four thousand) inhabitants to the one valley.

189

B. I050B P.SC.

A. I04.

OB PECUNIAE SCARSITATEM.

" To say that a nation cannot do a thing because it has no money, is ridiculous, it is like saying it cannot build roads because there are no kilometres to be had."

Stamp-scrip is not only a remedy against hoarding. Lack of money does not prevent the State from carrying out certain work. The impossibility may reside in lack of raw material, lack of labour, or of technical experts and specialized work, or in the lack of understanding of the nature of money.

Knitted the novelist said to me one day: "Russia has no civilization because she has no stone. She has no roads because there is no stone." That may be. Great civilizations leave splendid monuments because they have marble with which to build.

Lack of money does not prevent a state from carrying out some ideamand to prove it, we have the memorable facts about the village of Woergl.

This town was nearly bankrupt; the taxes had not been paid for three years ob pecunia/ scarsitatem; because the people had no money, even the elementary school teachers had not received their salaries.

By the law and national rulings, the burgomaster was prevented from taking action, because he was not head of an autonomous state. Nevertheless he managed to elude the stranglehold of Vienna, that is the chains of international finance.

After the money/local, inscribed "Arbeitswert", worth of work, was issued, the taxes were paid, the town built a new bridge, they increased the number of school-teachers, etc.. One must admit that you could not have had more favourable conditions for such an experiment in self-support as a town of 4000 (four thousand) inhabitants in the Inn valley.

B. 1050B P.SC.

Money is no more than a representation of goods and "services", that is, it is Credit itself that may represent nothing more than possible production..

With the idea of "work-value" or "certificate of work done", the power of money is no longer limited to a lifeless picture of goods for immediate consumption.

In an Italian summer, goods are available that are strictly necessary to be limited to FOOD.

It is a custom to be clothed, and the word is "costume", and evil customs.

From the time of Mencius wise men have recognized the predominant necessity for a bureaucracy. He says that without the farmer, the employee would die of hunger, but without the administrative official, the people would fall into confusion.

With insurers' money, or money still subject to the superstitions left over from the vile period of usurocracies, every new expenditure, every new loan, piles up the annual interest due to be paid, in the future. This leads to inflation, or the devaluation of the money.

On the contrary, each new issue of stamp-script increases the monetary intake of the State. Hence Edmond Rossoni's phrase should be remembered: that in this way "the State gets its cut".

I do not know whether Rossoni is aware of having acquired special merit by these words; anyway I offer him my sincere compliments.

With this system of administration any government department can get rid of certain burdens.

The possibilities for action of a healthy, and fascist, state are limited only to its capacity for physical and intellectual work, available raw materials, necessary for the nourishment of the population.

Stamp-scrip is not only a sure remedy for hoarding by insurers who lock up money in their safes for purposes of extortion, raising the interest rate, but also a remedy for shortage of circulating money.

C. 106 OB P.SC.

It serves to eliminate unemployment of every kind which is harmful to the State; I mean, also unconscious unemployment. And above all can be used to direct not only material labour, but intellectual work; to concentrate the nation's brains and get them moving on the needs of the nation itself. ## ## ##

I would rather finish this war naked than in debt.

Credit belongs to the nation. Credit is a social product, that is, arises from the total cooperation of the nation.

Work-money can be registred at once in the book-keeping (that is, in money payments) of the activities useful to the State, and this registration can be made without increasing the intreest-bearing state debt, that is, without increasing the burden of interest which the State now has to pay to private citizens.

Work-money is not gold money. It is better for all human and statal purposes in the accounting for the activities useful to the state

(footnote)

a great deal of this is not paid to private individuals but to institutions which create money out of nothing.

III H

D Io7 OBP.SC.

STAMP/SCRIP.

WE are still faced with a dense ignorance of stamp-scrip, and its inherent possibilities.

We face an ignorance so thick and a carelessness so acephalous while we have a new instrument, a most potent method, in our hands, which we have not yet understood; that is, work-money.

The ignorance of stamp-scrip will only be remedied by continual furt er information about it. It is to be considered in respect to three aims: I. velocity of circulation, 2. income to the state, 3,as preventing inflation.

Nervousness when confronted with work-money arises from the " con-

ditioning" of business men, and of the economists themselves, making it prejuzi ce tely necessary (imperative??) to examine these deeply rooted

For more than a century both practical and theoretic economy, in-
cluding the greater part of the Chairs of Economics have been under the
domination, or pressure and opression, of the rabbis ________ When the vice-
rector of an ancient seat of learning said to me:" You know, ? boys are
not at all interested when I talk about such things :" the answer is:
"by Jove, the boys are healthy, and dont like to eat shavings for bread."

Economists are divided( anthropologically...)( let us mention anthro-
pology)into: sober and serious ( very rare genus); fanatics( for the
most part caused by ignorance of history), and lunatics;( the latter also
from lack of historical perspective, plus black ignorance of the acts and
gestures of the two european revolutions, fascist and nazi ), and into
those who keep up t/g/ and increase the smoke-screen.

Clearly we do not welcome some of these objects. Some of the obfus
cators act from lazyness, others with intention. These people will not,
do not wish to learn. They are terrified, which is partly understand-

III H

11

108 E.

able, but their fear is partly born of incomprehension and ignorance.

Work-money is not, and never will be, subject to the same laws as
those which govern I) metallic money, 2) papermoney, issued against
gold, that is on a true gold basis, 3) money issued on a pseudo-gold
basis, or other fiction put across by the usurers. But the rascals and
falsifiers of any economy will always hunt up any means of swindling the
public, even to the point of creating fake work-money, which they would b
e able to manipulate in the same way that has already served anglo-
jewish, or Jewish-English usurers for centuries.

Their destiny is the "confino".## penal settlement,
## note. islands or districts in which they could live normal lives.

But we implore honest men to be prudent. We have a powerful weapon in
work-money; we must not lose our heads. I would advise my learned col-
a
legues to leave decisions to those who have some knowledge of historical
perspective; who know that work-money was not invented yesterday.

Anatole France speaks of it in "Sur la Pierre Blanche",. Benjamin Frank-
lin had already postulated its possibility --- a form of it has already
functioned on Brazilian coffee plantations

We must examine this method on an historical basis; Edouard
Drumont and Brooks Adams did so, and Jean Barral. The theorist without
historical knowledge is not always supplied with the necessary brakes. A
Above all, a man lacking practical experience is deprived of certain
necessary defences against follies and of escape from snares set by the
not wholly candid.

Resistance to an improvement of the monetary regime remains in the
dark corners, which often gather thick ignorance.

III H

109 F.
II

to
A known propensity for work had already served as a basis of
credit in the Pennsylvania colony before 1750.

Money on a basis of work functioned in Pennsylvania in connection
with direct knowledge of individual farmer or people about to cultivate
the soil and the real market for their products and the need of these pro-
ducts was geographically near the production.

The quantity of a nation's available work is constant, and develops
gradually with the increase of the population. The field-labourer
gets through his work each day and stops at sunset.

Necessities come from the fields; the superfluities, or goods not
absolutely needful, come from the workshops and manufactories.
One must begin from the field, to understand work-money properly.
In fact, it must be recognized that in order to do work money is needed,
it was here that the Duce began the battle of the grain and land-improve-
ment.

Work done in the fields produces food; after a given time you can
emit money corresponding to goods and services.

All this is quite true. But perhaps a part of the money cor-
responding to services should be considered as credit and not money?

Prof. Coppola d'Anna uses his brains to think ahead on the lines
of controlled money. Alberto de Stefani writes of the "convertibility
of money" without gold", but I think he is reducing a fever, rather than
making a radical cure.

Money is exchanged for food, or develops or degenerates into
credit. Credit has two components, one noble, that is faith; and the
other prudence, i.e. patience, the game of waiting.

God sees into the heart. Moral values must exist in any sane econo-
my, but we mortals cannot always distinguish the candid man (pure-hearted)
from one lacking in candour. In the matter of economics I do not trust
neither the vehement nor the hyper- imaginative. I myself believe in a

II O G

mixed economy, but I do not like the people who use the Duce's every
measured phrase as a hiding-place, or a means of returning to an
ercan-
tilist state of mind. Naturally students will not be interested in a
lecturer who gives the impression he is trying to hide either a truth, or
his own ignorance; they will not be interested in lectures which show
lack of understanding of the nature and implicatuation of ministerial decrees
nor (in the year XX) show incomprehension of the relations between econ-
mic means and mechanisms with the corporative system. These relations
will not always be identical with the old ones that the same mechanisms
had, or have had, with the usurocratic system.

Interest on national bonds will be considered more and more as a
means to distribute purchasing-power, that is, a national dividend. And
without doubt this dividend ought to serve to stimulate all the intell-
ectual and physical activities useful to the State; and not create block-
of anti-statal interests. A hundred thousand lire a year ought to be
enough for any scientist to guarantee any scientist the necessary free
time to serve the nation by his enlightened and illuminating efforts, as
that is as his share of deriving directly from the said state dividend.
The merits of business concerns and limited liability companies would be
judged by the services rendered by those to the competitive organs. I
do not believe that a low interest is more useful than a moderate one,
and in this I run up against His Excellency de Stefani's proposals.

Anyone who has saved a thousand lire out of the fruits of his
physical, or even literary, work, in these years, deserves 50 lire per
annum, not only 30. To present reduction of interest as a reform, se-
ems to me to hide a principle or truth, that the State does not need
to pay rent on its own property, or to borrow its own credit and pay in-
terest for it to private persons.

States have already lent their money and their credit. A differ-
ence exists between money or coin, and credit in the dimension, time.

III H

footnote E.P. has clearly defined usury as "a charge for the use of purchasing-power levied without regard to production, often without regard to the possibilities of production."

SAVINGS.

The discussion on stamp-scrip proposed years ago by Gesell and d'Avigliano, has been blocked by simple ignorance. Even the bankers who have heard about it, have not yet examined the idea in its entirety, and in its possible dimensions.

Stamp-scrip, as it was used in Woergl, is a paper money which requires a stamp stuck on it the first if every month, to the value of 1% of the denomination of the note.

Gesell proposed this form of money to remedy stagnation, and accelerate exchange. At Woergl the local money was used for lack of other means of exchange.

E. Rossoni understood immediately that the sale of the stamps would constitute a large income for the State. The advantage of such a tax is, that it falls only on the individual possessing cash a hundred times the value of the tax, at the moment when it comes due.

But at the present moment a third aspect of stamp-scrip needs the most serious attention. I mean, the cancellation of the money is a sure way to keep its purchasing power. And under the menace of inflation every just and suitable means to keep the lirs steady merits careful attention.

It is an economic law, not just a dogma, but fruit of experience, that a nation or economic system which pays two rents ? (sets of interest) loses in respect to a nation or system paying only one.

Under the capitalist-usurocratic regime the people pay taxes to

0. 92 (IOI)

replace

A cistern does not do instead of rain. On a raft where there is no egg, neither money nor jewels will buy an egg.

Devaluation, or the diminution of purchasing power of money is, as J. Adams observed, a tax that falls unequally on the people. It is true that in some nations is left without an interest-bearing debt (debit and interesse), while in other nations (workers) it falls on the employees and on people receiving a fixed salary; it falls on the capitalist and on those living on a fixed income. But it does not fall on the producers.

So that, at first sight it seems almost useful to the people.

Jeffrey Mark is a perfectly honest economist, having been preoccupied for twenty years by the impossibility of producing goods by simply producing money. According to him, interest always creates a number of shares (quantita di titoli), over and above the quantity of available goods, hence leading to bankruptcy.

To this, some people say that without interest business would not progress, so on considering human nature. The answer is that certain goods that is, live-stock plus the whole of the cultivatable ground and the work position, put us in a state to augment the total of our available goods.

The trouble for economic science is that certain truths have been so well-known for centuries, that one is tired of them, or goes to sleep on points of economic seeing them written page, while other particular notions of the total problem remain in a fog (hidden in a fog). These ? (all this) needs moderation (ing).

The least comprehensible of these has always been cancellation, the wiping - out of credit or buying-power, step by step with the consumption of goods.

C. H. Douglas has confused nearly all his disciples by his efforts to explain this cancellation.

Stamp-scrip ( which ought never to become the only money, but if ever put into use, should remain auxiliary money) presents the most comprehensible method of reasonable annulment.

o. 93 (102)

produces
and at the same time offers an income to the State. That is, the monthly state
and makes stamp which has to be stuck on to this paper money, gives 12% a year to the
state on the quantity of stamp-scrip issued. Any attempt to increase this
rate of income would be folly. It has already been a folly in Canada, and in
all the other countries ??(places) which have tried the experiment.

It seems to me that the system of stamps is to be the only one by
which the tendency to a diminution of purchasing power is used to prevent
and concomitant
inflation, at the same time the lessening of purchasing power

It undoubtedly furnishes an income to the State, and in a form that does not damage exchanges (?of goods) It does not even weigh upon the taxpayer.

Nobody will ever see clearly these problems without a great thirst
for justice. There is need all the time to direct the mind towards social justice.

## Usury versus Humanity.

### labour

One hour's work by the worker before he has reached sixty years, he
merits equal reward with an hour's work of an equal kind by a youth just be-
ginning to work (labour?? earn). Future purchasing power can be guaranteed
but there is little probability of being able to guarantee any more.

And the temptation to guarantee a higher purchasing power leads to
risk (is risky).

But devaluation is unjust, in as much as it favours a young man of
twenty working to-day, in contrast to an old man who has already worked for
forty years. That is, devaluation is unjust towards the man who has already
worked and saved.

And this injustice has served as a screen to a great number of
(sfruttatore??? ) dishonest men have taken advantage of this injustice
to
screen their acts. It has served all the mortmain in the world.

94 (103)

So that we look for latin, and fascist, moderation in this difficult problem, that is, (??calmieri) against speculation and taking advantage where there is exploitation.

Stamp-scrip therefore may serve everywheretowards a greater possibility for production. War is the enemy of personal abundance. (for private person)

The usurers are the fathers, grandfathers, and great-grandfathers of all wars.

Roosevelt wants a name for this war. It is already found: war by usury against humanity; or, by the jews against Europe.

Honest money remains that of Aristotle, in a smuch as it is guaranteed of future purchasing-power, but, at a certain point, the serious economist asks himself: does this guarantee concern the number on the money, or promise something further?"

So all Jeffrey Mark's work should be re-read (Analysys of Usury, etc) ; because interest after a certain point, even moderate, may be a means of tending to devalue the money itself.

On the other hand the upholders of work-money, getting onto ground not too well known, (imperfectly known) should have clearly in mind that "work-money" will be false money from the moment that The " certificate of work done" be issued and handed to the worker before the work is done( accomplished)??) finished.

a
And this is point of great importance. Nobody will be in
condition to discuss work-money until they have grasped it.
the Englishman

Ingram, in his attack against the Reich's finance, avoids the problem of interest with the greatest care, because the personal interest of is a different thing from the usurer and that collective interest that have two different things to do: the faith in the country's future. And the usurers have always profitted by temporary troubles(difficulties)(0 no) of private persons and the country. Neither have they ever made any distinction between private and public. (?? singole patria??)

0.

94 (103).

So that we look for latin, and fascist, moderation in this difficult problem, that is, price limit?!) against speculation and taking advantage where there is

Roosevelt wants a name for this war. It is already found: war by usury against humanity; or, by the Jews against Europe.

Honest money remains that of Aristotle, in a smuch as it is guaranteed of future purchasing-power, but, at a certain point, the serious economist asks himself: does this guarantee concern the number, on the money, or promise something further?"

So all Jeffrey Mark's work should be re-read (Analyses of Usury, etc) ; because interest after a certain point, even moderate, may be a means of tending to devalue the money itself.

On the other hand the upholders of work-money, getting onto ground not too well known, ( imperfectly known) should have clearly in mind that "no work-money" will be false money from the moment that The " certificate of work done" be issued and handed to the worker before the work is done( accomplished)??) finished.

a
And this is point of great importance . Nobody will be in condition to discuss work-money until they have grasped it.

the Englishman

Ingram, in his attack against the Reich's finence, avoids the problem of interest with the greatest care, because the personal interest of the insurer and that collective interest are two different things, the faith in the country's future. And the usureres have always profitted by temporary troubles(difficulties)(0 no) of private persons and the country. Neither have they ever made any distinction between private and public.(?? singoli e patria??)

0. 95 (104)

Ob Pecuniae Scarsitatem.

" To say that a nation cannot do a thing because they have no money, is ridiculous, it is like saying it cannot build roads because there are no kilometres miles, to be had. "

Stamp-scrip is not only the remedy against (tesaurizzazione) For a state, the impossibility of doing a thing does not reside in lack of money, but may reside / either in lack of some raw material, or lack of labour, or lack of technical experts and specialized work, or in the lack of understanding of the nature of money.

Knitl the novelist said to me one day," Russia has no civilization because she has no stone. She has no roads because there is no stone." That may be. Certainly the great civilizations are monumental and splendid, because they leave monuments (buildings) because they have / marble.

That a state is prevented from carrying out some idea does not come from lack of money, and to prove it, we have the facts about the village of Woergl; facts to be remembered.

This district was nearly bankrupt. The taxes had not been paid for three years ob pecuniae scarsitatem; because the people had not money, even the elementary school teachers had not received their salaries.

By the laws and national rulings, the burgomaster (mayor) was prevented from taking action, because he was not head of an autonomous state. Nevertheless he managed to escape the chains of Vienna, which were in fact the chains of international-jewish-rothschild finance.

inscribed

After the local money, with inscription "Arbeitswert", work-value, was issued, the taxes were paid, the district built a new bridge, they added to the number of school-teachers, etc. ?? (in contronto nessuno stato sa-rebbe certo meno competente e autonomo ??) a district of 4,000 four thousand inhabitants in the valley of the Inn.

Money is no more than a representation of goods and "services", that is, work.

capacity for
). 96 (105)
Perhaps credit itself represents nothing more than the possibility of
production

With the idea of "work-value", or "certificate of work done", the
power of money is not limited to its (representation) dead of available goods,
for immediate consumption.

In an Italian summer, goods strictly necessary are limited to FOOD,
and nothing else. It is a custom to be clothed, and the word is "costume".
Sometimes also "mal-costume". Bad habit.

From the time of Mencius, wise men have recognized the predominant
use of the functionary. ( necessity for bureaucrat ???) official state-employee ???
Mencius says that without the farmer, the functionary would die of hunger;
but the without the bureaucrat (without the administration) the people would fall into confusion.

In time of war, every work leading to victory, is necessary work not prevent obstruct
within "a limited space", that is, inside the nation, and to interrupt such
work, for any reason whatsoever, amounts to treason. To damage
any work which may possibly lead to ( help towards) victory, for lack of
a little piece of printed paper, shows an ignorance of the nature of money.

I am not speaking of inflation, in insisting on this fact.

With the usurers' money, or the money still subject to the superstitions
over left us from the dirty period of usurocracies, every new expenditure, every
new loan piles up the annual interest to be paid (due) in the future.
And this leads to inflation, or the devaluation of the money.

On the contrary, each new issue of stamp-scrip increases the intake
of the state. Hence Edmondo Rossoni's phrase should be remembered, that in this
way "the state gets its cut" (?? earns its keep??) take off - 15 look - in

I do not know whether Rossoni is aware of having acquired special
merit by these words; but anyway I offer him my sincere compliments.

With this system of administration any (business) state (azienda)
can free itself from certain loads.

0. 97 (106)

The possibilities for action of a healthy, and fascist, state, are limited only to its capacity for physical work and intellectual, available raw materials, necessary for the physical nourishment of the population.

No swindle, no financial superstition left over from the anglo-jewish era, should impede or obstruct, in any way, the supreme effort of the Italian nation in this time of war, nor after. (subsequently).

Certain works are so important that everyone can understand their importance, but the possibilities of the fascist state, even in war-time, are not limited by the above needs, but reach out to other desirable necessities.

Anything desireable which does not increase the consumption of grain, oil, and other necessary food, can and must, be done. Any public service which can be better run, without increasing the consumption of food and raw materials, can be done ( effected? ), and done without increasing the weight of paper/ interest on the public debt. And this can be done by putting a tax on the money itself, without the least complication ( difficulty) except the sales of the little stamps in the shops where other stamps, postage and ( marca da bollo) are now sold.

The intellectual work (?brain-work), of propaganda, of furthering of correlation and any other work leading to the war towards victory must be undertaken..

Stamp-scrip is a sure remedy, not only against hoarding, but against the usurers of hoarding of production, who shut up their money in safes, to strangle (throttle) their creditors and to put up the interest tax, but is a remedy also against scarcity of circulating money ( purchasing power).

It serves to eliminate unemployment of every kind, which is harmful to the state; I mean, also unconscious unemployment. And above all else, chiefly can be used to direct labour? (work) not only material labour, but intellectual work; to get it moving, to concentrate the brains of the nation on the needs of the nation itself.

0. 98 (106)

There is an enormous need for information of every kind. huge need for pro-paganda. increase of (?? recension) is to be recommended, increase of transmissions, concentrating on as yet unutilized possibilities. None of these this would increase consumption of food; would not thererereupset ( contracolpo) the true economy of the nation. It would rather lead to growth of our civilization. capacity

Nobody would eat less for having used his strengthfor the State, or for having "consumato il suo cuore" (?? eaten his heart out?) in the will to serve his country with every atom of his intelligence.

I should prefer to end come out of this war naked than in debt.
Credit belongs to the State. Credit is a social product, that is, it arises from the cooperation of the whole nation.

Work-money is not gold money. It is better. For all human and state purposes it is better.

Work-money can be registered at once in the accounting (contabilita) ( that is in monetary payments (?? cash??) )of the activities useful to the State, and this registration can be made without increaseof the state debt at interest, that is , without increasing the burden of interest which the State pays, or should, to private persons(??the public??) to-day.

J. E. F. 96 (105)

With the idea of "work-value", or certificate of work done", the
power of money is not limited to its representation dead of available goods,
for immediate consumption.

In an Italian summer, goods strictly necessary are limited to FOOD,
and nothing else. It is a custom to be clothed, and the word is "costume".
Sometimes also "real-costume". Bad customs.

From the time of Mencius, wise men have recognized the predominant use of the functionary. necessity for bureaucracy (state-employee) Mencius says that without the farmer, the functionary would die of hunger; but without the bureaucrat (without the administrative) the people would fall into confusion.

In time of war, every work leading to victory, is necessary work put
within "a limited space", that is, inside the nation, and to interrupt such
work, for any reason whatsoever, amounts to treason. To damage
any work which may possibly lead to help towards victory, for lack of
a little piece of printed paper, shows an ignorance of the nature of money.
I am not speaking of inflation, in insisting on this fact.

With the insurers' money, or the money still subject to the superstitions
overrule from the dirty period of usurocracies, every new expenditure, every
new loan piles up the annual interest to be paid (due) in the future.
And this leads to inflation, or the devaluation of the money.

With this system of administration any (business) state can free itself from certain burdens.

J099 (107)

Stamp-scrip.

To-day we still face thick ignorance about stamp-scrip, and its inherent possibilities.

a
We face jeweishaptrabkmitgananeandwhilek) we interasheWRénably headless
We face such a thick ignorance, and a really headless lack of interest
in the Jewish problem
while ( and yet) we have a new instrument, a most potent method, in our
hands, which we have not yet understood; that is, work-money,

The clearest exposition of the second of these problems is to be
found in the first number of the Bollettino dei Centri Italiani for the
stuby of the Jewish Problem, recently brought out in Florence. This Bulletin
contains two pieces of masterly exposition: the first a model for all of us,
having no legal (??aulica) training, no training in jurisprudence, we
have passed through the fogs of aethetics, by way of art for art's sake, and
the underbrush left from the era of deep usury( that is the cursed AIX century.
The second article(??piece) in the Bulletin touches on a profound malady
(??illness) I have mentioned, but without the proper precision ,: that
is:the malady of publicity, the injection of false demand, the stimulation
which is harmful to the health of fictitious appetites, if not actually evil, then at least useless.

The ignorance of stamp-scrip will be remedied by continual further
information. It is enough to say here, that the said money is to be considered
for three reasons: 1) velocity of circulation, 2) dividend to the state
3) an impediment to inflation.

The ignorance of stamp-scrip will be remedied by continual further
information. It is enough to say here, that the said money is to be consi-
dered for three reasons: 1) velocity of circulation, 2) dividend to the state
3) an impediment to inflation.

But the state of mind, the agitation when faced by work-money
arises from the predisposition, the "conditioning" of business men, and the
ecomomists themselves, making it absolutely necessary to examine these pre-
dispositions and their deep roots. (??depth of their roots)

For more than a century both practical and theoretic economy, including the greater part of the Chairs (??c attended ) of Economics have been under the domination, or the pressure and oppression, of the rabbis. Or shall we say kahalistic, not to be always using the word Jewish.

0 100 (108)

When the vice-rector of an ancient seat of learning said to me: "You know? the boys are not at all interested when I talk of such things!" the answer is: "By Jove, the boys are healthy, and don't like to eat shavings for bread."

Economists are divided (anthropologically...) into: sober and serious (very rare genus); fanatics (for the most part caused by ignorance of history), and lunatics (the latter also from lack of historical perspective, plus black ignorance of the acts and gestures of the two European revolutions, fascist and nazi), and into those who keep up and increase the smoke-screen.

welcome
Some of these objects (YY objective?) we clearly do not greet with pleasure - some of the consideration is laziness, but some intentional. These people will not, do not wish to, learn. They tremble. (YY it terrifies them;) partly through an understandable in a comprehensible way; partly rearborn of incomprehension and ignorance.

work-money is not, and never will be, subject to the same laws as those that govern: 1. metallic money, 2. paper money, issued against gold, (YY emessa sulla "base" aurea, clae, veramente, su questa base??)

3. money issued on basis of pseudo-gold, or owing to other imagining or rictions of the insurers. or any other rictions thought up by the u.. (YY rascals (larabutti) falsitiers but the swindlers (??0 and counterfeiters of any economy will always hunt up every means of swindling the public, even to the point of creating a money that will be (Yerzatz??) fake work-money, which they could manipulate in the same way that has already served anglo-jewish, or Jewish-English insurers for centuries.

They go to a concentration-camp (Y confino). but for honest men, exhortation to prudence. (In Y/! we have a powerful weapon in work-money; and we must not lose our heads. I would advise my learned colleagues to leave decisions to those who have some historical perspective; who know that work-money was not invented yesterday. Anatole France speaks of it in "Sur la Pierre Biancne". Benjamin Franklin had already seen it.

["U. 101 (109)", "The colony of Pennsylvania used it before the year 1750.", "We must examine this means on an historical basis: Edouard Drumont and Brooks Adams had done so (?; had so considered it ?); and Jean Barral.\nThe theoretician without historical knowledge is often deprived of the necessary brakes. Above all, such a theoretician lacking practical experience is deprived of necessary defences to avoid problems, and escape the wangsles (?? insulator) of the non-canula. (not quite trustworthy;)", ",, , , , , , , , , , , , , , , ,

O. 102..(II0)

This is the truth. But perhaps a part of the money should be considered as credit and not money?

Prof. Coppola d'Anna uses his brains to think ahead in the lines of controlled money. Alberto de Stefani writes of the " convertability without bringing down gold", but I rather think he is suggesting lowering a fever, rather than eradicating a malady.

exchanged??

Money is turned into food, or else develops ( or degenerates) into credit. Credit has two components, nobility, that is, faith; and prudence, i.e. patience or the game of patience.

God sees into the heart. Moral values must exist in any sane economy, but we mortals cannot always tell the honest man (?candido) from the crook matter.

In the question of economics I do not trust the vehement men, nor (stralunati??) exaggeration. I myself believe in a mixed economy, but I do not like the people who adopt (?use) the Duce's every measured phrase as a hiding-place, or as a means of turning back to a mercantilist state of mind. Naturally students are not interested in a lecture, or lecturer, who gives the impression he is trying to hide either a truth, or his own ignorance; they will not be interested in lectures showing lack of understanding of the nature and (?portata) importance of the ministerial decrees, nor ( in the year XX) show an incomprehension of the connection between economic means and mechanisms with the corporative system. These connection will not always be identical with the old ones that the same mechanisms had, or have had, with the usurocratic system.

and more

Intere st on national bondswill always be considered more as a means for to distribute purchasing power, that is , a national dividend. And without doubt this dividend ought to serve to egg on (?promuovere)all the intellectual activities and physical create antistatal groups having interests. (??aims). A hundred

). 103 (IIo)

thousand lire a year ought to be enough for any scientist to guarantee
and illuminating
him the necessary free time to serve the nation by his enlightened efforts
that is, as his share deriving directly from the said state dividend. The
merits of (??enti) business concerns and limited companies would be judged
or proposed, decision
by the services rendered to the nation, which could be decided by the corpora-
porations. I do not believe that a low interest is more useful than a moder-
ate one, and in this I run against His Excellency de Stefani's proposals.

Anyone who has saved a thousand lire out of the fruits of his physical (or let us say) literary work, in these years, merits 50 lire a year and not only 30. To present reduction of interest as a reform, seems to me to hide the principle or truth, that the State does not need to pay rent on its own credit, property, or to (??take out a loan??) from its own credit and then pay interest to private persons.

States have already lent their money and their credit. A difference
exists between money (?? danaro o moneta??) and credit in the dimension, time.

1999 (107)

Stamp-scrip dense

To-day I still face thick ignorance about stamp-scrip, and its inherent possibilities.

In face of such a thick wall, and against such a wall, we have to rely entirely without help in the Jewish problem. So far as a clearness in acrophations while (and yet) we have a new instrument, a most potent method, in our hands, which we have not yet understood; that is, work-money.

The clearest exposition of the second of these problems is to be found in the first number of the "Bollettino dei Centri Italiani" for the study of the Jewish Problem, recently brought out in Florence. This Bulletin contains two pieces of masterly exposition: the first & model for all of us, having no legal (??aulica) training, no training in jurisprudence, we have passed through the fogs of aesthetics, by way of art for art's sake, and the underbrush left from the era of deep usury (that is the cursed XIX century. The second article (??piece) in the Bulletin touches on a profound malady (??illness) I have mentioned, but without the proper precision: that is: the malady of publicity, the injection of false demand, the stimulation of fictitious appetites, (if not actually evil, then at least useless.)

The ignorance of stamp-scrip will be remedied by continual further information. It is enough to say here, that the said money is to be considered for three reasons: 1) velocity of circulation, 2) dividend to the state, 3) an impediment to inflation.

But the state of mind, (the agitation) when faced by work-money arises from the predisposition, the "conditioning" of business men, and the economists themselves, making it absolutely necessary to examine these predispositions, and their deep roots. (The depth of their roots.)

For more than a century both practical and theoretic economy, including the greater part of the Chairs (lectures) of economics have been under the domination, or the pressure and oppression, of the rabbis. Or she, we say kahalistic, not to be always using the word Jewish.

0 105 (II2)

was of opinion that *this devaluation functioned as a tax on the public, not equally distributed because producers and merchants could submit their prices to the current value of the money. The selected man, who with a fixed salary for fixed income, could not do so.*

currency?

Devaluation of money comes about when the money does not represent no longer or is not exchangeable for, desired ≠ wanted ≠ goods. Wise laws can fight against these tendencies, *this gravitation*, but the tendency exists, and is demonstrated everywhere where the market or sale is not controlled. The default of purchasing power is only another form of limiting this power; even if it is partially compensated (for example, by interest on loans) the bonds

The shares(??buoni) of the loans do not diminish the government's debt to the public, *they even increase it*. *In fact they* .

On the contrary, stamp-scrip cancels itself in one hundred months, or brings it to the State an amount equal to its nominal value. That is, 1% per month, =12% a year, or 100% in eight years and four months.

In comparison with shares at 5%, this system gives the State an advantage of 17% per annum.

This is not to be despised in difficult times. A new heresy has been talked of in certain countries, which is that the State can spend without limit. The State cannot spend that which does not exist. The State cannot issue certificates of debt (state) which is only limited only by the government's good sense, but can also go into bankruptcy, and I *mean* not a bankruptcy on paper, (??contabilità), but a factual one.

Saving becomes a simple illusion when it is reduced to nothing but a ticket for non-existent goods, *which will not be produced within the time-limit* (printed on the tickets of the (?? buoni del tesoro?) *Treasury bonds*.

I do not despise saving. True saving is limited to the value of existing merchandize, *and producible goods*; and the plant. Other than this, saving becomes illusion or leads to slavery.

*Every credit, every certificate of credit is limited by the goodwill*

(sincerity 27. (buona volonta) of the people issuing it, by the discip

character of the contracting persons. people. To promise all the goods about to be produced during the coming hundred years, is to hand over your sons and grandsons to the mercy of the creditors, as who should say create a slavery.

It is impossible. There can be no exaggeration of this point. Even should it be done, as in England of to-day, with the fairly obvious intention to defraud and (venir meno?) obligations assumed.

107 (113)

(2.)

just
In normal times a proportion can be kept between available mone
calculated
and goods and services, by issuing stamp-scrip in carefully calcu
proportion to the habitual money( of permanent value).

In abnormal times inflation could be warded off without hurting any
body, by paying half the salaries, and nearly all the others State expendi-
tures, in stamp-scrip; This would leave no debt after the eight years and four
months.
i.e.
All the issue of stamp-scrip cancels itself in one hundred months; or,
Brings into the treasury an amount equal to its nominal value.

The quantity of money in circulation is not eternally fixed on the increase, but is determined in augment.
I believe the instinctive objections to these proposals at first sight are
have received clear answer through experience. The merchant says: But any
one desiring to buy towards the end of the month, or on the last day, would
be obliged to pay (?? costretto dei venditori a pagare con uno sconto??)
by the seller.

I) This would in no way damage the State, and in no way impede pre-
vent the cancellation of the money. understand,
Those)
2) the people, who are convinced, are disciplined and would not do
in undue exaggeration. in this possibility.
3) competition between one shop and another would operate in the fut-
ture as in the past.

And who can say to-day that a shopkeeper does not make a profit of
more than 1% on his sales? and except in times of shortage, does not prefer a
sale to no sale?

At Worgl, the village money was [at once] accepted in the neighbour-
ing villages, where the shopkeepers preferred to sell rather than see their
clients go to Worgl to spend.

Where the bank windows act (function) for the State, the stamp-scrip
handed in, either circulates or can be considered withdrawn from circulation
by as savings (??messa in risparmio). This phase of the problem is not
yet taken lightly. The Banks are not in a position to take interest on stamp scrip.

J.108 (II4)

to the banks collaborating with the State, could very well credit it to their clients' account.

words

Useless to suppose Jeffrey Mark's phrase (sentence) on the usuro-CAZISTIC system can always be true in the new Europe. Mark said: "we are all USURERS". hardly But the game of being an usurer against oneself is not unsatisfactory(?? non giova). It is a contradiction in terms in a totalitarian regime. Or in any system conducing to the benefit of the public good.

3.

So that stamp-scrip would be legal tender until the end of each month, and after the beginning of each successive month with the stamp at 1%. added. SHOULD anyone try to impose a discount (?? sconto) during the last hours of each month, this would be like any other black market operation; but the BLACK MARKET ALWAS HAS THE IS ALWAYS UP AGAINST THE LEGITIMATE MARKET, AND THIS RIVALRY HAS A HEALTHY EFFECT. NOBODY IS OBLIGED TO MARKET BLACKLY. AND IN ANY CASE AS TO INFLATION THIS OBJECTION CANNOT BE UPHELD. GESELL HAS ALREADY ANSWERED THIS POINT, NOT about the merchantile aspect OF THE PROBLEM, WHICH SEEMS TO ME AT THIS MOMENT OF LESS IMPORTANCE. IT IS THE PROTECTION THE DEFENCE OF THE LIRA WE MUST CONSIDER AT THE MOMENT. THE QUESTION IS, "CAN STAMP-SCRIP AS PART OF THE NATIONAL MONEYS OF USE IN DEFENDING THE PURCHASING POWER OF THE LIRA?" THIS IS THE QUESTION THAT SUGHT TO INTEREST US.

IF IT CAN BE USEFUL, IT IS THE MOMENT Ripe, ARE WE READY TO APPLY IT, OR AT LEAST TO STUDY ALL THE ADVANTAGES OF SUCH A SYSTEM OF DEFENCE?
BY THE END OF THE WEEK, THE ISSUE OF NEW LOANS, WOULD UNDOUBTEDLY INCREASE THE CIFI TAXES, BY HAVING TO PAY INTEREST ON THE PUBLIC DEBT.

The issue of state or bank money (biglietti) increases the quantity of money in circulation,使 money become effectively a means of exchange, so that it might become disproportionate to the quantity of available goods.

Stamp-scrip seems to me to offer an authentic means of escape.

1

O. I20 (I25) there is no need to
Step by step as they disappear. But do not let us exaggerate.

Stamp-scrip, or taxed money, offers the advantage of 17% per annum, of 17% p.a. against a barrier to devaluation, to the whole nation, that is, protection of purchasing power of the lira, of the monetary unit (integer of account).

This fact should not be either exaggerated or despised. It offers
opportunity to lessen the taxes claimed (22 per cent.) by the treasury, in-
stead of increasing them, as must inevitably occur with the issue of state
bonds.

The State does not need to rent its own credit, credit is not pro-
duced by the individual; credit is a collective product, that is, statal
(?? national?). It depends on the civic order.

It is not enough to say that money has become "symbol of work".
Money is a more dignified thing. It is a symbol of the collaboration inside
a civil (civil, civilized) system.

It can justly be called a certificate of work done inside a system; work directed to an end useful to the collectivity, whether material, or spiritual.

One cannot eat work. It cannot be worn. One eats food, and wears cloth. Work adds to the abundance of nature. Money certifies the quantity of work done in collaboration with, and according to, the Standards (uro Standards) of collective justice, estimated, appreciated, measured by the State.

It would be lack of understanding of the fascist idea to fall back into automatism (??) The value of comprehension, if discipline, would be greater when each peasant brought his produce to the market at the decree-point at a price.

On the other hand, considered as a problem in mechanical dynamics it is much easier to the money at the printing house, at the control

(??? officina carte e valori)

and at the treasury window, than to keep an eye on the cherry harvest.

122 (126)
rights which it already possesses, unjustly, from privileged goods, would
be yet another injustice. Gesell was fighting against these unjust privileges
of money. But his instrument, that is, stamp-scrip, tax-stamp money, should
be studied in relation to fascist economy, and not only according to the Super-
Terminology is not science. But the progress of any science moves
forward, and is registered, by the development of its terminology, the pro-
gressive definitions and increased precision of this terminology. (In modern
culture)
The progressive definition of such words as, money, credit, capital,
is interest, usury, already constitute a great part of the true knowledge of co-
its economy.
already past.

Social Credit.

Undoubtedly credit is a social product. Personal responsibility
is one
of the components of the credit conceded to an individual because it is generally conceded with trust in the good faith and good intentions of the debtor, that is, on his will to repay the sum received. Considering in mind,
however, that this restitution also depends on the surrounding conditions, the maintenance of public order, one can affirm that credit is
a social product.
a

a
Credit increases with the nation's organization; in fact, from the
beginning it is increased by the "increment of co-operation", for example,
this means that a million individuals, each working for himself, cannot
build a battle-ship, or an electric centre.
In this way,
so that the enormous credit that we know to-day arises from
social organization, organization of the state. And the state has no need
To borrow money from private persons. It is free from any moral or material
obligation to borrow from private persons.

O. II8 (I23)

° Promissary Note.

Mandarin Wu Yung tells how the bankers often came to try to persuade him to take a loan, although he had (not possibly have paid it back with his legitimate salary.

story, anecdote

This fact leads us to (ties in with) the (door-keeper's) tragedy of the best and most faithful, of a Venetian library, who finally hanged himself because he had fallen into the hands of the usurpers.

In India the agrarian taxes are taken, [before the harvest,] so that the peasants have to go to the usurpers for money to pay the taxes.

All these facts indicate a lack of balance in economic ideas, and a decadence of the true economic systems. Wu Yung was one of the "Ten Remnants", the ten men of the ancient culture who lived on, (survived after the fall of the Chinese Empire and the Empress Tz'u Hsi.

One can exaggerate theplitics (idea) of low salaries. The idea of the just price is not limited to the just price for agricultural products recorded

The classic conception in China, mentioned by Mencius, is that of the nine fields. That is, the centre field is cultivated for the benefit of the state administration, and is attended to first; the other eight fields are worked by, for, eight private families. Near the imperial city, a (immassive) stituted for Harvest?? a tax of 10% was subtenenarum (the harvest, (ten per cent)).

Mencius judged that a higher tax would be tyranny, and a lower one insufficient for the necessary expenditure. For the maintenance of culture and education, which includedai

Usurers have always favoured unjustly low prices for agricultural products, but, also, low salaries for state employees. And we must not right not one but each usurious swindle. (ogni insidia usuraia)

The nation and the people, individual and collective, must avoid the poisons of the money-lenders.

Working in a corporative system, Gesell tried to deprive money of

II9 (I24)

its unjust privilege with respect to agricultural products, that is,
money (theoretically) does not lose its value, but tomatoes, cherries, potatoes spoil or are streakward to preserve.

No virtue exists in economy which will not become a vice by exaggeration. To protect savings? certainly: but only up to a just (reasonable) point.

One must distinguish between those now working being done to-day, work already done by the living, and that done by the dead, who no longer need to eat.

Merchandize deteriorates. But the (titoli) tickets corresponding to the goods do not diminish in a merchantilist system. And the new concept of work-money (one must reflect 11, to get in one's head (clearly) the just proportion (rapporto) between tickets (titoli) (money, paper, and bonds) and goods available on the market, clearly in one's head).

The total quantity of money in a nation can buy the available goods and services, but not more. (Importation is paid for in goods, or create debt.).

There will be a tendency to devaluation when goods are consumed, or destroyed, more rapidly than the money. That is, if the goods consumed are not substituted for by new goods, in equal quantity to those used up, the overtops of which increase the total of the balance of money, notes is permissible. In war time this is not probable, hence the tendency to inflation.

Bonds imply prorogation of purchasing power, but they increase the quantity of stamped paper which gives right of purchase. That is, a bond at 5% (3/2 novennale), implies a purchasing power of 145% of the figure of the bond itself.

Instead of which the Gesellschaft money offers a means of equalizing the total of the money with the total of goods, which must be maintained in a state of equilibrium or (uguaglianza) they disappear.

Of. I20 (I25) there is no need to Step by step as they disappear. But do not let us exaggerate.

Stamp-scrip, or taxed money, offers the advantage of 17% per annum, of 17% p.a. against a barrier to devaluation, to the whole nation, that is protection of purchasing power of the lira, of the monetary unit (integer of account).

This fact should not be/either/ exaggerated or despised. It offers opportunity to lessen the taxes imposed (?? percepite) by the treasury, instead of increasing them, as must inevitably occur with the issue of state bonds.

The State does not need to rent its own credit, credit is not produced by the individual; credit is a collective product, that is, statal (?? national?). It depends on the civic order.

It is not enough to say that money has become "symbol of work". Money is a more dignified thing. It is a symbol of the collaboration inside a civil (civile, civilized) system.

It can justly be called a certificate of work done, inside a system; work directed to an end useful to the collectivity, whether material, or spiritual.

One cannot eat work. It cannot be worn. One eats food, and wears cloth. Work adds (??) to the abundance of nature. Money certifies the quantity of work done in collaboration with, and according to, the Standards (??) of collective justice, estimated, appreciated, measured by the State.

It would be lack of understanding of the fascist idea to fall back into automatism (??) The value of comprehension, of discipline, would be greater when each peasant brought his produce to the market at the (decreed) price.

On the other hand, considered as a problem in mechanical dynamics it is much easier to the money at the printing central, at the (??? officina carte e valori) and at the treasury window, than to oversee the cherry harvest. keep an eye on

0. 121 (125) a

For centuries the injustice of prices has nearly always been done
behind the farmer's back.

He would be strongly tempted when he saw an opportunity for revenge
(to get equal?) All purchasing power does not yet come from work.

Moral education is by far more important than monetary education,
totally
but that is not no reason for neglecting the strictly economic side. And
among all the monetary problems none is less understood, none has been less
clearly shown (exposed) than that of the cancellation of purchasing power
step by step with the consumption of goods.

Prorogation alone does not solve the problem. The history of the last
two centuries is chock full of repudiation of bonds, of both state and indus
Chock full of stories of inflation and deflation.

The purchasing power of the monetary unit (interger of account)
must be protected. Do not confuse the circulation of capital with circu-
lation of purchasing power.

over
There must be a perpetual vigilance on terminology. The definition
of money should be brushed up every week.

A single economist cannot determine the terminology of that part
of economy which is scientific. Collaboration is necessary, with serious
study and research.

Perhaps it would be suitable to limit the word capital to productive
undertakings (??imprese) only, or to the notes (titoli) corresponding which
show a real increase in goods, which would correspond to the tickets (scont
(??coupons?) of the bonds and nature, worker, State.

You cannot monetize the land. Work cannot be monetized, until it
enters the system, that is, as part of the collaboration: nature, worker,
State.

That work should be used as measure of values, is perfectly just,
that no product should have special rights above any other, is just (equo)

That money itself should take (??claim) rights, or aspire to the
right already in its p

122 (126)

rights which it already possesses unjustly, from privileged goods, would be yet another injustice. Gesell was fighting against these unjust privileges of money. But his instrument, that is, stamp-scrip, tax-stamp money, should be studied in relation to fascist economy, and not only according to the supertition of a past era.

Terminology is not science. But the progress of any science move forward, and is registered, by the development of its terminology, The progressive definitions and increased precision of this terminology. (nomen clature) The progressive definition of such words as, money, credit, capital, interest, usury, already constitute a great part of the true knowledge of economic

economy.

Social Credit.

Undoubtedly credit is a social product. Personal responsibility is one because of the components of the credit given to an individual (Poiche) because it is generally conceded by trust in the good faith and good intentions of the debtor, that is, on his will to repay the sum received. Considering however that this restitution also depends on the surrounding conditions, the maintenance of public order, one can affirm that credit is a social product.

Credit increases with the nation's organization; in fact from the beginning it is increased by the "increment of co-operation". For example, this means that a million individuals, each working for himself, cannot build a battle-ship, or an electric centre.

So that the enormous credit that we know to-day arises from social organization, organization of the state. And the state has no need to borrow money from private persons. It is free from any moral or material obligation to borrow from private persons.

0. 123 (127) enter into
it is therefore free to make contracts with private persons for the pay-
ment of interest, as long as (??in quanto) in as much as, it is not ob-
liged to get into debt in the old fashion, according to the superstitions of
the Rothschild era.

This is not to say that State bonds should be forbidden. I am not
against the issue of State bonds.

When a government can (?? riscuota) pick up ?? a wide credit
from its citizens, that shows their adherence to the government's political
and their trust (even to millions (?? millardi) of the said government.
testimony of

The people testifying to their faith in the government and the
state, can also show other states of mind, other contingent passions,
which does not matter. It may indicate private avarice, lack of confi-
dance in tomorrow's market, in the conditions of production etc., but on the
sane side, it shows a great faith in the government, and that is enough, up
to a certain point.

But Bonds serve another purpose, which is not understood by the
people (common people). State bonds can be made to distribute a state divi-
dend, i.e., can distribute the profits (gained by the total nation.

To be useful to the state, purchasing power must be spread ar-
round, that is distributed among the whole people, otherwise it becomes c
charity, which is anti-statal poison, and degenerates the people in an
alarming manner.

Credit is a social product, and every citizen, including the
unemployed, and old and children, contributes to the formation of credit.
He contributes by his attitude, his civic habits, and his manner of conduct.
And every citizen, every individual, has the right to participate in the
gains
receive of the State; and this does not imply any necessity need, to lend or
receive(?? ricevere, prestare in prestito??) loans, when the nation has
really taken a profit during the year or current month.

）。I24 (128)

A nation's profit, or material gain, can be worked out (apprezzare) without great difficulty, that is, measuring its goods at the end of each year.
If at the end of the year XX, Italy possesses more (piu scorte??)

and plant than at the beginning of the said year, that would be the measure
of the tear's profit; and therefore it would be just to distribute this pro-
fit by means of (paper)money to an equivalent nominal value

Being at war there is little likelihood that the current year will
be "active" in that sense, and so we have recourse to credit. The strength
of the national credit is showing nobly in these days.

But who ought to lend?

The individual or the State itself? The State can lend. This
was already known to the ancient romans and greeks. Do not forget that
the fleet which won at Salamis was built with money lent by the State of Athens
to the private ship-builders. In this case it was metallic money. We have
parallel?
two (??affini) truthes and we should distinguish with great care
scrupulously between them.

history teaches us this.

The State can lend money. We learn this from history. But the State
can also give credit. In fact, credit being a social product and not indivi-
dual, who has greater right to give credit, : the State or the individual?

Enjoying its own credit, ( credit shown to be truly valid in these
days) what is to prevent the State from lending it to private persons?

0.129 I25 (I29)

Let us distinguish..

Money and credit are (affini) terms but not identical.
trust

Money, gold also, was a demonstration both of faith and mistrust;
mistrust showed in the material component, the trust in accepting the coin, t
the incised image and the inscription of value.

But gold served another purpose; that was, to prevent falsification.
and sealed printed stamped
Having discovered that stamped paper (stamped and) with a seal served as well
or better, to prevent falsification, it follows that paper can function as no
already
money. This was known in China 600 b.c..

Having got as far as the idea, and to-day the official proclamation,
Of work-money, we ought not and cannot, still hook ourselves up with the sup
superstitionsof a rothschildian epoque (period). the usurers are on the dec
line.

The acceptance of work-money means not one benefit only, but several,

Gold is scarce. It was always the means of strangulation. During

several centuries the so-called gold standard served chiefly to hide the
non-gold but PSEUDO<sup>3</sup> gold, that is false(??) imitation money (fraudulent),
money emerged from the confusionist accounting of the bankers.

Work is not scarce. With the phenomenon work-money one can use money
where credit was previously adopted. Where, by bad habit, the State too went
to the usurers praying them to give credit to the State. Yes, to the State
itself! The State paid rent to the usurers for their own credit, which
belonged by right to the State itself, having grown (come into existence) through
the cooperation of the whole people, being a social product.

But adopting work-money, this can be issued from the moment that
work useful to the State has been done. The problem of circulation would
resolve ( settle) itself. The centuries-old problem of the distribution
of money among all the people is settled without putting them under the yoke.

126 (130)

The State is no longer forced to accept the immense burden of the payment of interest on the new public debt.

Perhaps this is enough for one article or talk?

Let me have one more word. Payment of interest may help good public order for decades yet, to preserve a high cultural level, and to reward prudence and good habits (?manners). But the total of these payments must not exceed the normal profits of the nation.

That is, they must be measured in proportion to the national profits, and when I say "must not exceed", I diminish the gravity of the problem, because in reality they should not equal the profits, they could at best reach a certain percentage of these profits, and be considered as a dividend to the privileged, or prize-winners(??0 premiati?). I emphasize the word "premiati".

I would say that these prizes should not amount to more than one hundred thousand lire a year for any individual. I would say that our aim is to produce and uphold the State, and not profit by anonymous holding companies (?? so, anon??)

I. 127 (130)

About an Economic System.

"Gerarchia" is always a lively, fighting review. Giovanni Selvi writes in the November number on an economic systemization of Europe after the war, which is a complete programme, (??suffragato) from the Fuerer's declarations.

The citizenship of T. Herzl connects with (riporta) what I have already had occasion to quote from the Hazard Circular of 1862. In this circular, S. dat d from

debt which the capitalists are assuring themselves will be created by this war. In 1895 Herzl wrote: "we shall be able ... to intervene as lenders of money and dictate our conditions."

This war did not begin in the year XVIII, but dates back at least two centuries and a half, or rather, to be precise, from 1696.

The Fuerer has finally spoken the word: "gold". Certain things are clear. But the common (?? medio) reader has not yet grasped the chief points of the new monetary system. To clarify the problem I think it opportune to mention my state of curiosity, that is, my personal curiosity, as it was in 1932, before the ten lectures I gave at the Bocconi University, I put forward my ideas in the form more or less of an manifesto, interrogative, which needed an answer in the affirmative. The following year I published a declaration (shorter), to which I have received answers from about fifty professors, economists, experts and statesmen.

In the year XI, Fascist Era, I therefore asked myself these questions: 1) Is a system economic (??) which gives greater results (frutti) to people making cannon to murder people, rather than to those who grow grain and making useful machines (machinery)?

2) Ought the credit of the nation to function for the benefit of the whole Nation?

3) Is the sense of responsibility of each person towards every body at the base of the Fascist Party. The Fascist Party else?

J. 129 (132)

(subscribed to by others): "Banking is hereby declared a mono-
pol of the state."

12) Would a perfect currency be a true certificate of existing goods?

Or the order to carry away (carry away) or release those goods?

Or a compromise, that is, a fiction about the relation between the goods to some substance or some will?

Is it a will, is it whose will?

13) R. McKenna holds "inflation" is the supreme remedy. Would it not then depend who was doing the controlling and with what motives?

14) If inflation is accepted as remedy, what are the arguments against an equal inflation, that is, distribution of State dividends to every body?

(Note. Nov.XIX. In this paragraph the language is not adequate to the subject). When?

15) Discussing Fascism with a bolshevic official, he insisted that the Russian State belonged to them, that is, the people. I do not grasp the significance of this " belongs".

Italy under the fascist regime is hardly feudal? (ironic question).

Other questions followed which did not belong strictly to the economic-monetary question problem); for example:

16) The difference between bolshevism and fascism is in the cultural level. An administrative form, even a theory, may be changed in six days, but a civilization cannot be made in six years.

17) prejudices: dead verbal forms?

Was it

much newer

18) Jefferson's de facto government-assembles to-day much more than the present american actuality? doesn't it?

(Note: in the following month, Feb.XI, I wrote my "Jefferson and - or Muesolini").

On another page of my notes I find in english the words: " any further"

130. (133) that is, monetary-economic would be absorbed and
out improved mechanism to get in motion more quickly by Fascism than by any other existing system.".

If all this seems dull, or useless, after what has been written
in "Gerarchia", and after the Fuhrer's last speech, and if it is all to be
considered superfluous after the consegna (?? orders?) for the year XII,
I nevertheless wish to register the fact that four years after I had
compiled and clarified my ideas in the above questions, I received a warning
from one of the usual (scarecrows, spaventa-conigli?) that my ideas
were not in accord with the Regime. Naturally the warning was anonymous.
I paid no attention to it, but the having been warned gave me a measure by
which to understand many idiocies, that the possibility of sorting out the
whereof certain of the enemies' moves, and their underhand methods to be
increase a total incomprehension of the Regime among the foreign journalists
resident in Italy for passing through.

And I do not believe that even today the warning would be
presented visiting-card in hand.

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