But will the monopolists of money give up their monopoly? Certainly not voluntarily. They will do it only upon compulsion. They will hold on to it as long as they own and control governments as they do now. And why will they do so? Because to give up their monopoly would be to give up their control of those great armies of servants—the wage laborers—from whom all their wealth is derived, and whom they can now coerce by the alternative of starvation, to labor for them at just such prices as they (the monopolists of money) shall choose to pay.

Now these monopolists of money have no plans whatever for making their "capital," as they call it—that is, their money capital—their privileged money capital—profitable to themselves, otherwise than by using it to employ other men's labor. And they can keep control of other men's labor only by depriving the laborers themselves of all other means of subsistence. And they can deprive them of all other means of subsistence only by putting it out of their power to hire the money that is necessary to enable them to do business for themselves. And they can put it out of their power to hire money, only by forbidding all other men to lend them their credit, in the shape of promissory notes, to be circulated as money.

If the twenty-five or fifty thousand millions of loanable capital—promissory notes—which, in this country, are now lying idle, were permitted to be loaned, these wage laborers would hire it, and do business for themselves, instead of laboring as servants for others; and would of course retain in their own hands all the wealth they should create, except what they should pay as interest for their capital.

And what is true of this country, is true of every other where civilization exists; for wherever civilization exists, land has value, and can be used as banking capital, and be made to furnish all the money that is necessary to enable the producers of wealth to hire the capital necessary for their industries, and thus relieve them from their present servitude to the few holders of privileged money.

Thus it is that the monopoly of money is the one great obstacle to the liberation of the laboring classes all over the world, and to their indefinite progress in wealth.

But we are now to show, more definitely, what relation this monopoly of money is made to bear to the freedom of international trade; and why it is that the holders of this monopoly, in this country, demand heavy tariffs on imports, on the lying pretence of protecting our home labor against the competition of the so-called pauper labor of other countries.

The explanation of the whole matter is as follows.

1. The holders of the monopoly of money, in each country,—more especially in the manufacturing countries like England, the United States, and some others,—assume that the present condition of poverty, for the great mass of mankind, all over the world, is to be perpetuated forever; or at least for an indefinite period. From this assumption they infer that, if free trade between all countries is to be allowed, the so-called pauper labor of each country is to be forever pitted against the so-called pauper labor of every other country. Hence they infer that it is the duty of each government—or certainly of our government—to protect the so-called pauper labor of our own country—that is, the class of laborers who are constantly on the verge of pauperism—against the competition of the so-called pauper labor of all other countries, by such duties on imports as will secure to our own laborers a monopoly of our own home market.

This is, on the face of it, the most plausible argument—and almost, if not really, the only argument—by which they now attempt to sustain their restrictions upon international trade.

If this argument is a false one, their whole case falls to the ground. That it is a false one, will be shown hereafter.

2. These monopolists of money assume that pauper labor, so-called, is the cheapest labor in the world; and that therefore each nation, in order to compete with the pauper labor of all other nations, must itself have "cheap labor." In fact, "cheap labor" is, with them, the great sine qua non of all national industry. To compete with "cheap labor," say they, we must have "cheap labor." This is, with them, a self-evident proposition. And this demand for "cheap labor" means, of course, that the laboring classes, in this country, must be kept, as nearly as possible, on a level with the so-called pauper labor of all other countries.

Thus their whole scheme of national industry is made to depend upon "cheap labor." And to secure "cheap labor," they hold it to be indispensable that the laborers shall be kept constantly either in actual pauperism, or on the verge of pauperism. And, in this country, they know of no way of keeping the laborers on the verge of pauperism, but by retaining in their (the monopolists') own hands such a monopoly of money as will put it out of the power of the laborers to hire money, and do business for themselves; and thus compel them, by the alternative of starvation, to sell their labor to the monopolists of money at such prices as will enable them (the monopolists) to manufacture goods in competition with the so-called pauper laborers of all other countries.

Let it be repeated—as a vital proposition—that the whole industrial programme of these monopolists rests upon, and implies, such a degree of poverty, on the part of the laboring classes, as will put their labor in direct competition with the so-called pauper labor of all other countries. So long as they (the monopolists) can perpetuate this extreme poverty of the laboring classes, in this country, they feel safe against all foreign competition; for, in all other things than "cheap labor," we have advantages equal to those of any other nation.

Furthermore, this extreme poverty, in which the laborers are to be kept, necessarily implies that they are to receive no larger share of the proceeds of their own labor, than is necessary to keep them in a condition to labor. It implies that their industry—which is really the national industry—is not to be carried on at all for their own benefit, but only for the benefit of their employers, the monopolists of money. It implies that the laborers are to be mere tools and machines in the hands of their employers; that they are to be kept simply in running order, like other machinery; but that, beyond this, they are to have no more rights, and no more interests, in the products of their labor, than have the wheels, spindles, and other machinery, with which the work is done.

In short, this whole programme implies that the laborers—the real producers of wealth—are not to be considered at all as human beings, having rights and interests of their own; but only as tools and machines, to be owned, used, and consumed in producing such wealth as their employers—the monopolists of money—may desire for their own subsistence and pleasure.

What, then, is the remedy? Plainly it is to abolish the monopoly of money. Liberate all this loanable capital—promissory notes—that is now lying idle, and we liberate all labor, and furnish to all laborers all the capital they need for their industries. We shall then have no longer, all over the earth, the competition of pauper labor with pauper labor, but only the competition of free labor with free labor. And from this competition of free labor with free labor, no people on earth have anything to fear, but all peoples have everything to hope.

And why have all peoples everything to hope from the competition of free labor with free labor? Because when every human being, who labors at all, has, as nearly as possible, all the fruits of his labor, and all the capital that is necessary to make his labor most effective, he has all needed inducements to the best use of both his brains and his muscles, his head and his hands. He applies both his head and his hands to his work. He not only acquires, as far as possible, for his own use, all the scientific discoveries and mechanical inventions, that are made by others, but he himself makes scientific discoveries and mechanical inventions. He thus multiplies indefinitely his powers of production. And the more each one produces of his own particular commodity, the more he can buy of every other man's products, and the more he can pay for them.

With freedom in money, the scientific discoveries and mechanical inventions, made in each country, will not only be used to the utmost in that country, but will be carried into all other countries. And these discoveries and inventions, given by each country to every other, and received by each country from every other, will be of infinitely more value than all the material commodities that will be exchanged between these countries.

In this way each country contributes to the wealth of every other, and the whole human race are enriched by the increased power and stimulus given to each man's labor of body and mind.

But it is to be kept constantly in mind, that there can be no such thing as free labor, unless there be freedom in money; that is, unless everybody, who can furnish money, shall be at liberty to do so. Plainly labor cannot be free, unless the laborers are free to hire all the money capital that is necessary for their industries. And they cannot be free to hire all this money capital, unless all who can lend it to them, shall be at liberty to do so.

In short, labor cannot be free, unless each laborer is free to hire all the capital—money capital, as well as all other capital—that he honestly can hire; free to buy, wherever he can buy, all the raw material he needs for his labor; and free to sell, wherever he can sell, all the products of his labor. Therefore labor cannot be free, unless we have freedom in money, and free trade with all mankind.

We can now understand the situation. In the most civilized nations—such as Western Europe and the United States—labor is utterly crippled, robbed, and enslaved by the monopoly of money; and also, in some of these countries, by the monopoly of land. In nearly or quite all the other countries of the world, labor is not only robbed and enslaved, but to a great extent paralyzed, by the monopoly of land, and by what may properly be called the utter absence of money. There is, consequently, in these latter countries, almost literally, no diversity of industry, no science, no skill, no invention, no machinery, no manufactures, no production, and no wealth; but everywhere miserable poverty, ignorance, servitude, and wretchedness.

In this country, and in Western Europe, where the uses of money are known, there is no excuse to be offered for the monopoly of money. It is maintained, in each of these countries, by a small knot of tyrants and robbers, who have got control of the governments, and use their power principally to maintain this monopoly; understanding, as they do, that this one monopoly of money gives them a substantially absolute control of all other men's property and labor.

But not satisfied with this substantially absolute control of all other men's property and labor, the monopolists of money, in this country,—feigning great pity for their laborers, but really seeking only to make their monopoly more profitable to themselves,—cry out for protection against the competition of the pauper labor of all other countries; when they alone, and such as they, are the direct cause of all the pauper labor in the world. But for them, and others like them, there would be neither poverty, ignorance, nor servitude on the face of the earth.

But to all that has now been said, the advocates of the monopoly of money will say that, if all the material property of the country were permitted to be represented by promissory notes, and these promissory notes were permitted to be lent, bought, and sold as money, the laborers would not be able to hire them, for the reason that they could not give the necessary security for repayment.

But let those who would say this, tell us why it is that, in order to prevent men from loaning their promissory notes, for circulation as money, it has always been necessary for governments to prohibit it, either by penal enactments, or prohibitory taxation. These penal enactments and prohibitory taxation are acknowledgments that, but for them, the notes would be loaned to any extent that would be profitable to the lenders. What this extent would be, nothing but experience of freedom can determine. But freedom would doubtless give us ten, twenty, most likely fifty, times as much money as we have now, if so much could be kept in circulation. And laborers would at least have ten, twenty, or fifty times better chances for hiring capital, than they have now. And, furthermore, all labor and property would have ten, twenty, or fifty times better chances of bringing their full value in the market, than they have now.

But in the space that is allowable in this letter, it is impossible to say all, or nearly all, of what might be said, to show the justice, the utility, or the necessity, for perfect freedom in the matters of money and international trade. To pursue these topics further would exclude other matters of great importance, as showing how the government acts the part of robber and tyrant in all its legislation on contracts; and that the whole purpose of all its acts is that the earnings of the many may be put into the pockets of the few.