The Freeman 1972 - The Ludwig von Mises Institute

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544 THE FREEMAN Septembermonetary purposes, however, nodesignation of value would reallybe necessary, since gold coinsneed no legal tender status towork well, both as a medium ofexchange and as a store of value.The lessons of monetary historyare clear. Without the resumptionof gold coinage or at least a freecommerce in all of the preciousmetals, including especially gold,inflation will go on and on and on.Even just the tolerance of a freegold market would inhibit inflationby providing a constant gaugeof the value of other monetarymedia.Those being hurt by inflationshould bear the following in mind:The reason that governments 'witha redistributive economic philosophyfrown on gold coins is becauseof the fact that inflation isa big aid if not, indeed, an ·essentialfactor in the redistributiveprocess. If those persons' ingovernment circles who are talkingabout "fighting inflation" were atall sincere, they would immediatelyremove all restrictions on themining and monetary use of goldand resume a govern'mental functionwhich had been taken forgranted for literally thousands ofyears in western thought, thestriking of gold coins with anestablished weight and fineness.Those being hurt by inflationhave a powerful weapon at theirdisposal if they would only realizeit and act accordingly. They couldrefuse to buy all bonds, public or. private, that did not contain goldclauses. While it is true that goldobligations have been repudiatedin the past,10 the constant demandfor gold obligations would undoubtedlyhave an influence onnational monetary policies. Restorationof the right to own goldand make contracts in terms ofgold would be a major step towardrestoration of the basic principleof economic freedom, a freedomno less sacred than other freedoms.The restoration of our traditionalrights with regard togold should be vigorously supportedby all those who prizeeconomic freedom and abhor theemptiness, stagnation, decay andoppression of the omnipotent socialisticstate. ~10 But not without a loss of face. Therefusal of the United States to redeemgold bonds after 1934 was perhaps thegreatest breach of faith that had beencommitted by it as of then. The exactwording of these bonds is significant. Goldbonds dated May 9, 1918, for example,contain the following clause: "The principaland interest hereof are payable inUnited States gold coin of the presentstandard of value." Although the bankruptcyof an individual may be, in a technicallegalsense, different from the bankruptcyof a nation, the failure to redeemnational obligations in precious metalshas always been an act parallel to thebankruptcy or dishonesty of an individual.
STANLEY Y ANKUSCAU,SEANDEFFECTIN ANY specific community duringany specific period of time, theweather, the water supply, theschools, the customs, the language,the government, and various otherenvironmental factors are nearlyidentical for all persons. In suchsimilar influences and surroundingsit would be reasonable to expectthe lives of the people to beas similar as sardines. But theyare not. It is easy to observe thatthe lives of some men and womenare marred by hatred, scorn, envy,fights, and even murder whileothers live quiet, respectful, honorable,peaceful lives in the samevicinity.This startlin,g contrast makesit evident that some individualsare able to achieve a high degreeof self-improvement while othershave little success.Mr. Yankus moved to Australia from Michiganin protest against government intervention inagriculture, but knows that it is not a sufficientpurpose for his life.The men and women who usuallyfail in their self-improvement seeno rhyme or reason in the eventsthat take place in their lives. Asthey see it, life is a series ofgambles. If something goes wrong,it was an accident; if somethingturns out all right, it was pureluck.Those who are successful intheir self-improvement havelearned that opportunities are aproduct of cause and effectchanceplays no part. Favorableopportunities are produced by theuse of good methods and hardwork.Cause and effect run throughthe entire gamut of human experiences,from one's smallestpleasure to his biggest problem.In order to find the happiness weseek in life, it is beneficial to understandthe role of cause and effect.It is my purpose to examinethe relationship between cause andeffect, self-improvement and free-545
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FreemantheVOL. 22, NO.1. JANUARY 19
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'10PAUL L. POIROTSellers BewareA PL
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ECONOMICS:A BranchofMoralPhilosophy
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28MORALITYandCONTROLSMILTON FRIEDMA
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CLARENCE B. CARSONTHEFOUNDINGOFTHEA
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44 THE FREEMAN Januarymestic cider
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50 THE FREEMAN JanuaryDutch Wa.r...
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tt1eFreemanA ·MONTHLY JOURNAL OF I
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ON RE-READINGRAY L. COLVARDTHE STOR
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)WE-kL-T-H? •HENRY HAZLITTFROM TI
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tileFreemanAMONTHLY JOURNAL OF IDEA
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DIGGINGROBERT W. DEMERSI FIRST MET
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ONAPPEASINGHENRY HAZLITTANY ATTEMPT
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144 THE FREEMAN Marchafter World Wa
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150 THE FREEMAN MarchThe Quartering
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156 THE FREEMAN Marcha change in Br
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Who is theMARC!LR ODUCER?w. A. PATO
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RON HEINERFROM TIME IMMEMORIAL, thi
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GARY NORTHntity ofato . An unSta~
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170 THE FREEMAN Marchfiscal policY,
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172 THE FREEMAN MarchLenin said, tr
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174 THE FREEMAN MarchProfessor Mise
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A REVIEWER'S NOTEBOOKJOHN CHAMBERLA
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tileFreemanA MONTHLY JOURNAL OF IDE
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SYLVESTER PETROSYNDROMENATURE goes
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218 THE FREEMAN Aprilin reality _as
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222 THE FREEMAN Aprilnamely, money,
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The~allooningWelfare StateHENRY HAZ
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228 THE FREEMAN AprilThe Social Sec
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A REVIEWER'S NOTEBOOK JOHN CHAMBERL
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tt1eFreemanA MONTHLY JOURNAL OF IDE
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266 THE FREEMAN May1960, to 9,540,0
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The Causes ofHANS F. SENNHOLZIT IS
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A REVIEWER'S NOTEBOOK JOHN CHAMBERL
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ndPropertyOSCAR W. COOLEYIN ALL THE
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372BLOODfromTURNIPSTERRILL 1. ELNIF
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AREVIEWER'S NOTEBOOKJOHN CHAMBERLAI
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406 THE FREEMAN Julydiscrete prices
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ThePineIreeShillingKEVIN CULLINANEB
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436 THE FREEMAN JulyAn Honest Assay
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444A REVIEWER'S NOTEBOOK JOHN CHAMB
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ENERGY:JAMES WEIJames Wei assumed T
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492 THE FREEMAN Augustage of tanker
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5°AboveZeroW. A. PATONTHE CITY GOV
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616CLARENCE B. CARSONTHEFOUNDINGOFT
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oturoightf RONALDCOONEYTHE CONCEPT
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632LEONARDFRANCKOWIAKIN THE SOCIETI
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636 THE FREEMAN Octobererators woul
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.652LEONARD E. READr~~'-'~'-"-'lIll
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656 THE FREEMAN Novemberas domineer
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662 THE FREEMAN Novemberstandard -
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The American EconomyIHANS F. SENNHO
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PAUL L. POIROTA PECULIAR tendency o
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I Visit aManagedSocietyORIEN JOHNSO
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700A REVIEWER'S NOTEBOOKJOHN CHAMBE
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718EDMUND A. OPITZas to make us Ilu
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724 THE FREEMAN Decemberhas taught
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726 THE FREEMAN Decemberto improve
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728 THE FREEMAN Decemberchoose amon
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730 THE FREEMAN DecemberWelfare Cos
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732 THE FREEMAN Decemberand more st
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736 THE FREEMAN Decemberreason. He
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738 THE FREEMAN Decemberbe done. Th
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740 THE FREEMAN Decembering to the
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742 THE FREEMAN Decemberact can onl
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744 THE FREEMAN DecemberCurbing the
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746 THE FREEMAN DecemberThe Constit
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748 THE FREEMAN Decemberperfectly s
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750 THE FREEMAN Decembernot an evil
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752 THE FREEMAN Decembeorand ineffi
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754 THE FREEMAN DecemberRockefeller
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756 THE FREEMAN Decembertion on cur
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758 THE FREEMAN Decemberedies based
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760 THE FREEMAN DecemberMarshall to
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762 THE FREEMAN DecemberCAPITAL, ca
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764 THE FREEMAN DecemberNature of m
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766 THE FREEMAN DecemberOSTERFELD,
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768 THE FREEMAN DecemberWEI, JamesE
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The Freeman 1972 - The Ludwig von Mises Institute

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