"So you think that money is the root of all evil?" said Francisco d'Anconia. "Have you
ever asked what is the root of money? Money is a tool of exchange, which can't exist
unless there are goods produced and men able to produce them. Money is the material
shape of the principle that men who wish to deal with one another must deal by trade and
give value for value. Money is not the tool of the moochers, who claim your product by
tears, or of the looters, who take it from you by force. Money is made possible only by
the men who produce. Is this what you consider evil?
"When you accept money in payment for your effort, you do so only on the conviction
that you will exchange it for the product of the effort of others. It is not the moochers or
the looters who give value to money. Not an ocean of tears not all the guns in the world
can transform those pieces of paper in your wallet into the bread you will need to survive
tomorrow. Those pieces of paper, which should have been gold, are a token of honor--
your claim upon the energy of the men who produce. Your wallet is your statement of
hope that somewhere in the world around you there are men who will not default on that
moral principle which is the root of money, Is this what you consider evil?
"Have you ever looked for the root of production? Take a look at an electric generator
and dare tell yourself that it was created by the muscular effort of unthinking brutes. Try
to grow a seed of wheat without the knowledge left to you by men who had to discover it
for the first time. Try to obtain your food by means of nothing but physical motions--and
you'll learn that man's mind is the root of all the goods produced and of all the wealth that
has ever existed on earth.
"But you say that money is made by the strong at the expense of the weak? What strength
do you mean? It is not the strength of guns or muscles. Wealth is the product of man's
capacity to think. Then is money made by the man who invents a motor at the expense of
those who did not invent it? Is money made by the intelligent at the expense of the fools?
By the able at the expense of the incompetent? By the ambitious at the expense of the
lazy? Money is made--before it can be looted or mooched--made by the effort of every
honest man, each to the extent of his ability. An honest man is one who knows that he
can't consume more than he has produced.'
"To trade by means of money is the code of the men of good will. Money rests on the
axiom that every man is the owner of his mind and his effort. Money allows no power to
prescribe the value of your effort except the voluntary choice of the man who is willing to
trade you his effort in return. Money permits you to obtain for your goods and your labor
that which they are worth to the men who buy them, but no more. Money permits no
deals except those to mutual benefit by the unforced judgment of the traders. Money
demands of you the recognition that men must work for their own benefit, not for their
own injury, for their gain, not their loss--the recognition that they are not beasts of
burden, born to carry the weight of your misery--that you must offer them values, not
wounds--that the common bond among men is not the exchange of suffering, but the
exchange of goods. Money demands that you sell, not your weakness to men's stupidity,
but your talent to their reason; it demands that you buy, not the shoddiest they offer, but
the best that your money can find. And when men live by trade--with reason, not force, as
their final arbiter--it is the best product that wins, the best performance, the man of best
judgment and highest ability--and the degree of a man's productiveness is the degree of
his reward. This is the code of existence whose tool and symbol is money. Is this what
you consider evil?
"But money is only a tool. It will take you wherever you wish, but it will not replace you
as the driver. It will give you the means for the satisfaction of your desires, but it will not
provide you with desires. Money is the scourge of the men who attempt to reverse the
law of causality--the men who seek to replace the mind by seizing the products of the
mind.
"Money will not purchase happiness for the man who has no concept of what he wants:
money will not give him a code of values, if he's evaded the knowledge of what to value,
and it will not provide him with a purpose, if he's evaded the choice of what to seek.
Money will not buy intelligence for the fool, or admiration for the coward, or respect for
the incompetent. The man who attempts to purchase the brains of his superiors to serve
him, with his money replacing his judgment, ends up by becoming the victim of his
inferiors. The men of intelligence desert him, but the cheats and the frauds come flocking
to him, drawn by a law which he has not discovered: that no man may be smaller than his
money. Is this the reason why you call it evil?
"Only the man who does not need it, is fit to inherit wealth--the man who would make his
own fortune no matter where he started. If an heir is equal to his money, it serves him; if
not, it destroys him. But you look on and you cry that money corrupted him. Did it? Or
did he corrupt his money? Do not envy a worthless heir; his wealth is not yours and you
would have done no better with it. Do not think that it should have been distributed
among you; loading the world with fifty parasites instead of one, would not bring back
the dead virtue which was the fortune. Money is a living power that dies without its root.
Money will not serve the mind that cannot match it. Is this the reason why you call it
evil?
"Money is your means of survival. The verdict you pronounce upon the source of your
livelihood is the verdict you pronounce upon your life. If the source is corrupt, you have
damned your own existence. Did you get your money by fraud? By pandering to men's
vices or men's stupidity? By catering to fools, in the hope of getting more than your
ability deserves? By lowering your standards? By doing work you despise for purchasers
you scorn? If so, then your money will not give you a moment's or a penny's worth of
joy. Then all the things you buy will become, not a tribute to you, but a reproach; not an
achievement, but a reminder of shame. Then you'll scream that money is evil. Evil,
because it would not pinch-hit for your self-respect? Evil, because it would not let you
enjoy your depravity? Is this the root of your hatred of money?
"Money will always remain an effect and refuse to replace you as the cause. Money is the
product of virtue, but it will not give you virtue and it will not redeem your vices. Money
will not give you the unearned, neither in matter nor in spirit. Is this the root of your
hatred of money?
"Or did you say it's the love of money that's the root of all evil? To love a thing is to
know and love its nature. To love money is to know and love the fact that money is the
creation of the best power within you, and your passkey to trade your effort for the effort
of the best among men. It's the person who would sell his soul for a nickel, who is loudest
in proclaiming his hatred of money--and he has good reason to hate it. The lovers of
money are willing to work for it. They know they are able to deserve it.
"Let me give you a tip on a clue to men's characters: the man who damns money has
obtained it dishonorably; the man who respects it has earned it.
"Run for your life from any man who tells you that money is evil. That sentence is the
leper's bell of an approaching looter. So long as men live together on earth and need
means to deal with one another--their only substitute, if they abandon money, is the
muzzle of a gun.
"But money demands of you the highest virtues, if you wish to make it or to keep it. Men
who have no courage, pride or self-esteem, men who have no moral sense of their right to
their money and are not willing to defend it as they defend their life, men who apologize
for being rich--will not remain rich for long. They are the natural bait for the swarms of
looters that stay under rocks for centuries, but come crawling out at the first smell of a
man who begs to be forgiven for the guilt of owning wealth. They will hasten to relieve
him of the guilt--and of his life, as he deserves.
"Then you will see the rise of the men of the double standard--the men who live by force,
yet count on those who live by trade to create the value of their looted money--the men
who are the hitchhikers of virtue. In a moral society, these are the criminals, and the
statutes are written to protect you against them. But when a society establishes criminalsby-right
and looters-by-law--men who use force to seize the wealth of disarmed victims--
then money becomes its creators' avenger. Such looters believe it safe to rob defenseless
men, once they've passed a law to disarm them. But their loot becomes the magnet for
other looters, who get it from them as they got it. Then the race goes, not to the ablest at
production, but to those most ruthless at brutality. When force is the standard, the
murderer wins over the pickpocket. And then that society vanishes, in a spread of ruins
and slaughter.
"Do you wish to know whether that day is coming? Watch money. Money is the
barometer of a society's virtue. When you see that trading is done, not by consent, but by
compulsion--when you see that in order to produce, you need to obtain permission from
men who produce nothing--when you see that money is flowing to those who deal, not in
goods, but in favors--when you see that men get richer by graft and by pull than by work,
and your laws don't protect you against them, but protect them against you--when you see
corruption being rewarded and honesty becoming a self-sacrifice--you may know that
your society is doomed. Money is so noble a medium that is does not compete with guns
and it does not make terms with brutality. It will not permit a country to survive as halfproperty,
half-loot.
"Whenever destroyers appear among men, they start by destroying money, for money is
men's protection and the base of a moral existence. Destroyers seize gold and leave to its
owners a counterfeit pile of paper. This kills all objective standards and delivers men into
the arbitrary power of an arbitrary setter of values. Gold was an objective value, an
equivalent of wealth produced. Paper is a mortgage on wealth that does not exist, backed
by a gun aimed at those who are expected to produce it. Paper is a check drawn by legal
looters upon an account which is not theirs: upon the virtue of the victims. Watch for the
day when it bounces, marked, 'Account overdrawn.'
"When you have made evil the means of survival, do not expect men to remain good. Do
not expect them to stay moral and lose their lives for the purpose of becoming the fodder
of the immoral. Do not expect them to produce, when production is punished and looting
rewarded. Do not ask, 'Who is destroying the world? You are.
"You stand in the midst of the greatest achievements of the greatest productive
civilization and you wonder why it's crumbling around you, while you're damning its lifeblood--money.
You look upon money as the savages did before you, and you wonder
why the jungle is creeping back to the edge of your cities. Throughout men's history,
money was always seized by looters of one brand or another, whose names changed, but
whose method remained the same: to seize wealth by force and to keep the producers
bound, demeaned, defamed, deprived of honor. That phrase about the evil of money,
which you mouth with such righteous recklessness, comes from a time when wealth was
produced by the labor of slaves--slaves who repeated the motions once discovered by
somebody's mind and left unimproved for centuries. So long as production was ruled by
force, and wealth was obtained by conquest, there was little to conquer, Yet through all
the centuries of stagnation and starvation, men exalted the looters, as aristocrats of the
sword, as aristocrats of birth, as aristocrats of the bureau, and despised the producers, as
slaves, as traders, as shopkeepers--as industrialists.
"To the glory of mankind, there was, for the first and only time in history, a country of
money--and I have no higher, more reverent tribute to pay to America, for this means: a
country of reason, justice, freedom, production, achievement. For the first time, man's
mind and money were set free, and there were no fortunes-by-conquest, but only
fortunes-by-work, and instead of swordsmen and slaves, there appeared the real maker of
wealth, the greatest worker, the highest type of human being--the self-made man--the
American industrialist.
"If you ask me to name the proudest distinction of Americans, I would choose--because it
contains all the others--the fact that they were the people who created the phrase 'to make
money.' No other language or nation had ever used these words before; men had always
thought of wealth as a static quantity--to be seized, begged, inherited, shared, looted or
obtained as a favor. Americans were the first to understand that wealth has to be created.
The words 'to make money' hold the essence of human morality.
"Yet these were the words for which Americans were denounced by the rotted cultures of
the looters' continents. Now the looters' credo has brought you to regard your proudest
achievements as a hallmark of shame, your prosperity as guilt, your greatest men, the
industrialists, as blackguards, and your magnificent factories as the product and property
of muscular labor, the labor of whip-driven slaves, like the pyramids of Egypt. The rotter
who simpers that he sees no difference between the power of the dollar and the power of
the whip, ought to learn the difference on his own hide-- as, I think, he will.
"Until and unless you discover that money is the root of all good, you ask for your own
destruction. When money ceases to be the tool by which men deal with one another, then
men become the tools of men. Blood, whips and guns--or dollars. Take your choice--
there is no other--and your time is running out."
