Emil Lederer · 1920
This recorded commission speaking turn consists of a single corrective distinction. Lederer rejects the characterization of the instrument under discussion as money:
Das ist kein Geld, sondern eine Obligation.
English translation: That is not money, but a bond.
His intervention distinguishes money from a debt security, making classification its entire argumentative move. The supplied text does not identify the instrument or explain the distinction’s consequences for coal mining policy; it supports no reconstruction of a broader position.
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