These letters, addressed to Frederic Bastiat, an economist, originally appeared in a debate published in The Voice of the People, in 1849. Interest and Principal The Circulation of Capital, Not Capital Itself, Gives Birth to Progress Thus it is with interest on capital, legitimate when a loan was a service rendered by citizen to citizen, but which ceases to be so when society has acquired the power to organize credit gratuitously for everybody. This interest, I say, is contradictory in its nature, in that, on the one hand, the service rendered by the lender is entitled to remuneration, and that, on the other, all wages suppose either a production or a sacrifice, which is not the case with a loan. The revolution which is effected in the legi... (From : Anarchy Archives.)
My western friend who runs a prosperous stove-factory has been finding fault with my insistent use of the word exploitation. My outlook on life is not sufficiently cheerful, and I am inclined to see malevolence where everything is, as they say at college, healthy, hearty, and happy. Our quarrel rose over the Mesaba strike, and my acceptance of an I. W. W. pamphlet as a plausible account of what was going on there. The accounts of the insecurity of pay, the petty robberies, the reeking houses, the bigoted opposition to labor organization, seemed to me to smell of truth, because I had read the maddening tales of Colorado and West Virginia, and seen with my own eyes in Scranton and Gary and Pittsburgh the way workers live, not in crises of ind... (From : fair-use.org.)