Mr. Perrine’s Difficulties [Liberty, July 16, 1887.] To the Editor of Liberty:(10 ¶ 1) I suppose I should feel completely swamped by the great waves of satire which have rolled over my head from all directions but the front.(10 ¶ 2) Still I feel able to lift my hand, and make the motion of scissors.(10 ¶ 3) I have had the fallacy of a part of my argument so clearly pointed out to me by another than Liberty that I did not think it would be necessary for its editor to go so far around my position as to deny the sanctity of contract in order...
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 A Loan is a Service On the one hand, it is very true, as you have unquestionably established, that a loan is a service. And as every service has a value, and, in consequence, is entitled by its nature to a reward, it follows that a loan ought to have its price, or, to use the technical phrase, ought to bear interest. But it is also true, and this truth is consistent with the preceding one, that he who tends, under the ordinary conditions of the professional lender, does not deprive himself, as you phrase it, of the capital which be lends. He lends it, on the contrary, precisely bec... (From : Anarchy Archives.)