Liberty and Aggression [Liberty, February 2, 1889.] My dear Mr. Tucker:(19 ¶ 1) Liberty has done me a great service in carrying me from the metaphysical speculations in which I was formerly interested into a vein of practical thought which is more than a mere overflow of humanitarianism; which is as closely logical and strictly scientific as any other practical investigation. In spite of certain small criticisms which it would be petty to dwell upon, it is the most advanced and most intellectual paper that I have seen. I esteem it most highly.(19 ¶ 2) The particular matter upon which we have exchanged letters—...
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.)