Attention, Apex! [Liberty, November 26, 1881.] My Dear Mr. Tucker:(60 ¶ 1) Allow me just to say that Apex is in error in supposing that he has answered my question. It appears by his own comment that his Yes means that the plow-lender is entitled to pay for the wear and tear of the plow. I asked: Is he entitled to pay for its use? I marvel that he should overlook the distinction, for I had been careful to mark it in my first statement. When the question as I put it is answered, I shall be ready to answer the other, What of it? But I am still left to the mournful impression that my question is not answered.(60 ¶ 2) Yours cordially,...
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.)