Mr. Blodgett’s Explanation [Liberty, Aug. 4, 1888.] To the Editor of Liberty:(17 ¶ 1) I was honest in the questions I asked concerning the foundation on which Anarchism is aiming to build. I had thought considerably on the matter, and read in Liberty as it came in my way, and while the ideal was fair to look upon, it seemed to me one must have a loose method of reasoning to suppose its practical realization possible. I also found that those of my acquaintance who favored the idea reasoned from the standpoint of an imaginary, instead of a real, humanity, which left their arguments on the subject of no practical value.(17 ¶ 2)...
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.)