A False Idea of Freedom. [Liberty, February 26, 1887.] I must refer once more to the Winsted Press and its editor. It is lamentable to see so bright as Mr. Pinney wasting his nervous force in assaults on windmills. But it is his habit, whenever he finds it necessary or thinks it timely to say something in answer to free-money advocates, to set up a windmill, label it free money, and attack that. An instance of this occurs in a scolding article on the subject in his issue of February 17, as the following sentence shows: We had a little taste of this free currency in the days of State wildcat banking, when every little community had its State bank issues. The italics are mine,—used to emphasize the substitution of the windmill State for the gi...
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.)