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.)
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 The Origin of Ground Rent I said before that in ancient times the landed proprietor, when neither he nor his family farmed his land, as was the case among the Romans in the early days of the Republic, cultivated it through his slaves: such was the general practice of patrician families. Then slavery and the soil were chained together; the farmer was called adscrpitus gleboe, joined to the land; property in men and things was undivided. The price of a farm depended upon its area and quality of its soil, upon the quantity of stock, and upon the number of slaves. When the emancipation... (From : Anarchy Archives.)
William. Ah Jack, is that you? I’m glad to meet you. I’ve been wanting a talk with you for a long time. Oh, Jack! Jack! What have I heard about you! When you lived in the country you were a good lad, quite an example to the young fellows of your age—If your poor father were alive— Jack. William, why are you speaking to me like this? What have I done that you reproach me? And why would my poor father have been dissatisfied with me? William. Don’t be offended at my words, Jack. I am an old man and I speak for your good. And besides I was such friends with old Andrew, your father, that I am as vexed to see you go astray as though you were my own son, especially when I think of the hopes your father had of you and ... (From : TheAnarchistLibrary.org.)