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.)
Proudhon, Pierre Joseph. System of Economical Contradictions: or, the Philosophy of Misery Electronic Text Center, University of Virginia Library III. It remains for me to tell why, in a work on political economy, I have felt it necessary to start with the fundamental hypothesis of all philosophy. And first, I need the hypothesis of God to establish the authority of social science. -- When the astronomer, to explain the system of the world, judging solely from appearance, supposes, with the vulgar, the sky arched, the earth flat, the sun much like a football, describing a curve in the air from east to west, he supposes the infallibility of the senses, reserving the right to rectify subsequently, after further observation, the data with which he is obliged to start. Astronomic philosophy, in fact, could not admit a priori that the senses deceive us, and that we do not see what we do see: admittin...