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 THE WORKS OF P. J. PROUDHON VOLUME IV. SYSTEM OF ECONOMICAL CONTRADICTIONS. I. Published and Sold by BENJAMIN R. TUCKER, BOSTON, MASS. 1888 SYSTEM OF ECONOMICAL CONTRADICTIONS OR, THE PHILOSOPHY OF MISERY. BY P. J. PROUDHON Destruam et ædificabo. Deuteronomy: c. 32. VOLUME FIRST. TRANSLATED FROM THE FRENCH BY BENJAMIN R. TUCKER Published and Sold by BENJAMIN R. TUCKER, BOSTON, MASS. 1888 University Press: JOHN WILSON AND SON, CAMBRIDGE CONTENTS. INTRODUCTION. . . . . . . . . . . . . . . . . . . 1 CHAPTER I. OF THE ECONOMIC SCIENCE . . . . .