Government and Value Excerpted from the book; Individual Liberty: Selections From the Writings of Benjamin R. Tucker Vanguard Press, New York, 1926 Kraus Reprint Co., Millwood, NY, 1973. In a letter to the London Herald of Anarchy, Mr. J. Greevz Fisher asserts that "government does not, and never can, fix the value of gold or any other commodity," and cannot even affect such value except by the slight additional demand which it creates as a consumer. It is true that government cannot fix the value of a commodity, because its influence is but one of several factors that combine to govern value. But its power to affect value is out of all proportion to the extent of its consumption. Government's consumption of commodities is an almost infinitesimal influence upon value in comparison with its prohibitory power. One of the chief factors in the constitution of va...
To-day’s View of Interest. [Liberty, July 26, 1890.] When I saw the word Interest at the top of an article in a recent issue of To-day, I said to myself: This looks promising; either the editor of To-day is about to remove the basis (so far as his paper is concerned) of Mr. Yarros’s vigorous criticism upon journals of its class that they fail of influence because they neglect to show that individualism will redress economic grievances, or else he has discovered some vital flaw in the Anarchist economics and is about to save us further waste of energy by showing that economic liberty will not produce the results we predict from it. Fancy my disappointment when, on reading the article, I found it made up, seven eighths, of facts an...
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 Arguments Drawn from the Operations of the Bank of France It is not true--and the facts just cited prove beyond a doubt that it is not--that the decrease of interest is proportional to the increase of capital. Between the price of merchandise and interest of capital there is not the least analogy; the laws governing their fluctuations are not the same; and all your dinning of the last six weeks in relation to capital and interest has been utterly devoid of sense. The universal custom of banks and the common sense of the people give you the lie on all these points in a most humiliat... (From : Anarchy Archives.)