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...
Still in the Procrustean Bed. [Liberty, February 12, 1887.] Continuing his controversy with me regarding the logic of the principle of liberty, Mr. Pinney of the Winsted Press says:(31 ¶ 1) There is no analogy between prohibition and the tariff; the tariff prohibits no man from indulging his desire to trade where he pleases. It is simply a tax. It is slightly analogous to a license tax for the privilege of selling liquor in a given territory, but prohibition, in theory if not in practice, is an entirely different matter.(31 ¶ 2) This is a distinction without a difference. The so-called prohibitory liquor la...
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.)