PREFACE Perhaps the argument most frequently used by conservative believers in the convenient doctrine of leaving things as they are against those engaged in reformatory efforts of a more or less radical nature is that the "spirit and genius of American institutions" do not admit of the assimilation or acceptance of the proposed innovations. Were one to trust them, the "American institutions" are something so clearly defined, finished, and powerful as to absolutely render it impossible for any inconsistent and discordant element to maintain a vigorous existence within the charmed circle which affords chances of life only to what necessarily and logically flows as a consequence from the fundamental principles supporting the peculiar civilization of this "best government on the face of the earth." We are asked to look upon all that "is," if not as unqualifiedly right and perfect, then as relatively so in the sense of its being the unavoidable outcome of primary conditions.
Money and Capital. [Liberty, December 1, 1888.] To the Editor of Liberty:(68 ¶ 1) I have read attentively Mr. Westrup’s farther statement on mutual banking, but fail to see wherein he touches what is to my mind the vital point. He says that the system would not be making use of capital that belonged to some one else. Then I cannot see how it would answer its purpose. The bank itself has no capital save the pledges advanced by borrowers, and if they take out no more than they put in, they make no gain, but are merely to the expense of the transaction. On the other hand, if they do take out more, some one else must have put it in. They do not increase their wealth by using their own pro...