A Baseless Charge. [Liberty, October 15, 1881.] My Dear Mr. Tucker:(58 ¶ 1) It is entirely immaterial in this discussion whether my position is odd or otherwise. The question at issue must be settled, if settled at all, on its own merits; and no prejudice either for or against capital can affect the argument. Let us burden it with no irrelevant matter.(58 ¶ 2) My question was simply this: Is a man who loans a plow entitled in equity to compensation for its use; and if not, why not?(58 ¶ 3) This question (I say it with all respect) you evade. But, until it is answe...
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.)