The Position of William. [Liberty, October 13, 1888.] John Ruskin, in the first of his Fors Clavigera series of letters to British workmen, opened what he had to say about interest by picturing what he called the position of William. Bastiat, the French economist, had tried to show the nature of capital and interest by a little story, in which a carpenter named James made a plane in order to increase his productive power, but, having made it, was induced by a fellow-carpenter named William to lend it to him for a year in consideration of receiving a new plank at the end of that time besides a plank for the use of it. Having fulfilled these conditions at the end of the first year, William borrowed the plane again on the same terms at...
An Inquiry into the Principle of Right and of GovernmentP. J. Proudhon: His Life and His Works. The correspondence of P. J. Proudhon, the first volumes of which we publish to-day, has been collected since his death by the faithful and intelligent labors of his daughter, aided by a few friends. It was incomplete when submitted to Sainte Beuve, but the portion with which the illustrious academician became acquainted was sufficient to allow him to estimate it as a whole with that soundness of judgment which characterized him as a literary critic. In an important work, which his habitual readers certainly have not forgotten, although death did not allow him to finish it, Sainte Beuve thus judges the correspondence of the great publicist: — “The letters of Proudhon, even outside the circle of his particular friends, will always be of value; we can always learn something from them, and here is the proper place to determine the general character of his correspondence. “It has alway...