A Libertarian’s Pet Despotisms. [Liberty, January 1, 1887.] There is nothing any better than Liberty and nothing any worse than despotism, be it the theological despotism of the skies, the theocratic despotism of kings, or the democratic despotism of majorities; and the labor reformer who starts out to combat the despotism of capital with other despotism no better lacks the only power to be worse than the foe he encounters. These are the words of my brother Pinney of the Winsted Press, Protectionist and Greenbacker,—that is, a man who combats the despotism of capital with that despotism which denies the liberty to buy foreign goods untaxed and that despotism which denies the liberty to issue notes to circulate as currency. Mr. Pinney is driven into...
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.)