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 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.)