Defensive Despotism. [Liberty, January 22, 1887.] Mr. Pinney, editor of an exceedingly bright paper, the Winsted Press, recently combated prohibition in the name of Liberty. Thereupon I showed him that his argument was equally good against his own advocacy of a tariff on imports and an exclusive government currency. Carefully avoiding any allusion to the analogy, Mr. Pinney now rejoins: In brief, we are despotic because we believe it our right to defend ourselves from foreign invaders on the one side and wild-cat swindlers on the other. Yes, just as despotic as the prohibitionists who believe it is their right to defend themselves from drunkards and rumsellers. In another column of the same issue of the Press I find a reference to a logical Pro...
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.)