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.)
Proudhon, Pierre Joseph. System of Economical Contradictions: or, the Philosophy of Misery Electronic Text Center, University of Virginia Library 2. -- Impotence of palliatives. -- MM. Blanqui, Chevalier, Dunoyer, Rossi, and Passy. All the remedies proposed for the fatal effects of parcellaire division may be reduced to two, which really are but one, the second being the inversion of the first: to raise the mental and moral condition of the workingman by increasing his comfort and dignity; or else, to prepare the way for his future emancipation and happiness by instruction. We will examine successively these two systems, one of which is represented by M. Blanqui, the other by M. Chevalier. M. Blanqui is a friend of association and progress, a writer of democratic tendencies, a professor who has a place in the hearts of the proletariat. In his opening discourse of the year 1845, M...