Free Banking Excerpted from the book; Individual Liberty Selections From the Writings of Benjamin R. Tucker Vanguard Press, New York, 1926 Kraus Reprint Co., Millwood, NY, 1973. In 1889, Mr. Hugo Bilgram first published his "Involuntary Idleness," which Mr. Tucker characterized as the most important book of the generation. But, while admiring the author's examination of the relation between unemployment and interest on money, and while agreeing with his conclusion that "an expansion of the volume of money, by extending the issue of credit money, will prevent business stagnation and involuntary idleness," the editor of Liberty had one substantial disagreement with Mr. Bilgram, which he stated thus: When Mr. Bilgram proposes that the government shall carry on (and presumably monopolize, though this is not clearly stated) the business of issui...
Free Trade in Banking. [Liberty, July 11, 1891.] To the Editor of Liberty:(73 ¶ 1) It is much to be regretted when Liberty is wounded in the house of her friends. This is caused by those who regard liberty as a panacea for every ill, or perhaps it would be better to say who regard the inevitable vicissitudes and inequalities of life as evil. There is no more philosophical reason for believing that all men can be equal, rich, and happy than for believing that all animals can be equal, including, of course, that they should all be equal to men.(73 ¶ 2) Freedom is exceeding fair. It is by far the most excellent way. Under li...