If I am not deceived, my readers must be convinced at least of one thing, that Social Truth is not to be looked for either in Utopia or in the Old Routine; that Political Economy is not the Science of Society, and yet that it contains the elements of such a science, even as chaos before creation contained the elements of the universe; and finally, that in order to arrive at the definitive organization which would appear to be the destiny of our race upon this globe, it is only necessary to make a general equation of all our contradictions. But what shall be the formula of this equation? Already we have been enabled to perceive, that it must be a Law of Exchange, a theory of Mutualism, a system of Guarantees, which dissolves the old forms of... (From : proudhonlibrary.org.)
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 Arguments Drawn from the Operations of the Bank of France It is not true--and the facts just cited prove beyond a doubt that it is not--that the decrease of interest is proportional to the increase of capital. Between the price of merchandise and interest of capital there is not the least analogy; the laws governing their fluctuations are not the same; and all your dinning of the last six weeks in relation to capital and interest has been utterly devoid of sense. The universal custom of banks and the common sense of the people give you the lie on all these points in a most humiliat... (From : Anarchy Archives.)
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.)
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 The Origin of Ground Rent I said before that in ancient times the landed proprietor, when neither he nor his family farmed his land, as was the case among the Romans in the early days of the Republic, cultivated it through his slaves: such was the general practice of patrician families. Then slavery and the soil were chained together; the farmer was called adscrpitus gleboe, joined to the land; property in men and things was undivided. The price of a farm depended upon its area and quality of its soil, upon the quantity of stock, and upon the number of slaves. When the emancipation... (From : Anarchy Archives.)
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 The Circulation of Capital, Not Capital Itself, Gives Birth to Progress Thus it is with interest on capital, legitimate when a loan was a service rendered by citizen to citizen, but which ceases to be so when society has acquired the power to organize credit gratuitously for everybody. This interest, I say, is contradictory in its nature, in that, on the one hand, the service rendered by the lender is entitled to remuneration, and that, on the other, all wages suppose either a production or a sacrifice, which is not the case with a loan. The revolution which is effected in the legi... (From : Anarchy Archives.)
Lysander Spooner, Poverty: Its Illegal Causes and Legal Cures. Boston: Bela Marsh, No. 25 Cornhill. 1846. CHAPTER 1: ILLEGAL CAUSES OF POVERTY The existing poverty would be rapidly removed, and future poverty almost entirely prevented, a more equal distribution of property than now exists accomplished, and the aggregate wealth of society greatly increased, if the principles of natural law, and of our national and state constitutions generally, were adhered to by the judiciary in their decisions in regard to contracts. These principles are violated by the judiciary in various ways, to wit: 1. In a manner to uphold arbitrary and unconstitutional statutes against freedom in banking, and freedom in the rate of interest; thus denying the natural and constitutional right of the people to make two classes of contracts, which will...
THOMAS DREW vs. JOHN M. CLARK. ARGUMENT FOR PETITIONER. Lysander Spooner The alleged contempt for which the petitioner was condemned consisted in his refusal to be sworn before a committee of the legislature; not in his refusal to answer questions after he had been sworn, but in his refusal to be sworn. His objection to being sworn did not arise from any conscientious scruples as to taking an oath; nor from any fear of criminating himself; nor from any objection whatever to testifying before a committee of the legislature; nor from any objection to testifying in regard to any subject-matter whatever which the legislature has authority to investigate by compulsory testimony. He concedes fully that, if anybody could be compelled to be sworn i... (From : Anarchy Archives.)
I. INDUSTRIAL COMPETITION In 1883, when England, Germany, Austria, and Romania, taking advantage of the isolation of France, leagued themselves against Russia, and a terrible European war was about to blaze forth, we pointed out in the Révolté what were the real motives for rivalry among States and the wars resulting therefrom. The reason for modern war is always the competition for markets and the right to exploit nations backward in industry. In Europe we no longer fight for the honor of kings. Armies are pitted against each other that the revenues of Messrs. Almighty Rothschild, of Schneider, of the Most Worshipful Company of Anzin, or of the most Holy Catholic Bank of Rome may remain unimpaired. Kings are no longer of any ... (From : Anarchy Archives.)