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afraid to squarely enunciate it as a proposition,—that where there is no monopoly there will be little or no interest. Which is precisely our contention. But why, then, his long article? If interest will disappear with monopoly, what will become of Hodge's reward for his time? If, on the other hand, Hodge is to be rewarded for his mere time, what will reward him save Podge's labor? There is no escape from this dilemma. The proposition that the man who for time spent in idleness receives the product of time employed in labor is a parasite up on the body industrial is one which an expert necromancer like Mr. George may juggle with before an audience of gaping Hodges and Podges, but can never successfully dispute with men who understand the rudiments of political economy.




[Liberty, October 18, 1890.]

Auberon Herbert, in his paper, Free Life, asks me how I "justify a campaign against the right of men to lend and to borrow." I answer that I do not justify such a campaign, have never attempted to justify such a campaign, do not advocate such a campaign, in fact am ardently opposed to such a campaign. In turn, I ask Mr. Herbert how he justifies his apparent attribution to me of a wish to see such a campaign instituted.

It is true that I expect lending and borrowing to disappear, but not by any denial of the right to lend and borrow. On the contrary, I expect them to disappear by virtue of the affirmation and exercise of a right that is now denied,—namely, the right to use one's own credit, or to exchange it freely for another's, in such a way that one or the other of these credits may perform the function of a circulating medium, without the payment of any tax for the privilege. It has been repeatedly demonstrated in these columns that the exercise of such a right would accomplish the gradual extinction of interest without the aid of force, and the nature of this economic process has been described over and over again. This demonstration Mr. Herbert steadily ignores, and the position itself he never meets save by a sweeping denial, or by characterizing it as unphilosophical, or by substituting for it a man of straw of his own creation and then knocking it down.