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wrong?) that I had seen both interest and rent denounced in Liberty as objectionable and opposed to the interests of society. It was to this I was referring as a moral campaign. My own position is that interest is both moral and useful, and often more than anything else a chance of a better future to workmen. If workmen would give up punching the head of capital, and, instead of that little amusement, resolutely combine for the purpose of investing in industrial concerns, so as gradually to become the part-owner of the industrial machinery of the country, whilst they no longer remained wholly dependent upon wages, but partly upon wages, partly upon the return 'of invested money, I believe the great problem of our time would be approaching its solution.

As regards rent, I think that all Anarchists, including even sober-minded Liberty, use force to get rid of it. The doctrine of use-possession seems almost framed for this purpose. Even if it suits certain persons to sell me a hundred acres, and it suits me to buy it, and it suits other people to rent it from me,—as I understand. Liberty would not sanction the proceeding. We are all of us, in fact, to be treated as children, who don't know our own interests, and for whom somebody else is to judge. You may reply that under the Anarchist system no action would be taken to prevent such an arrangement; only that no action would be taken to prevent the tenants from establishing themselves as proprietors and ignoring their rent owed to me. Good; but then how do you justify the fact that there is a proposed machinery (local juries, etc.) to secure the possessor who holds under use-possession in his holding and to prevent his disturbance by somebody else? Put these two opposed treatments together, and it means to say that a certain body of men have settled for others a form in which they may hold property, and a form in which they may not. The desires and the conveniences of the persons themselves are set aside, and, as in old forms of government, a principle representing centralization and socialistic regulation obtains. Is this Anarchy?

Auberon Herbert.

Mr. Herbert's disclaimer is of course sufficient to establish the fact that he did not mean to charge me with an attempt to prohibit lending and borrowing. But I must remind him that the charge which he made against me he made also at the same time against his correspondent, Mr. J. Armsden; that Mr. Armsden interpreted it as I did and protested against its application to himself (though gratuitously allowing that it was justly applicable to me); and that Mr. Herbert made rejoinder, if my memory serves me, that he had misunderstood Mr. Armsden. Now, I cannot see why Mr. Herbert should not admit in the same unqualified way that he misunderstood me, instead of suggesting that I misunderstood him. But this is of little consequence; I am satisfied to call it a case of mutual misunderstanding.

To avoid such misunderstanding in future, however, is of real importance; and to that end I must further remind Mr. Herbert that, when I use the word right, I do so in one of two senses, which the context generally determines,—either in the

moral sense of irresponsible prerogative, or in the social sense