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MONEY AND INTEREST.

of accorded guarantee. Mr. Herbert, knowing that I am an Egoist, must be perfectly aware that it would be impossible for me to enter upon a moral campaign against any special right in the sense of irresponsible prerogative, for it is the Egoistic position either that no one has any rights whatever or—what amounts to the same thing—that every one has all rights. But it would be equally impossible for me to enter upon a moral campaign against a right in the sense of accorded guarantee, unless it were a case where I should consider myself justified, if it seemed expedient, in turning that moral campaign into a force campaign. For I could have no objection to any accorded guarantee save on the ground that the thing guaranteed was a privilege of invasion, and against invasion I am willing to use any weapons that will accomplish its destruction, preferring moral weapons in all cases where they are effective, but willing to resort to those of physical force whenever necessary. So Mr. Herbert is now duly cautioned not to charge me with maintaining, against any right whatever, a campaign which anything but expediency makes exclusively moral.

To go now from the general to the particular. I could not engage in any sort of campaign against the right to lend and borrow, because I do not consider that right a privilege of invasion. If, however, lending and borrowing should disappear in consequence of the overthrow of that form of invasion which consists of the monopoly of the right to issue notes as currency, that is not my affair.

It is the contention of the Anarchists that lending and borrowing, and consequently interest, will virtually disappear when banking is made free. Mr. Herbert's only answer to this is that he considers interest moral and useful. Does he mean by this that that is moral and useful which will disappear under free competition? Then why does he favor free competition? Or does he deny that interest will so disappear? Then let him disprove the Anarchists' definite and succinct argument that it will. In my last article, to which his present article is a reply, I strongly invited him to do this, but as usual he ignores the invitation. Nevertheless he and all his Individualistic friends will have to meet us on that issue sooner or later, and he may as well face the music at once.

Now, a word about rent. It is true that Anarchists, including sober-minded Liberty, do, in a sense, propose to get rid of ground-rent by force. That is to say, if landlords should try to evict occupants, the Anarchists advise the occupants to combine to maintain their ground by force whenever they see

that they can do so successfully. But it is also true that the