===== PAGE 1 =====

SIDER |

NCC

[DEAS CN LIBERTY

DECEMBER 1956

The Miracle of the Christmas Spirit . Edmund A. Opitz 3
A Seeming Paradesx about Inflation . F. A. Harper 9
The Tight Money Delusien . . . . Anthony Reinach 14
The Great Guessing Game . . . . A. Z Nelson 16
Unearned Riches . . . . . . . Leonard E. Read 23
Ismiah’'s Job . . . . . . . . Albert J. Nock 31
The Calf-Path . . . . . . . . Sam Walter Foss 38
Why Wages Rise . .

10: Leisure and the Betier Life . . F. A. Horper 41
The Economic Foundation of Freedom Howard Buffett 49
A Reviewer's Notebook . . . . . John Chamberlain 55

Other Books . . . . . . . . 59
letters . . . . . . . . . . 62
TimeToRead . . . . . . . . Management Briefs 64
Publications . . . . . . . . 65
Index to Volume VI . . . . 75

Tel? FGUNBATION

FOR BCONCMIC EDUCATION, (NL
er

| levingron-on-rveson, Now Yeok

{



===== PAGE 2 =====

How the atom is putting new shapes on the horizon

In a few years, shapes like these on There is much still to be learned
the horizon may well be trademarks about making the atom work efficiently
of the atomic age. Trademarks of the and economically for you.

atom at peaceful work — producing
electricity for the nation’s homes,
farms, factories and businesses.

And the experience, ingenuity and
inventiveness of the independent elec.
tric companics are at work with the
Already, America’s independent elec- Atomic Energy Commission and other
tric companies are participating in industries to find the answers.

building three big commercial atomic- America’s electric light and power
electric power plants. Four more such companies have brought electricity to
plants are under way. almost every corner of the U. S. in the

All told, more than $300 million from span of a single lifetime. You can be
the electric companies will be involved, sure they will help develop the atom’s

and hundreds of electric company engi- promise so that this nation will con.
neers and scientists are pressing re- tinue to have the best and the most
search in this new field. electric service in the world.

AMERICA'S INDEPENDENT ELECTRIC LIGHT AND POWER COMPANIES*

SNames on request from this magazine


===== PAGE 3 =====

New kind of TV by Thompson
nabs crooks, may watch baby!

Electronic miracle lets
you see through walls

HERE'S a new kind of TV, a “private eye”

that catches shoplifiers red-handed . . .
telecasts line-ups of criminals from Police
Headquarters to outlying stations . . . that
does guard.duty over prison cell blocks.

This closed-circuit TY has heen developed
so fast by Dage Television Division of
Thompson Products, that soon you may have
it in your own home. It will help you keep:
an eye on Baby, watch over the sickroom or
see who's at the door . . . all while you're
busy elsewhere in the house.

Imagine this spectacular TV’s countless
uses in industry, business and public life!
Busy, executives flick a switch and check fac-
tory processes. Large trainee groups “tour”
the plant without leaving lecture rooms,
Products are demonstrated to large, scattered
groups. Engineers get “ringside” views of
dangerous tests and operations at safe dis.
tances. Hospital nurses in corridor stations
“see” into each patient’s room. Medical stu-
dents in classrooms get close-up views (in
color!) of delicate surgical techniques taking Crime doesn’t pay . . . expecially when the criminal has an uyseen audience of store detectives
place in operating rooms far away. watching his or her every move on a closed-circuit 1'V screen located in another part of the store.

Closed-circuit TV is a spectacular result of
work in electronics, But other Thompson
developments are as important. 4 few ex.
amples: tuning devices in home TV sets, tape
recorders, HI.FI amplifiers, co-axial switches
for radar, radio and radio-telephones, air.
craft antenna, and electronic controls and
testing apparatus.

Thompson is a veteran in automotive and
aviation fields. Today it helps pioneer in
light metals and powder metallurgy, as well
as electronics, You can count on Thompson
to help make life more convenient and safer
for you. Thompson Products, Inc., General
Offices, Cleveland 17, Ohio.

Thompson's Electronics Division includes such loaders
in the field as ell Sound Systems and Dage Television,

You ean count on

MANUFACTURERS OF AUTOMOTIVE, AIRCRAFT,
INDUSTRIAL AND ELECTRONIC PRODUCTS, FACTORIES Electronic “‘baby-sitter” keeps an eye on Baby. . . lets the houschald run smoothly . . . parents
IN FIFTEEN CITIES. can sec him happy and healthy on closed-circuit TV screen located rooms away.


===== PAGE 4 =====

A message from
a distinguished soldier: GENERAL JAMES A. VAN FLEET

Why our National Security
Depends on Strong Railroads

“The railroads of the United States capacity and trained manpower upon
are a great basic military asset. They which the Armed Forces can draw for
are as much a part of the military their own combat and strategic re-
strength of the nation as our Army, quirements. To maintain such a rail
Navy, Air Force, and Marines, be- plant in readiness, it must be used in
cause none of these great armed ser- peacetime.”

vices could long operate without the

logistical support which railroads That's one vital reason why it is im-

portant to you — and to the nation —

M 13]

provide. that our public policies should give to
So says General James A. Van Fleet, railroads equal treatment and oppor-
U.S. Army (Ret.) , former Commander tunity with other forms of transporta-
of the 8th Army in Korea. tion. Then each form can do for you
“Therefore,” he points out, “we have the things which it does best, and
now and always will have vital need America’s modern railroads will be
for strong, vigorous, progressive able to serve you with increasing effi-
railroads, with reserves of traffic ciency and economy.

association ofr AMERICAN RAILROADS WASHINGTON, D. C.


===== PAGE 5 =====

THE x

Menace
OF THE CHRISTMAS SPIRIT

EpMUND A. OPITZ

HARLES DICKENS wrote his real for being brief. Accounts of
most famous story to demon- severe snowstorms contain stories
strate what happens to a wretched, which illustrate the same point;
miserly old man when once the for instance, people in a stranded
Christmas spirit gets to work on railroad car suddenly decide that
him and takes over. Something they like each other and a real
happens at this time of year to spirit of friendliness is kindled
make people easier to get along simply because they are marooned
with. There is something about in a blizzard.
this season that releases the There is no law which says that
friendliness and good will between people must feel friendly at Christ-
one man and another which most mas; nobody is forced to display
people keep under rigid control comradeship because he is trapped
during the rest of the year. Those by a storm. It is simply that under
feelings, carefully preserved in these circumstances an ordinary
~ sort of a cold storage most of the quality in human beings is trans-
time, come forth naturally and formed into something higher and
spontaneously on certain occasions. finer; “a good man out of the
Christmas is chief among those treasure of his heart bringeth
occasions; but there are others. Let forth good things.” The Christmas
two men take refuge under an spirit works upon the heart and
awning from a sudden downpour mind of man, and by some strange
of rain and their predicament leads alchemy it transmutes the base
to a camaraderie that is no less metal it finds there into a rare and

The Reverend Mr. Opitz is a member of the staff of the Foundation for Economic Education.
This article is based on one of his sermons.

3


===== PAGE 6 =====

4 THE FREEMAN December

precious thing. If that spirit en- charters with high sounding
dured for even a year, the conse- phrases.
quences would be immense. And so we emphasize the me-
We speak of our own times as chanical arrangements by which
an age of revolution because things we live and put our trust in men
outside of us are changing so who claim that all we need do is
rapidly that we can hardly keep to make these more perfect until
pace with them; but the only last- society, like a machine, will run
ing revolution is that transforma- by rote and be exempt from the
tion which takes place in the hearts human frailties from which it now

and minds of men. suffers. There is just one thing
Co that these planners leave out of
Institutions and Men account — the human factor. The

Society might be said to have best laid plans of men will go
its flesh and bones. The bones are astray unless they are made to
its mechanical arrangements — its work by the right kind of human
institutions, its laws, charters, con- material.
stitutions, manifestoes, and the It is told that a composer wrote
like ; the flesh is comparable to the a brilliant composition for the
kind of people who run these in- cornet. The music was technically
stitutions and use these laws. It perfect and it was good music. The
is common today to write and trouble was that no one could play
speak as if the kind of people we it because the composer had neg-
are does not matter very much, if lected to put in any rests where
only we can be very clever about the cornetist could take breath. It
altering our institutions, writing seems to be in the order of nature
more elaborate laws, and filling our that no man can push wind into

THE DECEMBER 1956 « Vol. 6, No. 12
Additional coples, postpald, to Available in reprint form is “The
1 1) one address: Single copy 50c; 3 Economic Foundation of Freedom,”
( for $1.00; 25 or more, 20c each. “Isalah’s Job,” and John Cham-
- ’ Permission Is hereby granted to berlain's review of “Our Nation's

anyone to reprint any article in Water Resources.” (10 for $1.00;

whole or In part pring cus. 100 for $6.00.) Any other Jrilcle

| tomary credit is given), except will be supplied in reprint form

| A MONTHLY JOURNAL  ‘ynearned Riches,” ‘‘Isaiah’s if there are enough Inquiries to
OF IDEAS ON LIBERTY Job,” and “Time To Read.” justify the cost of printing.

The Freeman Is published monthly by the Foundation for Economic Education, Inc., Irvington-on-

| Hudson, N. Y. Anyone may receive the journal regularly upon written request; an annual sub-

scription-donation of $5.00 or more is a suggestion not a requirement.

| Accepted as controlled circulation publication at Irvington, N. Y. with additional entry at New
York, N. Y. Copyright 1956, The Foundation for Economic Education, Inc. Printed in U.S. A



===== PAGE 7 =====

1956 THE MIRACLE OF THE CHRISTMAS SPIRIT 5

a cornet continuously for more abjure the get-something-for-
than a few seconds. As a brass man nothing philosophy, to be possessed
myself, I can attest that this is by ideas which are both great and
one of the shortcomings of the in- true. These things are within our
strument — or of the performer — grasp; dealing with them may be
and nothing can be done about it. unspectacular, slow, and difficult—
The composer cannot ignore these but these are the things that work.
facts. As an example of how they work,
It strikes me that many of the take the single instance of human
schemes for social betterment ex- slavery. Until recent years when
hibit just such a blind spot; alleg- the institution again became part
edly they are written for the bene- of a widespread social system,
fit of human beings, but in the human slavery was considered to
writing the principal thing is be a great moral wrong. No ethical
omitted — the human factor. principle could be found to justify
it.
Responsible Individuals This was not so in the Graeco-
That is not the Christian way. Roman world. There, slavery was
The Christian way is to fix respon- the foundation of society. Slaves
sibility on individuals, to insist outnumbered free men by at least
that individuals be transformed. It two to one. The great philosopher,
is through transformed individuals Aristotle, whose work on ethics we
that society will be made over. By still read, thought slavery a neces-
transformed individuals one does sary thing. An historian, writing
not necessarily mean ordinary men of the centuries immediately pre-
made over into saints; there are ceding the Christian era, says:
saints just as there are geniuses; ‘The harder work of the world was
but there are never very many done... under direct compulsion of
of them, and any scheme which physical pain and death for the
looks toward making over society slave who did not accomplish his
into a community of saints is pure task.”
moonshine. But ordinary men are The first great Christian mis-
not helpless pawns in a game sionary, Paul, saw no great wrong
where someone else makes the in slavery and urged slaves to obey
moves. We are ordinary human their masters. The Church of the
material, but it is quite within our first centuries never denied the
power to prefer justice to injus- right to own slaves, although
tice, to incline toward sanity under the first Christian Emperors
rather than toward neurosis, to the laws regulating the relations


===== PAGE 8 =====

6 : THE FREEMAN December

between slave and master grew minds of men seized upon a great
continually more humane. idea; and in the atmosphere fur-
But there was something in the nished by that idea, the ideas
spirit of Christianity which was which had justified human slavery
incompatible with the idea of withered and vanished. There was
slavery; this was the idea of no slave revolt, no agitation to
human brotherhood which was a pass laws against slavery, just the
corollary of the idea of the father- slow, steady erosion of the ideas
hood of God. Straightforward which had made slavery tolerable.
people cannot for long hold two When these ideas were eroded
such contradictory ideas as are away, the institution of slavery
contained in the situation where disappeared.
the man you are holding as a slave

is just as much a man as you are Slaves of the State

because you are both sons of the But now, in our time, we are
Most High. suffering an eclipse of the idea

that man is a person in his own
Ideas Set Men Free right. It is being replaced by the

What happened is history. The notion that the individual is a
slaves who formed the overwhelm- creature of the State, deriving his
ing bulk of the ancient world, as rights from the State and holding
the centuries went by, either be- such rights as he may have at the
came freed men or they became pleasure of the State. This doctrine
serfs. Those who remained serfs provides a climate tolerable to
were bound to their lands and they slavery, and with the majestic in-
owed certain obligations to their evitability of cause following effect
masters, but in turn their masters we see the return of the institu-
owed a measure of responsibility tion that we had thought forever
to their serfs. More centuries dead.
passed. The serfs attached to the When there is a deep transfor-
soil gradually found that the land mation in the hearts and minds of
was attached to them, that they men — meaning a new outlook, a
were its owners. By the thirteenth new set of ideals, and new ideas
or fourteenth century the erst- —these things inevitably bring
while serfs had become free yeo- about some change in our social
men over most of western Europe. arrangements, either for good or

A change of tremendous conse- for evil. If the outlook is sound,
quence had taken place with the if the ideas are tempered by
inevitability of gradualness. The reality, then our laws and institu-


===== PAGE 9 =====

1956 THE MIRACLE OF THE CHRISTMAS SPIRIT 7

tions will pretty well take care of by the existence of a rule forbid-
themselves. On the other hand, if ding its use. What is needed is not
our outlook is half-baked, if our a control of the bomb but a self-
ideas correspond to no known control of man. If men with a mind
reality, if we have our eyes on to build and use atomic bombs are
privilege — then we can have the among us, there is no protection
best constitution and laws in the in laws.
world and we will still get into
trouble. One would give a great Peaceful Change
deal to know Madison’s opinion The way of religion is the trans-
of our Constitution after we have formation of men, not solely into
tortured it almost beyond recogni- saints, but mostly into real human
tion. And what is one to make of beings. This mode of dealing with
the citizens of one of the West the human situation is not calcu-
Coast states who recently voted lated to lend itself to parades, mass
into law a bill to provide old age meetings, newspaper headlines, or
pensions, only to find that its cost afternoon teas. It has only one
exceeds all the other items in the thing to recommend it — it is the
state’s budget combined? right way; and being right, it is
Laws aren’t foolproof; any law the way to which men will even-
can be twisted out of its original tually turn, although perhaps not
intent. Laws are creatures of men, in the immediate future.
and men will use them according to “Men still call for special revolu-
their lights. If strong inclinations tions,” wrote Ibsen, “for revolu-
run counter to a law, the inclina- tions in politics, in externals. But
tions will find satisfaction in extra- all that sort of thing is trumpery.
legal ways; the Prohibition It is the soul of man that must
Amendment bred the speakeasy revolt.” This revolution in the soul
and the bootlegger; the OPA laws takes place without shouting or
brought in the black market. fanfare, without the breaking of
The thing that has us excited heads or the destruction of prop-
now is the atomic bomb, and elab- erty; when it occurs, it takes
orate laws have been drawn up place quietly but with persistent
for its control. The bomb is not resolution.
dangerous; what is dangerous is Augustine is supposed to have
man. If the bomb is left alone, it prayed, “Lord, make me good, but
won’t do anything; it will just stay not yet.” That is precisely the atti-
put. And if someone really wants . tude of the average person; he
to drop it, he won’t be thwarted puts off the determination to do


===== PAGE 10 =====

8 THE FREEMAN December

something with himself until after quiet, waiting to see how it would
some external event has occurred. sound when all others shouted.

He waits for the crowd to line up, This Christmas season does
or for the Cooperative Common- something to us inside. It sets
wealth to dawn, or for the Revolu- us on our feet and gives us a cue
tion, or for some other event which as to the way we should go. Our
will give him the signal to start part is to carry on from there, to
living the way he should. You carry this spirit which comes to us
remember the old story; it was at this season into the rest of the
planned at a certain moment on a year. Then it may be said of us, as
given day that every person was to Dickens remarked of one of his
utter a great shout. But the characters, “It was always said of
moment passed and there was a him, that he knew how to keep
great silence. Everybody had kept Christmas very well.” * oo

| meas © MIB6RYY Who Will Refuse?

We NEED NEW recognition of the power which lies within us. We
need to know that the life of God is within us in far greater meas-
ure than we now believe. We turn despairingly to the state, which
is the vainest of hopes, because we do not believe enough in either
God or man. Let us lift up our hearts. For which one of us is it that
will refuse his help in a case of real human need? You? I? Or is the
finger to be pointed again at that nebulous scapegoat ‘someone
else”?

I write as a minister, and I want to attest that through an ex-
perience of thirty years I have never seen a church member fail to
respond to an authentic case of human need. And from those who
could and did help when I have described such a case, I have in-
variably received expressions of gratitude that the opportunity
was presented.

It is that faith which we need restored today.

RUSSELL J. CLINCHY, Charity: Biblical and Political


===== PAGE 11 =====

A SEEMING F PARADOX ABOUT INFLATION

— J

F. A. HARPER

“You say that it is inflationary for coin, it was traded for things in
the government to sell its bonds in the market.

order to finance a deficit in its Then, later, the local goldsmith
budget. But I have also heard it became the safekeeper for the gold,
said that it is inflationary when giving receipts redeemable in gold
the government buys bonds. How in return for the gold deposits
can that be? How can both buying made with him. These receipts,
them and selling them be infla- rather than the gold itself, then

tionary?” began to circulate as the money of
trade.
HIS seeming paradox must be Noting that not all depositors re-

resolved if one is to understand deemed their receipts in gold at
how our present money system one time, the goldsmith began to
works and how inflation continues write “extra receipts” as loans to
to erode the worth of our money persons who had no gold to deposit.
and other savings. For this he charged a fee. These
In order to grasp the full pic- persons could use these receipts for
ture, it might be well to start back money—just like gold. How could it
a few notches in the history of ever become known that no gold
money. was there to redeem these extra re-
Many things have been used for ceipts? If one or two persons
money, including wampum, cattle should test the validity of their
(pecus, cattle; pecuniary, pertain- own receipts, the goldsmith would
ing to money), and gold. But let’s be able to meet their demands from
skip directly to gold. the gold stock lying there unused,
In the beginning, gold metal it- for which valid receipts had been
self was used for money. Whether issued.
as dust, nuggets, or minted into This game of providing “extra

Dr. Harper is a member of the staff of the Foundation for Economic Education.


===== PAGE 12 =====

10 THE FREEMAN December

receipts” had its limits, however. normally did not really want, but
The goldsmith must be ready to which suddenly gained appeal
meet whatever demands might be when they found that perhaps it
made for gold at any time, He must couldn’t be obtained on demand.
have this much actual gold in re- In 1913, the Federal Reserve
serve, in relation to all outstanding System was established by law in
claims. Thus arose the original the United States. Under this ar-
“fractional reserve” plan, whereby rangement the twelve regional Fed-
the goldsmith set his own limit on eral Reserve Banks became the
“extra receipts” as a protection central depository for reserves of
against peaks of claims for re- all commercial banks that became
demption in gold. If, for instance, members of the System—represent-
he should assume that half the re- ing, at the present time, about
ceipt holders might someday de- three-fourths of all bank deposits.
scend on him and ask for their Under this System, Congress sets
gold, he would then need a 50 per broad limits of reserve require-
cent reserve. But if he should as- ments, and the Board of Governors
sume that only one-fourth of them of the Federal Reserve sets the
would do so, a 25 per cent reserve specific requirements. At the pres-
would suffice. ent time the average reserve re-
These “goldsmiths” eventually quirement is about one-eighth of
became “bankers,” and more or less total deposits in member banks.'
the same process continued. The With this background, we are
“extra receipts,” or “loans,” gave now ready to unravel the seeming
the borrower a deposit claim on paradox about government bonds
lawful money. Lawful money of an and inflation.
earlier day meant that it was re-
deemable in gold at a specified rate } }
— for a long time at the rate of Let us say that in a given year
one ounce of gold for $20.67 of the federal government has a defi-
these paper claims on gold. cit of $100. This is the amount of
The “goldsmith’s panics” of old Xcess of its spending over its
then became the “bank panics” of income from all forms of tax rev-
later days. In both instances these enue. Being unable to pay out
terms described a situation where Money it doesn’t have, the addi-
the demands for gold exceeded the The different reserve requirements for
reserves available to meet them. banks of different classes, and for de-
There were “runs on banks,” as Mand deposits as against time deposits,
! are not separately identified in this over-

people tried to get the gold they a1 illustration.

Deficits and Inflation


===== PAGE 13 =====

1956 A SEEMING PARADOX ABOUT INFLATION 11

tional $100 must be obtained some- that in this case the borrower hap-
where. The government must bor- pens to be the government rather
row what it has been unable to than a corporation or individual.
obtain in any other way, before it

can pay all its bills. Pyramiding Inflation

So the government writes an Up to this point there has been
IOU for $100, for which it must an inflation of $100, due to the
find a buyer. government’s borrowing the $100

Perhaps you, as a private indi- of newly-created credit from a
vidual, buy the bond and pay for bank.
it from cash in your pocket or from Now let us assume that prior to
your bank account. The govern- this transaction commercial banks
ment then has the $100 to pay its had already loaned up to the limit
unpaid $100 bill. And you, as a con- allowed by their reserves. In other
sequence, have $100 less to spend. words, their deposits—including all
There has been no inflation here, unpaid prior loans—were already
since the total of money has re- eight times their reserves at the
mained the same as before. The Federal Reserve Banks. No further
$100 has changed hands—from you expansion of deposits through fur-
to the person who received it from ther loans would have been permis-
the government in payment. sible until more gold or other legal

Suppose no individual or busi- reserves had been sent to the
ness outside the banks wants to Federal Reserve Banks. Buying the
buy that bond. The government $100 government bond and adding
may then turn it over to a com- $100 to its deposits would at once
mercial bank, which accepts the make the bank $12.50 short of re-
bond as evidence of a loan and serves.
enters a deposit of $100 in the But the shortage of reserves can
name of the government. The gov- easily be met, since the law pro-
ernment can now draw a check vides that this very same govern-
against this deposit and pay its ment bond is as good as gold in
unpaid $100 bill. When this course meeting reserve requirements. So
is followed, there has been created to square their reserve require-
at once an additional $100 of ments, the bank would merely have
money which was not in existence to send a $12.50 fractional bond to
before. There has been an inflation the Federal Reserve Bank, thus
of $100 at this point. It is like an meeting the reserve requirement
expansion of credit-money through of one-eighth of the new deposit
any other kind of bank loan, except of $100.


===== PAGE 14 =====

12 THE FREEMAN December

If there are no private borrowers and inflation has now been ex-
wanting to borrow more funds on plained. And the conclusion is that
safe terms, the local bank would selling government bonds to banks
probably send only the $12.50 and in order to finance a government
keep the remaining $87.50 as an deficit is, in fact, inflationary. It
interest-bearing investment of its may even be violently inflationary,
own. But if good potential bor- if the pyramiding effect which has
rowers are waiting to be served, been described is carried out in
the bank will probably send the en- full.
tire $100 government bond to the
FRB and increase its reserves by How Buying Bonds Is Inflationary
the full amount. Then it will be Now comes the other side of the
able to loan an additional $700, seeming paradox. Is it true that
and keep within the reserve re- under present monetary manage-
quirements. In doing that, the in- ment “it is inflationary when the
crease of reserves of $100 will government buys bonds’? For
meet the one-eighth reserve re- have we not just concluded that
quirement for $700, in addition to it is inflationary for the govern-
the $100 loaned to the government ment to sell its bonds to banks in
in the beginning. meeting a deficit?

After this has taken place, we Were the government itself —
can see how the issuance of the the United States Treasury—to buy
single government bond to meet a back its own bonds, the process
federal deficit of $100, creating an would be the reverse of what has
initial inflation of only $100, sub- just been described. If it were to
sequently grows into a total infla- rebuy bonds from individuals, it
tion of $800. This process is some- would cause neither inflation nor
times called monetizing the debt deflation because there would be
because the increase in government only a shift of money from one in-
debt has been turned into new dividual to another; the govern-
money that can be carried around ment would have to collect $100
in our pockets. Or the process from some taxpayer in order to get
might be called inflationary pyra- the $100 with which to buy the
miding of the federal deficit be- bond from some other individual.
cause the effect is one of building But if the bonds were to be re-
an inflation pyramid upon a gov- bought from banks, it would be
ernment deficit. deflationary because there would

One phase of our seeming have to be liquidation of outstand-
dilemma about government bonds ing credit in the process, reversing


===== PAGE 15 =====

1956 A SEEMING PARADOX ABOUT INFLATION 13

the inflationary credit expansion ter instance, the Federal Reserve
just described. took the initiative and went into
But it is not the buying of bonds the open market to buy the bond.
by the government that is referred Let us say it was bought from this
to under present monetary man- same bank. The effect on reserves
agement. What is being referred to is the same in both cases, no mat-
in this connection is not the re- ter which way the transaction was
buying of its own bonds by the initiated. In both instances, the re-
government — by the United States serve balance—the credit base—has
Treasury. What is meant is the been expanded by as much as eight
purchase of government bonds by times the amount of the bond de-
the Federal Reserve Banks instead posited with the FRB.
of by the government. These two, The mere buying of the bond by
as buyers, are quite separate and the Federal Reserve in the open
distinct from one another, and the market was not, in a technical
effects of the two are quite the op- sense, inflation. For the act itself
posite of one another so far as the created no more active money.
effect on inflation is concerned. Rather, it should be called poten-
When the Federal Reserve tial inflation. The reserve base is
Banks buy a bond, it is similar to thereby increased so that there can
our earlier illustration where the be a subsequent increase of credit,
local bank deposited a new $100 and new money, by as much as
government bond with the Federal eight times the amount of bond de-
Resérve Banks in order to replen- posited.
ish its reserve requirements. Then, For this broader credit to be-
as will be recalled, the sale of $100 come inflation in fact, there must
in bonds to the FRB paved the way be persons who want to borrow and
for a large increase in new money banks willing to lend them the ex-
— pyramiding inflation. And it is panded credit which has now be-
the same when the Federal Reserve come possible. Only then will there
buys bonds in its open market op- be loans—-new money, inflation. The
erations. The only difference be- reason why the buying of govern-
tween the two is the matter of ment bonds in the open market by
where the initiative lies in the the Federal Reserve Bank is said to
transaction. In the first instance, be inflationary is the assumption
the local bank took the initiative that credit will be expanded as a
and sent the bond to the Federal Re- consequence. And normally that is
serve as a sale in order to replenish a safe assumption.
and expand its reserves. In the lat- Thus, as to the seeming paradox,


===== PAGE 16 =====

14 THE FREEMAN December

it is true that selling government rest in the Federal Reserve Banks
bonds and buying government to serve as reserves for additional
bonds are both inflationary. The credit expansion. And that is why
distinction which resolves the we say that it is inflationary when
seeming paradox is the matter of the Federal Reserve Banks buy
who does the buying and who does bonds in the open market. It is sim-
the selling. ilarly inflationary whether the
commercial banks take the initia-

In summary, we might unravel tive and send bonds to the Federal
the seeming paradox this way: Reserve Banks to increase their re-
When the government sells a bond serves, or whether the FRB takes
to the banking system, it is infla- the initiative and enters the open
tionary. It may even be highly in- market to buy the bonds. Both are
flationary if that bond comes to highly inflationary. * eo 0

uht Money DELUSION

ANTHONY M. REINACH

HE subway economists are cur- The principal things that a man

rently full of conversationabout can do with the product of his
tight money. We are being told labor are: (1) he can consume it,
that tight money is hurting the (2) he can give it away, (8) he can
building business, hurting the save it, (4) he can lend it. Should
stock market, hurting business in he choose to lend a portion of the
general, and that tight money is product of his labor, he may do so
the offspring of government policy. to another individual, to a corpora-
Let's see what this thing called tion or municipality by buying
“tight money” really is. their bonds, or to a savings and

Ninety per cent of the monetary loan association or bank simply by
supply in the United States is com- making a deposit. Real credit (as
prised of credit. Cash is mostly - distinguished from artificial credit
around for convenience. Credit, created by the banking system or
then, is the important component the government) is, therefore, sim-
of money. 80, what is credit? ply a portion of the product of a


===== PAGE 17 =====

1956 THE TIGHT MONEY DELUSION 15

man’s labor that he is willing to Actually, bank credit would be
lend to his fellow man at prevail- considered “tight” by two types of
ing prices (interest rates). potential users. First, there are .

In a sense, credit can be consid- those who could borrow at free
ered a commodity. When it is market interest rates, but whose
scarce and the demand for it is collateral or credit rating is not
high, interest rates would be ex- sufficient to acquire credit at arti-
pected to rise. Conversely, if there ficially low interest rates. So, in
is a lot of credit looking for bor- this sense, there is really no such
rowers, interest rates would be ex- thing as “tight money”—only “tight
pected to fall. Conditions of tight- money” at artificially low interest
ness and ease thus disappear rates. /
quickly, if private transactions of Secondly, there are those who
borrowers and lenders are allowed feel they cannot afford to borrow
to influence interest rates and keep at current interest rates, but who
economic balance between the sup- would be willing borrowers if in-
ply of and demand for credit. terest rates were lower. They might

Why is it that conditions of easy speak of money as being tight. But
bank credit persist for such a long those of us who don’t own yachts
time? The answer is that the banks would be equally justified in talk-
—the largest merchants of credit— ing about a “tight yacht market,”
are not. allowed to operate under simply because yachts are priced
completely free market conditions. beyond our means.

Over long stretches of time, inter- As we have seen, “tightness” is
est rates are kept artificially low suffered either by those who can’t
so that the biggest borrower of all, afford credit at current interest
the government, can finance its rates, or by those who are willing
deficits at low cost. With interest to borrow at free market interest
rates at artificially low prices, mar- rates but are eliminated as mar-
ginal producers are encouraged to ginal risks at artificially low inter-
borrow, and the country is threat- est rates. The only cure for unrea-
ened with a runaway business sonable tightness, then, is a per-
boom. When this leads to fear of a manently free market for all credit.
bust and its political consequences, This would encourage more people
interest rates are allowed to seek tolend their savings to others, thus
their own level, which they are now alleviating the artificial scarcity of
doing. Then bank credit is said to funds to be loaned. es oo
be “tight.”

Mr. Reinach is a financial consultant.


===== PAGE 18 =====

fo = } The Great

LA

GAME

A. Z. NELSON

“Take a look at the record,” is a suggestion for those who are
concerned about a depletion of timber resources in the United States.

HERE is a phase of the science sterile monolith on Manhattan

of metaphysics called precog- where fly side by side the flags
nition. Precognition may be de- of the United States and the Soviet
fined as the ability to know things Union, and even by outright
in advance. We ordinary people bribes, such as locomotives for
are rarely endowed with this attri- India and arms for Yugoslavia.
bute — but in the Nation’s capital The problems of the business
there are persons who are not cycle, full employment, and secu-
ordinary. When problems of the rity will also be solved by con-
future are passed through the tinued defense expenditures, plus
prisms of their more highly en- a huge highway program, aids for
dowed minds, they become clear small business, aids to distressed
and lucid. areas, larger and broader social
These clairvoyant people say the security payments, higher mini-
agriculture problem is to be solved mum wages, more controls over
by greater federal subsidies—sub- money and credit, and a variety
sidies under the soil bank for not of other measures. The problems
producing; payments to maintain of providing better housing, edu-
price parities; subsidies to foreign cating our youth, medical care,
lands with which to buy our sur- conservation of resources, “cheap”
pluses. They say the problem of public power, and recreation for
peace is to be solved by continuing everyone are to be solved, at least
huge federal expenditures for de- in part, by greater federal subsi-
“fense, by the occupants of that dies. The Nation's two political
Mr. Nelson is Forest Economist, National Lumber Manufacturers Association. This article is

from an address at the annual meeting of the Western Pine Association, Portland, Orsgon,
September 14, 1956.

16


===== PAGE 19 =====

1956 THE GREAT GUESSING GAME 17

party platforms, recently invoiced responsible for the future welfare
to the taxpayer, differ little with of the Nation’s forest resources.
regard to many of these measures. That branch of government in
Though many of us must wear October 1955 issued what is called
glasses to see our everyday prob- the Timber Resource Review. The
lems, these extraordinary people importance of the TRR to your
in our Nation’s capital are blessed own future provides me with the
with 20-20 vision as they view the excuse for now belaboring this
problems of the present and those subject. It's a prime example of
of the future. There was a period Washington's “Great Guessing
in the past — some persons of ad- Game.”
vanced age can still remember it— The TRR’s presentation of sta-
when our destinies were charted tistics as to the location and sup-
by such natural economic laws as ply of timber and its growth and
supply and demand, cost and ytilization was a valuable contri-
profit. Those days, apparently, are bution. The TRR showed that the
gone forever. United States in 1952 had 489 mil-
lion acres of commercial forest
20,000 Navigators land, against 461 million acres
Jim Stevens, venerated by all in 1945; 2,094 billion board feet
who know him, is the author of of saw timber, against 1,601 billion
many of the Paul Bunyan tales. feet in 1945; cubic volume growth
Jim once related a conversation he of all timber 32 per cent greater
had with an old boom tender on than the cut, against an approxi-
Puget Sound concerning the large mate balance of cut and growth in
number of Washington bureau- 1945; saw timber growth and cut
crats that were guiding our about in balance, against a growth
destiny. A log had floated free and deficit of 50 per cent in 1945.
Jim asked: “Why don’t you do These facts in the TRR demon-
something about it?” The old strate that nation-wide an abun-
boom tender replied: “I don’t need dance of wood material is now
to. On top of that log there's about available and will be in the future.
20,000 ants and every one of them But I must hasten to add that
thinks he’s the navigator.” this conclusion is only that of an
One of the government’s self- ordinary person who has not been
appointed navigators and disciples exposed to the benefits of meta-
of precognition is that branch of physical science. It is not the con-
our government which holds itself clusion of the government naviga-


===== PAGE 20 =====

18 THE FREEMAN December

tors. Instead they say: S. Graves asserted that if World
“The Nation’s timber require- War I had come 15 years later,
ments are expected to be so high “we would have had very great
by the end of the century that embarrassment in obtaining even
timber growth will need to be the lumber needed for general con-
from 70 to 120 per cent greater struction.” This prediction was in
than it now is. Improved forest error as World War II proved.

management at recent rates of Gifford Pinchot in 1922 said:
progress appears unequal to pro- “Our own forest resources are
viding a balance between cut and being depleted... . Lumbermen of
growth at the year 2000...” this and other countries are think-

Is this prediction of a probable ing seriously of getting timber
timber famine an occult dream or from the great but little known
is it an actual condition that will forests of Asiatic Russia.” This
confront us? Lumbermen should prediction was in error.
know best the answer to this ques- In 1924 the Department of Agri-
tion. Before answering, we might culture said: ‘Ninety-seven per
heed the advice of Abraham Lin- cent of the sawmills operating in
coln who once said: “If we could the South will have used their re-
first know where we are and serve supply of timber within ten
whither we are tending, we could years.” This prediction was in
better judge what to do and how error.
to do it.” It may be interesting In 1946 Chief Forester Lyle F.
first to examine some of the pre- Watts said: “The current short-
dictions that have been made in age of lumber is greatly retarding
the past and to explore this gift progress of the government’s pro-

of precognition. gram to expedite housing con-
struction... . the facts.... clearly

False Prophets indicate that the present shortage
Chief Forester Gifford Pinchot of timber products is not a tem-
in 1908 said: “We have in store porary one....the trend in the

timber enough for only 20 or 30 forests is definitely toward scar-

years. A timber famine is one of city.” Mr. Watts’ statement was

the inevitable events of our near in error.

future. We have all but reached In 1951 Edward C. Crafts, As-

the end of our forests.” This pre- sistant Chief of the Forest Service,

diction was in error. said that “despite present trends
In 1919 Chief Forester Henry as shown by recent and prospec-


===== PAGE 21 =====

1956 THE GREAT GUESSING GAME 19

tive progress, there is still a very almost universal desire by the
large job ahead to bring growth bureaucratic conscience to reform
up to prospective requirements.” all of us poor sinners and to save
This statement was in error. Just us from our own ignorance. We
one year later, according to the must be helped, whether we want
TRR, growth and cut were in to be or not. And so whether we
balance! like it or not we are stuck with
The President’s Materials the TRR’s prediction of a timber
Policy Commission in 1952 said: famine unless (ah! and here's the
“Unless vigorous action is taken homeopathic remedy) we reform,
the Nation will either encounter a grow a lot more timber, and better
serious shortage of wood products protect and use what we have. The
in the next few years or be forced very favorable progress in for-
to mine its standing timber to an estry which has culminated today
extent that will create an even in timber growing one-third faster
more critical shortage later on.” than it is being cut is, apparently,
It added, “The task of bringing a development of little consequence.
about a balance between demand Our bureaucratic navigators tell
and annual supply is tremendous.” us through the TRR that in the
This was in error since the TRR years ahead the needs of our popu-
said that demand and supply were lation will be so much greater than
in balance in the very year (1952) they are now that our present rate
of this profound prediction of ini- of forestry progress cannot pos-
balance. sibly keep up with demand.
These predictions of a timber
famine made over a period of al- See the Record
most fifty years are, as the saying Applying ordinary common
goes, “as thin as the homeopathic sense to the TRR we find the fol-
soup that was made by boiling the lowing facts to be self-evident:
shadow of a pigeon that had (1) The TRR has page after
starved to death.” Can it be said page of statistics giving encour-
that the TRR predictions are in agement to those who believe our
the same category? timber resource situation is basi-
cally sound and its future bright.
The gloomy interpretive voice of
A reformer may be defined as the Forest Service, however, can
one who insists on his conscience harm permanently the market for
being your guide. There is an forest products by raising doubts

Reformers


===== PAGE 22 =====

20 THE FREEMAN December

in the consumer’s mind concern-
ing future timber shortages and
reduced quality of products.

(2) The Forest Service some-
how has developed an invulnerable
prestige among many members of
Congress and with other national
leaders. It is not unusual, there-
fore, for such people to quote the
Forest Service regarding the con-
dition of our national timber
budget. When the Forest Service
issues gloomy statements on our
future timber situation, we find
them echoed by these leaders.
This, in turn, sets the stage for
action on legislation or on forestry
programs which may be unwar-
ranted or undesirable.

(3) The small owner of forest
land is at the crux of the forestry
problem as reported by the TRR.
The average small tract of wood-
land is producing at considerably
less than its potential capacity of
high or medium quality trees. Eco-
nomics will correct this in time.
When we consider federal forest
lands, we find that they also are
producing good quality trees at a
growth rate considerably less than
the potential of such lands. Na-
tion-wide, our farm woodlands
may be doing as well or better.

(4) The TRR states that our
forest land resources base may no
longer be ample to meet foresee-
able needs. This line of thought

can lead to the subsidized retire-
ment of millions of acres of crop
land to forest cover under a so-
called “Soil Bank” program and
to other uneconomic federal pro-
grams. Under intensive forest
practice I believe that our total
present domestic production could
be obtained from 50 per cent of
the present commercial forest
area.

(5) The TRR states that about
50 million acres of forest land
need planting if they are to be-
come productive within a reason-
able time. To the extent it does
not pay to plant this huge acreage,
the planting is not needed. Eco-
nomics obviously has not influ-
enced this estimate of plantable
area.

(6) The authors of the TRR
have stated that their estimates of
future increases are but a projec-
tion of the past 50 years. They
have ignored the artificial stimu-
lation experienced by our economy
as a result of vast federal expendi-
tures, easy credit, dollar inflation,
and a phenomenal population
growth generated by two world
wars. Can we assume that these
abnormal sources of stimulation
will continue in the future? No
one can say that our economy is
immune from business recessions.
Should one occur, could we not
expect a substantial lesser timber


===== PAGE 23 =====

1956 THE GREAT GUESSING GAME 21

demand, a reduction in cut and an tried with considerable success.
increase in growth? ¢ Here’s more progress:

(7) The gloomy Forest Service The forest geneticists already
interpretation of the TRR may have produced 70 different hybrid
create an impression among the combinations of pine which are
free nations that the United improvements over their prede-
States cannot provide for normal cessors. They have discovered in-
exports. It may encourage world sect and disease resistant tree
trade in timber products with the strains; they have produced trees
communists and discourage trade that grow faster and with better
with the United States. form, some of them taking only

(8) Predictions of timber scar- one-third the time to attain ma-
city may create an attitude among turity.
some forest industry people that Foresters and their associates
expansion to meet a potential ex- have streamlined tree seedling pro-
cess of demand over supply is good duction in nurseries and speeded
business. This is good business if up planting with machines; they
such predictions are sound. If they have developed economical meth-
are not, it means financial losses, ods for eliminating undesirable
liquidations, and unemployment in trees and brush using chemical

the expanded industries. poisons and tree girdling tech-
niques; they have found new and
New Developments better ways of managing the

And now what about recent de- forest to provide for more success-
velopments that will affect the ful natural reproduction, for in-
future timber supply? On the 29th creasing tree growth rates, reduc-
of August, this year, the New ing natural mortality, affording
York Times carried a story refer- better protection from fire, insects,
ring to a new chemical substance and disease and otherwise pro-
called Gibberellin which may pro- moting maximum yields per acre.
foundly affect the growth of Wood technologists are finding
plants. When applied in minute new wood products and new meth-
doses, it will often double the ods of making wood into useful
growth of plants, including certain products almost daily. These de-
tree species. Chemists around the velopments are increasingly pro-
world are seeking to learn the viding a market for that large
chemical structure of this ma- volume of surplus wood cellulose
terial. Other fertilizers are being in the forest and mill which in the


===== PAGE 24 =====

22 THE FREEMAN December

past has gone begging. The use of ing a more intensive type of tim-
these surpluses will expand our ber economy based on the use of
timber supply greatly. As a result, total cubic volume of both hard-
we are fast entering an era when woods and softwoods. He encour-
lumber manufacturers will become ages revolutionary developments
wood products manufacturers. in tree production, protection, and

It is predicted that by the end harvesting. He knows that these
of 1956 there will be over 9,000 things spell timber abundance for
tree farms in 44 states with more himself and his industry. It is the
than 41 million acres. This tree thinking, planning, and spending
farm acreage is increasing at the of thousands upon thousands of
rate of about 5 million acres a individual lumbermen and others
year. Today we have over 17,000 who are tree-minded that assure
trained foresters with about 1,000 enough toothpicks and bridge tim-
additional foresters graduating bers. The growth of private for-
each year. Also, today we have estry enterprise is the sum total of
more than 200 private consulting the growth of these individual en-
forestry firms and individuals, and terprises. It has not been, and we

their number is growing. know it never can be, a conse-
All this spells more wood in our quence of government dictator-
future. ship. The timber famine philos-

Someone once said, “If you ophy built up in the TRR by the
don’t think the lumber industry Forest Service could lead to such
affects the well-being of every per- dictatorship.
son, try picking your teeth with These are some of the reasons
a ten-penny nail.” There is no one why I believe the TRR predictions
more interested in an adequate of future scarcities are the super-
timber supply to assure perma- normal manifestation of meta-
nency of operation than is the typi- physical precognition. In other
cal lumberman. He is fast develop- words, they just don’t make sense!

| 1oeas ©R LIBERUY True Conservation

WE CONSERVE natural resources by using them in the most effi-
cient and economic manner. “Uneconomic conservation” is a con-
tradiction in terms—it is waste. But if politics dominates a con-
servation program, what we get is “uneconomic conservation.”

BEN MOREEGLL, Our Nation's Water Resources—Policics and Politics


===== PAGE 25 =====

Understanding the fallacy of the labor theory of value is a first step
toward respect for privately owned and controlled property, with-
out which there can be meither voluntary exchange mor freedom.

nea iY rewarded with starvation for his
[4 4 4 (4 labors. But, let his style become the
ChE ag Co fad, and for less labor than before,

ON he can revel in luxury.
3 AUN Lost and adrift on a raft for
PEN ; days, a man might offer his for-
i ° | tune in exchange for a hamburger.
LL ““ | Yet, the same person, following a
ne lusty meal, might not offer a penny

in exchange, though the ham-

LEONARD E. READ burger had changed not at all.
Individuals have varying value
ANY PEOPLE sincerely be- judgments. Value in the market
lieve that the value of any- sense, therefore, is a subjective
thing is determined by the labor rather than an objective determi-
used in producing it; that its price nation. In a way, it is like beauty.
ought to reflect quite objectively What is beauty? It is what you or
the amount of labor put into it. I or other individuals think is
The belief in this labor theory of beautiful. It depends on subjective
value, however, is founded in myth, or personal value judgments, judg-
not fact. Day-to-day experiences ments characterized by constant
reveal its error. For a farfetched variation. Value, as beauty, cannot
example, the same labor could be be objectively determined. That all
used to make mud pies as to make persons may think of a certain sun-
mince pies, yet the value in the set as beautiful, a given monster
market place would differ. A serv- as hideous, gold as desirable, or
ice or a product of little value at mud pies as useless does not alter
one time or in one place may be the fact that these are subjective
highly valued at another time and judgments. Such unanimity merely
place. For instance, an artist may asserts that some subjective judg-

produce hundreds of paintings con- ments are similar.

sidered freakish by others and be It is not at all surprising that

Mr. Read is President of the Foundation for Economic Education.

23


===== PAGE 26 =====

24 THE FREEMAN December

many persons in the United States of private enterprise instead of
and throughout the world do not socialism, is a miracle more to be
subscribe to the subjective nature attributed to sound instinct than to
of value. As far as can be deter- economic reasoning.
mined, no one understood it well Marx, as distinguished from
enough to try an explanation until Adam Smith, followed the labor
the latter part of the nineteenth theory of value to its logical con-
century. Prior to that, such a nota- clusion: socialism. Marx looked
ble as John Stuart Mill and the upon all things useful as one great
very best of economists, including “wages fund” and believed that
Adam Smith and Ricardo, were the entire fund ought to be dis-
stymied in their development of tributed directly to laborers. To
economic theory because they ac- allow any part of this fund as a
cepted the cost-of-production or return on capital would amount to
labor theory of value. They simply unearned increment and, he
could not explain what they other- argued, would be exploitation. How
wise knew to be the great advan- any advocate of the cost-of-labor
tages of the free market process of theory could believe in anything
voluntary exchange. They knew but socialism is difficult to under-
full well that both parties must stand. Smith, Ricardo, Mill, and
gain when each traded what he many others instinctively, not
wanted less for what he wanted logically, concluded otherwise.
more, yet they could not show that
such gain had been “earned,” for Valve Is Subjective
they were unable to explain it in Only if one understands the
terms of labor costs. In short, they marginal utility or subjective
were unable to see how the free theory of value based upon the
market price might be competi- judgments of countless individuals
tively or subjectively determined acting freely and voluntarily in the
by individuals who had no accu- market, may he proceed logically
rate knowledge of the labor or to a belief in private ownership
other costs involved in producing and control of property. With this
a particular item. kind of an understanding, he can
How Adam Smith, holding to see why any person may have a
this labor theory of value, could perfect right to consume more than
have seen the great advantages of he could ever hope to produce by
trade — the untold blessings of his own labor. He can, it is plain,
others, or society, to the individual properly own anything others will
—and could have come out in favor freely offer in exchange for what


===== PAGE 27 =====

1956 UNEARNED RICHES 25

he has to offer them. This means not build. Perhaps, given enough
gains for all participants in the materials and tools properly fabri-
exchange process, gains which cated and the plans some architect
must always appear to be un- has drawn, he could put together
earned in terms of labor expended. something resembling a house. But
Nonetheless, it reflects the ap- he wouldn't know how to make a
proval of all who are properly con- lowly nail, mine the ore, alloy the
cerned in any transaction. The metals, construct the furnaces,
marginal utility or subjective build the extrusion and other ma-
theory of value needs no other chinery, and so on. Could he make
justification. Because it is based a hammer? A saw? Bring the lum-
on willing exchange, it works with- ber to its finished state? Even
out coercing anyone. The labor make the string on which his
theory of value—the labor theory plumb hangs? Grow and gin and
of price determination — on the spin and comb and weave the
other hand, founded on unwilling cotton from which it is made?

exchange, cannot function without Could he build the machinery
coercion. that mines the coal he uses to heat

his house? He could not make the
Inheritance lamp the miners wear if every in-

Now, let us proceed to the per- gredient depended solely on his -
son whose father invested $500 in own resources.
an early auto industry and who What about the automobiles he
now wonders to whom he should helps to put together, one of which
give the resulting millions. That he owns? Neither he nor any other
son is no more the recipient of un- person on this earth could produce
earned increment than is the per- it alone. What about the food he
son who today works for a wage eats? The clothes he wears? The
in the same company. Both exist books and magazines he reads?
on what they themselves donot and The telephone he uses? The
could not produce. And if the wage counsel on health that is his? The
earner were to succeed in cutting opportunities that are constantly
off what he might think are the presented to him? All are done by
unearned riches of his “lucky” a vast work and exchange process,
brothers, he would at the same millions of individuals with as
time destroy his own source of many varied skills, laboring co-
livelihood. operatively and competitively, a

Let us contemplate this wage world of complex and flowing
earner. He lives in a house he could energy, the organization of which


===== PAGE 28 =====

26 THE FREEMAN December

is more complicated than any one millions, knowledge, or life itself—
person can understand, let alone comes to him unearned in the sense
control. Others—society past and that he alone did not producejall of
present—place within his reach it. We trade because we can all get
goods and services and knowledge more satisfaction from our labor
in such an array and abundance by that means. Vast stores are
that he could not himself produce available to those who have any-
in thousands of years that portion thing to trade that others value. In
of it which he consumes in a single the free market, each earns all that
day. And he obtains all of this in he receives in willing exchange.
exchange for his own meager This is fantastically more than one
efforts. could produce by himself.

The astounding thing is that it
is possible for him to gain without Blessings of Trade
any change in his efforts, his skills, In order fully to grasp the proc-
his knowledge. Let others become ess by which one can consume in
more inventive and more produc- a day that which he could not pro-
tive, and he may receive more in duce in thousands of years—the
exchange for what he has to offer. process by which he can earn in a
Parenthetically, it is also possible day that which he could not earn
for him to lose out entirely, as by himself in thousands of years—
might happen if he persisted in it is only necessary for one to see
offering nothing in exchange but that one’s earning power is capable
buggy whips. of unlimited expansion by the pro-

There is a fact still more ductivity and exchange and value
astounding. Our wage earner may judgments of others. This world of
think of his plight as hapless when creative energy, this productivity
compared to the one who inherited exterior to self, then, becomes of
his millions. True, the millionaire singular importance to each one of
has gained much from the doings us. Not only does our prosperity—
of others. But the wage earner material, intellectual, and spiritual
himself owes his life to the doings —depend upon it, but life itself
of others. It is not that possessing comes under its government. In
millions and having life are alter- short, each of us is the beneficiary
native propositions. That is not the of this productivity through divi-
point. The point is that both flow sion of labor and capital accumula-
from the same exchange process tion and investments by others.
and that whatever each has-be it Let us sample this world of pro-
autos, houses, food, clothing, heat, ductivity through division of labor


===== PAGE 29 =====

1956 UNEARNED RICHES 27

from the standpoint of oneself as for my present meager efforts. Do
a potential beneficiary of its lar- I earn it? Yes, even though it is
gess. The mathematics of nuclear in the sense I earn a deer by choos-
fission is known to some scholars. ing the path I will walk and by
I, however, do not know that much pulling the trigger on a gun. All
mathematics. Such knowledge con- else is supplied. The deer, a miracle
ceivably can be mine. But I can about which man had nothing to
possess it only by increasing my do, crossed my path. The gun, the
own perceptive powers. It may powder, the shot represented crea-
very well be that the required in- tive ingenuity flowing through
crease in perception is beyond my space and time about which I have
competency or that I may choose to but the dimmest of notions. As
increase my perception along other with the deer, so with the yacht.
lines to the exclusion of perceptive 1 earn it as though I had done it
powers along this line. But, assum- all myself. Others in their produc-
ing that I do gain this knowledge, tivity, knowledge, skills willingly
do I earn it? Yes, as much as exchanged what I offered them.
though I gained the knowledge by Someone may argue that I could
direct revelation. Direct, orindirect have exchange power to obtain a
through study of the knowledge yacht had I been born the son of a
of others, does not alter the matter. father who “hit it lucky.” By the
same token, I might have the per-
ceptive powers to understand the
The same principle applies to a mathematics of nuclear fission had
product as to an item of knowl- my parentage been different.
edge. Luxurious yachts are avail- Seeing oneself in true perspec-
able. Their making is as foreign tive as related to all others is
and as unrelated to me as presently utterly impossible. We but dimly
is the mathematics of nuclear fis- comprehend ourselves; the compre-
sion. I do not have one. Such a hension of others is much dimmer.
possession conceivably could be However, it is not necessary that
mine. I could become the benefi- this perspective be perfect. It is
ciary of its existence by increasing only necessary that we grasp the
my own exchange powers or, idea of being a beneficiary of this
should all others become suffi- benefactor, this division of labor,
ciently productive, I could have one and that we understand and appre-
in exchange for efforts no greater ciate our dependence on and our
than I now exercise. But assume relationship to it.
that I do obtain one in exchange No better example of the benefi-

Division of Labor


===== PAGE 30 =====

28 THE FREEMAN December

cent effects of the division of sessions we enjoy because of a
labor together with capital accu- greater division of labor in a mar-
mulation is to be found than in the ket economy. These millions of peo-
area of our own 48 states. Here, ple with their varied skills and
less than 400 years ago, there were specializations, taken together,
perhaps 200,000 Indians. Why was constitute a benefactor without
the population limited to this num- which most of us could have no life
ber? Certainly it was not for any at all. Each one of us is a bene-
lack of natural resources, friendly ficiary of this phenomenon.
climates, or fertile soils. Nor was
it because of the Indians’ inability Self-Improvement
to breed. The population was Looked at in this light—oneself
limited and the standard of life as a beneficiary and division of
was relatively impoverished be- labor as a benefactor—it becomes
cause of a low form of cooperant pertinent to re-examine one’s own
society. They lived in a foraging behaviors, attitudes, actions. If we
economy, all of them in a near would best serve our individual
sameness. There was little in the self-interest, we would do well to
way of division of labor, of vari- live in harmony with the facts of
able skills, knowledge. Their so- life, not in disharmony with them.
ciety was indeed so uncooperative Looked at in this light, one
that as a result only 200,000 could should do everything possible to
live in it, and they not very well. increase his own perceptive and
Today, in this same area, 168,- exchange powers. It is only by self-
000,000 persons, 840 times as many, improvement that one can best
live in relative luxury, be luxury serve self. And, clearly, it is only
measured in terms of goods and by self-improvement that one can
services, leisure, opportunities, better serve others—that is, add to
knowledge, or insight into the na- someone else’s well-being.
ture of things. It is fair to say Who composes this benefactor of
that 167,800,000 of us have life, ours, this storehouse of energy? It
and a rather full one at that, due is composed of individuals who,
to a higher form of cooperant so- like ourselves, are different from
ciety, to the freeing of creative all others and who, like ourselves,
energy, to large capital invest- depend on others. And what ought
ments per head of population, to to be our attitude toward these
an advanced state of division of millions of others if looked at from
labor. It is fair to say that nearly the standpoint of self-interest?
all of us exist and have the pos- 1. Self-reliance, a great virtue,


===== PAGE 31 =====

1956 UNEARNED RICHES 29

should be emphasized. The way to least as much concern to the rights
be self-reliant is to keep off the of others as he does to his own. He
backs of others and to engage in would be as eager to protect the
willing — never unwilling — ex- creative energies and the free
change. This is the free market. exchange and communication of
2. It is a primary fact of obser- others as he would his own. For
vation that these others, like one- each of us can truly say, “I am
self, will work at their best if per- the beneficiary of their existence.”
mitted the ownership and control .
of the fruits of their own labor— Ideals of Freedom
and of their own participation in If we as individuals would save
the exchange process. It is in one’s our own skins and our own souls,
interest to preserve his incentive. we would use all the moral suasion
This is the institution of private at our command to see that all men

property. are free:

3. As with oneself, these others — to pursue their ambition to the
will act at their best creatively if full extent of their abilities;
left free to do so. One should, — to associate with whom they
therefore, look with great disfavor please for any reason they
on any interference with creative please;
activity and on any inhibitions to — to worship God in their own
free exchange and communication way;
of creative action. One’s own inter- — to choose their own trade;
est is impaired if there are maraud- — to go into business for them-
ers or robbers or authoritarians selves, be their own bosses,
among these others; if there are and set their own hours of
men among them practicing vio- work;
lence, fraud, misrepresentation, or — to use their honestly acquired
predation. One’s own interest suf- property or savings in their
fers if voters use the political ap- own way;
paratus to gain their own ends at — to offer their services or prod-
the expense of the vast majority of ucts for sale on their own
the public. The form of govern- terms;
ment that protects the smooth op- — to buy or not to buy any serv-
eration of the free market econ- ice or product offered for sale;
omy and its voluntary division of — to agree or to disagree with
labor is limited government. any other person;

For each individual to save his — to study and learn whatever

own skin and soul he must give at strikes their fancy;


===== PAGE 32 =====

30 THE FREEMAN December

—to do as they please in gen- society unearned? Only in the
eral, as long as they do not sense that all producers reap fan-
infringe the equal right and tastically more than they could
opportunity of every other earn in isolation. The benefits flow-
person to do as he pleases. ing from our division of labor are

According to. these observations, available to all of us in willing ex-

here is a way of life harmonious change if freedom prevails. Such
with the interests of others. The are the thoughts of one who be-
envy of others for accomplish- lieves himself a beneficiary and
ments or rewards can be made who believes that all others who
naturally and easily to give way act creatively are his benefactors.
to appreciation and pleasure. In- I owe my life to them; hence if I
equality, being but the teammate would live and prosper, I shall
of variation without which sur- work as diligently for their free-

vival is impossible, would, there- dom as for my own. * oo 0
fore, be favored rather than dis- ——o-
paraged. From On Freedom and Free Enterprise, a col-

. . . lection of essays edited by Mary Sennholz and
Are the riches received in a free published by D. Van Nostrand Company, 1956.

[ 1oeas ©X LIBERTY The Right To Own Property

IT 1S A MISTAKE to belittle the impor- to destroy.” For a like reason, it
tance of property rights. Respect for should imply assurance against gov-
these rights is basic to organized so- ernmental dilution of the money
ciety, and the instinct of individuals whereby the government takes prop-
to acquire property is at the root of erty which otherwise could be claimed
all economic progress. by wage and salary checks and other
The right to own property means credit instruments. Further, it should
the right to use it, to save it, to invest insure against other measures so
it for gain, and to transmit it to burdensome or restrictive as to pre-
others. It means freedom from un- vent the employment of savings in
reasonable search and seizure and legitimate productive enterprise with
from deprivation without due process & reasonable prospect of gain. Viola-
of law or without just compensation, tion of any of these rights can nullify,
It might also be fairly taken to imply iM Whole or in part, the right to
a limitation upon taxation because property.
“the power to tax involves the power Property Rights and Human Rights



===== PAGE 33 =====

Even the most stout-hearted libertarian occasionally despairs of
saving freedom. At such times, this essay may afford encourage-
ment.

Albert Jay Nock (1870-1945) was Editor of THE FREEMAN
(1920-1924) and author of many books and articles on the philoso-
phy of government and human freedom. “Isaiah’s Job” is extracted
from his book, Free Speech and Plain Language, now out of print,
published by William Morrow & Company, New York, 1987.

ISAIAH’S JOB

ALBERT JAY NoOCK

NE EVENING last autumn, I sat the prophet Isaiah... .Ishall para-

long hours with a European phrase the story in our common
acquaintance while he expounded a speech since it has to be pieced out
politico-economic doctrine which from various sources... .
seemed sound as a nut and in which
I could find no defect. At the end, 740B.C.
he said with great earnestness: “I The prophet’s career began at
have a mission to the masses. I the end of King Uzziah’s reign, say
feel that I am called to get the ear about 740 B.c. This reign was un-
of the people. I shall devote the commonly long, almost half a cen-
rest of my life to spreading my tury, and apparently prosperous.
doctrine far and wide among the It was one of those prosperous
populace. What do you think?” reigns, however—like the reign of

An embarrassing question in Marcus Aurelius at Rome, or the

any case, and doubly so under the administration of Eubulus at
circumstances, because my ac- Athens, or of Mr. Coolidge at
quaintance is a very learned man, Washington—where at the end the
one of the three or four really first- prosperity suddenly peters out and
class minds that Europe produced things go by the board with a re-
in his generation; and naturally I, sounding crash.

as one of the unlearned, was in- In the year of Uzziah’s death,
clined to regard his lightest word the Lord commissioned the proph-
with reverence amountingtoawe.... et to go out and warn the people

I referred him to the story of of the wrath to come. “Tell them

31


===== PAGE 34 =====

32 THE FREEMAN December

what a worthless lot they are,” He up a new society; and meanwhile,
said. “Tell them what is wrong, your preaching will reassure them
and why, and what is going to and keep them hanging on. Your
happen unless they have a change job is to take care of the Remnant,
of heart and straighten up. Don’t so be off now and set about it.”...
mince matters. Make it clear that

they are positively down to their Two Definitions

last chance. Give it to them good What do we mean by the masses,
and strong and keep on giving it to and what by the Remnant?
them. I suppose perhaps I ought As the word masses is commonly

to tell you,” He added, “that it used, it suggests agglomerations
won’t do any good. The official class of poor and underprivileged peo-
and their intelligentsia will turn ple, laboring people, proletarians.
up their noses at you, and the But it means nothing like that; it
masses will not even listen. They means simply the majority. The
will all keep on in their own ways mass-man is one who has neither
until they carry everything down the force of intellect to apprehend
to destruction, and you will prob- the principles issuing in what we
ably be lucky if you get out with know as the humane life, nor the
your life.” force of character to adhere to
Isaiah had been very willing to those principles steadily and
take on the job — in fact, he had strictly as laws of conduct; and be-
asked for it — but the prospect put cause such people make up the
a new face on the situation. It great, the overwhelming majority
raised the obvious question: Why, of mankind, they are called collec-
if all that were so—if the enterprise tively the masses. The line of dif-
were to be a failure from the start ferentiation between the masses
—was there any sense in starting and the Remnant is set invariably
it? by quality, not by circumstance.
“Ah,” the Lord said, “you donot The Remnant are those who by
get the point. There is a Remnant force of intellect are able to appre-
there that you know nothing about. hend these principles, and by force
They are obscure, unorganized, in- of character are able, at least
articulate, each one rubbing along measurably, to cleave to them. The
as best he can. They need to be en- masses are those who are unable
couraged and braced up because to do either.
when everything has gone com- The picture which Isaiah pre-
pletely to the dogs, they are the sents of the Judean masses is most
ones who will come back and build unfavorable. In his view, the mags-


===== PAGE 35 =====

1956 ISAIAH’S JOB 33

man—be he high or be he lowly, a writer, you aim at getting many
rich or poor, prince or pauper—gets readers; if a publisher, many pur-
off very badly. He appears as not chasers; if a philosopher, many
only weak-minded and weak-willed, disciples; if a reformer, many con-
but as by consequence knavish, ar- verts; if a musician, many audi-
rogant, grasping, dissipated, un- tors; and so on. But as we see on
principled, unscrupulous... . all sides, in the realization of these
A Job for Sale several desires the prophetic mes-

As things now stand, Isaiah’s 528 is so heavily adulterated with
job seems rather to go begging. trivialities, in every instance, that
Everyone with a message nowa- its effect on the masses 1s merely
days is, like my venerable Euro- to harden them in their sins. Mean-
pean friend, eager to take it to the while, the Remnant, aware of this
masses. His first, last, and only adulteration and of the desires
thought is of mass-acceptance and that prompt it, turn their backs on
mass-approval. His great care is to the prophet and will have nothing

put his doctrine in such shape as to do with him or his message.

will capture the masses’ attention Isaiah, on the other hand,
and interest. . . . worked under no such disabilities.

The main trouble with this oe preached i the ee on in
[mass-man approach] is its reac- Le sense bia LA — ho oo y.
tion upon the mission itself. It nyone who -‘ked mig 1sten ;

necessitates an opportunist sophis- anyone who liked might pass by.
tication of one’s doctrine, which He knew that the Remnant would
profoundly alters its character and listen....

reduces it to a mere placebo. If, The Best You Have

say, you are a preacher, you wish The Remnant want only the best
to attract as large a congregation you have, whatever that may be.
as you can, which means an appeal Give them that, and they are satis-
to the masses; and this, in turn, fied; you have nothing more to
means adapting the terms of your worry about. ...

message to the order of intellect In a sense, nevertheless, as I
and character that the masses ex- have said, it is not a rewarding
hibit. If you are an educator, say job....A prophet of the Remnant
with a college on your hands, you will not grow purse-proud on the
wish to get as many students as financial returns from his work,
possible, and you whittle down nor is it likely that he will get any
your requirements accordingly. If great renown out of it. Isaiah’s


===== PAGE 36 =====

34 THE FREEMAN December

case was exceptional to this second that they will find you. Except for
rule, and there are others—but not these two certainties, working for
many. the Remnant means working in
It may be thought, then, that impenetrable darkness; and this, I
while taking care of the Remnant should say, is just the condition
is no doubt a good job, it is not an calculated most effectively to pique
especially interesting job because the interest of any prophet who is
it is as a rule so poorly paid. I properly gifted with the imagina-
have my doubts about this. There tion, insight, and intellectual curi-
are other compensations to be got osity necessary to a successful
out of a job besides money and pursuit of his trade.
notoriety, and some of them seem
substantial enough to be attrac- Right-Thinking Must Exist
tive. Many jobs which do not pay The fascination — as well as the
well are yet profoundly interest- despair — of the historian, as he
ing, as, for instance, the job of the looks back upon Isaiah’s Jewry,
research student in the sciences is upon Plato’s Athens, or upon Rome
said to be; and the job of looking of the Antonines, is the hope of
after the Remnant seems to me, as discovering and laying bare the
I have surveyed it for many years “substratum of right-thinking and
from my seat in the grandstand, to  well-doing” which he knows must
be as interesting as any that can have existed somewhere in those
be found in the world. societies because no kind of collec-
What chiefly makes it so, I think, tive life can possibly go on with-
is that in any given society the out it. He finds tantalizing intima-
Remnant are always so largely an tions of it here and there in many
unknown quantity. You do not places, as in the Greek Anthology,
know, and will never know, more in the scrapbook of Aulus Gellius,
than two things about them. You in the poems of Ausonius, and in
can be sure of those—dead sure, as the brief and touching tribute,
our phrase is — but you will never Bene merenti, bestowed upon the
be able to make even a respectable unknown occupants of Roman
guess at anything else. You do not tombs. But these are vague and
know, and will never know, who the fragmentary; they lead him no-
Remnant are, nor where they are, where in his search for some kind
nor how many of them there are, of measure of this substratum, but
nor what they are doing or will do. merely testify to what he already
Two things you know, and no knewapriori—thatthesubstratum
more: first, that they exist; second, did somewhere exist. Where it was,


===== PAGE 37 =====

1956 ISAIAH’S JOB 35

how substantial it was, what its Elijah had fled from persecution
power of self-assertion and resist- into the desert, where the Lord
ance was — of all this they tell him presently overhauled him and
nothing. asked what he was doing so far
Similarly, when the historian of away from his job. He said that he
two thousand years hence, or two was running away, not because he
hundred years, looks over the avail- was a coward, but because all the
able testimony to the quality of Remnant had been killed off ex-
our civilization and tries to get any cept himself. He had got away only
kind of clear, competent evidence by the skin of his teeth, and, he
concerning the substratum of being now all the Remnant there
right-thinking and well-doing was, if he were killed the True
which he knows must have been Faith would go flat. The Lord re-
here, he will have a devil of a time plied that he need not worry about
finding it. When he has assembled that, for even without him the
all he can get and has made even True Faith could probably manage
a minimum allowance for specious- to squeeze along somehow if it
ness, vagueness, and confusion of had to; “and as for your figures on
motive, he will sadly acknowledge the Remnant,” He said, “I don’t
that his net result is simply noth- mind telling you that there are
ing. A Remnant were here, build- seven thousand of them back there
ing a substratum like coral insects; in Israel whom it seems you have
so much he knows, but he will find not heard of, but you may take My
nothing to put him on the track of word for it that there they are.”
who and where and how many they At that time, probably the popu-
were and what their work was like. lation of Israel could not have run
to much more than a million or so;
and a Remnant of seven thousand
Concerning all this, too, the out of a million is a highly encour-
prophet of the present knows pre- aging percentage for any prophet.
cisely as much and as little as the With seven thousand of the boys
historian of the future; and that, on his side, there was no great rea-
I repeat, is what makes his job son for Elijah to feel lonesome;
seem to be so profoundly interest- and incidentally, that would be
ing. One of the most suggestive something for the modern prophet
episodes recounted in the Bible is of the Remnant to think of when
that of a prophet’s attempt — the he has a touch of the blues. But the
only attempt of the kind on record, main point is that if Elijah the
I believe —to count up the Remnant. Prophet could not make a closer

The Remnant Counted


===== PAGE 38 =====

36 THE FREEMAN December

guess on the number of the Rem- Mencken, puts it, the technique of
nant than he made when he missed boob-bumping. The prophet of the
it by seven thousand, anyone else Remnant is not bound to this tech-
who tackled the problem would nique. He may be quite sure that
only waste his time. the Remnant will make their own
way to him without any adven-
titious aids; and not only so, but if
they find him employing such aids,
as I said, it is ten to one that they
will smell a rat in them and will
sheer off.

The certainty that the Remnant
will find him, however, leaves the
prophet as much in the dark as
ever, as helpless as ever in the
matter of putting any estimate of
any kind upon the Remnant; for,
as appears in the case of Elijah,
he remains ignorant of who they
are that have found him or where
they are or how many. They do not
write in and tell him about it, after
the manner of those who admire the
vedettes of Hollywood, nor yet do
they seek him out and attach them-
selves to his person. They are not
that kind. They take his message
much as drivers take the directions
on a roadside signboard — that is,
with very little thought about the
signboard, beyond being gratefully
glad that it happened to be there,
but with very serious thought
about the directions.

The Approach

The other certainty which the
prophet of the Remnant may al-
ways have is that the Remnant will
find him. He may rely on that with
absolute assurance. They will find
him without his doing anything
about it; in fact, if he tries to do
anything about it, he is pretty sure
to put them off. He does not need
to advertise for them nor resort to.
any schemes of publicity to get
their attention. If he is a preacher
or a public speaker, for example,
he may be quite indifferent to go-
ing on show at receptions, getting
hig picture printed in the news-
papers, or furnishing autobio-
graphical material for publication
on the side of “human interest.”
If a writer, he need not make a
point of attending any pink teas,
autographing books at wholesale,
nor entering into any specious
freemasonry with reviewers.

All this and much more of the
same order lies in the regular and
necessary routine laid down for the
prophet of the masses. It is, and
must be, part of the great general Rewards
technique of getting the mass- This impersonal attitude of the
man’s ear — or as our vigorous and Remnant wonderfully enhances the
excellent publicist, Mr. H. L. interest of the imaginative


===== PAGE 39 =====

1956 ISAIAH’S JOB 37

prophet’s job. Once in a while, just “It came to us afterward,” as we
about often enough to keep his in- say; that is, we are aware of it
tellectual curiosity in good working only after it has shot up full-
order, he will quite accidentally grown in our minds, leaving us
come upon some distinct reflection quite ignorant of how and when
of his own message in an unsus- and by what agency it was planted
pected quarter. This enables him there and left to germinate. It
to entertain himself in his leisure geems highly probable that the
moments with agreeable specula- prophet’s message often takes
tions about the course his message some such course with the
may have taken in reaching that Remnant.
particular quarter, and about what If, for example, you are a writer
came of it after it got there. Most or a speaker or a preacher, you
interesting of all are those in- put forth an idea which lodges in
stances, if one could only run them the Unbewusstsein of a casual
down (but one may always specu- member of the Remnant and sticks
late about them), where the re- fast there. For some time it is’
cipient himself no longer knows inert; then it begins to fret and
where nor when nor from whom he fester until presently it invades
got the message —or even where, as the man’s conscious mind and, as
sometimes happens, he has for- (pe might say, corrupts it. Mean-
gotten that he got it anywhere hile, he has quite forgotten how
and imagines that it is all a self- pe came by the idea in the first in-
sprung idea of his own. stance, and even perhaps thinks he
Such instances as these are has invented it; and in those cir-
probably not infrequent, for, with- cumstances, the most interesting
out presuming to enroll ourselves thing of all is that you never know

among the Remnant, we can all what the pressure of that idea will
no doubt remember having found make him do. eo oo

ourselves suddenly under the in-
fluence of an idea, the source of Copies of this essay are available in 33”
which we cannot possibly identify. x 7” format, 10 for $1.00.

They Are Slaves

They are slaves who fear to speak
For the fallen and the weak...
They are slaves who dare not be

In the right with two or three.

JAMES RUSSELL LOWELL



===== PAGE 40 =====

® Russian science is flourishing, reported a group of American physi-
cists who visited the U.S.S.R. in the spring of 1956. In well-equipped
and well-staffed laboratories work of such fundamental importance is
being done, according to the report, that Moscow might well become the
headquarters of the world so far as physics is concerned.

Against such reports of scientific progress in Russia may be plotted
concurrent complaints of a shortage of scientists and engineers in the

United States. What all this signifies to many a layman is that the
United States is being outstripped in an armament race against the
Soviet Union.

For untold centuries, nations of men have participated in such follow-
the-leader games of destruction. This ancient yet current enigma calls
to mind the poetic speculation about “The Calf-Path” by Sam Walter
Foss.

One DAY through the primeval wood

A calf walked home as good calves should;
But made a trail all bent askew,

A crooked trail as all calves do.

Since then three hundred years have fled,
And I infer the calf is dead.

38


===== PAGE 41 =====

1956 THE CALF-PATH

But still he left behind his trail,

And thereby hangs my moral tale.

The trail was taken up next day

By a lone dog that passed that way;

And then a wise bell-wether sheep
Pursued the trail o’er vale and steep,

And drew the flock behind him, too,

As good bell-wethers always do.

And from that day, o’er hill and glade,
Through those old woods a path was made.

And many men wound in and out,

And dodged and turned and bent about,
And uttered words of righteous wrath
Because twas such a crooked path;

But still they followed—do not laugh—

The first migrations of that calf,

And through this winding wood-way stalked
Because he wobbled when he walked.

This forest path became a lane

That bent and turned and turned again;
This crooked lane became a road,

Where many a poor horse with his load
Toiled on beneath the burning sun,

And traveled some three miles in one.
And thus a century and a half

They trod the footsteps of that calf.

The years passed on in swiftness fleet,
The road became a village street;
And this, before men were aware,

A City’s crowded thoroughfare.

And soon the central street was this
Of a renowned metropolis;

And men two centuries and a half
Trod in the footsteps of that calf.

39


===== PAGE 42 =====

40 THE FREEMAN December

Each day a hundred thousand rout
Followed this zigzag calf about

And o’er his crooked journey went
The traffic of a continent.

A hundred thousand men were led

By one calf near three centuries dead.
They followed still his crooked way,
And lost one hundred years a day;
For thus such reverence is lent

To well-established precedent.

A moral lesson this might teach

Were I ordained and called to preach;
For men are prone to go it blind
Along the calf-path of the mind,

And work away from sun to sun

To do what other men have done.

They follow in the beaten track,

And out and in, and forth and back,
And still their devious course pursue,
To keep the path that others do.

They keep the path a sacred groove,
Along which all their lives they move;
But how the wise old wood-gods laugh,
Who saw the first primeval calf.

Ah, many things this tale might teach—
But I am not ordained to preach.

Mr. Foss (1858-1911) was a New England editor, librarian, author, and poet. “The Calf-Path”
appoared in his collection, Whiffa from Wild Meadows, published in 1895.


===== PAGE 43 =====

WHY WAGES RISE:

10. LEISURE AND THE BETTER LIFE F. A. HARPER

In the previous article two types of mined by someone else, not by the
so-called fringe benefits were dis- wage earner himself. And when the
cussed—taking some of one’s pay to purchase is mot his own preference,
buy things he may not want, and the worth of his wage is thus reduced.
paying him when he does not work. The other type of so-called fringe
One type is not a benefit at all for benefit does not affect, in this sense,
most wage earners; it is a detriment how much one receives in total pay.
instead. Part of one’s pay is taken to [It affects the time when he receives
buy something he does not want at the pay due him. He may receive it
the price. Under a centrally con- either more or less frequently. He
trolled plan, which follows the com- may receive a part of it during pe-
munist-socialist ideal of “to each ac- riods of idleness, rather than all of it
cording to his need,” all employees when he is actually working. In the
of one corporation or perhaps all sense of his total wages, this is not a
members of one union are forced, by monetary benefit to him; it is at best
a deduction from their wages, to pur- a convenience.
chase a certain item whether they This article will deal with leisure
want it or not. Their “need” is deter- and its relation to wage rates.

[ ) .
E ALL seem to yearn for idle- So it is not really inactivity we
ness—all we can get of it. But want, in our yearning for more

do we, really? leisure. It is, instead, our desire.to

Surely we do not want unlimited be active at something other than
inactivity. Even in sleep one is un- our regular activity. We want to be
comfortable if he cannot move and free of what we are currently ob-
turn about now and then. If a thor- ligated to do, in order to do some-
oughly well person is hospitalized thing else for a change.
and forced to be inactive for a day The truck driver wants leisure to
or two, it is said that he would feel get off the road; perhaps he wants
about as ill as one who has had an to spend a few quiet days at home.
operation. He quickly absorbs his But a telephone operator or a
fill of idleness, and wants to make watch repairman yearns for leisure
a break for freedom. so he can take a spin in his car.

Dr. Harper is a member of the staff of the Foundation for Economic Education.

41


===== PAGE 44 =====

42 THE FREEMAN December

The farmer wants leisure to go ductivity, one could probably main-
to the city. The city dweller wants tain himself at the level of bare
it to go to the country. subsistence with the income from

The coal miner wants leisure for as few as 200 hours of work per
a plane trip. The plane pilot wants year.! This would provide an ex-
leisure to avoid one. tremely humble existence, to be

A hired ballplayer wants leisure sure, without many things we have
away from the game so as to be come to think of — falsely — as ab-
able to get back home on his farm. solute necessities.

The farmer wants leisure to play We now work 2,000 hours, or a
ball at the picnic. little less, per year rather than

What most persons do with their these minimal 200 hours. We do
leisure costs them money. Yet they this in order to have many more
probably are paying for the privi- economic things: to enjoy, béyond
lege of doing something that some- the level of strict necessity.
one else gets paid for doing regu- This increased capacity to pro-
larly for his living. Two persons duce above the starvation level of
might even pay a vacation expense existence allows people to choose
direct to one another for reversing over a wide area between more

their regular activities. things and more leisure. This in-
creased productivity gives us the
Welfare and Leisure choice of either working more

As recently as a hundred years hours and having a multitude of
ago in this country, as elsewhere luxuries, or having almost com-
in the world over most of its his- plete leisure at the starvation level,
tory, a person had to work hard or some mixture of luxury and
during most of his waking hours in leisure.
order to provide himself with the After you have worked 200
food and protection required to hours a year to barely protect
keep alive. A hundred years ago in yourself against starving, you can
the United States, for instance, the afford to wonder what you will do
“work year’ was a little over 3,600 with the next hour—the 201st hour.
hours on the job, out of the total Probably you will want to continue
of 8,766 hours in a year. Practi- -——— }
cally all of great-grandfather’s lei- See Vhy ANE Rise: oo Tae

sure hours were needed for eating pp. 34-38.

: Also, see “The Conditions of Economic
and sleeping. Progress,” by Colin Clark. (London: The
With our present advanced pro- Macmillan Company, 1951.)


===== PAGE 45 =====

1956 WHY WAGES RISE 43

to work for better food and other though their total economic reward
economic things you want to enjoy. would keep 20 or 50 or 100 persons
This is because you have more de- alive. :
sire for these things than for the These are the pleasant choices
leisure, at this point. we have as a result of our present
In the 202nd hour probably you high productive capacity. They are
will work for still more things, be- choices between more total income
cause leisure still has less appeal to and more leisure which each person
you than more things. This would may test on his scale of values.
leave 8,564 other hours in the year Our incomes per year could have
that could be devoted to leisure. risen even further than they have
Moving on up the scale of work- up to now. But leisure has been
ing hours, a point is finally reached chosen in preference to some of the
where more work and more things luxurious living that would have
become less appealing than more been possible with more hours of
leisure. So you begin to take a little work. To observe this is not to
more leisure. Eventually a point criticize the choice, since leisure is
will be reached when almost all the —in a sense—a form of wage and
next hour will go for leisure, be- should be thought of in this man-
cause it finally comes to have more ner. We might call this “the wage
appeal than greater material wel- of leisure.”
fare beyond the abundance you al-

ready have. .
Persons differ widely in their There has been a considerable

increase in productivity from each
hour of work since 1855 (see
chart). At that time the average
work week was about 70 hours.

If we were still working 70
hours a week with present produc-
tivity, the total weekly income

How Much leisure Chosen?

choices in this respect, of course.
The “lazy” person likes leisure so
much that only dire necessity or
some sort of threat will cause him
to bestir himself for much work,
because of his high susceptibility

to the lures of leisure. Some per- 0 14 have increased the same as
sons, on the other hand, have great increase in hourly pro-
strong fortitude and rigidly dis- ductivity. But instead, the work
cipline themselves to purposeful eek has declined to about 40
"work. They will keep at their work hours.

far beyond the starvation level. A This means that as compared
few rare persons may even work as with a century ago, three-fifths of
many hours as their ancestors did, the benefits from increased produc-


===== PAGE 46 =====

44 THE FREEMAN December

LEISURE AND BETTER LIVING

The Fruits of Greater Productivity — United States

INDEX (1855= 100) INDEX (1855 = 100)
500 500

400 [= — 400

300 |- PRODUCTIVE CAPACITY —y | 300

TAKEN AS LEISURE

-{ 200
TAKEN AS GOODS AND SERVICES
1855 LEVEL

tn A a ER Ew" ——— — US =D ED Gin ES Ae te MY EE ER SER me We Sm Se mm mm — — a — w—- w= an

1 1 1 i |
1860 1880 1900 1920 1940

SOURCE: Derived from data on productivity, The Freeman, “Why Wages Rise: 1.
Labor Unions ?”, March 1956, page 43; America’s Needs and Resources, by J. Frederic
Dewhurst, The Twentieth Century Fund, page 695.

tivity have been taken in the form at least, something about people’s
of leisure and only two-fifths in preferences for leisure versus the
more sumptuous living. This pre- luxury of more goods and services.
sumably reflects, in a rough way In the middle of the period


===== PAGE 47 =====

1956 WHY WAGES RISE 45

around the turn of the century, creased productive capacity in the
when productivity was increasing form of leisure was in the third of
slowly, most of the increase was a century prior to 1920. Unions
taken in the form of leisure. were then unimportant, whether
The change is what one might measured by membership or by
expect. The higher your material their power over nonmembers.
living, the more you will probably Up to the late thirties—except
listen to the appealing call of lei- for a couple of years right after
sure, taking more and more of your World War I — union membership
rising wage as the “wage of lei- was never more than about 10 per
sure.” Or if you don’t take more cent of all gainful workers. And
leisure, having become fixed in before the turn of the century
your habits of work, your children their membership was negligible.

probably will adjust the family The shorter work week of recent
tree to the times. decades, when unions have been

most conspicuous, is merely a con-
Unions and Leisure tinuation of the previous trend.

Most labor union officials claim All the evidence indicates that a
to have attained the shorter work shorter and shorter work week
week for workers in the United would have happened in the ab-
States. This is a questionable claim gence of unions, simply because
indeed. persons have always evidenced a

Union membership now includes choice of more leisure when they
little more than one-fourth of all can afford it out of a higher pro-
gainful workers.? This one-fourth ductive capacity. So the shorter
has little if any direct control over work week would have come any-
the hours of the other three- how, with or without unions.
fourths. And the 40-hour week is

‘widely accepted outside the unions,
as well as inside the unions. One cannot know for sure, of

The strength of unions and course, what the length of the
changes in their membership do Work week would now be in the ab-
sence of unions. But let us assume
that in the absence of unions we
would now be working more hours
—that unions have, in other words,
- reduced the work week beyond the
See “Why Wages Rise: 1. Labor free choice of individual workers.

ions 7” , 56. pp. .
Unions The Freeman, March 1956. pp If that were the case, the attain-

Unionized Unemployment

not justify these claims of having
obtained the short work week (see
chart). The greatest movement
toward taking more of the in-


===== PAGE 48 =====

46 THE FREEMAN December

ment would amount to a disservice For the purposes of our concern
to the wage earners. For we would here, we shall leave aside the ques-
then have to conclude that the tion of whether or not a person
workers, under union pressure, really needs a vacation—and how
have been forced to accept leisure long a vacation—from the stand-
— fewer work hours — instead of point of maximum productivity
their preference for somewhat and happiness. We shall assume
more hours and increased buying sufficient leisure for that purpose
power. has already been reached, and that

Unemployment prevails where a the question now under considera-
person who wants to work for the tion is an extended vacation be-
wage an employer is willing to pay yond this point. Perhaps the em-
is prohibited from doing so by ployer thought it up as a “fringe
some outside power. So, fewer benefit” to be given to his em-
work hours than wage earners ployees out of the goodness of his
would prefer of their own free heart, so to speak. So he decides
choice amount to the same thing to grant an additional week’s vaca-

as forced unemployment. tion at Christmas time, this year
Thus, the unions’ claim of credit and in future years.
for attaining the short work week Imagine an employer’s probable

is either false or foolish. At best, amazement upon receiving from a
it is hardly something in which sharp-thinking employee a note
to take pride, so far as its effect like the following:

on the victims is concerned, be-

cause it amounts to having caused Dear Employer:

partial unemployment every week I have just noticed on the bulletin
— unionized unemployment, we board that you are granting us an
might call it. extra week of vacation at Christmas

time, with pay. Thank you for your
On Vacations with Pay good intentions. But I sincerely re-

Among various patterns for lei- quest that you rescind your action.
. ’
sure, vacations with pay are popu- And I'll tell you why. :
lar as a supposed benefit to the You and 1 know that you can’t pay
. us for not working during that week,
employee. They are sometimes the bv taki
bject of bargaining by employees except by taking from our pay for the
00) * other weeks of the year. It has to
granted reluctantly by the em-

. come out of what we earned in the
ployer. And sometimes they are her weeks of this year. And in com-

offered initially by the employer ing years it will have to come out of
as an act of beneficence. what you could pay us in the other


===== PAGE 49 =====

1956 WHY WAGES RISE 47

weeks of the year in lieu of this week This type of analysis of vacation
of vacation. benefits will apply equally well to
So when you say it is to be a vaca- many forms of partial unemploy-
tion with pay, you are being mislead- ment “with pay.” It is clear that
ing. What you must really mean is {here can’t be idleness with pay
that it is to be a vacation without pay, unless there is at some other time

but that we will be given some pay in .
co an equal amount of work without

that week for work done earlier in the . . . ”

pay. “Vacations with pay” are an

year and already due us—held back .
at that earlier time, so as to be avail- accounting device only. They are

able to pay us during this week of really vacations without pay, no

vacation. matter when and how the pay
Or look at it this way: If we were checks are arranged during the

to work that week instead of vaca- year.

tioning, we could produce about 2

per cent more in the year than if we Looking to the Futur © .
didn’t work that week. And if we If the uptrend in our productive

worked, you could pay us about 2 per capacity continues as in the past,
cent more for the year than if we We shall be able to continue to
didn’t work. choose between more leisure and

So, really, this is a vacation with- more economic things. How far
out pay rather than a vacation with leisure may eventually go, we have
pay, so far as the year’s total pay is no way of knowing. Automation
concerned. and atomic power hold untold pos-

I for one am sorry you are doing  gjbilities of this sort, unless a loss

that to us. You no doubt have been of liberty should terminate prog-
overcome by this so-called “spirit of jaqq.

Christmas.” But my family needs the
extra $75.00 of income more than I
need the extra week of leisure. As it
is, we have hardly enough to buy

Christmas presents for the children . .
. ford more and more of it. Looking
anyhow, after paying our taxes and

meeting all our other bills. We need toward a better life and a more
the extra $75.00 for Christmas, not a peaceful society, we can surely see
week of unemployment. how leisure may tend to erode both

Please reconsider this fringe detri- virtue and wisdom. We can surely

One can see in the future, how-
ever, a great and increasing prob-
lem of what is to be done during
increasing leisure, as we can af-

ment — this partial unemployment — see the danger of a serious leisure-
you have imposed upon us. disease developing among man-
Sincerely yours, kind, a disease which work for-

Employee merly restrained. For work ap-


===== PAGE 50 =====

48 THE FREEMAN December

parently has some sort of thera- Mental problems of all sorts,
peutic quality so far as virtue is too, may in some important degree
concerned. And its substitute un- be the product of increasing lei-
der leisure seems not yet to have sure.
been found. The paradox of all this is that it
For instance, in my files is evi- may be the problems which leisure
dence from capable authorities brings that will, in the future, of-
pointing out that the shorter work fer unlimited opportunities for
week is an important cause of work in solving them.
crime; how leisure puts many of
its victims into penitentiaries
where they must be cared for and So in conclusion, increased pro-
serviced at a cost to be borne by ductivity has gone more and more
people who have done no wrong in into leisure in preference to a
this instance. more sumptuous life. As a result,
Evidence in my files also indi- yearly wages are not nearly as
cates how certain authorities as- high as they could be if we had not
sert that compulsory unemploy- prized the leisure more, if we had
ment devices, such as child labor not chosen it instead. But once
laws coupled with required pres- having made the choice this way,
ence in school buildings during leisure itself creates serious prob-
teen-age years is an important lems which are suggested without
cause of juvenile delinquency. being resolved. * oo

| IDEAS ON vopeany | We Cannot Escape Ourselves

RESOURCES OF THE SPIRIT are like savings: They must be ac-
cumulated before they are needed. When they are needed, there
is no substitute for them. Sooner or later, the individual faces
the world alone, and that moment may overwhelm him if he
has no resources within himself.

Distraction helps but little and betrays us when we least
expect it. We can escape our physical environment and our
neighbors, but we cannot escape ourselves. Everyone with any
maturity of experience and self-knowledge knows that the lone-
liest moments are sometimes experienced in the midst of the
greatest crowds and the most elaborate entertainments.

MARTEN TEN HOOR, Education for Privacy


===== PAGE 51 =====

ss
—

THE ECONOMIC
FOUNDATION OF yA

HowARD BUFFETT

It is no accident that the basic premise of communism 18 the
abolition of private property. For private property is the
standing ground of the individual. Without it he has neither
means nor power with which to practice freedom.

CLEAR understanding of the tune to descend from superior
economic foundation of free- pioneer stock. I don’t know. In any

dom and its ramifications is re- event such a superiority, if it ex-
quired by the person who strives to isted, cannot begin to explain the
be an effective disciple of human fantastic material achievements of
liberty. this nation in the last 150 years.
In a material sense, the economic Some would have you believe
achievements of American free- that the natural resources of
dom in the last 150 years present America were the decisive factor.
the greatest phenomena of all his- Not so. Other lands are as rich or
tory. In this relatively short richer in natural resources. South
period, our freedom has released America and Mexico are examples.
and channeled human energy of Nor has the human situation
such potential that an entirely new changed during this period. Peo-
and hitherto undreamed-of world ple are the same, and the earth is

has been created. the same size and constitution as
What explains all this? it was when Socrates was holding
Some people have asserted that forth in Athens.

Americans are a superior race, Here, for the first time in human

smarter than any previous people. history, human energy was freed
Not so. I have never seen or heard from arbitrary authority. Here for
any evidence to indicate that the first time man was able to
Americans are an intellectual aris- make and carry out business ven-
tocracy. Perhaps it was our for- tures individually, or in relation-
Mr. Buffett, former Congressman from Nebraska, is a member of the firm of Buffett-Falk &

Company in Omaha. This article is condensed from a lecture at Midland College, Freemont,
Nebraska, February 20, 1956.

49


===== PAGE 52 =====

50 THE FREEMAN December

ships with others, unrestrained by people were subjects, that their
unjust man-created obstacles. In person, their current production,
America, men like Edison, Ford, and their property belonged to the
Alexander Bell, and others, were rulers. The Constitution rejected
free to invent and produce new that theory in toto.
products without being blocked by This revolutionary concept can
political authority. best be understood by an examina-
Here in America man was on his tion of the alternative ideas con-
own, to make the most of what- cerning production and its dis-
ever intellect, tools, and resources tribution.
he could assemble by his own per- The right of a person to the
sonal efforts. product of his own labor is the
Human energy works efficiently foundation of economic liberty, de-
to supply human needs and satisfy clares Dr. F. A. Harper, in his
human desires only when and scholarly essay, Liberty: A Path to
where and precisely to the extent Its Recovery. He points out that
men know they are free. “the question at issue is how to
For the first time in history, distinguish between what is mine
that freedom was affirmed and and what is thine.”

spelled out in the Constitution of There are three ways to handle
the United States. Americans were this problem:
henceforth to be unrestrained by 1. Each person may have what-
political considerations. ever he can grab.

2. Some person other than he
Government as a Servant who produces the goods and serv-

But this elimination of political ices decides who shall have the
restraint was but a part of the right of possession or use.

change from the previous economic 3. Each person may be allowed
climate. Equally important was to keep whatever he produces.
that, for the first time in history, These three methods cover all

men had a government organized the possibilities; there are no
on the principle that a basic pur- others.

pose of government was to enable When the economic situation is
the individual to receive and enjoy reduced to these three clear-cut al-
the full fruits of his own labor. ternatives, the problem of achiev-

Heretofore, from the Pharaohs ing justice does not seem too diffi-
on down to King George III, gov- cult.
ernment in greater or lesser de- The first method of operation,
gree operated on the theory that under which each person can have


===== PAGE 53 =====

1956 THE ECONOMIC FOUNDATION OF FREEDOM 51

whatever he can grab, is obviously the fit man than the competition
unjust and impossible. It would of the market place.

return us to the jungle law that So it would seem that the second
“might makes right.” Moreover, it alternative, that someone other
would soon reduce individual eco- than the producer shall decide who
nomic effort to the absolute mini- shall enjoy the fruits of the pro-
mum required for existence. Cer- ducer’s labor, is similar to the first
tainly there is no reason in trying method. One is a private seizure
to produce wealth beyond imme- outside any law; the second is a
diate needs if one could expect to public and legalized seizure, but

be deprived of it at any moment. without justice.
So the first method can be re- }
jected outright. Private Property

The second method of handling Thus we come to the third
economic production would provide method, whereby the producer has
that someone other than the person the right to the products of his
who produces goods and services own labor. It is the only economic
shall decide who shall have their pattern consistent with economic
possession or use. This method of liberty.
determining the rights of posses- Obviously if a person has exclu-
sion is practiced in every authori- sive rights to that which he has
tarian society. It allows those who produced, that right is ownership.
hold the coercive power of govern- If all persons are to have the right
ment to confiscate the fruits of any to the product of their own labor,
producer’s labor. they are foreclosed from a claim

To accept this theory, you must to the product of another’s labor.
hold two strange concepts: (1) If T have a right to the corn
that a nonproducer is better quali- grown on my own land, certainly 1
fied to judge the correct use of have no claim on the cotton pro-
what you have produced than you duced on another person’s land.
are; (2) that a nonproducer has Otherwise his rights will be vio-
a right to seize the fruits of your lated and no property is safe.
labor. So far the right of a person to

The late Justice Oliver Wendell the product of his own labor would
Holmes once declared that someone seem to be obvious. How then, have
must exercise command of the dis- we arrived at our present situa-
position of goods and services that tion?
have been produced, and that he Today’s situation is the result
knew of no better way of finding of an alarming and devious gov-


===== PAGE 54 =====

52 THE FREEMAN December

ernmental intervention in the eco- from the annual message to Con-
nomic affairs of the nation for ob- gress by the President on January
jectives not contemplated by the 3, 1936:
men who wrote the Constitution. In thirty-four months we have
Historically, in America the pro- built up new instruments of public
ducer was protected by govern- power. In the hands of a people's gov-
ment in the enjoyment of the ernment this power is wholesome and
fruits of his labors. That protec- proper. But in the hands of political
tion of his property explains the puppets of an economic autocracy
glorious material progress already such power would provide shackles

recounted. for the liberties of the people...
That presidential statement
Taxation without Representation touched a critical issue. As he

The last 40 years have seen a pointed out, public power “in the
gigantic expansion of political hands of political puppets of an
power over economic affairs by the economic autocracy” could “pro-
federal government. This change is vide shackles for the liberties of
linked by many scholars to the the people....”

passage of the income tax law in But the reverse is also true.
1913. This law revolutionized the Economic power in the hands of
taxing system in two ways: those holding political power can

1. It gave the government new also provide shackles for the
powers over the economic status liberty of the people.
of the individual. This change has
curtailed the ability of the individ- The Power fo Control
ual to achieve economic independ- It would be salutary if the
ence. American people could objectively
2. The part of his production and effectively ascertain how far
taken from the producer cumula- this increase of economic power by
tively increases the power of the the government has gone. Then we
federal government proportion- would know exactly where we are
ately with the increase in its in- in the trend away from the free-
come. This power is not created; dom of our ancestors. But for us
it is simply taken away from the at this moment it is essential to
people by those in government. learn why the separation of eco-
In the 1930’s a further sharp nomic power from political power
step-up in the centralization of is so important.
power took place. Its scope can Students of liberty offer this ex-
best be understood by quoting planation. Power is the instrumen-


===== PAGE 55 =====

1956 THE ECONOMIC FOUNDATION OF FREEDOM 53

tality of control by men and groups —the desire for security. This in--
of men over other men. tense human desire is reflected in
George Sokolsky, noted colum- the so-called social legislation poli-
nist, says it this way: “When ticians have placed on our statute
human beings become dependent books.
upon the political power of the Will this legislation fulfill its
state for their livelihood, the in- promises? If you think so, consider
dependence of person must disap- this rarely mentioned fine print
pear. It is the identification of clause. If the government is to
economic power with police power guarantee you what the conse-
that destroys the right of the in- quences of your actions will be in
dividual to liberty.” this case, security, then the gov-
The transfer of economic power ernment must take control of your
into political hands takes many activities. For with responsibility
forms. In 1932 about 21% million —even self-arrogated responsibility
people received a check from the -must go authority.
government every month. Today This means that if politicians
about 20 million receive a govern- are to supply your security, they
ment check every month. What is must control your work, your
the effect on the freedom of this spending, and your saving. Witness
great segment of our people being crop controls. In that event you
more or less dependent on the polit- have traded the reality of liberty
ical authorities for their daily for the promise of security.

bread? The question is not easy
A Poor Trade

to answer.

Something of its import may be History elsewhere indicates that
gained from the old rhyme that government-provided security is a
goes about like this: mighty poor mess of pottage in ex-

change for man’s birthright of

run freedom. There is, I suggest, no
"til the race of men be still, valid reason to conclude that
That he who eats another's bread modern man or modern conditions

So runs the law and so the law will

Must do the other’s will. have changed any of the eternal
verities concerning power and

Desire for Security liberty.
Any discussion of the status of In his book, The Promises Men

the economic foundation of free- Live By, Harry Scherman, organ-
dom is incomplete without some izer and long-time president of the
attention to a historic human urge Book-of-the-Month Club, has set


===== PAGE 56 =====

54 THE FREEMAN December

out a course of action that deserves these days, the managers of a highly
the attention of Americans con- complex world.
cerned about the future of their You have placed them in this man-

country. Here is his suggestion: agement, and you acquiesce in it. But,
unfortunately, they give not the

slightest indication of being any more
capable in handling the affairs of
masses of men than rulers have been
all through history. . . .

If, as an individual, you really
have some concern about the best way
to change our present world to a bet-
ter one, not a bad principle is to

identify the enemy. , .
It should not be true, but unfortu- Scherman’s challenge closes with

nately it is, that your immediate ene- @ Plea that citizens make a vigor-
mies remain, as they always have Ous and untiring effort to under-
been, your rulers—your government. stand the economics of the world
At all times, it is a wise thing to sus- we live in. Without that under-
pect both their intellectual honesty standing the citizen has no com-
and their intelligence in economic petence to judge the actions of his
matters. rulers, which also means he is un-
Nothing can be lost, everything can able to vote competently.

be gained, by doing so. Make them Without intellectual competence

prove themselves in these respects, the citizen is controlled by his

and be utterly ruthless in your judg- LO

ment. emotions. People controlled by
their emotions in political matters

When they seem most plausible, in
your particular interests, it is not a have always been, and are today,
easy prey for tyrants. * oo

bad course to suspect their economic
intelligence the most. They are, in Reprints available: 10 for $1.00; 100 for $6.00.

(BEAS BK LIBEAYY The Greatest Danger

THE PRESCRIPTIONS in favor of liberty ought to be leveled against
that quarter where the greatest danger lies, namely, that which
possesses the highest prerogative of power. But this is not found
in either the Executive or Legislative Department of the Govern-
ment, but in the body of the people, operating by the majority
against the minority. But I confess that I do conceive that in a
Government modified like this of the United States, the great
danger lies rather in the abuse of the community, than in the
legislative body.

JAMES MADISON (discussing the Bill of Rights before the First Congress)


===== PAGE 57 =====

A REVIEWER'S NOTEBOOK =
John Chamberlain

5 FAY

DMIRAL BEN MOREELL is signment. The Task Force not

one of the most fearsomely only gathered the facts, which
efficient men alive today. He organ- were all there in thousands of re-
ized the Seabees during World ports anyway. More important, it
War II. Since his retirement from approached the job with the genius
the Navy in 1946, he has presided for conceptual thinking. Patriotic
over the rising fortunes of the beyond the call of duty, it took a
Jones and Laughlin Steel Corpora- completely serious view of the
tion. In addition to his skills as mandate handed it by Congress to
industrial planner and administra- provide philosophic criticism of
tor, Ben Moreell is an intellectual our sprawling, hit-or-miss and fre-
in the non-pejorative, non-egghead quently wantonly socialistic fed-
sense of the word. He thinks eral water policies.

"clearly, and his thoughts flow Naturally, since Admiral
easily into lucid, direct English. Moreell and his mates are parti-
Beyond all this, fusing it all into sans of the libertarian philosophy
an effective entity, Ben Moreell (Madison and Jefferson were,
has a firm grip on the moral values too), the framing of the report has
that underlie both the American had the public power associations
Constitution and the system of up in arms. Admiral Moreell real-
voluntary economic association izes that his “six principles” of
and free exchange. freedom as applied to the control

Given his special characteristics, and uses of water are “poorly de-
it was a foregone conclusion that signed to attract the support .of
Admiral Moreell’s chairmanship of those who believe in special priv-
the Second Hoover Commission ilege for political pressure
Task Force on Water Resources groups.” Nevertheless, he hews to
and Power would result in a report his line and, to mix the metaphors,
that would go way beyond the damns the torpedoes.
journeyman necessities of the as- Just how merrily the chips

55


===== PAGE 58 =====

b6 THE FREEMAN December

fly and the torpedoes explode is struction and development, at an
apparent in his new book, Our initial expense of $760 million.
Nation's Water Resources — Poli- Although estimated at $3 billion,
cies and Politics (published by the the full Upper Colorado project
Law School, the University of will probably chew up the better
Chicago, $3.50). Originally de- part of $6 billion, given the infla-
signed as a series of lectures, the tionary bias of the American polit-
book contains much sober history ical economy.

of the evolution of our federal What earthly objection is there
water policies. There is also a clear to going ahead with the Upper
exposition of the way the federal Colorado dams? Well, in the first
government is organized to handle place, the proposed reservoirs will
water resources development. The not be needed for river regulation
conclusions that are to be drawn for at least twenty-five years.
from Admiral Moreell’'s sober (This is a statement made by the
juxtaposition of incontrovertible Department of the Interior, not
facts are, however, not exactly something dreamed up by Admiral
conducive to a sober state of mind. Moreell.) The sole function of the
In fact, the implications of the dams for many years to come will
conclusions are frequently hair- be to provide revenue from the

raising. sale of power to subsidize the irri-

gation projects which are to be

Upper Colorado Project operated independently of the
Take, for one example, Admiral dams.

Moreell’s treatment of the recently So what, you may ask, is wrong

authorized Upper Colorado River about bringing life-giving water
Storage Project. On the face of it to dry Colorado acres? There
nobody could object to conserving would be nothing wrong about it
Rocky Mountain water for use in if it were economically justified.
the more arid reaches of the The truth is, however, that the
Colorado-Utah uplands. The full capital costs for direct irrigation
Upper Colorado project would con- investments in the Upper Colo-
sist of ten storage dams for im- rado region would range from $200
pounding water for “river regula- to $800 an acre. This is so far
tion” and development of power, in excess of the present $150-an-
and thirty-three participating irri- acre selling price of comparable
gation projects. Four of the dams land that is already irrigated that
and eleven of the irrigation proj- it would be a true give-away to
ects are ticketed for early con- large and small realty interests.


===== PAGE 59 =====

1956 A REVIEWER'S NOTEBOOK 57

It would be much more practicable or grain, however, it would be
and intelligent to hand the money politically impossible to take it
to Georgia or Pennsylvania for any other purpose.
farmers to improve soil that is far Admiral Moreell’s flair for dev-
closer to big urban markets. There astating statistical analysis gets
is a further irony to the whole free play in his treatment of the
Upper Colorado irrigation project: TVA. According to the Army En-
the land that is to be fructified at gineers, once in 500 years a flood
a cost of $200 to $800 an acre occurs in, the Tennessee Valley
would produce grains, sugar beets, which would cover some 666,000
and sheep, all of which are in acres of land if there were no dams
sufficient superabundance to be to impound the water. It would
under the price support program. seem, then, that the TVA can be
credited with offering protection
Water for Industry to a lot of soil. But the TVA’s
Though he thinks it a silly value as a soil protector becomes
waste of money, the prospect of a trifle elusive when one considers
putting water on soil that would that to save 666,000 acres from a
only add to unwanted agricultural once-every-half-millenium flood it
surpluses is not what really causes has been necessary to submerge
Ben Moreell’s blood pressure to 463,000 acres of land below the
rise. His scorn derives its full normal level of the reservoirs. In
force from his positive convic- addition, 128,000 more acres of
tion that Colorado will someday river lands must be reserved by
~ need all the water it can get to de- the TVA for flood discharge. Thus
velop and utilize its oil, oil shale, the TVA has effectively drowned
coal, uranium, titanium, and man- 591,000 acres of the 666,000 it was
ganese deposits. With such a created to protect. If this makes
plentiful supply of the raw ma- sense, then Count Screwloose of
terials of industry, Colorado could Toulouse ought to be sitting in
support a far greater industrial the White House!
development than she has at pres- Admiral Moreell is not suggest-
ent. Where one thousand gallons ing that it would be wise to tear
of water will grow ten cents worth down Norris and Bonneville and
of crops in Colorado, the same Grand Coulee dams. What he is
thousand gallons would permit the suggesting is that Congress should
production of $5.00 worth of in- count the true costs of the water
dustrial products. Once precious control programs which it ini-
water is committed to sugar beets tiates. He is willing to admit the


===== PAGE 60 =====

58 THE FREEMAN December

federal government has some re- tions for the use of its money for
spongibility in the fields of flood capital outlay, and the states are
damage abatement and reclama- seldom given enough consideration
tion. But the ultimate objective of in planning for the use of water
the federal government should be and water power.

to “assess against beneficiaries” Admiral Moreell is particularly
the full cost of providing benefits. critical of the “yardstick” theory
There is no reason why Georgia or of federal power. There can be no
Pennsylvania farmers should be “yardstick” when tax exemption
assessed to aid competitors on and cheap government money make

desert acres in Utah. impossible a sound comparison of
costs between investor-financed
Regulatory Confusion utilities and government projects.

According to the findings of Federal power, the Admiral says,
Admiral Moreell’s Task Force, ‘“isalways subsidized and the rates
there are so many overlapping do not include all of the real costs.”
agencies and authorities in the When power is disposed under
public water and power fields that preference clauses to cooperatives
it is impossible to find any con- and municipally-owned systems,
sistent pattern or purpose in the the favored groups get two unfair
way things are being done. Lack- advantages, price and priority,
ing coordination, government over other citizens. But the non-
agencies compete with each other preference customers contribute to
for the right to build dams and the cost of the subsidies. If the
irrigation ditches. Things are “privileges and immunities” of the
always being put over under wrong citizens are supposed to be equal,
names; power is subsidized in the then the “preference clause” must
name of navigation, reclamation be an illegal thing.
is instituted in the name of flood Even the old saw that water
control, etcetera, etcetera. The fed- power projects are usually “too
eral government often uses water big” to be handled by the states
resources and power development or by private groups fails to sur-
projects not for economic pur- vive Admiral Moreell’s withering
poses but to accomplish indirect treatment. Says Moreell: the Wis-
social and political ends. Programs consin Valley Improvement Com-
are undertaken without sufficient pany “furnishes an excellent ex-
analysis of data, the federal gov- ample of an integrated and com-
ernment is hit-or-miss in its re- plete river development under-
quirement of adequate contribu- taken without government subsidy.


===== PAGE 61 =====

1956 OTHER BOOKS 59

Here is a privately owned, tax- the dust is the one about the un-
paying organization which has conscionable private power lobby
constructed a series of twenty-one which is supposed to be mulcting
reservoirs on the Wisconsin the citizens of hard-earned cash.
River.” The improvement is “sub- Ben Moreell brings out the statis-
ject to regulation, pays full local, tic that the cost of power to the
state and federal taxes, and pro- ,yerage U.S. householder is about
vides for a six percent Teturn On | per cent of his family budget as
investments.” As for irrigation, against 29 per cent for food and

over three-quarters of the ¢ the 2 per cent for tobacco. A reduction
gation In tae West and all of the ¢ 3 per cent in the citizen’s tax

irrigation mn the East has been bill would pay for all of his

provided by private enterprise. | . oe
Thus the clichés fall like trees in POVer"

a hurricane n Admiral Moreell’s Reprints of this review available: 10

<2 The Vision and the Constant ises — against the individualistic

Star pattern of thought that was then
in the ascendancy, and in favor of
their collectivistic doctrine.

Now that socialism is the going
In all times, and no matter what rigidity, there is a growing num-
the dominant pattern of thought ber of objectors, those who insist
may be, there are some who find on pointing out the inadequacies
fault with things as are, who can- of this pattern of thought and want
not conform. They are for change. something else. They cannot con-
Their objection to the prevailing form. Though there are differences
rigidity may be well thought out, among them as to details of the
thoroughly rationalistic, follow- pattern of thought they prefer, the
ing logically from basic premises; trend of their thinking is toward
but the fact is that the premises values which once prevailed and
themselves are lodged in tempera- which to these objectors seem more
ment. They reason as they do be- salutary than the collectivistic doc-
cause they cannot reason other- trines and practices of the times.
wise. Thus, a half-century ago, the They call themselves, or are called,
socialists presented a fool-proof conservatives.
case — if one accepted their prem- Prominent among these noncon-

By A. H. Hobbs. New York: The
Long House, Inc. 192 pp. $3.50


===== PAGE 62 =====

60 THE FREEMAN December

formists—prominent both for his facets of the modern collectivistic
erudition and his lucidity of ex- thought-pattern, to improve hu-
pression—is Professor A. H. Hobbs, man existence.

whose forthrightness has brought It is an informative as well as a
upon him the retribution always provocative book. To those who find
meted out to nonconformists. Yet the climate of our times uncomfort-
he speaks on. In his new book, The able, the reading of it will at least
Vision and the Constant Star, his improve their understanding of the
intrepidity is matched by an irre- causes of this climate.

sistible cogency—irresistible if you FRANK CHODOROV
are inclined to his premise, namely,
that the individual is a moral be-
ing, not a mechanical product of
his environment. He presents his

2 Our Philosophical Traditions:
A Brief History of Philoso-
phy in Western Civilization

case beautifully. By Sterling Lamprecht. New York:
1ai 3 Appleton - Century - Crofts, Inc.
that impelled the ’
The vision t Pp 623 pp. $5.50.

Founding Fathers to reject the
British Crown and to institute an This is a careful survey of the
untried form of government, the ideas of the famous philosophers
vision that is before us all our Irom the sixth century B.C. to John
days, the vision that even the col- Dewey.

lectivists entertain is the happy No doubt Professor Lamprecht
and fruitful life. But, is it attain- has built up his book over many

able through the substitution of Years of study in connection with
mechanical and materialistic de- his Amherst College course on the

vices for individual responsibility ? history of philosophy. The book is
Can life be bettered by political 1 some respects the best avail-
compulsions or by the compulsions able textbook or Such a cour se. it
of personal integrity ? And, histor- ooh Ti So or Ty oe who
ically, did not man come closer to wou ¢ to have on hand an ac-
his goal when he accepted the pre- count of the conclusions of those

£ ) p p who have thought most deeply on
scription of moral absolutes —the

- our intellectual problems.
constant star? These are questions Lamprecht’s book is, in effect, a

that Dr. Hobbs touches upon, g,ccession of intellectual biogra-
bringing into focus the failure of phjes. A varying number of pages
economic determinism, ‘“progres- is devoted to expounding the
sive” education, sociological dicta thought of every renowned thinker,
based on biased polls, and other and the less renowned are given


===== PAGE 63 =====

1956 OTHER BOOKS 61

their paragraphs. Where a group to have taught that men by being
of philosophers belonging to the members of civil society implicitly
same era held important ideas in relinquish all their natural rights,
common, they are arranged in whereas my own recollection is
“schools.” that Hobbes, arch-materialist and
A gratifying feature of this ac- totalitarian that he was, believed
count of our philosophical tradi- that no subject could ever sur-
tion is its lucidity. Throughout, render his natural right to self-
there is a painstaking effort to tell preservation.
the reader in clear language what Finally, Karl Marx (1818-1883),
the great philosophers havetaught, whose influence has been enor-
based upon his firsthand acquaint- mous, is given merely two and a
ance with their writings and sup- quarter pages at the end of the
ported by well-chosen quotations. section on Hegel under the head-
Criticisms of a work of this sort ing, “Marx’s Rejoinder to Hegel.”
may take the form of noting omis- Perhaps some day some philoso-
sions, of detecting errors, or of pher may merit a page in an ob-
questioning the distribution of at- jective history of philosophy for
tention. In dealing with the Roman making a rejoinder to Marx!
Stoics, for instance, there is no ROWLAND GRAY-SMITH
mention of their doctrine that the
enactments of legislative assem-
blies must express the universal | any book reviewed in this Book Section (or
natural law —a doctrine which be- any other current book) supplied by return
came in America the theoretical mail. vou pay only the nookstore price. we
basis for a new birth of freedom. pay ! . postage anywhere in the world.
Then in dealing with Hobbes
(1588-1678), this thinker is said

=a

THE BOOKMAILER, Box 101, New York 16

A short review of the
Communist Manifesto

What is a communist?

One who has yearnings

For equal division

Of unequal earnings.
ANONYMOUS



===== PAGE 64 =====

EXCERPTS FROM CORRESPONDENCE OF INTEREST TO LIBERTARIANS

Nationalized Coal been an increase in productivity as
QUESTION: Recently, I had a dis- measured by output per man-shift.
cussion with a young Englishman But these statistics overestimate
about free enterprise versus so- the true improvement for two rea-
cialism. In the course of the dis- sons. First, the percentage of ab-
cussion, we disagreed as to the ef- senteeism is now nearly double
fect of nationalization of the Brit- that of 1938 with the result that
ish coal mines upon output per although output per man-shift has
man-shift. I have subsequently ob- risen by 8 per cent since the war,
tained the following figures pub- output per man-year has only
lished by the British Ministry of grown by 3 per cent. Second, the

Fuel and Power: proportion of coal mined which is
. fit for sale is lower now than be-

Year Average Output Per Man-shift .
1935 117 tons fore the war. Every English house-
1936 1.18 wife will tell you how much slate,
1937 1.17 stone, and other extraneous matter
1938 1.14 is delivered with her coal and how
impossible it is to get satisfaction
1951 1.21 from the coal merchant who is
Loos a himself at the mercy of the Coal
1954 1.93 Board which, in turn, is at the
1955 1.23 mercy of its workers. But all this

incombustible material counts as
coal in the figures and is paid for
as coal.

Much more important, it would
be astonishing if there had not
been an increase in productivity.
For there has been an enormous

It is of course true that since the capital investment in the industry
nationalization of coal, there has since nationalization. The real

62

These figures indicate that I was
misinformed, and I am wondering
whether you can give me any ex-
planation of the increase after
nationalization.


===== PAGE 65 =====

1956 LETTERS 63

question which the champions of self doubled over the period. The
nationalization have to answer is following table shows this trend.
why the increase in productivity Gross Capital Formation in Coal
has been so small. The following as percentage of Total Gross

table shows what we have poured Tons Capital p ormation
into the industry in capital invest- 1949 19
armen, Etpemommonss, 1947-1055 1950 16
Million Pounds ~~ 201 1.5
Sterling 1952 1.9
Collieries g03 1953 2.4
Erection of pithead baths, 1954 3.0
canteens, medical centers, etc. 25 1955 2.9
Coke oven and by-product plants, The truth of the whole matter is
workshops, labs, ete. n4 that nationalization has produced

—— great inefficiency, the effects of

422 which have been masked to some

Between 1947 and 1955 we not extent by the stimulation of capi-

only poured an immense capital in- tal investment. The real test is

to the industry but the rate of in- what the British people have got

vestment also increased, and this out of the investment, and that has
at a rate faster than the growth been precious little.

of total United . Kingdom gross A. A. SHENFIELD

fixed capital formation, which it- British Economist

igs rE

When the State Mines Coal

IF ALL LIFE is to be planned, how are the planners to be chosen?
And who will guarantee their integrity? And who will com-
pensate for their errors? And what is to become of those delicate
realities which do not fit conveniently into utilitarian plans—
religion, the higher learning, the sense of beauty, the life of
family and traditional community, the sense of historic con-
tinuity that distinguishes a nation from a mere mob of indi-
viduals? ...

When the state mines coal, it assumes the power to alter the
lives not only of miners, but also the lives of people who want
nothing to do with mining; and when the state builds towns,
it assumes the functions which church and family and voluntary

associations formerly exercised.

RUSSELL KIRK, Beyond the Dreams of Avarice
Chicago, Henry Regnery Co.



===== PAGE 66 =====

TIME to READ

THERE IS an old story of the man who read Gibbon’s Decline and Fall
of the Roman Empire in the intervals of waiting for his wife to dress
for dinner.

. From Management Briefs, published by Rogers, Slade & Hill, Man-
agement Consultants of New York City, come these ten ways to use
those otherwise-wasted quarter-hours.

1. Talk less (and watch less the TV programs unworthy of your ma-
turity. Watch more, if you please, the good ones; fewer of the poor
ones).

2. Carry a book in your bag (your brief case, your topcoat pocket).

8. Put a book under your pillow at night; if you can’t sleep, read.

4. Wake up 15 minutes earlier every morning, and read.

5. Keep a book handy to pick up (at home, when waiting for the din-
ner; at the office for waits between engagements, or for long-dis-
tance ’phone calls to come through).

6. Have a book ready when meeting unpunctual people (or waiting for
meetings to get under way).

7. Take along your own book when going to the dentist or doctor (or
an appointment with the man who may keep you waiting 15 to 45
minutes in his anteroom). Why read their old magazines?

8. Keep an unread book in your car in case of traffic jams or a wait for
repairs (or a wait for your wife to do her shopping).

9. Never go on a journey in a public conveyance without a book.

10. Remember that a book in the hand is worth two in the bookcase (and

a good current magazine in hand is worth three in the wastebasket).


===== PAGE 67 =====

Publications. . .

THE FOUNDATION FOR ECONOMIC EDUCATION

F 54 stablished in 1946, FEE is a nonprofit institution, a major purpose of
which is to publish books and articles concerning such libertarian ideals
as the ownership of private property, voluntary exchange, open 'com-
petition, and limited government.

Though THE FREEMAN is now the principal outlet for Foundation
releases, numerous earlier publications are available. These include not
only the writings of staff members and other contemporary authors, but
also many classics recently reprinted or translated. Also listed are a
number of books by other publishers which may be purchased through
the Foundation.
| BOOKS and BOOKLETS |

* Essays on liberty Ideas on Liberty

(Two volumes; each, $1.50 paper, $2.50 Three issues only; No. 1 (May 1955),
cloth; quantity prices on request) No. 2 (September 1955), and No. 3 (No-
VOLUME I vember 1955). Each is a collection of
This book of 308 pages is composed of 37 short essays and articles, indexed in this
selections from the many articles on lib- issue of The Freeman. (96 pages; 50¢

erty published by the Foundation. The each, 3 for $1.00) °
subjects include government, taxes, infla-
tion, money, monopoly, price controls, The American Economic System

subsidies, security, competition, and many by Edwin Vennard and

other problems of current importance. Robb M. Winsborough

Thoroughly indexed. With only one-fifteenth of the world’s
STUDY GUIDE prepared by people, we own three-fourths of the
Thomas J. Shelly world’s automobiles, one-half of all tele-
A former teacher has adapted the ma- phones and radios, three-fourths of all
terial for classroom or discussion television sets . . . This book explains
group use. (70 pp.; $1.00) why. Over 100 charts and tables. (96

VoLuME II pages; $1.00)

This volume of 442 pages contains 37
selections from articles previously pub- * Bureaucracy

lished by the Foundation. Like Volume I, by Ludwig von Mises
it covers a variety of subjects and is Bureaucracy is neither good nor bad in
thoroughly indexed. itself. It is an appropriate technique for

65


===== PAGE 68 =====

66 THE FREEMAN December

the conducting of administrative agencies * Government: An Ideal Concept

such as the police department. However, by Leonard E. Read

when bureaucracy enters the field of eco- A theory by which the conflict between
nomic activities, the result is disregard government and liberty can be resolved.
for the interests of consumers and dis- Taxation, money, world government, con-
astrous rigidity. (125 pages; $2.00 cloth) scription, and education discussed in the

* The Constitution of the United States pa pe 5500 Soi. pages, indexed;

by James Mussatts
A former history instructor writes, brief- * How Can Europe Survive?
ly and simply, an explanation of some of by Hang Sennholz
the ideas behind the Constitution. This Europe's plight is not the result of capi-
edition is intended especially for class- talism, but is due, rather, to government
room or study group use. Bound within interference with the capitalistic system.
its covers is a 82-page STUDY GUIDE The economic principles involved apply in
prepared by Thomas J. Shelly. (173 all countries at all times. (336 pages, in-
pages; $2.00 paper, $3.50 cloth) dexed; $4.00 cloth)

* Economics in One Lesson The Humanitarian with the Guillotine

by Henry Hazlitt by Isabel Paterson
A penetrating analysis of government
“charity.” This booklet includes also a
second essay by the same author, “Our

“Jf people wish to disperse the illusions
which push pressure groups and politi-
clans all over the world to economic can- Japanized Educational System.” (82
nibalism and universal impoverishment, ages; 25¢, 5 for $1.00

they will form little societies to further pages; » 5 for $1.00)

the sale and influence of Mr. Hazlitt’s % Human Action

incisive economic lesson!”’—New York by Ludwig von Mises

Times. (222 pages cloth, $2.00; 193 pages, Dr. Mises “treats economics itself as

pocket edition, 3 for $1.00) merely part of a more universal science,
STUDY GUIDE ‘praxeology,’ or ‘the science of every
prepared by Thomas J. Shelly kind of human action, . ..” This book is
(47 pages; $1.00) the counterweight of Marx’s Das Kapital

and of Lord Keynes’ General Theory. . . .
If any single book can turn the ideologi-
cal tide that has been running in recent

- h years so heavily toward statism, social-
during the French Revolution, and the jm ang totalitarianism, Human Action
resulting panic and collapse. This history ig that book.”—Newsweek. (889 pages;
written in 1914 teaches many lessons g14 gg cloth) '
which apply to present American experi-
ence. (72 pages; 50¢)

Fiat Money Inflation in France
by Andrew Dickson White

A vivid report of inflation in France

INDEX prepared by Vern Crawford
A detailed and extensive supplement to

The Free Convertibility of Sterling the index in the book. (20 pages; 60¢)
by George Winder . Industry-Wide Bargaining

An easy-to-read explanation of a com- by Leo Wolman

plicated subject: foreign exchange con- An cconomist clarifies this issue and

trols. (62 pages; 50¢) analyzes the origin, causes, effects, and

* The Freo Man's Library influences of this development in labor
by Henry Hazlitt relations, (63 pages; 50¢)

A descriptive and critical bibliography The Issue of Our Time

of more than 660 works on the philoso- by William J. Palmer

phy of individualism, (176 pages; $3.60 A lawyer exposes the frauds and decep-
cloth) tions of communism, contrasting that


===== PAGE 69 =====

“

1956 PUBLICATIONS... 67

system with competitive capitalism. (40  % Liberty: A Path to Its Recovery

pages; 25¢) by F. A. Harper

A thought-provoking explanation of hu-
. man liberty and its present plight. A
by Clarence E. Manion method for measuring lost liberty is here

“The author (formerly Dean of Notre . . $1.0
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free institutions rest upon a religious

conviction that every individual is a child %* The Mainspring of Human Progress

of God and therefore is of supreme by Henry Grady Weaver

worth. . . . It i$ one of the greatest books A revised edition in a new format. A

of all my reading experience.”—Norman readable and fascinating history of ha
; . man progress and how o stop it.

Vincent Peale. (121 pages; $2.00 cloth) More than 200,000 copies have been sold.

. % The Law Many persons have referred to this book
by Frédéric Bastiat as the best introduction ever written on

What is law? What should it be? By \iberty. (279 pages, indexed; $1.50 paper,

what process is the law perverted from $2.50 cloth)

*The Key to Peace

its proper function into an instrument STUDY GUIDE
of robbery? The answers posed are as prepared by Thomas J. Shelly
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original readers more than 100 years ago.
(76 pages; 65¢ paper, $1.25 cloth) '
STupY GUIDE

* The Man Versus the State
by Herbert Spencer
In 1851, Mr. Spencer began to publish his
prepared by Thomas J. Shelly essays on liberalism that foretold what
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%* “Liberals” and the Constitution cialist-communist theory of government
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Modern “liberals” have taken liberties indexed; $2.50 cloth)
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tutional limitations upon the scope and A collection of essays to honor Dr. Lud-
power of government. (301 pages, in- wig von Mises upon the occasion of the

dexed; $3.00 cloth) fiftieth anniversary of his doctorate. The
Libertarian Books and Their Authors nineteen authors, all “students” of the
by Mary Homan Sennholz free market economy, comment on vari-

Brief reviews of 100 books on economics, ©US aspects of economics, especially as
history, and philosophy selected by F. A. interpreted by Dr. Mises. (333 pages, in-
Harper as a “Bibliography on the Volun- dexed; $3.50 cloth)

tary Society,” together with biographical On Liberty

data about each of the authors. (86 pages by John Stuart Mill
multilithed; $1.00. No charge for Har- A convenient, pocket-size, readable edi-
per’s list.) tion of a great classic. (148 pages; 85¢)

Christmas Gifts That Endure—All FEE publications aim to explain and
stimulate further interest in the freedom philosophy, but handsome
clothbound volumes of the items starred (%) in this list are particularly
commended as Christmas gifts to thoughtful friends.
Send us a list of your friends and the book or books you want each to
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name on a card. The Foundation for Economic Education, Irvington-on-Hudson, N. Y.


===== PAGE 70 =====

68 THE FREEMAN December

* Our Nation's Water Resources — Policies ized society in which interdependence
and Politics plays a major role.” (60 pages; 50¢)
ay Bon ig overnment versus pri- NC 1ONfF Idea
y § pri- by W. M. Curtiss

vate development of power and water re- A
thoughtful study of the problem of
sources. (245 pages; $3.50 cloth) tariffs as they relate to wages, prices,

Outlook for Freedom levels of living, competition, war, and
by Leonard E. Read other vital issues. (80 pages; 50¢)

The story of a person who honestly €X- Ten Thousand Commandments

amines his own soul for socialistic lean- by Harold Fleming

ings. (40 pages; 50¢) A popularly-written study of the anti-

The Pension Idea trust laws and their effect. “This book is
by Paul L. Poirot not for lawyers, but for people.” (214

A thorough and thought-provoking ex- pages, indexed; $1.50)

Ploration of the various, advertised + The Theory of Collective Bargaining
paths to security.” (52 pages; 50¢) by W. H. Hutt

Recent Changes in American Constitutional A eazeful 284 scholarly exposure of the
Theory illusion that unionism can raise wage
by John W. Burgess rates above the market level without

A 1923 study of the trend toward gov- harm to anyone except the “exploiters.”
ernmental despotism, by a professor of (150 pages, indexed; $3.00 cloth)
political science and constitutional law. % The Theory of Money and Credit

(115 pages; $1.00) by Ludwig von Mises

This new edition (1953) is enlarged with

Seguayah. Simbel of Free Men an essay on ‘Monetary Reconstruction,

Dr. Mises explains the function of money
as a medium of exchange, the factors
influencing its value, and the effects of
governmental intervention. Solution of
current monetary problems presupposes
“a radical change in economic philoso-
N phies.” (493 pages, indexed; $5.00 cloth)

Shirtsleeve Economics _ CL.

by William A. Paton Th ot Copitafism by Historians
Some facts about the “Industrial Revolu-
“ tion’ which help to explode a few popular
misconceptions. Reprinted from Capital-

The lesson to be learned about freedom
from the life and activities of one
American Indian, plus a discussion of
the philosophy of freedom. (Multilithed;
29 pages; 30¢) Available also in Spanish
translation.

A clear, keen analysis of today's im-
portant economic problems. (460 pages,
$4.50 cloth)

* Socialism ism and the Historians. (36 pages; 35¢,
by Ludwig von Mises 10 for $3.00)

This edition (1952) includes as its Epi- The TVA Idea

logue the essay, Planned Chaos (avail- by Dean Russell

able separately, $1.85 cloth). When A readable explanation of the social,
8oCIALISM first appeared in English political, and economic consequences of
(1937), Henry Hazlitt called it “the most the TVA “idea” in practice. (108 pages,
devastating analysis . . . yet penned.” indexed; 75¢)

(699 pages, indexed; $6.00 cloth) * Understanding Our Free Economy

Students of Liberty by Fred R., Fairchild, in collaboration
by Leonard FE. Read with Thomas J. Shelly

“The problem of liberty is how to pre- This book, offered as a high school text,

serve independence in a highly special- explains how our economy operates and


===== PAGE 71 =====

1956 PUBLICATIONS... 69

examines points of departure from free-
dom toward compulsory collectivism in
our own lives. (589 pages, indexed; $3.96
cloth)

United Nations: Road to War

by V. Orval Watts
The UN “is at war with the only new
political idea and method in the world—
the idea of individual sovereignty and the
method of limited government.” (141
pages; $1.50)

What Social Classes Owe to Each Other

by William Graham Sumner
A classic on individual freedom and per-
sonal responsibility, written in 1883. (146
pages; $1.25)

* Where We Are At

by Thomas H. Barber
As if chatting with a neighbor, the author
points out forces that have brought war,
debt, confusion, and frustration. (255
pages; $1.50 paper, $2.50 cloth)

(334” x 7”; 12.24 pages)

Single copies free 50 copies—$3.50
10 coples—%$1.00 100 copies— 6.00
25 copies— 2.00 Other prices on request.

Agrarian Reform

by Paul L. Poirot
An “embattled farmer” of 1955 stands
firm against the tide of government en-
croachment.

Bill of Rights

by Dean Russell
A concise discussion of the meaning of
the first ten Amendments.

Charity: Biblical and Political

by Russell J. Clinchy
A minister finds no Christian charity in
the compulsory device of governmental
aid.

Combating Statism

by Leonard E. Read
A suggestion for the person who wishes
to “do something” about ever-increasing
government,

Conscription

Part I by Daniel Webster

Part II by B. H. Liddell Hart
The philosophy and the practical results
of compulsory military service.

Dangers of Treaty Law
by Frank E. Holman

One means by which the Constitution
may be by-passed.

Discrimination

by F. A. Harper
If man were deprived of the ability or
the right to discriminate, he would perish.

Do You Dare To Be Different?
by Kenneth W. Sollitt

A minister examines forced conformity.

““Downtown’’ Socialism

by E. W. Dykes
Why not let private enterprise solve the
parking problem ?

Eating the Seed Corn

by F. A. Harper
An analysis of the decline of capital for-
mation in America.

Economic Myths of Early Capitalism

by FF. A. Hayek
An economist exposes the myths used to
discredit our present economic system.

Education for 1984

by Arthur E. Bestor
A professor examines the trend of mod-
ern or “progressive” education.

The First Leftist

by Dean Russell
The first Leftists were actually against
government controls!

The Guaranteed Life

by Maxwell Anderson
A leading playwright points out the harsh
truth that “men who are fed by their
government will soon be driven down to
the status of slaves or cattle.”


===== PAGE 72 =====

70 THE FREEMAN December

The Individual in Society The Penalty of Surrender
by Ludwig von Mises by Leonard E. Read
Competition in the market protects the An examination of compromise and the
freedom of buyers and sellers. “middle way.”
Inflation The Price of Price Controls
by F. A. Harper by Irving S. Olds

Whoever controls the money supply is A summary of 40 centuries of controls.
golely responsible if there is inflation

and, consequently, high prices. Price Supports

by W. M. Curtiss

Isaiah’s Job Governmental interference in the market
by Albert Jay Nock . affects both producers and consumers.
Encouragement to those who despair of
saving freedom. Property Rights and Human Rights
. Lo. by Paul L. Poirot
A Just Price and Emergency Price Fixing Property has no rights; there is only the
(originally entitled “Stand-by Con- p.... right to own property.
rols
by F. A. Harper The Right To Own Property
Are governmental price controls ever ef- by Arthur C. Shepard
fective ? A defense of private property against

violation b 0 ent.
Liberalism Stands for Freedom ¥ governm

by Towner Phelan Rights for Robots
Traditional liberalism versus the eco- by Sir Ernest Benn
nomic platform shared in common by “Socialism is not a system; it is a dis-

fascists, communists, and advocates of ease.’
[4 4 1”
the “social welfare” state. shackles of Gold

Mirage of Perpetual Boom by Frank Chodorov

by Albert C. Wilcox There is nothing wrong with money that
Politicians seek to stimulate production freedom won’t cure.
through inflation by adding to the “pur-

chasing power” of favored groups. Show Me Any Other Country

by Betty Knowles Hunt

Not Worth a Continental A housewife’s extraordinary answer to a
by Pelatiah Webster leading socialist.

A modern description, written in 1780, of

the fatal consequences of governmental Source of Rights

tampering with money. by Frank Chodorov

The individualist proclaims that every

person possesses certain inalienable

rights.

On Minding One’s Own Business
by William Graham Sumner
Today, as in 1883, “laissez faire means:
Mind your own business. It is nothing Survival of the Species
but the doctrine of liberty.” by Ben Moreell
On That Day Began Lies “] do not fear the Russian army nearly
by Leonard E. Read as much as I fear the concept of using
An analysis of the danger of permitting Our own laws to relieve individuals of the
organizations to speak for their members, responsibility for their own decisions and
Ownership in Common welfare.
by Dean Russell Two Paths to Collectivism
Some of the consequences of governmen- by Russell J. Clinchy
tal ownership and control, particularly A minister examines the danger to free-
in the electric industry. dom to be found in government subsidies.


===== PAGE 73 =====

1956 PUBLICATIONS... 71

Two Ways To Stop Strikes ment-guaranteed “security” for about
by Leonard E. Read 100 years. With. what results?

Force versus understanding. What Does Freedom Mean to You?

Victims of Social Leveling by Russell J. Clinchy
by Leonard E. Read A minister points out some inconsisten-

The effects of government aid on three cies about what government tries to do in
persons: the one from whom the money the name of freedom.
is taken, the one to whom it is given, and Where Karl Marx Went Wrong

the one in charge of the process. by Samuel B. Pettengill
Wards of the Government Did machines or government decrease
by Dean Russell hours of labor? What caused our in-
The American Indians have had govern- creased living standard-laws or capital ?
| PAMPHLETS
(33%” x 7” unless otherwise indicated; Equality and Security
20-56 pages) by Dean Russell

Single copies free 50 copies—%$4.75 ; : “
10 copies—$1.25 100 copies— 9.00 Personal experience with “guaranteed

25 copies— 2.50 Other prices on request. equality and security,” plus a discussion
of moral law.
Agriculture’s Sacred Seventh

by F. A. Harper Freedom To Shop Around
Farm price support precludes the free by Hart Buck
market and drives toward a monopoly. “Anything which interferes with people's
LL. freedom to shop around can only cause
Bargaining fewer goods to be made and fewer things

by Paul L. Poirot
Voluntary exchange allows individuals to
specialize and trade to their mutual ad- Gaining the Free Market
vantage. by F. A. Harper

Five principles behind a free market.

to be done.”

Clippings of Note Pamphlet

Seven Clippings of Note (numbers 68-74) Human Rights and the United Nations
reprinted in pamphlet form. The authors by Russell J. Clinchy

are Herbert Hoover, Hughston M. McBain, An analysis of natural law and political
John L. McCaffrey, Paul L. Poirot, Dean law and their relationship to human

Russell (2), and Kenneth W. Sollitt. rights.
Competition? Yes, But... The Lengthening Shadow of Government

by Charles F. Phillips by Edmund A. Opitz
“Much of what we daily refer to as un- Democratic government, like any other,
fair competition is really just keen com- can destroy individual freedom; the dif-
petition.” ference is that democratic control comes

slowly and in disguise.
Education for Privacy

by Marten ten Hoor Liberty and Taxes
A college dean and professor of philoso- by Bradford B. Smith
phy expresses “skepticism concerning the A critical examination of progressive
present emphasis on social-mindedness in taxation as it relates to the principles of
education.” a voluntary society. (6” x 9”; 20 pages)


===== PAGE 74 =====

72 : THE FREEMAN December

Morals and the Welfare State 31g

by F. A. Harper by F. A. Harper
“Economics and morals are both parts of An analysis of the impact of government
one inseparable body of truth. They must, On the cost of living of the average Amer-
therefore, be in harmony with one an- ican citizen. (6” x 7”; 24 pages)

other. To Communism... via Majority Vote

by Ben Moreell
In 1848 in his Communist Manifesto, Karl
Marx laid down the platform of com-
munism. How much of it have the Amer-
ican voters demanded for themselves?
(6” x 9”; 34 pages)

My Freedom Depends on Yours

by Dean Russell
The slave owner or controller loses some
of his own freedom when he imposes his
will upon others.

No Vacancies

by Bertrand de Jouvenel
An illustrated report of the effects of
over 30 years of French rent control.
(6%” x 8%"; 16 pages; charts, photo-

TVA: Profit or Loss?

by Eugene A. Stephenson
An explanation of some confusions and
omissions in TVA’s financial statistics.

graphs) Two Ways to Slavery
. by James M. Rogers
Of Bread and Circuses Can we today profit from the experience
by Ben Moreell of the Israelites who gave up their free-

Because of domestic politics, Rome was dom to Joseph in Egypt and again to the
ripe for destruction when the barbarians kings in Canaan?

came. Can we learn from this lesson of

history ? (6” x 9”; 24 pages) i

AIDS TO STUDY

The Personal Practice of Freedom

by Ed Lipscomb
“Freedom has no hands with which to
work, no eyes with which to see, no voice (8% x 117; multilithed; single copies free)
with which to speak, but yours and mine.” Lists of Suggested References for Debate

. . and Discussion

Public Housing prepared by Bettina Bien:

by Paul L. Poirot ) Education—for the “Needs of Society”
Some unforeseen consequences of making (7 pages)
anybody's housing problem everybody's How Should the Educational Opportuni-
responsibility. ties Be Increased for the Youth of the
The Role of American Business in Social United States? (5 pages)
Progress In Discussing Foreign Trade (7 pages)

by Ben Moreell Can Industry Guarantee an Annual Wage
“_,.society needs three kinds of men; to Its Employees? (5 pages)
those who work, those who fight, and What Agricultural Policy ? (15 pages)

those who pray.” (6” x 9”; 24 pages) Economic Aid to Foreign Countries
Social Security (6 pages)

by Paul L. Poirot How To Start and Conduct a Constitution
“A government which can take a man’s Study Group
property, including his wages and other by Charles Hull Wolfe

current earnings, can control that man’s Some practical suggestions for the dis-
life.” cussion group leader. (19 pages)


===== PAGE 75 =====

AH Service OUR READERS APPRECIATE...

FREEMAN readers often wish to pass along to other persons or
groups the thoughts contained in one particular article.

For this purpose the Foundation supplies any article in reprint form,
if there are combined inquiries for 1,000 or more copies. Below is
a list of those printed on request since May 1955.*

.Name your own from this or any other issue.

As single page ‘Clippings of Note’’ (100 copies $1.00)

(Note: A complete list of releases in this format supplied on request.) From the
. ssue of:
No. 75 In an Ideal America Leonard E. Read May 1955
No. 76 Talking to Ourselves Henry Grady Weaver Sept. 1955
No. 77 Who Is a Libertarian? Dean Russel! May 1955
No. 78 Security May Betray Us Archibald Rutledge Nov. 1955
No. 79 Why Pay for Things? F. A. Harper Jan. 1956
No. 80 Contented Slavery (poem) Ralph Bradford Jan. 1956
No. 81 Minority Report August E. Johansen June 1956

As 4 to 8 page Reprints (10 copies $1.00; 100 copies $6.00)

The Birth of a Capitalist Dean Russell Sept. 1955
The Case for Religious Schools August W. Brustat May 1956
The Essence of Capitalism Hart Buck Sept. 1955
Fluoridated Water Gordon B. Leitch July 1956
Isaiah's Job Aibert J. Nock Dec. 1956
On That Day Began Lies ieonard E. Read Apr. 1956
‘Our Nation's Water Resources’ John Chamberlain Dec. 1956
The Social Security Tax Clarence E. Manion Nov. 1955
The State Frédéric Bastiat Nov. 1955
Two Directions at Once Leonard E. Read Oct. 1956
The Economic Foundation of Freedom Howard Buffett Dec. 1956

As 12 to 16 page Reprints (10 copies $1.50; 100 copies $12.00)

The Conscription Idea Dean Russell May 1955
The Hot Fight Over the Right To Work Edward Maher Nov. 1955
I'm Fed Up with Union Bossism George Bronner Apr. 1956
The Real Revolution and You Ivan R. Bierly Mar. 1956
Town Meetings—1956 Style Charles Hull Wolfe Mar. 1956

*Those dated prior to January 1956 are from IDEAS ON LIBERTY

THE FOUNDATION FOR ECONOMIC EDUCATION

Irvington-on-Hudson, New York



===== PAGE 76 =====

Look what you get...

Now, the last 12 issues of THE FREEMAN
(entire year 1956), plus the three issues of Ideas
| on Liberty, complete with 21-page index —
J all conveniently together in durable
handsome blue Leatherlex binder.

All for only $6.25, postpaid!

| Total of 1,068 pages of latest libertarian
i literature— handy for reference, attractive for

your library, ideal for gifts. Check index
starting on opposite page for scope of
subject material, Order from:

The Foundation for Economic Education, Irvington-on-Hudson, New York


===== PAGE 77 =====

9 h d e THE FREEMAN, Volume 6, January-December,1956

(Plus the three 1955 issues of IDEAS ON LIBERTY)

Prepared by Miss VERNELIA A. CRAWFORD of the Foundation staff

Note: In the page references, the figure preceding the colon designates which
journal and issue: Roman numerals refer to the three issues of IDEAS ON
LIBERTY, arabic numerals to the twelve issues of THE FREEMAN.

A Andrews, T. Coleman
taxation
Ability, exchange of. By F. Harper, 7:10 abolition of. By W. Chamberlin, 9:33
Absolutism, road to. By J. Call, 3:37 elimination recommended. From Indian-
-Accidents, auto, jury law and. By R. Baker, 9:8 apolis Star, 5:16
Action, acquiring. By L. Read, I:1 Antagonism, production and, Marxian views
Acton, John, of. By W. Chamberlin, 5:23
liberty; quote, 11:49 Anti-Capitalistic Mentality, The. By L. Mises.
Adams, Walter Reviewed by J. Chamberlain, 11:56
Monopoly in America: The Government as Ashton, T. S.
Promoter. By W. Adams and H. Gray. Re- Economic History of England: The 138th
viewed by J. Chamberlain, 4:57 Century, An. Reviewed by B. Bien, 7:63
Adequacy defined, By G. Schwartz, 8:47 Athens, totalitarianism in. By J. Call, 3:38
Advertising. By B. Rascoe, 11:48 Austria, economic survival of. By W. Chamber-
Agriculture lin, 2:26
benefits to. Letter by P. Poirot, 1I1:93 Authority
federal aid to. By M. Banner, 1:65 possession of. Quote by A. De Tocqueville,
free market in. Quote by C. Shuman, 2:8 111:87
government program of. From Guaranty see also, Government
Survey (March 1956), 7:45 Automation, results of. By B. Fairless, 1:70
income redistributed. By M. Butler, 6:39 Automobiles
interventionism and. By W. Curtiss, 2:1 accidents, jury law and. By R. Baker, 9:8
prices. By P. de Hevesy, 4:22 British union in. By C. Brogan, 10:3
Russian visitors in U. S. By J. Strohm, 1:1; interventionism in. By F. Chodorov, 4:20
by F. Chodorov, 1:11
scarcity. By W. Curtiss, 2:3 B

subsidy. See Subsidy
Amendment, constitutional. By C. Wolfe, 9:3 Bach, George Leland

America Economics: An Introduction to Analysis and
adventure in live ideas. By E. Evans, 9:50 Policy. Reviewed by J. Chamberlain, 7:56
human energy in. By H. Buffett, 12:49 Baker, Richard C.
ideal. By L. Read, 1:46 jury law of the road, 9:8
Russians’ visit to. By J. Strohm, 1:1; by F. Banks, credit in. By F. Harper, 12:9

Chodorov, 1:11 Banner, M. H.

American Heritage, 9:64 farm problem, 1:65

America’s Concentration Camps: The Facts Bargaining, labor and. Quote by P. Poirot,
about Our Indian Reservations Today. By C. 11:50
Embry. Reviewed by R. Rushdoony, 7:61 Barnes, Harry Elmer

America’s Rise to World Power. By F. Dulles. Reviews:

Reviewed by H. Barnes, 5:57 America’s Rise to World Power. By F. Dulles,

Amish bishops’ social security views. Quote 65:57
from Herald-Tribune News Service, I11:25 History of the Monroe Doctrine, A. By D.

Anderson, C. W. Perkins, 5:57
wages, 5:25 Baseball magnate. By F. Chodorov, 1:9

Anderson, Maxwell Bastiat, Frédéric
government control; quote, 8:40 election results; quote, 6:46
liberty, treason to; quote, 10:14 freedom in transaction, 1:63

75


===== PAGE 78 =====

Bastiat, F. (cont.) Bossism, union. By G. Bronner, 4:9

laws Braden, Spruille
converted to plunder; quote, 7:66 gaining respect, 8:49
education and; quote, 11:96 Bradford, Ralph
socialism confused; quote, 1:7 contented slavery, 1:28
spending; quote. By H. Haazlitt, 2:20 Brandeis, Louis D.
State, II1:4 constitutional rights; quote, 11:24
tax collector, 11:22 liberty, dangers of; quote, 5:63
trade views. By W. Curtiss, II1:52 Bread and circuses. By B. Moreell, 1:29

Bateman, Dupuy, Jr. Brines, Evelyn F.
natural laws of human relations, 8:10 man and masses, 11:38

Beard, Charles A. Brock, C. J. L.

Economic Interpretation of the Constitution protection, dangers of; quote, 10:64
of the United States, An. Reviewed by J. subsidy condemned; quote, 6:66
Chamberlain, 8:57 Brogan, Colm

Bemis, Samuel Flagg British trade union crisis, 10:3
John Quincy Adams and the Union. Re- price of free medicine, 6:50
viewed by R. Weaver, 6:63 Bronner, George

Benefactors, function of. By K. Sollitt, 8:13 union bossism, 4:9

Benefits Brown, A. T.
free society. By L. Read, 12:23 trade views. By W. Curtiss, III1:53
fringe. By F. Harper, 11:43 Brown, Emily C.

Bennett, Jessie Lee unionism. By E. Maher, 1I1:18
self-education; quote, 11:16 Brown, Robert E.

Bennett, John C. Charles Beard and the Constitution: A
Christian as Citizen, The. Reviewed by E. Critical Analysis of “Am Economic Inter-
Opitz, 4:62 pretation of the Constitution.” Reviewed by

Berger, Herbert J. Chamberlain, 8:58
heroin, arguments for, 10:21 Brustat, August W.

Berlin, division of. By F. Harper, 11:2 religious schools, 5:43

Berlin, Isaiah Buck, Hart
Marx on nationalism. By W. Chamberlin, capitalism, essence of, 11:50
6:23 choice-making, 8:39

Besse, Ralph M. enterprise, nature of; quote, 11:39
philosophy of reading, 1:36 Buckle, Thomas Henry

Beyond the Dreams of Awarice. By R. Kirk. education, qualities of; quote, 6:33
Reviewed by E. Opitz, 10:54 Buffett, Howard

Bien, Bettina economic foundation of freedom, 12:49
debate material, 3:41 Review:
depressions, causes of; letter, 1:89 Guaranteed for Life. By B. Findlay, 1:46
Mises’ Festschrift, 4:29 Bulganin, Nikolai A.
prices, determination of; letter, 1:93 economic aid to India. By F. Chodorov, 3:10
subjective value; letter, I11:92 Bums or brothers. By K. Sollitt, 8:13
taxation; letter, 11:89 Burckhardt, John
unemployment by legal decree, 8:28 individualism. By E. Evans, 9:52

Review: Bureaucracy
Economic History of England: The 18th growth of. By F. DeArmond, 9:43
Century, An. By T. Ashton, 7:63 presidential load and. By 8. Kornhauser,

Bierly, Ivan R. 5:10
revolution, real, 3:17 promoted. By F. Chodorov, 8:13

Bigness sec also, Government
cconomic. By J. Chamberlain, 6:59 Burgess, John W.
see also, Monopoly constitutional theory. By L. Read, 10:17

Rill of Rights, purpose of; quote from Supreme Burke, Edmund
Court Board of Education v. Barnette, 6:31 opposition; quote, 10:20

Blueprint for World Revolt. By P. Stecle, 11:60 Burnham, Constance F.

Boas, Franz Good Samaritan economics; quote, 8:12
freedom of judgment; quote, 1:24 Business

Boetcker, William J. H. big vs. small. By F, DeArmond, 9:44
Lincoln quotes attributed to. By D. Russell, corporations. By J. Chamberlain, 6:69
1:6 depressions. Letter by B. Bien, 1:89

Bonds, government. By ¥. Harper, 12:9 government vs, free market, By M. Roth-

Booms and busts, evidences of. By A. Reinach, bard, 9:39
11:28 trade in. By W. Curtiss, 111:50

76


===== PAGE 79 =====

Butler, Marten Chamberlain, J., Reviews (cont.)

soil bank, 6:39 Dignity of Man, The. By R. Davenport, 5:54
Buying Economic Interpretation of the Constitution
choice in; quote from B. Crane. By J. Cham- of the United States, An. By C. Beard,
berlain, 7:59 8:67
utility in. Quote from Mellon Bank Notes, Economics: An Introduction to Analysis and
1:9 Policy. By G. Bach, 7:56
Byron, George Failures of Economics, The. By S. Schoeffler,
Prigoner of Chillon, 4:52 9:56
Great Enterprise: Growth and Behavior of
C the Big Corporation. By H., Maurer, 6:59
Monopoly in America: The Government as
Calf-path. By S. Foss, 12:38 Promoter. By W. Adams and H. Gray, 4:57
Call, Joseph L. Old Regime and the French Revolution, The.
absolutism, road to, 3:37 - By A. De Tocqueville, 10:49
Capital Our Nation's Water Resources—Policics and
income. By A. Rucker, 2:32 Politics. By B. Moreell. 12:65
ownership. Quote by P. Poirot, 9:28 Road to Serfdom, The. By F. Hayek, 3:53
risks. By W. Peterson, 10:40 UN Record: Ten Fateful Years for America,
soil bank and. By M. Butler, 6:39 The. By C. Manly, 1:42
unearned. By L. Read, 12:23 Utopia: 1976. By M. Ernst, 2:56
see also, Money; Income; Investments; Sav- Chamberlin, E. H.
ings . Theory of Monopolistic Competition. Re-
Capitalism viewed by J. Chamberlain, 6:59
birth of. By D. Russell, 11:17 Chamberlin, William Henry
colonialism and. By H. Sennholz, 11:7 capitalism, value in, 2:22
communism and. By W. Palmer, 11:71 Marxian mistakes, 5:18
essence of. By H. Buck, 11:50 taxation, power to destroy, 9:29
evolution of. By L. Mises, 2:53 Review:
luxuries promoted by. By L. Mises, 8:31 Free Man’s Library, The. By H. Haulitt,
Marxian view of. By F. Harper, 5:31 10:57
mentality of. By J. Chamberlain, 11:55 Chandos, John
repressed. Quote by D. Webster, 7:15 taxation. By J. Heffernan, 3:26
types of. By W. Palmer, 11:67 Charity
universal. By I. Bierly, 3:20 philosophy of. By I. Paterson, 11:3
value in. By W. Chamberlin, 2:22 recognition of. Quote by R. Clinchy, 12:8
see also, Free market Charles Beard and the Constitution: A Critical
Carver, Thomas Nixon Analysis of “An Economic Interpretation
religion and production; quote, 1:62 of the Constitution.” By R. Brown. Reviewed
Cassirer, Ernest by J. Chamberlain, 8:58
Philosophy of the Enlightenment, The, 1:47 Chinese Welfare State. By M. Hue, 1:47
Centralization. See Government Chodorov, Frank
Challenge of Liberty, The. By R. Jones. Re- baseball magnate, 1:9
viewed by M. Johnson, 8:61 bureaucracies, 3:13
Chamberlain, John collectivism, 6:18
Constitution, interpretation of, 8:57 corruption, case of, 11:15
creativity, 5:54 economic aid to India, 3:10
economic bigness, 6:59 government
economic science, 9:56 insurance, 2:13
forgotten man, 11:44 ownership, 2:11
individualism, dignity of, 5:54 interventionism in housing and autos, 4:20
Laski, Harold, criticism of, 3:53 labor unions, 2:13
monopolies promoted, 4:57 Mill, J. 8., comments about, 4:18
serfdom, road to, 3:63 price controls, 3:9
Shays’ Rebellion interpreted by R. Brown,

property rights, 10:11

reform and responsibility; quote, 1:5
‘ revolution at Ramah, 1:25

Russian farmers visit U. S., 1:11

8:58
thinking straight, 7:56
United Nations, criticism of, 1:42

Reviews: IS 2
Anti-Capitalistic Mentality, The. By L. socialism, prediction for, 1:7

Mises, 11:55 taxation . .
Charles Beard and the Constitution: A delinquent industries, 1:9

Critical Analysis of “An Economic Inter- liquor, 3:12

pretation of the Constitution.” By R. trade, humanity of, 7:26

Brown, 8:68 values, individual, 11:58

77


===== PAGE 80 =====

Chodorov, F. (cont.)

war, causes of, 2:10

Welfare State, meaning of, 2:12

wheat, international, 4:19
Reviews:

Kingdom Without God: Road's End for the
Social Gospel, The. By G. Heard and E.
Opitz, 9:59

MacArthur—His Rendezvous with History.
By C. Whitney, 4:61

Powers That Be: Case Studies of the Church
in Politics, The. By E. Opitz, 9:69

Vision and the Constant Star, The. By A.
Hobbs, 12:69

Voltaire and the State. By C. Rowe, 10:52

Choice-making

buying and; quote from B, Crane. By J.
Chamberlain, 7:59

leisure and. By F. Harper, 12:41

liberty and. Quote by B. Moreell, 10:25

spending and. By F. Harper, 10:34

value in. By H. Buck, 8:39; 11:39

Christian as Citizen, The. By J. Bennett. Re-
viewed by E. Opitz, 4:62
Christmas spirit. By E. Opitz, 12:8
Civilization, decline through taxation. By W,
Chamberlin, 9:29
Clark, Colin
economic progress. By F. Harper, 12:42n
Clark, Fred
So We Got the Guy Fired. By F. Clark and
D. Rimanoezy, 6:58
Clark, William R.
guaranteed wages; quote, 1:96
Class consciousness. By Cummins and De
Vyver, 11:66
Clayton Act of 1914. From Guaranty Survey
(July 1956), 9:26
Coal, nationalized. Letter by A. Shenfield,
12:62
Cobden, Richard
self-reliance; quote, 9:23
Collectivism
British. By R. Jebb, 8:53
downfall of. By D. Richberg, 7:34
equality and. By R. Jebb, 10:30
fight against. Letter by D. Russell, IIT:89
foreign aid and. Quote by J. Kemper, 8:52
free market and. By E. Opitz, 11:30
good and evil of, By 1. Paterson, 11:3
identification of. By L. Read, 8:21
menace of. By R. Jebb, 8:53
revolution in, By F. DeArmond, 6:3
twentieth century characteristics of. By F.
Chodorov, 6:18
see also, Government
College-Business Program. By C. Wolfe, 1:21
Colonialism

capitalist. By H. Sennholz, 11:7

price of. Quote by A. Smith, 11:14
Commandment, stealing and. By C, Wolfe, 8:2
Committec-type action. By L. Read, 4:40
Commodity, labor. From Guaranty Survey

(July 19568), 9:24

78

Communism
capitalism and. By W. Palmer, II:71
flight from. By A. Jordan, 6:26
German. By F. Harper, 11:2
rights under. By F. Chodorov, 10:11
spread of. By S. Braden, 8:50
see also, Collectivism; Government; Marx-
ism; Russia; Socialism; Welfare State
Communist Manifesto, UN reflections of. By
P. Poirot, 3:47
Competition
destruction of. From Indianapolis Star, 65:17
educational research and. Letter by W. John-
son, [:94
inconsistent. By F, DeArmond, 6:3
international. By A. Stricker, Jr., 11:51
monopoly. By B. Smith, II1:66
prize of. Quote by W. Sumner, 3:29
value in. Letter by L. Read, 1I1:88
Conformity, purposiveness and. By F, Chodo-
rov, 2:9
Conscience, public vs. private. Quote by W.
Hocking, 11:21
Conscription. See Military training
Conservation
farm. By M. Banner, 1:67
waste or. Quote by B. Moreell, 12:22; by J.
Chamberlain, 12:56
Conservatism, Thorpe (M) and. By F. De
Armond, 9:42
Consistency. By F. DeArmond, 6:3
Constitution—USA
Amendment to. By C. Wolfe, 98:3
congressional powers of. By S. Kornhauser,
6:12
delegation of power by. By E. Gambrell, 8:41
guarantees of. Quote by L. Brandeis, 11:24
interpretation of. By J. Chamberlain, 8:57
libertarian and. By C. Wolfe, 9:3
theory of. By L. Read, 10:15
Constitution of the United States, The. By J.
Mussatti, Study Guide by T. Shelly. Reviewed
by D. Russell, 3:67
Consumption
economic law of. By A. Reinach, 6:3
influence of. By B. Fairless, 11:25
prices of. By B. Fairless, 1:16
supremacy of. By L. Mises, 1:85
wages and. By C. Anderson, 5:26
see also, Production
Controls
free market. Quote by C. Sligh, Jr., 2:19
government vs. individual, By W. Palmer,
11:67
Inbor. By P. Poirot, 3:50
path to. Quote by M. Anderson, 8:40
price. By F. Chodorov, 3:9
production. By F. Chodorov, 1:8
water
fluoridated. By G. Leitch, 7:2
ownership and, 111:82
possession and, Letter by M. Rothbard,
3:01
sec also, Government

“


===== PAGE 81 =====

Cooley, Oscar W. Democracy

price supports; quote, 1:69 defined. Quote from The Soldier's Guide
Cooperation (June 1952), 2:31
labor exchange and. By F. Harper, 7:10 despotism and. By A, De Tocqueville, 6:41
peaceful, Quote by H. Sennholz, 7:32 Denning, Lord Justice
voluntary. By H. Weaver, 6:66 auto accidents. By R. Baker, 9:11
Corporations. By J. Chamberlain, 6:59 Depressions, causes. Letter by B. Bien, 1:89
Corruption Despotism. See Government, despotic
case of. By F. Chodorov, 11:15 Destruction, path of. By S. Foss, 12:38
see also, Government De Tocqueville, Alexis
Cost-plus theory. By B. Fairless, 1:15 despotism in democratic nations, 6:41
Cousin, Vietor Old Regime and the French Revolution, The.
free and equal; quote, 4:17 Reviewed by J. Chamberlain, 10:49
Craig, Hardin possession of power; quote, I11:87
responsibility and liberty; quote, 111:3 De Vyver and Cummins
Creativity. By J. Chamberlain, 5:54 class consciousness; quote, 11:66
Credit Dewey, John
bank. By F. Harper, 12:9 liberty defined. By T. Phelan, 6:48
effects on. By A. Reinach, 12:14 law and freedom; quote, 6:31
government. From report by Task Force on Dick, Alick
Lending Agencies, 7:49 British labor problems. By C. Brogan, 10:6
inflation. By H. Hazlitt, 9:15 Dickinson, Frank J.
installment. Quote by H. Hazlitt, 7:55 doctor shortage. By G. Leitch, 5:49
Croce, Benedetto Dictatorship
History as the Story of Liberty, 6:58 labor unions and. By G. Bronner, 4:9
Crossley, Julian ‘ Marxian promotion of. By W. Chamberlin,
taxation. By J. Heffernan, 3:26 5:21
Cummins and De Vyver see also, Government
class consciousness; quote, IT:66 Dignity of Man, The. By R. Davenport. Re-
Curtiss, W. M. viewed by J. Chamberlain, 5:54
College-Business Program at FEE. By C. Diocletian, economic practices of. By F. Harp-
Wolfe, 1:21 er, II1:33
free market farming, 2:1 Dionysius, corruption by. By F. Chodorov,
tariff tangle, IT1:46 11:15 .
trade barriers; letter, 10:62 Discrimination, racial. By F. Harper, 1:8
Distribution. See Production
D Diversification
. individual. Quote by C. Manion, 12:98
Damonides industrial. By J. Chamberlain, 2:56
subsidies and. Quote from The Cotton Trade Doctor shortage. By G. Leitch, 5:48
porournal, (heb. 10. 1950), 11:28 Dodd, Norman N.
nport, Russ fo Tiats -
Dignity of Man, The. Reviewed by J. Cham- socialistic observations of. By F. Chodorov,
berlain, 5:54 Douglas, Lloyd C.

DeArmond, Fred sowing the seed; quote, I:4
jewel of consistency, 6:3 Douglas, Norman
Merle Thorpe, conservative, 9:42 society, improved; quote, 7:25
Debate, intercollegiate, 3:41 Douglas, Paul ! ’
Debt, totalitarianism and. By J. Call, 3:40 unionism. By E. Maher, IIT:19
DeBurgh, W. G. Draft Act ’
Legacy of the Ancient World, The, 6:58 Virginia's views. Quote by T. Jefferson, 1:46
Declaration of Independence see also, Military training

equality in. By C. Schurz, 1:29 Dubinsky, David

essence of. By I. Bierly, 3:18 president of ILGWU. By B. Bien, 8:29
Decline of American Liberalism, The. By A. Dulles, Foster

Ekirch, Jr. Reviewed by W. Peterson, 7:60 America’s Rise to World Power. Reviewed
Defense. See Military training by H. Barnes, 5:57
de Hevesy, Paul Dunn, Joan

wheat and world trade, 4:22 Why Teachers Can't Teach—A Case History.
Demand and supply Reviewed by E. Milione, 3:58

free market. By H. Buck, 8:39

labor. From Guaranty Survey (July 1956), E

9:24 Eastman, Max
law of. By A. Reinach, 5:3 Marx, characteristics of; quote. By W.
water, fluoridated. By G. Leitch, 7:2 Chamberlin, 5:18

79


===== PAGE 82 =====

Economic History of England: The 18th Cen- Eisenhower, Dwight D.

tury, An. By T. Ashton. Reviewed’ by B. foreign aid policy. By C. Wolfe, 5:33
Bien, 7:63 Ekirch, Arthur A,
Economic Interpretation of the Constitution Decline of American Liberalism, The. Re-
of the United States, An, By C. Beard. Re- viewed by W. Peterson, 7:60
viewed by J. Chamberlain, 8:57 Election results. Quote by F, Bastiat, 6:46
Economics Eliot, Charles W.
bigness of. By J. Chamberlain, 6:59 religious training. By A. Brustat, 5:43
capitalistic influence on. By W. Chamberlin, ~~ Elliott, William Yandell ]

2.92 capitalism; quote. By W. Chamberlin, 2:22
defined. By F. Harper, T11:27 Ellis, William D. .
ends and means. From Guaranty Survey How To Win a Conference. By W. Ellis and

(March 1956), 7:44 F. Siedel. Reviewed by E. Opitz, 1:45

foundation of freedom. By H. Buffett, 12:49 Emerson, Ralph Waldo

Good Samaritan. Quote by C. Burnham, 8:12 consistency. By F. DeArmond, 6:6

high school. By T. Shelly, 2:29 individual rights. By E. Evans, 9:54

law of. By A. Reinach, 5:3 Embry, Carlos B. .

morals and, See Morality America’s Concentration Camps: The Facts
Roman views of. By F. Harper, III:32 about Qur Indian Reservations Today. Re-

searcity and wealth in. Quote by H. Hazlitt, viewed by R. Rushdoony, 7:61
111: 65 Employment. See Labor
science of. By J. Chamberlain, 9:56 Energy harnessed (and table). By F. Harper,
understanding of. By F. Harper, 111:26 6:34 i} .
war. By L. Mises, 11:59 Engels, Frederick .
world government and, By P. Poirot, 3:47 errors, By W. Chamberlin, 5:18

world government. By P. Poirot, 3:47
Engineers, battle for. By S. Foss, 12:38
Engineer's Greatest Achicvement, The. By C.

Field, 11:60
England, See Great Britain

Economics: An Introduction to Amalysis and
Policy. By G. Bach. Reviewed by J. Cham-
berlain, 7:56

Economists and politicians. By L. Mises, 3:45

Edmunds, J. Ollie Enterprise, nature of. Quote by H. Buck,
self-reliance; quote, 1:24 11:39 .
Education Entrepreneur, function of. Quote by L. Mises,
competition in research. Letter by W. John- 1:88
son, 1:94 Equality
economic. By T. Shelly, 2:29 collectivism and. By R. Jebb, 10:30
experiment in. By D. Russell, II:17 evil of. Quote by R. Evans, 11:66
Foundation for Economic Education fraternity or. Quote by R. Weaver, 1:31
aid to, 1:86 individual. By C. Schurz, 1:29
College-Business Program. By C. Wolfe, liberty and. Quote by V. Cousin, 4:17
1:21 results of, By L. Mises, 1:83
growth of an idea, 2:39 Erhard, Ludwig
government. Letter by L. Mises, 11:62 capitalistic interests. By W. Chamberlin,
ideal. Quote by A. Nock, IT: 16 2:24
influence on. Quote from Adventure in Ideas, Ernst, Morris L.
1:41 Utopia: 1976. Reviewed by J. Chamberlain,
law and. Quote by F. Bastiat, 11:96 2:56
liberty and. By H. Weaver, II:1 Eskimos and Welfare State. Quote from The
privacy in. By M. ten Hoor, 1:10; quote, Wall Street Journal (Dec. 2, 1962), 11:62
12:48 Eucken, Walter
public vs. private. By G. Schuyler, 3:14 German recovery, By C. Wolfe, 6:38
qualities of. Quote by T. Buckle, 6:33 Europe
racial discrimination. By F. Harper, 1:8 colonialism in. By H. Sennholz, 11:7
religious. By A. Brustat, 5:43 U. S. aid to recovery in, By C, Wolfe, 5:33
responsibility of. Letter from O. Johannsen, war economics in. By L. Mises, 111:59
2:63 Evans, Edwin Barlow
role of the scholar. Quote from The Rocke- America: adventure in live ideas, 9:50
feller Foundation Annual Report (1954), Evans, Richard L.
2:38 equality in existence; quote, 11:66
selection of. Letter by Poirot, 1:48 Fxchange. See Trade
self. Quote by J. Bennett, 11:16 Executive incentive, By C. Greenewalt, 3:6
worth of. Letter by P. Poirot, 11:81 Exemptions, government. By F. Chodorov,
Eighth Commandment practiced. Quote by W. 2:11
King, 111:96 Exports. See Imports and exports

80


===== PAGE 83 =====

F Fourth dimension spending. By H. Hazlitt,
2:20
Fabianism, British. By R. Jebb, 8:63 France
Failures of Economics, The. By S. Schoeffler. railroads of. By M. Rothbard, II:42
Reviewed by J. Chamberlain, 9:56 revolution and centralization in. By J.
Fair Labor Standards Act. By B. Bien, 8:28 Chamberlain, 10:49
Fairless, Benjamin oh 15 State of. By F. Bastiat, III: 4
Price, perfection of, 1:1 Fraternity or equality. Quote by R. Weaver,
gerving others, 7:16 1:31
success, de dication to, II:28 Free Man's Library. By H. Hazlitt
technological employment, 1:70 excerpts from, 6:23
Faith That Built America, The. By L. Vroo~ reviewed b W Chamberlin 10:57
man. Reviewed by G. Fitch, 2:60 Free market y W. Pr
Felque, Ferdinand . agriculture. See Agriculture
True Purpose of Right-to-Work Laws, 3:60 basis of. By L. Mi 1:88
Farming. See Agriculture sls of. By lL. Alses, 1:

; . business in. By M. Rothbard, 9:39
— ? B > A .
Federal Aid to & ducation Boon or Bane? By choice in. Quote from Economic Intelligence

{June 1955), 2:19
collectivism and. By E. Opitz, 11:30
commodities in. From Guaranty Survey

Federal aid. See Government, aid; Subsidy
Federal Reserve Banks, By F. Harper, 12:9
Festschrift, Mises. By B. Bien, 4:29
Fro ray es: By B. Bien (July 1956), 9:24

Engincer's Greatest Achievement, The, 11:60 control vs. Quote from C. Sligh, Jr., 2:19
Field, Stephen J. cooperation, peaceful and. Quote by H. Senn-

olz, 7:

currency convertibility. By G. Winder, III: 79
demand and supply in. By H. Buck, 8:39
education in. Letter from O. Johannsen,

property protected; quote, 111:78
Finances. See Capital; Income; Money; Spend-
ing
Findlay, Bruce Allan

s : 2:63
Guaranteed for Life. Reviewed by H. Buf- imports and exports in. By P. de Hevesy,
i 4:22

Finlay, George
taxation; quote. By W. Chamberlin, 9:35
Fitch, Geraldine

interest rates in. By A. Reinach, 12:14
interventionism and. By F. Chodorov, 7:29
labor and. Quote by G. Hoover, 10:10

Review: : .
Faith That Built America, The. By L. Vroo- meaning of. By B. Moreell, 6:82
man, 2:60 politics in. By E. Opitz, 11:30
Fluoridated water. By G. Leitch, 7:2 prices in. By B. Fairless, 1:16
Food supply progress. Quote by H. Hazlitt, 10:66
recreation and. By B. Moreell, 1:29 prosperity. Quote from T. Jefferson, 8:20
Force ) ) ’ subsidy in. See Subsidy

ye . . trade. See Trade
en vr et Cerbert 1:64 United Nations and, By P. Poirot, 3:47
use of. Quote by H. Spencer, 9:37 views of. By E. Opitz, 1:22

ed t . telli- wages. See Wages
once Hess rom [Economic Intells water control and, II11:82

wealth. By L. Read, 12:23
see also, Capitalism; Liberty
Free will. By J. Camberlain, 9:56

see also, Government
Foreign aid
collectivism and. Quote by J. Kemper, 8:52

Gwinn, Ralph; quote, 5:42 Freedom. See Liberty
India Freeman, Roger A.
Russian offer to. By F. Chodorov, 3:10 Federal Aid to Education—Boon or Bane?
U. S. offer to. By C. Wolfe, 5:40 6:57
need for, By F. Chodorov, 3:11 Fromm, Erich
plea for. By C. Wolfe, 5:33 individual rights. By E. Evans, 9:53
scheme for. By F. Harper, 2:37 Frost, Robert
Forestry industry. By A. Nelson, 12:16 utopia; quote, 11:47
Forgotten man. By J. Chamberlain, II:44 Furnas, C. C.
Foss, Sam Walter mass emotional patterns; quote, 3:24
calf-path, 12:38
Foundation for Economic Education G
“both sides” idea, IIL:81
debate material at, 3:41 Gaitskell, Hugh Todd-Naylor
educational aids of, 1:35 Labor party leader. By R. Jebb, 8:66
growth of an idea, 2:39 Gambrell, E. Smythe
publications list, 12:65 liberty preserved, 8:41

81


===== PAGE 84 =====

Geddes, Charles Government (cont.)

unionism. By E. Maher, III:17 legislated security. By S. Gompers, 11:64
Gemmill, Henry lending. From report by Task Force on
foreign aid views. By C. Wolfe, 5:36 Lending Agencies, 7:49
Germany liberty and. Letter by L. Mises, 11:62
Berlin government in. By F. Harper, 11:2 limitations upon. By E. Gambrell, 8:41
recovery of. By W. Chamberlin, 2:28; by loyalty oaths in. By L. Read, 1:77
C. Wolfe, 5:38 medical care. By G. Leitch, 5:62
Gibson, J. C. monopoly. See Monopoly
right to work laws, 1II:21 ownership. See Ownership
Gilbert, Stuart, translator planning. Quote by R. Kirk, 12:63
Old Regime and the French Revolution, plunder. By L. Read, 9:37
The. By A. De Tocqueville. Reviewed by J. post offices. By H. Meulen, 3:52
Chamberlain, 10:49 power in. Quote by T. Macaulay, 11:49
Golden-mean theory. By L. Read, 1:18 presidential load of. By S. Kornhauser, 5:10

promotion of human well-being. By J. Cham-
berlain, 2:66

regulation of economy. Letter by B. Bien,
1:89

religious influence on. By B. Moreell, 1:52

responsibility. Quote by C. Manion, 9:38

rights. Quote by S. Miller, 6:9

self

Gompers, Samuel
legislated security, 11:64
unionism, 3:46
Good intentions. Quote by Montaigne, 7:44
Good Samaritan economics. Quote by C. Burn-
ham, 8:12
Good will

eternal, By E. Opitz, 12:3 ma : " .
. ss action and. By H. Henderson, 7:38
G promoted. Quote by R. Cobden, 9:23 political and personal. Quote by R. Win-
overnment throp, 7:43
li in. By N. Wadh , 11:20
collectivism and. Quote by J. Kemper, 8:52 reflance in. By \vadhams
y spending. See Spending
delegation of. By E. Gambrell, 8:42 subsidy. See Subsidy
detriments of. By S. Braden, 8:49 taxation. See Taxation

see also, Subsidy i te by H. Menck 4:26
authority vs. market economy. By E. Opitz, a. Que by D. Russell. 9:65
1:22 ] world
axiom of. By F. Somary; quote, I:28 peace and war in. By E. Opitz, 6:10
bad, pressure for. By D. Bateman, Jr., 8:11 trade. By P. de Hevesy, 4:22

Berlin. F. Harper, 11:2
bonds and inflation. By F. Harper, 12:9
business in. By M, Rothbard, 9:39

United Nations and. By P. Poirot, 3:47
sce also, Collectivism; Communism; Liber-
tarianism; Socialism; Statism; Welfare

centralization State

French Revolution and. By J. Chamber-

lain, 10:49 Gray, Horace M.
’ Monopoly in America: The Government as

Roman. By B. Moreell, 1:29

United States. By B. Moreell, 1:31 Promoter. By Ww. Adams and H. Gray. Re-
Chinese Welfare State. By M. Hue, 1:47 viewed by J. Chamberlain, 4:57
control. See Controls Gray-Smith, Rowland
corrupt. By F. Chodorov, 11:15 Review:
cost of, By F. Harper, 10:34 Our Philosophical Traditions: A Brief His-
credit. From report by Task Force on Lend- tory of Philosophy in Western Civilization,

ing Agencies, 7:49 By S. Lamprecht, 12:60
danger of. Quote by J. Madison, 12:54 Great Britain
defense of individual, By E. Opitz, ITI:36 collectivist menace in. By R. Jebb, 8:63
demands of. By F. Bastiat, I1I:4 colonialism and. By H. Sennholz, 11:10
despotic destruction in. By W. Chamberlin, 9:30

observed. By A. De Tocqueville, 6:41

subjection to. Quote by S. Miller, 6:9
endured. Quote by J. Morley, 8:24
exemptions. By F. Chodorov, 2:11

equality in. By R. Jebb, 10:30
farm subsidies in. By PI. de Hevesy, 4:23
Habeas Corpus Act in. By A. Jordan, 6:26

. heroin in. By H. Berger, 10:21
forced. Quote by S. Jones, I:82 monopoly in. Quote by A. Smith, 11:14
railroads. By M. Rothbard, 11:42 nationalized coal in. Letter by A. Shenfield,
Revolution. By J. Chamberlain, 10:49 12:62
growth, danger in. By A. Johansen, 6:8 revenue in. Quote by T. Phelan, 8:46
inflationary credit. By H. Hazlitt, 9:15 socialized medicine in. By C. Brogan, 6:50
insurance. By F. Chodorov, 2:18 taxation in. By J. Heffernan, 8:26
Israelites’ search for. By F. Chodorov, 1:25 trade union crisis in. By C. Brogan, 10:3

82


===== PAGE 85 =====

Great Enterprise: Growth and Behavior of the Hayek, Friedrich A.

Big Corporation. By H. Maurer. Reviewed Road to Serfdom, The. Reviewed by J. Cham-

by J. Chamberlain, 6:59 berlain, 3:53
Greece Hazlitt, Henry

primacy of reason. By E. Evans, 9:50 credit inflation, 9:15

totalitarian. By J. Call, 3:37 economic scarcity and wealth; quote, I11:566
Greenewalt, Crawford H. fourth dimension, spending, 2:20

executive incentive, 3:6 Free Man's Library, The. Reviewed by W.
Gross National Product. By J. Chamberlain, Chamberlin, 10:57

7:57 free market exchange; quote, 10:66
Group thinking. By L. Read and L. Tolstoy, installment credit; quote, 7:55

4:40 literature on freedom, 6:23
Growth of Philosophic Radicalism, The. By E, Health

Halevy, 1:47 doctor shortage and. By G. Leitch, 5:48
Guaranteed for Life. By B. Findlay. Reviewed fluoridated water and. By G. Leitch, 7:2

by H. Buffett, 1:46 heroin and. By H. Berger, 10:21
Guillotine, humanitarian with. By I. Paterson, Heard, Gerald

II:3 Human Venture, The. Reviewed by B. Mo-
Gurley, Fred G. . reell, 11:40

majority rule. By E. Maher, 11I:14 Kingdom Without God: Road's End for the

unionism. By E. Maher, II1:20 Social Gospel, The. By G. Heard and E.
Gwinn, Ralph W. Opitz. Reviewed by F. Chodorov, 9:59

foreign aid views; quote, 5:42 Review:

property destroyed; quote, 9:36 Must You Conform? By R. Lindner, 5:61

Hebrew-Christian idea. By E. Evans, 9:50
H Heffernan, John

Habeas corpus, British, By A. Jordan, 6:26 fo axation, British, 3:26
Halevy, Elie. Growth of Philosophic Radical- egel, Georg

iam, The, 1:47 liberty defined. By T. Phelan, 6:48
Hamilton, Alexander Henderson, Hanford CL. ,
taxation. By W. Chamberlin, 9:29 mass action vs. individualism, 7:38
Hamilton, Edith Herbert, Auberon
Roman idea. By E. Evans, 9:51 force or reason; quote, 1:64
Hanokh, Rabbi, of Alexander Heroin, arguments of. By H. Berger, 10:21
slavery; quote, 3:16 Herrick, Elinor M.
Hargreaves, L. S. unionism. By E. Maher, II1:20
taxation. By J. Heffernan, 3:26 Hevesy de, Paul. See De Hevesy, Paul
Harper, F. A. Hill, Benjamin Harvey
Berlin at Iron Curtain, 11:2 taxation. By W. Chamberlin, 9:30
economic understanding, 11:26 History as the Story of Liberty. By B. Croce,
government bonds and inflation, 12:9 6:58
investments, foreign, 2:37 History of the Monroe Doctrine, A. By D.
liberty Perkins. Reviewed by H. Barnes, 5:57
protective spirit in; quote, 8:16 Hobbs, A. H.
surrender, I11:3 Vision and the Constant Star, The. Reviewed
truth and, 8:66 by F. Chodorov, 12:59
ownership Hocking, William Ernest
justification for; letter, 10:60 conscience; quote, 11:21
Dye for, 1:33 8 Holman, Frank E.
racial inferiority, I: : ;
Swedish trip of. By C. Wolfe, 1:20 Honey Of Lctory, The, 2:62

taxation, graduated, 3:1

wage rates
cost of government (and chart), 10:34
division of economic pie, 5:27
doing what you can do best, 7:10

philosophy of reading. By R. Besse, 1:36
Hoover, Glenn E.

free market and labor; quote, 10:10
Horace, rejection of liberty, 11:63

: . Housing

re hast). 8:36: 9:17 interventionism and. By F. Chodorov, 4:20
labor unions (and chart), 3:42 labor and. From Guaranty Survey (March
leisure and better life (and chart), 12:41 1956), 7:46

money, lubricant for trade, 8:32 How Shall We Deal with Labor Union Monop-
productivity (and chart), 4:36 olies? By D. Richberg, 1:47

spiral; letter, I11:92 How To Win a Conference. By W. Ellis and

=“tools to harness energy (and table), 6:34 F. Siedel. Reviewed by E. Opitz, 1:45

83


===== PAGE 86 =====

Hue, M.
Imperial Chinese Welfare State, 1:47

Human energy, value in. By H, Weaver, 6:66;
by H. Buffett, 12:49

Human relations
natural law and. By D. Bateman, Jr., 8:10
see also, Value

Human Venture, The. By G. Heard. Reviewed
by B. Moreell, 11:40

Humanitarian and guillotine. By 1. Paterson,
11:8

Humboldt, Wilhelm
responsibility abandoned, 7:9

Imports and exports
free vs. controlled. From The Commercial
and Financial Chronicle (May 10, 1956),
8:18
international. By P. de Hevesy, 4:22
Incentive
executive. By C. Greenewalt, 3:6
union destruction of. By G. Bronner, 4:11
Income
capital. See Capital
inflationary effects on. By F. Harper, 9:17
redistribution of. By M. Butler, 6:39
tax. See Taxation
unearned. By L. Read, 12:23
use of. By F. Harper, 5:27
wealth and. By L. Mises, 1:83
see also, Wages
Independence
economy of. Quote by C. Burnham, 8:12
philosophy of. By L. Read, 8:21
India
economic aid to. By F. Chodorov, 3:10
foreign aid to. By C. Wolfe, 6:40
Individualism
defense of. By E. Opitz, 1I1:385
development of. Quote from Adventure in
Ideas, 1:41
dignity of. By J. Chamberlain, 5:64
diversification in. Quote by C. Manion, 12:98
education for. By H. Weaver, 11:1
government control and. By W. Palmer,
11:67
influences on. By F. Chodorov, 11:68
liberty and. By J. Mill, 4:53
literature of. By H. Hazlitt, 6:23
“little people” and, By A. Johansen, 6:8
Renaissance idea of. By E. Evans, 9:62
revolution and. By I. Bierly, 3:17
scorned. By E. Brines, 11:38
self-help and. By S. Smiles, 11:20
specialization in. By E. Opitz, 2:14; by L.
Rend, 2:17
union destruction of. By G. Bronner, 4:9
Industralia
preventive war and. Quote by E. Lehman,
1:6
Industrial Revolution. By L. Mises, 2:48
Industry
British auto. By C. Brogan, 10:3

84

Industry (cont.)
diversification in. By J. Chamberlain, 2:56
forest. By A. Nelson, 12:16
tax-delinquent. By F. Chodorov, 1:9
United States Steel prices. By B. Fairless,
1:15
Inequality
differences in. Quote by C. Manion, 12:98
see also, Equality
Infiation
credit. By H. Hazlitt, 9:16
government bonds and. By F. Harper, 12:9
money and. By F. Harper, 8:36
reason for. By A. Rucker, 2:34
savings and. By F. Harper, 9:21
wages and. By ¥. Harper, 8:36; 9:17
Ingebretsen, James C.
television subsidy; quote, 3:6
Insurance
auto. By R. Baker, 9:8
government. By F. Chodorov, 2:13
see also, Social Security
Interest rates, By A. Reinach, 12:14
International commodity agreements. By A.
Stricker, Jr., 11:51
International Economy, An. By G. Myrdal.
Reviewed by H. Sennholz, 8:60
International Labor Organization. By W.
McGrath, 3:60
International Ladies Garment Workers Union,
By B. Bien, 8:29
Interventionism
agriculture and. See Agriculture
demand and supply affected by. By A. Rein-
ach, 5:3
housing and. By F. Chodorov, 4:20
market economy and. By F. Chodorov, 7:29
subsidies and. See Subsidy
sugar market and. By P. Poirot, 5:6
transportation and. By F. Chodorov, 4:20
wheat trade and. By F. Chodorov, 4:19; by
P. de Hevesy, 4:22
see also, Government
Investments
foreign. By F. Harper, 2:37
key to progress. By W. Peterson, 10:40
risks in. By W. Palmer, 11:71, 74
United States Steel. By B. Fairless, 1:17
wages and. By I. Harper, 5:27
see also, Savings
Iron Curtain, Berlin at. By F. Harper, 11:2
Isaiah's job. By A. Nock, 12:31
Isocrates, law and morality; quote, 11:68
Isolation, avoidance of. By L. Read, 8:21
Israelites
self-government denied. By F. Chodorov,

1:25
slavery. Quote by Rabbi Hanokh of Alexan-
der, 3:16

Italy, communism in. By S. Braden, 8:51

d

Jacobson, Victor
judging, 7:8

(4


===== PAGE 87 =====

Jarvie, J. Gibson Kirk, R. (cont.)

taxation. By J. Heffernan, 3:26 criticism of J. S. Mill. By F. Chodorov, 4:18
Jay, John state planning; quote, 12:63
oneness; quote. By E. Opitz, 6:11 Klimowicz, Antoni
Jebb, Reginald habeas corpus to rescue of. By A. Jordan,
collectivist menace, 8:63 6:26
equality, 10:30 Kornhauser, Samuel J.
Jefferson, Thomas presidential load, 5:10
Draft Act; quote, 1:45 Krock, Arthur
prosperity; quote, 8:20 unionism. By E. Maher, III:17
Johannsen, OQ. B.
education; letter, 2:63 L
Johansen, August E.
minority report, 6:8 Labor
John Quincy Adams and the Union. By 8. bargaining and. Quote by P. Poirot, 11:50
Bemis. Reviewed by R. Weaver, 6:62 bondage in. By S. Gompers, 11:64
Johnson, Mallory Cross British union. By C. Brogan, 10:3
Review: class consciousness of. Quote by Cummins
Challenge of Liberty, The. By R. Jones, 8:61 and De Vyver, 11:66
Johnson, William commodity. From Guaranty Survey (July
competition; letter, 1:94 1956), 9:24
Jones, Robert V. competitive. By B. Smith, I11:66
Challenge of Liberty, The. Reviewed by M. controlled vs. uncontrolled. By P. Poirot, 3:50
Johnson, 8:61 division of. By L. Mises, III:64

exchange, wages and. By F. Harper, 7:10
free market and. Quote by G. Hoover, 10:10
housing and. From Guaranty Survey (March
1956), 7:46
Industrial Revolution in. By L. Mises, 2:48
d t. See Val ' .
Judgmen ee values inflationary effects on. By F. Harper, 9:17

plo Aiton Hy — = EAA magna charta of. From Guaranty Survey
, . By nh, » Jo (July 1956), 9:24

Jones, Samuel M.

government force; quote, 1:82
Jordan, Alexander T.

habeas corpus, 6:26

management. By B. Moreell, 3:25
K Marxian views. By W. Chamberlin, 5:24
mobility of. Quote by P. Poirot, 11:50
Party, academic socialism and. By R. Jebb,
8:53
price of. Quote by B. Smith, 11:55
Puerto Rican wages. By B. Bien, 8:28

Kagonovich, Lazar M.

socialistic prediction of. By F. Chodorov, 1:7
Kamitz, Reinhard

Austrian economic survival. By W. Cham-

Kaelin, Bi om W.. editor reasons for. By B. Fairless, 7:16
Military Policy and National Security. Re- reserve from. Quote by P. Poi rot, 9:28
viewed by H. Nickerson. 9:61 rights. By E. Maher and J. Gibson, III:11
y no socialistic effects of. By F. Chodorov, 1:10

Kelley, Stanley, Jr. : k .
Professional Public Relations and Political So hmm end B § M. Butler, 6: ity Bank of

Power. Reviewed by C. Wolfe, 7:59 New York, Monthly Letter (March 1956),

Kemp, Arthur 5:15
Role of Government in Developing Peaceful technological effects on. By B. Fairless, 1:70
Uses of Atomic Energy, The, 9:64 theory of value. By L. Read, 12:23

Kemper, James Scott trade effects of. By W. Curtiss, II1:50
foreign aid; quote, 8:52 unions

Keynes, John Maynard . bossism and. By G. Bronner, 4:9
creditor swindled. By H. Hazlitt, 9:15 British

Khrushchev, Nikita S. . erisis of. By C. Brogan, 10:3
economic aid to India. By F. Chodorov, 3:10 menace of. By R. Jebb, 8:53

King, Willford I. compulsory, By E. Maher and J. Gibson,
Eighth Commandment; quote, III: 95 IIT:11

Kingdom Without God: Road's End for the effects upon. By W. Sumner, II1:56
Social Gospel, The. By G. Heard and E. leisure and (and chart). By F. Harper,
Opitz. Reviewed by F. Chodorov, 9:59 12:41

Kirk, Russell . membership (chart). By F. Harper, 3:43
Beyond the Dreams of Avarice. Reviewed by political. By F. Chodorov, 2:13

E. Opitz, 10:54 ’ voluntary basis of. By S. Gompers, 8:46
British destruction through tax. By W. value theory. By F. Harper, 5:30
Chamberlin, 9:36n wages. See Wages

85


===== PAGE 88 =====

Lactantius, economic views of. By F. Harper,
11:32
Laissez faire, By L. Mises, 11:62
Lamprecht, Sterling
Qur Philosophical Traditions: A Brief His-
tory of Philosophy tn Western Civilization.
Reviewed by R. Gray-Smith, 12:60
Laski, Harold
capitalism, 2:22
criticism of F. Hayek. By J. Chamberlain,
3:68
Lawrence, David
liberalism, call to, 4:33
Laws
breaking. Editorial from The Wall Street
Journal (Sept. 2, 1966), 6:56
converted to plunder. Quote by F. Bastiat,
7:66
demand and supply. By A. Reinach, 6:3
education and. Quote by F. Bastiat, 11:96
individual freedom and. Quote by T. Dewey,
6:51
jury, of the road. By R. Baker, 9:8
labor. By E. Maher and J. Gibson, III:11
natural. By D. Bateman, Jr., 8:10
price control. By F. Chodorov, 3:9
Puerto Rican. By B. Bien, 8:28
religious. By BE. Opitz, 12:3
restraint of liberty. Quote by J. Scoville, 7:87
Roman idea of. By E. Evans, 9:51
security in. By S. Gompers, 11:64
see also, Legislation
Leadership
misconstrued. By L. Read, 4:40
Plato’s views. Quote by L. Read, 1:14
self-reliance and. Quote by J. Edmunds, 1:24
Left-Right terminology. By L. Read, 1:12
Legacy of the Ancient World, The. By W.
DeBurgh, 6:58
Legislation
labor. From Guaranty Survey (July 1956),
9:26
poverty and. From The Economist (June 7,
1866), 8:17
power of. Quote by F. Somary, 1:28
security in. By S. Gompers, 11:64
see also, Law
Legislature, New Hampshire. By N. Wadhams,
11:20
Lehman, Eugene H.
preventive war; quote, 1:6
Leisure and wages (chart). By F, Harper,
12:41
Leitch, Gordon B.
doctor shortage, 6:48
water, fluoridated, 7:2
Lending, government. From report by Task
Force on Lending Agencies, 7:49
Libertarianism
backsliding. By D. Richberg, 7:38
call to. By D. Lawrence, 4:33
confidence in. By A. Nock, 12:31
Constitution and. By C. Wolfe, 9:3
differences in. By F. Chodorov, 2:9
dilemma of. Letter by L. Read, 11:61

86

Libertarianism (cont.)
education for. Letter by P. Poirot, 1:48
identified. By D. Russell, 1:80
Left-Right terminology. By L. Read, 1:12
modern world. By T. Phelan, 6:47
views of. Quote by C. Sprading, 1:82

Liberty
British cornerstone of. Quote by T. Phelan,
8:46
choice-making and. Quote by B. Moreell,
10:25

dangers to. Quote by L. Brandeis, 6:53
decline of. By L. Read, III:1
defense of. Quote by Lord Acton, 11:49
denied. Quotes by Aesop and Horace, 11:63
Dewey's (J.) definition of. By T. Phelan,
6:48
economic foundation of. By H, Buffett, 12:49
education for. By H. Weaver, 11:1
equality and. Quote by V. Cousin, 4:17
frontier idea of. By I. Evans, 9:54
government and. Letter by L. Mises, 11:62
Hegel's definition of. By T. Phelan, 6:48
individual
defense of. By E. Opitz, I1I:35
preservation of. By J. Mill, 4:63
revolution and. By I. Bierly, 3:17
judgment in. Quote by F. Boas, 1:24
law and. Quote by T. Dewey, 6:31
literature of. By H. Haulitt, 6:23
Marxian definition of. By T. Phelan, 6:48
onions and. By N. Wadhams, 11:20
philosophy of. By L. Read, 1:46
preserved. By E, Gambrell, 8:41
production under. By L. Read, 2:17
progress and. By F. Harper, 8:66
rejected. By Horace, 11:63
religious. By B. Moreell, 1:62
responsibility and. Quote by H, Craig, II1:3
restrained by law. Quote by J. Scoville, 7:87
result of. By H. Buck, 11:60
rights under. By F. Chodorov, 10:11
service to. Letter by D. Russell, 1I1T:89
socialism and. By L. Read, 10:15
success and error in. Quote by F. Harper,
8:16
surrendered. Quote by F, Harper, I1II:3
threat to. Quote by J. Madison, 12:54
transactions in, By F. Bastiat, 1:63
treason to. Quote by M. Anderson, 10:14
truth and, By F. Harper, 8:66
understanding. By L. Read, I:1
value in. By H, Weaver, 6:66
see also, Free market
Lincoln, Abraham
military training: quote, 1:46
misquoted. By D. Russell, 1:6
Lindner, Robert
Must You Conform? Reviewed by G. Heard,
6:61
Liquor tax. By F. Chodorov, 8:12
Little House in the Woods series, 1:47
Lord, Leonard
British labor problem. By C. Brogan, 10:7

fi


===== PAGE 89 =====

Lowell, James Russell
slavery; quote, 12:37
Loyalty oaths, By L. Read, 1:77
Lummis, Charles
In American Heritage, 9:64
Luxuries, capitalistic. By L. Mises, 8:31

M

MacArthur—His Rendezvous with History. By
C. Whitney. Reviewed by F. Chodorov, 4:61
Macaulay, Thomas
government
policy; quote. By F, DeArmond, 9:43
power; quote, 11:49
spending. Quote by H. Hazlitt, 2:20
MacDonald, Dwight
want satisfaction; quote. 11:57
McGrath, W. L.
International Labor Organization, 3:60
Machiavelli, Niccolo
Prince, The, 2:62
McKinley, William
tariff policy of. By W. Curtiss, 111:46
Madison, James
danger in government; quote, 12:64
Magna charta and labor. From Guaranty Sur-
vey (July 1956), 9:24
Maher, Edward
right to work, III:11
Majority rule
argument for. By E. Maher, I11:14
versus minority. By L. Read, 4:40
Man and masses. By E. Brines, 11:38
Management, duty of. By B. Moreell, 3:25
Manchester School. By L. Mises, 11I:64
Manion, Clarence
individual differences; quote, 12:98
personal responsibility; quote, 9:38
social security
compulsory, 4:27
features, I1I:23
Manly, Chesly
UN Record: Ten Fateful Years for America,
The. Reviewed by J. Chamberlain, 1:42
Mansfield, Mike
foreign aid policy. By C. Wolfe, 5:35
Marginal utility. By L. Read, 12:23
Marin, Luis Mufioz
Puerto Rican governor. By B. Bien, 8:29
Market economy. See Free market
Marshall, George C.
foreign aid policy. By C. Wolfe, 5:34
Marx, Karl
capitalism condemned by. By L. Mises, 8:31
labor theory
evidences of. By L. Read, 12:23
features of. By F. Harper, 5:31
liberty defined by. By T. Phelan, 6:48
mistakes of. By W. Chamberlin, 5:18
wars, views of, By W. Chamberlin, 5:23
world government. By P. Poirot, 3:47
Marxism. See Communism; Russia
Masses
emotional patterns. Quote by C. Furnas, 3:24

Masses (cont.)
individualism and. By H. Henderson, 7:38
man and. By E. Brines, 11:38
regard for. By A. Nock, 12:31
Maurer, Herrymon
Great Enterprise: Growth and Behavior of
the Big Corporation. By J. Chamberlain,
6:59
Maus, F. L.
subsidy, disease of, 11:26 .
Maxey, George Wendell
paternalism; quote, 7:7
Meany, George
unionism. By E. Maher, I11:18
Medicine, free. By C. Brogan, 6:50
Medieval idea of moral responsibility. By E.
Evans, 9:51
Mencken, Henry Louis
government views; quote, 4:26
Mercantilism and colonialism. By H. Sennholz,
11:9
Meulen, Henry
post office monopoly, 3:52
Milione, E. Victor
Review:
Why Teachers Can’t Teach—A Case History.
By J. Dunn, 3:68
Military Policy and National Security. Edited
by W. Kaufmann. Reviewed by H. Nicker-
son, 9:61
Military training
economics in. By L. Mises, II1:569
forced. by E. Opitz, 6:12
idea of. By D. Russell, 1:32
Lincoln’s views; quote, 1:45
Virginia’s reaction to. Quote by T. Jeffer-
son, 1:45
Mill, John Stuart
labor theory of. By L. Read, 12:23
libertarian thoughts of. By F. Chodorov, 4:18
liberty and individualism, 4:53
Miller, Samuel Freeman
government despotism; quote, 6:9
Minority report. By A. Johansen, 6:8
Mises, Ludwig
Anti-Capitalistic Mentality, The. Reviewed
by J. Chamberlain, 11:56
economics of war, 111:59
economists and politicians, 3:45
entrepreneur, function of; quote, 1:88
Festschrift. By B. Bien, 4:29
freedom and government; letter, 11:62
India, aid to. By C. Wolfe, 5:41
Industrial Revolution, 2:48
inequality of wealth and income, 1:83
luxuries into necessities, 8:31
Mitchell, James P. *
unionism. By E. Maher, 11:13
Mob thinking. By L. Read, 4:40
Mommsen, Theodore
views of U.S.A. By B. Moreell, 1:31
Money
booms and busts. By A. Reinach, 11:28
+ convertibility. By G. Winder, I11:79
depreciation. By H. Hazlitt, 9:15

87


===== PAGE 90 =====

’

Money (cont.) Mullendore, W. C.

history of. By F. Harper, 12:9 taxation; quote, 2:21
inflation and, By F. Harper, 8:36 Murray, Philip
kinds of. By F. Harper, 8:32 technology: quote, I:7
machine. By C. Wolfe, 8:8 Mussatti, James
mechanism of trade. By F. Harper, 8:32 Constitution of the United States, The. Study
paper Guide by T. Shelly. Reviewed by D. Russell,
evidences of. Quote by A. White, 11:29 3:57
evil of. Quote by D. Webster, 8:38 Must You Conform? By R. Lindner. Reviewed
production and. Quote by P. Webster, 9:16 by G. Heard, 5:61
responsibility and. Guaranty Survey (Au- Myrdal, Gunnar
gust 1956), 10:44 International Economy, An. Reviewed by
tight. By A. Reinach, 12:14 H. Sennholz, 8:60

see also, Capital; Income; Investment; Sav-
ings; Spending

Monopoly N
colonial. Quote by A. Smith, 11:14 National Council of Churches, 4:40
competition and. By B. Smith, II1:66 National Health Service. By G. Schwartz, 8:47
exponent of. Quote from National City Bank National Radiator Company. By B. Fairless,
Letter (July 1960), 9:49 11:25
government q lizati
conducted by. By M. Rothbard, 9:39 sree. By L. Mises, 11:62
promotion of. By J. Chamberlain, 4:57 British meaning. By R. Jebb, 8:54
industrial. By J. Chamberlain, 2:56 coal. Letter by A. Shenfield, 12:62
post office. By H. Meulen, 8:52 colonialism and. By H. Sennholz, 11:7
unions. By G. Bronner, 4:9 financed by U. S. By F. Harper, 2:37
see also, Business French railroads. By M. Rothbard, 11:42
Monopoly in America: The Government as Pro- Marx and Engels’ views of. By W. Chamber-
moter. By W. Adams and H. Gray. Reviewed lin, 5:23

by J. Chamberlain, 4:57
Monserrat, Joseph
Puerto Rican warnings by. By B. Bien, 8:29

tax-delinquent industries and. By F. Chodo-
rov, 1:9
see also, Government

Montaigne, Michel Nelson, A. Z.
good intentions; quote, 7:44 forestry, 12:16
Morality Nelson, E. C.
law and unionism. By E. Maher, 11:12
disregard for. Editorial from The Wall New Hampshire legislature. By N. Wadhams,
Street Journal (Sept. 2, 19556), 6:56 11:20
respect for. Quote by Isocrates, 11:66 Nickerson, Hoffman
laziness. Quote by C. Sforza, 11:57 Review:
legal. By C. Wolfe, 8:2 Military Policy and National Security. Ed-
medieval idea of. By E. Evans, 9:51 ited by W. Kaufmann, 9:61
tax-filing and. From First National City Nock, Albert Jay
Bank of New York, Monthly Letter ideal university; quote, 11:16
(March 1956), 6:15 Isaiah's job, 12:81
see also, Religion religion exemplified; quote, 11:2
Moreell, Ben
bread and circuses, 1:29 oO
conservation; quote, 12:22; by J. Chamber- Old Regime and the French Revolution, The.
lain, 12:55 By A. De T ille. Reviewed by J. Ch
free market, 6:32 y A. De Tocqueville. Reviewed by J. Cham-

berlain, 10:49
Olds, Marshall
guarantees; quote, 1:96
On Campus, 1:36
Opitz, Edmund A,
Christmas spirit, 12:3
frec enterprise views, 1:22
individualism, defense of, 111:35

liberty to choose; quote, 10:25

management, duty of, 8:26

Our Nation's Water Resourccs—DPolicies and
Politics. Reviewed by J. Chamberlain 12:55

philosophy, practical, 11:40

religion in America, 1:62

socinlism, price of, 10:26

To Communism . . . via Majority Vote, 11:60 Kingdom Without God: Road's End for the
Review: Social Gospel, The. By G. Heard and E.
Human Venture, The. By G. Heard, 11:40 Opitz. Reviewed by F. Chodorov, 9:69
Morley, John . peace and world government, 6:10
government endured; quote, 3:24 politics in market place, 11:80

88


===== PAGE 91 =====

Opitz, E. A. (cont.) Peron, Juan

Powers That Be: Case Studies of the Church political unions. By F. Chodorov, 2:13
in Politics, The. Reviewed by F. Chodorov, Persons, Gordon
9:59 . labor laws. By E. Maher, 111:16
specialization, 2:14 Peterson, William H,
Reviews: capital risks, 10:40
Beyond the Dreams of Avarice. By R. Kirk, Review:
10:54 Decline of American Liberalism, The. By A.
Christian as Citizen, The. By J. Bennett, Ekirch, Jr., 7:60
4:62 Petrie, Flinders
How To Win a Conference. By W. Ellis and Revolutions of Civilization, The, 2:62
F. Siedel, 1:45 Phelan, Towner
Oppenheimer, Franz British cornerstone of freedom; quote, 8:46
trade, needs for. By F. Chodorov, 7:27 liberal in modern world, 6:47
Organization, purposes in. By L. Read, I:1 Philosophy
Orphanage, experiment in. By D. Russell, 11:17 constitutional. By C. Wolfe, 9:3
Our Nation's Water Resources—Policies and looking-out-for-yourself. By L. Read, 8:21
Politics. By B. Moreell. Reviewed by J. practical. By B. Moreell, 11:40
Chamberlain, 12:55 reading. By R. Besse, 1:36
Our Philosophical Traditions: A Brief History Philosophy of the Enlightenment, The. By E.
of Philosophy in Western Civilization. By Cassirer, 1:47
S. Lamprecht. Reviewed by R. Gray-Smith, Pick, Franz
12:60 currency depreciation (table), 9:16
Ownership Planned society. See Government
British state. By R. Jebb, 8:53 Plato, leadership views of; quote. By L. Read,
capital. Quote by P. Poirot, 9:28 1:14
controlled privately. By L. Read, 12:23 Plunder, government. By L. Read, 9:37
denied. By F. Chodorov, 1:7 Poirot, Paul L.
destroyed by taxes. By W. Chamberlin, 9:29 bargaining; quote, 11:50
government economies, “inter alia,” 3:47
destruction of. Quote by R..Gwinn, 9:36 education
individual and. By W. Palmer, 11:67 libertarian; letter, 1:48
privacy and. By C. Wolfe, 8:5 public vs. private, II:91
justification of. Letter by F. Harper, 10:60 employee's reserve; quote, 9:28
price of. By F. Harper, 1:33 free market trade; letter, II11:93
property. Quote by H. Weaver, 2:28; see also, property rights; quote, 12:30
Property security, self; quote, 4:28
right to. Quote by P. Poirot, 12:30 sugar trade, 5:6
seizures and. By F. Chodorov, 2:11 taxation, excessive, 11:26
standard of living and. By L. Mises, 1:83 world government, 3:47
water Political power
control and. Letter by M. Rothbard, 3:61 concept of. By H. Buffett, 12:49
fluoridated. By G. Leitch, 7:2 corruption in. By F. Chodorov, 11:15
free market and, IT1:82 economists and. By L. Mises, 3:45
market place and. By E. Opitz, 11:30
P union in. By F. Chodorov, 2:13
Ponzi, Charles
Palmer, William J. financial wizard. By C. Manion, 4:27
capitalism, 11:67 Population, changing. By A. Rucker, 2:32
Paternalism. Quote by G. Maxey, 7:7 Post office monopoly. By H. Meulen, 3:52
Paterson, Isabel Poverty, legislation for. From The Economist
humanitarian with the guillotine, I1:3 (June 7, 1856), 8:17 }
Paterson, Justice Powers That Be: Case Studies of the Church
government, constitutional. By J. Call, 3:37 in Politics, The. By E. Opitz. Reviewed by
Peace F. Chodorov, 9:59
economic. By L. Mises, III:59 President—United States
world government and. By E. Opitz, 6:10 foreign aid policy of. By C. Wolfe, 5:33
Percy, Charles H. load of. By S. Kornhauser, 5:10
trade views of. By, W. Curtiss, II1:48 Price supports. See Subsidy
Pericles and subsidies. Quote from The Cotton Prices
Trade Journal (Feb. 10, 1950), 11:28 controlled. By F. Chodorov, 3:9
Perkins, Dexter determination of. Letter by B. Bien, 1:93
History of the Monroe Doctrine, A. Reviewed fair. By B. Smith, 11:72
by H. Barnes, 5:57 . farm. By P. de Hevesy, 4:22

89


===== PAGE 92 =====

Prices (cont.)
medical. By C. Brogan, 6:50
ownership and. By F. Harper, 1:38
perfection of. By B. Fairless, 1:15
production theories. By J. Chamberlain, 6:60
sugar. By P. Poirot, 6:8
United States Steel. By B. Fairless, 1:16
Prince, The. By N. Machiavelli, 2:62
Principles, inflexible. By H. Spencer, 11:56
Prisoner of Chillon. By G. Byron, 4:52
Production
benefits from. By L. Read, 12:23
buying power of. By F. Harper, 9:17
capitalistic promotion of. By L. Mises, 8:31
competitive. By B. Smith, II1:66
control of. By F. Chodorov, 1:8
determination of. By B. Moreell, 6:32
distribution and. By H. Buffett, 12:49
exchange of, By F. Harper, 7:10
free vs. controlled. From The Commercial
and Financial Chronicle (May 10, 1956),
8:18
independence in. By I. Paterson, 11:3
labor commodity and. From Guaranty Sur-
vey (July 1956), 9:24
leisure time and (and chart), By F. Harper,
12:41
Marxian views of. By W. Chamberlin, 5:23
mass, Industrial Revolution and. By L.
Mises, 2:62
money and. Quote by P, Webster, 9:16
price theories, By J. Chamberlain, 6:60
religion and. Quote by T. Carver, 1:62
socialistic effects of. By F. Chodorov, 1:10
specialization in. By L. Read, 2:17
sugar. By P. Poirot, 5:6
tax effects on. By W. Sumner, I11:56
tools of. By F. Harper, 6:34
trade, international and. By P. de Hevesy,
4:22
wages
effects of. By F. Harper, 5:27
increased (and chart). By F. Harper, 4:36
wheat. By P. de Hevesy, 4:22
Professional Public Relations and Political
Power. By 8S. Kelley, Jr. Reviewed by C.
Wolfe, 7:59
Profit motive. By B. Fairless, 7:16
Progress
free market. Quote by H. Hazlitt, 10:66
key to. By W, Peterson, 10:40
contracting for. By F. Harper, 9:17
liberty and. By F. Harper, 8:66
Property
denied. By F, Chodorov, 1:7
Lincoln quotes on. By D. Russell, 1:6
protection of, Quote by S. Field, II1:78
rights. By F. Chodorov, 10:11
seizure of government. Quote by R. Gwinn,
9:86
gee also, Ownership
Prophet, approach of. By A. Nock, 12:81
Prosperity. Quote by T. Jefferson, 8:20

90

Protectionism
dangers of. Quote by C. Brock, 10:64
myth of. By F. Chodorov, 7:31
spirit of, 8:16 ¢
Publications, Foundation for Economic Edu-
cation, list, 12:66
Puerto Rico, wage laws of. By B. Bien, 8:28
Purposiveness and conformity. By F., Chodo-
rov, 2:9

Railroads, French. By M. Rothbord, 11:42
Ramah, revolution. By F. Chodorov, 1:25
Rao, M. V. Balakrishna
Students of Liberty, 6:67
Rascoe, Burton
advertising, 11:48
Raskob, John J.
investments. By W. Peterson. 10:43
Read, Leonard E.
action, acquiring, 1:1
competition; letter, II11:88
government plunder, 9:37
group thinking, 4:40
ideal America, 1:46
Left-Right terminology, 1:12
libertarian dilemma; letter, 11:61
loyalty oaths, 1:77
philosophy, looking-out-for-yourself, 8:21
production, freedom in, 2:17
self-improvement views, 7:23
self-interest; quote, 11:19
slavery, possibility of, 1I1:1
socialism vs. liberty, 10:15
specialization, 2:17
wealth, unearned, 12:23
Reading
philosophy of. By R. Besse, 1:36
time available. From Management Briefs,
12:64
Reason
force or. Quote by A. Herbert, 1:64
Greek idea of. By E. Evans, 9:50
Reconstruction Finance Corporation. By F.
Chodorov, 3:13
Reform and responsibility. Quote by F. Chodo-
rov, 1:6
Reinach, Anthony M.
booms and busts, 11:28
economic law, 5:8
tight money, 12:14
Religion
American. By B. Moreell, 1:52
exemplifying. Quote by A. Nock, 11:2
good will in. By E. Opitz, 12:3
productive power and. Quote by T. Carver,
1:62
prophets of. By A. Nock, 12:31
schools for. By A. Brustat, 6:43
slavery and. By J. Rogers, 11:29
Remnant, care of. By A. Nock, 12:31
Renaissance idea. By E. Evans, 9:52
Respect, gaining, By S. Braden, 8:49

Ul


===== PAGE 93 =====

Responsibility Rucker, Allen W.

abandoned. Quote by W. Humboldt, 7:9 retirement problems, 2:32
acceptance of. Quote by H. Craig, III:3 Rushdoony, R. J.
educational. Letter by D. Johannsen, 2:63 Review:
government vs. personal. Quote by C. Man- America’s Concentration Camps: The Facts
ion, 9:38 about Qur Indian Reservations Today. By
individual. Quote by W. Sumner, 1:82 C. Embry, 7:61
liberty preserved by. By E. Gambrell, 8:41 Russell, Dean
medieval idea of. By E. Evans, 9:51 birth of a capitalist, IT:17
reform and. Quote by F. Chodorov, 1:5 conscription idea, 1:32
social and financial. From Guaranty Survey government wards; quote, 9:66
(August 19566), 10:44 libertarianism identified, 1:80
Retirement problems. By A. Rucker, 2:32 liberty, service to, 111:89
Revolution Lincoln misquoted, 1:6
collectivist. By F. DeArmond, 6:3 Review:
French. By J. Chamberlain, 10:49 Constitution of the United States, The. By
Industrial. By L. Mises, 2:48 J. Mussatti. Study Guide by T. Shelly,
personal. By E. Opitz, 12:3 3:57
Ramah. By F. Chodorov, 1:25 Russia
real. By I. Bierly, 3:17 economic aid to India. By F. Chodorov, 3:10
see also, War economic survival of. By W. Chamberlin,
Revolutions of Civilization, The. By F. Petrie, 2.97
2:62 : farmers visit U, S. By J. Strohm, 1:1; by
Ricardo, David F. Chodorov, 1:11 *
labor theory of. By L. Read, 12:23 property rights in. By F. Chodorov, 10:11
Richberg, Donald socialism spread by. By F. Chodorov, 1:7
How Shall We Deal with Labor Union see also, Communism
Monopolies? 1:47 Rutledge, Archibald
liberalism, backsliding, 7:33 security betrayed, III:44
Rights
equal. By C. Schurz, 1:29
government. Quote by S. Miller, 6:9 5
labor. By E. Maher and J. Gibson, III: 11 Savings
property. By F. Chodorov, 10:11 effects on. By A. Reinach, 12:14
unalienable. By E. Evans, 9:52 government bonds and. By F. Harper, 12:9
Rimanoczy, Dick inflation and. By F. Harper, 9:21; 12:9
So We Got the Guy Fired. By F. Clark and personal. By A. Rucker, 2:32
D. Rimanoczy, 6:58 right to. Quote by P. Poirot, 12:30
Road to Serfdom, The. By F. Hayek. Reviewed tax curbing of. By W. Chamberlin, 9:29
by J. Chamberlain, 3:53 use of. By F. Harper, 5:27
Robbery. See Thievery See also, Capital
Robin Hood plunder. By L. Read, 9:37 Scarcity
Roepke, Wilhelm economic. Quote by H. Hazlitt, III:65
fourth dimension spending. Quote by H. farm. By W. Curtiss, 2:3
Hazlitt, 2:20 socialistic economy and. By F. Chodorov,
production determined; quote. By B. Moreell, 1:10
6:32 Scherman, Harry
Rogers, James M, political promises. By H. Buffett, 12:49
slavery, two ways to, 11:29 Schoeffler, Sidney
Role of Government in Developing Peaceful Failures of Economics, The. Reviewed by J.
Uses of Atomic Energy, The. By A. Kemp, Chamberlain, 9:56
9:64 Scholarship
Rome

role of. Quote from The Rockefeller Founda-

bread and circuses in. By B. Moreell, 1:29 tion Annual Report, 2:38

economic views of. By F. Harper, I11:32

justice and law in. By E. Evans, 9:51 Schools

totalitarianism and. By J. Call, 3:38 religious. By A. Brustat, 5:43
Rothbard, Murray N. see also, Education

government in business, 9:39 Schurz, Carl

ownership and control of water; letter, 3:61 rights, equal, 1:29

railroads of France, 11:42 Schuyler, George S.
Rowe, Constance education, 3:14

Voltaire and the State. Reviewed by F. Schwartz, George

Chodorov, 10:52 adequate definition, 8:47

91


===== PAGE 94 =====

Science Small Business Administration. By F. Chodo-

economic. By J. Chamberlain, 9:56 rov, 3:13
religion and. By B. Moreell, 1:52 Smiles, Samuel
Scoville, John W. self-help, 11:20
liberty restrained by law; quote, 7:37 Smith, Adam
Security colonial monopoly; quote, 11:14
betrayed. By A. Rutledge, 111:44 labor theory of. By L. Read, 12:28
legislated. By S. Gompers, 11:64 statesmen, directions misconstrued; quote,
self. Quote by P. Poirot, 4:28 6:54
social. See Social Security trade, selfish; quote, 10:33
welfare and. From Guaranty Survey (March Smith, Bradford B.
1956), 7:47 labor, a commodity; quote, 11:66
Self-confidence. Quote by R. Clinchy, 12:8 monopoly and competition, 11:66
Self-help. By 8S. Smiles, 11:20 Smith, Sydney
Self-improvement. By L. Read, 7:23 war, reactions to; quote, 1:79
Self-interest Snyder, Carl
benefit of. By B. Fairless, 7:16 wages increased; quote, 4:39
promoted. Quote by M. ten Hoor, 7:25 So We Got the Guy Fired. By F. Clark and
vice or virtue. Quote by L. Read, I1:19 D. Rimanoczy, 6:58
Self-reliance : Thili
desire for. Quote by R. Cobden, 9:23 Rei A Guaranty Survey

leadership and. Quote by J. Edmunds, 1:24
Semantics, libertarian. By D. Russell, 1:80
Sennholz, Hans F.

capitalist colonialism, 11:7

Social Security
Amish views of. Quote from Herald-Tribune
News Service, 11:25
compulsory. By C. Manion, 4:27

cooperation, peaceful; quote, 7:32 demerits of. By A. Rucker, 2:34
Review: . A. , 28
4 ’ tax, By C. Manion, II1:23

International Economy, An. By G. Myrdal, Socialism
Servi bossism in. By G. Bronner, 4:9

ervice British

adequate definition of. By G. Schwartz, 8:47 os

to others. By B. Fairless, 7:16 Fobinnism and Labor party. By R. Jebb,

Sforza, Carlo
morality, laziness in; quote, 11:57
Sharing wealth. By B. Fairless, 7:16
Shays’ Rebellion. By J. Chamberlain, 8:58
Shelly, Thomas J.
Constitution of the United States, The. By
J. Mussatti. Study Guide by T. Shelly.
Reviewed by D. Russell, 3:57

medical program of. By C. Brogan, 6:50
colonialism and. By H. Sennholz, 11:7
confused. Quote by F. Bastiat, 1:7
definitions of; quote, 4:21
desire for. Quote by D. Webster, 7:15
economy of scarcity. By F. Chodorov, 1:10
influence of. By B. Moreell, 1:60
labor affected by. By F. Chodorov, 1:10

gpeconomics. high school, 2:29 legal. Quote by W. King, 11:95
nationalized coal; letter, 12:62 liberty and. By L. Read, 10:15
Shuman. Charles B ’ : Marx, founder of. By W. Chamberlin, 5:19
free market: quote 2:8 prediction for. By F. Chodorov, 1:7
’ res price of. By B. Moreell, 10:26

Siedel, Frank
How To Win a Conference. By W. Ellis and
F. Siedcl. Reviewed by E. Opitz, 1:45
Slavery
contented. By R. Bradford, 1:28
democratic. By A. De Tocqueville, 6:41
evidences of. By E. Opitz, 12:3
forced. Quote by D. Russell, 9:66

State. By D. Richberg, 7:34
tax effects on, By W. Chamberlin, 9:29
United Nations and. By P. Poirot, 3:47
see also, Collectivism; Communism; Govern-
ment; Welfare State
Society, improvement of. Quote by N. Douglas,
7:26

habit of. By G. Byron, 4:52 Soil bank. By M, Butler, 6:39
ignorance of. Quote by F. Harper, 11:3 Sollitt, Kenneth W.
invitation to. Quote by J. Lowell, 12:37 bums or brothers, 8:13
Israelite. Quote by Rabbi Hanokh of Alex- Somary, Felix
ander, 3:16 government, axiom of; quote, 1:28
legislated. By S. Gompers, TT:64 Soul, Hebrew-Christian idea of. By E. Evans,
possibility of. By L. Read, 11:1 9:50
public vs. individual. By S. Smiles, 11:20 Southey, Robert
road to. By J. Chamberlain, 8:53 spending. Quote by H. Hazlitt, 2:21
two ways to. By J. Rogers, 11:29 Specinlization
Sligh, Charles R., Jr, individual. By E. Opitz, 2:14; by L. Read,
free market vs. controls; quote, 2:19 2:17

92


===== PAGE 95 =====

Specialization (cont.) Sugar trade. By P. Poirot, 5:6

isolation avoided by. By L. Read, 8:21 Sumner, William Graham
wages and. By F. Harper, 7:10 competition; quote, 3:29
Spencer, Herbert responsibility; quote, 1:82
force by proxy; quote, 9:37 statism; quote, 11:47
principles inflexible, 11:66 taxes and wages, I1II:566
Spending Supply. See Demand and Supply
British control of. See Great Britain Supreme Court, social security views of.
choice in. By F. Harper, 10:34 By C. Manion, III:23
federal and private. By E. Gambrell, 8:42 Surplus
foreign aid, See Foreign aid farm, By W. Curtiss, 2:8
fourth dimension. By H. Hazlitt, 2:20 value theories. By F. Harper, 5:30
nationalized. By F. Harper, 2:37 Sweden, F. Harper's study in. By C. Wolfe,
Sprading, Charles T. 1:20 :
libertarianism; quote, 1:82
Standard of living. By L. Mises, 1:83
Standards. Quote attributed to G. Washington, T
2:47 Taft-Hartley Act. By E. Maher, III:11
Statesmen, directions misconstrued. Quote by Tariff
A. Smith, 6:54 protective. By W. Curtiss, 111:46
Statism sugar. By P. Poirot, 5:6
control of production. By F. Chodorov, 1:8 Task Force on Water Resources. By J. Cham-
evidences of. Quote by W. Sumner, 11:47 berlain, 12:56
individuals related to. By J. S. Mill, 4:53 Taxation
planning and. Quote by R. Kirk, 12:63 abolished. From Indienapoiis Star (March
Roman. By B. Moreell, 1:29 2, 1956), 5:16
see also, Government British. By J. Heffernan, 3:26
Stealing. See Thievery collection of. By F. Bastiat, 11:22
Steele, Peter Constitutional. By C. Wolfe, 9:3
Blueprint for World Revolt, 11:60 destruction by. By W. Chamberlin, 9:29
Stockholders. See Investments effects of. Letter by B. Bien, II:89
Stone, Warren E. excessive. By P. Poirot, 11:26
unionism. By E. Maher, III: 16 filing report. From First National City
Stricker, Adam K., Jr. Bank of New York, Monthly Letter
international commodity agreements, 11:51 (March 1956), 5:15
Strohm, John foreign investments and. By F. Harper,
Russian farmers visit U., S., 1:1; by F. 2:37
Chodorov, 1:11 graduated. By F. Harper, 3:1
Study groups, economic. By C. Wolfe, 3:30 liquor. By F. Chodorov, 3:12
Subsidy nationalization and. By F. Chodorov, 1:9
acceplance of. Letter by L. Read, 11:61 penalty of. Quote from First National City
condemned. Quote by C. Brock, 6:56 Bank of New York, Monthly Letter
disease of. By F. Maus, 11:26 (November 1955), 1:11
farm power of. By E. Gambrell, 8:42
evidences of. By W. Curtiss, 2:1 protective. By W. Sumner, III:56
evils of. By P. de Hevesy, 4:22 result of. Quote by Ww. Mullendore, 2:21
increase of. By M. Banner, 1:66 social security. By C. Manion, 1II:23
opposition to. Quote by O. Cooley, 1:69 stealing and. By C. Wolfe, 8:2
problem created by. By F. Chodorov, 4:20 subsidy and. Quote by J. Ingebretsen, 3:56
free market. Letter by L. Read, 11:61 Technology
grant of. Quote from The Cotton Trade effects on. By B. Fairless, 1:70
Journal (Feb. 10, 1960), 11:28 result of. Quote by P. Murray, 1:7
legal vs. illegal. By C. Wolfe, 8:2 Television subsidy. Quote by J. Ingebretsen,
promotion of. By A. Nelson, 12:16 3:56
results of. From Guaranty Survey (March ten Hoor, Marten
1956), 7:44 education for privacy, 1:10; quote, 12:48
Roman. By B. Moreell], 1:29 selfishness promoted; quote, 7:25
sugar. By P. Poirot, 5:6 Texas, labor laws in. By E. Maher, III:11
television and. Quote by J. Ingebretsen, 3:5 Theory
Success cost-plus. By B. Fairless, 1:15
dedication to. By B. Fairless, 11:25 labor. By L. Read, 12:23
“protective spirit” in. Quote by F. Harper, production and price. By J. Chamberlain,
8:16 6:60
Suez Canal attack. By H. Sennholz, 11:7 surplus value. By F. Harper, 5:30

93


===== PAGE 96 =====

Theory of Monopoliatic Competition. By E,
Chamberlin, Reviewed by J. Chamberlain,
6:69
Thievery
concealed. By L. Read, 9:37
device of. By E. Opitz, 2:14; by L. Read, 2:17
taxation and. By C. Wolfe, 8:2
Thinking straight. By J. Chamberlain, 7:56
Thorpe, Merle. By F. DeArmond, 9:42
To Communism . .. via Majority Vote. By B.
Moreell, 11:60
Timber Resource Review. By A. Nelson, 12:17
Tolstoy, Leo
group thinking; quote, 4:40
Tools of production, By F. Harper, 6:34
Totalitarianism
growth of. By J. Call, 3:37
see also, Government
Town meetings. By C. Wolfe, 3:30
Trade
advertising in. By B. Rascoe, 11:48
agreements, By A. Stricker, Jr., 11:51
barriers. Letter by W. Curtiss, 10:62
currency convertibility. By G. Winder,
11:79

federal failure of. Letter by P, Poirot,
I11:93

free market. From The Commercial and
Financial Chronicle (May 10, 1956), 8:18

humanity of. By F. Chodorov, 7:26

interference with. By A. Reinach, 5:3

labor and. By F. Harper, 7:10

money value in. By F. Harper, 8:32

progress in. Quote by H. Hazlitt, 10:66

protective. By W. Curtiss, II1:46

reason for. By B. Fairless, 7:16

selfish. Quote by A. Smith, 10:33

sugar. By P. Poirot, 5:6

unions, See Labor, unions

value in, By H. Spencer, 11:56

wages. See Wages

world, wheat and. By P. de Hevesy, 4:22

Transportation
interventionism and. By F. Chodorov, 4:20
jury law and. By R. Baker, 9:8

True Purpose of Right-to-Work Laws, The,
By F. Falque, 3:60

Truman, Harry S.
foreign aid policy of. By C. Wolfe, 65:34

Truth and liberty. By F. Harper, 8:66

Turner, Frederick J.

American characteristics. By E. Evans, 9:54

u

UAWCIO, union bossism, By G. Bronner, 4:9
Unemployment
legal. By B, Bien, 8:28
see also, Labor
Unions, labor. See Labor, unions
United Nations
criticized. By J. Chamberlain, 1:42
economics of. By P. Poirot, 3:47
trade agreements and. By A. Stricker, Jr.
11:61

94

UN Record: Ten Fateful Years for America,
The. By C. Manly. Reviewed by J. Chamber-
lain, 1:42

United States of America. See America; spe-
cial topics concerning

United States Steel
priced. By B. Fairless, 1:15
stock. By B. Fairless, 1:17

Utility, importance of. Quote from Mellon
Bank Notes, No. 7, 1:9

Utopia
aim for. By PF. Chodorov, 11:68
evidences of. Quote by R. Frost, 11:47

Utopia: 1976. By M. Ernst. Reviewed by J.
Chamberlain, 2:56

Vv

Values
choice-making. See Choice-making
individual. See Individualism
judgment. By V. Jacobson, 7:8
labor theory of. By L. Read, 12:23
subjective. Letter by B. Bien, IT1:92
surplus theories of, By F. Harper, 5:30
trade. By H. Spencer, 11:66

Violence and force. Quote from Economic In-
telligence (June 19565), 2:19

Vision and the Constant Star, The. By A.
Hobbs. Reviewed by F. Chodorov, 12:59

Voltaire and the State. By C. Rowe. Reviewed
by F. Chodorov, 10:52

Vrooman, Lee
Faith That Built America, The. Reviewed
by G. Fitch, 2:60

w

Wadhams, Nellie K.
liberty and onions, IL:20
Wages

benefits of. By L. Read, 12:23

division of. By F. Harper, 5:27

exchange
abilities and. By F. Harper, 7:10
lubricant for money. By F. Harper, 8:32

fair. By C. Anderson, 6:25

free market determination of. From Guar-
anty Survey (July 1956), 9:27

fringe benefits and. By F. Harper, 11:43

government cost and. By F. Harper, 10:34

guaranteed. Quote by W. Clark, 1:96

increased, Quote by C. Snyder, 4:39

inflation and. By F, Harper, 8:36; 9:17

leisure and better life (and chart), By F.
Harper, 12:41

policy. By G. Bronner, 4:14

productivity and. By F. Harper, 4:36

Puerto Rican. By B. Bien, 8:28

real and unreal (chart), By F. Harper, 9:20

spiral of. Letter by F. Harper, [11:92

taxes and. By W. Sumner, 11:56

tools to harness energy (and table). By TI,
Harper, 6:34

trends in U. S. (chart), 10:87

unions and. See Labor, unions

i


===== PAGE 97 =====

Want satisfaction. Quote by D. MacDonald,
11:67

War
causes of, By F. Chodorov, 2:10
economics of. By L. Mises, III:59
industrial. By L. Mises, 2:48
Marxian views of. By W. Chamberlin, 5:23
preventive. Quote by E. Lehman, 1:6
reactions to. Quote by S. Smith, 1:79
world government and. By E. Opitz, 6:10
see also, Revolution

Washington, George
standards. Quote attributed to, 2:47

Water
control, I11:82
fluoridated. By G. Leitch, 7:2
ownership. Letter by M. Rothbard, 8:61

resources, Quote by B. Moreell, 12:22; by J.

Chamberlain, 12:55
Wealth
currency convertibility. By G. Winder, T11:79
decline of. By W. Chamberlin, 9:29
economic. Quote by H. Hazlitt, 111:55
incomes and. By L. Mises, 1:83
sharing. By B. Fairless, 7:16
unearned. By L. Read, 12:23
see also, Capital
Weaver, Henry Grady
liberty
education for, 11:1
value in, 6:66
ownership; quote, 2:28
Weaver, Richard M.
fraternity or equality; quote, I:31
Review:
John Quincy Adams and the Union. By S.
Bemis, 6:63
Webster, Daniel
capitalism repressed; quote, 7:15
paper money; quote, 8:38
Webster, Pelatiah
money and production; quote, 9:16
Welfare and security. From Guaranty Survey
(March 1956), 7:47

Welfare State
Chinese. By M. Hue, 1:47
Eskimos and. Quote from The Wall Street
Journal (Dee. 2, 19562), 11:62
growth of. By J. Chamberlain, 11:44
meaning. By F. Chodorov, 2:12
production diminished by. By F. Chodorov,
1:10 .
results of. From Guaranty Survey (March
1966), 7:44
see also, Government
Wells, H. G.
religious training. By A. Brustat, 5:43
Wheat
international. By F. Chodorov, 4:19
world trade and. By P. de Hevesy, 4:22
White, Andrew Dickson
inflation. By F. Harper, 9:23
paper money; quote, 11:29
Whitney, Courtney
MacArthur—His Rendezvous with History.
Reviewed by F. Chodorov, 4:61
Why Teachers Can't Teach—A Case History.
By J. Dunn. Reviewed by E. Milione, 3:58
Winthrop, Robert C.
self-government; quote, 7:43
Wolfe, Charles Hull
College-Business Program, 1:21
foreign aid, 5:33
libertarians and the Constitution, 9:3
stealing, forgotten Commandment, 8:2
study groups, 3:30
Swedish trip by F. Harper, 1:20
union bossism (as told by G. Bronner), 4:9
Review:
Professional Public Relations and Political
Power. By S. Kelley, Jr., 7:59
World government. See Government, world
World trade. See Trade
Wyeclif, John
moral responsibility. By E. Evans, 9:51

Y
Year of Victory, The. By F. Holman, 2:62

95


===== PAGE 98 =====

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Cost FEDERAL SAVINGS

JOE CRAIL, PRESIDENT



===== PAGE 99 =====

COMMUNICATION
USE OF MAILS

(1st, 2nd, 3rd class &
all other domestic mail)

TRANSPORTATION
OF PROPERTY
IN THE MAILS

(4th class-parcel post) Outweighs

6 BILLION, 34.6 MILLION - 4 BiLLION, 633 MILLION
pounds a year pounds a year

Surprised? Well, it is a fact that the competition from below-cost parcel
transportation of property represents post has been no laughing matter.

such a large share of post office oper- The Hoover Commission, the T'rans-
ations. For the fiscal year 1955, 4th portation Association of America, the
Class-parcel post—the one class of membership of the U. S. Chamber of

mail so competitive with privately- Commerce—as well as the Post Office
owned transportation enterprises — Department —seek legislation provid-
vastly outweighed all domestic, com- ing for parcel post rates sufficient to
munication-type mail combined. cover the full cost.

To motor carriers, parcel delivery Taxpayer losses on fourth-class mail

firms, local cartagemen, express and in fiscal 1956 are expected to be
other transport companies, and to more than $65 million. Why not let
labor organizations in those fields— your representatives in the 85th
such as the Railway Clerks and Congress know how you feel about
Teamsters— unfair and destructive this matter?

For a free copy of an informative booklet,

“The Truth about Parcel Post,” address
Ay The Public Relations Division
EXPRESS

\g31®” RAILWAY EXPRESS AGENCY, INC.
A

219 East 42nd Street, New York 17, N. Y.

adLW

A PRIVATE ENTERPRISE IN THE PUBLIC SERVICE


===== PAGE 100 =====

FROM A LIBERTARIAN’S LIBRARY

Tere HAS NEVER BEEN nor will there ever be a time when all
men are equal in their capacities and conditions here on earth.
The nature of the individual as well as the nature and continuity
of human society, demands these unfailing differences. Without
the wide diversification of talents, taste, abilities, and ambitions
that now and always exist among men, Society could neither feed
nor clothe itself. It is consequently a wise provision of Providence
that causes the perpetuation of endless variety in the desires and
capabilities of human beings. Sparked with personal liberty and
the natural personal incentive to own property and advance eco-
nomically, this conglomeration of inequality synchronizes into a
great engine for the sustenance and progress of mankind.
A selection from The Key to Peace by Clarence Manion. A

Heritage Foundation book available through the Foundation for
Economic Education, Irvington-on-Hudson, N. Y. 121 pp. $2.00