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In this way, the charge that the bank makes for the use of its notes - the interest - is a continual and universal tax upon all the members of the community.
Capital, however capital may be defined, would practically cease to exist as an income producing fund, for the simple reason that if money, wherewith to buy capital, could be obtained for one-half of one per cent, capital itself could command no higher price.
It was the king's army, the king's people, the king's taxes; and he who questioned the propriety of the royal prerogative of taking from his people without return or accounting, was reckoned, and felt himself to be, a criminal, guilty of the highest crime of disloyalty.
Accordingly, when the supply of gold runs short, the security behind the notes is diminished, the loaning of notes is restricted or suspended, and the panic follows.
According to your sympathy, you will take pleasure in your own happiness or in the happiness of other people; but it is always your own happiness you seek.
But the egoist has no ideals, for the knowledge that his ideals are only his ideals, frees him from their domination. He acts for his own interest, not for the interest of ideals.