I have enlarged a little upon exchange, although loan is my principal object: my excuse is, that I conceive that there is in a loan an actual exchange, an actual service rendered by the lender, and which makes the borrower liable to an equivalent service,--two services, whose comparative value can only be appreciated, like that of all possible services, by freedom.

Now, if it is so, the perfect lawfulness of what is called house-rent, farm-rent, interest, will be explained and justified.

Let us consider the case of _loan_.
[Footnote 17: This error will be combated in a pamphlet, entitled "_Cursed Money_."] Suppose two men exchange two services or two objects, whose equal value is beyond all dispute.

Suppose, for example, Peter says to Paul, "Give me ten sixpences, I will give you a five-shilling piece." We cannot imagine an equal value more unquestionable.

When the bargain is made, neither party has any claim upon the other.