July

Ownership:Free but Not Cheap Gary North 401 The private owner cannot escape the costs of ownership and the obligation to act as steward of his goods for the public's benefit. Off the Beaten Track Leonard E. Read 415 There is no way to follow the crowd to a new idea or a better way of life. The Founding of tbe American Republic: 12. The Scourge of Inflation Clarence B. Carson 419 The early American attempts at deficit financing were "not worth a Continental." The Pine Tree Shilling The story of the first private coinage in America. Kevin Cullinane 434 Zoning Laws: The Case for Repeal David J. Mandel 437 The more scarce and valuable a given resource, the more urgent the need for private ownership and market disposition. Book Reviews: "Safe Places" by David and Holly Franke "Freedom and the Law" by Bruno Leoni Anyone wishing to communicate with authors may send first-class mail in care of THE FREEMAN for forwarding.

444 447 tile Freeman A MONTHLY JOURNAL OF IDEAS ON LIBERTY LEONARD E. READ PAUL L. POIROT President, Foundation for Economic Education Managing Editor THE F R E E MAN is published n10nthly by the Foundation for Econon1ic Education, Inc., a non political, nonprofit, educational champion of private property, the free market, the profit and loss system, and limited government. Any interested person may receive its publications for the asking. The costs of Foundation projects and services, including THE FREEMAN, are met through voluntary donations. Total expenses average $12.00 a year per person on the n1ailing list. Donations are in vited in any an10unt-$5.00 to $10,000-as the means of maintaining and extending the Foundation's work. Copyright, 1972, The Foundation for Economic Education, Inc. Printed in U.S.A. Additional copies, postpaid, to one address: Single copy, 50 cents; 3 for $1.00; 10 for $2.50; 25 or more, 20 cents each.

Articles from this journal are abstracted and indexed in Historical Abstracts and/or America: History and Life. THE FREEMAN also is available on microfilm, Xerox University Microfilms, Ann Arbor, Mich igan 48106. Permission granted to reprint any article from this Issue, with appropriate credit, except "Power to the People: the Mask of Despotism," "The Founding of the American Republic," and "Zoning Laws: The Case for Repeal."