October

the Freeman VOL. 26, NO. 10 · OCTOBER 1976 Our Forty-Year Inflation Henry Hazlitt 579 The enormous increase in the American money stock is a potential time bomb. Fiat and the Founding Fathers Elgin Groseclose 585 Declaring paper to be legal tender sets a course for monetary and economic disaster. How Many Servants Can You Afford? Bertel M. Sparks 591 Let's keep the market open to anyone who wishes to serve himself by serving others. A New MessageVI. On Political Philosophy Jackson Pemberton 604 Words of courageand counsel from the heartsof the FoundingFathersto theirchildrenin a troubled nation. A Bicentennial Prayer Praise and appeal for guidance to the Author of Liberty. Mary Sennholz 612 The Power to Tax Is the Power to Destroy Clarence B. Carson 61 3 Reasons why the functionsand the spendingand taxing powers of governmentought to be limited. Death and Taxes-A Review Mark Spangler 626 Dr. Hans Sennholz studies the economic and social impact of estate and gift taxes.

A Heartening Message from Youth John A. Davenport 631 Nine young authors bolstercapitalismwith a comprehensiveand comprehensiblemoral philosophy. Book Reviews: 636 "HerbertHoover: Presidentof the United States"by Edgar Eugene Robinsonand Vaughn Bornet "Philip Mazzei: Jefferson's'ZealousWhig'" by Sister MargheritaMarchione Anyone wishing to communicatewith authors may send first-class mail in care of THE FREEMAN for forwarding.

the Freeman A MONTHLY JOURNAL OF IDEAS ON LIBERTY IRVINGTON-ON-HUDSON, N. Y. 10533 TEL: (914) 591-7230 LEONARD E. READ PAUL L. POIROT President, Foundation for Economic Education Managing Editor THE FREEMAN is published monthly by the Foundation for Economic 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 publica tions for the asking. The costs of Foundation projects and services, including THE FREEMAN, are met through voluntary donations. Total expenses average $15.00 a year per person on the mailing list. Donations are invited in any amount as the means of main taining and extending the Foundation's work. Copyright, 1976. The Foundation for Economic Education, Inc. Printed in U.S.A. Additional copies, postpaid: 3 for $1.00; 10 or more, 25 cents each.

THE FREEMAN is available on microfilm from Xerox University Microfilms, Ann Arbor, Michigan 48106. Some articles available as reprints at cost; state quantity desired. Permission granted to reprint any article from this issue, with appropriate credit except "Our Forty-Year Inflation" and "A New Message:' HENRY HAZLITT A CASUAL READER of the newspapers and of our weekly periodicals might be excused for getting the impres sion that our American inflation is something that suddenly broke out in the last two or three years. Indeed, most of the editors of these periodicals seem themselves to have # that impression. When told that our inflation has been going on for some forty years, their response is usually one of incredulity. A large number of them do recog nize that our inflation is at least Henry Hazlitt, noted economist, author, editor, reviewer and columnist, is well known to readers of the New York Times, Newsweek, The Freeman, Barron's, Human Events and many others. Best known of his books are Economics in One Lesson, The Failure of the "New Economics," The Founda tions of Morality, and What You Should Know About Inflation.