“Think of the firm as a gigantic tub of whole milk. The farmer can sell the whole milk as it is. Or he can separate out the cream, and sell it at a considerably higher price than the whole milk would bring. (Selling cream is the analog of a firm selling debt securities, which pay a contractual return.) But, of course, what the farmer would have left would be skim milk, with low butter-fat content, and that would sell for much less than whole milk. (Skim milk corresponds to the levered equity.) The Modigliani-Miller proposition says that if there were no cost of separation (and, of course, no government dairy support program), the cream plus the skim milk would bring the same price as the whole milk.”

Life Thoughts (1858)

Quoting an old adage in Nordenfelt v. Maxim Nordenfelt Guns and Ammunition Co. (1894), L. R. App. Cas. (1894), L. R. App. Ca. Part 5, p. 572.

On censorship, in The Man Who Sold the Moon (1950), p. 188; this may be the origin of a remark which in recent years has sometimes become misattributed to Mark Twain: Censorship is telling a man he can't have a steak just because a baby can't chew it.
Context: How anybody expects a man to stay in business with every two-bit wowser in the country claiming a veto over what we can say and can't say and what we can show and what we can't show — it's enough to make you throw up. The whole principle is wrong; it's like demanding that grown men live on skim milk because the baby can't eat steak.

Source: Dr. Spock's Baby and Child Care (1945), Seventh edition (1998), p. 346

Veganism: The Fundamental Principle of the Abolitionist Movement, http://www.abolitionistapproach.com/veganism-the-fundamental-principle-of-the-abolitionist-movement/ <br class="br">Context: There is no meaningful distinction between eating flesh and eating dairy or other animal products. Animals exploited in the dairy industry live longer than those used for meat, but they are treated worse during their lives, and they end up in the same slaughterhouse after which we consume their flesh anyway. There is probably more suffering in a glass of milk or an ice cream cone than there is in a steak.

Speech of July 19, 1985. Quoted in David Robinson Simon, Meatonomics (Conari Press, 2013), p. 193 https://books.google.it/books?id=PY0KUnaIU5AC&amp;pg=PA193.

Fiction, The Enemy in the Blanket (1958)