How do moderation policies affect online discussion? This article analyzes nearly a quarter of a million anonymous comments over a 14-month period from two online Reddit forums matched in topic and size, but with differing moderation policies of "safe space" and "free speech." I found that in the safe space, moderators removed significantly more comments, and authors deleted their own comments significantly more often as well, suggesting higher rates of self-censorship. Looking only at relatively low frequency posters, I found that language in the safe space is more positive and discussions are more about leisure activities, whereas language in the free speech space is relatively negative and angry, and material personal concerns of work, money, and death are more frequently discussed. Importantly, I found that many of these linguistic differences persisted even in comments by users who were concurrently posting in both subreddits. Altogether, these results suggest that differences in moderation policies may affect self-censorship and language use in online space, implicating moderation policies as key sites of inquiry for scholars of democratic discussion.