I think sometimes we (I include myself) use accomodative shorthand and we can wind up looking like we're supporting a position 180-degrees in conflict with the word.
You said "by faith only" and James said "not by faith only". My latter paragraphs were an attempt to clarify what I think could be considered a contradiction.
Paul says we're saved by faith - James says we're not justified by works and not by faith only. Unless these two received conflicting inspirations (they didn't), then the faith spoken of by Paul must be different than the "faith only" spoken of by James.
In the interest of full disclosure, I am not a Calvinist. Nor do I agree with the Mormon position of salvation in Christ "after all we can do" (or something like that). Mormonism is a lot like the Oriental Pagan religions in that regard (and others - see "The God Makers").
I do not agree with the Calvinistic concept of faith being something forced upon an individual and being denied to another. I believe in the "whoever" in John 3:16 and the "all men everywhere" of Acts 17:30. But that's a discussion for another thread. :-)