the infinite
divisibility which belongs to _value_, as it does to matter.

It appears at first paradoxical, but it is well known to all
mathematicians, that, through all eternity, fractions may be taken from
a weight without the weight ever being annihilated. It is sufficient
that each successive fraction be less than the preceding one, in a
determined and regular proportion.

There are countries where people apply themselves to increasing the size
of horses, or diminishing in sheep the size of the head. It is
impossible to say precisely to what point they will arrive in this. No
one can say that he has seen the largest horse or the smallest sheep's
head that will ever appear in the world. But he may safely say that the
size of horses will never attain to infinity, nor the heads of sheep to
nothing.

In the same way, no one can say to what point the price of stockings nor
the interest of capitals will come down; but we may safely affirm, when
we know the nature of things, that neither the one nor the other will
ever arrive at zero, for labour and capital can no more live without
recompense than a sheep without a head.

The arguments of M. Proudhon reduce themselves, then, to this:--Since
the most skilful agriculturists are those who have reduced the heads of
sheep to the smallest size, we shall have arrived at the highest
agricultural perfection when sheep have no longer any heads. Therefore,
in order to realise the perfection, let us behead them.

I have now done with this wearisome discussion. Why is it that the
breath of false doctrine has made it needful to examine into the
intimate nature of interest? I must not leave off without remarking upon
a beautiful moral which may be drawn from this law:--"The depression of
interest is proportioned to the abundance of capitals." This law being
granted, if there is a class of men to whom it is more important than to
any other that capitals be formed, accumulate, multiply, abound, and
superabound, it is certainly the class which borrows them directly or
indirectly; it is those men who operate upon _materials_, who gain
assistance by _instruments_, who live upon _provisions_, produced and
economised by other men.

Imagine, in a vast and fertile country, a population of a thousand
inhabitants, destitute of all capital thus defined. It will assuredly
perish by the pangs of hunger. Let us suppose a case hardly less cruel.
Let us suppose that ten of these savages are provi