of the product in proportion as capital increases. Does it constitute one-third of the value of corn, of cloth, of houses, of ships, of [p214] canals? in other words, when these things are sold, does one-third of the price fall to the capitalist, and two-thirds to the labourer? By degrees, the capitalist receives no more than a fourth, a fifth, a sixth. His ‹relative› share goes on diminishing, while that of the labourer goes on increasing in the same proportion; and the first part of my demonstration is complete. It remains for me to prove that the ‹absolute› share falling to the capitalist goes on constantly increasing. It is very true that the tendency of interest is to fall. But when, and why? When, and because, the capital becomes more abundant. It is then quite possible that the total product should be increased while the ‹percentage› is diminished. A man has a larger income with 200,000 francs at four per cent., than with 100,000 francs at five per cent., although, in the first case, he charges less to the manufacturer for the use of his capital. The same thing holds of a nation, and of the world at large. Now, I maintain that the ‹percentage›, in its tendency to fall, neither does nor can follow a progression so rapid that the ‹sum total› of interest should be smaller when capital is abundant than when it is scarce. I admit, indeed, that if the capital of mankind be represented by 100 and interest by 5,—this interest will amount to no more than 4 when the capital shall have mounted to 200. Here we see the simultaneousness of the two effects. The less the ‹relative› part, the greater the ‹absolute› part. But my hypothesis does not admit that the increase of capital from 100 to 200 is sufficient to make interest fall from 5 to 2 per cent., for example; because, if it were so, the capitalist who had an income of 5000 francs with 100,000 francs of capital, would have no greater income than 4000 francs with 200,000 francs of capital. A result so contradictory and impossible, an anomaly so strange, would be met with the simplest and most agreeable of remedies; for then, in order to increase your income, it would only be necessary to consume half your capital. A happy and whimsical age it would be when men could enrich by impoverishing themselves! We must take care, then, not to lose sight of the combination of these two correlative facts. The increase of capital, and the fall of interest, take place ‹necessarily› in such a way that the total product is continually augmented. And let us remark in passing, that this completely exposes the fallacy of those who imagine that because interest falls, it tends to annihilation. The effect of that would be, that a time would arrive when capital would be so much increased as to yield nothing to its possessors. Keep your mind easy on that score—before [p215] that time comes, capitalists will dissipate the stock in order to ensure the reappearance of interest.