Hence it is concluded, that "in proportion as society comes to perfection, it will descend to zero by the time civilization is complete.

In other words, that which characterizes social perfection is the gratuitousness of credit.

When, therefore, we shall have abolished interest, we shall have reached the last step of progress." This is mere sophistry, and as such false arguing may contribute to render popular the unjust, dangerous, and destructive dogma, that credit should be gratuitous, by representing it as coincident with social perfection, with the reader's permission I will examine in a few words this new view of the question.
What is _interest_?
It is the service rendered, after a free bargain, by the borrower to the lender, in remuneration for the service he has received by the loan.

By what law is the rate of these remunerative services established?
By the general law which regulates the equivalent of all services; that is, by the law of supply and demand.
The more easily a thing is procured, the smaller is the service rendered by yielding it or lending it.

The man who gives me a glass of water in the Pyrenees, does not render me so great a service as he who allows me one in the desert of Sahara.