THE THEORY OF INTEREST

prediction as to the rate of interest in the future. Such aprediction, however, to be of value, would require morepainstaking study than has ever been given to thissubject.

Without such a careful investigation, any predictionis hazardous. We can say, however, that the immediateprospects for a change in the monetary standard seemto be toward its stabilization; that this will tend towarda general prosperity, the main effects of which should bein the direction of lowering the rate of interest; thatchanges in thrift, foresight, self-control, and benevolenceare for the most part likely to intensify these factorsand thus to lower the rate of interest; and that theprogress of discovery and invention shows now a tend-ency to increase in speed, the immediate result of whichshould be to raise the rate of interest but finally tolower it.