What is Property [136]
between the banker and the usurer is a purely nominal one. Like the usurer, who lends on property, real or personal, the banker lends on business paper; like the usurer, he takes his interest in advance; like the usurer, he can recover from the borrower if the property is destroyed (that is, if the note is not redeemed),--a circumstance which makes him a money-lender, not a money-seller. But the banker lends for a short time only, while the usurer's loan may be for one, two, three, or more years. Now, a difference in the duration of the loan, or the form of the act, does not alter the nature of the transaction. As for the capitalists who invest their money, either with the State or in commercial operations, at three, four, and five per cent.,--that is, who lend on usury at a little lower rate than the bankers and usurers,--they are the flower of society, the cream of honesty! Moderation in robbery is the height of virtue![1]
[1] It would be interesting and profitable to review the authors who have written on usury, or, to use the gentler expression which some prefer, lendingat interest. The theologians always have opposed usury; but, since they have admitted always the legitimacy of rent, and since rent is evidently identical with interest, they have lost themselves in a labyrinth of subtle distinctions, and have finally reached a pass where they do not know what to think of usury. The Church--the teacher of morality, so jealous and so proud of the purity of her doctrine-- has always been ignorant of the real nature of property and usury. She even has proclaimed through her pontiffs the most deplorable errors. _Non potest mutuum_, said Benedict XIV., _locationi ullo pacto comparari_. "Rent," says Bossuet, "is as far from usury as heaven is from the earth." How, on{sic} such a doctrine, condemn lending at interest? how justify the Gospel, which expressly forbids usury? The difficulty of theologians is a very serious one. Unable to refute the economical demonstrations, which rightly assimilate interest to rent, they no longer dare to condemn interest, and they can say only that there must be such a thing as usury, since the Gospel forbids it.
But what, then, is usury? Nothing is more amusing than to see these INSTRUCTORS OF NATIONS hesitate between the authority of the Gospel, which, they say, NEVER CAN HAVE SPOKEN IN VAIN, and the authority of economical demonstrations. Nothing, to my mind, is more creditable to the Gospel than this old infidelity of its pretended teachers. Salmasius, having assimilated interest to rent, was REFUTED by Grotius, Pufendorf, Burlamaqui, Wolf, and Heineccius; and, what is more curious still, Salmasius ADMITTED HIS ERROR. Instead of inferring from this doctrine of Salmasius that all increase is illegitimate, and proceeding straight on to the demonstration of Gospel equality, they arrived at just the opposite conclusion; namely, that since everybody acknowledges that rent is permissible, if we allow that interest does not differ from rent, there is nothing left which can be called usury. and, consequently, that the commandment of Jesus Christ is an ILLUSION, and amounts to NOTHING, which is an impious conclusion.
If this memoir had appeared in the time of Bossuet, that great theologian would have PROVED by scripture, the fathers, traditions, councils, and popes, that property exists by Divine right, while usury is an invention of the devil; and the heretical work would have been burned, and the author imprisoned.
We rob,--13. By farm-rent, house-rent, and leases of all kinds.
The author of the "Provincial Letters" entertained the honest Christians of the seventeenth century at the expense of Escobar, the Jesuit, and the contract Mohatra." The contract Mohatra," said Escobar, "is a contract by which goods are bought, at a high price and on credit, to be again sold at the same moment to the same person, cash down, and at a lower price." Escobar found a way to justify this kind of usury. Pascal and all the Jansenists laughed at him. But what would the satirical
[1] It would be interesting and profitable to review the authors who have written on usury, or, to use the gentler expression which some prefer, lendingat interest. The theologians always have opposed usury; but, since they have admitted always the legitimacy of rent, and since rent is evidently identical with interest, they have lost themselves in a labyrinth of subtle distinctions, and have finally reached a pass where they do not know what to think of usury. The Church--the teacher of morality, so jealous and so proud of the purity of her doctrine-- has always been ignorant of the real nature of property and usury. She even has proclaimed through her pontiffs the most deplorable errors. _Non potest mutuum_, said Benedict XIV., _locationi ullo pacto comparari_. "Rent," says Bossuet, "is as far from usury as heaven is from the earth." How, on{sic} such a doctrine, condemn lending at interest? how justify the Gospel, which expressly forbids usury? The difficulty of theologians is a very serious one. Unable to refute the economical demonstrations, which rightly assimilate interest to rent, they no longer dare to condemn interest, and they can say only that there must be such a thing as usury, since the Gospel forbids it.
But what, then, is usury? Nothing is more amusing than to see these INSTRUCTORS OF NATIONS hesitate between the authority of the Gospel, which, they say, NEVER CAN HAVE SPOKEN IN VAIN, and the authority of economical demonstrations. Nothing, to my mind, is more creditable to the Gospel than this old infidelity of its pretended teachers. Salmasius, having assimilated interest to rent, was REFUTED by Grotius, Pufendorf, Burlamaqui, Wolf, and Heineccius; and, what is more curious still, Salmasius ADMITTED HIS ERROR. Instead of inferring from this doctrine of Salmasius that all increase is illegitimate, and proceeding straight on to the demonstration of Gospel equality, they arrived at just the opposite conclusion; namely, that since everybody acknowledges that rent is permissible, if we allow that interest does not differ from rent, there is nothing left which can be called usury. and, consequently, that the commandment of Jesus Christ is an ILLUSION, and amounts to NOTHING, which is an impious conclusion.
If this memoir had appeared in the time of Bossuet, that great theologian would have PROVED by scripture, the fathers, traditions, councils, and popes, that property exists by Divine right, while usury is an invention of the devil; and the heretical work would have been burned, and the author imprisoned.
We rob,--13. By farm-rent, house-rent, and leases of all kinds.
The author of the "Provincial Letters" entertained the honest Christians of the seventeenth century at the expense of Escobar, the Jesuit, and the contract Mohatra." The contract Mohatra," said Escobar, "is a contract by which goods are bought, at a high price and on credit, to be again sold at the same moment to the same person, cash down, and at a lower price." Escobar found a way to justify this kind of usury. Pascal and all the Jansenists laughed at him. But what would the satirical