The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-05-15

Oh commerce ana banking, Win tnc great
code OF commercial and banking law. And,
after this long course, every step OF which
is strewn with richest lore, you will be left
fronting the greatest enigma OF all: How
II is that after vanishing like the incubus
OF nightmare, from the commercial code OF
the old world, usury laws still remain TO
trammel the finance OF the new.
IL can only hope, in our brief talk, to
touch upon the more salient points in that
historic course.
1.-THE earliest usury law OF which there
is any record, was promulgated ex-
actly $3.50 years ago, to small Shemitish
community then wandering through mn
Eastern desert. That law absolutely and
peremptorily prohibited the members Of
that community from charging or accept
ing any interest upon loans made by them
TO one another. But, on the other hand,
1t expressly sanctioned the taking of in.
terest, with no restrictive limit, upon loans
made by them TO Others. Tho laws OF
Egypt, Assyria, Greece and Rome, the
other great nations Of the ancient world,
expressly permitted interest; 80 that its
prohibition, or rather its partial prohibit
ton, was peculiar TO the lsraeilsh code
II il this ancient enactment which forms
the basis of, and the supposed warrant
for all the modern nsury laws There Is
within the history OF civilization no
more curious illustration OF the force and
persistence OF theological sentiment in tho
sphere OF practical life, even when that
sentiment is erroneous, than is afforded
by the fact that the commerce and finance
OF the most practical and tho most adj
vanced people on the face OF the earth
should, at the present hour, be hampcred
by laws based upon a purely theological
miscOnception OF the scope and purpose OF
q law given to n small oriental community
thirty.iour centuries ago.
However faithfully the law may have
been observed by the lsraelites in ine first
fresh flush OF their national life, there is
no doubt that, before the exile. its viola
ton was so general rs 10 call down the
denunciations Of the prophets, while, after
the restoration, with the exception of
transient CLEAN OF reform under Ezra,
there is no truce OF It's ever being seriously
observed at ALL Aud We know that in tho
time OF our Savior the lending OF money
and the taking Of interest was so generally
acknowledged that the Improbable scr
want In the parable was dismissed TO onter
darkness because he had simply failed TO
put his masters money out TO usury.'
"Ihe return Of Christian teaching and
practice on tho subject TO more than jew.
ish rigidity, furnishes one OF the most in.
tcrcsting chapters In the history both of
religion andcconomics II shcdsan illumin.
aiing side.light upon the relation Of prm.
Tive Christianity TO Judaism. Our Savior
charged the 'scribcs aud Pharisecs' with
making the law OF more effect Dy their
traditions; aud lilo announced that lie
came mot 10 destroy but 10 fulfill the law.
Accordingly there wis, on the part OF
the primitive Christian believers. a strong
disposition 20 fall back upon n strict
Interpretation and rigid observance of
the Mosaic law. Its ceremonials had de.
parted, is essence was 10 endure. The
followers OF the new faith were To con.
stltutc n spiritual Israel whose lives and
were 10 bo regulated hv the re-.
yealed Inv, stripped OF is priesty obsery.
lnces and lis rabbinical CLOSES. Thcy
were, therefore, among other things 10
lend 10 one another without interest or
profit Under mistaken conception,
therefore, alike OF the character and scope |
Il tho Mosaic onactmcnts the early church |
orbado the taking OF interest. They re- |
,ardod IL as part OF the moral law. aud 80 |
q became Incorporated In the canon law.
The DEGREES OF the early Christian councils
brislle with regulations regarding II, aud
the church regarded the olIcnse ~ 30
hcnous that L punished all who were
guilty Of IL with the greatest oXcommuni.
'ation, aud even denied their mortal r..
mains tho rights OF burial Tho school.
men, too, following out their practice of
applying to theological aud moral qucs. |
ions the principles Of their master.
Aristotle. united In It's condemnation.
Dante. who WIS a learned scholar as well
is q doyout chufchman, coGsigns To the
lowest hell the man who pOllutcs his
hands with interest aud iuslihss the sever.
lty Of the fate by aparaphriso OF Arislotlo's
teaching.
"lho jews on the other hand, appro.
hcnding more accurately the scope and the
teachings Of their Scriptures, entertained
no scruplcs ON the subject, aud ~ they be.
came the great moncy-enden aud nnan.
cicrs OF the world. Il IL mistake To sun
pose that their prosecutions in and expnl-
sions from many lands arose from purely
religious motives. The forces la such
movements were generally morc material
than spiritual When You cannot ray
your creditor, and cannot get away from
him, your best course IL 10 put him Gar from
YOU, especially when YOU can save your
pocket aud satisfy your conscience at the
same time. Tho happicst circumstances
on earth are when YOU are making tho
best OF both worlls'-pcasing yourself
and gaining the bcncdiclion OF heaven.
And 70 there was q happy blending of ma.
tcrial and spiritual iorccsln the persecution
Of the Jews When Christian peoples DO.
came embarrassed by their indebtedness
to the Jews they hrst prosecuted and then
expelled them. The debtor cnrctually
cancelled the debt by burning or Danish.
ing the CREDITOR
These views Of usnry prevailed durin,
the whole period OF tho supremacy of the
Church. II was not until after tho 70.
yiyal Of lctiom' and the Reformation that
soundct views arose. Calvin was the frat
Biblical oXpOsiior who taught that a sound
Interpretation ui Mosaic law involved no
condemnation whatever OF interest. Int
rather Justified H. Aud the first law
passed In any Christian country 10 lcgaliso
the taking ui Interest was passed In Eng.
land during the r'ign Of Henry VIII
False economic ideas, however. long con.
iinucd Ia hold sway. The legislator loo.
loved that u was sill bis duty 10 regulate
that which he should not prevent, aud 20
} was not until the present hall century
that usury laws we've swept from the Com
mcrcinl Code Of the old world.
The whole usufy laws, therefore, rest
upon an utter misconccption Of the pur.
poe and scope Of un enactment given 10
lur' 100 years ago. That law, however.
Wa q matter, not VI especial requirement
Ut ali, but oi political and agrarian
cXpudicncy. The whole jewish polity
was founded upon nyrienitnra, ami