The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-30

ing. There were no directors to sit in judg-
ment no stockholders to wonder why
the bank carried 100 per cent reserve, and
while the business was neither interesting nor
profitable it was safe; but safety, while de-
sirable, is not the best nor the only thing
in banking. What of profits? In order to ap,
nrec;ate the position of the patriarchal
banker on this point, it will be necessary to
refer to the old testament law with reference
to the lending of money. While l would not
for moment appear to insinuate that the
bankers of Minnesota are not entirely familiar
with the Scripture, as applied to banking,
will beg leave to quote a few passages-"lest
we forget Here is the law as laid down by
Moses eff thy brother be waXen poor, thou
shalt not give him thy money upon usury,
nor lend him thy victuals for increase.
Thou shalt not lend upon usury to thy
brother; usury OF money or OF anything that
is lent upon usury.'' David says: Lord
who shall abide in thy tabernacle? Who shall
dwell in thy holy hill? He that walketh up
rightly; he that putteth not out his money to
usury.'' Here is hard proposition for the
patriaTchal banker. 1t appears to be natural
instinct OF man to deposit money with those
supposed to be especially equipped to care
for it, and it certainly is a human instinct to
mako profit whenever possible; and yet the
banking business, natural outgrowth OF
these instincts, is confronted at the start with
the absolute condemnation of the Mosaic law.
For centuries this prohibition was binding,
and those who evaded it were considered law
breakers. Even down to the time of Shake
speare the lending of money upon interest
was regarded as a 0isreputabe business. He
pictures Shylock as the typical money loaner,
and it is only in comparatively recent years
that the taking of interest has entirely out
grown the early curse laid upon it. With an
amusing ingenuity we have stripped the word
usury of its original meaning and outlawed
it, thus squaring ourselves with Scripture.
The fact remains, that In order to make it
a decent practice in England the taking of
interest had to be legalized by act of parlia-
ment, and this was done in 1916, although the
act was repealed six years later, but at last
permanently re-enacted in 1871. The six
teenth century, therefore marks the dawning
responsibility of the banking business. 1t has
sometimes occurred to me, to wonder what
manner of man it was who first conceived
but also that Of his neighbor left with him
for safe keeping. When this individual is To-
Gated we shall discover the originator >of all
our troubles. / am inclined to believe that he
was Lombard Jew-one of those long boards
who set up the bench or banca in the market
places of Italy, and created the word bank.
am confirmed in this belief by reason of the
fact, duly recorded in history, that when one
of these Lonbards failed, the popuace
straightway rose up and broke his bench in
pieces, thus coming the word bankrupt This
action of the populace clearly indicates the re-
suit of first attempts at fixing a proper re-
serve We may well believe that the indi-
yidual who first undertook to loan portion
of his deposits, did so with fear and trem-
bling. He dreaded to be caught in the act. Be-
yond doubt, the deposits of the early banker
ceive on demand the identical money which
he had deposited. He would have
been shocked at the idea that the
banker might loan his money and
pay him back with his neighbor's; even
to this day we ind an occasional survival