The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-02-01
THE EVIL EFFECTS OF USuRY.

| Chicago, January 2s.--(Staff Special. y
| There Is an old sage living on Loomis
street In this city who has drunk deep OF
the wisdom OF human philosophy. Mo one
knows anything as to his history, nor
can any information on that subject be
obtained from him. But when properly
approached he Will talk freely about po-
littcal economy and kindred subjects. No
one can be in his presence long without
being impressed that he Is no ordinary
man. He is Of full figure, florid com
plexion and long, flowing white beard
having the appearance of youthfulncss
combined With rfpened knowledge.
He lays all our troubles to usury. lie
thinks that II usury had not been reintro-
duced into the affairs OF mankind in the
past three centuries that all our troubles
would have been solved wisely.
THE commonly accepted idea," he said
to ME, -"is that usury as mentioned and
condemned In the bible has reference to
excessive interest ON money. 1t, however
meant interest on money for any amount
One per cent per annum was regarded as
usury. 1t is only recently that different
definition has been given to the word. 1t
is now used to mean interest IN excess OF
the legal rate.
"Us,iry," he continued, has crucifed the
people OF the world twice, and 1t was 50
recognized by the people at the two periods
refer TO. 1t tore down their civilizations.
But, in time, coming generations failed to
| .,St hall fat hor
aud are now about to learn 1t all over
again by the painful process of experience.
AS the son, too often, fails to CLEAN knowl-
edge by informing himself of the expert
ence of his father, so have the people of the
past three hundred years overlooked. If
they ever knew. of the past misery Of their
progenitors.'
| He took down from a shelf of the En-
cyclopedia Britannica and read me the
sentence under the title OF "Usury."
Cicero mentions that Cato, being asked
what he thought of usury, made no other
answer to the question than by asking the
person who spoke to him what he thought
of murder"
| The sage then selected from a dusty
shelf. filled with old books, volume en-
titled Capital and Interest" by Bohm-
Bawerk, translation from an old German
edition. published by Mcmillan {, Co. of
| New York City. From it he read several
passages. Here is one Of them: in the
Seventeenth century 1t was publicly pro-
claimed that lenders at interest should
be punished by criminal law like thieves"
/ These were startling words that might
arouse strife and deep seated prejudice il
dragged from the tomb OF the past and dis
played in print in this day OF universal
usury and, out of excessive caution, I took
the book into my hands. There, sure
enough. staring up at me out of the depths
Of the long distant centuries, were these
| hot blistering words. Had 1t not been for
what he said to me later doubt II
would be writing this interview with him.
1t appears from the. writings of that
period that all the religious denomina-
lions were against the practice of loaning
money for interest, and that for at least
the first fifteen centuries of the Christian
era interest on money was forbidden by
law. 1t seemed that the religious orders
could not give the philosophy of it. but
believed from bible teaching that some
where in the practice of loaning for inter
est lurked a danger fatal to civilization.
1t was as late as the Eighteenth century
when money lending again became COM
mon under protection of law
| ~
said to the old sage and philosopher:
Were your views laid before tho public
the money lenders of today, grown fat and
numerous, would crush those who opposed
them as could crush an egg shell in my
hand
NO" he replied, III the danger is seen
in time and properly treated We would es-
cape the appalling results that cnsued from
this cause two thousand years ago."
What do you mean" asked, las to
the question being properly treated?'
The men now engaged in money lend
ing he replied. "are not responsible for
what they are doing. 1t has only been
short time since. when infants, they opened
their eyes in this world, and as they grew
up to manhood they found certain things
were fixed customs. respectable and legal;
and one of these things they found existing
was money lending. They naturally dritted
into 1t and are In no wise to blame. II they
are treated with charity, are handled right.
are not abused. or held responsible. pref
udice can be held in check, while unselfsb
wisdom eradlcates this error from civlliza-
ton"
~
"TeIl me-" said. what the philosophy
Of 1t ise why is money lending danger
10 civilization
There arc two things TO understand
he said. "and when you understand those
you comprehend tho whole question. A
money lender reduces his risk to mini
mum. II Is the borrower who takes chances
against lire, storms, foods. drouths, failure |
OF crops and other rnlsfortunes; and In
the end the results are that the average |
profta from money lending are In excess
of all other business. In time the money |