Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1940-04-18
A Thoughtful Letter

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Herewith is published letter,
written by one Minnesota citizen
to another 1t is worthy of deep
thought and study The writer
of the letter, it will be observed,
has dipped into history on the
matter of money lending, the
practice of usury, back in ancient
history He quotes from the
Bible, and quotes also Greek
philosophers.
The reason for emitting the
name of the writer as well as the
name of the person to whom the
letter was addressed is to center
thought on the principles therein
expressed Without personalities,
more weight can be given to
argument.
The letter follows:
l have been thinking about our
conversation relative to the Small
Loan bill; and l recall your having
said that you would like to take some
time off to discuss it with me- My
things we would like to discuss we
never get around to; so for that rea-
son 1 am taking the liberty of writ
ing you.
It seems to me that in order to dis
cuss the Small Loan bill, it is neces-
sary to go long ways back in human
history, and no discussion of lending
or usury could be of any great value
unless we agree on our definitions
Usury is the term used in the
Bible indicating any return for the
use of money. 1t was strictly for
hidden by the Mosaic law to the
Jews. That is, they were forbidden
to collect money at usury from their
own-the chosen people; but, by the
same law were permitted to lend
to the strangers (the gentiles) whom
they were permitted to destroy. No
device of mankind has ever worked
more effectively in their own destruc-
ton than this same usury; as witness
the thousands of years of persecution
of the Jews, largely from their
money-lending practices.
Following time through to the gol-
den age of Greece, we find usury still
factor in their society. Under Greek
law, at that time a person could
pledge his body as collateral for
loans. With his inability to pay, he
became chattel of lender. These
laws in ancient Greece became such
disgrace that the lenders of that
time rallied their voices against
them.
Demosthenes, Scion and Aristotle
were particularly outstanding in their
fights against the then existing evils.
Aristotle said that the lending of
money at uSury was immoral because
no civil statute could contradict a
natural law. Money being an in
animate object could not reproduce
its own kind.
Demosthenes said it was basically
immoral to lend money at usury to
people who had no productive use
therefor and whose only recourse was
to be sold into slavery.
Scion passed laws protecting the
individual against the money-lender
for which he was banished from
Greece, indicating that the money
lenders in those days were powerful,
too. Many historians believe that the
development of slavery through this
vicious practice was largely respon-
sible for the downfall of Athens.
With the advent of Christianity,
the church took an absolute stand on
the Aristotlean theory against usury.
Interest was not legal in England
until the reign of Henry VIII. The
moralist of the time could find no
justice for the same, so the word
interest was brought from France.
Interest, meaning concern in," and
the lending of money at interest, was
legalized and the word usury was
relegated to its present meaning. The
moralists adjusted their morality to
find an excuse for it by saying that
interest was justified on the grounds
that the possessor of money denied
himself the use and pleasure of same
to extend it to someone else.
To date, they have not improved
on this excuse, but it must be adj
mitted that at least it is fine in
stitution to use in the evasion of
. the Scriptural injunction
"By the sweat of your face We shall
live"
1t is much more agreeable, it must
be admitted, to live on the sweat of
the other fellow.
Getting down to date, every time
hear of Small Loans, think of
dear old Russell Sage, a great human
itarian and benefactor, convicted of
usury in Troy, New York, moved