Let them now accuse the law of being materialistic and atheistic.
We rob,—12. By usury.
This species of robbery, so odious and so severely punished since the publication of the Gospel, is the connecting link between forbidden and authorized robbery. Owing to its ambiguous nature, it has given rise to a multitude of contradictions in the laws and in morals,—contradictions which have been very cleverly turned to account by lawyers, financiers, and merchants. Thus the usurer, who lends on mortgage at ten, twelve, and fifteen per cent., is heavily fined when detected; while the banker, who receives the same interest (not, it is true, upon a loan, but in the way of exchange or discount,—that is, of sale), is protected by royal privilege. But the distinction 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]
- ↑ It would be interesting and profitable to review the authors who have written on usury, or, to use the gentler expression which some prefer, lending
