And yet, despite pontifical anathemas and public opinion, things
pursued their natural course, and usurers were to be found even among
the tenants of ecclesiastical and monastic estates, until Gregory X.,
in 1274, issued a Bull forbidding the letting of lands or houses to
the accursed tribe. But though the pious execrated the money-lender,
the needy could not dispense with his services. The chief effect of
the prohibition of money-lending, and of the superstitious disrepute
in which it was held, was to force this important branch of economic
life into the hands of the least respectable members of the community.
Usury was by no means eschewed by the Christians, as Dante shows. But
the masses of mediaeval Europe, especially in the north and centre,
were too superstitious to brave the ban of the Church, too stupid and
ignorant and thriftless to succeed in a business requiring dexterity,
alertness, and economy. Thus trade in money, as most other kinds
of European trade, fell from the very first into the hands of the
Jews--the only people who had capital to lend and no caste to lose.
Moreover, there was little else for the Jew to do in feudal Europe. The
laws and the prejudices which in many countries forbade him to own land
or to engage in various handicrafts and trades on one hand, and his own
religious scruples on the other, narrowed his range of activity, and
the current of energy and intelligence, compressed into one channel,
ran with proportionately greater force. The reputation of the Jews for
usury dates from the sixth century. But money-lending really became
their characteristic pursuit since the commencement of the persecution
already narrated. Then the Jews, by the periodical enactments of
councils and the frequent publications of ecclesiastical edicts, were
excluded from the markets, and thus, being unable to compete with the
Christian merchants, were driven to deal only in second-hand articles,
while others, possessed of some capital but forbidden to invest it in
goods, were compelled to put it out to interest.
Public-domain text, read in full here on John Shaqi.
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