Principles of Political Economy, Vol. 2Roscher, Wilhelm
General
Principles of Political Economy, Vol. 2
Roscher, Wilhelm
Economics
However, the long persistence of the prohibition of the canon law in
relation to interest, even with the refuge afforded by the introduction
of the rent-purchase system, and of dormant partnerships (_Commanditen_)
etc., so common in the sixteenth century,[191-11] would be
unintelligible, if, contemporaneously, the Jews did not carry on an
important and somewhat free trade in capital,[191-12] precisely as the
Armenians, Hindoos and Jews do in the Mohammedan world of to-day.
[Footnote 191-1: The apostolic canons and several decrees of
councils of the fourth century prohibit the taking of
interest by the clergy. A Spanish provincial council dared,
in 313, to extend the prohibition to the laity. Pope Leo I.
condemned the taking of interest by the laity also, but only
in the form of a moral law. (443.) The synod of
Constantinople (814) punished the violation of the
prohibition with excommunication. See _Thomas Aquin._ (ob.
1274.) De Usuris, in the Quæstiones disputatae et quod
libetales. The canon law, however, always permitted
delay-interest (_Verzugszinsen_), and Gregory IX, allowed
_justa et moderata expensa et congruam satisfactionem
damnorum_ to be taken into account, (c. 17, X.) De Fora
Comp. II, 2. A tacit recognition of the productiveness of
capital is to be found in c. 7, X. De Donatt. inter. Virum.
cett. IV, 20; and the later schoolmen, _Antonin_ and
_Bernhardin_, (ob. 1459 and 144) are pretty clear on the
point. But _Albertus Magnus_ had already recognized the
_damnum emergens_ and _Thomas Aquinas_ the _lucrum cessans_
as causes of interest. (Tübinger Zeitschr., 1869, 151, 159,
161.) The essentially modern character of Roman law, which,
in the form it has finally assumed, is in harmony with a
high development of national economy, accounts for the fact
that the glosse of _Accursius_ relying on _Irnerius_ and
_Bulgarus_ entirely ignores the prohibition of interest. For
a similar reason, in the 16th century, _Donellus_ and
_Cujacius_ stand entirely on Roman ground. In the interval,
indeed, men like _Bartolus_ and _Baldus_ were not disquieted
by the canon law. (_Endemann_, Studien in der
Römisch-Canonischen Wirtchaftsund Rechtslehre, I, 18, 27
seq. 61.) Compare the rich historical material in
_Salmasius_, De Usuris, 1638; De Modo Usurarum, 1639, and De
Mutuo, 1640.]
[Footnote 191-2: _A. Thierry_, Lettres sur l'Histoire de
France, éd. 2., 248 ff.]
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