In the sentiment of an early society, as in the old Roman law, a
distinction is commonly made between the principal and the interest of a
loan, though the creditors have sought to blend them indissolubly
together. If the borrower cannot fulfil his promise to repay the
principal, the public will regard him as having committed a wrong which
he must make good by his person. But there is not the same unanimity as
to his promise to pay interest: on the contrary, the very exaction of
interest will be regarded by many in the same light in which the English
law considers usurious interest, as tainting the whole transaction. But
in the modern mind, principal, and interest within a limited rate, have
so grown together, that we hardly understand how it can ever have been
pronounced unworthy of an honorable citizen to lend money on interest.
Yet such is the declared opinion of Aristotle and other superior men of
antiquity; while at Rome, Cato the censor went so far as to denounce the
practice as a heinous crime. It was comprehended by them among the worst
of the tricks of trade--and they held that all trade, or profit derived
from interchange, was unnatural, as being made by one man at the expense
of another; such pursuits therefore could not be commended, though they
might be tolerated to a certain extent as a matter of necessity, but
they belonged essentially to an inferior order of citizens. What is
remarkable in Greece is, that the antipathy of a very early state of
society against traders and money-lenders lasted longer among the
philosophers than among the mass of the people--it harmonized more with
the social _ideal_ of the former, than with the practical instincts of
the latter.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account