Usury then (as now) signified the receiving of interest upon unproductive loans. It is a practice which all moralists and all philosophers have condemned and which the Church in particular condemns. If you lend money to a man for a productive purpose: if, for instance, he is to buy a ship and trade with the money you advance, or to buy a farm and grow produce, then, of course, you are perfectly free to stipulate for a portion of the profit. But if you lend the money for a purpose not directly productive, as, for instance, to a man in grave necessity, or in lieu of charity, or to build such a building as a church, which will not produce a rent, or if in any other fashion you lend money to one who (to your knowledge) will not spend it in some reproductive agency, then it is immoral to demand interest. Now an exception was made in mediaeval Christendom in favour of the Jew. He was allowed to lend money at interest, even in the most grievous cases of necessity, and for services as unproductive as religion or war. The only stipulation was that the moneys saved from this lucrative practice returned to the Crown (in theory) upon the death of the licensee. In practice no doubt a very large part remained with the accumulator, who during his lifetime was enjoying the income he had acquired by usury, who could give it to his heirs while still living, and could use opportunities for secret investment, or pass it to the custody of others throughout international Jewry. But liquid sums left by him, the product of his usury, returned to the Crown upon his death. This was a great advantage to the Crown, not only in protecting the Jew from the native hostility of his alien hosts (and particularly of the populace), but in giving him that great privilege--a monopoly. The rate of interest was enormous. It varied from nearly 50 per cent to over 80 per cent. When Jews lent money on security the King was party to the safe custody of the security, and their privilege extended so far that they were exempt from the common law, and a case between an Englishman and his Jewish creditor could only be tried by a mixed jury in which the Jew's own compatriots were present in equal numbers with the English. All during the Angevin period Jewish financial domination continued, up to the end of the twelfth century and even into the beginning of the thirteenth. But with the first half of the thirteenth century, for some reason of which I have never seen a sufficient historical analysis and of which, perhaps, the full causes have been lost, the Jewish power began to decline very rapidly, so far as England was concerned.