Usury : $b a scriptural, ethical and economic viewElliott, Calvin
Religion
Usury : $b a scriptural, ethical and economic view
Elliott, Calvin
Usury
The reader will notice that the definition of usury is defective. The
reader will also notice that there are no Scripture references given
to prove that any interest can be taken. This is singular, since
throughout the Catechism Scripture references are profuse in
confirmation of the answers. If a single passage had been found that
could be twisted into an approval the reference would have been given.
He rests the permission to take usury wholly on human reason, though
in direct opposition to the Scripture references he had first given
to prove that the gaining of wealth by usury was unlawful. He does not
claim to get this answer from the Bible. He rests this answer on the
law of the land and the purposes of the borrower, and says it is not
worse than taking a rental for land anyway.
The questions with regard to the customs of the people of Israel are
completely met in the Second and Third Chapters of this book.
Fisher, also, we find from his catechism published in 1753, thought it
necessary to make some excuse for the custom in his time. High
interest he finds condemned, but moderate interest he tries to defend.
"Q. 32. What is it to take usury, according to the proper
signification of the word?
"A. It is to take gain, profit, or interest, for the loan of
money.
"Q. 33. What kind of usury or interest is lawful?
"A. That which is moderate, easy, and no way oppressive. Deut.
23:20, compared with Ex. 22:21.
"Q. 34. How do you prove that moderate usury is lawful?
"A. From the very light of nature, which teaches, that since the
borrower proposes to gain by the loan, the lender should have a
reasonable share of his profit, as a recompense for the use of
his money, which he might otherwise have disposed of to his own
advantage. 1 Cor. 8:13.
"Q. 35. What is the usury condemned in scripture and by what
reason?
"A. It is the exacting of more interest or gain for the loan of
money, than is settled by universal consent, and the laws of the
land. Prov. 28:8. 'He that by usury, and unjust gain,
increaseth his substance, shall gather it for him that will pity
the poor.'
"Q. 36. How do you prove from scripture, that moderate usury, or
common interest, is not oppression in itself?
"A. From the express command laid upon the Israelites not to
oppress a stranger, Ex. 23:9; and yet their being allowed to
take usury from him, Deut. 23:20; which they would not have been
permitted to do, if there had been an intrinsic evil in the
thing itself.
"Q. 37. Is it warrantable to take interest from the poor?
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