Usury : $b a scriptural, ethical and economic viewElliott, Calvin
Religion
Usury : $b a scriptural, ethical and economic view
Elliott, Calvin
Usury
This was a perpetual loan, never to be repaid, but annual interest at
eight per cent. was to be paid by the government forever. This
constant annual interest paid to this bank has made it such a
financial power that it reaches and draws to itself of the resources
of all lands. The aggregated wealth of the institution, if the
accretions were continuous, would now be $25,165,824,000,000. The
wealth of the United Kingdom is estimated at fifty billions, and all
Europe two hundred billions, the United States seventy billions, and
the whole world's wealth at five hundred billions.
Were the accretions of the bank at eight per cent. undisturbed and
unconsumed, it would now take fifty worlds as rich as ours to pay that
debt. It is sometimes wondered how there can be such an accumulation
of wealth in one institution as to control the finances of the world.
It is often attributed to superior wisdom or some profound, occult
manipulation. It is but the natural operation of the principle of
interest--accretion from age to age.
The managers may be stupid dolts, only so they do not interfere with
the usurious principle in its eternal pull on the resources of
mankind.
The interest bearing debt of the United States, at this date, is about
one thousand millions. This in one hundred years at six per cent.
would amount to $340,000,000,000; five times the whole present wealth
of the nation.
The smallest national bank organized, by the deposit of $25,000 of
bonds yielding two per cent. interest, and permitted to re-loan the
same funds to its private customers at eight per cent., could gather
to itself in one hundred years, $345,225,000.
The wealth of an individual or of a family may also grow with the
years as they pass. The property may be in public bonds or that of
incorporations, requiring no care or effort on their part, yet it may
be continually increasing. A usurer in any community in one life comes
to absorb the wealth of that community, though the amount loaned at
the beginning was small.
The accretions are the irresistible result of the principle of usury.
The wealth is more and more centralized as the years pass. Great trees
in the forest shadow the smaller, and rob them of the sunshine and
moisture until they perish. Great fish in the crowded pond feed upon
the smaller. Individual manufacturers are absorbed by the great
combinations called trusts. The stockholders of a railroad are
absorbed by those who have large and controlling interest. But the
railroad is itself absorbed by another yet greater corporation, and
this again by a great combine that eliminates the influence of all but
the chief control, and tends to a complete centralization of all the
systems.
Public-domain text, read in full here on John Shaqi.
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