Usury : $b a scriptural, ethical and economic viewElliott, Calvin
Religion
Usury : $b a scriptural, ethical and economic view
Elliott, Calvin
Usury
The usurers were compelled to remain under public condemnation during
thirty years, as sentiment was strongly against them and conditions
were not in their favor, but they did not relax their watchful effort
nor abandon hope of ultimate success. When the nation was struggling
to prevent its dissolution in 1861-5, and unusual war measures seemed
necessary to meet the great emergency, the usurers saw their
opportunity and came forward, as they did in Venice and England; they
would loan the government the funds necessary to carry on the war, if
the government would comply with their conditions and grant them the
privileges demanded. They asked that their loan be perpetual, like the
English loan; that they should be freed from the burdens of the
government; that their loan should be free from taxation; that they
should receive their interest semi-annually, and not in the common
legal tender, but in coin; that they be permitted to issue their own
notes as currency to be loaned to their customers; that the government
discredit its own issues and endorse theirs; and that they be given a
monopoly by taxing out of existence all opposition.
These were great demands, and were regarded as extortionate and
oppressive. The struggle was severe, but the enemy in the field was
threatening the life of the nation, while the usurers were urgent and
posing as patriots, that they might accomplish their ends. True
patriots, anxious to defeat the enemy in arms, regarded these usurers
at home as equally the enemies of freedom. They were in a strait
betwixt two foes.
Secretary McCullough said, "Hostility to the government has been as
decidedly manifested in the efforts that have been made in the
commercial metropolis of the nation to depreciate the currency as has
been by the enemy."
The opposition to the usurers was very strong and bitter, but the
conditions were in their favor and they gained a decided advantage. In
the Senate the vote stood twenty-three yeas to twenty-one nays. It was
carried only as a war measure. There was an effort to limit the
usurers' privileges to the war and one year after its close. This was
not successful, but their loan was confined to the war debt, and their
time to its payment, limited to twenty years.
Public-domain text, read in full here on John Shaqi.
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