The Warfare of Science

by Andrew Dickson White

But far greater, in the early Church, was the influence of certain texts in the Old and New Testaments. Citations from Leviticus, Deuteronomy, the Psalms, Ezekiel, and St. Luke, were universally held to condemn all loans at interest. [134]

On these texts the doctrine and legislation of the universal Church, as regards interest for money, were based and developed. The fathers of the Eastern Church, and among them St. Basil, St. Chrysostom, and St. Gregory Nazianzen; the fathers of the Western Church, and among them Tertullian, St. Ambrose, St. Augustine, and St. Jerome, joined most earnestly in this condemnation. St. Chrysostom says: "What can be more unreasonable than to sow without land, without rain, without ploughs? All those who give themselves up to this damnable agriculture shall reap only tares. Let us cut off these monstrous births of gold and silver; let us stop this execrable fecundity." St. Jerome threw the argument into the form of a dilemma, which was used as a weapon against money-lenders for centuries. [135]

This entire agreement of the fathers of the Church led to the crystallization of the hostility to interest-bearing loans into numberless decrees of popes and councils, and kings and legislatures, throughout Christendom, during more than fifteen hundred years; and the canon law was shaped in accordance with these. In the ninth century, Alfred, in England, confiscated the estates of money-lenders, and denied them burial in consecrated ground; and similar decrees were made in other parts of Europe. In the twelfth century the Greek Church seems to have relaxed its strictness somewhat, but the Roman Church only grew more and more severe. St. Bernard, reviving religious earnestness in the Church, was especially strenuous in denouncing loans at interest; and, in 1179, the Third Council of the Lateran decreed that every impenitent money-lender should be excluded from the altar, from absolution in the hour of death, and from Christian burial!

In the thirteenth century this mistaken idea was still more firmly knit into the thought of the Church by St. Thomas Aquinas; hostility to loans at interest had been poured into his mind, not only from the Scriptures, but from Aristotle.

At the beginning of the fourteenth century the Council of Vienne, presided over by Pope Clement V., declared that, if any one "shall pertinaciously presume to affirm that the taking of interest for money is not a sin, we decree him to be a heretic fit for punishment." [136]

The economical and social results of this conscientious policy were exceedingly unfortunate. Money could only be loaned, in most countries, at the risk of incurring odium in this world and damnation in the next; hence there was but little capital and few lenders; hence came enormous rates of interest; thereby were commerce, manufactures, and general enterprise dwarfed, while pauperism flourished.

But even worse than this were the moral results. For nations to do what they believe is evil, is only second in bad consequences to their doing what is really evil: all lending and borrowing, even for the most legitimate purposes and at the most reasonable rates, tended to debase the character of both borrower and lender. [137] And these moral evils took more definite shapes than might at first be thought possible. Sismondi, one of the most thoughtful of modern political philosophers and historians, declares that the prohibition of interest for the use of money in Continental Europe did very much to promote a passion for luxury and to discourage economy; the rich who were not engaged in business finding no easy way of employing their savings productively. [138]

These evils became so manifest, when trade began to revive throughout Europe in the fifteenth century, that most earnest efforts were made to induce the Church to change its position.

The first important effort of this kind was made by John Gerson. His general learning had made him Chancellor of the University of Paris; his sacred learning made him the leading theologian and orator at the Council of Constance; his piety led men to attribute to him "The Imitation of Christ." Shaking off theological shackles, he declared: "Better is it to lend money at reasonable interest, and thus to give aid to the poor, than to see them reduced by poverty to steal, waste their goods, and sell, at a low price, their personal and real property." [139]

But this idea was at once suppressed by the Church—buried beneath citations from Scripture, the fathers, councils, popes, and the canon law. Even in the most active countries there seemed no hope. In England, under Henry VII., Cardinal Morton, the lord-chancellor, addressed Parliament, asking them to take into consideration loans of money at interest, and the result was a law which imposed on lenders at interest a fine of a hundred pounds, besides the annulment of the loan; and, to show that there was an offence against religion involved, there was added a clause "reserving to the Church, notwithstanding this punishment, the correction of their souls according to the laws of the same." [140] Similar enactments were made by civil authority in various parts of Europe, and, as a climax, just as the trade and commerce and manufactures of the modern epoch had received an immense impulse from the great series of voyages of discovery, by such as Columbus, Vasco de Gama, Magellan, and the Cabots, this barrier against enterprise was strengthened by a decree from Pope Leo X. [141]