A very large number of loans take the form of Abstract schuldscheine, loans without statement of any cause for the debt. They are merely promises to pay, that is, acknowledgments of indebtedness. Thus we read: “Five shekels of silver which A has given to B. On such a date B shall pay five shekels of silver to A.” A penalty may be added for not paying on the fixed date. Usually this takes the form of interest. The rate is one shekel per mina each month, or twelve shekels per mina yearly, that is, twenty per cent. There is no clear case of money lent as an investment to bear interest. That was done in quite another way. The lender entered into relationship with an agent, to whom he furnished capital and who traded with the money and repaid it with interest.
Temporary loans at harvest-time
Most of the loans were evidently contracted to meet temporary embarrassment. Usually it was in connection with the need of cash to pay the expenses at harvest-time. The loan was then repaid at harvest. It might be repaid in corn.[647] The time was usually short—fifteen days is named.[648] The lender had his reward in obtaining his money's worth in corn, when its price was cheapest. But he was evidently not expected to charge interest. A similar kind of loan is half a mina of silver to pay the price of a piece of land. Here the money was lent until the land was bought, [pg 252] and was to be repaid with interest of three GUR of corn.[649] So half a mina for certain land to be paid, when the land was cultivated.[650]
Loans for the payment of taxes
Another reason for borrowing was the need of money to pay taxes, ana ilkim suddanim.[651] In one of these cases the stipulation is added that the borrower shall bring the receipt of the tax-collector and then may take back his bonds.[652] Here the “sealed tablet” is in one case the receipt for the tax, in the other the receipt which the borrower gave for his loan. But there is no mention of his repayment. Perhaps the lender owed the tax, half a mina, and as it was a considerable sum, sent it by a third party, but made him give a receipt for it. But such a receipt would differ in no respect from the sort of bond mentioned above, and would render the messenger liable to repay the money; so he was to have his receipt back, on handing over the tax-collector's receipt showing that he had paid the tax.
The temple as places of temporary loans
In several cases the god is represented as lending the money. It is obvious that such advances were made from the temple treasury.[653] It is usual from such instances to expatiate on the temple, or the priests, as the great moneylenders. This is a view easily misunderstood. It is quite true that the temples were great landowners, and had steady incomes, and possessed treasuries; but there is no evidence that they lent on usury. It seems rather that these loans without interest (except as a fine for undue retention of the loan) were a kindly accommodation. We know that under certain circumstances a man might appeal to the temple treasury to ransom him from the enemy. He might also borrow in case of necessity without interest. Moneylending proper existed, but was kept in narrow bounds by the temple itself.
Current coin
In view of the many questions that arise as to the nature of the money at this period, it should be noted that the silver is often said to be kanku; literally “sealed.” Whether this means that the silver bars, or ingots, were sealed while the metal was soft enough to receive a mark which would authenticate its weight and purity, or whether it means that the money was enclosed in sealed sacks, is hard to say. Against the latter may be urged that such a small sum as one and two-thirds shekels would not be sealed up.[654] But it may be that kanku means “sealed for,” that is, acknowledged by the receipt.
Loans of corn