Usury / A Scriptural, Ethical and Economic View

by Calvin Elliott

Covetousness may also be shown in undue respect for wealth when in the hands of others. This is reproved in James 2:1-7. "My brethren, have not the faith of our Lord Jesus Christ, the Lord of glory, with respect of persons. For if there come unto your assembly a man with a gold ring, in goodly apparel, and there come also a poor man in vile raiment; and ye have respect to him that weareth the gay clothing, and say unto him, Sit thou here in a good place; and say to the poor man, Stand thou there, or sit here under my footstool: Are ye not then partial in yourselves, and become the judges of evil thoughts? Hearken, my beloved brethren, hath not God chosen the poor of this world rich in faith, and heirs of the kingdom which he hath promised them that love him? But ye have despised the poor. Do not rich men oppress you, and draw you before the judgment seats? Do not they blaspheme that worthy name by which ye are called?"

Covetousness was a secret sin often indulged when the outward forms of righteousness were observed. Usurers were the open representatives of flagrant covetousness in all the ages. Usury was not named among them as becometh saints.

(4) The early disciples kept out of debt. The early Christians were not borrowers. In both dispensations borrowing was only resorted to in hard necessity. The borrower was second to the beggar. The borrowing was but for a short time, and the loan was returned as soon as absolute wants were supplied.

The doctrine and practice of the early church was to owe no man anything. Rom. 13:8: "Owe no man anything, but to love one another: for he that loveth another hath fulfilled the law."

Indebtedness was to be avoided as compromising the faith in the eyes of others and detrimental to the development of grace in the disciples.

This was the direct command of Paul. This commandment required the payment of all honest obligations. The Christian then as now who failed to acknowledge his obligations and meet them in full as he was able was wanting in the spirit of righteousness and unfaithful to his own convictions of right and duty.

The payment of a debt was the return in full of the loan received.

Any Christian conscience at that time would have been satisfied with the settlement approved and commanded by Nehemiah. The debt was fully discharged when payments equaled the loan by whatever name those payments were called.

This text also required that they keep out of debt. By no distortion of the text can it be made to mean less. Chalmers on this passage comments as follows: "But though to press the duty of our text in the extreme and rigorous sense of it—yet I would fain aspire towards the full and practical establishment of it, so that the habit might become at length universal, not only paying all debts, but even by making conscience never to contract, and therefore never to owe any. For although this might never be reached, it is well it should be looked at, nay moved forward to, as a sort of optimism, every approximation to which were a distinct step in advance, both for the moral and economic good of society. For, first, in the world of trade, one can not be insensible to the dire mischief that ensues from the spirit often so rampant, of an excessive and unwarrantable speculation—so as to make it the most desirable of all consummations that the system of credit should at length give way, and what has been termed the ready-money system, the system of immediate payments in every commercial transaction, should be substituted in its place. The adventurer who, in the walks of merchandise, trades beyond his means is often actuated by a passion as intense, and we fear too, as criminal, as is the gamester, who in the haunts of fashionable dissipation, stakes beyond his fortune. But it is not the injury alone, which the ambition that precipitates him into such deep and desperate hazards, brings upon his own character, neither is it the ruin that the splendid bankruptcy in which it terminates brings upon his own family.

These are not the only evils which we deprecate—for over and above these there is a far heavier disaster, a consequence in the train of such proceedings, of greatly wider and more malignant operation still, on the habit and condition of the working classes, gathered in hundreds around the mushroom establishment, and then thrown adrift among the other wrecks of its overthrow, in utter helplessness and destitution on society. This frenzy of men hasting to be rich, like fever in the body natural, is a truly sore distemper in the body politic. No doubt they are also sufferers themselves, piercing their own hearts through with many sorrows; but it is the contemplation of this suffering in masses, which the sons and daughters of industry in humble life so often earn at their hands, that has ever led me to rank them among the chief pests and disturbers of a commonwealth."