Usury / A Scriptural, Ethical and Economic View

by Calvin Elliott

"I sincerely believe that banking establishments are more dangerous than standing armies. I am not among those who fear the people. They and not the rich are our dependence for continued freedom. And to preserve their independence, we must not let our rulers load us with perpetual debts."—Thomas Jefferson.

"Events have satisfied my mind, and I think the minds of the American people, that the mischief and dangers which flow from a national bank far overbalance all its advantages."—Andrew Jackson.

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.

This action caused great distress and dark forebodings of evil to many of the thoughtful. It was setting aside the policy of the nation, which had been generally acquiesced in as wise and judicious and safe for many years. The old patriot Thadeus Stevens, in the opening of a speech in a preliminary skirmish between patriotism and usurers, said: "I approach the subject with more depression of spirits than I ever before approached any question. No personal motive or feeling influences me. I hope not, at least. I have a melancholy foreboding that we are about to consummate a cunningly devised scheme, which will carry great injury and great loss to all classes of people throughout the Union, except one." Later he said, in excuse of the action, "We had to yield, we did not yield until we found that the country must be lost or the banks gratified, and we have sought to save the country in spite of the cupidity of its wealthier classes."

The usurers have never relaxed the hold they secured by this victory, and have since been continually increasing their power. They obtained an extension or "refunding" of the war debt, and a renewal of their charters by the general laws, so their hold is indefinitely extended. Bonds are no longer limited to the covering of war expenses, but are issued freely in times of peace. The traditions of the fathers have been cast to the winds, and their fears derided and their policy changed. The usurers have been firmly in the saddle for many years, and have defeated every effort that has been made to unseat them.

The great debts of the nations have brought all mankind into subjection to the usurers. Those who hold the bonds have the destinies of the race in their hands. They pervert the ends of government; the protection of life, liberty and the highest good of all the people; they make governments their tools to gather and appropriate the earnings of the many.

They have exalted Mammon upon the throne of the world, and scoff at the God of heaven, who seeks the poor and needy, and who would in love lift up every son and daughter of the whole race.