The play called The Merchant of Venice happens to be about usury, and its story is a medieval satire on usury. It is the fashion to say that it is a clumsy and grotesque story; but as a fact it is an exceedingly good story. It is a perfect and pointed story for its purpose, which is to convey the moral of the story. And the moral is that the logic of usury is in its nature at war with life, and might logically end in breaking into the bloody house of life. In other words, if a creditor can always claim a man's tools or a man's home, he might quite as justly claim one of his arms or legs. This principle was not only embodied in medieval satires but in very sound medieval laws, which set a limit on the usurer who was trying to take away a man's livelihood, as the usurer in the play is trying to take away a man's life. And if anybody thinks that usury can never go to lengths wicked enough to be worthy of so wild an image, then that person either knows nothing about it or knows too much. He is either one of the innocent rich who have never been the victims of money-lenders, or else one of the more powerful and influential rich who are money-lenders themselves.

All this, I say, is a fact that must be faced, but there is another side to the case, and it is this that the genius of Shakespeare discovered. What he did do, and what the medieval satirist did not do, was to attempt to understand Shylock; in the true sense to sympathise with Shylock the money-lender, as he sympathised with Macbeth the murderer. It was not to deny that the man was an usurer, but to assert that the usurer was a man. And the Elizabethan dramatist does make him a man, where the medieval satirist made him a monster. Shakespeare not only makes him a man but a perfectly sincere and self-respecting man. But the point is this: that he is a sincere man who sincerely believes in usury. He is a self-respecting man who does not despise himself for being a usurer. In one word, he regards usury as normal. In that word is the whole problem of the popular impression of the Jews. What Shakespeare suggested about the Jew in a subtle and sympathetic way, millions of plain men everywhere would suggest about him in a rough and ready way. Regarding the Jew in relation to his ideas about interest, they think either that he is simply immoral; or that if he is moral, then he has a different morality. There is a great deal more to be said about how far this is true, and about what are its causes and excuses if it is true. But it is an old story, surely, that the worst of all cures is to deny the disease.

To recognise the reality of the Jewish problem is very vital for everybody and especially vital for Jews. To pretend that there is no problem is to precipitate the expression of a rational impatience, which unfortunately can only express itself in the rather irrational form of Anti-Semitism. In the controversies of Palestine and Syria, for instance, it is very common to hear the answer that the Jew is no worse than the Armenian. The Armenian also is said to be unpopular as a money-lender and a mercantile upstart; yet the Armenian figures as a martyr for the Christian faith and a victim of the Moslem fury. But this is one of those arguments which really carry their own answer. It is like the sceptical saying that man is only an animal, which of itself provokes the retort, "What an animal!" The very similarity only emphasises the contrast. Is it seriously suggested that we can substitute the Armenian for the Jew in the study of a world-wide problem like that of the Jews? Could we talk of the competition of Armenians among Welsh shop-keepers, or of the crowd of Armenians on Brighton Parade? Can Armenian usury be a common topic of talk in a camp in California and in a club in Piccadilly? Does Shakespeare show us a tragic Armenian towering over the great Venice of the Renascence? Does Dickens show us a realistic Armenian teaching in the thieves' kitchens of the slums? When we meet Mr. Vernon Vavasour, that brilliant financier, do we speculate on the probability of his really having an Armenian name to match his Armenian nose? Is it true, in short, that all sorts of people, from the peasants of Poland to the peasants of Portugal, can agree more or less upon the special subject of Armenia? Obviously it is not in the least true; obviously the Armenian question is only a local question of certain Christians, who may be more avaricious than other Christians. But it is the truth about the Jews. It is only half the truth, and one which by itself would be very unjust to the Jews. But it is the truth, and we must realise it as sharply and clearly as we can. The truth is that it is rather strange that the Jews should be so anxious for international agreements. For one of the few really international agreements is a suspicion of the Jews.

A more practical comparison would be one between the Jews and gipsies; for the latter at least cover several countries, and can be tested by the impressions of very different districts. And in some preliminary respects the comparison is really useful. Both races are in different ways landless, and therefore in different ways lawless. For the fundamental laws are land laws. In both cases a reasonable man will see reasons for unpopularity, without wishing to indulge any task for persecution. In both cases he will probably recognise the reality of a racial fault, while admitting that it may be largely a racial misfortune. That is to say, the drifting and detached condition may be largely the cause of Jewish usury or gipsy pilfering; but it is not common sense to contradict the general experience of gipsy pilfering or Jewish usury. The comparison helps us to clear away some of the cloudy evasions by which modern men have tried to escape from that experience. It is absurd to say that people are only prejudiced against the money methods of the Jews because the medieval church has left behind a hatred of their religion. We might as well say that people only protect the chickens from the gipsies because the medieval church undoubtedly condemned fortune-telling. It is unreasonable for a Jew to complain that Shakespeare makes Shylock and not Antonio the ruthless money-lender; or that Dickens makes Fagin and not Sikes the receiver of stolen goods. It is as if a gipsy were to complain when a novelist describes a child as stolen by the gipsies, and not by the curate or the mothers' meeting. It is to complain of facts and probabilities. There may be good gipsies; there may be good qualities which specially belong to them as gipsies; many students of the strange race have, for instance, praised a certain dignity and self-respect among the women of the Romany. But no student ever praised them for an exaggerated respect for private property, and the whole argument about gipsy theft can be roughly repeated about Hebrew usury. Above all, there is one other respect in which the comparison is even more to the point. It is the essential fact of the whole business, that the Jews do not become national merely by becoming a political part of any nation. We might as well say that the gipsies had villas in Clapham, when their caravans stood on Clapham Common.

But, of course, even this comparison between the two wandering peoples fails in the presence of the greater problem. Here again even the attempt at a parallel leaves the primary thing more unique. The gipsies do not become municipal merely by passing through a number of parishes, and it would seem equally obvious that a Jew need not become English merely by passing through England on his way from Germany to America. But the gipsy not only is not municipal, but he is not called municipal. His caravan is not immediately painted outside with the number and name of 123 Laburnam Road, Clapham. The municipal authorities generally notice the wheels attached to the new cottage, and therefore do not fall into the error. The gipsy may halt in a particular parish, but he is not as a rule immediately made a parish councillor. The cases in which a travelling tinker has been suddenly made the mayor of an important industrial town must be comparatively rare. And if the poor vagabonds of the Romany blood are bullied by mayors and magistrates, kicked off the land by landlords, pursued by policemen and generally knocked about from pillar to post, nobody raises an outcry that they are the victims of religious persecution; nobody summons meetings in public halls, collects subscriptions or sends petitions to parliament; nobody threatens anybody else with the organised indignation of the gipsies all over the world. The case of the Jew in the nation is very different from that of the tinker in the town. The moral elements that can be appealed to are of a very different style and scale. No gipsies are millionaires.

In short, the Jewish problem differs from anything like the gipsy problem in two highly practical respects. First, the Jews already exercise colossal cosmopolitan financial power. And second, the modern societies they live in also grant them vital forms of national political power. Here the vagrant is already as rich as a miser and the vagrant is actually made a mayor. As will be seen shortly, there is a Jewish side of the story which leads really to the same ending of the story; but the truth stated here is quite independent of any sympathetic or unsympathetic view of the race in question. It is a question of fact, which a sensible Jew can afford to recognise, and which the most sensible Jews do very definitely recognise. It is really irrational for anybody to pretend that the Jews are only a curious sect of Englishmen, like the Plymouth Brothers or the Seventh Day Baptists, in the face of such a simple fact as the family of Rothschild. Nobody can pretend that such an English sect can establish five brothers, or even cousins, in the five great capitals of Europe. Nobody can pretend that the Seventh Day Baptists are the seven grandchildren of one grandfather, scattered systematically among the warring nations of the earth. Nobody thinks the Plymouth Brothers are literally brothers, or that they are likely to be quite as powerful in Paris or in Petrograd as in Plymouth.

The Jewish problem can be stated very simply after all. It is normal for the nation to contain the family. With the Jews the family is generally divided among the nations. This may not appear to matter to those who do not believe in nations, those who really think there ought not to be any nations. But I literally fail to understand anybody who does believe in patriotism thinking that this state of affairs can be consistent with it. It is in its nature intolerable, from a national standpoint, that a man admittedly powerful in one nation should be bound to a man equally powerful in another nation, by ties more private and personal even than nationality. Even when the purpose is not any sort of treachery, the very position is a sort of treason. Given the passionately patriotic peoples of the west of Europe especially, the state of things cannot conceivably be satisfactory to a patriot. But least of all can it conceivably be satisfactory to a Jewish patriot; by which I do not mean a sham Englishman or a sham Frenchman, but a man who is sincerely patriotic for the historic and highly civilised nation of the Jews.

For what may be criticised here as Anti-Semitism is only the negative side of Zionism. For the sake of convenience I have begun by stating it in terms of the universal popular impression which some call a popular prejudice. But such a truth of differentiation is equally true on both its different sides. Suppose somebody proposes to mix up England and America, under some absurd name like the Anglo-Saxon Empire. One man may say, "Why should the jolly English inns and villages be swamped by these priggish provincial Yankees?" Another may say, "Why should the real democracy of a young country be tied to your snobbish old squirarchy?" But both these views are only versions of the same view of a great American: "God never made one people good enough to rule another."

The primary point about Zionism is that, whether it is right or wrong, it does offer a real and reasonable answer both to Anti-Semitism and to the charge of Anti-Semitism. The usual phrases about religious persecution and racial hatred are not reasonable answers, or answers at all. These Jews do not deny that they are Jews; they do not deny that Jews may be unpopular; they do not deny that there may be other than superstitious reasons for their unpopularity. They are not obliged to maintain that when a Piccadilly dandy talks about being in the hands of the Jews he is moved by the theological fanaticism that prevails in Piccadilly; or that when a silly youth on Derby Day says he was done by a dirty Jew, he is merely conforming to that Christian orthodoxy which is one of the strict traditions of the Turf. They are not, like some other Jews, forced to pay so extravagant a compliment to the Christian religion as to suppose it the ruling motive of half the discontented talk in clubs and public-houses, of nearly every business man who suspects a foreign financier, or nearly every working man who grumbles against the local pawn-broker. Religious mania, unfortunately, is not so common. The Zionists do not need to deny any of these things; what they offer is not a denial but a diagnosis and a remedy. Whether their diagnosis is correct, whether their remedy is practicable, we will try to consider later, with something like a fair summary of what is to be said on both sides. But their theory, on the face of it, is perfectly reasonable. It is the theory that any abnormal qualities in the Jews are due to the abnormal position of the Jews. They are traders rather than producers because they have no land of their own from which to produce, and they are cosmopolitans rather than patriots because they have no country of their own for which to be patriotic. They can no more become farmers while they are vagrant than they could have built the Temple of Solomon while they were building the Pyramids of Egypt. They can no more feel the full stream of nationalism while they wander in the desert of nomadism than they could bathe in the waters of Jordan while they were weeping by the waters of Babylon. For exile is the worst kind of bondage. In insisting upon that at least the Zionists have insisted upon a profound truth, with many applications to many other moral issues. It is true that for any one whose heart is set on a particular home or shrine, to be locked out is to be locked in. The narrowest possible prison for him is the whole world.

It will be well to notice briefly, however, how the principle applies to the two Anti-Semitic arguments already considered. The first is the charge of usury and unproductive loans, the second the charge either of treason or of unpatriotic detachment. The charge of usury is regarded, not unreasonably, as only a specially dangerous development of the general charge of uncreative commerce and the refusal of creative manual exercise; the unproductive loan is only a minor form of the unproductive labour. It is certainly true that the latter complaint is, if possible, commoner than the former, especially in comparatively simple communities like those of Palestine. A very honest Moslem Arab said to me, with a singular blend of simplicity and humour, "A Jew does not work; but he grows rich. You never see a Jew working; and yet they grow rich. What I want to know is, why do we not all do the same? Why do we not also do this and become rich?" This is, I need hardly say, an over-simplification. Jews often work hard at some things, especially intellectual things. But the same experience which tells us that we have known many industrious Jewish scholars, Jewish lawyers, Jewish doctors, Jewish pianists, chess-players and so on, is an experience which cuts both ways. The same experience, if carefully consulted, will probably tell us that we have not known personally many patient Jewish ploughmen, many laborious Jewish blacksmiths, many active Jewish hedgers and ditchers, or even many energetic Jewish hunters and fishermen. In short, the popular impression is tolerably true to life, as popular impressions very often are; though it is not fashionable to say so in these days of democracy and self-determination. Jews do not generally work on the land, or in any of the handicrafts that are akin to the land; but the Zionists reply that this is because it can never really be their own land. That is Zionism, and that has really a practical place in the past and future of Zion.