Usury

Metadata

Gutenberg ID

21623

Title

Usury

Language

en

Book source

Project Gutenberg

Description max 80 words

Calvin Elliott's "Usury" presents a scriptural, ethical, and economic argument against charging interest on loans. Drawing heavily from biblical texts and historical analysis, the author contends that usury enslaves the borrower, oppresses the poor, and centralizes wealth, while true freedom requires financial independence and adherence to divine economic laws.

Summary up to 500 words

In "Usury," Calvin Elliott constructs a comprehensive moral and economic case against the practice of charging interest on loans. The work begins by redefining "usury" to include any premium paid for a loan, arguing that modern distinctions between "interest" and "usury" are artificial legal technicalities that obscure a timeless moral truth. Elliott asserts that the laws of Moses explicitly forbade such practices to protect the poor and ensure national independence, a prohibition he views as consistent with the teachings of Jesus and the prophets. Elliott develops his argument by contrasting the nature of a loan with the purchase of a slave or a horse. While buying a horse involves an outlay of wealth to secure future service, a loan involves no such outlay; the lender retains all capital while demanding service from the borrower. He argues this creates a relationship of financial slavery where the borrower becomes a servant to the lender, often leading to ruin. He illustrates this with historical examples, including the decline of Venice and the plight of debtors throughout history. The author expands his critique to show how usury oppresses the poor by forcing the industrious to subsidize the idle and extravagant. He argues that the burden of interest-bearing debt falls disproportionately on the working class, stifling industry and encouraging vice. The book surveys church history and the practices of early Christians, who largely rejected usury, before addressing modern economic conditions and the rise of banking institutions. Elliott proposes a socialist-leaning solution involving government-managed postal savings banks to hold surplus wealth safely, thereby eliminating the need for private interest-bearing loans. Throughout the text, he appeals to the reader's conscience and reason, urging them to reject the "false basal principle" that money can generate more money without labor. He concludes that the abolition of usury is essential for social justice, the preservation of individual liberty, and the restoration of a society where wealth serves the common good rather than enslaving the many for the benefit of a few. The work is written with a passionate, didactic tone, aiming to awaken readers to the spiritual and economic dangers of debt.

LLM editorial rating

4.2/5

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Categories

• Religion