Usury

The sum paid for the use of money, hence interest; not, as in the modern sense, exorbitant interest. The Jews were forbidden to exact usury (Lev. 25:36, 37), only, however, in their dealings with each other (Deut. 23:19, 20). The violation of this law was viewed as a great crime (Ps. 15:5; Prov. 28:8; Jer. 15:10). After the Return, and later, this law was much neglected (Neh. 5:7, 10).

(The word usury has come in modern English to mean excessive interest upon money loaned, either formally illegal or at least oppressive. In the Scriptures, however the word did not bear this sense, but meant simply interest of any kind upon money. The Jews were forbidden by the law of Moses to take interest from their brethren, but were permitted to take it from foreigners. The prohibition grew out of the agricultural status of the people, in which ordinary business loans were not needed. and loans as were required should be made only as to friends and brothers in need.—ED.) The practice of mortgaging land, sometimes at exorbitant interest, grew up among the Jews during the captivity, in direct violation of the law. (Leviticus 25:36,37; Ezekiel 18:8,13,17) We find the rate reaching 1 in 100 per month, corresponding to the Roman centisimae usurae, or 12 per cent. per annum.

U'SURY, by modern usage, means exorbitant or unlawful interest, but in the Scriptures it means simply interest. The Law of Moses prohibited the Jews from taking any interest of each other for the loan of money or of anything else, though they were allowed to take it of foreigners. The exchangers of money were in the habit of receiving it at low interest and loaning it at high interest, taking the difference for their gain. Eze 22:12. The practice of usury is severely denounced in the Scriptures. Neh 5:7, 1 Kgs 16:10; Ps 15:5; Prov 28:8. It has sometimes been asked why the Jews were permitted to take usury of strangers, while they were forbidden to take it of each other. It is quite clear that the civil economy of the Jewish state excluded the general use of usury as a means of gain in a medium of exchange. They had no commerce with foreign nations, as we have in modern times, or as the Gentile nations had in that age. They had their inheritance apportioned to them in the division of the land, and were rather branches of the same family settled together than independent communities, and their united business transactions were to be of the most friendly nature. In dealing with foreigners whose object was gain, they were allowed to avail themselves of the ordinary principles of trade.

U'SURY, by modern usage, means exorbitant or unlawful interest, but in the Scriptures it means simply interest. The Law of Moses prohibited the Jews from taking any interest of each other for the loan of money or of anything else, though they were allowed to take it of foreigners. The exchangers of money were in the habit of receiving it at low interest and loaning it at high interest, taking the difference for their gain. Eze 22:12. The practice of usury is severely denounced in the Scriptures. Neh 5:7, 1 Kgs 16:10; Ps 15:5; Prov 28:8. It has sometimes been asked why the Jews were permitted to take usury of strangers, while they were forbidden to take it of each other. It is quite clear that the civil economy of the Jewish state excluded the general use of usury as a means of gain in a medium of exchange. They had no commerce with foreign nations, as we have in modern times, or as the Gentile nations had in that age. They had their inheritance apportioned to them in the division of the land, and were rather branches of the same family settled together than independent communities, and their united business transactions were to be of the most friendly nature. In dealing with foreigners whose object was gain, they were allowed to avail themselves of the ordinary principles of trade.

Part of speech: noun (n.)

1. A premium or increase paid, or stipulated to be paid, for a loan, as of money; interest. [Obs. or Archaic] Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of anything that is lent upon usury. Deut. xxiii. 19. Thou oughtest therefore to have put my money to the exchanges, and then at my coming I should have received mine own with usury. Matt. xxv. 27. What he borrows from the ancients, he repays with usury of Dryden.

2. The practice of taking interest. [Obs.] Usury . . . bringeth the treasure of a realm or state into a few Bacon.

3. Interest in excess of a legal rate charged to a borrower for the use of money.