Introduction
The Current problem - many different positions
* Usury is rent on money
* Usury not present today
* Thomas Woods - doctrine has implicit assumptions - https://archive.org/details/churchmarketcath0000wood
* Destroys all moral doctrine
* Thomas Divine, SJ - merely oppression of the poor, objective market rates prevent oppression of the poor - https://archive.org/details/interesthistoric0000thom
* Doesn't account for consistent condemnation of usury against wealthy
* Both fail to realize time preference as an excuse for usury was condemned by Innocent XI - https://archive.org/details/sourcesofcatholi00denz/page/326/mode/2up?q=innocent+xi&view=theater
* Attempts to reconcile modern economics with usury doctrine
* Brian McCall - takes up Belloc's position - https://angeluspress.org/products/church-and-usurers
* Confuses ancient argument of consumption of lent good, with consumption of good bought with lent money
* Dr. Storck - Tries to give extrinsic titles some teeth - https://thejosias.com/2017/06/05/usury/
* Still thinks savings accounts may be usurious
* Usury is nearly everywhere in modern economies
* Heinrich Pesch - the "general" sin of usury is taking any surplus value in a business transaction - https://archive.org/details/heinrichpeschons0000pesc
* Some people have called this the position that capitalism is "usury-ism"
* Typcially take this from canon law, where usury is very vaguely and generally condmened
* Any interest on any loan is usury
* Others
* Usury depends on the nature of money
* Nature of money has changed and become rentable capital
* Nature of money hasn't changed and loans of money are either always or generally usurious
Previous discussion
* Mutuum is central to the definition
* Mutuum is there contract where usury arises
Aquinas leads the way
* De Malo q. 13, a. 4, ad. 15
* When good is given such that it may be consumed -> usury
* When good is given otherwise, we have other considerations
* Sale
* Immediate transfer of full ownership
* Commodatum and Locatio
* Grant of the use of a thing for a time
* Commodatum - gratuitous loan, think grant of books at a library
* Locatio - lease of a good for a rental
* Census and leaseback
* Grant of ownership apart from the use
* The seller retains the use of the thing for a time and may pay rent for that use
* Mutuum
* Lender grants the use such that borrower may consume it
* This entails that the lender transfer the whole ownership
* This means that the lender does not hold a usufruct from which to charge some rent
* Usury then is attempt to sell what does not exist, namely the usufruct which the lender does not hold
* Aquinas dicussion that usury is the price of the use of money
* Discusses in a few places the absence of a usufruct
Evils of Usury
* A sort of theft
* takes what does not belong or is not owed to the lender
* A sort of slavery
* Since the lender has no claim except against the person of the borrower, the usurer claims he can rent the person of the borrower.
* Means that the mutuum is fundamentally an act of charity
* Not for profit, but out of love of a friend in need
