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Letter to Editor
October 2, 1817
Daily National Intelligencer
Washington, District Of Columbia
What is this article about?
A letter to the National Intelligencer defends moderate interest on loaned money, arguing it aligns with divine law, natural equity, and is vital for commerce and national prosperity, countering misconceptions.
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Full Text
FOR THE NATIONAL INTELLIGENCER.
From some observations I have lately heard on the subject of interest for money lent, some persons appear to misapprehend the Divine law on this subject.
Moderate interest for the loan of money is not against the law of nature, nor is it forbidden by the scriptures; nor is it against equity, nor the kindness which is due between man and man, any more than rent for land or houses. It will appear reasonable and equitable to every one, that, where a person borrows money to make use of in trade or business, and by the use of which he expects to make profit, that the lender should receive a moderate compensation for the risque and forbearance, which is nothing more than a reasonable proportion of the gains which the money loaned makes, or which it may be fairly calculated to make. And when it is considered how much commerce and business of almost every kind, and of course the prosperity of the country, depends upon credit and the facility of procuring money, reason and policy unite in sanctioning the usage of interest.
The following summary of the Divine
From some observations I have lately heard on the subject of interest for money lent, some persons appear to misapprehend the Divine law on this subject.
Moderate interest for the loan of money is not against the law of nature, nor is it forbidden by the scriptures; nor is it against equity, nor the kindness which is due between man and man, any more than rent for land or houses. It will appear reasonable and equitable to every one, that, where a person borrows money to make use of in trade or business, and by the use of which he expects to make profit, that the lender should receive a moderate compensation for the risque and forbearance, which is nothing more than a reasonable proportion of the gains which the money loaned makes, or which it may be fairly calculated to make. And when it is considered how much commerce and business of almost every kind, and of course the prosperity of the country, depends upon credit and the facility of procuring money, reason and policy unite in sanctioning the usage of interest.
The following summary of the Divine
What sub-type of article is it?
Informative
Persuasive
Ethical Moral
What themes does it cover?
Economic Policy
Religion
Morality
What keywords are associated?
Interest On Money
Divine Law
Scriptures
Commerce
Credit
Equity
National Prosperity
What entities or persons were involved?
National Intelligencer
Letter to Editor Details
Recipient
National Intelligencer
Main Argument
moderate interest for loaned money is not prohibited by divine law, natural law, or equity, and is essential for commerce, credit, and national prosperity.
Notable Details
Compares Interest To Rent For Land Or Houses
Emphasizes Risk And Forbearance For Lender
Links Interest To Country's Prosperity Via Commerce