Usury and the Church

[NadirGP]

If you lend money to my poor who dwell with you,
you shall not extort from them, nor oppress them with usury.
Exodus 22: 25

The other day, my wife and I were exchanging some idea about Orthodoxy and the Catholic Church, and the topic of usury prompted up. I stated that usury is an important issue and it needed to be addressed, in spite of its bad correlations, globally, i.e., with the world of finance and politics.

“In addition, that was the undoing of the Catholic Church of today.” I said to her. “What about the Orthodox Church then, do they condone usury?” My wife asked me. I told her that I did not know about that. However, I will soon find out.” I reply.

Thus, my questions are as follows: does your Orthodox Church condone usury? What do you have to say on the matter of usury, which is well practiced, by our so-called Christian society, but outlawed within the Islamic countries?

The desire of money is the root of all evils.- 1 Timothy 6:10

[NadirGP]

In reading the title of this post, Usury and the Church, some readers may feel intimidated by it, say, for lack of knowledge; some may be indifferent; or some others afraid to tackle it, lest they give away too much of themselves in pursuing such a hot topic.

Definition of Usury:
1.The lending or practice of lending money at an exorbitant interest.

1. An exorbitant amount or rate of interest, especially in excess of the legal rate.
   1. Obsolete. interest paid for the use of money. http://dictionary.reference.com/browse/Usury?s=t

Concerning usury there is nothing to be afraid of, if we have at heart the issue, naturally.

If we read the Bible, we will see how sinful usury is. For anyone with a Bible – whether Catholic, Orthodox or Protestant – it is obvious he/she cannot ever condone usury. Here are some biblical references.

In Proverbs 22:7, we read:

The wealthy rule over the poor, and anyone who borrows is a slave to the lender. [International Standard Version]

The rich rule over the poor, and the borrower is servant to the lender. [NET Bible]
The rich ruleth over the poor: and the borrower is servant to him that lendeth. Douay-Rheims Bible

“If among you, one of your brothers should become poor, in any of your towns within your land that the Lord your God is giving you, you shall not harden your heart or shut your hand against your poor brother, but you shall open your hand to him and lend him sufficient for his need, whatever it may be. Take care lest there be an unworthy thought in your heart and you say, ‘The seventh year, the year of release is near,’ and your eye look grudgingly on your poor brother, and you give him nothing, and he cry to the Lord against you, and you be guilty of sin. You shall give to him freely, and your heart shall not be grudging when you give to him, because for this the Lord your God will bless you in all your work and in all that you undertake. For there will never cease to be poor in the land. Therefore I command you, ‘You shall open wide your hand to your brother, to the needy and to the poor, in your land.’ Deuteronomy 15:7-11

Lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself. Ezekiel 18:13

Withholds his hand from iniquity, takes no interest or profit, obeys my rules, and walks in my statutes; he shall not die for his father's iniquity; he shall surely live. Ezekiel 18:17

You shall not lend him your money at interest, nor give him your food for profit. Leviticus 25:37

But love your enemies, and do good, and lend, expecting nothing in return, and your reward will be great, and you will be sons of the Most High, for he is kind to the ungrateful and the evil. Luke 6:35

There are plenty of other biblical references on usury. However, the above is given as an opening on the issue of usury and I would like very much to know your views.

[Priest Antonios]

Nadir,

Since you have given a number of good biblical examples for a good start I'll quote Shakespeare's Polonius instead -

"Neither a borrower nor a lender be; For loan oft loses both itself and friend"

I think we've all seen parishes that have gotten too big for their britches, so to speak, and lured into borrowing money for the new church building or that parish hall they "really need". From what I've seen, it usually ends up poorly for them.

Also, I have a very good friend who is quite well to do and has often given loans, at no interest, to people who have come begging to him. Too often they simply walk away from it refusing to repay their debt. I don't think there is any need to elaborate on the personal or spiritual repercussions of this ugliness.

Not exactly canons, I know. But, I hope it's helpful and adds to your thread at some level.

-Antonios

[jgress]

CANON XLIV of the Holy Apostles

Let any Bishop or Presbyter or Deacon who demands interest on money
lent to others either cease doing so or be deposed from office.

CANON XVII of the 1st Ecumenical Synod

Because of the fact that many persons covered by the Canon, out of greed
and in pursuit of shameful profits willfully) forgot the divine passage of Holy
Writ saying "who hath not lent out his money at interest" (Ps. 15:5), and in
lending, demanded a percentage commission or profit, the holy and great
Council has deemed it just and right that in case anyone is found after the
adoption of this definition receiving interest for the use of money, or otherwise
exploiting the matter, or demanding commission, or through any other
subterfuge contriving to exact shameful profits, he should be deposed from the
clergy and shall be an alien to the Canon.

CANON X of the 6th Ecumenical Synod

Let any Bishop, or Presbyter, or Deacon who takes interest, or what is
called a percentage, on money either cease doing so or be deposed from office.

CANON XIV of St Basil the Great

If a person charging interest on money lent consents to distribute the
ill-gotten gain to the poor and to rid himself of the disease of avarice (here
called "love of money "), he is admissible to Holy Orders.

CANON XXXI of St Nicephorus the Confessor

A Priest ought not to communicate those who charge interest, nor eat
with them, if they persist in this transgression.

[NadirGP]

Nadir,

Since you have given a number of good biblical examples for a good start I'll quote Shakespeare's Polonius instead -

"Neither a borrower nor a lender be; For loan oft loses both itself and friend"

I think we've all seen parishes that have gotten too big for their britches, so to speak, and lured into borrowing money for the new church building or that parish hall they "really need". From what I've seen, it usually ends up poorly for them.

Also, I have a very good friend who is quite well to do and has often given loans, at no interest, to people who have come begging to him. Too often they simply walk away from it refusing to repay their debt. I don't think there is any need to elaborate on the personal or spiritual repercussions of this ugliness.

Not exactly canons, I know. But, I hope it's helpful and adds to your thread at some level.

-Antonios

Antonios,

I welcome your good sentiments on this “ugly” matter. However, that is not a good reason; I should not talk about it. For example, murdering babes, namely abortions, it is more than just ugliness – it is a great SIN before the Almighty God. So should not we talk about it?

Nadir

[NadirGP]

CANON XLIV of the Holy Apostles

Let any Bishop or Presbyter or Deacon who demands interest on money
lent to others either cease doing so or be deposed from office.

CANON XVII of the 1st Ecumenical Synod

Because of the fact that many persons covered by the Canon, out of greed
and in pursuit of shameful profits willfully) forgot the divine passage of Holy
Writ saying "who hath not lent out his money at interest" (Ps. 15:5), and in
lending, demanded a percentage commission or profit, the holy and great
Council has deemed it just and right that in case anyone is found after the
adoption of this definition receiving interest for the use of money, or otherwise
exploiting the matter, or demanding commission, or through any other
subterfuge contriving to exact shameful profits, he should be deposed from the
clergy and shall be an alien to the Canon.

CANON X of the 6th Ecumenical Synod

Let any Bishop, or Presbyter, or Deacon who takes interest, or what is
called a percentage, on money either cease doing so or be deposed from office.

CANON XIV of St Basil the Great

If a person charging interest on money lent consents to distribute the
ill-gotten gain to the poor and to rid himself of the disease of avarice (here
called "love of money "), he is admissible to Holy Orders.

CANON XXXI of St Nicephorus the Confessor

A Priest ought not to communicate those who charge interest, nor eat
with them, if they persist in this transgression.

jgress,

Thank you for your reply. That is the answer; I was hopping to receive from an Orthodox forum.

Nadir

[jgress]

In general, usury is a sin, as the canons above make clear. My understanding is that this certainly goes for private loans, which you should never charge interest for. If you have a bank account and earn interest, or if you work for a bank, I think that the rule is not held to apply; at least, I've never heard even a True Orthodox jurisdiction forbidding its flock from holding bank accounts. That's all I know about it.