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Front Page arrow Titles (by Subject) arrow 119.: Innocent III Commands the French Bishops to Punish Usury, 1198. - A Source Book for Mediaeval History. Selected Documents Illustrating the History of Europe in the Middle Age

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Collection: Primary Sources
Subject Area: History

119.: Innocent III Commands the French Bishops to Punish Usury, 1198. - Oliver J. Thatcher, A Source Book for Mediaeval History. Selected Documents Illustrating the History of Europe in the Middle Age [1905]

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A Source Book for Mediaeval History. Selected Documents Illustrating the History of Europe in the Middle Age, ed. Oliver J. Thatcher and Edgar Holmes McNeal (New York: Charles Scribner’s Sons, 1905).

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119.

Innocent III Commands the French Bishops to Punish Usury, 1198.

The code of Justinian permitted the taking of interest, but the Biblical view of the matter prevailed and in the Middle Age to accept interest in any form on loans was usury. The church often renewed her prohibitions of the custom, but was unable to abolish it. Finally in the sixteenth century the distinction was made between a reasonable and just rate of interest, which was permissible, and an excessive rate, which was declared to be usury, and therefore prohibited.

We believe that you know how pernicious the vice of usury is, since, in addition to the ecclesiastical laws which have been issued against it, the prophet says that those who put their money out at interest are to be excluded from the tabernacle of the Lord [Ps. 15:5]. And the New Testament, as well as the Old, forbids the taking of interest, since the Truth [Christ] himself says: “Lend, hoping for nothing again” [Luke 6:35]. And the prophet says: “Thou shalt not receive usury or increase” [Ezek. 18:17]. We command you all by this apostolical writing not to permit those who are known as usurers to clear themselves by any subterfuge or trick when they are charged with the crime.