The rates of interest became at times enormous; as high as
forty per cent in England, and ten per cent a month in Italy and
Spain. Commerce, manufactures, and general enterprise were dwarfed,
while pauperism flourished.
Yet worse than these were the moral results. Doing what one holds
to be evil is only second in bad consequences to doing what is
really evil; hence, all lending and borrowing, even for the most
legitimate purposes and at the most reasonable rates, tended to
debase both borrower and lender. The prohibition of lending at
interest in continental Europe promoted luxury and discouraged
economy; the rich, who were not engaged in business, finding no
easy way of employing their incomes productively, spent them
largely in ostentation and riotous living.
One evil effect is felt in all parts of the world to this hour. The
Jews, so acute in intellect and strong in will, were virtually
drawn or driven out of all other industries or professions by the
theory that their race, being accursed, was only fitted for the
abhorred profession of money-lending.
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