THE USURY SYSTEM

Wanganui Chronicle, Volume 89, Issue 267, 12 November 1945, Page 4

THE USURY SYSTEM

BURDEN OF DEBT AND INTEREST

OVERTURE MADE TO THE PRESBYTERIAN ASSEMBLY

(Special) Invercargill, Nov. 9. The question of interest from the point of view of Christian ethics is to be exmined by the Public Questions Committee of the General Assembly of the Presbyterian Church and a report made to the next Assembly.. This was decided at the meeting of the Assembly after an overture concerning the practice of investing money at interest had been introduced by Dr. D. S. Milne (Lower Hutt). The overture, after stating that usury was expressly forbidden by the law and the prophets, asked the Assembly to resolve that the Presbyterian Church should:

“(1) Cease the practice of investing money at interest; (2) take all righteous steps to free herself from her position as a money-lender; (3) place all receipts, including bequests and donations, into one current account to be expended annually in the service of lhe Master: and (4) humbly repenting of her complicity with the sinful financial system, seek God’s guidance to be led into right paths, whereby she may set an example to the nation of the economics of the Kingdom of God; or that the Assembly determine otherwise as to its wisdom shall seem best.” CONDEMNED BY BIBLE Dr. Milne claimed that usury was though there was nothing in the Scriptures against the payment of debts, integrity, industry and independence. The economic system of the Bible was designed to distribute the bounty ol God to all. It was claimed that usury was excessive interest, but if that, were the case, where was the line of demarcation to be drawn? In 1860 New Zealand borrowed £77,000 for the Maori wars. By 1941 New Zealand had paid £278,000 on this debt and stili owed the original amount. The depression, during which foodstuffs were deliberately destroyed, was the direct result of the debt and interest system. Women and children might suffer malnutrition but interest was assured to investors, and the Presbyterian Church was not the least of these investors.

“War is also an inevitable outcome of the debt interest system,” Dr. Milne declared. Hp added that in wartime there was plenty of work and plenty of money for all, because the products of industry were “donated” to the enemy. If men were not for the most, part insane, they would in peacetime donate the surplus goods of industry lo the people who needed them. That could not. be done under (bn debt and interest system, though it could bp done under tiip economb' system of the Kingdom of God. The question was: who was to make the first sten forward? Those who controlled the money system were powerful and the Government was hammered by the apathy of the people. He suggested that the Presbyterian Church should take the first step on the lines suggested in the overture. Ji was p. Christian duty and a great nnport unity.

Dr. J. D. Salmond said that interest i*n the present order, occupied too prominent a place In the thinking and acting of neonle. They lent money chiefly to get interest and not to produce goods and services. However the Obi Testament stnuda -ds quoted bv Dr. Milne were out of touch with nresent dav needs and methods. Dr. Salmond moved that lhe matter he referred to the Public Questions Committee, and Dr. Milne accented this.