In the fifteenth century appeared the great Gerson, the most eminent and learned divine of his day, who, to enlarged and liberal ideas, added great learning, and wrote and spoke on the subject of usury with eloquence, moderation and fairness. He entered very fully upon the theme, and after discussing it in all its bearings, expressly stated his conclusion that all interest beyond the principal loaned, was not pro- hibited by the law of God, but only oppressive usury.
He said that the very meaning of the term " usury," seemed to be generally misunderstood and misap- plied, not only by the vulgar, but by the scholars and statesmen, and explained that usury was only pro- ' Epist. de St. Bernard, 322.
THE EEP0KMEB3 ON USUET. 81 perly so called when a greater increase was taken for the forbearance of the principal than was fixed by law.^ He seems also to have been of opinion that the regulation of the rate of interest or increase upon a loan, was a matter that did not properly rest with the Church ; and that if it belonged anywhere, other than to the parties themselves, it belonged to the State." The most eminent of the reformers enters with spirit and zeal upon the subject of usury, and severely condemn its practice ; but it seems that by usury they always meant an act of oppression or extortion. Thus Calvin, though he said that it were to be wished that the very name of usury were banished from the world, expressed a decided opinion in favor of the lawfulness of usury; and added with great justice, that we should not form our opinions upon usury from any particular passage in Scripture, but rather suffer our ideas to be governed by the equity.