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Updated: June 10, 2025
How Pantagruel altogether abhorreth the debtors and borrowers. I understand you very well, quoth Pantagruel, and take you to be very good at topics, and thoroughly affectioned to your own cause.
But for loans of money to all others they demanded a high rate of interest which, in periods of commercial distress, overwhelmed the borrowers. Nominally banks were restricted to a certain standard rate of interest; but by various subterfuges they easily evaded these provisions and exacted usurious rates. These, however, were far from being the worst features.
Then, too, as there were no banks near at hand to accommodate borrowers, the squire used to lend money to his poorer neighbors. He took care not to exact more than six per cent. openly, but it was generally understood that the borrower must pay a bonus besides to secure a loan, which, added to the legal interest, gave him a very handsome consideration for the use of his spare funds.
If Marilla, in going down to Mrs. Lynde's that evening, was actuated by any motive save her avowed one of returning the quilting frames she had borrowed the preceding winter, it was an amiable weakness shared by most of the Avonlea people. Many a thing Mrs. Lynde had lent, sometimes never expecting to see it again, came home that night in charge of the borrowers thereof.
To apply this to the principle of the selection of children's books and nothing in work with children, except the personality of the worker with them is so important as this, we cannot buy everything, we must buy the best, and we therefore have an argument that must have a show of reasonableness to those borrowers who advocate large purchases of books you tell them your income will not cover.
But by the new institute of the rights of men, the only persons who in equity ought to suffer are the only persons who are to be saved harmless: those are to answer the debt who neither were lenders nor borrowers, mortgagers nor mortgagees. What had the clergy to do with these transactions? What had they to do with any public engagement further than the extent of their own debt?
Their ambition being thus fixed upon one subject, they soon mastered all the degrading arts of accumulating gain; and prohibited from investing their gain in the purchase of land, they found n more profitable employment of it in lending it at usurious interest to the thoughtless and extravagant." In course of time the borrowers recouped their losses by inaugurating raids upon the Jews.
Already banks, railways, industrial "trusts," mining and lumber interests, are being forced to follow a policy satisfactory to small capitalist investors, borrowers, customers, furnishers of raw material, and taxpayers while small capitalist competitors are being forced to abandon their effort to use the government to restore competition and destroy the "trusts."
Profits can be easily cast as the premiums a firm charges for the risks it assumes on behalf of its customers i.e., risk transfer charges. Depositors charge banks and lenders charge borrowers interest, partly to compensate for the hazards of lending such as the default risk. Shareholders expect above "normal" that is, risk-free returns on their investments in stocks.
He was sure that Andrew Jackson was all wrong in his opposition to Nicholas Biddle and the United States Bank, one of the great issues of the day; and he was worried, as he might well be, by the perfect storm of wildcat money which was floating about and which was constantly coming to his bank discounted, of course, and handed out again to anxious borrowers at a profit.
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