First in point of time and interest comes the mortgage debt, i.e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.
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Chapter IX, The Law Of Personal Property, p. 123Edward Jenks
In case of debt, as before remarked, the delinquent is sent to jail — provided the creditor will not accept his services. If he will, however, the debtor becomes nolens volens [unwillingly or willingly, willy-nilly, from will-he nil-he i.e., whether he will or whether he will not] the servant of the creditor till the debt is satisfied; and, serving, as he does, at very reduced wages, his expenses for clothing, and other necessaries, but too often retain him in perpetual servitude. This system... acts with terrible severity upon the unfortunate poor, whose condition is but little better, if not worse indeed than that of the slaves of the South. ...Men's wages range from two to five dollars a month, and those of women from fifty cents to two dollars; in payment of which, they rarely receive any money; but instead thereof, articles of apparel and other necessaries at the most exorbitant prices. The consequence is that the servant soon accumulates a debt which he is unable to pay — his wages being often engaged for a year or two in advance. Now, according to the usages, if not the laws of the country, he is bound to serve his master until all arrearages are liquidated; and is only enabled to effect an exchange of masters, by engaging another to pay his debt...
Josiah Gregg
Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts... We have a subprime financial system, not a subprime mortgage market.
Nouriel Roubini
The messages of the prophets are essentially indictments of Israel for breach of covenant. They preserved some memory of the old traditions, but were not so naive as to think that the literal demands of the old law would be adequate in their own times. There is no condemnation of the stratification of society as such, rather a condemnation of the injustice and extortion which was done by the powerful. To take a specific example, the old law knew as security for a loan only the pledge (Exod. 22:26). In a simple economy, loans were evidently of an amount which would usually be adequately secured by giving to the creditor some property to hold until the loan was repaid. In case of default, the debtor's property simply reverted to the creditor. No other form of security is presupposed in the Covenant Code, and it is specifically forbidden that an Israelite be a "creditor" to one of his fellows. Already in the reign of Saul the situation had changed, Those who gathered about David as outlaws included those who had "creditors" (I Sam. 22:2), and who therefore had to flee. Under the old pledge system of security there would be no possible occasion for flight from the community in case of default. A totally different legal doctrine had come into practice whereby the person of the debtor was security for a loan. Upon default the creditor could seize him (or his family) as a slave, possibly without any legal action at all. The only alternative to slavery would have been flight. This doctrine is identical to that of Babylonian law, and no doubt of the Canaanites as well. It is in the law of the monarchy that Canaanite influence is doubtless to be posited, but it is a legal tradition in total contradiction to the customs and morality of early Israel. Amos protested violently against the way the legal doctrine was practiced, as did most of the prophets (Am. 2:6; Hos. 12:8-9; Mic. 2:1-2). The later lawcodes illustrate beautifully the way in which the early traditions, and the needs of business were brought into harmony. The older pledge system was simply inadequate for a commercial economy; and if the person of the debtor was to be protected, so also must the rights of the creditor to some security for his loan to be guaranteed. Therefore, Deuteronomy and the Holiness Code (Lv. 17-26) accept the doctrine of bodily liability, but place restrictions upon the powers of the creditor over the defaulting debtor. In the Holiness Code he is not to be treated as a slave, nor given the legal status of a slave, but rather to be as a hired laborer.
George E. Mendenhall
The art and mystery of banks... is established on the principle that 'private debts are a public blessing.' That the evidences of those private debts, called bank notes, become active capital, and aliment the whole commerce, manufactures, and agriculture of the United States. Here are a set of people, for instance, who have bestowed on us the great blessing of running in our debt about two hundred millions of dollars, without our knowing who they are, where they are, or what property they have to pay this debt when called on; nay, who have made us so sensible of the blessings of letting them run in our debt, that we have exempted them by law from the repayment of these debts beyond a give proportion (generally estimated at one-third). And to fill up the measure of blessing, instead of paying, they receive an interest on what they owe from those to whom they owe; for all the notes, or evidences of what they owe, which we see in circulation, have been lent to somebody on an interest which is levied again on us through the medium of commerce. And they are so ready still to deal out their liberalities to us, that they are now willing to let themselves run in our debt ninety millions more, on our paying them the same premium of six or eight per cent interest, and on the same legal exemption from the repayment of more than thirty millions of the debt, when it shall be called for.
Thomas Jefferson
Alas, the debt someone incurs at the gambling table, by throwing dice, in a game of cards, is called a debt of honor; I suppose that because it is meaningless in itself we have to give it an impressive name and then hurry to be rid of it. The debt to God is not a debt of honor like that, but it is, nevertheless, an honor to be in debt to God. It is an honor not to owe fortune anything, but to owe God everything; not to owe fate anything, but to owe providence everything; not to owe caprice anything, but to owe a fatherliness everything.-In this way, he who prays aright struggles in prayer and is victorious in that God is victorious.
Soren Aabye Kierkegaard
Jenks, Edward
Jenner, Henry
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