By Eugen Von Bohm-Bawerk
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Pothier's thesis that, in justice, service and counter-service should be equal to each other, and that this is not the case in the loan, he answers by saying that objects which, freely and without fraud or force, are exchanged against each other always have, in a certain sense, equal value. To the fatal argument that, in the case of a perishable thing, it is not possible to conceive of any use separate from the thing itself, he answers by charging his opponents with legal hair-splitting and metaphysical abstraction, and brings forward the old and favourite analog between the hiring of money and the hiring of any durable thing like a diamond.
And so Locke comes to the conclusion: "Borrowing money upon use is not only, by the necessity of affairs and the constitution of human society, unavoidable to some men; but to receive profit from the loan of money is as equitable and lawful as receiving rent for land, and more tolerable to the borrower, notwithstanding the opinion of some over-scrupulous men" (p. 37). I. 58 It will scarcely be maintained that this theory is particularly happy. There is too marked a contrast between its starting-point and its conclusion.
535): First of all, it is necessary and useful that a certain practice of taking interest be retained and permitted. The contrary opinion, that interest in itself is absolutely objectionable, is foolish, pernicious, and superstitious (Stulta illa et non minus perniciosa quam superstitiosa opinio de usura de se absoluta mala) (No. 534). I. html (4 of 17)8/20/2006 1:10:12 AM Bohm-Bawerk, Capital and Interest, Book I, Chapter II: Library of Economics and Liberty In these words Molinaeus sets himself in the most direct opposition to the Church's doctrine.