Morals of the Church
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Section — Wouters, Manual of Moral Theology

Scholion. On Monts-De-Piete and Savings Banks

890.

I. Monts-de-piete. Monts-de-piete - so called because the needy flee to them as to a mountain - are treasuries established for this end, that money be given by loan to the poor, with a pledge deposited, gratuitously or under moderate interest. If the sum owed has not been returned at the established time, the pledge is sold, and from the price the sum owed with interest is retained, so that what remains may be restored to the debtor.

  1. Monts-de-piete, as is clear, are licit and useful, indeed in some way necessary.1 But they are not without inconveniences. "The poor, not always upright and sober, deposit there even things necessary to themselves or to their family, which had been given to them for personal use. After about a year, if the money has not been restored, those things come under the hammer, often for an unequal price, so that the borrower labors under greater misery than before."2 They are also more dangerous, namely because of excessive interest often exacted, if they are erected by private persons and are not constituted under inspection of public authority. Besides, it is licit, as is clear, to demand something beyond the principal on account of the expenses and labors of the ministers; to these another extrinsic title can also be added.

1 Cf. Lateran Council (session 10), Bull Inter multiplices; Council of Trent, session 22, De reformatione, chapters 8 and 9.

2 Vermeersch, Theologia moralis, 3rd ed., II, n. 450.

Usury and Interest

891.

II. Savings banks. 1. They are banks constituted publicly or privately, where servants, workers, etc., deposit little sums at moderate interest. Interest whose day has come is added to the principal; but the depositor enjoys the faculty of demanding back the principal with the increments, or any part, at any time.

  1. It is clear that institutions of this kind are to be commended. But it is licit for depositors to receive interest on money both on account of extrinsic titles, and sometimes because they have entered into a contract of partnership.1

1 Cf. Analecta Iuris Pontificii, 1880, p. 587 sq.

Usury and Interest