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

§ XI. On Exchange

938.

I. Notion. Exchange is said from cambire, that is, to exchange, and is a profitable exchange of money with different money. He who asks for the exchange of money is called the campsarius; he who satisfies the request is the campsor.

Exchange

939.

II. Division. Exchange is divided as twofold: manual or small exchange, and local exchange. It is manual when money is exchanged with other present money, for example gold with silver, the coinage of one region with the coinage of another, paper money with metallic money. It is local when money is exchanged with other money at a distance, as if I pay in Amsterdam money which is owed to me in Rome.

Exchange

940.

III. Profit from exchange is licit, because it rests on just titles, of which kind are, for example, "the labor of the money-changer in counting the money, likewise diligence in gathering money of every kind, so that he may be ready for whatever customer asks" (St. Alphonsus, III, 851), likewise the wages of servants and the risks annexed to the virtual or real transfer of moneys. Insofar as any of the said titles is present, even a private person, that is, one who does not exchange by office, can receive profit from exchange (St. Alphonsus, III, 851-855).

"Whether a servant receiving gold money from his master, so that he may satisfy the master's creditors, can profit by exchanging it with copper money? It is affirmed, because it is the fruit of industry" (St. Alphonsus, III, 856).

Exchange