Was he a villain or a victim?
While a variety of interpretations focus on Shakespeare’s infamous Shylock character in the play, “The Merchant of Venice,” there can be no doubt that the mythical, greedy Jewish moneylender became a classic symbol for damaging depictions of Jews to this very day. Despite the sympathetic interpretations of some commentators, the malicious image of a greedy loan shark extracting his “pound of flesh” became a virulent and regular resource for antisemites over the ages.
In the Middle Ages, with Jews barred from land ownership, membership in trade guilds and many other professions, lending money was one of the few livelihoods accessible to them. That didn’t stop Shakespeare or many others from portraying the victim as a villain.
So, what is the truth about Jews and moneylending? Let’s look at a famous verse in this week’s Torah portion, Mishpatim.
“When you will lend money to My people, to the poor among you, do not act toward him as an (overbearing) creditor; do not place interest payments upon him” (Exodus 22:24).
The rabbis derived many laws from this one verse.
It is a mitzvah to lend money to those in need. We may not charge fellow Jews interest. We should be tolerant of borrowers who are struggling to pay their debts. Jews are not allowed to charge each other interest. Non-Jews do charge us interest, so we may charge them. That’s equitable and reasonable.
Have you heard of the term gemach? It is a shortened form of the words gemilus chesed, literally “bestowing kindness.” It covers a wide variety of good deeds in the realm of welfare and helping those in need. A gemach usually refers to an interest-free loan association, where people can get necessary amounts of cash at favorable repayment terms. But it can also range from household items and medical equipment to wedding dresses and baby gear.
Jewish communities usually have more than one such organization. In Johannesburg, we have two large such associations that lend quite substantial sums, interest-free. One is more than 100 years old, and the other is younger but very active. In my own synagogue, I was privileged to have helped start such a fund, albeit smaller in scope, and I know other shuls have them as well.
In my own family, the idea of a gemach is deep-rooted. When I was growing up, my Zayde ran such an organization from our house. He did it all virtually singlehandedly until his passing in 1969. At that time, he was lending $1 million annually. As a teenager, I remember helping him prepare his bank deposits on many a night at our dining-room table. One night, the check deposit didn’t balance. He was something like 25 cents out. It was already 11 o’clock at night, and I was tired, so I said, “Zayde, here’s a quarter, I’m going to bed.” Nein! Es muz shtimen! he countered in Yiddish. “No! It must balance!”
After him, my father (very ably assisted by my mother) took it over, and it became much bigger. My father would tell the story of a fellow who called him at 2 a.m. to request a loan. He said, “Do you know what time it is?” The man replied, very calmly, “Yes, but I can never get hold of you during the day.” Believe it or not, he got the loan. Since their passing, my brother-in-law has assumed leadership, and it has grown exponentially.
These are all Jewish organizations that fulfill the commandment from this week’s Torah portion. There are also untold numbers of individual Jews who lend their own money privately to people in need.
In fact, the Talmud states that lending money interest-free is in many ways a greater kindness than charity.
Firstly, charity is for the poor, while a gemach serves not only those who are poor but also businessmen who may require some bridging of their finances. Second, there is less compromise to the dignity of a recipient in taking a loan as opposed to charity. Third, extending a loan may help prevent the recipient from becoming a charity case. And certainly, the fact that this resource exists saves the bitter bite of loan sharks, where high, compounded interest rates devour borrowers, quite literally.
So, are Jews Shylocks? Are we greedy moneylenders—bloodsuckers grabbing money from unfortunates in desperate situations?
Far from it. We are, in fact, a noble people following the directives of our holy Torah in giving up interest that we could be earning in the bank by sharing our wealth with others.
May you never need to borrow money. But if you do, check out your local gemach.
