Part 22

(M607) In several cases the god is represented as lending the money. It is obvious that such advances were made from the temple treasury.(653) It is usual from such instances to expatiate on the temple, or the priests, as the great moneylenders. This is a view easily misunderstood. It is quite true that the temples were great landowners, and had steady incomes, and possessed treasuries; but there is no evidence that they lent on usury. It seems rather that these loans without interest (except as a fine for undue retention of the loan) were a kindly accommodation. We know that under certain circumstances a man might appeal to the temple treasury to ransom him from the enemy. He might also borrow in case of necessity without interest. Moneylending proper existed, but was kept in narrow bounds by the temple itself.

(M608) In view of the many questions that arise as to the nature of the money at this period, it should be noted that the silver is often said to be _kanku;_ literally “sealed.” Whether this means that the silver bars, or ingots, were sealed while the metal was soft enough to receive a mark which would authenticate its weight and purity, or whether it means that the money was enclosed in sealed sacks, is hard to say. Against the latter may be urged that such a small sum as one and two-thirds shekels would not be sealed up.(654) But it may be that _kanku_ means “sealed for,” that is, acknowledged by the receipt.

(M609) Even more common than money loans are the corn loans. Here the loans were generally for a short time just before harvest, when the repayment was expected. The period is usually short, five days,(655) or a month.(656) Interest is sometimes demanded, at the rate of _one hundred ḲA per GUR_, or one-third, that is, _thirty-three and a third per cent_. This was probably the rate _per mensem, four hundred per cent. per annum_. But in one case the interest is _one hundred ḲA per GUR per annum_,(657) once it is expressly said to be nothing,(658) usually it is not referred to at all. Sometimes a loan was partly in money, partly in corn.(659)

(M610) Other things were lent, as sesame, skins, bricks, and the like, but these loans exhibit no peculiarity. They are merely letting the borrower have goods on credit, to be paid for, or returned, after a time.

We may take, as an example of this kind of transaction, a rather more complicated case:(660)

(M611)

Two and seven-thirtieths of a _GUR_ of corn, Shamash standard measure, which Ilu-kasha, son of Sharru-Shamash, gave to Belshunu, Ilushu-abushu, and Ikash-Ninsaḫ. Ilu-kasha brought the corn and returned one _GUR_ and one-tenth and took for himself two hundred and twenty _ḲA_. Later he paid one-tenth of a _GUR_ to Ilushu-bânî, Ikash-Ninsaḫ, and Shumma-Shamash, and they remitted in all three _GUR_, the former and later debt.

In the second case only one of the former debtors is left. The loan was partly repaid, a fresh loan contracted, and then partly repaid. It is not clear whether the arrears were remitted or extracted by distraint. Nor is it clear whether Ilukasha was debtor or creditor. As a rule such points are clear. It is only the conciseness of the formula which here causes the obscurity.

(M612) Another fairly common type of document contains a number of sections, each containing the record of one sum. But it is not clear that these were loans. They may be allowances for food or salary. Thus in B1 247 we have so much corn for the women weavers, so much more for the votaries, so much for other officials, from the first of one month to the thirtieth, so much for the Sutî who was watching the field, so much for a boatman, and so on. These are perhaps a temple steward’s accounts. Their interest lies only in the incidental notices. We also note that here a month had thirty days. It is interesting to find that the celebrated Sutî nomads who later gave so much trouble, were already in the country and were employed to watch the fields. Was this watching done on the principle of “setting a thief to catch a thief”? Perhaps it was necessary to employ a Sutî as custodian, of course at a salary, if one was to preserve the crop from the depredations of his fellow-tribesmen.

Some of these tablets expressly state the amount of corn loaned, giving the date for repayment.(661) Hence we see what a narrow margin divides the proper bond from the mere receipt, or even the memorandum of the loan.

(M613) A number of tablets deal with advances of wool or woollen yarn made by temple officials to weavers and dyers to work up. As a rule they contain a number of words connected doubtless with the weaver’s craft which are not yet made out. The following is a fairly simple example:(662)

One talent of wool belonging to the palace, price ten shekels of silver, property of Utul-Ishtar the _abi ṣâbê_, which Ishme-Sin, son of Sin-bêl-aplim, Marduk-mushallim, son of Sin-idinnam, Ilushu-ibni and Bêlshunu, sons of Sin-eribam have borrowed. The day that the tax-collector of the palace demands it they shall pay the money of the palace.

Elsewhere the time of loan may be stated, two months for example.(663) The price is always reckoned at six minas of wool for a shekel. It seems that the borrowers were not obliged to repay until a certain date, or until a demand was made for certain taxes. They then must pay in silver.

(M614) In the Assyrian examples of money-loans the same general features constantly recur. The most common are loans _ana pûḫi_, which may be taken to mean “for consideration,” as the word _pûḫu_ means an “exchange.” But there is never any statement of what the consideration was. Some have thought, that as the bond was invariably given to the creditor to be broken up on the repayment of the loan, the exchange referred to was a restoration of the bond in return for the money. But the consideration, which is a legal presumption, may have lain in the fact that the borrowers were tenants on the metayer system and had a right to borrow of their landlord, free of interest, at seed-time and harvest. On such loans interest is only demanded when the debtor fails to repay at the fixed date.

(M615) The rate of interest charged as a penalty for non-payment or late payment was _twenty-five per cent. per mensem, three hundred per cent. per annum_. This interest was intended to secure prompt payment, but was not unfair in view of the increase of value obtained by investing it in corn and then sowing that. Other rates were one-third and one-eighth, but there is no fixed rate of interest for the loan of money, except when it was _ana pûḫi._

(M616) The interest on corn was _thirty ḲA per homer_. Some think the homer had sixty _ḲA_, which would make the interest fifty per cent. But no case has yet been found which gives the number of _ḲA_ in a homer.

(M617) The money lent is often said to belong to a god. Ashur, Ishtar of Arbela, or Ishtar of Nineveh, are the most common. Sometimes it is said to be in “Ishtar heads,” which has been taken to mean ingots stamped with a head of Ishtar. The frequent reference to the mina of Carchemish alongside the king’s mina is eloquent as to the commercial eminence of the old Hittite capital.

An example is the following:(664)

Sixteen shekels of silver, from A to B, _ana pûḫi_, he has taken. On the first day of Tammuz he shall pay the money. If not, it shall increase by a quarter. Dated the eleventh of Nisan, in the Eponymy of Bêl-ludâri. Three witnesses.

(M618) Loans or advances were also made of various kinds of property. Thus we have an advance of ten minas of silver, Carchemish standard, seventy-five sheep, one cow, made by Ashurbânipal’s chief steward to four men, _ana pûḫi_. The sheep and cow they are to return in Adar. If they do not return the sheep, they must breed them. The interest on the money is to be one-third. Dated the twenty-fifth of Tebet, B.C. 664. Thirteen witnesses. Such a loan seems to be on the metayer system.(665)

(M619) Here again we have an exceptional case:(666)

L lends two dromedaries, “which they called double-humped,” to three men, who shall return them on the first of the month, or pay six minas of silver. If they do not pay the money, interest shall accrue at the rate of five shekels per mina. Dated the fourteenth of Tishri, B.C. 674.

These animals were rare and evidently highly valued. What could the three borrowers want with a pair of such animals? Were they for exhibition in a menagerie? Perhaps they were for breeding. We may have here a case of goods taken on approval, for a fortnight or so, perhaps for sale to another party.

The same lender lent to the same three men, two hundred sheep, one hundred and fifty goats, two hundred and thirty yearling lambs, in all five hundred and eighty small cattle. They were to return the animals by a fixed date, or pay. Dated the seventh of Iyyar, B.C. 673. The same lender had lent seventy-two sheep to two other men, in Sivan, B.C. 680. They had to return the sheep in Ab, or pay for them at the market-rate in Nineveh. Bêl-êresh acted as agent for the borrowers.(667)

(M620) Other goods, such as wine, or oil, were advanced. Here we probably have to do with the transactions of the royal chief steward and the king’s agents. For example:(668)

L intrusts five homers of wine, according to the royal measure, to D. On the first of Nisan he shall return the wine, otherwise he shall pay for the wine according to the market-rate in Nineveh. Dated fifth of Adar, B.C. 674. Five witnesses.

Again:(669)

(M621)

L advances six homers of pure oil, price ten _ḲA_ of bronze per homer, to D, the major-domo at Carchemish. He shall repay the oil in Sebat; if not, it shall be doubled. Dated twenty-first of Ab, B.C. 681. Six witnesses.

We may deduce the interesting fact that Esarhaddon was at Carchemish in Ab, B.C. 681. The advance was made for the use of the royal household there.

(M622) Advances of corn were made exactly as in the earlier times. Thus:(670)

L advances thirty homers of corn to D, the messenger from the city of Maganiṣi, by the hands of E, a colonel in the army. He shall pay the corn in Marchesvan, in the city of Maganiṣi, or pay the full value of it in Nineveh. Dated the seventeenth of Sebat, B.C. 665. Eight witnesses.

(M623) One peculiarity of the corn loans is that they are chiefly recorded upon what have been called heart-shaped tablets. These were lumps of clay through which a string passed and came out at the upper shoulders. The string was probably tied around the neck of a sack containing the corn. They thus served both as labels, seals, and as bonds. Many of them have Aramaic dockets, which have been collected and edited by Dr. J. H. Stevenson, in his _Assyrian and Babylonian Contracts, with Aramaic reference-notes_.

(M624) Thus the above example bears the words in Aramaic, “_barley, assignment, which is from Nabû-dûri._” These Aramaic legends, in the case of such labels, may have served as addresses. But the general purpose is obscure. All the corn advances seem to have been made by officials of the royal household to inferior officers, in charge of farms or otherwise dependent for supplies.

(M625) (M626) They show by their dates that the corn was usually advanced just before harvest, when corn was dearest. Some of them name the reapers; others give the number of them. We conclude that these advances were made as food for the harvesters, or as wages for their labor. Occasionally, however, the loan was made at seed-time. Most of the loans are _ana pûḫi_,(671) which supports the view that the meaning of this phrase is really “for management expenses” and presupposes the metayer system.

(M627) Closely connected with money or other loans are receipts for payment. These are somewhat rare. The more usual practice was to break the tablet, or promise to pay, which was returned to the debtor. But we have two good examples, thus:(672)

The four minas of silver, interest, belonging to C, which were due from D, D has paid and given to C. One with the other, neither shall litigate. Dated seventh of Sivan, B.C. 683. Three witnesses.

Here we are not aware of the circumstances which lead to the loan. But, in one case, we have records both of the loan and its repayment, thus:(673)

(M628)

Baḫiânu advanced two homers of corn, for food, to Nabû-nûr-nammir; and one homer each to Latubashâni-ilu and Ṣabutânu, _ana pûḫi_. Dated the twenty-ninth of Elul, B.C. 686.

And we find also:(674)

Ṣabutânu and Latubashâni-ilu repay each one homer. Nabû-nûr-nammir does not repay. Dated Iyyar, B.C. 685.

Whether or not the defaulter paid later is not known; but we probably owe our knowledge of the repayment to the fact that all three did not pay together. We note that each paid exactly what he borrowed. No interest was charged.

(M629) In one case we have a receipt for a fine, or damages, imposed by a law-court. Thus:(675)

Forty minas of bronze, without rebate, which the _sukallu_ imposed as a fine. Paid to the _šakintu_. Dated the tenth of Adar, B.C. 693. Four witnesses.

There is no statement who owed, or paid, the fine. But the lady governor who received the money gave this receipt for it.

(M630) The Code makes very clear the legal aspect of this transaction. A minor or a slave could only deposit under power of attorney.(676) A deposit was not recoverable unless made by a deed, or delivered in presence of witnesses and duly acknowledged by a receipt.(677) The receiver was liable for all loss occurring to the goods in his possession on deposit, even when the loss was such as involved the loss of his own goods as well.(678) For corn, the Code fixed a yearly fee for warehousing of one-sixtieth the amount deposited.(679)

(M631) As we learn from the few actual cases which occur, the receipt given for the goods was returned to the recipient on the return of the goods and the tablet broken as cancelling the responsibility. One form which it might take is illustrated by the following:(680)

Ten shekels of silver, which according to a sealed receipt was deposited for the share of Ṣili-Shamash, he has taken from Ṣili-Ishtar and Amêl-ili, his brothers. His heart is contented; he will not dispute. Oath by Ḥammurabi, the king. Seven witnesses. Fourth year of Ḥammurabi.

Here apparently three brothers share, but one being absent the two hold their brother’s share for him, giving a sealed receipt for it. This the judge delivered to him and he claimed and received his share.

(M632) Actual examples of deposit are rare; probably because our collections refer to temple transactions, rather than to private family deeds. We have a deposit of lead,(681) from which we learn that silver was worth twice as much as lead. It was to be sent from Ashnunna, on demand. Here is another:(682)

(M633)

“Concerning the silver which Zikrum and Ṣabitum gave to Ṣili-Ishtar on deposit. They have received it; their hearts are content. They gave up their bond and it was broken.”

Instead of a receipt by the recipient there is often found a list concluding with the word _apkida_, “I have intrusted.” Then comes the date and the names of witnesses. It is not clear, however, that these things were meant to be returned. They may only be memoranda of allowances given out. They chiefly occur in Scheil’s _Saison de fouilles à Sippar_.(683)

(M634) In Assyrian documents no examples of this kind of transaction are found. Nor are any very clear examples producible from later Babylonian times. But it must not be overlooked that some cases, where a receipt is given for a sum or quantity of goods, without mention of interest to be paid, may very well be acknowledgments of a deposit; they have usually been taken to be loans.

XXIV. Pledges And Guarantees

(M635) Very little is known about pledges in early times, though Meissner had argued for their existence from certain passages of the series _ana ittišu_, such as “on account of the interest of his money he shall cause house, field, garden, man-servant, or maid-servant, to stand on deposit”; followed later by, “if he bring back the money he can re-enter his house; if he bring back the money, he can plant his garden again; if he bring back the money, he can stand in his field; if he bring back the money, he can take away his maid; if he bring back the money, one shall return his slave.”(684) Consequently the creditor held the pledge in his possession until the loan was returned, when he had to give it back. The pledges here mentioned are antichretic, that is, such that they produce an income or return to the holder, which is a set-off against the interest of his money.

(M636) The Code recognizes the taking of property in satisfaction of a debt.(685) But this is rather a process of distraint upon the goods of the debtor, in case of non-payment, than a case of pledge. Since it was usually expected that the property so taken would be returned on payment of the debt, we can hardly distinguish it from pledge. Indeed, where a debtor gave up his wife, child, or slave to work off a debt, we have a case of antichretic pledge for the debt and interest.

(M637) In times subsequent to the First Babylonian Dynasty, the pledge is common. As a rule, it is antichretic, such that income or profit derived from the pledge is a fair equivalent for the interest of the loan. The lender acquires the right of enjoying the pledge. As a rule this is assigned him absolutely, so that no account is needed to be kept of interest on one side and profit on the other. If the profit exceeds the interest due, the excess may be returned, or it may be credited towards the discharge of the debt. If the interest exceeds the profit on the pledge, then the amount by which the loan exceeds the capitalized profit must pay interest.

(M638) In Assyrian times loans on security are fairly common. Here also we have antichretic loans, where the profit on the pledge was a set-off against the interest of the money. The pledge is expressly stated to be “in lieu of interest.” But it seems that the property was often expected also to extinguish the debt. Or it was merely pledged, as a security, which the creditor would keep in case he could not get his money back. We may illustrate these by examples:(686)

(M639)

The lady Addati, the _šakintu_, lends two minas of silver, Carchemish standard, exact sum, to D, the deputy of the chief of the city. In lieu of the two minas of silver, a plot of twelve homers of land in the outskirts of Nineveh, Kurdi-Adadi, his wife and three sons, Kandilânu and his wife, in all seven people, and twelve homers of land, are pledged. On the day that one returns the money, the other shall release the land and people. Dated the first of Marchesvan, B.C. 694. Ten witnesses.

The point about the phrase, “exact sum,” seems to be that the advance was made without any rebate. Here the security is worth little more than the loan. Its profits would, however, be a good security for the interest of the loan. No time is given for repayment, but the creditor undertakes to accept repayment and release the pledge at any time.

Again:(687)

(M640)

The lady Indibî lends sixteen minas of silver, royal standard, to D. In the month of Tishri, he shall pay the money in full; if not, interest shall be two shekels per mina monthly. A vineyard in the village of Bêl-aḫê, next to that of Ḥabašu, next to that of Si’banik, next to that of the chief scribe; also these slaves, Dâri-Bêl, his wife, three sons, and two daughters, along with his household, four fat cows (?); Ḥudi-sharrûtu and his daughter; all are pledged as security. If they die or run away, the loss shall be D’s. The day that D shall refund the money, with the interest, his slaves and vineyard shall be released. Dated the ninth of Ab, B.C. 688. Six witnesses.

Or again:(688)

(M641)

Five homers of land belong to D, in the city Kâr-Au. The lender L gives D two-thirds of a mina of silver. This two-thirds of a mina of silver L shall acquire from the field and when D thus has given L his money back, he shall release the field. Dated the sixteenth of Iyyar, B.C. 680.

In the following case a maid is assigned outright for a loan. It is doubtful whether this is a sale, or a pledge:(689)

(M642)

In lieu of money, Bêlit-ittîa, the maid of the _šakintu_, is assigned to the lady Sinki-Ishtar. As long as she lives, she shall serve her. Dated the fourteenth of Iyyar, B.C. 652.

(M643) A very similar case occurs in the loan of corn and a cow by the _bêl paḫâti_ of the Crown Prince, to a certain Nargî of the city of Bamatu. Nargî was to serve the lender for the corn and cow. When his service had become equivalent to the value of the advance, he could go free.(690)

Antichretic pledge was very common in later Babylonian times. The most typical examples are houses. The lender (M644) has a house in pledge. To him it is rent-free until the loan is repaid. Hence the common phrase “rent is nought, interest is nought.” There was then no reckoning made one against the other.(691) The creditor might not, however, care to take the pledge in perpetuity against interest of a loan, never repaid. Usually a date was fixed for repayment, at which time the debtor was bound to take back his pledge. Thus a house might be pledged definitely for three years.(692)

(M645) A reckoning might also be made, to check off profit against interest. Thus D pledges a field to L, but on condition that, if in any year the crop is less than will meet the interest due, he shall pay the difference; but if, on the other hand, it be worth more, he shall take the balance.(693)

(M646) The value of the pledge might, however, be such tha