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his time from having a complete sympathy with Shylock. Some said that Shakespeare was only restrained by fear of the powers of his time from expressing his complete sympathy with Shylock. Some wondered how or why Shakespeare had got hold of such a queer story as that of the pound of flesh, and what it could possibly have to do with so dignified and intellectual a character as Shylock. In short, some wondered why a man of genius should be so much of an Anti-Semite, and some stoutly declared that he must have been a Pro-Semite. But all of them in a sense admitted that they were puzzled as to what the play was about. The correspondence filled column after column and went on for weeks. And from one end of that correspondence to the other, no human being even so much as mentioned the word "usury." It is exactly as if twenty clever critics were set down to talk for a month about the play of Macbeth, and were all strictly forbidden to mention the word "murder."

The play called The Merchant of Venice happens to be about usury, and its story is a medieval satire on usury. It is the fashion to say that it is a clumsy and grotesque story; but as a fact it is an exceedingly good story. It is a perfect and pointed story for its purpose, which is to convey the moral of the story. And the moral is that the logic of usury is in its nature at war with life, and might logically end in breaking into the bloody house of life. In other words, if a creditor can always claim a man's tools or a man's home, he might quite as justly claim one of his arms or legs. This principle was not only embodied in medieval satires but in very sound medieval laws, which set a limit on the usurer who was trying to take away a man's livelihood, as the usurer in the play is trying to take away a man's life. And if anybody thinks that usury can never go to lengths wicked enough to be worthy of so wild an image, then that person either knows nothing about it or knows too much. He is either one of the innocent rich who have never been the victims of money-lenders, or else one of the more powerful and influential rich who are money-lenders themselves.

All this, I say, is a fact that must be faced, but there is another side to the case, and it is this that the genius of Shakespeare discovered. What he did do, and what the medieval satirist did not do, was to attempt to understand Shylock; in the true sense to sympathise with Shylock the money-lender, as he sympathised with Macbeth the murderer. It was not to deny that the man was an usurer, but to assert that the usurer was a man. And the Elizabethan dramatist does make him a man, where the medieval satirist made him a monster. Shakespeare not only makes him a man but a perfectly sincere and self-respecting man. But the point is this: that he is a sincere man who sincerely believes in usury. He is a self-respecting man who does not despise himself for being a usurer. In one word, he regards usury as normal. In that word is the whole problem of the popular impression of the Jews. What Shakespeare suggested about the Jew in a subtle and sympathetic way, millions of plain men everywhere would suggest about him in a rough and ready way. Regarding the Jew in relation to his ideas about interest, they think either that he is simply immoral; or that if he is moral, then he has a different morality. There is a great deal more to be said about how far this is true, and about what are its causes and excuses if it is true. But it is an old story, surely, that the worst of all cures is to deny the disease.

To recognise the reality of the Jewish problem is very vital for everybody and especially vital for Jews. To pretend that there is no problem is to precipitate the expression of a rational impatience, which unfortunately can only express itself in the rather irrational form of Anti-Semitism. In the controversies of Palestine and Syria, for instance, it is very common to hear the answer that the Jew is no worse than the Armenian. The Armenian also is said to be unpopular as a money-lender and a mercantile upstart; yet the Armenian figures as a martyr for the Christian faith and a victim of the Moslem fury. But this is one of those arguments which really carry their own answer. It is like the sceptical saying that man is only an animal, which of itself provokes the retort, "What an animal!" The very similarity only emphasises the contrast. Is it seriously suggested that we can substitute the Armenian for the Jew in the study of a world-wide problem like that of the Jews? Could we talk of the competition of Armenians among Welsh shop-keepers, or of the crowd of Armenians on Brighton Parade? Can Armenian usury be a common topic of talk in a camp in California and in a club in Piccadilly? Does Shakespeare show us a tragic Armenian towering over the great Venice of the Renascence? Does Dickens show us a realistic Armenian teaching in the thieves' kitchens of the slums? When we meet Mr. Vernon Vavasour, that brilliant financier, do we speculate on the probability of his really having an Armenian name to match his Armenian nose? Is it true, in short, that all sorts of people, from the peasants of Poland to the peasants of Portugal, can agree more or less upon the special subject of Armenia? Obviously it is not in the least true; obviously the Armenian question is only a local question of certain Christians, who may be more avaricious than other Christians. But it is the truth about the Jews. It is only half the truth, and one which by itself would be very unjust to the Jews. But it is the truth, and we must realise it as sharply and clearly as we can. The truth is that it is rather strange that the Jews should be so anxious for international agreements. For one of the few really international agreements is a suspicion of the Jews.

A more practical comparison would be one between the Jews and gipsies; for the latter at least cover several countries, and can be tested by the impressions of very different districts. And in some preliminary respects the comparison is really useful. Both races are in different ways landless, and therefore in different ways lawless. For the fundamental laws are land laws. In both cases a reasonable man will see reasons for unpopularity, without wishing to indulge any task for persecution. In both cases he will probably recognise the reality of a racial fault, while admitting that it may be largely a racial misfortune. That is to say, the drifting and detached condition may be largely the cause of Jewish usury or gipsy pilfering; but it is not common sense to contradict the general experience of gipsy pilfering or Jewish usury. The comparison helps us to clear away some of the cloudy evasions by which modern men have tried to escape from that experience. It is absurd to say that people are only prejudiced against the money methods of the Jews because the medieval church has left behind a hatred of their religion. We might as well say that people only protect the chickens from the gipsies because the medieval church undoubtedly condemned fortune-telling. It is unreasonable for a Jew to complain that Shakespeare makes Shylock and not Antonio the ruthless money-lender; or that Dickens makes Fagin and not Sikes the receiver of stolen goods. It is as if a gipsy were to complain when a novelist describes a child as stolen by the gipsies, and not by the curate or the mothers' meeting. It is to complain of facts and probabilities. There may be good gipsies; there may be good qualities which specially belong to them as gipsies; many students of the strange race have, for instance, praised a certain dignity and self-respect among the women of the Romany. But no student ever praised them for an exaggerated respect for private property, and the whole argument about gipsy theft can be roughly repeated about Hebrew usury. Above all, there is one other respect in which the comparison is even more to the point. It is the essential fact of the whole business, that the Jews do not become national merely by becoming a political part of any nation. We might as well say that the gipsies had villas in Clapham, when their caravans stood on Clapham Common.

But, of course, even this comparison between the two wandering peoples fails in the presence of the greater problem. Here again even the attempt at a parallel leaves the primary thing more unique. The gipsies do not become municipal merely by passing through a number of parishes, and it would seem equally obvious that a Jew need not become English merely by passing through England on his way from Germany to America. But the gipsy not only is not municipal, but he is not called municipal. His caravan is not immediately painted outside with the number and name of 123 Laburnam Road, Clapham. The municipal authorities generally notice the wheels attached to the new cottage, and therefore do not fall into the error. The gipsy may halt in a particular parish, but he is not as a rule immediately made a parish councillor. The cases in which a travelling tinker has been suddenly made the mayor of an important industrial town must be comparatively rare. And if the poor vagabonds of the Romany blood are bullied by mayors and magistrates, kicked off the land by landlords, pursued by policemen and generally knocked about from pillar to post, nobody raises an outcry that they are the victims of religious persecution; nobody summons meetings in public halls, collects subscriptions or sends petitions to parliament; nobody threatens anybody else with the organised indignation of the gipsies all over the world. The case of the Jew in the nation is very different from that of the tinker in the town. The moral elements that can be appealed to are of a very different style and scale. No gipsies are millionaires.

In short, the Jewish problem differs from anything like the gipsy problem in two highly practical respects. First, the Jews already exercise colossal cosmopolitan financial power. And second, the modern societies they live in also grant them vital forms of national political power. Here the vagrant is already as rich as a miser and the vagrant is actually made a mayor. As will be seen shortly, there is a Jewish side of the story which leads really to the same ending of the story; but the truth stated here is quite independent of any sympathetic or unsympathetic view of the race in question. It is a question of fact, which a sensible Jew can afford to recognise, and which the most sensible Jews do very definitely recognise. It is really irrational for anybody to pretend that the Jews are only a curious sect of Englishmen, like the Plymouth Brothers or the Seventh Day Baptists, in the face of such a simple fact as the family of Rothschild. Nobody can pretend that such an English sect can establish five brothers, or even cousins, in the five great capitals of Europe. Nobody can pretend that the Seventh Day Baptists are the seven grandchildren of one grandfather, scattered systematically among the warring nations of the earth. Nobody thinks the Plymouth Brothers are literally brothers, or that they are likely to be quite as powerful in Paris or in Petrograd as in Plymouth.

The Jewish problem can be stated

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