did business with a brother Jew. What is called "the Law of the Stranger" was defined thus: "unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury."

Being dispersed among the nations, but never merging themselves with the nations and never losing a very distinctive identity, the Jew has had the opportunity to practice "the ethics of the stranger" for many centuries. Being strangers among strangers, and often among cruelly hostile strangers, they have found this law a compensating advantage. Still, this alone would not account for the Jew's preeminence in finance. The explanation of that must be sought in the Jew himself, his vigor, resourcefulness and special proclivities.

Very early in the Jewish story we discover the tendency of Israel to be a master nation, with other nations as its vassals. Notwithstanding the fact that the whole prophetic purpose with reference to Israel seems to have been the moral enlightenment of the world through its agency, Israel's "will to mastery" apparently hindered that purpose. At least such would seem to be the tone of the Old Testament. Divinely ordered to drive out the Canaanites that their corrupt ideas might not contaminate Israel, the Jews did not obey, according to the old record. They looked over the Canaanitish people and perceived what great amount of man-power would be wasted if they were expelled, and so Israel enslaved them—"And it came to pass, when Israel was strong, that they put the Canaanites to tribute, and did not utterly drive them out." It was this form of disobedience, this preference of material mastery over spiritual leadership, that marked the beginning of Israel's age-long disciplinary distress.

The Jews' dispersion among the nations temporarily (that is, for more than 25 centuries now) changed the program which their scriptures declare was divinely planned, and that dispersion continues until today. There are spiritual leaders in modern Judaism who still claim that Israel's mission to the nations is spiritual, but their assertions that Israel is today fulfilling that mission are not as convincing as they might be if accompanied by more evidence. Israel throughout the modern centuries is still looking at the Gentile world and estimating what its man-power can be made to yield. But the discipline upon Israel still holds; he is an exile from his own land, condemned to be discriminated against wherever he goes, until the time when exile and homelessness shall end in a re-established Palestine, and Jerusalem again the moral center of the earth, even as the elder prophets have declared.

Had the Jew become an employe, a worker for other men, his dispersion would not probably have been so wide. But becoming a trader, his instincts drew him round the habitable earth. There were Jews in China at an early date. They appeared as traders in England at the time of the Saxons. Jewish traders were in South America 100 years before the Pilgrim Fathers landed at Plymouth Rock. Jews established the sugar industry in the Island of St. Thomas in 1492. They were well established in Brazil when only a few villages dotted the eastern coast of what is now the United States. And how far they penetrated when once they came here is indicated by the fact that the first white child born in Georgia was a Jew—Isaac Minis. The Jew's presence round the earth, his clannishness with his own people, made him a nation scattered among the nations, a corporation with agents everywhere.

Another talent, however, contributed greatly to his rise in financial power—his ability to invent new devices for doing business. Until the Jew was pitted against the world, business was very crudely done. And when we trace the origins of many of the business methods which simplify and facilitate trade today, more likely than not we find a Jewish name at the end of the clue. Many of the indispensable instruments of credit and exchange were thought out by Jewish merchants, not only for use between themselves, but to check and hold the Gentiles with whom they dealt. The oldest bill of exchange extant was drawn by a Jew—one Simon Rubens. The promissory note was a Jewish invention, as was also the check "payable to bearer."

An interesting bit of history attaches to the "payable to bearer" instrument. The Jews' enemies were always stripping them of their last ounce of wealth, yet strangely, the Jews recovered very quickly and were soon rich again. How this sudden recovery from looting and poverty? Their assets were concealed under "bearer" and so a goodly portion was always saved. In an age when it was lawful for any pirate to seize goods consigned to Jews, the Jews were able to protect themselves by consigning goods on policies that bore no names.

The influence of the Jew was to center business around goods instead of persons. Previously all claims had been against persons; the Jew knew that the goods were more reliable than the persons with whom he dealt, and so he contrived to have claims laid against goods. Besides, this device enabled him to keep himself out of sight as much as possible. This introduced an element of hardness into business, inasmuch as it was goods which were being dealt in rather than men being dealt with, and this hardness remains. Another tendency which survives and which is of advantage in veiling the very large control which Jews have attained, is of the same origin as "bearer" bills; it permits a business dominated by Jewish capital to appear under a name that gives no hint of Jewish control.

The Jew is the only and original international capitalist, but as a rule he prefers not to emblazon that fact upon the skies; he prefers to use Gentile banks and trust companies as his agents and instruments. The suggestive term "Gentile front" often appears in connection with this practice.

The invention of the stock exchange is also credited to Jewish financial talent. In Berlin, Paris, London, Frankfort and Hamburg, Jews were in control of the first stock exchanges, while Venice and Genoa were openly referred to in the talk of the day as "Jew cities" where great trading and banking facilities might be found. The Bank of England was established upon the counsel and assistance of Jewish emigrants from Holland. The Bank of Amsterdam and the Bank of Hamburg both arose through Jewish influence.

There is a curious fact to be noted in connection with the persecution and consequent wanderings of the Jews about Europe and that is: wherever they wandered, the center of business seemed to go with them. When the Jews were free in Spain, there was the world's gold center. When Spain drove out the Jews, Spain lost financial leadership and has never regained it. Students of the economic history of Europe have always been puzzled to discover why the center of trade should have shifted from Spain, Portugal and Italy, up to the northern countries of Holland, Germany, and England. They have sought for the cause in many things, but none has proved completely explanatory. When, however, it is known that the change was coincident with the expulsion of the Jews from the South and their flight to the North, when it is known that upon the Jews' arrival the northern countries began a commercial life which has flourished until our day, the explanation does not seem difficult. Time and again it has proved to be the fact that when the Jews were forced to move, the center of the world's precious metals moved with them.

This distribution of the Jews over Europe and the world, each Jewish community linked in a fellowship of blood, faith and suffering with every other group, made it possible for the Jew to be international in the sense that no other race or group of merchants could be at that time. Not only were they everywhere (Americans and Russians are everywhere, too) but they were in touch. They were organized before the days of conscious international commercial