משנה: אֵין פּוֹסְקִין עַל הַפֵּירוֹת עַד שֶׁיֵּצֵא הַשַׁעַר. הָיָה הוּא תְּחִלָּה לַקוֹצְרִים פּוֹסֵק עִמּוֹ עַל הַגָּדִישׁ וְעַל הֶעָבִיט שֶׁל עֲנָבִים וְעַל הַמַּטְעָן שֶׁל זֵיתִים וְעַל הַבֵּיצִין שֶׁל יוֹצֵר וְעַל הַסִּיד מִשֶׁיִשְׁקַע כִּבְשָׁנוֹ. פּוֹסֵק עִמּוֹ עַל הַזֶּבֶל כָּל־יְמוֹת הַשָּׁנָה. רִבִּי יוֹסֵי אוֹמֵר אֵין פּוֹסֵק עַל הַזֶּבֶל עַד שֶׁיְּהֵא לוֹ זֶבֶל בָּאַשָׁפוֹת. וַחֲכָמִים מַתִּירִין. פּוֹסֵק עִמּוֹ כְשַׁעַר הַגָּבוֹהַּ. רִבִּי יְהוּדָה אוֹמֵר אַף עַל פִּי שֶׁלֹּא פָסַק עִמּוֹ כְשַׁעַר הַגָּבוֹהַּ יָכוֹל הוּא לוֹמַר תֶּן לִי כָזֶה אוֹ תֶּן לִי אֶת מָעוֹתַיי. מַלְוֶה אָדָם אֶת אֲרִיסָיו חִיטִּין בְּחִיטִּין לְזֶרַע אֲבָל לֹא לֶאֱכֹל שֶׁהָיָה רַבָּן גַּמְלִיאֵל מַלְוֶה אֶת אֲרִיסָיו חִיטִּין בְּיוֹקֶר וְהוּזְלוּ אוֹ בְזוֹל וְהוֹקִירוּ וְנוֹטֵל מֵהֶן כְּשַׁעַר הַזּוֹל. לֹא שֶׁהֲלָכָה כֶן אֶלָּא שֶׁרָצָה לְהַחֲמִיר עַל עַצְמוֹ. MISHNAH: One does not contract for produce until a rate was established141In the absence of a functioning commodities exchange, a trader may not conclude a contract for future delivery of a commodity for a fixed price if he receives the money immediately. For he might have to buy the commodity later at a higher price and then the material delivered would convey a “premium for waiting”. Once the rate is established and the seller can immediately hedge his trade by another contract, the transaction is legitimate even if the seller does not have any of the commodity which he sells and for which he is paid.. If he was the first to harvest, he may contract142Before a rate was established, the farmer can sell at any price level he sees fit if the basic produce is in his hand. He can sell grain on the basis of the harvested sheaves, wine on the basis of the harvested grapes, olive oil on the basis of the harvested olives. The potter can sell finished pottery once he has the raw material in storage. for the stack of sheaves, or the vat of grapes, or the barrel of olives, or for potter’s clay and lime when it was loaded in his oven. One may contract for manure the entire year; Rebbi Yose says, one may not contract for manure unless he has manure on his dungheap, but the Sages permit it143Since on a farm manure is continually produced.. One contracts for wholesale price144It is possible to write a contract that the money be paid now for a later delivery at the then going wholesale rate.; Rebbi Jehudah says, even if one did not contract for wholesale price he may say to him, give me some like that or return my money145Since money does not acquire (Chapter 4, Note 2), the buyer can require delivery at the going rate, if it is less than the one stipulated earlier, or annul the contract without being subject to judicial censure since he only paid for future delivery..
A person may lend to his sharecroppers wheat for wheat146He gives them a certain amount as seed grain and receives the same amount back at harvest time. As a commercial transaction this is forbidden since in case the rate at the new harvest was higher than at sowing time there would be an element of interest (cf. Note 180). But seed grain for the landlord’s own domain is an investment, not a loan. as seed grain but not as food; but Rebban Gamliel lent his sharecroppers wheat grain; if at high price and the rate went down or at low price and the rate went up, he took from them at the low rate147The statement of the Mishnah would have been unnecessary since it already was stated that investments do not fall under the rules of loans, were it not that Rabban Gamliel (in the low-inflation environment of Nerva’s and Trajan’s times) used to provide his sharecroppers with seed grain for which he determined the price and then at the next harvest took it back at the lower of last year’s and this year’s prices, to avoid even the semblance of taking interest., not because this is practice but because he wanted to be strict with himself.
הלכה: אֵין פּוֹסְקִין עַל הַפֵּירוֹת כול׳. מָהוּ לִפְסוֹק בְּשַׁעַר שֶׁלַּסִּירְקִי. רִבִּי יוֹחָנָן אָמַר. פּוֹסְקִין. רֵישׁ לָקִישׁ אָמַר. אֵין פּוֹסְקִין. רִבִּי בּוּן בַּר חִייָה בְעָא קוֹמֵי רִבִּי זֵירָא. לֹא מִסְתַּבְּרָה דְּיוֹדֵי רֵישׁ לָקִישׁ לְרִבִּי יוֹחָנָן בְּשַׁעַר סִירְקִי שֶׁלְּצִיפּוֹרִין שֶׁאֵינָהּ פּוֹסֶקֶת. אָמַר רִבִּי בּוּן בַּר כַּהֲנָא. וְתַמָּה אֲנָא אֵיךְ רַבָּנִן פְלִיגֵי. בֵּין פּוֹסֵק לַפֵּירוֹת בֵּין פּוֹסֵק לַמָּעוֹת בֵּין מִלְוָה לַפֵּירוֹת. אָמַר רִבִּי יִרְמְיָה. בְּמִלְוָה אִיתְפְּלִיגוּ. אֲבָל (בְּפוּנדָק) [בְּפִיסּוּק] כָּל־עַמָּא מוֹדוּ שֶׁאָסוּר. אָמַר רִבִּי יוֹסֵה. בְּפִיסּוּק אִיתְפַּלְּגוֹן. אֲבָל בְּמִלְוָה כָּל־עַמָּא מוֹדוּ שֶׁמּוּתָּר. דְּבֵי רִבִּי יַנַּאי אָֽמְרֵי. פּוֹסְקִין עַל הַשַּׁחַת. רִבִּי יוֹסֵי בֶּן חֲנִינָה אוֹמֵר. אַף עַל חַלּוֹת דְּבַשׁ. רִבִּי יוֹחָנָן אוֹמֵר. כָּל־הָעֲייָרוֹת הַסְּמוּכוֹת לְטִיבֵּרִיָּא כֵּיוָן שֶׁיָּצָא שַׁעַר שֶׁלְּטִיבֵּרִיָּא פּוֹסְקִין. HALAKHAH: “One does not contract for produce,” etc. May one contract based on Saracens’ rates148The rate quoted by Arab traders who in most cases are itinerant and might not be around at the time of delivery.? Rebbi Joḥanan says, one may contract; Rebbi Simeon ben Laqish said, one may not contract149In the Babli, 72b, this is attributed to R. Joḥanan and accepted as practice.. Rebbi Abun bar Ḥiyya asked before Rebbi Ze‘ira: Would it not be reasonable that Rebbi Simeon ben Laqish agree with Rebbi Joḥanan about rates of Saracens of Sepphoris, since that is uninterrupted150While it is the going rate on a Saracens’ market, it is not called “Saracens’ rate”.? Rebbi Abun bar Cahana said, I am wondering about what the rabbis disagree? Whether contracting for produce151Contracting for a fixed amount of produce., or contracting for money152Fixing the unit price., or a loan on produce153Taking a loan of produce now to be repaid at the next harvest. If at that time the rate is expected to be higher, this certainly is forbidden (Bava Metzia 5:1:1" href="/Jerusalem_Talmud_Bava_Metzia.5.1.1">Note 6). But if 6 months before the next harvest the prices probably are higher, this might be permitted.? Rebbi Jeremiah said, they disagree about a loan, but about (a hostelry) [a contract]154The text in parentheses is L’s, a scribal error. The text in brackets is E’s. everybody agrees that it is forbidden155Since the seller cannot be sure to find the merchandise at a reasonable price if the exchange does not exist permanently.. Rebbi Yose said, they disagree about a contract, but about a loan everybody agrees that it is permitted. In the House of Rebbi Yannai they said, one contracts for cattle feed156Mostly taken year round from the spontaneous growth of fallow fields.. Rebbi Yose ben Ḥanina said, also on honeycombs. Rebbi Joḥanan said, in all villages near Tiberias one contracts once the rate was established at Tiberias.
הָיָה הוּא תְּחִילָּה לַקוֹצְרִין פּוֹסֵק עִמּוֹ עַל הַגָּדִישׁ כול׳. רַב אָמַר. מְחוּסָּר מַעֲשֶׂה אֶחָד פּוֹסֵק. מְחוּסָּר כַּמָּה מַעֲשִׂים אֵינוֹ פוֹסֵק. רִבִּי יוֹחָנָן וְרֵישׁ לָקִישׁ תְּרֵיהוֹן אָֽמְרִין. אֲפִילוּ מְחוּסָּר כַּמָּה מַעֲשִׂים פּוֹסֵק. וְהָא מַתְנִיתָא פְלִיגָא עַל רַב. הָיָה הוּא תְּחִילָּה לַקוֹצְרִין כול׳. “If he was the first to harvest, he may contract for the stack of sheaves,” etc. Rav said, if one processing stage was missing, one may contract; if several processing stages were missing, one may not contract157The farmer may contract to sell his produce if no more than one operation is needed to prepare the produce as it is customarily delivered.. Rebbi Joḥanan and Rebbi Simeon ben Laqish both say, even if several processing stages were missing, one may contract. But the Mishnah disagrees with Rav: “If he was the first to harvest,158Since the vintner may contract to sell wine once he harvested his grapes, which have to be transported to the wine press, be pressed, the juice fermented, filtered, and cured, it is obvious that Rav is in error. In the Babli 74a, Rav is quoted as permitting two processing stages but not three; Samuel represents the opinion here attributed to the Galilean Sages.” etc.
אַבָּא בַּר זְמִינָה יְהַב חַד דֵּינָר לַקַּפֵּילָה וּנְסַב מִינֵּיהּ בְּשָׁעָה זְלִילָה דְכָל־שַׁתָּא. וְלֹא מוֹדֵי רַב. רִבִּי חִייָה רוֹבָה הֲוָה לֵיהּ כִּיתָּן. אֲתוּ חֲמָרַייָא מִיזְבְּנָהּ מִינֵּיהּ. אֲמַר לוֹן. לֵית בְּדַעְתִּי מְזַבְּנָתָהּ כְּדוֹן אֶלָּא בְפוּרְיָא. אָֽמְרוּ לֵיהּ. זַבְּנָהּ לָן כְּדוֹן מַה דְאַתְּ עָתִיד מִיזַבְּנָתָיהּ בְּפוּרְיָא. אֲתַא שְׁאַל לְרִבִּי. אֲמַר לֵיהּ. אָסוּר. נְפַק קְבָעָהּ בְּמַתְנִיתָא וְתַנֵּי כֵן. הָיָה חַייָב לוֹ מָעוֹת וּבָא לִיטּוֹל מִמֶּנּוּ בַּגּוֹרֶן וְאָמַר לוֹ. עֲשֵׂם עָלַי כְּשַׁעַר שֶׁבַּשּׁוּק וַאֲנִי אַעֲלֶה לָךְ כָּל־י̇ב̇ חוֹדֶשׁ. אָסוּר. דְּלֹא כְאִיסָּרוֹ הַבָּא לְיָדוֹ. אָמַר רַב. מוֹדֵי רִבִּי חִייָה חֲבִיבִי דִּי לָן יְהָבִין לֵיהּ וְקָנָה מִכְּבָר שָׁרֵי. אַגְרָא מִן כְּבָר וְקָנָה בָּתָר כֵּן שָׁרֵי. קָנָה מִכְּבָר אַגְרָא בָּתָר כֵּן אָסוּר. Abba bar Zamina gave a denar to the food merchant and took from him at the cheapest rate of the entire year. Rav159A name must be missing here since the first generation Amora Rav could not express an opinion about dealings three generations later. did not agree. Rebbi Ḥiyya the Elder had flax. The donkey drivers wanted to buy from him. He told them, it is not my intention to sell this before Purim160When one would expect the price to be the highest of the year.. They said to him, sell it to us now at the price which you would sell it for at Purim161They intended to transport the flax to a region where flax was more expensive, and pay him on their return. The flax then is a loan and the higher payment later is a “premium for waiting.”. He went to ask Rebbi, who told him, it is forbidden. He went out, formulated this in a baraita, and stated the following: 162Tosephta 4:23; a different version in the Babli, 62b.“If one was owing money and the other wanted to take from him on the threshing floor, when he told him, credit it to my account by the market rate163The wholesale rate at harvest time, which is the lowest of the entire year. and I shall provide you all twelve months164Paying his debt by delivery of produce in installments at a reduced rate implies hidden interest payments.; this is forbidden for it is not as if the assarion came to his hand165In contrast to the Mishnah, where money changes hands at the time the contract is signed..” Rav said, my uncle Rebbi Ḥiyya will agree that if they paid him and he immediately acquired, then it is permitted. If he paid beforehand and acquired afterwards, it is permitted166This is the case of the Mishnah.; if he acquired earlier and paid afterwards, it is forbidden161They intended to transport the flax to a region where flax was more expensive, and pay him on their return. The flax then is a loan and the higher payment later is a “premium for waiting.”.
רִבִּי לָֽעְזָר יְהַב דֵּינָר לְחַד בַּר נַשׁ. אֲמַר לֵיהּ. מַה דְהִינּוּן עָֽבְדִין מִיכָּן וְעַד חֲנוּכָּה דִידִי [וְדִידָךְ]. מִתַּמָּן וּלְהַלָּן לֵית לִי עִמָּךְ עֲסוֹק אִין פָּֽחְתִין וְאִין יְתֵרִין דִּידָךְ. בְּעָה מִיתֵּן לֵיהּ בָּתָר חֲנוּכָּה וְלָא קַבֵּיל. רִבִּי לָֽעְזָר חָשַׁשׁ עַל קָרוֹב לְשָׂכָר וְרָחוֹק לְהֶפְסֵד. וְתַנֵּי כֵן. קִירוּב שָׂכָר וְרִיחוּק הֶפְסֵד זוֹ מִידַּת רְשָׁעִים. קִירוּב הֶפְסֵד וְרִיחוּק שָׂכָר זוֹ מִידַּת צַדִּיקִים. קִרוּב לָזֶה וְלָזֶה רִחוּק לָזֶה וְלָזֶה זוֹ מִידַּת כָּל־אָדָם. רִבִּי יִצְחָק יְהַב דֵּינָרִין לְבַר נַשׁ. בְּעָא מֵיעֲבַד לֵיהּ כְּהָדָא דְרִבִּי לָֽעְזָר וְלָא קַבֵּיל עִילַװֵי. כַּהֲנָא יְהַב מ̇ דֵּינָרִין לְבַר נַשׁ מִיזְבַּן לֵיהּ כִיתָּן. יָֽקְרָא כִּיתְּנָא. אֲתַא שְׁאַל לְרַב. אֲמַר לֵיהּ. אֵיזִיל סַב מִינֵּיהּ מ̇ כּוֹרִין רַבְרְבִין. Rebbi Eleazar invested a denar with a person and told him, what it earns between now and Ḥanukkah is mine [and yours]167Reading of E, split 50–50. In the light of the following comments, this seems to be the correct reading., afterwards I do not have any part with you, whether they earn or lose it is yours168The trader did not have to return the investment immediately.. He wanted to give to him after Ḥanukkah but he did not accept169Since the trader bore the entire risk, R. Eleazar did not accept riskless income which is interest.. Rebbi Eleazar had misgivings because of “close to gain and far from loss,” as it was stated170Tosephta 4:16, Babli 70a.: “Close to gain and far from loss is the way of the wicked171As the Tosephta states, the yield of an investment in which the investor is partially shielded from risk is partially interest and therefore forbidden.. Close to loss and far from gain is the way of the just. Close and far equally to both is the way of everybody172As long as risk is evenly distributed among all investors, the question of interest does not arise..” Rebbi Isaac invested denars with a person. He wanted to stipulate as did Rebbi Eleazar but the other did not accept173He did not want to appear as wicked to let R. Isaac feel just.. Cahana invested 40 denars with a person to buy flax for him. Flax went up in price174When they sold the flax and made money.. He went to ask Rav, who told him to go and collect 40 large kor175Money made on investments is not interest. (A gold denar is given as the normal price for a kor of grain, Bava Metzia 5:1:1" href="/Jerusalem_Talmud_Bava_Metzia.5.1.1">Note 3. The excess of a large over a regular kor represents Cahana’s gain.) In the Babli, Bava qamma 103a, Rav similarly holds that if from the start the money was given as investment, Cahana was entitled to the gain, but not if it was given as a loan..
בִּיקֵּשׁ רִבִּי לְהַתִּיר קְלִיטוֹ שֶׁלְּיַם וְלֹא הִנִּיחוֹ רִבִּי יִשְׁמָעֵאל בֵּירִבִּי יוֹסֵי. וְאִית דָּֽמְרִין. רִבִּי יִשְׁמָעֵאל בֵּירִבִּי יוֹסֵי בִּיקֵּשׁ לְהַתִּיר וְלֹא הִנִּיחוֹ רִבִּי. מַאי קְלִיטוֹ שֶׁלְּיַם. בַּר נַשׁ דִּיהַב לְחַבְרֵיהּ ק̇ דֵּינָרִין. [אֲמַר לֵיהּ. יְבֻלִי עֶשְׂרִים דֵּינָרִין. אִין פּוֹחֲתִין דִּידָךְ וְאִין אוֹתְרוֹן דִּידָךְ. אָֽבְדוּ מִשֶּׁל שְׁנֵיהֶם. אָמַר רִבִּי חוּנָה.] כְּגוֹן אִילֵּין דִּיהָבִין עִיבִידְתָא לְאִילֵּין דְּמַפְרִשִׂין לָרִיסִים מִתַּרְתֵּין קְסוֹסְטְבָן אוֹ מִג̇ קְסוֹסְטְבָן. אֵין זוֹ רִבִּית אֶלָּא הַטַּרְשָׁא. Rebbi wanted to permit the ocean’s absorption but Rebbi Ismael ben Rebbi Yose did not admit it; some say that Rebbi Ismael ben Rebbi Yose wanted to permit but Rebbi did not admit it. What is the ocean’s absorption? A person gave 100 denars to another. [He tells him, my yield is 20 denars. If it is less, it is on your account, if it is more, it is for your account. If it is lost, it is of both175Money made on investments is not interest. (A gold denar is given as the normal price for a kor of grain, Note 3. The excess of a large over a regular kor represents Cahana’s gain.) In the Babli, Bava qamma 103a, Rav similarly holds that if from the start the money was given as investment, Cahana was entitled to the gain, but not if it was given as a loan.. Rebbi Ḥuna said,]176Addition from E. for instance those who give merchandise to those who depart overseas to the stadia177Probably Greece or Southern Italy. The text of E is לכיסין; Lieberman reads לְנִיסִין, Greek νῆσοι “islands”. for two or three xestes178A ξέστης is the equivalent of a Roman sextarius, as a measure about .53 1. Maybe the idea is that the gain from a successful voyage overseas brings in enough money to be measured by volume (cf. Yevamot 6:4:1" href="/Jerusalem_Talmud_Yevamot.6.4.1">Yebamot 6:4, Note 75).. That is not interest but property.
רִבִּי יוֹסֵה וְרִבִּי לָֽעְזָר בֶּן עֲזַרְיָה שְׁנֵיהֶן אָֽמְרוּ דָבָר אֶחָד. דְּתַנִּינָן תַּמָּן. הָיָה לוֹ דָבָר מוּעָט מוֹסִיף עָלָיו וְהוֹלֵךְ. וְרִבִּי אֶלְעָזָר בֶּן עֲזַרְיָה אוֹסֵר עַד שֶׁיַּעֲמִיק שְׁלֹשָׁה [אוֹ עַד שֶׁיַּגְבִּיהַּ שְׁלֹשָׁה] אוֹ עַד שֶׁיִּתֵּן עַל הַסֶּלַע. Rebbi Yose and Rebbi Eleazar ben Azariah179R. Yose in the Mishnah denying an exception to the rules of interest for manure; R. Eleazar ben Azariah in Sheviit 3:2" href="/Mishnah_Sheviit.3.2">Mishnah Ševi‘it 3:2 (Notes 18–22) denying an exception to the rules of the Sabbatical year for accumulation of manure. said the same thing, as we have stated there: “If he had little, he may continuously add to it, but Rebbi Eleazar ben Azariah says only if he raises or lowers it by three [hand-breadths] or puts it on a rock.”