League Against Usury

Its prominent backers and activists included leftists such as Nicolae L. Lupu and Ion D. Isac, independents such as Pantelimon Erhan, Stefan Frecôt, Dumitru Pavelescu-Dimo, George Tutoveanu and Eraclie Sterian, and some affiliates of the interwar far-right.

One of the LCC arrested for sedition, Aristică Magherescu, left the group to establish his own Ploughmen's Party of Greater Romania, alongside fellow defector Constantin Iarca.

Though involved in supporting continued debt relief policies, the League took no seat in the elections of July 1932, by which time it had split into three rival wings, respectively led by Antonescu, Isac, and Iarca.

All groups found themselves opposed to the more orthodox economic policies advanced by Iorga's replacement, Alexandru Vaida-Voevod, and some engaged in street battles with the Romanian Police.

In late 1932, shortly after attempting to form a larger Front for Urban Debt-clearance, the LCC finally dissolved itself, with the mainstream joining Argetoianu's own Agrarian Union Party.

Elected for the Senate seat in Gorj, he had criticized the governing National Peasants' Party (PNȚ) for its handling of the Depression, and also for its passage of multiple and conflicting laws.

[5] By December 10, 1929, when it held its first meeting in Bucharest and agreed to petition government, the League counted on the allegiances of various other activists—including George D. Creangă, C. Filotti, Constantin C. Iarca, C. Saligny, and Marin Stănoiu.

Agriculturists had contracted high-interest loans, either to compensate the former landowner or to furnish their new or extended property with basic supplies, or merely—given the entirely too small plots they were left for production—to ensure their living income.

[17] Jurist Nicolae Dașcovici also suggested that measures such as those endorsed "by the League against Usury agitators" meant "a continuous and quickened fall of trust by the capital [market]—and as such implicitly the worsening of credit ratings."

[18] Within months of its creation, the League enjoyed massive growth: on March 1, 1930, it reportedly mustered some 100,000 peasants for a demonstration in Bârlad, with Romanian Army units being called upon to prevent strife.

[34] However, as noted at the time by La Revue Slave, the LCC also challenged the core antisemitic tenets, by showing publicly that the "usurers" were highly active in Oltenia, where Jews were virtually non-present.

Its regional chapter in the Banat was led by Stefan Frecôt, a dissident and French-speaking member of the Danube Swabian community,[42] who was also briefly the national LCC's Vice President.

[43] In Bukovina, where the LCC formed itself under the presidency of Dorimedont "Dori" Popovici from May 1930, its affiliates included non-Romanians such as Carol Weltman, Victor Orobko, and Rudolf Müller.

[44] In September of that year, Popovici himself left the enterprise, accusing Antonescu of using the LCC to further personal ambitions; he won over the Association of Mortgaged Debtors, being elected as its chairman, and considered forming a nation-wide Federation of Taxpayers.

On January 8, Alexandru S. Zisu presided over the LCC public gathering in Bucharest, where he asked that the monarchy intervene to prevent the PNȚ government from acting on behalf of creditors; a Teleorman delegate, Mavrodineanu, singled out ministers for indulging in luxuries at the taxpayers' expense, and for allowing "profiteering by the industrial cartels, thanks to whom we consume sugar at 42 lei per kilogram."

While delegates objected to Lupu's overtures toward Iorga's Democratic Nationalist Party (PND), Antonescu informed them that the LCC leadership was considering joining in that pro-government alliance.

[59] By then, some members of the far-right wing had left the League: Col. Niculcea set up a Beetroot Cultivators' Collective (Obștea Cultivatorilor de Sfeclă), which caucused with the fascist Iron Guard.

[60] Far-right groups were nominally repressed during the election, with both Niculicea and Robu returning to jail,[61] but Internal Affairs, then under Constantin Argetoianu, failed to take significant action on that front.

Though he had sold his property and its debt, he still supported the LCC platform on the issue, as well as a temporary ban on foreclosures—while also asking that banks which held agricultural land as a collateral be refinanced by the state.

[73] Other splinter groups, formed in the wake of the 1931 elections, included the Ploughmen's Party of Greater Romania (PPRM), established in November 1931 by Iarca, Aristică Magherescu, and Sterie Ionescu.

[77] According to Heinen, the League still managed to draw votes away from the Iron Guard's niche, upsetting its growth;[78] a report in Lupta claimed that Antonescu had received full support from Iorga's government, including by having his candidates taken on trips around the county with a government-owned automobile, carrying the Romanian tricolor.

[94] In early September, after a violent clash with Police outside the Imperial Hotel in Bucharest, several LCC figures, including Iarca and Captain Nicolai Mănescu, were taken into custody.

[97] Largely rendered ineffectual by the adoption of debt relief and anti-usury legislation under the Iorga cabinet,[7][98] the League supported the application of such laws once they were placed in peril by Vaida-Voevod.

[95] In December, it was announced that Argetoianu's Agrarian Union Party (PUA) was in the process of absorbing the LCC—their shared platform promised to save capitalism, but also to liquidate private debt.

On February 3, 1933, Cuvântul hosted an announcement which ran: "Messrs members of the League Against Usury, mortgage debtors' section, are kindly asked to participate in a consultation to be held today [...].

"[98] Isac had switched to supporting Vaida-Voevod's cabinet, but, in early 1933, condemned police action against the Grivița strikers, describing the ruling classes as immoral, and workers as their "scapegoat".

[119] During the Iron Guard ascendancy with the "National Legionary State" of 1940–1941, lawyer Gogu Adam Popescu expressed the hope that insolvency crises would be curbed through stricter credit limits and "honest speculation".

[80] Isac remained in national politics with Lupu's party, also setting up a Ploughmen's Syndicate; he withdrew from public affairs during World War II, but was for a while promoted under the postwar communist regime.

[122] In 1946, he was sitting in the Assembly of Deputies, serving as its Vice President;[102] he sided with the National Peasants' Party–Alexandrescu, and produced a denunciation of his schoolteacher colleague, Titu Ciocănescu, as a former Iron Guard propagandist.

Before communism, he presided upon a Democratic Peasants' Party–Lupu, which called itself the left-wing opposition to the PNȚ; in writing the group's manifesto, Lupu described "the law on debt conversion" as one of his own leftist credentials.

Editorial cartoon published in December 1928 by the National Peasants' Party organ, Dreptatea : Vintilă Brătianu , former Prime Minister for the National Liberal Party , tying to chase away his progeny, a diseased and naked figure marked "Political Financial Economic [Crisis]", who insists on calling him "Father"
Democratic Nationalist poster for the elections of 1932 , reminding plowmen to vote for "the symbol of [debt] Conversion", which had freed them from the "usurer's bondage"
Aristică Magherescu and Gorj peasant debtors, photographed in May 1935