Debt Certificates

(April 10, 2008)

The documentation for borrowing is far different today than was the documentation for borrowing 2,000 years ago. Social Security numbers, credit agencies, and modern day credit reports have facilitated and expanded modern debt markets. Revolving credit lines and unsecured credit cards are common debt vehicles. However, the business world 2,000 years ago operated much differently, they used debt certificates.

Debt certificates were documents which recorded outstanding balances and were publicly displayed. For instance, a store who sold seed or tools to a farmer would record the farmer’s accounts payable balances on a debt certificate. The storekeeper would display such certificates at his shop. Another place debt certificates were posted was above the cells of inmates in debtors’ prison. Borrowers unable to pay their debts were often cast into debtors’ prison. The debt certificate showed each inmate’s outstanding balance.

The nullification of a debt certificate was a simple matter. When the farmer’s crop was harvested and sold in the market, the farmer would pay the storekeeper the outstanding balance and the storekeeper would write the word geleo across the farmer’s debt certificate. “Paid in full” is our modern day version of the term geleo. When a relative of an inmate in debtor’s prison paid off a defaulted loan, the warden would write geleo across the debt certificate. The prisoner was set free once the debt was paid.

The term geleo was translated into the phrase, “It is finished” in John 19:30. So when Jesus cried with a loud voice, “It is finished;” in essence, Jesus was proclaiming “Paid in Full.” Given the use of teleo above, maybe we’ll have an extra appreciation for Jesus’ finished work the next time:

We sing the hymn, Jesus Paid It All

We read, Jesus redeemed us - Rev 5:9

We hear, Ye are bought with a price - 1Cor 7:23

We receive a credit card bill or statement from a mortgage holder.

Article Written by Elder Dolph Painter, Moriah Primitive Baptist Church

pastordolph@aol.com

This site created by Steve McCannon. This page last updated 07/18/2008