(Devarim 15:1) "From the end (ketz) of seven years you shall make shemitah (a release)": I might think, from the beginning of the (seventh) year; we, therefore, reason: It is written here "ketz," and, elsewhere, (Ibid. 31:10) "ketz." Just as "ketz" there is at the end and not in the beginning, so, "ketz" here.
"seven years": I might think (that a period of) seven years (is allotted) for each borrowing (before the loan is "released"); we, therefore, reason: Seven years are required until shemitah (non-working) of the land, and seven years are required until shemitah (release) of loans. Just as in the first instance, the shemitah is universal (i.e., at the same time for all lands), so, in the second, the shemitah is universal (i.e., at the same time for all loans).
— But why not go in this direction? viz.: seven years are required for (the release of) a Hebrew man-servant, and seven years are required for (the release of) a loan. Just as in the first instance, seven (distinct) years are required for each man-servant, so, in the second, seven (distinct) years are required for the release of each loan!
— Let us see to which instance that of a loan is most like. We derive something (a loan), which is contingent upon the shemitah (year), from something (land-shemitah), which is contingent upon the shemitah (year), and this is not to be refuted by the instance of a Hebrew man-servant, which is not contingent upon the shemitah (year).
— But why not go in this direction? viz.: We derive something (loans), which obtains both in Eretz Yisrael and outside of it from something (Hebrew man-servant), which obtains both in Eretz Yisrael and outside of it, and this is not to be refuted by land-shemitah, which obtains only in Eretz Yisrael.
It is, therefore, written "seven years" (here) - "seven years" (in respect to land-shemitah) for a gezeirah shavah (identity): Just as the seven years of (land-) shemitah are universal, (and not individual), so, the seven years of loan (-shemitah) are universal.
R. Yossi Haglili says: I might think that the seven years (of loan-shemitah) are individual; it is, therefore, written (in this respect, Ibid. 15:9) "The seventh year has drawn near, the year of shemitah." If seven years for each individual, how has it drawn near? It must be, then, that the seven years are universal (and not individual).
Rebbi says: I might think that money-shemitah obtains nowadays; it is, therefore, written (Ibid. 2) "And this is the word of the shemitah; release, etc."
It is, therefore, written (Ibid.) "because it has been declared shemitah to the L-rd" — (Money-shemitah obtains) both in Eretz Yisrael and outside the land.
(דברים טו א) מִקֵּץ שֶׁבַע שָׁנִים, יָכוֹל מִתְּחִלַּת הַשָּׁנָה אוֹ בְּסוֹפָהּ? הֲרֵי אַתְּ דָּן: נֶאֱמַר כָּאן ״קֵץ״ וְנֶאֱמַר לְהַלָּן (דברים לא י) ״קֵץ״, מָה קֵץ הָאָמוּר לְהַלָּן בְּסוֹפָהּ וְלֹא בִּתְחִלָּתָהּ – אַף קֵץ הָאָמוּר כָּאן בְּסוֹפָהּ וְלֹא בִּתְחִלָּתָהּ.
(Devarim 15:1) "From the end (ketz) of seven years you shall make shemitah (a release)": I might think, from the beginning of the (seventh) year; we, therefore, reason: It is written here "ketz," and, elsewhere, (Ibid. 31:10) "ketz." Just as "ketz" there is at the end and not in the beginning, so, "ketz" here.
(דברים טו א-ב) תַּעֲשֶׂה שְׁמִטָּה... שָׁמוֹט – כָּל זְמַן שֶׁיֵּשׁ לְךָ שְׁמִטָּה אַתָּה מְשַׁמֵּט.
שֶׁבַע שָׁנִים, יָכוֹל שֶׁבַע שָׁנִים לְכָל אֶחָד וְאֶחָד? הֲרֵי אַתָּה דָן: חִיֵּיב שֶׁבַע שָׁנִים בִּשְׁמִטָּה, וְחִיֵּיב שֶׁבַע שָׁנִים בְּמִלְוָה. מָה שֶׁבַע שָׁנִים הָאָמוּר בִּשְׁמִטָּה, שֶׁבַע שָׁנִים לְכָל הָעוֹלָם – אַף שֶׁבַע שָׁנִים הָאָמוּר בְּמִלְוָה, שֶׁבַע שָׁנִים לְכָל הָעוֹלָם.
"seven years": I might think (that a period of) seven years (is allotted) for each borrowing (before the loan is "released"); we, therefore, reason: Seven years are required until shemitah (non-working) of the land, and seven years are required until shemitah (release) of loans. Just as in the first instance, the shemitah is universal (i.e., at the same time for all lands), so, in the second, the shemitah is universal (i.e., at the same time for all loans).
אוֹ כַּלֵּךְ לְדֶרֶךְ זוֹ: חִיֵּיב שֶׁבַע שָׁנִים בְּעֶבֶד עִבְרִי וְחִיֵּיב שֶׁבַע שָׁנִים בְּמִלְוָה, מָה שֶׁבַע שָׁנִים הָאָמוּר בְּעֶבֶד עִבְרִי שֶׁבַע שָׁנִים לְכָל אֶחָד וְאֶחָד, אַף שֶׁבַע שָׁנִים הָאָמוּר בְּמִלְוָה שֶׁבַע שָׁנִים לְכָל אֶחָד וְאֶחָד!
— But why not go in this direction? viz.: seven years are required for (the release of) a Hebrew man-servant, and seven years are required for (the release of) a loan. Just as in the first instance, seven (distinct) years are required for each man-servant, so, in the second, seven (distinct) years are required for the release of each loan!
נִרְאֶה לְמִי דוֹמֶה: דָּנִים דָּבָר שֶׁאֵינוֹ תָּלוּי בַּיּוֹבֵל מִדָּבָר שֶׁאֵינוֹ תָּלוּי בַּיּוֹבֵל, וְאַל יוֹכִיחַ עֶבֶד עִבְרִי, שֶׁתָּלוּי בַּיּוֹבֵל.
— Let us see to which instance that of a loan is most like. We derive something (a loan), which is contingent upon the shemitah (year), from something (land-shemitah), which is contingent upon the shemitah (year), and this is not to be refuted by the instance of a Hebrew man-servant, which is not contingent upon the shemitah (year).
אוֹ כַּלֵּךְ לְדֶרֶךְ זוֹ: דָּנִים דָּבָר שֶׁנּוֹהֵג בָּאָרֶץ וּבְחוּצָה לָאָרֶץ מִדָּבָר שֶׁנּוֹהֵג בָּאָרֶץ וּבְחוּצָה לָאָרֶץ, וְאַל יוֹכִיחַ הֶשְׁמֵט קַרְקַע, שֶׁאֵין נוֹהֵג אֶלָּא בָּאָרֶץ!
— But why not go in this direction? viz.: We derive something (loans), which obtains both in Eretz Yisrael and outside of it from something (Hebrew man-servant), which obtains both in Eretz Yisrael and outside of it, and this is not to be refuted by land-shemitah, which obtains only in Eretz Yisrael.
תַּלְמוּד לוֹמַר: ״שֶׁבַע שָׁנִים״ ״שֶׁבַע שָׁנִים״ לִגְזֵרָה שָׁוָה: מָה שֶׁבַע שָׁנִים הָאָמוּר בִּשְׁמִטָּה, שֶׁבַע שָׁנִים לְכָל הָעוֹלָם – אַף שֶׁבַע שָׁנִים הָאָמוּר בְּמִלְוָה, שֶׁבַע שָׁנִים לְכָל הָעוֹלָם.
It is, therefore, written "seven years" (here) - "seven years" (in respect to land-shemitah) for a gezeirah shavah (identity): Just as the seven years of (land-) shemitah are universal, (and not individual), so, the seven years of loan (-shemitah) are universal.
רַבִּי יוֹסֵי הַגְּלִילִי אוֹמֵר: הֲרֵי הוּא אוֹמֵר (דברים טו ט) ״קָרְבָה שְׁנַת הַשֶּׁבַע שְׁנַת הַשְּׁמִטָּה״, אִם שֶׁבַע שָׁנִים לְכָל אֶחָד וְאֶחָד – הֵיאַךְ הִיא קְרוֹבָה? אֱמוֹר מֵעַתָּה: שֶׁבַע שָׁנִים לְכָל הָעוֹלָם!
R. Yossi Haglili says: I might think that the seven years (of loan-shemitah) are individual; it is, therefore, written (in this respect, Ibid. 15:9) "The seventh year has drawn near, the year of shemitah." If seven years for each individual, how has it drawn near? It must be, then, that the seven years are universal (and not individual).
יָכוֹל יְהֵא הֶשְׁמֵט מִלְוָה נוֹהֵג בַּמִּדְבָּר? תַּלְמוּד לוֹמַר (דברים טו א-ב): תַּעֲשֶׂה שְׁמִטָּה... שָׁמוֹט,
Rebbi says: I might think that money-shemitah obtains nowadays; it is, therefore, written (Ibid. 2) "And this is the word of the shemitah; release, etc."
אוֹ אֵינוֹ אוֹמֵר (דברים טו א-ב) תַּעֲשֶׂה שְׁמִטָּה... שָׁמוֹט – אֶלָּא בְּאֶרֶץ יִשְׂרָאֵל, שֶׁאַתָּה עוֹשֶׂה שְׁמִטָּה לָאָרֶץ – אַתָּה מְשַׁמֵּט [מִלְוָה], בְּחוּצָה לָאָרֶץ שֶׁאִי אַתְּ עוֹשֶׂה שְׁמִטָּה לָאָרֶץ – אֵין אַתְּ מְשַׁמֵּט מִלְוָה?
— When you release land, you release money; but outside of Eretz Yisrael, where you do not release land, you do not release money.
תַּלְמוּד לוֹמַר (דברים טו ב): ״כִּי קָרָא שְׁמִטָּה לַה׳״, בֵּין בָּאָרֶץ וּבֵין בְּחוּצָה לָאָרֶץ.
It is, therefore, written (Ibid.) "because it has been declared shemitah to the L-rd" — (Money-shemitah obtains) both in Eretz Yisrael and outside the land.