I think the expression "as rich as any Jew" is not exactly racist but   is part of an economic, not racial, stereo-typing. That makes it no less humane and no less palatable socially. But the ancient stereotypes of the Merchant of Venice --unfair and bigoted though they were--are a genuine part of the context of the song. And it should also be stressed that the song in itself is about extremely humane impulses and attitudes, and the line in question is essentially merely accidental to its main narrative.

A