The republic. [volume] (Washington [D.C.]) 1849-1853, 1849-07-14


eight rfsnths 9l3OO0 had been lent on 10000
pledges, at a rate of interest amounting TO one
farthing per month for shilling, no charge being
made for duplicates Six-sevenths OF the amount
advanced was in sums under 5s. Four months af-
Ter the establishment opened, the value Of ar-
cles redeemed on Saturdays averaged about GAO,
the interest on which amounted to S3 IS. 3D.,
while the pawnbrokers charge would have been
go. Towards the close of the year 1889 Mr.. Bar
rington published short pamphlet showing the
further progress of the institution. The capital
had been increased to els, $780, and clear profit of
IL 1856 had been realized since March, 1887. Small
sums are lent TO poor persons Of known respecta-
bility of character on their personal security This
plan is attended with valuable effects upon the con-
duct and character of the poorer classes
In Appendix E, "Poor Inquiry" Qreand } there
is account of the Ahascragh Loan Society,
which shows that where individuals can be found
to superlntend the details, the ruinous plan of APP
plying TO pawnbrokers may be partially obviated.
This society had borrowed f720, partly from the
county Galway trustees, which sum had been dis
posed among 400 borrowers, and loss had
occurred during the two years in which the society
had been in operation, chiefly in consequence of the
attention of the Rev. H. Hunt, the treasurer. In
the evidence taken at an examination by the COM
missloners of inquiry in the county of Leitrim Up.
93) it was stated that there were no pawnbrokers
In the barony but a class of men called usurers
are to be met with IN every direction, "and they
bind both borrowers and sureties by solemn oaths
TO puncual repayment of the principal, and of the
interest, which is exorbtant in proportion to the
smallness of the sum lent" The witness, who was
= magistrate, further stated that case had recently
come before Lord Clements and himself, in which
a had bound himself to pay Us. year in
quarterly insalmens for the use of l5s principal
Such facts show the expediency of affording every
encouragement to establishments conducted under
fha data I'll, IL, l..
Stances in Ireland, pawnbrokers keep spirit shops
under the same roof or in an adjoining house. The
report just quoted states that people were Begin
ming TO lose their reluctance to the forfeited
property of their neighbors; and most of the poor
persons examined stated that few years ago they
were ashamed 10 90 10 the pawnbrokers, but this
feeling appeared then to have been much weakened
The security of capital in Ireland occasions many
individuals to have recourse to pawnbrokers for
purposes unknown In England, such as obtaining
the means Of purchasing pig or buying seed.
la the year 1861 project existed for establish
ing Monts de Pete in England. 1t is extremely
doubtful whether public institution for lending
money on pledges would answer in London.
Many branch establishments would be necessary |
and they would scarcely be so economically con-
Quoted as the establishments belonging to private
individuals. The rates of interest charged by
pawnbrokers are high; but the average profits of
their trade are not so great might be Inferred
from hasty glance at the preceding tables, which
nevertheless fully prove that having recourse to
pawnbrokers is an improvident mode of raising
money. Ii Is, however, q great convenience to
many persons who could not raise money for tenn
porary purposes in any other way. Those pawn
brokers who take out license to receive pledges
In gold and silver do a considerable amount of bu-
slness in that way, and of course not with the
poorest classes. In 1888 a company was formed
IN London, called the " British Pledge Society,""
which proposed lending money at one-half the rate
of interest allowed by the SO and 40 George iii. c.
80, and without making any charge for duplicates.
This society also pledged itself to make good losses
in case of fire, for which casualty pawnbrokers are
not liable The bill of incorporation, after being
read first time in the house of commons was
abandoned.
There is Mont de Pete at Moscow on a very
extensive scale, the profits of which support a
founding hospital They are numerous in Belgi-
um From paper read by Rawson w Rawson
before,the London Statistical Society in 1887, the
following appear to be the terms of the Mont de
Pete OF Paris =" Loans made upon the de-
posite of such goods as can be preserved to the
amount of two-thirds of their estimated value but
on gold and silver, four-ffths of their value is adj
vanced. The present rate Of interest is one per
cent. per month, or II per cent. per annum. The
Paris establishment has generally from COG, 900 to
$4,000 articles in Its possession, and the capital
constantly outstanding may be estimated at about
S5O0 900. The expense OF management amounts
to between 90 c. and 65 c. on each article, and the
profits wholly derived from loans Of Francs
and upwards. Articles not redeemed within the
year are sold, subject however, in England to
claim Of restoration Of the surplus if made within
three years"
The statistical tables published by the French
minister Of commerce show the operations of the
Mont de Pete OF Paris and those Of the large towns
in France during the year 1888. The number of
articles pledged in Paris in 1888 was ,064 ,06s;
average advanced on each, las, lid. The
number Of articles redeemed was e44, SOL on
1898 articles the interest paid and the dup-
cate renewed 50656 articles, on which the sum Of
S36, 39l had been advanced, were forfeited, being
one-twentieth in number, but less than one-twen-
tieth IN value IL Bohn