The republic. [volume] (Washington [D.C.]) 1849-1853, 1849-07-14
alisrsllansOus.
From the Bankers Magazine.
THE MONT DE PIETE.

entitled Mont de Pete, for the loans Of money il
small sums
Mont de Piete Monte di Peta) is the name OF /
benevolent institution which originated in Italy il
the fifteenth century, the object of which was tC
lend money TO necessitous people at a moderate in.
terest The Jews, who were the great money-lend-
in that age, exacted an enormous interest, and
as much as ~ to 25 per cent. The Papal govern
ment, and other Italian governments, established a
kind OF bank, which lent money upon pledges, for
a fixed term, at low rate of interest intended
chiefly to defray the unavoidable expenses of the
establishment at the expiration of which term, If
the capital lent and interest were not repaid, the
pledges were sold, and the surplus money, after
paying the debt incurred, restored TO the own
ers. In most instances, however, the term might
be renewed by merely paying the interest. The
difference between these establishments and those
OF the ordinary pawnorokers seems to have been
that they were intended mainly for the benefit of
the many borrowers, and not for the profit of the
lenders, and that every reasonable facility af
forded to the former. The administration of the
Monte di Peta was therefore conducted upon eco
nomical and strictly equitable principles, and it
under the inspection of the government as public
benevolent institution. This at least, was the orig
ina principle, although it may occasionally have
been deviated from in after-times, in consequence
OF the cupidty or necessities of the governments
themselves. In times when capital was more scarce
W,
loans of money were difficult to be got the Monte
de Pleta was most useful institution. Leo X,
some say Paul III, sanctioned the first establish
ment of Monte de Pieta at Rome, which was UNI
der the direction of a society of wealthy persons
who, having contributed the necessary funds, lent
upon pledges small sums not exceeding thirty Ro-
man scudi, little more than six pounds sterling.
TO each person. The money was lent for term OF
eighteen months. The establishment was under
n ~ freas of he AM
Chamber. Large storehouses were annexed to the
Office, which stood in the district della Regola, near
the banks of the Tiber. Orchard, Description de =
Halle, vol, W Other establishments of similar
nature existed at Milan, Florence, Naples and most
other towns of Italy That of Padua is one of the
Oldest on record, having been established in 149l,
when the Jewish banks, which lent al usurous in
terest, were shut up (Scardeoni, De .4ntiguitate
Urbis Pafarii
This institution was introduced into other coun-
tries, especially into the Netherlands, and Monts
de Pete were established at Brussels, Antwerp
Ghent and other places. In Spain there were also
similar establishments at Madrid and some other
large towns but in no country they so gener-
ally spread in Italy, the original country of be-
nevolent institutions during the middle ages.
When the French under Bonaparte invaded Italy
In 1867, they plundered the Monte di Pieta of
Milan, Modena, Parma, and most other towns. At
Rome, Pope Plus VI. being pressed by the French
10 pay enormous sum for war contributions was
obliged to seize upon the richer pledges in the
Monte dl Pieta, for the repayment of which he gave
bonds; but these bonds lost all value in the suisse
quent invasion of Rome by the French in 1898.
The Monte di Pieta have been reestabished in most
Italian cities.
The Monu Frumentarii, In several parts of Italy,
are storehouses of corn, which is lent to poor cul-
tivators on the.same principle as money is by the
Monte di Pieta
In 1888 the number of pawnbrokers in the me-
uopotan district was 1868; $50 in 1888, and 3s3 in
1872 in the rest of England and Wales the num-
Der was 1883 in 1888; 1894 in 1898; and 1904 in
1912 in Scotland the number was 81 in 1885, SO
In 1888; and 1873 in 1912; making total of 800
establishments in 1912, which paid tl6,522 for
their licenses, besides the license which many of
them take out dealers in gold and silver. The
increase in England is to a considerable extent
chiefly in places where the business of pawnbroker
has not hitherto been carried on; and in Scotland
according to the 'New Statistical Account" the
extent Of this change is remarkable The busi-
. ness OF a pawnbroker not known in Glasgow
until August 1906, when tinerant English
pawnbroker commenced business 10 a single room,
but decamped al the end of six months; and his
place was not supplied until June, 1913, when the
first regular Office was established in the west OF
Scotland for receiving goods in pawn. Other midi.
viduals soon entered into the business; and the
practice of pawning became so common, that, in
1920, in season Of distress, 2043 heads of fami-
lies pawned 1880 articles, on which they raised
f739 Is. Cd. The capital invested in this business
in ls40 was about sf26,000 Nine-tenths Of the
articles pledged are redeemed within the legal pc
Rod Or. Cleland's Former and Present State OF
Glasgow, 4" l540.) There are no means Of ascer-
tanning the exact number Of pawnbrokers' estab-
llshments m the large towns Of England. A re-
turn Of the amount and nature Of the dealings of
pawnbrokers would supply much valuable evidence
Of the condition and habits Of the people. The
only return Of the kind which we have seen was
supplied by a large pawnbroking establishment at
Glasgow 10 DR.. Cleland, who read 1t at the meeting
Of the British Association for the Advancement of
Science IN 1886 The list comprised the following
articles 539 mems coats, 355 vests, 2S6 pairs OF
uowsers, "a pairs Of stockings, 1880 woman's
gowns, $40 petticoats. 1872 wrappers l23 DUTIES
80 pelisses, 240 silk handkerchiefs 294 shirts and
shifts, go hats, 81 bedticks, los pillows 262 pairs
Of blankets, 300 pairs Of sheets, l62 bed-coyers,
SO table-coths, ~ umbrellas, l02 bibles, 20l
watches, 2l6 rings, and a. Waterloo medals II
was not stated during what period these articles
were received There were at that time in Glas-
gov above thirty pawnbrokers In the manufac-
turing districts during the prevalence Of "strikes,
or in seasons Of commercial embarrassment, many
hundreds Of families pawn the greater part Of their
wearing apparel and household furniture. Paper
read in 1887 by Mr.. Ashworth, Of Bolton, "On
the Preston Strike ~ 1885, The borough-reeye
Of Manchester stated on a late occasion, april
l540,) that clergyman had shown him sixty.
seven pawn-tlckets from one fam lily, and he saiC
there were thousands in similar Circumstances ego
ing inch by inch" in consequence Of the stagDstior
Of industry. The practice Of having recourse u
the pawnbrokers on such occasions Is quite differ
ent thing from the habits Of those who son beins
paid their wages on the Saturday, are in the habi
Of taking their holiday clothes out Of the hands oil
the pawnbroker to enable them TO appear respecta
bly, the Sabbath, and on the Monday following
they are again pawned, and fresh loan obtained
10 meet the exigeDcies Of their families for the re
mainder Of the week" IL is on these transaction.
and such arise out Of the desire Of obtaining
some momentsry qualification, that the pawnbrokeri
make their large profits. Il is ted IN one Of IN,
reports on the Poor Laws, that = loan of Sd. if re
deemed the same day, pays annual interest at th'
rate Of 5000 per cent weekly, $50 per cent.
I'd 5000 per CT. weekly, $50 per cent.
Cd 26OO +" 433