Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-04-05
The Paris s1ont.de.Piete.

L ne Iarls correspondent Vi Ine
Pail Mall Gazette writes: "The
Mont-de-Piete has been in exist
ence here one hundred years, a fact
which renders the last report of the
director general, M. Andre Cochut,
all the more interesting, although
it refers to the year 1874. The
Mont-de-Piete,, copied from the
Italians, is in the hands of the
government; it is a monopoly, like
the manufacture of cigars, snuff,
lucifer matches, ETC., and the money
lent out is obtained by the issue Of
bonds. In 1874 bonds to the
amount of 100000 francs, or
over G1,750,0OO, were issued, and
pledges appear to have been effected
to the amount OF 32,0O0,000 francs,
and there were renewals to the
amount of about half that sum.
At the same time objects to the
value of 2S,500,0e0 francs were
taken out of pawn. 1t seems that
at the commencement of 1874 the
quantity of objects brought to the
Mont-de-Pi was so large that M.
Cochut hardly knew where t, store
them. This showed that there was
a great deal of distress among the
working classes. Fortunately, there
was good harvest, the price of
bread fell, and a large number of
articles were redeemed. At the
beginning of the year, when the
Mont-de-Piete required funds,
money was exceedingly dear, and
after the good harvest, when no
money was wanted, it was cheap.
In consequence of this state Of
affairs and other matters it has
been more than once suggested, in
the interests Of the poor, that the
Mont-de-Piete should be allowed
to have funds of its own and be
made independent of all extraneous
aid This might easily be effected
by permitting the Mont-de-Piete
to capitalize its profits. What hap
pens now is that the profits 90 to
the charitable institutions, hospi-
tails, etc., and thus the poor give to
the poor. In this way the same
tax is imposed upon the Mont-de-
Piete as upon theaters and other
places of public amusement.
"At present the poor have to bor-
row at an exorbitant interest at nine
per cent, whereas if the Mont-de-
Piete were made independentmo
could be advanced at a much lower
rate. One curious regulation is
that the Monte-de-Piete is obliged
to lodge its reserve fund in the
bank, which pays an interest Of
three per cent, and when money is
required fOurand a half per cent.
has to be paid. The working ex-
penses of the Mont-de-P -Piete are
about fifty thousand pounds a year,
and the profits arise from the inter
est taken, and from the sale Of
unredeemed property. There is
this popularity about unredeemed
pledges, that the person who pawns
an object is entitled to receive the
difference between the sum ad-
vanced and the sum for which the
article is sold, expenses deducted.
No pledges are therefore entirely
lost, with the exception of those
which are not claimed. NJ. Max
ime Du Camp, in his Paris its Or
gans, its Functions, and its Life,
has devoted a most interesting chap
ter to the Mont-de-Piete; a chapter
enlivened with anecdotes as that OF
the umbrella which has been in
pawn for nearly a quarter of a cen.
tury, aad the ticket for which is
annually renewed. The report Of
NJ. Andre Cochut shows that in
1874 the working classes at the end
of the year, and IN spite of the
consequences Of war and the Com
mune, were tolerably well off; as
we'll of. Judging by the statistics Of
his Office, as they were in 1868. On
returning to Dulaure's History Of
Paris, / find that in 1856, when
France was getting a constitution,
there were 10000 watches in pawn
and ether articles in proportion, and
watches were not so common then
as now. In 1916 the amounC O.
business done was about half thai
of 1874, and yet the forfeits handed
over to the Assistance Publiqut
were about the same, The amelio
ration of the Mont-de-Piete win b,
a fine question for our Republican
Chambers to deal with"
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