St. Paul daily globe., 1886-08-10
VOICE OF THE PEOPLE.
MONEY EENDE RS.
A Plea in Their Behalf--NEr. Noyes
Criticised.

A Plea in Their Behalf--NEr. Noyes
Criticised.
To the Editor of the Globe.
In two recent issues of the GLOBE asser-
tions have been made by Mr.. D. r. Noyes,
which, to say the least, considerably reflected
upon the management Of the chattel mort
gage loan system as practiced in the city of
St. Paul.
These articles represent in substance that
as operated by the financial agents. they
assume the form of a ''delusion and snare
to the poor man. AS there are always two
sides to every question, and as the complain
ant has been heard l will take
up (unauthorized) the side of
the defense. Speaking from a
standpoint of personal experience, / have
to state: That about two years ago I had,
by the application of about $50, the opportu-
nifty to realize from such sum, returns to the
amount of ten times that figure, and not
being averse to a change of that nature and
proportion. at once endeavored to raise
the requisite sum of $60 I approached on
the subject banks and bankers, with reason
ably good security; also capitalists, some
Of them friends of mine, but
in each instance was informed that the
security was of Il character which they could
not accep I, or that their funds were invested
in government bonds and not available.
Under this status of facts the only thing left
to do was to go to the financial agent
I approached him, stating the character OF
my security and the amount desired.
were readily Informed that my security was
acceptable, and further advised as to the
amount of cost, leaving me the
option of accepting or declining
Well as to the matter OF expense in securing
the loan, it seemed pretty high; but in view
of the fact that we could multiply it SO m any
| times, decided to accept the terms. In subse-
quently reviewing the matter, found that
| we were charged the sum of S6 as commits
| sion for the securing Of this $50 for the pc
riod of thirty days, and that the note of
hand for said $50 drew interest at the rate of
| 10 per cent. per annum. This would leave q
| bonus of Sc to the financial agent" Now the
next question arising would naturally be,
| by what reason is this financial agent entitled
| to such sum as bonus in securing such loan:
Well, in the first place, it is necessary to have
| the records examined, in the Office of the city
| clerk, to ascertain if any prior mortgage eX-
lists upon the property offered, and for which
service G. K. Davis, the attorney mentioned
in Mr.. Noyes' article, would charge. doubt.
there is note and chattel mortgage to be
drawn, for which any attorney
! would make charge Of al
least $3.50, making a total of $3.50
| which, if put in the form of fees, would be
regarded as perfectly legitimate by the legal
|
| case, it is sufficient to say that my scheme
| did not pan out as I anticipated: in sfact, il
| was rank failure, and /, like Mark Twain
| ''killed Brown" the deceiver, seventeen
| different ways every night, but this did not
| settle matters with the financial agent" but
he, instead OF viewing the matter in the
| light of failure as | did, had q way of call
ing my attention monthly to the delinquency,
He did not deprive me of my household goods
but gave me some good wholesome advice.
He advised me not to get Respondent, but to
''brace up" and try something else; said that
SO long as man showed the disposition to
try and do something he would not cause
him to suffer, and wish to say right here
that this matter remained standing upon this
basis, without 1 cent being paid, for the
period of more than one year before settle
ment was finally adjusted. Such is my ex-
perience with financial agents"
Now as to the GROWERS, and at this point
permit me to say that this class of poor
people have my sympathy, and can obtain it
in more substantial form at any time than
from those who represent more wealth, and
who possess larger fund of advice. In the
| first place. I venture to say, that every
man or woman who makes loan
from so-called financial agent" first tries
some friend, or acquaintance of means. They
are in absolute need of funds and, being re-
pulsed Oh all sides, their last resort is the
financial agent" He does all his quarrel
ling with them in the start, there is nothing
left open for future questions, they under
stand what they are to pay, and the liability
to which they involve their security, and if
such of the financial agents who are law
yers would note the charges as an attorney
fee, they would sail SIN oothly over the dis
cordant waters Of public sentiment.
There is always a vast shoreless waste OF
advice ready for any hapless individual who
presents.