Alma record. (Alma, Mich.) 1878-1928, 1888-11-23
CHICAGO USURERS.
Human I.eeches Who Live by Bleed
Ing the Unfortunate.

| me irOn-clau clause OF tnese cn at
eel mortgages practically surrcnders
the poor debtor to the mercy Of the
man to whom he is indebted. 1t simply
allows the creditor to retain possess on
Of his chattels and enjoy the same un-
ill default is made in the payment of
the interest notes or msiallments or
until the mortgagee ''shall feel inse
cure or unsafe or fear diminution, re-
moval or waste of said property or
iii any writ or distress warrant shall
pe levied on said chattels.' then all of
tho interest notes and installments
shall, at the option Of the mortg a
gee." without notice TO an one. "Oe-
come at once due and payable" and
the mortgage is To exercise The right
or take immediate possession Of said
property, and for that purpose has the
power TO enter the premises Of the
debtor thout an, process of law. and
with force. II necessary, and take
possession OF and remove. sell and dis
pose OF them AT public auct on to the
highest bidder. alter giving three days
notice of the time aud place Of sale.
and describing the goods. or the goods
may be sold ut private sale. with or
without notice for cash or credit as
the mortgage may decide. and
pocket the entire proceeds under the
guise Of costs and charges
When this surrender is complete the
borrower IS al the mercy Of the broker.
and woe betide him il he fail to make
his payments at the times agreed upon.
Short shrift is gwen To the unfortunate
debtor and in trico he finds his home
besieged ty gang Of men in the en-
ploy OF the broker. His rarpets are
ripped from he floor and ais furniture
is conveyed to II waiting wagon aud
carted away To convenient storage
warehouse or secondhand furniture
store. owned and managed by the en-
terprising broker. but conducted under
another name.
Instances of extreme hardship and
suffering are numerous. and II the half
that is told be true The money broker
and h nefarious practices should be
compelled TO undergo the severest PEN
altics OF the law. A sad case, which
is only one of many. was related to a
Oh cago Herad reporter. Ii was that
of young wife with two children.
whose husband suddenly died and left
her without the means for even de-
cent bur al. In her extremity she APP
pealed TO one OF these brokers, and by
morigaging her furniture she was pro-
vded W Tn the money to bury her nus
band and agreed TO pay the usurious
interest which was charged. AS time
rolled on the widow was unable to
meet her payments. bis fact was no
excuse in the eyes OF the money broker
He would have his money or he would
seize the goods. The money was not
! forthcoming, and in Il short time the
home Of the weeping woman was in
| vaded by the cmissaries OF the broker
her goods were seized and carried
away. and she was left with her CHI l.
dren without bed. She was obliyed
TO put her children away from her. and
To-day she is working rs a servant girl
in Kansas
Another case was that of hard
working mechanic, who. by reason OF
sickness in his family. was obliged to
solicit n loan from one of those con-
sciencele,s sharks. Before his mort
gage came due he was injured by
his bed for several weeks. The mort
gage became due while he was living
helpless and suffering on his couch.
/ The broker wanted his money and
would have il. II the money was not
! paid the turn turc must be taken, and
so one day the broker and his men
called at the house. and removing the
unfortunate mechanic to the hospital,
! proceeded To denude the house of
/ every article Of furniture il contained.
and the mechan wife and family
were thrown upon the tender mercies
of sympathetic neighbOrs.
| These are but two eases out of hun
dreds that have occurred. and although
they are extremes, they simply show
! TO what extent the grasping money
! loaners will 60 to secure the paymen:
OF his loans, VIII oh he was careful to
fully secure before the money was ad :
vanced.
/ There is another regularity about
these money loaners. They appear to
have established a sort of protective
syndicate among themselves. When
a mortgage becomes due and the deb
tor is unable TO meet his obligations
and desires an extension of time, he
invariably finds that the broker with
whom he dclt has sold his mortgage
to some associate In the business, aud
he must therefore negotiate with
Ia stranger IL he desires any favorable
consideration. The new broker. il the
debtor is at all responsible. is generly
quite wiling to grant an extension,
but the old mortgage must be paid of
and a new one executed. OF course
extra charges are necessary. and when
the new mortgage is executed it is
found to be for about fifty per cent.
moro than the original one. Protests
are of no avail; the uulucky debtor
must sign IL or have his goods seized
under the old one. and rs that would
be utter ruin. he acceps the extortion.
ate alternative. and so augments his
obligations for "A few days more grace.
The distressing experier YES of thou
sands who have become tie victims of
these money-loaners could be related.
and each experience would form
oh M Af 1fv H..