Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1888-11-29
CHICAGO USURERS.
Human Leeches who Live by Bleed
Ing tho Unfortunate.

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-
til default is made in the payment OF
the interest notes or installments or
until the mortgages "shall feel inse-
cure or unsafe or fear diminution, re-
moval or waste of said property or
'if any writ or distress warrant shall
De levied on said chattels. then all of
the interest. notes and installments
shall, at the option of the mortg a
geo." without notice to any one, "bc-
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 without any process of law, and
with force, If necessary, and take
possession OF and remove. sell and dis
pose Of them ut public auction to the
highest bidder after giving three days
notice of the time aud place of sale.
and describing the goods. or the goods
4
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 at the mercy of the broker.
and woe betide him if he fail to make
his payments at the times agreed upon.
Short shrift is given to the unfortunate
debtor. and in trico he finds his home
besieged by gang OF men in the en-
ploy of the broker. His carpets are
ripped from the floor and his furniture
is conveyed to q waiting wagon and
carted away to convenient storage
warehouse or second hand furniture
store. owned and managed by tho en-
terprising broker. but conducted under
another name.
Instances of extreme hardship and
suffering are numerous, and il the half
that is told be true the money broker
and h ncfarious practices should be
compelled to undergo the severest PEN
alles of the law. A sad case, which
is only one of many, was related to
Chicago Herald reporter. 1t was that
of young wife with two children,
whose husband suddenly died and left
her without the means for even de-
cent burial. In her extremity she APP
pealed to one of these brokers, and by
morigaging her furniture she was pro-
vided with the money to bury her hus-
band and agreed TO pay the usuriOus
interest which was charged. As time
rolled on the widow was unable to
meet her payments. This 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 n short time the
home of the weeping woman was in
vaded by the emissares of the broker,
her goods were seized and carried
away, and she was left with her chill.
dren without bed. She was obliged
to put her children away from her. and
to-day she is working as a servant girl
in Kansas
Another case was that of Il hard
working mechanic. who. by reason of
sickness in his family. was obliged to
solicit loan from one Of those con-
scenceless sharks. Before his mort
gage came due he was injured by
boiler explosion and was confined to
his bed for several weeks. The mort
gage became due while he was lying
helpless and suffering on his couch.
| The broker wanted his money and
would have il. If the money was not
paid the furniture must be taken, and
so ono 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 it contained,
! and the mechanics wife and family
were thrown upon the tender mercies
of sympathetic neighbors.
These are but two cases 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 payment
of his loans, which 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 sort of protective
! syndicate among themselves. When
a mortgage becomes due and the deb
! tor is unable to meet his obligations
and desires All extension of time, he
! ,invarably finds that tho broker with
|
to some associate in the business, and
he must therefore negotiate with
IA stranger il he desires any favorable
consideration. The new broker. if the
debtor is at all responsible. is generly
quite willing to grant an extension,
but the old mortgage must be paid off
! and n 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.
more than the original one. Protests
are of no avail; the unlucky debtor
must sign it or have his goods seized
under the old one and as that would
be utter ruin. he acceps tho extortion-
ate alternative. and so augments his
obligations for few days more grace.
The distressing experiences of thou
sands who have become the victims of
these money-loaners could be related.
and each experience would form a
chapter of cruelty. The victims are
legion, but their experiences must be
delayed until another time. In the
meantime, however. the brokers thrive
n Al