Richland beacon., 1888-11-10
CHICAGO USURERS.
Human Leechcs Who Live by Bleed
ing the Unfortunate.

Human Leeches Who Live by bleed
ing the Unfortunate.
The iron .clad clause of these chat
lei mortgages practically surrcndors
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 chaitels and enjoy the same uu-
Ill default is made in the payment of
The interest notes or installments or
until the mortgage ''shall feel inse.
cure or unsafe or fear diniinntion. re-
nova. u waste of said property; or
IF any writ or distress warrant shall
be levied on said chattels." then all of
the interest. notes and installments
shall, at the option of the mortga-
gee" without notice ia 8nyane. "be-
come .. 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 10 enter the premises of the
debtor without anv process OF law. and
with force. if necessary, aud take
possession of and remove. sell and dis
pose OF them at public auction to the
highest bidder. after giving three days
notice of the time and 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 ''cosls 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 tho times agreed upon.
Short shrift is given to the unfortunate
debtor and in Il trice he finds his home
besiegeI by gang of men in the 'em-
ploy of the broker. His carpets are
ripped from the floor and his furniture
is conveyed to waiting wagon and
carted away to 4 convenient storage
warehouse or second hand furniture
store. owned and managed by the en-
terprising broker. but conducted under
another name.
Instances of extreme hardship and
tu!lering are numerous, and if the half
that is told be true the money broker
and nefarious practices should be
compelled to undergo the severest PEN
aliics of the law. A sad case, which
is only one Of many. was related to a
Oh cagO Herald reporter. 1t was that
of a young wife with two children,
whose husband suddenly died and left
her without the means for even a de-
cent burial. In her extremity she APP
pealed TO one of these brokers, and by
mOrtgaging her furniture she was pro-
vided with the money to bury her hus-
band and agreed 10 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 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
drcn 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 a hard
working mechanic. who. by reason of
sickness i'm his family. was obliged TO
solicit loan from one of those con-
scienceless sharks. Before his mort
gage came due he was injured by
a boiler explosion and was confined TO
gage became due while he was living
helpless aud suffering on his couch.
The broker wanted his money and
would have it. II the money was not
paid the furniture must be taken. and
SO one day the broker and his men
called ut the house. and removing the
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 mercics
Of sympathetic neighbOrs.
These are but two cases ont of hun
lrcds that have occurred. and although
hey are extremes, they simply show
10 what extent the grasping money
Oaners will go TO secure the paymen:
IF his loans. which he was careful to
tally secure before the money was adj
Tanced.
There is another popularity about
hese money loaners. They appear to
have established a sort of protective
syndicate among themselves. When
l mortgage becomes due and the deb
or is unable 10 meet his obligations
md desires an extension of time, he
invariably finds that the broker with
whom he dclt has sold his mortgage
% some associate i'm the business, and
10 must therefore negotiate with
| stranger if he desires any favorable
The new broker, if the
'ebtOr is at all responsible, is gencrly
quite willing to grant an extension,
,ut the old mortgage must be paid OFF
md now ono executed. OF course
Extra charges are necessary. and when
he now mortgage is executed it is
ound to be for about fifty per cent,
more than the original one. Protests
ire of no avail; the unlucky debtor
must sign it or have his goods seized
Inder the old one. and rs that would
'e utter ruin. he acceps the extortion-
lie alternative. and SO augments his |
obligations for few DAYS more grace.
The distressing experiences of thou
ands who have become the victims of |
bese money-loaners could DO related,
nd each experience would form a
haptcr of cruelty. The victims are
sgiOn, but their experiences must be
elayed until another time. In the /
Meantime. however. the brokers thrive
nd grow fat They advertise in the
ally papers and seductivcly WOO the
nsuspecting and needy public into
heir Offices by promising tho most
enerous treatment and brotherly re.
ard for the unfortunate.