Wichita eagle., 1889-05-30
eSMlllz~
Daily Eagle
MODERN SHYLOCKS.
Row the Professional Money-Lend-
erS Conduct Their Business.
Human Sharks That Are Utterly Devoid OF
Soul and Should Be Studiously Avoided
-Shavers of Salaries and Chat
tel-Mortgage Men.
TBrooklyn Eagle.l

is but six per cent. usurers in BROOKLYN
and New York continue TO thrive and grow
fat The average resident knows little of
the difficulty some men have to borrow
money Clerks and office-holders on small
salaries often run short and are compelled
10 apply to the professional Money-lender
Tor assistance Once in the hands of that
Escape is impossible. In dingy Office up
three flights OF stairs in building not far
from the city hall is SALARY shaver"
This individual does not differ from others
of his class He is a suave, polite and on
occasions genial This gentleman, who, by
the way, Is an American by birth, is pro-
fesslonal money bender. His countenance
when III repose is hard, and the thin lips
nnd small nose denote an avaricious dispo-
bltlon. For the sake of convenience will
rall the money-lender Smith. Those who
Intimately know Smith say that he is
man utterly devoid of soul Many Of his
transactions certainly denote that he IS al
ways on the lookout for the main chance,
hnd never neglects an opportunity to OBJ
tain the best of bargain.
MIR. Smiths methods, so far as / have
been able to learn from few. of his Gus
toners, are not entirely above board, and
would hardly permit the throwing Of even
The faintest ray Of light upon them. He IS,
In fact usurer Of the old school-such
Insurer as Shakespeare painted il the per-
Son Of Shylock. In addition to shaving sal
Rries Mr.. Smith, for reconsideration Of from
GC0 to 300 per cent, will loan sums of money
ranging from 500 to 1900 on household
furniture. In case one receives a salary of
10 per week and wants to raise S50 he, II
he is foolish, applies to the accommodating
In Ill -, 10,
ure of his business; the amount of salary
received; his residence, and often is re-
Quired to furnish one or more references.
Yes, Mr.. Smith will say after the above
questions have been satisfactorily an
swered, he will lend the amount required
for four weeks, the sum being made paya-
BILE In four payments of SIG each. Merely
for the sake of formality Mr.. Smith re-
quires the borrower to give four notes for
sic each, and to also give an order on the
cashier for the full amount $50.
The case given above is mild one. Had
Che borrower shown that he wanted money
badly, Mr.. Smith would have no doubt
charged him $50 for the accommodation in
stead of Sl4. Brooklyn money-lenders sell
dom mention the word interest. If they
know the meaning of the term they
seldom disclose the fact. When a man
Is charged S14 for the use of $50 for
one month, the money-lenders do not
claim that the sum ls paid as interest. o
mol 1t is simply Expenses" whatever
they may be, that the customer pays for
Cases have often occurred, when a man
wishes TO borrow 81, 600, that the money
lender, like Mr.. Premium in the " School
Tor Scandal, will say that he has not the
moneys" by him, but will borrow the
amount from a friend. Such friend must
be recompensed for his trouble, and what
with interest lawyers fees, expenses, fl
ing OF papers, ETC., the luckless debtor
finds that to borrow 81, 900 for three months
he must pay fee of from 500 to 300.
A New York firm of money-lenders few
weeks ago established branch in this city
The firm under notice are considered the
hardest-shelled members of the fraterni-
ty. They demand and receive $50 per month
on each 500 loaned. They do little or no
salary shaving, their speciality being chat
tel mortgages. A case will shortly come
up for trial in the city court in which the
plaintiffs, the New York money-lending
firm, sue for the recovery of 500, loaned
at the rate of $50 per 500 per month. The
original loan was S400 500 of which has
been paid back. The remainder of the loan
the defendant refuses to pay on the ground
Of eXtortionate interest and charges. He
claims to have paid over $3.50 already, an
excess Of $50 on the original loan, and just
ly thinks that that sum should be suffi-
cient for the loan of 800 for less than two
months.
Different money Lenders have different
ways of working. One, a lawyer, having
an office on Court street, is cute enough to
do nothing which would bring him within
the clutches Of Dame Justice. In compar-
ison with other money-lenders he is quite
modest in his charges, and only requires
that clients" shall pay him SIS for the use
of 800 for six months. 1t is perhaps IN
necessary to state that he has all the busl-
ness he can comfortably attend to.
Many persons Who have had occasion to
apply to money-lenders for assistance tell
interesting stories of their experiences.
Here is story told me by a city official the
other day. The official, many years ago,
before he became opulent, had occasion to
borrow 500 OF a money-lender in New
York, to whom, as security, he gave ten
notes. But two of these notes were taken
up when fire occurred in the building in
which the money-lender had his office. The
latter's safe was destroyed and with it the
that the money-lender was out Just $50.
One day last week Imet money brokers'
agent who has reformed and is now leading
the life of the Christian. He said:
"Usury is carried on more in Brooklyn
than many people imagine All men in
moderate circumstances or on salary at one
time or another have occasion to borrow
money. Such men, even if they have
eh l.
SO fall a willing prey to the money lenders.
j have seen men struggle for years to cast
of shackles forged by borrowing money at
enormous rates of interest It's bad
business, and in nine cases out of ten re-
suits in ruin. l would rather sleep in one
room and own the furniture in that room
than live in four story brown-stone house
the furniture IN which was mortgaged to a
money-lender Chattel mortgages, like
dynamite, should be left severely alone.
When United States Marshal is put in a
mans house the latter IS obliged TO pay the
fee
Certain money-lenders DO not do bust
ness with their own capital They have no
money themselves, but work on capital fur
nished them by men behind the screen
that is. they are backed by people who do
not wish it known they are engaged in such
nefarious business. -Pawnbrokers CHARGE
but IS per cent. per annum-mOnC lenders
I5) or 300 per cent. n month, or l,SO0 or :. 400
per cent year. Which is the cheaper Of
the twol Well. l should say the pawn
broker. But the pswnbrokers don't make
loans on salaries or household furniture.
SO you soc the professional money-lender
has every thing his own way and viii con-
unue TO do so until the State Legislature
passes bill 70 fit his individual case and
gives him no excuse for living"
AMONG THE POULTRY.