The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-12-23
MONEY SHARKS.
Inscriptions Usurers, and How The
Bleed Their Victims.


Bleed Their Victims.
The following from the Globe
Democrat affords one Of the evidences
of prosperity in the flourlshing city
of St Louis:
Gould the record OF the recorder
OF deeds Office speak. instead of be-
ing silent receptacle Of written doc
uments. what startling tale of hui
man misery would be unfolded and
what narratives of mans avarice and
Indifference would be told. It is
there that misery and misfortune
stands out as it does nowhere else. It
is there that the executioner and
it might be said. the fiend in human
form, hidden from public gaze. -four
ishes in all his glory. St Louis has
it's proportionate part of these fellows
men who prey upon the restitution
OF fellow-men as the hawk does upon
the weaker members of the feathered
tribe. and almost as Indifferent The
usurer is not man of sentiment and
is as unmoved by tales of woe as he
is to the forms of law. Money and
interest is all he lives and cares for
it is his aim of existence; all things
else are as nothing to him.
':According to the records of the
recorder of deeds Office. the number
OF chattel mortgages filed average
about IL 900 per year. Some of these
go over from year to year. and it is
stated that there are now filed Is. 900
chattel mortgages on personal prop
erty. OF the Is 000 1000 are on
household effects. such as furniture.
carpets cooking utensils OF the
IA 600, 10. 900 are held by we'll known
money sharks" who draw on an
average 10 per cent per month from
their victims. although the law is
very emphatic and explicit on the
subject Of money.
There have been numerous cases
in the courts where it was established
that the lender had collected from
the borrower in interest alone more
than 100 per cent in excess of the
! money borrowed. In fact a case was
tried before Judge Dillon not long
since. where it appeared that a well
known shark had made $40, 900 in
one transaction in connection with
the Ward Furniture Company. which
failed about three years ago. and was
then suing to recover ST.. 500 addition
al. Nearly all of these mortgages are
made by people whom want and nee
essity force to take such methods to
prevent starvation. When they are
once in the hands of the shark. they
are unable to extricate themselves
and remain there until all theirready
cash is extorted from them Then
the shark walks in. takes possession.
and turns their effects over to a Sec
| ond- hand dealer.
The progress of such transactions
from their incipiency to their ending
is about as follows: The unfortunate
| individual wants money. and he goes
to MIR. Brown or some other individual
to borrow 800. Mr.. Brown or his
clerk makes an examination and finds
that the unfortunate has about $500
or $500 worth Of household effects
| and agrees to loan him the money. A
mortgage is then drawn up viz:
Know All Men by These Presents:
That the undersigned John Doe, of
the city of St Louis state of Mis-
souri,. in consideration of the sum of
one hundred ($1oo) dollars to him
paid by Mr. Brown. of the city of St.
Louis state of Missouri do sell. as
sign. transfer over to the said Mr..
Brown. his executors administrators
or assigns Here follows description
of the property. upon condition that
if he pay to the said Mr. Brown or
his said executors assigns or admin
istrators the sum of 800 (and legal
interest) then this conveyance shall
be void; otherwise. to remain in full
force and effect. And in case
default be made in the payment
of the debt above mentioned. or
any part thereof or the interest due
thereon on any day when the same
ought to be paid. then the whole sum
shall. at the election of said Brown,
become Immediately due and payable.
The property hereby sold and con-
veyed to remain in Does possession
until default be made in the payment
of said debt and interest or some part
thereof; but in case Of a sale or dis
posal or attempt to sell or dispose of
said property, or removal Of or at
tempt to remove the same. or an un-
reasonable depreciation in the value
thereof the said Brown. or his legal
representative may take the said
property, or any part thereof into
his DOssesslOn
Upon taking possession Of said
property, or any part thereof, either
in case of default or as above pro-
vided the said Brown or his legal
representative may proceed to sell the
same. or any part thereof at public
auction. to the highest bidder for cash.
Then follows description Of the
methods of sale. with the proper GER
tifications of the instrument
The victim signs the mortgage.
but instead of receiving 500 he is
given $50 and is informed that the
$40 is a part of the expenses to re-
cord. etc. He then. as per agree
ment as is usually the case, pays 10
per cent per month on $780, and pay s
in advance. Mr.. Brown. or whoever
the lender may be. is too sharp to
credit on the back of the note what
the borrower gives as interest but he
charges it up for extensions. to
evade the usury law.
Laws against usury have existed
in almost all ages and the state OF
Missouri has had them on her statute