Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1894-03-29

WE point to the recent report OF
Labor Commissioner Powers on
chattte loans made in Minneapolis.
The main features in that report are
that there were filed in the clerks
office in 1898 1900 chattle mort
cages, the face value OF which was a.
bout $4,000; tl,at the loans were
made for short terms, ten per cent
being deducted from their face;
that the averageamount OF each loan
was $40, the amount received by the
borrower being $50; that by far the
greater number gave security on
household furniture and musical in
strnments, showing that the borrow
er was in some great pinch or dire ne.
cessity that drove him to the usurer;
thatthe actual amount OF money used
as capital for those lonns was be-
tween 100000 and $4,000, the
same Icing turned over three or four
times during the year, and that the
investments netted the owners sum
equal to the principal. To be plain,
the usurers OF Minneapolis extorted
100 per cent interest from their fell
low men in their time of misfortunes
and distress.
What is Mr.. Powers remedy for
this evil? More money, OF course.
He seems to be endowed with con-
mon sense. He says: "The problem
OF how to free the poor from the ex-
tortion OF the money loaner is then
the following: How can more money
be secured to be loaned, and how
much will he needed to practically
end extortionate loans among the
poor OF such acity as Minneapolis on
chattle mortgagesecurity? Thefncts
here presented would Indicate that
$40, 200 would suffice to fill the place
Of the extortionate loans now made
in Minneapolis on chattel mortgage
security
This is a showing mp Of the sitna-
tion in one city. A like conditioner
lists III every other western city. 1t
exists in the country. Thefnrmers Of
the Red River valley are suffering I'M
der almost similarc conditions. They
put q chattel mortgage on their live
stock, on their plows, seeders, now
ars, on their growing grain, andeyen
On the grain before it is sown, and
doubtless would plaster the backs Of
their wives with mortgages If money
could he raised in that way. We do
lot blame them for this; it is {, necps-
'ity in which they find themselves.
The remedy is more money. MIR.
Powers says ii there coald he got in
ZONE way $40, 900 more money into
Minneapolis to be loaned out to the
DOOR it would correct the evil. There's
he rub. 1t cam t be got unless the
'ictims can be bled still deeper. The
money is not in existence. There il
lot enough it. Every community
> suffering with the same disense, ex-
ept perhaps a little territory in New
England, where there are more rocks
han hearts. And why should not
hose who have money to loan, when
hey make 100 per cent year, OBJ
'ct to the increase OF the currency?
might reduce their gains probably
, SO per cent, and TINT would ruin
lem. They believe in money OIL
Ugh valne; honest money that is
orth 100 per cent, rs well MS 100,
'nts OH the dollar.
The voters Of the Seventh Congress
onal district Of Minnesota, and in
! the districtsin the state, for TINT
after, will voteagainst theirinter-
is, will vote to perpetuate their
yn poverty, if they deposit their
,tes for a candidate for congress
10 is not pledged to the free and un- :
nited coinage of ilver.-Moor-
ad News.