New-York tribune., 1894-04-22
4 PROrIDENr LOAN SOCIETY ~ MEXICO


AHEAD OF NETWORK IN ESTABLISHING A
PAwNsHoP on HUMANE AND BENEvo-
LENT PRINCIPLES.
Frederick f. Church. the we-known artist. who
Is Interested in the movement to organize the
Provident Loan Society of New-York sends from
the City OF Mexico the following account OF the
Monte Dc Pedad there established in 10 by gift
OF $500 600 from a philanthroplst Of that day:
1.-THE Monte De Picdad OF Mexico is more purely
n charitable institution than the famous Mont de
Pete of Paris in emulation Of which II was started
In the month Of February, 1775. 1t was founded by
Seior Don Pedro Romero de Terrcros. who drew up
it's body Of statutes and bylaws ard submitted
them to the King Of Spain, Carlos Torcero, who
gave his royal approval. and operations were com
menced stated From tho beginning it was al
ways under the patronage OF the Government ana
at present IS more than There are two com
mittees juntas. one of the directors, the gov
erning body the other Of the officials the executive
body. The first comprises the secretary del Gober-
nacion chairman. the Governor OF the Federai
District Of Mexico. the President OF the Common
Council and the director Of the Institution, with
the nearest male descendant OF the founder. The
executive body consists Of the director OF the nstl-
tuition. with the heads Of the four departments
clothes. furniture. jcwelry and savings bank.
in explanation of the last it must be stated that
the funds consist Of thc original 500 900 donated by
the founder. The MANAGEMENT has been always
conservative and has steadily maintained tn" idea
Of help which the basis of the conception.
The interest paid upon the loans Is only p"r
cent per month which Is Incredibly low, especially
In a city like Mexico. where interest has always
been high. Consequently the Institution cannot.
like the Mont de Petc OF Paris. borrow money
from any source. neither from the banks nor from
the treasury Of tho municipality 70 DO so would
necessitatc increase in the rate OF Interest paid
upon tho loans Up 70 lSi9 the committee Of tho
directors had never been able 10 devise any good
method for charging their funds. although the
utility Of the institution was sadly curtailcd for
lack OF them. In that year they started savings
bank. paying per cent upon all call deposits
AMI per cont upon deposits not wiihdrawable
without a years notice. This has enabled them 70
Increase the annual loans upon pledges to upward
of g. 0oo 00 sent.ng no less than 3l2D pledges
OF OF ;s'"'' S ~ p'''F NAMING al '' '''''s we IVAN
Loans are made on clothes. jcwelry AMI house
hold goods and can be redeemed ~ any time dur
praised hy an official charged with that duty and
offered FOR sale. THE establishment rrpays Itself
he trcdn of the piedeor ana viii he pn!d 10 him
upon production of his ticket ~ time for three
wears after tho sale. This must involve much
,lmbrous bookkeeping but IL IL n necessary part ~
mis- institution Tho recent Increase In the bust
ness of the central establishment in tho Plaza
Mayor has compelled the closing of five OF IN"
eight branches in the city IN consequence ~ The
lamcntahle want OF funds 10 meet the constantly
''Ths is to bc deporcd because It has given rise
- large pumber Of private p1UnshOps which DO
business terms that are distinctly onerous.
There is some variation. some being more lenont
than others but the av"rng" demand is for six and
half per cent per month. and the loan must
be either paid or renewed after the expiration OF
four months II not paid the pledge becomes the
property of the pawnbrokcr. who has public sale
wncn he chooses. ana exposes In his store much
merchands" that mover was pawned. II would
discomfort II the private pawnshopS should
Doe closed hv tho Government without correspond
ing increas" IN the oaning facilities OF tho Monte
de Picdad but this enlargement IS not pos'lhl" m
less some good Samaritan will follow the example
~ the founder and give round sum to the funds
OF the Institution.
NO better proof can be given of the Immense
esteem In which the Monte Dc Pirdad IS heid I'm
this city than IN" fact that two of IT'S directors
have been cN-pr"-dcnfs OF IN" Republic. and three
have been members ~ Cabinets General Pcdraza
the first cx-Prcsident O. hold this office. and
he established the savings bank department Of The
Institution. The other cx-prcsiont was Senor JoqA
Dc Herrera The three Cabinet Ministers vera
Mariana Riva Talacios. Trinidad Garcia and the
present director Senor Jesus Fucntcs Muniz'