The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-24
CAUGHT BY A SHARK
STORY OF POOR MAN IN THE
CLUTCHES OF A sHYLOCK.
borrowed so, and After Paying Back
SIS Found that He Still Owed $24.25,
Which Might Yet Incense.

James Mitchell, an old man having an
Office in the Baldwin BLOCK, Is a well-known
character about the offices Of the justices
of the peace on North Delaware street. He
Is engaged in the business OF lending
money on notes secured by chattel mort
cages on household furniture and other
good collateral security. Some months ago
George Stevenson, a poor man living on
Locke street, says he had the misfortune
to become hard pressed for money, when
he applied TO this money-lender for $12,
Offering his household furniture as Sc
curity. Stevenson says the old man re-
fused to lend him s12. but agreed to adj
vance $40, providing he would execute a
note and mortgage for $12, Mitchell repre-
senting to him the extra s. was to pay for
recording the mortgage and other expenses
incident to making the loan, including
notary's fees. At the end of the month,
Stevenson says, he was unable to pay $l2,
but paid $780, This. he says, he did for
SIX consecutive months, making $50 he paid
Mitchell, all told. Then, he says, he re-
ceived a note from Mitchell asking him
to call at the Office, as there was some
thing wrong with the papers. According
to Stevenson's story, Mitchell then told
him the note was overdue and he would
have to give another in its place. In speak,
ing ABOUT the case to his attorney, John p.
Leyendecker, Stevenson said:
+o,d wanted 10 do what was right and
told Mitchell 1 would sign another paper
II It was necessary. He wrote out note
aa9pncaies of the first. and / signed them
WAY Wsr MiI INV was WITH me and told me after
sne must be mistaken. 1 didn't read them
n1 subsequently Mitchell assigned the
hote to one Thompson. so it seems.
"A. any rate, Stevenson received a
letter leu e.. from Thompson's. attorney
his note for SPAS was due and would have
TO be paid by tonight, or a suit would be
instituted to replevin the furniture In his
extremity, stevenson went to attorney Ley
He sent letter to Thompson's attorney
post haste, advising him to bring the suit
Immediately instead of waiting until to-day.
50 Tar nothing further has been heard Of
the matter, and 1t is thought no suit will
be brought against Stevenson.
several attorneys said yesterday that a
little resistance on the part of the victim
goes a long way towards soaring off the
money sharks I'm such cases. They have no
desire to go into court, and the threat to do
so Is generally mere bluff. made in the
hope or frightening the borrower into pay
ing them more money. When the victims
appeal to the courts for redress, one at
torney said, they are likely to find the
judges on their side, and the tendency of
the courts Is to allow. the borrower to re-
coup every cent that has been paid above
the legal rate Of interest, no matter whether
it has been paid under the guise of "ex-
penSes, extensions, or other illegal pre-
lenses that are mere covers to an attempt to
wiring uSuriouS interest from the poor. The
courts are inclined to insist strenuously upon
having it made clear to them by what sort
of mathematical calculation debt, orig
SIS having been paid thereon in the mean
time