Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-07-02
ENelIss MONEY LENDERS.
Widespread Fraud Alleged by . Man Who
Has Been Investigating Them.


Widespread Fraud AIleEed by Man who |
Has Been Investigating Them.
The American pawnbroker and the Eng
hsh money lender are engaged in general
way in the same line of business, but their
methods are different and they appeal to
different classes of borrowers. Some Of the
facts brought out by the recent investiga-
tion Of the English money lenders and the
tricks that they employ TO extort usurious
rates Of interest have surprised even the
Englishmen themselves, accustomed as
Shey are TO look upon the money lender as
q national institution whose usefulness is
unquestioned
Thomas Farrow, secretary of the Agri-
cultural Banks association, is the man who
started the last campaign against the mon
ey lenders, and it is chiefly due to his own
Investigations that the revelations haye
been made Through his work one Of the
most notorious usurers has Just been sent
to prison and dozen others have fed the
country or given up business Mr.. Farrow
has circulated broadcast plain statements
of facts about the great money lending con-
Germs, giving their names and details of
their victims. One penny book Of his, "In
the Money Lenders Clutches, " has sold to
the extent of 100, 900 copies, though it left
the press only five months ago.
1t was through the formation Of the Ag-
ricultural Banks association that Mr.. Far
rows attention was drawn to the money
lenders. From information which was
placed before his first committee meeting
he was impressed by the fact that in every
other country the land had been overrun
with extortioners before such banks were
started. He wondered whether the same
thing was true In England, and he soon
learned enough to make him want to carry
his Investigations further. Mr.. Farrow in
serted advertisements in more than 500
papers and distributed 20, 900 leaflets ask
ing for information He also visited hun
dreds of borrowers whose names and ad-
dresses were secured from the bills of sale
registry and other SOURCES As result of
his inquiries he said last week to an Eng
lish writer that the number Of people In
the money lenders clutches was immense,
especially among farmers, clergymen and
working people.
Country clergymen, " he said "conse-
quent upon agricultural depression, are
driven to try to get temporary aid, and
once they are in the tolls there is too often
little escape for them Personally know
of many clergymen thus bound. The
usurers like to have dealings with farmers,
for the farmer is usually an honest man,
and as he is tied to one place by his calling
he cannot slip away like q townsman. The
bills Of sale registered in England alone
average 9,400 a year, and their number
gives only faint idea Of the extent of the
evil myself in the early stage Of my
inquiries put test advertisement in fou
London papers for one day only, offering
money at 10 per cent, and obtained ss3 re
plies"
"What are your chief complaints against
the money lendersp"
"Their advertisements offering money
are crammed with falsehoods Many o.
them never lend money at all, but simply
rob inquirers of preliminary fees. Thei1
ordinary rate of interest when money il
advanced is 5 per cent q month, not PEE
cent year, and generally they deceive th'
borrowers in every imaginable way. The,
bring about the ruin of hundreds an(
thousands of people every year, and yet th'
law affords them every assistance and give
borrowers no protection.
Mr.. Farrow explained the way in whicl
the business is done. When victim re
plies to the announcements Of the none,
lenders, they return On answer that befor
doing business they must have q small
amount-10 shillings, e1 or e2-to cove
expenses of investigating the applicant
case. The victim sends the money, and
week or two afterward receives letter t.
the effect that they cannot do bushes
with him. In many cases no inquiries ar
made Unless the applicant is profes
sional man in good position, such as
clergyman holding living, the lende
usually requires bill of sale on furnitur
or stock. These bills of sale work man
hardships Mr.. Farrow has gathered hun
dreds of instances going to prove that the,
simply furnish the money lender with tn
means for extorting large sums Of money
Borrowers are tricked into signing then
without knowing what they are. Within
few days after q man has given bill O
sale he may find all his other creditor
down on him demanding instant payment
The number Of Englishmen who are Il
the clutches of the money lenders an
hopelessly so is surprising, and it EN-
braces men in all callings. Mr.. Farrow
now working for sweeping changes in tn
laws regulating money lenders. The out
come of his Investigations is in doubt
England without money lenders would b
an uncomfortable place for the great arm
of borrowers who pawn family name an
expectations for present needs.-New Yor
Sun.