The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-10
pHrLaNrHRoprc rAwNsHops.

Il IL proposed to found In Chicago an In
stttution based upon the famous Mont dc
Piete in Paris. where loans are made
upon plesges a. a rate Of interest con-
troiled by the government The same Cd
feet has received considerable attention
in New York, but It was always met by
the opposition Of those engaged in the
pawnbroking business Such measure
formed part OF the usual batch OF bills
introduced for the purpose OF provoking
threatened interests to subscribe 10 a fund
devoted 10 heading off adverse laws, and
rs periodical appearance. became so
notorious that II was finally abandoned.
The Chicago bill seems 20 have more
merit 10 It, and Is said TO b backed BY
a number OF phianthroplsts. who see in
It measure of relief for poor people tenn
porarily in need OF ready money. bill
OF similar character was passed by the
Illinois senate In 1885, but killed in the
house. The new one is said 10 have been
shorn OF some OF its Questionable fea-
lures and, although It cannot be made al
together acceptable 70 pawnbrokers. It
viii restrict the competition with them
II is proposed TO eonline the interest to
per cent. per month for sums not over
SO and rs per cent. per month up TO $780,
which Is TO be the limit OF loans.
There are two objections to the pawn
broking business as conducted in many
large cities. One Is the enormous rate or
interest charged. and the other 10 the
cover it affords for the disposal OF stolen
goods. In Seattle. an ordinance requires
a license TO be taken out. and registry
kept of all articles pswnei. Whistler this
precaution is sufficient, or the pawn
brokers Of this city are more than usually
honest. the fact IL that the police have no
difficulty In obtaining ready access to all
pledged goods. and there Is scarcely ever
any suspicion that the pawnshop is resort
ed TO by thieves for me disposal of their
plumber.
There IL always ready excuse for high
rates of interest on pawns. The cost OF
securing them against loss or damage.
the necessity OF carrying them a long
time without receiving interest. and tho
risk OF accumulation of principal and ia
tersst to the full saiahls value OF the
goods are said to constitute a sufficient
reason for requiring usurious rate of IN
terest These objections would rather be
increased than diminished under circum-
stances which gave the loaning business
the aspect OF philanthropy. and subjected
Il to appeals for olemency and extensions
of time not usually made 70 the regular
money lenders.
on the other hand. such an institution
would no doubt be a blessing TO those who
are driven by necessity TO borrow money
on their trinksts and sTnall chattels.
vhsthex It would not form temptation
90 the weak 20 yield TO every pressure. in
stead of making = little sacrifice until
money could be obtained by earning. Is a
| question 10 be considered.
The people Of the country srs today
| ruling the ease with which IN rney could
be borrowed in the past. and It 10 not so
sure that any further steps in that direc-
| tion may not be accompanied by an evil
4 greater than that with which they are
| now confronted