New-York tribune., 1896-04-01
TIE POWER or THE PAWNBROkERS.

PawnbrDkers appear To have had remarkable
power and influence in Albany for many years.
Under existing laws they are allowed to exact
interest Al the rate ~ 80 per cent for the first
year that IL. per cent for each one OF the first
six months. ana per cent for carh one Of ihe
following six months on loans upon articles or
less than 500 In value. Such m exact.on as
this Is exorb!iant and outrageous. II presses
with extreme severity upon poor people who
mr.. obliged - borrow money on clothing or
furniture. small possessions Of various kinds.
in times OF emergency and distress No one has
ever been able 10 suggest a reasonable argument
why paWnbrokers should be permitted 10 prey
upon the poor In this way. Any one who j.
familiar with the operations Of the pawnhrokrrs
In This city knows that many or them have ne
cumulafcl large fortunes. and that most ~ them
take advantage Of the misfortunc' of the help
less and wr,iched 10 an into!erabe extent
The business Of the pawnbrokers is exceptions
ally safe and secure. They advance only the
amounts which they think proper to advance on
the pledges which are offered TO them. and they
never take any risks. The sums which they loan
are Invariably far below the actual values Of the
articles which are put IN pawn: hence the pawn
broker Is sure Of his profit. and pawnbrokcr
become bankrupt OF course certain pawn
brokers have been known 10 make assignments
but those assignments were due TO rash spccula-
tons In real estate In Wall Street, or 70
operations TIM, had no connection with the bus-
ness Of pawDbroking itself The Tribune At
var.ous times has published articles on this
subject, and has shown that the rates OF Interest
charged by the pawnbrokers should he cut down
4
to the admirable manner In which the Paris
Mont de Pi6te IL managed. The Paris institu-
ton and similar establishments in other great
cities are conducted In such a way rs 70 be- Of
actual benefit to the poor people who are com
relied 10 borrow money at short notice. In these
institutions the rates OF interest are always
small. while the owners Of the property pledged
have every opportunity TO redeem their posses
sions with the least possible discomfort trouble
and delay. 1t Is disgrace to the city Of New
York that the pawnbrokers are allowed to wax
rich upon the misery OF the poor as they do.
Year after year bills have been introduced at
Albany 10 reduce the exactions Of the pawn
brokers' hut these bills have always been de-
! feited. II Is generally reported among poll
ticans that the defeat Of these measures has
| been secured by the raising OF corruption funds
| on the part Of the pawnbrOkerS No sensible
| and Intelligent person believes that every one Of
| the members OF the State Legislature Ia invnri-
| ably upright Some OF our Senators and some
Of our Assemblymen are probably at times open
| to the temptations offered by the lobbyists. The
| belief IL gaining ground in all parts Of the State
| ilat the pnwnbrokcrs have been able by The
| Improper use of money to prevent the passage
Of bills which would lessen their mmodcrate
| charges and would restrict their operations ~
| they ought 10 be- restricted. If our legislators
at Albany desire TO relieve themselves from slls.
plcon they should not fail to pass proper law
at this session which will give relief to the poor
| from the cruel exac,ions " the pawnbrckers