The Lamar register., 1898-01-15
THE CLOVER FOOT.
WHERE PRACTICE OF UsURY
HAS FULL SWAY.
As High as Three Hundred Per Cent
OFTEN Demanded on the
Money Lenders of India-rhe PeonI-
Have 80 Redress


the many nights OF toll and study
which George Wall, at time when
his failing health was cause for anx-
iety to his friends. devoted to money
lending abuses, with view to
bring legislation to bear on the
evils caused by usury. The most per-
nicious Of these, he considered. was
the evil caused by that abominable
system that obtains in all the Interior
districts OF our island as well as in
some parts OF India. By this system,
the goiya. though freed from the OBJ
noxious paddy tax, still suffers consid-
erably in the hands of the moneyiend-
er, monster who "reapeth where he
mas not sown and gathereth where he
has not strewn." The go per cent OF
the Chretty dwindles into nothing with
the 300 per cent of the village specu-
lator. 1t may seem incredible, but 1t
Is nevertheless true. VI Is usually
follower of the prophet or Chiefly.
and often as not the petty capitalist OF
the village. He begins with small
ooutique-the headquarters of trade
that finally saps the life of the whole
district. On a liberal credit system he
supplies the villager with everything
that he wants-provisions. clothes.
money. ete.-to be paid for in grain
when the harvest comes round. the
villager in consideration of the above
privileges undertaking to sell the
grain at about rupees an amman.
Thus. for instance, II one began
trade with a capital of 100 rupees, he
WnmIn u-Fs ha Lna nf a ms
tive trader. make 200 rupees, and this
being paid in grain would fetch 40
amunams, which would be sold few
months after for 400 rupees. He thus
makes a profit OF 600 rupees on his
original capital. all within the space
of few months. II Is appalling to
think that among those who speculate
in this wise there are people who are
sent by missions to carry light and
truth into these villages. This is after
all one aspect OF the question. The
Chetty's interest is thing that Is
more or less well known, though the
fact does not diminish the number of
his customers. 1t transplred only the
other day In the court that one Chiefly
alone annually lent sums OF money
amounting to over 1.0oo, 900 rupees 1t
also must be remembered he is only
unit of very large number. The
rate per cent that obtains among these
Jews is often more than 60 per cent.
He practices a process OF reckoning
which will surprise even their fair
brethren in England and elsewhere.
He lends his money not at SO much per
cent. but at so many cents on a rupee
per mensem. This system applies
only to the small sums. and is by far
the worst feature of his nefarious
trade, though by no means the least
patronized.
Besides the Chetties there are others,
small capitalists. who lend money at
rates varying between 12 and so per
cent. and among this class are to be
found not only the so-called respect
able natives, but Englishmen and
women. who ought to know better.
Were 1t necessary | could give the
names of these who have made many
a family in the land homeless, ruined
and disgraced, helping to augment the
ranks of those who either resort to the
their lives.
The remedy that will effectually
check all these evils is an association.
a sort of union that will use its in
fiuence for the good of the weak and
the oppressed. Let legislation, II
it be possible, be brought to con-
troll the money lender. Let there
ha aHprdad IN the p0or oIn-b.