The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-07-03
A REMEDY FOR SnYLOCKS.
FEATURES OF NEW PROPOSED
IN GREAT BRITAIN.
Exsetions or Money Lenders ana scandals to
which It IL Intended to Pat u stop-Tho
Proper Limits OF wife Heating - Opera
ror tho PeopIo Demnnded In Landau.

which II IL Intended to Put u stop-The
Proper Limits or Wits Heating - Opera
for tho People Demanded In London. |
LONDON. June 25.-In q recent letter I do
scribed briefly the great national scandal which
had been exposed by special parliamentary In
Quiry into the ways and methods of English
Shylocks. The investigation by q committee Of
the House of Common has occupied more than
a year, and the disclosure of practices common
throughout England by a large GLASS Of blood
sucking money lenders comprised q most seri-
Gus indictment against the Government. The
~exaction of so-callod interest" at the rate of
1900 per cont. per annum is common. The law
docs not forbid It; indeed. the law may BIO sue
c~essfully employed for Its enforcement.
The special committee OF Parliament, and the
English public as we'll. is unanimous in favor of
radical legislation for the suppression of the In
satiable operations Of these harpies. The com
mittce has already agreed upon the chief fea-
lures of its report and recommendations. 1t
will be a matter Of some surprise in the United
States at all events that a simple enactment fix.
ing q maximum legal rate OF interest-a limita-
ton which suflces to make extortion Of this
description infrequent in Americans not
TO be adopted as the remedy for the evil In Eng.
land. The advantages OF the American system
were fully explained in various hearings before
the committee, but tho measures which they
will recommend will be palliative rather than
mandatory. They nre good as fur as they go.
but the practical effect threatens to be an i'm
meLse increase in litigation-a form Of remedy
necessarily expensive and obviously not avail
able to most victims of rapacious money lenders,
1t is proposed in general terms to give the
courts absolute and unfettcred discretion in deal
ing with these transactions. To this end all trans
actions. by whatever name they may be called,
or whatever their form may be. which are in
substance transactions with persons carrying on
the business of a money lender, should be open
to complete judicial review; that in all legal
proceedings to enforce or for any relief in
respect of n claim arising out of such trans
actions, the court should have power to in.
quiro into all the circumstances of such trans
actions from the first transactions; that in such
proceedings the court should have power to
review any account or transaction, whether
settled or not; to direct that an account
be taken upon the basis of allowance of
such q rate of interest as shall appear to be
reasonable, having regard to all the circum.
stances. and TO make such order as the court
may think fit; that, having regard especially TO
the fact that money lenders frequently take
from borrowers promissory notes or bills OF OK
change which are negotiable and to which con-
sequently the borrower would have no defence
against the claims of a holder in due course, as
we'll as to other considerations, 1t Is necessary
to provide, in order to do complete justice be-
tween the parties. that the court should have
power to direct repayment by the money lender
to the borrower of any amount which, upon TAX
ing account. may appear to have been paid by
the borrower over and above the amount which
the court may direct to be reasonable in all
the circumstances that a borrower from q
money lender should be enabled. notwithstand-
ing any provision or agreement to the contrary,
Y N pnlv 4 thu NJ of a n v TINA RI rod anpN anv
security, or for relief on tho part OF hirsolf and \
any other person who acts as surety or other
wise, upon payment of the principal sum ad.
vanced and such interest as the court may con-
slider reasonable; that the discretion suggested
should be exercisable by any Judge Of the High
Court or any Judge of a county court; that
from any decision given under these powers by
the judicial authority there should be no right
of appeal by either party; that no transaction
between the Judgment debtor and judgment
creditor by way of a renewal of the loan should
be valid; that wherever IL may appear to the
court desirable the court should have power TO
hear any money.lending cases in private.
Some Of the general provisions of the proposed
bill are stringent and s%alut1ry. For instance, 1t
is proposed to enact that no money lender should
be allowed to trade individually or otherwise
than in his own name. and that when he trades
in partnership the firm should be registered
and the names of the partners given; that in
cases where the business of money lender is
carried on by a company registered under the
Companies acts, the company should be de-
scribed In the register and in all circu.
lars. advertisements, documents, or letters
as incorporated to carry on the business
of a money lender" the responsibility for
offences In this connection being taken by the
managing director or other officers; that money.
lenders should furnish to the borrower on every
date that the installment falls duo q clear
statement OF the account up to date; and that
they should furnish to tho borrowers and
~sureties, II any, at the time that each transac-
ton is entered into copies of every document
signed by him or them.
These recommendations will probably be toned
down in some respects before they find a place
in the British statute books, but there is no
doubt, after the revelations of the past few
months. that stringent legislation against the
evils of money-lending. as at present conducted
in this country. will pass Parliament In the near
future.
above oil. not too much ZEAL" was one of
the many maxims OF a French cynic. Long be.
fore his days Horace sang the praises of the
golden mean" In fact, moderation is a virtue
which has been and Is universally praised. The
difficulty is to settle the exact point between too
little and too much at which moderation is to
be found. 1t really is difficult. For instance.
to what extent may you thrash your wifel
Now, this Is no fanciful or wistful query OF my
own. Only last Wednesday a Scotch Judge In n
Scotch law court seriously opened the momen-
tous question. Sheriff Guthrie OF Glasgow-his
name deserves immortality-wa the Judge. and
the case was q very ordinary one Of wife beating.
Proverblally. tho chief marital privilege OF a
Brlton 10 the right to chastise his wife. know
this to be a fact, for / have read 1t In a French
writer's account of British customs and morals.
From tho same author l learned that the Eng
lishman is in the habit of taking his wife to
Smithfeld Market with a halter round her neck
and there selling her to the highest bidder.
Taking 1t for granted, then, as we must. that
q man. at any rate, an Englishman, has an in
Rlienable right to beat his wife, the question re-
mains. how muchf Until this is settled tho
English husband must, since Sheriff Guthrie's