The Springfield herald., 1898-01-14
THE CLOvEN FOOT.
WHERE PRACTICE OF UsURY
HAS FULL SWAY.
A. High as Three Hundred Por Cent
Often DemAnded-Chapter on the
Money Lenders of India-The People
Have No Redress. :

fTOu tue Oeylou MAIL. Teue"UcE
the many nights of toll and study
which George Wall. at time when
his failing health was a 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
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 moneylend-
er, monster who "reapeth where he
has not sown and gathereth where he
has not strewn." The 60 per cent OF
the Chretty dwindles into nothing with
the 800 per cent of the village specu-
lator. 1t may seem incredible, but it
Is nevertheless true. 1t Is usually
follower of the prophet or a Chiefly.
and often as not the petty capitalist of
the village. He begins with small
boutique-the headquarters Of a trade
that finally saps the life of the whole
district. On liberal credit system he
supplies the villager with everything
that he wants-provisions, clothes.
money, etc.--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, il one began
dn yIytf t%.1 - ho
would soon, with the knack of a ma
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. 1t 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 we'll known, though the
fact does not diminish the number of
his customers. 1t transpired only the
other day in the court that one Chiefly
alone annually lent sums of money
amounting to over 100000 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 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
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 l could give the
names of these who have made many
family in the land homeless, ruined
and disgraced, helping to augment the
ranks of those who either resort to the
bankruptcy courts or put an end to
their lives.
The remedy that will effectually
check all these evils is an association,
sort of union that will use its in
fuence for the good of the weak and
the oppressed. Let legislation, if
it be possible, be brought to con-
troll the money lender. Let there
be afforded to the poor clerks
and others who lead a hand-to-
mouth existence facilities to obtain re-
lief in times of sickness or family trou-
bles. These and these alone will strike
at the root of the evils that today are
curse to society and disgrace to
the government and employers of la
Dor.