New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-18
USURERS GIVE Up BUSINESS.
CAPTAIN GODDARD DEFENDS SUIT
BROUGHT BY THE HOME LOAN
To the Editor of The Tribune

To the Editor of The Tribune.
Sir: In the early part Of last fall who
said that he represented the Home Loan Assoei-
alton, TO and served on me a paper
which was notice OF the assignment OF his salary
by one Of my employees to the Home Loan Associ-
alton security for loan that he had obtained
from them I told the man that would not pay
the loan out OF my employees salary and sent for
the employee and asked him about the matter. He
told me that on account Of sickness in MS Family
and 10 pay the doctor and for medicines he had
gone the Home Loan Association and borrowed
OF them, and given them notes for so. and had re-
ceived from them in cash $40 9s. The notes obli-
gated him 10 pay So every week, beginning the
same week that ne received mis- S19 IS; in other
words, IN return for s19 9s he was bound TO pay
back So in five weeks. The rate Os interest rep
resented is over 400 per cent year.
After getting all these facts 7 advised him not to
repay the money and told him that I would
that the defended. as I felt that such
usury outrage, that there ought to be some
remedy for It, and II there remedy for 1t
the process of defending the suit would eulighten
me on the actual methods Of these Insurers and
put in position 10 form idea or what kind
Of additional legislation might be necessary in order
The representative of the Home Loan Association
called on me several times, demanding payment.
and each time told him I would not pay. Then
heard nothing about the matter for considerable
zine, say, ABOUT three months, ana lEeh was
served with q notice OF suit. had defence made
piaintin the trial was adjourned several times It
was many ser Gown Tor trial Ior AlutSut-s Ia5S'
Warren. appeared the attorney for the other side,
Mr. Turner, paid the ana withdrew the action.
The suit was brought in the name OF Harry Pen
hollow, assignee OF the claim OF the Home Loan
Association. Mr.. Warren sUbpPnaed the whole out
tit the Home Loan Association and would nave
ransacked the affairs Of the company from A to L.
The subpCenas issued in fictitious names,
the people all refused 70 give their right names
Turner announced the Home Loan ASSO-
citation had gone out Of business.
send this statement 70 you in hope that you
Will publish II, and give IL prominence in order that
everybody in the city who reads the newspapers
and who IS the victim Of such usUrioUs contracts
may know what the outcome has been OF L
tempt TO force at law such Usurious contract.
sincerely hope that all in this city or elsewhere
that are the victims Of usurious contracts will
one man refuse 10 pay. Il would break up the
whole business better than any legislation. How
ever. I received the other day from friend copy
OF a bill introduced on January - by Mr. Metzler
in the Assembly. The bill is No. go. and IS TO
amend Section No. 37S of the Penal Code. 7 sent
the bill 10 Mr.. Warren and ne says that il seems
10 him that this bill substantially covers the
ground and viii far to suppress the present
duct OF institutions OF the character by Pen
hollow II Il becomes law.
The law Of this State II stands deprives the
maker Of a usuriouS contract OF the right re-
cover the principal of his loan, and I satisfied
that such a law is essentially just, for il is
tainy right that the man who is willing 10 eat up
poor people az the rate Of $50 per cent year
should be exposed to a penalty commensurate with
the profits thar ne aims unla wfuily TO make
NORTON GODDARD.
New-York Feb. L. 1900.