The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-25
A PUBLIC PAwNsHop .

Poverty is NO disgrace, but it is often
exceedingly inconvenient. The most
prudent may find himself broke at a
most inopportune time. He may possess
assets to the value of many thousands,
but no ready cash. There may be an as
surance of d steady income. but it is in.
such a shape that the future cannot
well be discounted to meet the needs Of
the present. It is then, that under pre-
vailing conditions. the Shylecks are con-
suited. Mars extremity is the money
lenders opportunity. The person in
straitened circumstances does not like
to call upon friend for temporary
loan. he prefers nine cases in ten, to go
to the men who profit en- the misfortunes
of others. He goes to the pawnbroker
or the shark who advertises money to
loan on personal notes backed with an
assignment OF future salaries Human
nature will have to undergo a material
change before the frequenter of the
Dawnshop or the borrower of small
amounts from the professional money
lender, can expect to receive fair treat
ment. The advantage is always with the
Pledge and re usually makes the most Of
1t. He may deal strictly according to
contract, but the contract is often
against both the law and public policy.
To give relief to the large class who
]
cumstances and the pawnbroker there
was early established in Paris and other
large cities of France public pawnshops,
under the control of the governments,
where he, who was in the possession eff
valuable chatte1s and no money, could
pledge his chattel and get temporary
/ loan at a reasonable rate of interest.
Experts examine the proposed pledge
ard gave at once the amount that will
be loaned on the security. AS long as
the interest is kept up the pledge will
not be forfeited, as the government has
no desire to profit beyond the interest
charged This institution has met with
such success in France that it has been
imported into this country and is now in
successful operation in several American
cities
The Pawnbro1ers' Society of Chicag 50
was created by the legislature of Illinois
and aims to take the place of the nation
al pawnshops of France. One director is
appointed by the governor of the state
and one by the mayor of the city OF
Chicago, the others are elected by the
shareholders This institution mas been
in existence about a year and has met
with such success that the capital win
have to be doubled at the next annual
meeting. fixed rate of interest is
charged and nc advantage is taken of
inability to meet the payment when due,
so long as the security has not deterio-
rated and the interest is kept up.
Why is not this a good scheme for
the city of St. Paul? It is combination
of business and philanthropy which
should appeal to the man OF wealth as
well as the social reformer.
Pick UP any metropolitan newspaper
and you will see~ any number of adj
vertisen,ents like the following:
''Your credit is good with u.s. Quick
loans on household goods. pianos, etc.,
! without removal from your residence.
! Easy weekly or monthly payments. Low
! est rates. Loans to salaried people
without mortgage or indorser, payable
! in easy installments. We have private
| interviewing rooms and can guarantee