New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-11
LETTERS TO THE EDITOR.
PLEA ROE MONEY LENDER
Sir Per cent Rate Too Small, 1t Is
asserted.

- the Editor Of The Tribune.
Sir. Being a constant reader 81 yaur paper
kindly Permit me 10 make fow observations h
i,r',aif 81 the Legitimate loan comranies.
u Eel needless to say that the recent exposure 81
fl-e unreasonable methods 81 some ana The Eree1s
and avarlcious propensites II others. have crippled
and inflicted a great Joss upon those who have en-
r..va-ed 20 comply with the law and who conduct
tert- business upon reasonable basis
% ir not my intention to say anything disparag-
i.r q the District Attorney or the press Tor
Che attitude they have taken IN This crnsaoe. JOY
10 doubt the agitation has been She means 81 ac-
,.n1nIierirQ good results In roofing and wee ling
out certain Objectionable characters who have been
o. Getriucut not alone 20 tho public but 10 me le-
e.tInate money lenders as well. or course. a great
deal that has been said was very much magniied
end exaggerated. set az the same time. great oeal
published had the scmbiance Of truth
There IS one important fact which must not be
lost sight of and that S. money lenders are inds-
lYensahle 10 a certain class OF borrowers who only
lave their household effects and salaries 10 offer
Tor security IN fact. they arc Just ne important
and essential o. community as banks. trust com
raries and other financial institutions. Because
some have violated the law and are doing an
unlawful business is no reason why the good ones
should suffer and be driven out OF business or such
unreasonable restrictions be placed upon them that
thev cannot continue without loss The whole dlt-
fculty could be cbviated - the legislature would
legalize them and place them under tho jurisdiction
Of tho banking or police dcrartment, the same as
A. done IN other cities Fix the charges commensu-
,ate with tho risk including fair and reasonable
charge for preparing papers. appraisemeut lnVest-
cation and other expenses. In that way the lender
vii De protected as well the borrower.
ID is idle talk and unreasonable 10 expect them
., do business strictly uuon a per cent basis In
faf il is an imDossbilitv. There are few business
houses that do rot figure upon making at least
<ro, % 10 g- pcr cent There IS absolutely no dif-
florence between the business house and the money
lender one sells merchandise and the other sells
money As Illustration OF the injustice or p-ac-
Sc tbor, rinon a 6 per cent basis. take loan 81
g. Cor four months The interest would be % cents
How is IL possible for concern 10 do business upon
,bat ;asfse There is the ADVERTISEMENT and invest.-
cation, 10 make. Chattel records TO be searched.
7-,vt-q OF papcrs stationery, car fare and other
incidental expenses. saying nothing OF the immense
losses through slips. death. sickness and loss o.
,lositions There is no line Of business where the
ask is so great and the security 50 poor. Ihe
r.srv best security given Is practically no security
one word as 20 the legality Of assignment oi
faIarios n Is mistaken idea that the puolc aile
-Ea rreSs have relative 90 The enforcement -
claims founded upon assls lInont 81 staIies
,sg-rl- l3erae case decided 10y our Court q Ap-
,5oals las no application 20 assignment OF So
80 court nor was ID discussed in any way what,
.-ar That was q case ~ a loan. pure an.
.fr,r1c and the whole contention and only PONY
5I l.. ~, 5efer[5art was that where naked
,..fe IS given without any additional security ~
"a ROT come within the purziew Of the usuTE
,y- Tic court very properly refused 10 entertain
r. iav-,er MIN dispute the fact that an assign
mont 81 WAGES 20 be earned IN the future unGer
gn existing employment Is valid y Is asslBlldue
49,. sarne Is c6atreIs or merchandise our own
lombard liS y. Y. 5e2 go so Tar as SAVING tl-oS
-yherc VINO In a written asslEi'ii men . - -, 80
.,. "a arI vii deliver them 70 the assignee.
!. guilty Of conversion upon ms os
Vcv-York City. March s. 1903.