Evening journal., 1905-12-13
JOURNALS EXPOSE
IS COMMENDED
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NoD-ie4iiuOH AiNiii a. . ohc't
state Senator Thomas Monaghan oi
Fourth and Madison streets, the father
# the loan bill. passed at the lasl
legislature, sends the following letter
'ommehding the stand taken by thl.
,aper:
December T.. 1905.
The Evening journal and Daily Re.
publican Company
Dear Sirs: Let me express my
sincere congratulution to you for
the very able and fearless exposi-
tion in t5-day's issue of your paper,
OF that rotten, thieving business
which has been carried OH in our
city for so long time. ! am
heartily glad that someone has at
last displayed the nerve to go after
these concerns who have been bleed
ing the people 50 mercilessly. and
who have shown such brazen OAR
ing in posing as business houses.
and yet who conduct a business,
compared to which the occupation
of the neak thief and the burglar
are honorable callings. You have
not used language half harsh
enough in describing the methods
of these concerns. You quote the
law in reference 10 usuary as being
sufficient TO reach these fellows, but
thar matter was fully discussed pre-
vious 10 the adoption by the last
Legislature Of AN Act in Relation
to Brokers" and it was agreed that
10y means OF the cunning schemes
adopted by these sharks, they are
able TO cover their tracks, but that
they are guityrI.tiink goes without
question sbaf these fellows are
WUll trained in the business, and
they know how to meet every ordi-
nary obstacle. The bill enacted at
the last session Of the Legislature,
/ believe. covers these cases fully,
for il prpyides forsthe proper regis
tration Of. these e6h1efns-, by the
Clerk of the Peace. also that they
shall enter into bond for the faith
full carrying out of all the privisions
Of the act, and it makes it COM
puisory for, the barties making the
loan to furnish the borrower with
a copy of the transaction, and the
most important feature OF all, IL
AAllAAAo AlAE Nilll bEa ~ - pei ANAAA Va
the amount of the loan, in addition
to the regular legal rate Of interest
of 6 per cent per annum.
This 5 per cent. Is TO cover all
and every possible charge. Those
are the main features of the act.
Let me suggest TO you that you con-
tinue I'M the name Of justice, and
in the interest or class, who
through fe1f Of humiliation do not
care to expose their connection with
these fellows. Continue, and use
your most prominent space to ex-
plain TO the people this business.
Show them that they have ample
law. and that all that is necessary
is for them to take advantage Of
the law. Give some examples, for
instance. show that If a person bor-
rows 5000 for six months, that
they cannot charge him more than
per cent. on $4,000 for charges
which IS $3.50, in addition to per
cent. interest for six month or $3.50,
making S400 the total amount they
can charge for all purposes, real
or imaginary. Tell the people
through your paper that the need
have no fear of being bulldozed. for
these fellows viii not dare to face
a court. on the fimsy grounds on
which they stand. for as a Mary
land judge once said, i'm passing
upon a case brought before him, in
which a poor victim was seeking re-
lief from just such a concern as we
have here. he said that anyone who
could see through a ladder could see
that the case was a plain case OF
steal So keep mp the good work
you have so splendidly begun, and
am sure your efforts VIII be fully
appreciated. Again beg to assure
you OF my appreciation for your
article on these so-called Loan Con
panies.
Very respectfully,
Thomas NJ Monaghan