Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-12
BILL AIMEO At USURERS
WEST REoPENS
LAST YEARS CRUSADE.
Determined to Place Certain Loan
Concerns Under More Stringent
Regulations.

Commissioner West is determined to
bring usurers under more stringent reg
ulations and to prohibit them from charg-
ing exorbitant interests for loaning
money. He announced today that he
proposes to renew his efforts that he
started at the last session of Congress
to obtain the enactment Of a bill govern
ing the money-lending business.
The bill which he offered last year was
too late for enactment. 1t provided,
among a number of other things, that
persons engaging in this business must
pay a license tax of $1,000 Several days
ago the Commissioners had this same bill
reintroduced; but, according to Mr.. West,
he will make an amendment to the bill
which will reduce the license tax to s1OO,
but which will prohibit these persons from
charging more than 2 per cent month.
This amendment, he says. is just one,
and will legalize the limit of interest to
be charged. .
Proposed Conference.
Last year, when Commissioner West
opened up his campaign upon the loan
concerns and was actively engaged in
attempting to have his bill enacted. rep
resentatives of the various loan companies
bill until after he had conferred with
them regarding drafting measure gov
erning their business. Mr.. West said he
waited for these representatives TO call
upon him, but as yet none has offered
to confer with him.
In speaking of his determination in the
matter and his desire that his bill be
passed Mr. West said he has been in
formed that last summer and summer be-
fore last, when the pay of the school
teachers was somewhat delayed and it
appeared that some of the teachers would
be short certain money-lendng con-
Germs sent circular letters to every teach
er Offering to supply them money on their
personal effects. He said this action on
the part of money lenders was a direct
attempt to get the school teachers Into
their tolls as he expressed it. II am
very much opposed to this sort of thing.
and 1t is one of the many reasons why
am anxious to force this legislation to
govern the money lenders"
The amendment which Mr. West pro-
poses to offer to his uSury bill. which will
limit the amount of interest to be charged,
was suggested to him today by w. l..
Ford, attorney for the Society for Saw
ings in Washington.
Points in Ford Bill.
In speaking upon this usury bill and
the amendment he proposes to offeIoto it
legalizing the limit of interest to be
charged. Mr.. West said THE substitute
bill submitted to me today by Mr.. William
L. Ford and the argument which he has
made in support OF it's provisions. appeal
to me with considerable force and ! am
inclined to the opinion that I will recon-
mend to the Commissioners that this sub
stitute bill be Transmitted to Congress in
lieu Of the measure previously forwarded.
The point which the Commissioners de-
sired to secure by the legislation was,
first, placing legal limitation upon the
amount of interest which could be
charged, and also giving the Commission
ers supervision and control over the
various persons. firms and corporations,
other than national banks. savings banks,
trust companies and real estate brokers.
who are in the business of loaning money
to impecunious persons.
THE bill proposed by Mr.. Ford is an
exact copy of the Commissioners bill with
the exception of one section. and the ar
gument in support OF this one section is
made very convincing by the statement of
the laws in New York, Rhode Island,
Massachusetts and elsewhere.
1.-The necessity for legislation of this
kind appealed to me during the summer
by the fact that some of these money
loaning people deluged the school teach
ers with letters inviting them to borrow
money for vacation purposes, and also
begging them to patronize these money
lenders during the delay in the payment
of the school teachers during September.
The business is one which certainly de-