New-York tribune., 1908-02-24
TO LOAN OYER CRISIS.
Relief for Professional Men Temp
rarily Embarrassed.
Ne Editor of The Tribune.

To the Editor of The Tribune.
Sir: During such periods the present there ex-
lists a class of deserving poor of whom nothing is
learned until complete failure or a suicide too
late gives notice thereof refer TO the poverty of
a vast class of professional men whose incomes
are predicated upon business activity and prosper
Gus tirnesA These cannot accumulate large sums
as d rule until age and experience equip them to
do Most of them are too proud TO allow their
distress I've known, and they suffer In silence to
the last limit. OF course, there are always the
lazy, idle incompetent and vicious deserving all
the adversely they encounter but thank God these
few, and there remain many refined. educated
intellectual who are only temporarily en-
barrassed The causes of course, many. Some
situated because client falls TO pay the
sum due, or a sale of realty is delayed, or the un-
expected occurs in of its multifartous
ways.
Without any acceptable collateral to offer, what
are men in this class TO do where the stagnaton is
prolonged? Their prospects may be ever SO bright
Lucrative employment profitable law case before
the courts, a good long option on a choice mining
property, industrial enterprises some other wall
liable proposition may guarantee handsome reVe-
nue. yet these prospects do not yield dollar OF
legitimate revenue until they are consummated,
and this end may be far removed. and none OF
these prospects usable colIateral-thus how
ever bright the future one may collapse completely
any revenue is derived therefrom.
To be forced attempt to borrow from one s
friends is a most dreadful alternative. These may
be either equally poor they may nave had the
sad experience of never receiving return of such
loans, and therefore feel compelled to refuse. Thus
the professional man. be he ever so honest and
able and blessed with bright prospects, must either
become bankrupt or blow out his brains because
he can obtain aid from his fellow and in
a legitimate A number OF representative
citizens Of this city recognizing the necessity
people might be driven to at times who possessed
collateral in the shape Of jeWelry plate, bric-a-
brac, etc, organized institution known as the
Provtdent Loan Society, which is nothing more
nor less than reputable pawn brokerage es-
tabiishment. where obtain from 1915 per
cent TO 90 per cent of the value of such security
the moderate rate interest OF y per cent per
annum and to illustrate the extent to which this in
stitution has been called upon to provide relief
for suffering community we have only to state
that at the annual meeting recently held it de-
veloped that it has loaned during the year 1881
s1OOOOGO0
Now I claim that there are men in want in this
community whose past life OF well established in
tegrity renders their promise to pay just good
security a lender any that can be desired,
and l desire to submit the project of some of the
wealthy ph!lanthropists who seeking 10 do good
to their fellow considering the propriety Of
organizing loan institution to meet this dire ne
cessty 1t would certainly be possible TO safe
guard loans TO minimize losses
In the first place. high rate Of interest could be
with perfect propriety required because as a rule
1t would make little difference to the professional
man whether he had TO pay high or low rate OF
interest for the brief accommodation that would
usually be necessary. Furthermore. to provide
against loss by death of the borrower, life insUr
ance policy could be taken out and by agreements.
notice and other Legitimate means the lender could
be amply secured against loss, and, the rate of in
terest being fixed at high figure. sinking fund
could readily be created that would more than
the possible OF probable losses that would occur
and pay all the expenses of such a corporation.
I respectfully submit that there thousands Of
the best men in this community at the present mo-
ment who do not know which way TO turn for the
means necessary for their livelihood who would be
lifted over the abyss which would otherwise enguf
them and be saved for a useful and possibly a
noble life 1t possible for them to such
assistance IS is herein outlined. This is only q
crude sketch humane idea which any expert
enced business man readily elaborate and
shape into a feasible and thoroughly reasonable
proposition, and I sincerely hope that it may reach
the hearts of OF the generous phiIanthroplsts
who spending much money for the good of
their fellow men. and that it may result the or
ganization of Institution to meet this most de-
serving end H. l. ".
New York, Feb. 8, 1905