Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1909-04-26
Merchants Moving To
Wipe Out An
Evil
BENEFIT IN JAPAN
IT IS USURY HI RE
What System Is and How it Operates
General Cooperation Is Sought
to Prevent Its Con.
tinuance


The japanese Merchants Association
Is calling ON all ifs mcmbcrs and ask.
ing the coopcration of all the business
people Of Hawaii TO nut a ston to the
pernicious "Tanomoshi' system. by
which a great number of the poorcr
japanese are being practically robbed
of their earnings
Attorneys have been consulted and
there was at one time a move on foot
to bring a bill before the Legislature
In order to regulate the business by
law. This was deemed inadvisable
consequently the movement to bring
all the influences possible to bear
through the various avenues open to
the plantation arrangements and the
business men Of the Territory.
description of what "Tanomoshi"
IL and how II operates has been furn-
ished by the Japanese merchants and
follows:
"A given number OF persons, say
tch' FORM an association and each
contribute to common fund, a GER
tam sum- say ten dollars. Each OF
these ten persons, or as many of
them as may desire to borrow the
iund, thus accumulated, amounting
10 the sum OF one hundred dollars,
make sealed bid for the loan, stat
ing the premium he Is willing to pay
'heretor' ana mat bidder who has Of
lered hishest premium FOR the loan,
Is awarded the same. Assuming that
n mas oHered premium or twenty
hve dollars for the loan, and he
DeinS highest bidder, Is awarded the
same ne Is paid in cash, the sum OF
se'ehty-hVe dollars, his premium OF
twenty-five dollars being deducted
from the sum borrowed, and he then
executes to each OF his nine coopera-
ives Il promissory note for the sum
OF Ten dollars, payable In ten months.
The note is generally Endorsed by
Two persons. The premium paid by
"A Tor the loan Is equally divided
among the parties, other than A, who
receives no part thereof.
In second month, the remaining
nine persons, excepting A, make
sealed old Tor the loan, stating the
premium he Is willing to pay there
Tor. having borrowed the fund in
first month already, he has no more
right to make bid, but he must have
to pay ten dollars ut this time. AS
Stunning that b has offered premium
OF thirty dollars for the loan and he
as being highest bidder, is awarded
the same, he is paid in cash, the sum
... TANOMOSHl.
or sixty dollars together with Ten
Dollars which is paid by A, his pre-
MUM of thirty dollars being deduct
ed from the sum borrowed, and he
then executes to each of his eight CO.
operatives, a pronissory note for the
sum Of the ten dollars, payable in
nine months. The premium paid by
Is for the loan, is equally divided
among the parties, other than A and
d. who receive no part thereof. b
. gives back to the promissory note
which is given by to him In the
previous month, as paid Ten Dol
lars. 60
The foregoing procedure will be
continued the third month, fourth
month and etc-,until the expiration
OF the tenth month, that is until last
person. receives money in the last
month. In the last month, there
being. no bidder, one who remains un-
I'll the last month, receives whole sum
OF one hundred dollars.
In some Tanomoshi promissofy
notes are used not In regular legal
gJorm, but use simple form written
''by Japanese characters.
HISTORY OF TANoMOSHl.
The original purpose OF Tanomoshi
was very good and IL was practlced