The Washington times., 1909-12-08
Monday Evening Club Plans
Campaign for Legislation
. Against Sharks"
FAMILIES VICTIMS,
CLAIMS G. S. WILSON
Charities Secretary Declares Wash
ington Needs Honest Compa-
MES TO Loan to Poor.

For tho purpose of obtaining legisla-
ton directed against loan companies
demanding more than the legal rate IF
interest. the Monday Evening Club, an
onranizatiun OF social workers, will
hold a meeting at the Y NJ. c. A build
ing Monday evening. at O'Clock.
W. n. Finley. general manager Of the
Chattel Loan Association, of Baltimore.
and president of the National Fedora
ton OF Remedial Loan Companies. will
address the meeting on the campaign
now waEing in Baltimore against the
money lenders. The Chattel Loan As
ISOLATION and the National Federation
Of Remedial Loan Companies. were or
ganized. according TO George ). VIII
son. secretary to the Board Of Char
jties. for the purpose of loaning money
10 abe poor without the usurious rates
Of Interest demanded by the loan com
panies. 1t is proposed, said Mr.. Wilson
today. to establish a similar company
in Washington
Institution Needed.
MY personal experience as secretary
of the Associated Charities and Board
OF Charities has convinced me that
there is need for such an institu-
tion,'' said Mr.. Wilson. II have fire.
quently been called upon to intercede
in the interest Of some poor woman
who has fallen into the clutches of the
money lenders. The usual rate of in
terest charged is 10 per cent a month,
and the amount of interest paid fire.
quentiy exceeds the original debt.
Usually it is necessary only to warn
the company that the extortion will no
longer De tolerated and will be made
the subject Of court proceedings. II the
amount Of the original debt is paid the
persecution ceases. as the companies are
never willing to bring Their affairs into
court.
But there are in Washington 20 my
own personal knowledge many in
stances Of men IMMERSED in the methods
OF these companies who are compelled
TO carry month after month an ever
increasing burden Of debt In an effort
10 escape the prosecution OF one COM
pany the debtor often negOtiates a loan
with another institution, many OF which
are under the same mana cement, with
the result that he becomes deeper in
volved.
Christmas Money.
at this season of the year the loan
companies flood the city with alIuring
advertisements concerning Christmas
money and the ease with which il may
be obtained. In seductive terms the
low rates of Interest are set forth. and
the prospective borrower is assured OF
the courtesy with which he will be
treated. These promises, however. are
rot in every instance fulfilled, as the
debtor discovers.
The Monday Evening Club viii take
up the question of these loan companies
and endeavor to obtain at this session
of Congress legislation providing for the
establishment OF an institution at which
the poor may obtain a loan at a reason
able rate of interest.
The Commissioners in 1907. forwarded
20 Congress a bill which was introduced
by Senator Gallinger. TO regulate the
business Of loaning money in the Dis
tricf- The measure. required a license
Zee Of s.. 900 a year for loan companies
and that every person. firm corpora
ton, company, or association conduct
3nE such business shall keep a register
approved BY the Commissioners. show
ing IN English the amount OF the money
loaned. the date when loaned, and wheT
due. the person TO whom loaned. the
property or thing named as security
where the same is located. and in whose
possession. the amount Of interest al
fees, commissions, and renewals
charges under whatever named. The
bi1l failed OF passage.