The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1909-10-28
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tlOu dSdluOJ DuDllC oCuJInlClt w II
thrust card into his hand, say
ing sweetly: Il believe then, yor
better 60 to this office and get 6
loan on your property The care
will explain the rest. 1t gives the
name and location of a certain of
flee in another part of the city
where money is loaned on real es
tate, pianos or, in fact, most any
thing of value, as security.
Very often the sharks work theil
game from both sides on luckless
man to whom they have loaned
money. They trim him for al
they can get from a salary loar
proposition, then dupe him with
their property loan scheme from
another office, and in this manner
keep him in their power year after
year.
Here's an Example
A very good example of such
practice is shown in the case of a
certain employee of the city who
paid back a small loan in exor
bitant interests more than 1C
times over, out of his salary, then
finding that he was as deeply in
debt with the money lender as
when he first began to pay, he Sc
cured loan on his property in an
other sharkish office. Soon he was
unable to meet his payments on
time and he was exposed to the
forman of his department. The re-
suit was that he lost his position
and was compelled to give up his
home. Still they. bounded him for
payment of their unjust claims
till he was unable to retain any pc
sition and before he escaped them
he was reduced to county charge
Follow the applicant for loan
from his experience in the loan
sharks office, as given in The
Press yesterday. Today he returns
to the office to learn If they have
decided to make him the loan and
is Immediately met at the window
by the same sweet smiling woman
who inquired so deeply into his
personal history yesterday. She
brings forth papers for him to
sign, telling him that 1t is all right
that he can have the money.
The papers, what are they? Why
that one he sighed yesterday was
an application, but these. Oh, they
are too complicated in their form
to read, and that is just why
about 80 persons out of every loo
fall into the clutches of the sharks
In short, before the applicant can
get away with that trifling loan
he must sign an assignment of his
wages and a paper giving the
money lender the power of attor
ney to collect the salary on which
he is securing the loan.
Slavery Begins
Right there the unfortunate Dor
rowers peonage begins. 1t is un
derstood that he must pay back al
a certain rate each month. In the
Crescent loan office in Spokane
loans are made only on six months
time. There, should borrow $40 or
salary you must pay it back In
six payments of about $685. each
At this rate it is seen that al
the very least the borrower must
pay back more than $32 for the
use of that $40. That Is usury, but
what has the APPLICANT to show fol
it? He has signed enough papers
to transfer the ownership of mil
lion dollar estate, but every one oil
them remain in the loan sharks
office and the borrower must be
content with the money and sim
pie promises.
With those papers the loar
shark can hound his victim from
any job he may secure. should be
not meet his payments regularly
That Is the most successful meth
cd of collecting in the illegitimate
business, and 1t Is done day after
day In Spokane. The bounding
process of collecting the usurious
interests on small loans is work
ed together with the process Of
penalizing. The penalizing feature
of the business will be explained
in future articles.
Tomorrow The Press will tell oi
other startling cases Of persecution
to which Spokane salary and wage
earnsrs were subjected by the
money lending octopuses. Il will
proceed further to show how col
lectlons are made and how the
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