Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-09-15
GOVERNMENT MAY
Be PAWNSHOP FOR
ENTIRE NATION
Fight Against Pernicious Mo-
ney Lenders May Be
Brought to a Close by De-
partment of Labor.

Washington ',pf l5.-sltu In...
sam turn plNuuJtNcrt snail % bv-
come uncle 100 truth ru amy of his
nin.t, odd million DUscu. who care
60 soak" with him any of no.r pete
son.l belonging, nom hodu.othes &"
diamond uaras, at reasonable rates
ol interest
snail 30 follow tle example set hy
France Germany Holland and other
~ rop,an nations aud make IL possi-
~, for tho temporarily embarrassed
b obtain mon ON personal belong
ines without paying from 30 60 roo
rev ccnt Interest ON the loan'
Consular Reports Praise IL.
The question viii he called up FOR
consideration shortly throush the
publication hy the department ~ COM
morcc and labor OF series OF consul
lar reports on paWnbroklng IN tor-
tign countries. Needy citizens can
obtain small sums on short notice.
avoiding the cNhorbitant rates of in
torrst charged by tho private pawn
broker concern and keeping IRE"
from the greedy clutch of the profess
-louJl money lender.
Where thu plan has been tried long
est Its success has been most marked.
The citizen rs furnished with what
money ho needs mp 10 a reasonable
amount or personal collateral tn"
average rate uf interest charged IL
less tann ~ per cent per annum.
Moreover with the possible exception
~ France. where the government oN.
rrciscs a complete monopoly OF Tia"
/ d.
ana municipal Institutions have sue
ocssiuily combatcd strong competition
from private concerns that have been
permitted 60 charge much higher
rates of Interest,
In Holland since IGii.
Tho pawnshop Of Amsterdam, the
Oldest and probably the most lenioui
in The world is known as the Bank
van Lccning II has been under tho
control of the municipality since 1914,
and now has fifteen branches through
out IN. city The average rate of IN
trrost b. less than 80 per cent q year.
surpluses over amounts loaned, after
the loan. the interest and, In addi-
| tlou. per cent gur administration has
Ib.yu deducted, ar" returned following
tho sale " unrcdeempd pledges hl
auction, Sull the bank is able io
maintain working balance "f NOR,
! than one million dollurs
I'm France. the poWubroh.uE busl-
mes. b. strictly "a government mnunp'
lois. watch th, Mont Dc pi't'. iH" nee
| uuu's pavuproking concern has on'
! Iu.rd for more than hfiy years Ih
sol, rate ui interest charged los the
/ Mont de- piot, Mount of pIrtl , BE-
j = p,r cent per annum. Interest noinl
/ charged by tho half month. TN" Nnl
luatiou is performed 10y a syndicate "'
iauctiuupers Tuvt are supposed l'
I advance four-hfths of tho value d"
/ luWelry and Uu-thirds of the value
of wearing apparel but as they are
! liable for amy loss ON the value oi an
\ redeemed pledges lhcy seldom '''
! against themselves
IN Russia and Ilumania, Too.
Tho policy of advancing only &
small percentage of the actual WORT
Of the collateral offered rs followed u
\ most European public pawnshops, th'
! fact thai tbet received onlN smal
d. mart of what tho collateral was rcall'
worth furnishing the owners with tuf
thor incentive To- redeem me pledge
, Much the same policy as outlined %
!, tho dutch and French institutions d
followed In Germany, Rnmania' ii"U
. ana RusSla. The average intrrcs
charge Is about ~ pcr cent. inc vi"
irons arc protected as fully as posi-
. bic ana every incentive rs offered u
redeem pledges.