Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-02-01
President Taft Hears Argu-
ments to Defeat Measure.
lis CLASSED AS UNJUST
Contention Is Made by Other Side,
However, That It Will Remedy
Bad Conditions.

President Taft late this afternoon lis
tened for half an hour to arguments for
| and against the loan shark bill. now be-
fore him for approval or disapproval.
At the conclusion of the hearing the
President said he would take under con-
sideraton the arguments presented, but
did not indicate what he would do.
Henry f. Davis. attorney for the loan
concerns and individuals. and who has
given much study to the small loan
problem, made the principal argument
against the bill. On the same side were
John J. Colpoys. L. \. Sterne and John
Mcdonald. a committee from the Cen
trail Labor Union. and Emmett Adams
representing other labor organizations
in the District
The principal argument of Mr. Davis
was that TIE bill really kills the small
money-lending business in the District.
the lenders will be unable Ia do bust
ness on l per cent interest. Mr.. Davis
submitted a number of facts to substan-
tiate this. He said that the man need
ing d small amount of money was as much
entitled To this the man who wanted
a large sum. but under the agitation that
has been going the man who went to
a loan institution to borrow SO on his
watch was almost forced to slip into the
concern while the man seeking $4,000
on his house could openly seek "a loan
without insinuatiOns rejecting upon him.
All Put in Same Glass.
Mr. Davis went on to tell the President
that the bill supplants the pawnbrokers
law and puts all small money lenders IN
the same class 1t also denies the lender
the right to loan more than 500 In ad-
dition to this the bill permits the for
fixture of all interest and One-fourth OF
the principal i'm case d lender violates
any of the provisions of the law
The advocates Of the bill were repre-
scented by w. H. Baldwin. chairman of
the citizens committee that has been urs-
ing anti-Ioan-shark Legislation for years {;
f.. l.. SiddOns. Rev. John {. Van Schaick
of the Church of Our Father and presi-
dent OF the Monday Evening Club; Mrs.
women's welfare branch Of the Civic
Federation: X. Holmes OF the Chris
tian EndeavOr Union: &. II. Adams and
II. s. Hollohan of the brotherhood of
Carpenters. and +. l.. EXnlclOs, secretary
of the Society for Savings.
Mr.. Davis asserted that the law was
most unjust throughout. and that it would
operate beyond question to deprive man
needing small sums of money III times OF
distress from getting what he wants.
The Central Labor Union representa- tives
said they We're not interested in any man.
ner in the loan business, but that they
feared the new law would prevent the
la boring man getting money when he
needed il most badly They thought the
law discrimination against the working
man.
Urges Bill Be Signed.
The friends of the bill told the Presi-
dent that the measure was the deliberate
Judgment of Congress after three years or
consideration: that it represents the judg-
ment of that body and that the whole
question of whether it is fair or just is.
after all. one OF judgment. Mr. Baldwin
urged that the bill be signed and given a
years trial.
Mr.. Baldwin said that his committee
had originally favored the interest rate
at per cent. but as Congress had fixed
the rate at l per cent. he believed that
the view of Congress should be given d
test Ills committee did not ask that the
pawnbrokers be included with the loan
concerns, but he saw no reason why they
should be on a footing different from
others in the lending business.
Ii was also pointed out to the President
that if this bill becomes law 1T means
that the deplOrable conditions in the past
conditions that have resulted in great
suffering and hardship to thousands OF
persons. will continue and that Congress
may not again enact "A law for years.
Mr. EXniciOs presented facts and figures
showing that at | per cent month a
successful business can be operated. He
said that tWenty-six companies in large
cities operated by the National Associa-
ton for Remedial Loan Legislation were
successes and paid well.
DR Won HOIIEREN DIES.