Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1940-04-18

down state to wipe out the stigma,
and found that lending call-money
to the operators on Wall Street was
far more profitable than his small
town racket in Troy.
When I was boy, some years be-
fore you, Russell Sage was always
held up to the American people as
sterling example of perjury. If he
dropped five cents in the collection
box on Sunday he reminded the usher
that five cents represented the earn
ing on one dollar for year on a
conservative basis. When russ"
died, he left about sixty million dol
lars, all earned by the sweat of the
other fellows brow; and widow.
In later years, the widow, probably
suffering qualms of conscience or
trying to square herself for the Here
after, or possibly certain associates
among whom was Leon Henderson
of the present S. E. c. led her into the
great humanitarian idea of perpetu-
ating her fortune by setting up a
foundation. These foundations, like
all great fortunes, must try to sell
themselves to the public in some
sanctified cause; therefore a national
campaign to put over Small Loan
| bills.
They were very active and very
effective in the twenties, and were
put on the statute books of nearly
thirty states.
These bills were repeatedly de-
feated in the Minnesota Legislature
in the 1920s With the coming of the
Farmer-Labor regime in Minnesota,
they never had the audacity to offer
such bill. The propaganda behind
them, believe, is the most artful to
confront the American people. 1t
usually starts many months before
the legislative session in screaming
headlines across the paper about the
nefarious practice of loan sharks COL
lecting upward to twelve hundred per
cent interest. If the same headlines
were given to the fact that usurious
interest rates, whether thirty-six per
cent, or twelve-hundred per cent,
were uncollectible under our law, it
would serve the greater good.
This is usually followed up by social
workers, ministers, labor leaders and
other well-meaning people getting
behind with the hue and cry
There ought to be law"
People tell you that this Small Loan
bill will protect the borrower from
the loan sharks. Personally, am
unable to see how anyone disposed
to collect usurious interest would be
barred by any more statutes than
we have or always have had relative
to the control of usury. There never
was statute drawn that can protect
a fool from his folly
In many of the states that have
adopted the law, to my knowledge,
the history has been malodorous. This
in itself is enough for separate story.
The farmer having corn can secure
loan on the same to the full value
thereof at 3 per cent interest; but
the working man having cook stove
and bed may secure loan on the
same at rate of SO per cent interest.
No business or industry in America
can make such a rate on investment;
therefore it meets the test as set
out by DemoSthenes as being i'm
moral; that the borrower can find no
productive use that will return him
the interest. These unfortunate peo-
pie are not fairly subjects for busi-
ness transaction but are properly OBJ
jects of that great virtue that ST.
Paul speaks of-"Charity.
Sociologists will say that the re-
peal of the old laws imposing prison
sentences on debtors was step for
ward; but personally would be more
happy in Jail than having those
hounds, backed by the power of the
state, on my neck.
Some day, some where, some one
is going to rise to ask who pressed
down this crown of thorns on the
brow of labor.
Diogenes, the Ancient Greek, being
sold into slavery was on the auction
block. They asked him what he
could do. He answered, 81 can gov
ern men,"
l have always thought that under
the circumstances this is the best
answer in all history. Would that
some of our legislators would mediate
on it.