The Facts about the Small Loan Business and the Scientific Rate of Fair Charges |
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The Facts about the Small Loan Business and the Scientific Rate of Fair ... Reginald Heber Smith No preview available - 2018 |
Common terms and phrases
3½ per cent American Industrial Lenders April 21 April 22 Asso ASSOCIATION Harrisburg banking business Bureau Handbook Bureau to Eliminate campaign cent a month cent law cent per annum cent per month cent rate charge the borrower charity City of Chicago Committee on Legal coöperative organization Division of Remedial drive editorially on April Eliminate the Loan-Shark facts February 11 fixed the rate Herald for February hysteria and false Illinois increase to 3½ Kentucky laws which amounted Legal Affairs legal rate Legal Reform Bureau legislature legitimate licensed industrial lender licensed lender loan laws loan office Loan-Shark Evil loan-shark problem lower than 3½ Massachusetts oust the loan-shark pamphlet Pennsylvania persons borrowed Post said editorially profit rate of 3½ rate of interest regulation Remedial Loan Russell Sage Foundation scientific rate Senate Chairman Shark Evil small loan business small loan problem small loan service socialists solution usurious Y. M. C. A. College York County
Popular passages
Page 2 - ... regulation or provision of law which has proved effective for the protection of such borrowers and for the punishment of usurious money lenders; And whereas, It is recognized that the business of lending small sums of money upon security that is not acceptable to banks and financial institutions, does and will exist and there is a real need for the enactment of a law that will enable its continuance under proper supervision and restrictions; And whereas, it is desired to suppress the "loan shark...
Page 2 - Before any campaign to oust the loan shark can be effected, there must be some agency equipped and prepared to take its place. Indeed no campaign of extermination will ever succeed, no amount of condemnation will ever be effective, no negative laws, however drastic, can permanently relieve the present abuses; as long as we have citizens who want to borrow money — and we shall always have them — so long will loan agencies of some kind continue, and it is only the better kind that will succeed...
Page 2 - After hearing much evidence and many suggestions the committee came to the conclusion that there were two classes of borrowers: the borrowers through necessity and the borrowers through improvidence, and had impressed upon it that money hunger, either the hunger of necessity or the hunger of wilful extravagance, could not be satisfied by pure loan laws which amounted to prohibition...
Page 1 - County employees, 14; fire department, 198; police department, 114; proprietors and partners, 344; managers, 67; secretaries and stenographers, 44; foremen, 40; agents, 33; salesmen, 113; factory operators, 81; machinists, 34; inspectors, 33; tailors, 39; artisans, 24; pressmen, compositors, etc., 108; teachers, 18; doctors and dentists, 15; writers, 15; telegraphers and dispatchers, 18; bookkeepers and accountants, 64; conductors, 3; miscellaneous, 222.
Page 2 - ... Fosdick, formerly commissioner of accounts in New York City, in discussing remedial loans before the Academy of Political Science November llth, 1911, epitomized a truth which all students of the loan shark situation sooner or later discover: "Before any campaign to oust the loan shark can be effected, there must be some agency equipped and prepared to take its place.
Page 6 - ... enterprise. Their dividends are usually limited by law. 3. The purely business type is organized primarily as a matter of investment. While it may serve a definite social purpose, it is not organized for that purpose and performs it only incidentally. These organizations keep within the law and so are not to be confused with the loan shark whose characteristic is that of usurious money-lending.
Page 1 - The necessity for borrowing money for a short period of time is as old as the money economy under which it arises. It is common to the man of large and of small means, to the entrepreneur in business and to the man who works for a daily wage.
Page 4 - ... Plumb Plan frustrated, have started their own Cooperative National Bank with a paid-in capital of a million dollars — an opening move in a policy which unquestionably will be of greater significance and more lasting influence in America than the entire ill-starred Plumb Carnival. Consider credit. Modern business would perish without the free use of credit. No one today would say even to the small business man: "Neither a borrower nor a lender he.
Page 2 - The attempt in recent years to eradicate the evils of the so-called "money loan sharks" by proceedings instituted in Philadelphia and Pittsburgh is a matter of general public knowledge, and those who have given the matter close investigation and thought concede that a prohibition of the business does not accomplish the desired result, and that the only practical method of...
Page 2 - Frazer of the Supreme Court of Pennsylvania in the case of Pennsylvania v. Puder said: "The attempt in recent years to eradicate the evils of the socalled "money loan-sharks...