Your ShelfYour Projects

Exorbitant Interest

50%

Pacific Press Publishing Association · Mountain View, California · Dec 29, 1909

FromSigns of the Times, Vol. 36, No. 50.

Read the full edition

Exorbitant Interest.

Something of the vast amount of interest that is charged by the Shylocks of the country is indicated by the petition that the Russell-Sage foundation which has the administration of the great Sage fortune, is presenting before Congress, asking Congress to provide a law permitting men to pay back loans at one cent a month, 12 per cent per annum. This is double the legal rate of interest in New York and most other states. Still this benevolently founded organization says that if Congress will permit charitable institutions to collect the 12 per cent a year on salaries it will save the poorer class of borrowers throughout the country something like 25 per cent. That would mean that some of them are paying about 37 per cent interest. In this probably the pawn-shops are involved as well as money-brokers.