The Hastings Standard Published Daily. MONDAY, JULY 27, 1896. EXTORTIONATE MONEY LENDERS.

Hastings Standard, Issue 78, 27 July 1896, Page 2

The Hastings Standard Published Daily.

MONDAY, JULY 27, 1896. EXTORTIONATE MONEY LENDERS.

For the cause that lacks assistance, For the wrongs that need resistance, For the future in the distance, And the good that we can do.

The trade of usury is about as old as the hills, and will no doubt continue to flourish until that happy time arrives when the world can do without money. To obtain advances on indifferent securities one must expect to pay a rate of interest in keeping with the risky nature of the security, and the usurer accepts big risks in all the advances that he makes. But there is no reason why the business of the usurer should not be conducted honestly. No doubt there are many private money-lenders and companies that undertake this class of business -who carry out their agreements honestly, but unfortunately there is no business which offers such strong temptation to fraud and extortion practised upon people whose very need of money and desire to avoid publicity render them in ninetv-nine cases out of a

hundred passive and helpless victims. There are in this colony many in the trade who do not hesitate to take advantage of their victims, but it is only on rare occasions that the extreme veracity of these sharks is shown to the public. Cases, however, have been heard in the Courts of the colony showing that interest, fines, and charges have been heaped upon the unhappy " clients " of the greedy and astute money lenders at a ruinous rate. It is the Shylocks of the trade that require to be watched, and it is necessary therefore that the business of the usurer should be closely supervised by the law of the land. The term usurer has for ages been one of reproach and opprobrium throughout the world, and the Romans had a very drastic code directed against them. In this respect English law has been sadly wanting in vigilance, and it is time steps were taken to bring the law up to date. We therefore commend the efforts of the Premier to deal with this matter, and trust that his Usury Bill will, subject to certain necessary amendments, become the law of the land.