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Article PROSPECTUS OF A PLAN ← Page 2 of 5 →
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Prospectus Of A Plan
burgh , and one in Leith , for the purpose of lending money on deposits , and on other securities;—that the profits of the establishment shall , in the first instance , after defraying expenses , be applied to pay the interest of the capital lent , and that the surplus profits shall be divided into equal shares , one to pay the debentures , and the other , and when the debentures are paidthe wholefor the of establishing Masonic
, , purpose institutions . This business was suggested by reading the " Address to the Inhabitants of Limerick , by Matthew Barrington , Esq ., on the opening of the Mont-de-Piete , or Charitable Pawn-office , for the support of Barrington ' s Hospital , in that city ; " and from this production , most of the following facts have been obtained .
" We have , " says the editor of the Dublin University Magazine " tested , in the course of its perusal , the accuracy of Mr . Barrington ' s calculations , by frequent reference to the minutes of evidence taken before the select committee of the House of Commons , and the consequence is , that we have been compelled to admit , as incontrovertible , the truth of statements which appear , at first , so extraordinary and so startling , as to transcend all belief . The result of these inquiries
satisfactorily proves the utility of Mont-de-Piete , and that the principal hospitals in France , Italy , and Germany , and other parts of the continent , are sustained by their profits . They were first introduced , and were , during the fifteenth century , permanently established in almost all the principal cities in Italy , and were , during the sixteenth and seventeenth centuries , permanently established in Germany , in Holland , and in France . "
The following " astounding facts" will show , that by the legal interest thus obtained , a capital might be accumulated sufficient for the attainment of the contemplated purposes . " It may , " says Mr . Barrington , " be said that the rate of interest , as regulated by law , as by the 26 Geo . 3 , c . 43 ( Irish statute ) , pawnbrokers are allowed to take twenty-five per cent , per annum , besides the allowance for duplicate tickets . This is on the supposition that the pledges should
not be redeemed before a month . But , as the lowest charge of interest , by the act , and the amendment thereof , 28 Geo . 3 , c . 29 , is for a month , and as the most distressed often redeem their pledges within a week , the charge , including the price of the duplicate , without calculating compound interest , or the interest on a shilling , when only a fractional part is given , and for which interest is charged as if the entire shilling were lent , will amount , in the case of those in the greatest want , to £ 650 per
cent , per annum , and for every £ 100 lent by pawnbrokers , in shilling loans , redeemed in a week , at compound interest , will amount to the almost incredible sum of £ 45 , 690 : 7 : Oj per cent , per annum , which is paid by the poorest persons !" As the arrangement of the Mont-de-Piete established at'Bordeaux closely resemble those adopted for the regulation of the institution in Limerick , they are added , with Mr . Barrington ' s observations : "
Montsde-Piete were soon established in every part of France , and the regulations for raising the capital at Bordeaux are worthy of attention . It is provided by the ordinances of the years 1804 and ' 6 , that the capital of the establishment shall be £ 24 , 000 , to be raised by shares or loans ; eight per cent , interest to be paid to the lenders , and the property of the hospital to become security to them . This capital to be divided into single shares of £ 160 , which may be subdivided into half shares . The sharevol-. VIII . 3 G
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
Prospectus Of A Plan
burgh , and one in Leith , for the purpose of lending money on deposits , and on other securities;—that the profits of the establishment shall , in the first instance , after defraying expenses , be applied to pay the interest of the capital lent , and that the surplus profits shall be divided into equal shares , one to pay the debentures , and the other , and when the debentures are paidthe wholefor the of establishing Masonic
, , purpose institutions . This business was suggested by reading the " Address to the Inhabitants of Limerick , by Matthew Barrington , Esq ., on the opening of the Mont-de-Piete , or Charitable Pawn-office , for the support of Barrington ' s Hospital , in that city ; " and from this production , most of the following facts have been obtained .
" We have , " says the editor of the Dublin University Magazine " tested , in the course of its perusal , the accuracy of Mr . Barrington ' s calculations , by frequent reference to the minutes of evidence taken before the select committee of the House of Commons , and the consequence is , that we have been compelled to admit , as incontrovertible , the truth of statements which appear , at first , so extraordinary and so startling , as to transcend all belief . The result of these inquiries
satisfactorily proves the utility of Mont-de-Piete , and that the principal hospitals in France , Italy , and Germany , and other parts of the continent , are sustained by their profits . They were first introduced , and were , during the fifteenth century , permanently established in almost all the principal cities in Italy , and were , during the sixteenth and seventeenth centuries , permanently established in Germany , in Holland , and in France . "
The following " astounding facts" will show , that by the legal interest thus obtained , a capital might be accumulated sufficient for the attainment of the contemplated purposes . " It may , " says Mr . Barrington , " be said that the rate of interest , as regulated by law , as by the 26 Geo . 3 , c . 43 ( Irish statute ) , pawnbrokers are allowed to take twenty-five per cent , per annum , besides the allowance for duplicate tickets . This is on the supposition that the pledges should
not be redeemed before a month . But , as the lowest charge of interest , by the act , and the amendment thereof , 28 Geo . 3 , c . 29 , is for a month , and as the most distressed often redeem their pledges within a week , the charge , including the price of the duplicate , without calculating compound interest , or the interest on a shilling , when only a fractional part is given , and for which interest is charged as if the entire shilling were lent , will amount , in the case of those in the greatest want , to £ 650 per
cent , per annum , and for every £ 100 lent by pawnbrokers , in shilling loans , redeemed in a week , at compound interest , will amount to the almost incredible sum of £ 45 , 690 : 7 : Oj per cent , per annum , which is paid by the poorest persons !" As the arrangement of the Mont-de-Piete established at'Bordeaux closely resemble those adopted for the regulation of the institution in Limerick , they are added , with Mr . Barrington ' s observations : "
Montsde-Piete were soon established in every part of France , and the regulations for raising the capital at Bordeaux are worthy of attention . It is provided by the ordinances of the years 1804 and ' 6 , that the capital of the establishment shall be £ 24 , 000 , to be raised by shares or loans ; eight per cent , interest to be paid to the lenders , and the property of the hospital to become security to them . This capital to be divided into single shares of £ 160 , which may be subdivided into half shares . The sharevol-. VIII . 3 G