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Updated: June 2, 2025
When communication was slow, difficult, and untrustworthy, money-lending at a distance was made very risky, because it was impossible for the lender to keep the watchful eye on the borrower's operations and credit that is required if he is to feel comfortable in his venture.
But if they be without shame, and do not restore it, let not the lender go to the borrower's house, and take a pledge himself, before judgment be given concerning it; but let him require the pledge, and let the debtor bring it of himself, without the least opposition to him that comes upon him under the protection of the law.
When our first playground library in Seattle opened, we used the Browne system of charging and this proved so satisfactory that we have continued to use it in the others. According to this method, each borrower receives two cards. When a book is borrowed, the book slip is drawn and put with one of the borrower's cards in a small envelope.
She knew very well that if her father went up to the Castle to borrow money it would be lent, or rather given, freely enough; but she also knew that the lender would almost certainly take the opportunity, the very favourable opportunity, to unfold his wishes as regards the borrower's daughter.
"The lender takes a mortgage on the borrower's land or house, or goods, for, we will say, one-half or one-third their value; the borrower then assumes all the chances of life in his efforts to repay the loan. If he is a farmer, he has to run the risk of the fickle elements. Rains may drown, droughts may burn up his crops.
I told you so, honest yeoman; you come out with a smile on your brown face, and your hand, that might fell an ox, buttons up your huge breeches pocket. You will ride home with a light heart; go and dine, and be merry. The yeoman tramps to the ordinary; plates clatter, tongues wag, and the borrower's full heart finds vent in a good word for that kind "Muster Mawnering."
The result is just the same as if A and B had traded tools and A had given the laborer a hoe to dig the garden, "the tool and the material with which to work," and B had given him an ax to cut his wood, "the tool and the material with which to work," without a pretence of a payment for his labor. Taking only a part of the borrower's or laborer's services does not relieve it of injustice.
Still, I continued to loan him to anybody who was willing to borrow him, my idea being to get him crippled, and throw him on the borrower's hands, or killed, and make the borrower pay for him. But somehow nothing ever happened to him. He took chances that no other horse ever took and survived, but he always came out safe.
Recollect the dictates of your duty, your discretion, and your glory, and think upon the honours and elevated enjoyment for which you are certainly ordained. To-night let us over a cheerful bottle anticipate your success; and to-morrow I will accompany you to the house of an usurer, who, I am informed, fears no risk, provided twenty per cent be given, and the borrower's life insured."
The idea of a man growing richer by mere inaction and at the expense of an impoverishing debtor, is profoundly distasteful to Utopian ideas, and our State insists pretty effectually now upon the participation of the lender in the borrower's risks. This, however, is only one part of a series of limitations of the same character.
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