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Updated: June 4, 2025
Early in November a Philadelphia banker wrote a long and intricate letter the full details of which we have not space to reproduce, but it contained the following fragment which is interesting in its way: "Could not a plan be formulated between the Stock Exchanges, investment bankers and Federal Reserve Banks, by which the securities could be valued on their intrinsic and market values at such prices that would be considered reasonable to be obtained in the next two or three years; that the lenders be guaranteed against any losses from recession below the stipulated point at which the securities might later be liquidated, say sometime during the year 1917, if it had not been voluntarily liquidated without loss before.
When he is short of money he borrows in all ways, not always being scrupulous as to tricking the lenders, but he would, with sincere indignation, run his sword through anyone who should suspect him of only lacking in politeness. The humid gray sky seemed to weigh down on the vast brown plain.
Then the Hindu money lenders had got the ancestral house. The friends had departed to make merry elsewhere; the gazelle-eyed girls with short, silk dresses and frilled pantalettes had turned cold; and, in the market, little boys had sung songs about the ruined young man.
What does the great poet of humanity say of lenders? The Bard of Avon tells us, that 'loan oft loses both itself and friend. Lay that noble line to heart, Oscar! Lucilla, be on your guard against that restlessness which I have already had occasion to reprove. I find I must leave you, Madame Pratolungo. I had forgotten my parish duties. My parish duties are waiting for me. Good day! good day!"
But they are great lenders to those who lend. They advance on foreign stocks, as the phrase is, with 'a margin; that is, they find eighty per cent of the money, and the nominal lender finds the rest. And it is in this way that vast works are achieved with English aid which but for that aid would never have been planned. In domestic enterprises it is the same.
Hepworth saw it he declared it was ideal for the purpose, and immediately began to make plans for utilising the different rooms of the old house. A loan exhibition was to be held in one; and, as Patty had foreseen, many old relics and heirlooms of great interest were borrowed from willing lenders around town.
Sir, I learnt before I left Paris, that a loan, negotiating in Holland for England, and which was to have been completed the coming autumn, would be stopped, because the lenders had demanded one per cent more interest. This loan was undertaken by a banker of English origin, who has apportioned it among a great many persons, and had become lender- general to the English government.
There is another large class, consisting of bankers, bill-brokers, and others, who are money-lenders by profession; who enter into that profession with the intention of making such gains as it will yield them, and who would not be induced to change their business by any but a very strong pecuniary inducement. There is, therefore, a large class of persons who are habitually lenders.
They are also apt to be for a short term, two or three years, when they must be paid in full. With both first and second mortgages, the lenders will inquire carefully into the financial responsibility of the would-be borrower. They will want to know exactly how much of his own ready money he plans to use in the transaction.
I know men who have tried it, and they could not get the money, because the great money lenders of this country are in the arrangement with the great manufacturers of this country, and they do not propose to see their control of the market interfered with by outsiders. And who are outsiders? Why, all the rest of the people of the United States are outsiders.
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