Paris, From the Earliest Period to the Present Day; Volume 2Walton, William
History
Paris, From the Earliest Period to the Present Day; Volume 2
Walton, William
Paris (France) -- Description and travel; Paris (France) -- History
If the city is regardless of the effigies of her deposed rulers, she at
least has some consideration for the living citizen who falls into
trouble. The official Mont-de-Piété, or pawnbrokers' establishment,
stands always ready to rescue him from the grasp of the usurer--provided
he has some security of any kind to offer, and although its services are
not altogether gratuitous, they are of very great benefit to the public.
No private individual is allowed to make a business of lending money on
personal objects. It was by letters-patent of the king, dated 9th
December, 1777, that the original establishment was authorized, to be
placed under the inspection of the Lieutenant Général of Police and of
four Administrateurs of the Hôpital Général; the amount to be loaned to
applicants was fixed at four-fifths of their value on objects of gold or
silver, and at two-thirds on all others. The administrators were
permitted to establish branch offices in different quarters of the city,
and the central bureau was located in the Rue des Blancs-Manteaux,
where, very much enlarged, it still is. This institution proved to be of
the greatest service to the people, well-to-do as well as poor, but the
undiscriminating Revolution promptly abolished it as a monopoly, and was
forced to restore it under the Directory, May 22, 1797. By the law of
February 4, 1799, no similar establishment could be opened without the
consent of the government.
At its reconstitution under the Directory, it made its loans at the rate
of thirty per cent., this was gradually reduced to twelve, and it was
not until after the Revolution of 1830 that the figure was fixed at
nine. At present, the interest and the charges amount to seven per cent.
In the first century of its existence, from 1777 to 1877, the total
amount of the loans advanced was two trillion three hundred and eight
million six hundred and fifty-five thousand six hundred and ninety-six
francs. The number of objects pledged was over a hundred and twelve
million five hundred thousand, of which there were redeemed, or sold as
forfeited, a hundred and ten million seven hundred and ninety thousand.
Public-domain text, read in full here on John Shaqi.
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