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- W1488582010 abstract "Kentucky was one of the later industrial states to adopt a version of the Russell Sage Foundation Uniform Small Loan Law. As such, Kentucky represented one of the last bastions of boodle for the nefarious loan sharks. throttling grasp of loan sharks upon Kentucky wage earners with each succeeding year pushed up personal bankruptcies until Kentucky became known as the State and Louisville as the Capital of America. sixteenth biennial report of the Kentucky Department of Labor covering the period from July I, to 1932 to June 30, I934 shows the growth of wage earner bankruptcies in considerable detail. A chart therein illustrated that in I930 in the United States, 96 out of ioo,ooo wage earners sought bankruptcy relief, whereas in Kentucky there were 320, and in Louisville 800, per ioo,ooo. report further states: The disparity is directly traceable to the loan shark evil growing out of lack of protective laws for the wage earners. In actual truth, when a victim became enmeshed in the loan shark toils, his only recourse for relief was Bankruptcy or Death. Like rats in a corner, the sharks fought viciously to keep Kentucky as one of their fields of exploitation. Through crude but still clever devices-such as dual note forms, agency and brokerage operations, phony merchandise purchases, forced insurance sales, and other equally deceitful methods-the loan sharks carried on their operations boldly throughout the entire Commonwealth. They placed their offices in prominent business locations in all the larger towns throughout the state. In addition to the brazen and openly operating, organized loan sharks, there were literally thousands of small pocket lenders operating in the offices and plants of industries and commercial establishments all over the state. These pocket lenders had somehow acquired from several hundred to several thousand dollars which they usually loaned to fellow employees at rates similar to the openly operating sharks. They felt encouraged by the complacency of the general public toward usury and while far less publicized than the commercial lender, they made their sizable contribution to the misery and destitution that was the lot of so many thousands of Kentucky citizens. To understand why such a dreadful expression of man's inhumanity to man should exist in this supposedly enlightened stage of human progress, one has to realize the tremendous fear of debt and the deep rooted prejudice against money lending which dates back to the biblical days and far beyond. It is to this fear and ignorance and this deep and stupid prejudice about money lending, that the evils of loan sharkery in America and Kentucky can be laid." @default.
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- W1488582010 date "1954-01-01" @default.
- W1488582010 modified "2023-09-27" @default.
- W1488582010 title "Progress in Consumer Credit in Kentucky" @default.
- W1488582010 doi "https://doi.org/10.2307/1190404" @default.
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