ho gave the sum of three
hundred thousand dollars for the purpose, in order that the poor and
needy of the population of this city might obtain advances of money on
personal property at a low and reasonable rate of interest. Any article
deposited for this purpose is valued by two disinterested persons, and
about three fourths of its intrinsic worth is promptly advanced. If the
owner ceases to pay the interest on the loan, the article in pawn is
kept six months longer, when it is exposed for sale at a marked price.
After six months more have expired, if the article is not disposed of,
it is sold at public auction, and all that is realized above the sum
which was advanced, together with the interest, is placed to the
original owner's credit. This sum, if not called for within a given
time, reverts to the bank. The capital of the institution has more than
doubled since its organization, but the amount of good which it has been
the means of accomplishing cannot be estimated. Its first effect was to
break up all the private pawn-brokers' establishments which charged
usurious interest for money, its own rates being placed at a low figure,
intended barely to meet necessary expenses. These exceedingly low rates
have always been scrupulously maintained. The average annual loans on
pledges amount to a million dollars, distributed among about fifty
thousand applicants. The establishment is also a sort of safe deposit.
All the goods in its vaults have not been pawned. As the place is a sort
of fortress in its way, many valuables are here stored for safe-keeping.
One dollar is the smallest sum that is loaned, and ten thousand dollars
is the largest. The loans will average from two to three hundred daily.
It appears that one third of the merchandise deposited is never
redeemed. Among other articles of this class is the diamond snuff-box
which was presented to Santa Anna when he was Dictator, and which cost
twenty-five thousand dollars. Tourists often call in at the Monte de
Piedad, looking for bargains in bricabrac, and sometimes real prizes are
secured at very reasonable cost. A gentleman showed the writer an old,
illuminated book, of a religious character, entirely illustrated by the
hand of some patriot recluse, which was marked five dollars, and upon
which probably four dollars had been loaned to the party who deposited
it. The time for its redemption had long since expired, and our friend
gladly paid the sum asked for it. He said