Rensselaer Semi-Weekly Republican, Volume 21, Number 91, Rensselaer, Jasper County, 3 August 1900 — Lending Money on Pledges. [ARTICLE]

Lending Money on Pledges.

The origin of borrowing money by means of pledges deposited with lenders is referred to Perugia, in Italy, about 1462. This was first done in charitable institutions termed “Monti di Pieti,” in charge of the Franciscans. No interest was charged at first, but the charging of interest was permitted by the Pope in 1515. The Bishop of Winchester is said to have established the system of lending on pledges without interest. The business of pawnbroking was regulated in 1756 and licenses issued in 1783.