an agent or intermediate person appointed for the transactions of special business for another, somewhat different from an ordinary factor in functions and responsibility. Of this class, there are various descriptions, exercising employments without the smallest analogy, though all are brought under the general name of brokers; and of these, the principal are, Exchange-Brokers, whose province is to ascertain the rates and relation of exchange between countries; Stock-Brokers, who negotiate transactions in the public funds; Insurance-Brokers, who effect insurances on lives or property; and Pawn-Brokers. It is to the last that our attention shall here be chiefly directed.

Pawn-Brokers are a kind of bankers who advance money at a peculiar rate of interest, on goods pledged for security of the capital; and in case of failure to redeem the goods within a limited time, they may be sold to indemnify the lender.

A part of the population of every flourishing country consists of necessitous people, those frequently belonging to a class whose skill contributes to its prosperity; but whose income, often slender and precarious, cannot keep pace with the times, or support the demands of an increasing family. Exposed also to sudden disappointments and losses, they are forced, from the want of pecuniary capital, to seek a temporary relief, by pledging their property for a certain sum, while they pay interest on the advance. But this advance, in general, bears a very inconsiderable proportion to the value of the property, whence its confiscation, by the increasing difficulties of the owner, or of not being claimed on account of death or removal, proves most advantageous to the holder; for, in the one case, he may become the absolute proprietor himself; and, in the other, he secures a high rate of interest originally stipulated. Thus, a pawnbroker has an infinite superiority over an ordinary banker; the latter calculates only on the credit of his debtor, which is frequently nominal; the former never makes an advance without being put in possession of what exceeds it in value; his rate of interest is much greater, and the credit of his debtor is of no importance. Nay it is rather better that his circumstances should be desperate. It thence results, that, like other trades, the number of pawnbrokers will increase with the necessities of the people requiring their aid, and, on that account, giving them employment, just as bankers, whose issues increase when the calls of the public require a more ample supply of a circulating medium. Thus a strong inducement is continually held out to commence the profession of a pawnbroker; for all that is required, is comprised in a licence of L.10 yearly to Government, a small capital, and an empty warehouse. On such an establishment, business may be done to a great extent in a very short time; because the securities increase in a much greater ratio than the debts, while the latter are void of any risk. We find in the city of London, that the number of pawnbrokers lately amounted to no less than about 240, and it was calculated, that the property of necessitous persons in their possession, probably amounted to a million Sterling. Their numbers also had suddenly augmented, and they are still augmenting. In Edinburgh, on the contrary, which is not above a tenth part of the size of the metropolis, there was scarcely one a few years ago, and now the number does not exceed a dozen. Therefore the number is not one half in proportion to the population of the two different places, which indicates fewer necessitous people by a half in Edinburgh; arguing, either that the inhabitants are more industrious and more easily maintained, or less exposed to losses and fluctuations.

But the temptations held out to those who, in this manner, obtain possession of the property of others to such an amount, and with so little reference to its value, combined with the natural propensity of mankind to take advantage of the necessities of their neighbours, long ago rendered legislative interference necessary in regulating the duties and interests of pawnbrokers. Besides, it was of great consequence to check the facilities with which stolen goods might be pledged with, and sold by them. Omitting, however, the older enactments on these branches, we shall limit ourselves to those of more recent date.

By the 99th chapter, of 39th and 40th George III., Statutory it is provided, that for every pledge on which a Rates of sum, not exceeding two shillings and sixpence, shall Pawning, have been advanced, it shall be lawful to take one halfpenny per month, as interest and indemnification for warehouse room; one penny for five shillings; three halfpence for seven shillings and sixpence; twopence for ten shillings; and if the loan does not exceed forty shillings, the pawnbroker may take at the rate of fourpence for every calendar month, including that which is current. For any sum exceeding forty shillings and not above ten pounds, he may take at the rate of threepence monthly per pound Sterling. But these sums, though apparently inconsiderable, are in fact high per centages, and far surpassing the legal rate of interest.

The pawnner may redeem his goods within seven days after the expiry of the first month, without paying any thing as interest to the pawnbroker on these seven days; and also, if the goods are redeemed before expiry of the first fourteen days of the second month, the profits or interest of one month and a half only are due. But if he fail to redeem them until after the lapse of these fourteen days of the second month, the pawnbroker may demand the profits of the whole second month; and the like regulation is in force for every calendar month subsequent.

Should the sum advanced on the goods in pawn exceed five shillings, it is enacted that a description of the pledge shall be entered in a book by the pawnbroker, and a note or ticket, an extract copy or duplicate of the same, be delivered gratis to the impledger. If the sum advanced be above five and under ten shillings, the pawnbroker is entitled to a halfpenny for this duplicate; if above ten and under twenty, to one penny; and for a copy of the entry of goods pawned for five pounds or more, fourpence may be taken, but nothing higher. Further, an account of the amount of profits shall be written on this duplicate when the goods are redeemed; and pawnbrokers are bound always to produce their books when required. They must likewise exhibit a table of their profits in conspicuous characters in the place where they carry on their business, and register their name and profession over their doors, under a penalty of ten pounds.

By the seventeenth section of the statute, it is declared that all goods and chattels which are pawned or impledged, shall be deemed to be forfeited, and may be sold at the expiration of a year, from the date of pawning. But the impledger is, to a certain degree, protected by another clause, prohibiting pawnbrokers from purchasing goods in their own custody. If any sum above ten shillings, and not exceeding ten pounds, has been lent, the goods shall be sold by public auction after expiration of the year, under strict regulations in respect to previous advertisement, and publication of catalogues, specifying, in addition to their description, the month in which they were impledged, as also the name and place of abode of the pawnbroker. But it is provided that pictures, prints, books, bronzes, statues, busts, carvings in ivory and marble, cameos, intaglios, musical, mathematical and philosophical instruments, and china, shall be sold only at four times in the year; namely, the first Monday of January, April, July, and October, and on the following day if the number of articles render it necessary. Thus the impledger may redeem his goods at any time within a year, on payment of the statutory profits on the money lent, but, on his failure, they may be sold. Should he give notice to the pawnbroker before the year closes, of his intention to redeem, the sale must be postponed until three months subsequent to its termination. When the sale has actually taken place, the pawnbroker is entitled to appropriate only so much of the price received as shall cover his own advances, the statutory profits and costs, and must pay the residue to the owner on demand, within three years, under high penalties in event of refusal.

Pawnbrokers are prohibited from lending money to persons below twelve years of age, or to those who are intoxicated; nor may they receive any goods in pawn before eight in the morning, or after nine at night, between Michaelmas and Lady-Day; nor before seven in the morning and after ten at night, during the remainder of the year; but with some exceptions which the statutes explain.

A great many enactments are comprised in the statute 39th and 40th Geo. III., respecting the penalties of unlawfully pawning goods the property of another, and those of forging any notes or memorandums regarding them; likewise as to the apprehension and punishment of persons offering goods to pawn who cannot give a good account of themselves. The facility with which loans might be obtained from pawnbrokers on stolen goods, had previously rendered it an object of anxiety with the Legislature to detect offenders. Hence an act was passed in the 29th of Geo. II. cap. 30, after many preceding ones, annexing the pain of transportation, for fourteen years, to the reset of stolen goods: and by a statute of the preceding year, it was made lawful for a pawnbroker, or other dealer, his servants or agents, to whom any goods should be offered to be pawned, exchanged, or sold, which he suspected to be stolen, to seize and detain the person offering the same, for the purpose of being examined by a justice, who was empowered, if he saw any reason to suppose that the goods had been unlawfully obtained, to commit the persons offering the same to prison, for a period not exceeding six days. Nevertheless all prohibitions are found ineffectual in practice; and although pawnbrokers, in the metropolis, are entitled to carry on their trade only on taking out an annual licence of L.10, and of L.5 if in any other part of the kingdom, nothing is liable to greater abuses. It is not uncommon for sharpers and swindlers to obtain such licences, and, taking advantage of the necessitous or unwary, to exercise all possible deceptions on them. Such persons are invariably the receivers of stolen goods, on which advances are made without scruple, from well-knowing that no one will ever return to reclaim them; and, besides, the goods may safely be sold, for the same reason, before the statutory period expires. Without any regard to reputation or integrity, it has proved so easy to be established a pawnbroker, that, it is alleged, persons confined to the hulks on the Thames have even been able to obtain licences to carry on a trade in the very place of their punishment.

However lucrative the business of pawnbrokers may be to those who follow it, doubts are entertained whether the toleration of them be not an evil to the public. They are, indeed, temporarily useful, to persons in the most necessitous circumstances; but as it is impossible, by any Legislative interference, to bring them under that control which would be desirable,—as their interests are always at variance with the interests of their employers,—and as mankind, under the pressure of necessity, are restrained by no sacrifice in seeking momentary relief, ultimate considerations are too often overlooked. Hence the first resort for aid frequently leads to a second, and then to others successively, while the property originally impledged remains unredeemed, and all the rest belonging to the owner gradually diminishes, until he is left destitute. It is the poor and necessitous only who avail themselves of raising supplies on their goods, to ward off some impending evil, and it is surprising how low such transactions are carried. Nay, the statute itself illustrates the nature of this miserable traffic more forcibly than could be done in other terms. It is enacted, that if, at the period of redeeming the goods impledged, there shall be a certain sum due of interest and profit, of which the lowest denomination shall be a farthing, and the redeemer "shall not be able to produce and pay to the Pawnbroker a current farthing, which shall be to the satisfaction and liking of such person or persons as are to receive the same, but shall, in lieu thereof, tender to such person or persons to receive the same, one halfpenny, in order to discharge the said remaining farthing so due, as aforesaid, the said Pawnbroker or Pawnbrokers, his, her, or their servant or agent, to whom such tender of a halfpenny shall be made, shall, in exchange thereof, deliver unto such person or persons so redeeming goods as aforesaid, one good and lawful farthing of the current coin of this kingdom, or, in default thereof, shall wholly abate the said remaining farthing from the total sum to be received" from the redeemer. But it is not only in the view of the indigent yielding to the pressure of necessity, in parting with their property for an inconsiderable value, that society suffers an injury. The thoughtless and depraved here find ready means of gratifying their propensities, by the assistance of the pawnbroker's shop, and thousands part with their apparel and furniture for what is, the next moment, wasted in intoxication. Besides, the facility of obtaining the reception of stolen goods, is attended with the most pernicious consequences, and the most powerful encouragement to theft. Notwithstanding the law anxiously endeavours to secure property to its owners, by imposing penalties on those who offer it in pawn, and in ordaining it to be restored by the pawnbroker, cases innumerable may be figured, where the pawnbroker cannot discriminate what is the genuine property of any individual in particular, and where it is not only difficult, but may prove impossible, to bring an offender to justice. In the present year (1817), an association, more immediately resulting from the pressure of the times, has been formed in Edinburgh, for the purpose of aiding those with advice and information who have dealings with pawnbrokers. Its special object, we believe, is, to warn the ignorant of the laws under which their property is protected.

The banks called Savings' Banks may probably prove a beneficial substitute for resort to the pawnbroker. Sums amounting to a shilling and upwards are received, and bear interest at 4 per cent. when accumulated to twelve shillings; thus enabling the labourer, or mechanic, or artisan, to preserve the remnant of his weekly wages, and convert it to advantage. Loans, not exceeding L. 5, are made, free of interest, to the necessitous under temporary pressure, whereby their little property may remain entire. Banks of this description are, at the present moment, rapidly disseminating throughout the different parishes and towns of Scotland, and their outset has been attended with one decided benefit, in diminishing the resort to alehouses, where the earnings of labour, too small to form an object for preservation, quickly disappeared. In some towns of Italy we have understood there are charitable institutions of a mixed nature between pawnbroking and banking. There, an advance seems to be made on goods impledged at a certain rate of interest by some, and by others money is received and returned, with 7 per cent., at the termination of a year. The transactions of these institutions, however, are not completely explained, either as to the security given or the advantage derived.