Against the evils of the loan shark business three correctives have been used:

1. Campaigns Of Publicity Through The Newspapers.

2. Legislation on the one hand so penalizing usurious lending and sharp practices as to make them an extra hazardous occupation, and on the other hand legislation permitting decent substitutes for the loan sharks.

3. The Organized Defense Of Loan-Shark Victims Through Legal-Aid Societies.

The substitutes thus far set up are of the several types enumerated below:

1. Substitutes of a purely philanthropic nature, such as the funds created by religious or fraternal orders for loaning to needy members free of interest, or funds established by employers for loaning to their employees.

2. Semiphilanthropic societies, which, while established primarily for the sake of the borrowers, are run upon business principles, the best examples of these being the provident loan associations that are members of the National Federation of Remedial Loan Societies. These are neither wholly charitable in purpose or operation, nor are they wholly commercial. In 1918 there were 34 societies in this federation, in all parts of the country. The federation was founded in 1909, and co-operates with the Russell Sage Foundation. The Collateral Loan Company of Boston is the oldest member of the federation, its establishment dating from 1859.

3. Self-help societies, which include the co-operative credit unions or people's banks. These are very common in Europe and were introduced into the United States in 1909, when Massachusetts enacted her Credit Union

Law. Other states have followed her lead and societies of this kind are spreading widely. 4. Purely business societies, which, while doing an unquestioned social service, aim particularly at profits and keep within the usury law. The best example of this type is the Morris-plan bank.