The Charitable Corporation was an institution in Britain intended to provide loans at low interest to the deserving poor, including by large-scale pawnbroking. It was established by charter in 1707. Its full title was "Charitable Corporation for the relief of the industrious poor by assisting them with small sums upon pledges at legal interest". It became dishonest, and Smollett called it a "nefarious corporation". Certain of the directors speculated wildly and lost most of the shareholders' money.
Read more about Charitable Corporation: Origin, Expansion, Issue of Notes, The Partnerships of Five and Of Four, Brokers To The Company, Petitions, Collapse, In Parliament, The Aftermath
Famous quotes containing the words charitable and/or corporation:
“For my name and memory I leave it to men’s charitable speeches, and to foreign nations, and the next ages.”
—Francis Bacon (1561–1626)
“What I am anxious to do is to get the best bill possible with the least amount of friction.... I wish to avoid [splitting our party]. I shall do all in my power to retain the corporation tax as it is now and also force a reduction of the [tariff] schedules. It is only when all other efforts fail that I’ll resort to headlines and force the people into this fight.”
—William Howard Taft (1857–1930)