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:
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