Interest:—Savings Banks.

The Catholic Review: Interest to be at all justifiable ought to consider a number of elements, which in the case of most of our Catholic churches in great cities like New York, Boston, Brooklyn or Philadelphia, are largely in favor of the church corporations. Lucrum cessans will justify interest; but just now where else can a gain of four-and-half per cent. be combined with absolute safety. Damnum emergens justifies interest; but in the present condition of affairs, with bank presidents looking for investments at two per cent., and telling depositors that the mere safe keeping of their deposits is interest enough, where does the loss of profit arise? "Danger of the investment" justifies interest; but is it not ridiculous to say that any bank imperils money lent to a Catholic church in New York or Brooklyn on a first mortgage? The fact is, such an investment is only equalled in security by a United States bond; it may not be as easily negotiable, but it is just as safe. It ought to cost very little more.

Priests to whom the second of January and first of July are sad days, and who for weeks and even months previous are persecuted by the necessity of begging from and irritating their congregations by painful appeals for money to pay these dreadful interests, have asked the Catholic Review again and again to draw popular attention to the high rate that is charged for such loans. We do so. But having done our duty in this respect, we think we ought to add that it belongs to themselves to deal effectively with the whole question, the very outside limits of which we can only touch upon. Six per cent., that some of them pay, would pay for many a Catholic teacher in a parochial school. How are they to secure a reduction? We think a business-like and amicable discussion of the whole question would convince the banks that property such as a church is entitled to consideration not accorded to private or business property. We do not now refer to motives of charity or religion, but of pure business. No doubt some bankers will say, at first, that "the thing cannot be done." Well, the example of the Trustees of St. Patrick's Cathedral, New York, is a good one. When their demand for a just reduction was, as we think, foolishly, refused, they had no difficulty in transferring their mortgage. If half a dozen strong churches took up the question, they would, we predict, bring all opponents to time. It is worth talking over. Still more, it is worth acting upon. Many a church that is now paying six per cent. could employ six additional teachers if it had to pay only three per cent. interest.