Curiosity Corner #220: $5000 interest on a $150 loan

ALPHONSE DESJARDINS

SG806 (1975) 8c canada desjardins.jpg
http://cjoint.com/data/fhcWIqKj5B.htm


Alphonse Desjardins was born in 1854 into a poor family. As a
young man, he took part in a military expedition to Manitoba during
the first Kiel affair. In 1871, Desjardins took up journalism and later,
on his own initiatve, he began recording and publishing the debates
of the Quebec Legislature. He lost the right to take notes there in
1890, reportedly because he would not alter his transcript of a
powerful politician's indiscreet remarks. Desjardins then founded a
short-lived newspaper. From 1892 to 1917 he was a Hansard reporter
in Ottawa.

Because of his early poverty, Desjardins had a desire to help the poor.
In 1897, he listened to a House of Commons debate on loan sharking.
The revelations electrified him, especially the story of an individual
who paid $5,000 interest on a $150 loan. Desjardins decided that
credit unions might solve these problems, and he spent the next
several years corresponding with experts in Europe and studying the
subject. In 1900, at Levis, Quebec, he founded the first North
American credit union. He designed it to serve the "very humblest
classes" as a moral and educational force which would combat
individualism, lack of foresight, disdain for small savings and the
mania for luxury.

The process of joining the organisation and of getting and repaying a
loan would develop "honesty, industrious habits, good conduct and
thrift" among the poor. Desjardins hoped that the Levis branch and
those that followed could improve agriculture by keeping money in
rural areas, and could make French Canadians economically
independent from other ethnic groups. The founder planned to
achieve these ends by emphasising local and democratic control of
credit unions and by making capital their slave rather than their
master. Desjardins died in 1920.

Desjardins' credit unions are known as "caisses populaire"
(people's banks). Today the Desjardins financial organisation
has over 5 million clients (shareholders) in Quebec, New
Brunswick, Manitoba, Ontario and the USA.

http://www.desjardins.com/en/accueil.jsp

Caisse Populaire Savings stamps were also issued.
These include:

#QCP1 (1c) red
#QCP2 (5c) blue
#QCP3 (10c) brown
#QCP4 (25c) green

New Design - Jacques Cartier
#QCP5 (1c) red
#QCP6 (5c) blue

Blair

Addendum:

Here is a scan of #QCP1
http://www.esjvandam.com/pics/provin...hotos/qcp1.jpg

Blair

In a recent message "Blair (TC)" wrote:

Addendum:

Here is a scan of #QCP1
http://www.esjvandam.com/pics/provin...hotos/qcp1.jpg


Was it really that small? Do you supply a magnifying glass
with which to examine it? ;-)



--
Tony Clayton
Coins of the UK : http://www.coinsoftheuk.info
Sent using RISCOS on an Acorn Strong Arm RiscPC
.... Did you know that no-one ever reads these things?

Thanks Blair !
what a marvelous legacy.


"Blair (TC)" wrote in message
oups.com...
Desjardins' credit unions are known as "caisses populaire"
(people's banks). Today the Desjardins financial organisation
has over 5 million clients (shareholders) in Quebec, New
Brunswick, Manitoba, Ontario and the USA.

http://www.desjardins.com/en/accueil.jsp