The fact that on the continent of Europe monts de piété are almost invariably either a state or a municipal monopoly necessarily places them upon an entirely different footing from the British pawnshop, but, compared with the English system, the foreign is very elaborate and rather cumbersome. Moreover, in addition to being slow in its operation, it is, generally speaking, based upon the supposition that the borrower carries in his pockets papers testifying to his identity. On the other hand, it is argued that the English borrower of more than 2 is at the mercy of the pawnbroker in the matter of interest, that sum being the highest for which a legal limit of interest is fixed. The rate of interest upon a special contract may be, and often is, high. For the matter of that, indeed, this system of obtaining loans is always expensive, either in actual interest or in collateral disadvantages, whether the lender be a pawnbroker intent upon profit, or the official of a "mont de pit".