No person shall carry on the business of pawnbroking in the City without first obtaining a license therefor from the City Auditor and without first posting a bond to the City of five hundred dollars ($500. 00), with good and sufficient surety, to the satisfaction of the City Auditor, conditioned upon such pawnbroker's carrying on his business according to law. The fee for the license shall be two hundred dollars ($200.00) per year.