解:根据题意,得$\frac {x - 7}{5} - 1 = \frac {2x - 1}{2} + 3$
去分母,两边同乘$10,$得$2(x - 7) - 10 = 5(2x - 1) + 30$
去括号,得$2x - 14 - 10 = 10x - 5 + 30$
移项,得$2x - 10x = -5 + 30 + 14 + 10$
合并同类项,得$-8x = 49$
$ $系数化为$1,$得$x = -\frac {49}{8}$
答:当$x = -\frac {49}{8}$时,两个代数式的值相等。