as, suppose a sudden contraction of bank issues, and a consequent scarcity in the money market — the merchant might readily be pressed for a sum of money for a short time. Or, suppose the offer of a good bargain in an article which is indispensable to the borrower. If he can borrow at eight or ten per cent., and make twenty per cent, of the loan, it is dif- ficult to see why he should be debarred from so doing. The usury laws are no doubt intended for the pro- tection alike of borrowers and lenders — as well to 1 " Usury doth hut gnaw upon Mm, whereas, had markets would swallow him quite vp." — (Lord Bacon.)
save the needy from becoming the victims of the avaricious, as to remove (by affixing penalties) the temptation, afforded by the prospect of extravagant interest, to lend on insufficient securities.' Thus, Lord Chief Justice Best, in delivering the opinion of the twelve Judges in the House of Lords in 1825, said : " The supposed policy of the usury laws in modern times, is to protect necessity against avarice ;