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nydus/The History of UsuryPublic

This volume provides a historical overview of usury from the Mosaic period through the Roman era and into the nineteenth century. It examines the policy of usury laws, their impact on commerce, and the conflict of legal principles across different states and countries.

Page 40 of 152
Table of Contents

Chaptee II.

Edward Coke ^ said, and his exposition is the best, that the usury intended by the statute was not un- lawful, for the usury due before the death of the ancestor is enacted to be paid after the full age of the heir, and no usury was then permitted, but by the Jews only. That the statute was intended to apply to those cases where penalties were reserved for default in the payment of a debt (which in the extensive sense in which the word was sometimes used, was called usury), and had for its object the protection of persons who were within age, and to whom no default could be attributed. "As where the king gave land to another, reserving a rent payable-^ at a feast certain, and in default of payment, that he should double the rent for every default ; and afterwards the grantee died, leaving an infant heir, he should not be charged with double rent, and is liberated from the penalty by reason of his non age." ' This kind of usury, remarks Mr. Ord,' materially differed from what was strictly and legally so called.

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