his gold — with something more besides, as an indem- nity— and thus rendered the usury excessive indeed, and oppressive to the last degree.
In the reign of Henry the VII., several statutes were passed against usury. This prince, whose con- stant aim was to humble the power and influence of the Pope and clergy in England, at the same time that he was making every eflFort to extend the privileges of the people, struck a blow at the former, by permitting the lending of money for hire. The 3 Hen. VIZ, c. 5.,^ was made principally against "dry exchange,"^ which was entirely prohibited, as con- trary "to the law of natural justice, the common hurt of the land, and the great displeasure of God," under a penalty of £100, one-half to the king, and the other half to the informer, and subjected the lender to the forfeiture of the principal, and the brokers their license, and a fine of 5620, and six months imprisonment. So great was the power and influence of the clergy, however, that notwithstanding the jealousy and opposition of the king, this same lA. D., W88.
^ " Dry Exchange" was a shift resorted to for evading the nsury laws, by means of a bill of exchnnge, which the borrower drew on an imaginary person at Amsterdam, for instance, and sold it to the lender at the price or rate of exchange for Amsterdam then went at. After the expiration of the time the bill had to run, came a protest from Amsterdam for the non-payment of the bill, with the re-exchange of the money thence to London, the bill, in fact, never having been out of the country; and the borrower being thus charged with the exchange, re-exchange, protest, and incidental expenses, pays, in all, some 20 or 30 per cent.( — Plow, on Umry, FIRST ACT LEGALIZING INTEREST. 45 statute reserved to