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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.

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Table of Contents

Chapter IV.

liable to a penalty of the full value of the goods or monies received or taken, one-half to the commonwealth, and the other half to any person who would sue for the same. Marine contracts were not included in this act. It continued in force, with- out alteration, until 1783, when it was in substance re-enacted with an additional clause, directing the mode of proof in cases of usury. This new statute, with slight amendments, continued the law until the passage of the Act of 1825, which is embodied in the Kevised Statutes of 1836^ and I860,' wherein the rate of interest is declared to be six per cent., but no contract reserving more shall be thereby rendered void ; but when it appears in action brought on such contract, that a greater rate of interest has been reserved, the defendant, may recover his costs, and the plaintiff forfeit three-fold the amount of ex- cess merely, and shall have judgment for the balance. And when the excess has been paid, three-fold may be recovered back in action brought for that purpose, ■ Abr. Laws and Ord. of New England, London, 1703. ^ Rev. Stat., p. 307, edit. 1836. ' Rev. Stat, p. 293, edit. 1860.

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