and a new act on the subject of usury included, whereby parties were permitted to agree in writing for interest not exceeding ten per cent. ; and interest might become part of the principal, and bear interest ; but the creditor was not allowed to compound the interest oftener than once a year. All former acts, however, are repealed by the present act, now in force, passed in 1847, which declares six per cent, to be the legal rate, and no more ; and where a higher rate is reserved, the borrower will be relieved from the usurious excess, and the interest at six per cent, will be appropriated to the benefit of the Common Schools.^ In Mississippi, prior to the passage of the act now in force, eight per cent, was the legal rate of interest on contracts, but for the bona fide loan of money the parties might stipulate for interest as high as ten per cent. But now eight per cent, per annum for the bona fide usq of money, and six per cent, upon all other contracts, is the established rate of interest.^ In New Hampshire, prior to the passage of the present existing statute, interest was regulated by the English rule, except that in commercial transac- tions a higher rate might be stipulated for, but in > Acts of 1847, p. 63. ' Acts of 1842, 212. Amendment.
1791 the Legislature fixed the rate of interest at six per cent, upon all contracts, with a forfeiture for taking more, of three times the sum so taken ; one moiety to the use of the prosecutor, and the other moiety to the use of the county in which the offence is committed, with the costs of the prosecution. The letting of cattle, and other usages among farmers, and marine and insurance contracts, are excepted, and this is still the law in that State.^ In New Jersey, the first statute against usury was passed in 1738, and fixed the rate of interest at seven per cent. Contracts reserving more were declared void, and a penalty of forfeiture of all received on them followed. In 1823, the rate of interest was reduced to six per cent., but in other respects the law was not materially changed,^ and remained without variation until the revision of the statutes in 1846,