■* Bradford's Colonial Laws. 6 82 HISTOET OF USURY.
per cent., and this last act has continued, with slight alterations in 1783, and subsequent revisions of the statutes until 1830. The revised statutes then de- clared that interest upon a loan or forbearance of any money, goods or things in action, shall continue, to be seven per cent, per annum. Any who shall pay a greater sum for a loan, or his representatives, may recover the excess. All contracts or securities upon which a greater sum is reserved or agreed to be paid, shall be void ; " but this section (5th) shall not ex- tend to any bills of exchange or promissory notes, payable to order or bearer, in the hands of an endorsee or holder, who shall have received the same in good faith, and for valuable consideration, and ivTio had not, at the time of discounting such hill or note, or paying such consideration for the same, actual notice that such bill or note was originally given for an usurious con- sideration, or upon an usurious contract."' The statute in that shape was scarcely any prac- tical restraint upon usurers, and indeed the reservation in the fifth section afforded them facilities, and the most shameless usury was daily and openly taken. The act of May, 1837, however, which now regulates the rate of interest in this state, repealed the objec- tionable reservation, and further provided, that any person who should receive any greater sum, &c., " in violation of the provisions of said title, or this act, shall be deemed guilty of a misdemeanor, and, on con- viction thereof, the person so offending shall be pun- ^R. ;S'., part2, c. 4., title 3.
NOHTH CAEOLINA. — OHIO. 83 ished by fine not exceeding $1000, or imprisonment not exceeding six months, or both ;" and so the law stands to this day. These acts do not affect botr tomry and respondentia bonds and contracts.
In 1850, it was enacted that no corporation should be permitted to interpose the defence of usury in any action.' The first act against usury in North Carolina, was passed in 1741. It was several times amended and