revised by subsequent acts, but the last revision in 1836 is still in force, and the rate of interest there allowed is established at six per cent. All contracts, bonds and assurances whatsoever, reserving a higher rate, are utterly void, and any person receiving more, is liable to a forfeiture of double the amount of the loan, one moiety to the State, and the other to the informer.^ In Ohio the Territorial Legislature enacted a law in 1795, declaring in force the 13th Elizabeth, c. 8, and the 37th Henry VIII., c. 9 ; but in 1799 an act was passed repealing the former, and fixing the rate of interest at six per cent., with a forfeiture of all over the principal lent, in case of reserving more. The first statute passed by the State to prevent usury was in 1804. It was repealed in January, 1824, by the act now in force, which went into effect on the 1st of June, 1825. It was amended in 1844, but not ' Laws of JV. T., 1850, ck 172, see. 1. 3 Rev. Stat. (5 edit., 1859), p. 72, et. seq. ^ 1 Rev. Stat., 606, edit. 1837. Rev. Code, 597, edit. 1855. McBrayew. Roberts, 2 Dev.Eq., 75. Jones v; Oannady, 4 Dev., 86.
materially altered. Interest is six per cent., " and no more."^ Further than this, the statute was silent, and the courts held, contracts reserving more than the above rate to be usurious, and usurious contracts to be void.^ But in 1848 an amendatory act was passed, whereby it is provided that all payments made by way of usurious interest, whether paid in advance or not, shall be deemed, as to the excess of interest allowed by law, to be payments on account of the principal.' Interest due, however, may be turned into principal, and draw interest ; ^ and in a contract to pay instalments of a principal sum, "with interest periodically, where interest was charged upon each successive charge of interest, after they respectively became due, until paid, was held to be valid.' In Pennsylvania, prior to November, 1700, the rate of interest, limited by the first colonial act, was eight per cent., but the act of that date reduced it to six per cent., and annexed a forfeiture of the money, goods, or other things lent, for taking or re- serving more. This act was repealed in