February, 1705, and restored the former rate of interest; but in March, 1723, it was re-enacted;* since which time several amendatory acts have been passed in 1856, '57, '58, and '59, and the existing law upon the ' Swan's Statutes, Ohin, 465, edit. 1841. ' 1 Rev. Stat., 139, edit. 1860. See cases cited in note. ' 1 Rev. Stat., 0., p. 744, edit. 1860. " Fohes V. Cantfeld, 3 0. K., 17. 5 Watkinson v. Root, 4 0. R., 373. « Dunlop's Stat, p. 42, 1846.
RHODE ISLAND, ETC. 85 subject of interest may be stated as follows : interest is fixed at six per cent., and any excess is not re- coverable, but may be deducted from the debt ; and where excess has been paid, it may be recovered back, provided the action for that purpose be brought within six months after the time of such payment ; but negotiable paper in the hands of honafide holders is not affected, and commission merchants and agents of parties not residing within the commonwealth may contract to retain interest at seven per cent, upon balances in their liands.-^ Usury laws do not apply to railroad and canal company bonds.
In the January session of the Rhode Island Legis- lature, 1767, a statute against usury was passed, and limited the rate of interest to six per cent, upon all contracts. It was amended in 1795 and 1817. In 1822, however, the present statute, repealing all former acts, was passed, and has since been embodied in the Revised Statutes of 1844,^ whereby six per cent, is fixed as the legal rate ; there is no forfeiture, but in an action on an usurious contract, judgment will be given for the principal sum lawfully due, and legal interest, with costs. The statute does not ex- tend, however, to the letting of cattle, or other usages in practice among farmers, or to maritime contracts, bottomry-bonds, insurance or exchange.
In South Carolina interest was fixed by statute, passed in 1719, at ten per cent., and all contracts ' Pur. Dig., p. 561, edit. 1862. » Rev. Stat., R. I., p. 277, edit. 1857.