B6 HISTORY OF USURY.
reserving more were utterly void, with forfeiture of treble the principal, or value of the thing lent, for taking more.^ This was substantially re-enacted in 1721; but in 1748 the rate was reduced to eight per cent., and in 1777 was further reduced to seven per cent. ; but the act retained the treble forfeiture clause for taking more.^ The last mentioned clause, how- ever, was repealed in December, 1830, by the act of that date, leaving the legal rate of interest seven per cent., and declaring, that on all contracts reserving more, the principal only can be recovered, without any interest or costs of action.^ In Tennessee the laws of the State of North Caro- lina concerning usury, were in force until 1819, when an act was passed making usury an indictable offence." In 1835 this act was repealed by the statute now in force, which has fixed the rate of interest at six per cent. If more is reserved, the defendant can only avoid the usurious excess, and the plaintiff may re- cover the principal of his debt, with legal interest.* In Texas, the distinction between legal and con- ventional interest is recognized. The former is eight per cent., and the latter twelve. Upon contracts in which