business under that act) may take upon any note, or other evidence of debt discounted by them, such rate of interest or discount as is for the time the established rate of interest, in the absence of contract between the parties, by the laws of.the several States in which the associations are respectively located; and such interest may be taken in advance at the time of making the loan or discount, according to usual rules of banking; but the wilful taking of a rate of interest greater than that above specified, is ' Rev. Stat. Wis., p. 410, edit. 1858. ' U. S. Statutes at Large, ii., 756. ' U. S. Stat, at Large, iv., 310.
declared to be a forfeiture of the debt. Tbe pur- chase or sale, however, of a bill of exchange drawn on actually existing values, and payable at another place than the place of such purchase, discount or sale, will not be considered as taking or charging interest.'- The whole law of usury will be found fully dis- cussed in the Earl of Chesterfield v. Janssen,^ since which Lord Abinger said, in reviewing the cases :
"there is none in which anything new is to be found -"^ but the case is much better reported else- where.* It will be seen that but seven States' in the Union make a contract void for u^ury so far as to prevent the creditor on such contract from recovering his principal. And as to one at least of these,® it appears that, while a contract whereby more than seven per cent, is taken is generally void, this does not extend to bills of exchange, notes payable to order or bearer in the hands of an innocent holder, who received the same in good faith, and for a valuable consideration, and who has no notice of the usurious inception. And it is particularly noticeable throughout the ' 12 U. S. Stat, at Large, p. 679. (1863.) 2 1 Wilson, 286. » Downes V. Green, 12 M. & W., 490.
" 2 Vesey, 125. And see Notes in 1 White ds Tvdor's Eq. Cases, 378, and Mr. Perkins' Note to Stli edit, of Chitty on Oontratts, page 611.