CASE OF USURY IN NEW YORK. 257 



State. Legal Interest. Penalty for Usury. 



Georgia, . . 7 per cent. Thrice the usury. 



Alabama, . 8 ... Forfeit interest and usury. 



Mississippi, . 8 ... 1 Usury recoverable in action 



By contract, . 10 ... j for debt. 



Louisiana, . 8 ... &quot;) 



Bank interest, 6 ... J- Contract void. 



Contract, . 10 ... j 



Tennessee, . 6 ... Do. 



Kentucky, . 6 ... Usury recoverable, with costs. 



Ohio, . . 6 ... Contracts void. 



Indiana, . . 6 ... Fine double the excess. 



I1 Cont S ract, . 10 . .&quot;. } Forfeit thrice the interest. 

 Missouri, . . 6 ... Forfeit interest and usury. 



Michigan, . 7 ... | Forfe^usury and one-fourth 



Arkansas, . 6 ... f Usury recoverable and con- 

 By agreement, 10 ... j tract void. 



District Columbia, 6 ... Contract void. 



Florida, . . 8 ... Forfeit interest and excess. 



Texas, . . 8 ... ) 



By contract, . 12 ... j 



Wisconsin, .7 ) 



By contract, . 12 ... } Forfeit thrice the excess. 



Iowa, . . 7 ... i 



By agreement, 12 ... / Do 



The penalty for usury in the State of New York 

 voiding the contract and forfeiting the whole debt, nearly 

 the same law as exists in New Jersey, Pennsylvania, 

 and Delaware was unfit to stand against a single com 

 mercial crisis in a country where the people yearly and 

 directly influence the legislature, provided that, during 

 that crisis, one flagrant breach of commercial faith 

 became generally known. Such was the case during 

 the late crisis of 1848 and 1849. An extensive com 

 mercial house in New York became embarrassed, and 

 applied to certain London capitalists to aid them. This 

 was at once agreed to, with the observation that, &quot; at 



VOL. II. K 



