Usury 237 



By this method of disposing of some of the 

 property not needed at the time for the support 

 of the parents, provision is made for an income 

 in case of need or misfortune, the children are 

 helped when they most need help, and, above 

 all, the rights of the younger children are pro- 

 tected. Then, too, the pleasure of giving and 

 receiving during the lifetime of parents and 

 children should count for much. 



IV. USURY 



Usury is the act of intentionally taking or re- 

 serving or contracting to take or reserve, for the 

 use or loan of money, a gi'eater compensation 

 than the rate of interest allowed by law. 



The rate of interest known as the "legal rate," 

 and which is the limit permitted by law, varies 

 in the different states, being six per cent in New 

 York, Pennsylvania and New Jersey, and in 

 some other states much higher. Only the gen- 

 eral rules can be here stated, in this connec- 

 tion; they must be verified by reference to the 

 statutes of the particular state in question. Gen- 

 erally, all bonds, bills, notes, etc., whereby there 

 shall be reserved or taken, or agreed to be 

 reserved or taken or secured, any greater sum 

 or value for the loan or forbearance of money 

 than the legal rate of interest, are either void 



