The statutes of usury in this country have been copied, in substance, but with more or less variation of form, from the 12 Anne, stat 2, c. 16 (now repealed by the statute 17 & 18 Vict. c. 90), which provides, that no person shall take, directly or indirectly, upon any contract, "for loan of any moneys, wares, merchandise, or other commodities whatsoever, above the value of five pounds for the forbearance of one hundred pounds for a year, and so after that rate for a greater or lesser sum, or for a longer or shorter time;" and that " all bonds, contracts, and assurances whatsoever, for payment of any principal, or money to be lent, or covenanted to be performed, upon or for any usury, whereupon or whereby there shall be reserved or taken above the rate of five pounds in the hundred, as aforesaid, shall be utterly void;" and further provides, * that any person who shall take more than* five pounds per cent contrary to the provisions of the statute, shall forfeit and lose for every such offence the treble value of the moneys, wares, merchandises, and other things so lent (x) Our statutes differ greatly as to the amount which may be taken or received, the legal interest in each State being intended to represent the fair worth of money, and that varying greatly in different parts of this country. They differ also very much in the penalties with which they visit the offence of usury.

Originally, the principle of the statute of Anne was adopted generally, if not universally, and the whole debt forfeited. Afterwards, there was a considerable relaxation in this respect; but with some fluctuation and a return to severity; and now, usury works, generally, a forfeiture of the usurious interest and some part of the principal or the lawful interest, by way of penalty.

(x) By the 3 & 4 Will. 4, c. 98, § 7, and 2 & 3 Vict. c. 37, enlarging the statute of William, all contracts were taken from the operation of the statute of Anne, except those contained in hills of exchange and promissory notes having more than twelve months to ran, those for the loan of money less in amount than the sum of ten pounds sterling; and excepting also contracts for "the loan or forbearance of any money upon security of any lands, tenements, or hereditaments, or any estate or interest therein." Any usurious contract is therefore valid in England, with the above ex* cepted cases. Thibault v. Gibson, 12 M. & W. 88; Semple v. Cornewall, 10 Exch. 617, 29 Eng. L. & Eq. 436.

The simplest definition of usury is, the taking of more interest for the use of money than the law allows. There must therefore be the use of money; which may be by a loan, or by the continuance of an existing debt. That is, one may now lend money to another, and so give him the use of it, or may agree with him that he shall not now repay a sum which has become due, and so permit him to use it (y)1 To the one or the other of these classes all contracts for the use of money may be referred. And, to constitute the offence of usury, there must be an agreement that he who has the use of the money * shall pay to the owner of it more than lawful interest; that is, more than the law permits to be paid for the use of money.