The elements which must concur in order to constitute usury have been thus stated:

"To constitute usury, in contemplation of law, the following essential elements must be present: (1) There must be a loan or forbearance; (2) the loan must be of money or something circulating as money; (3) it must be repayable absolutely and at all events; (4) something must be exacted for the use of the money in excess of and in addition to the interest allowed by law. Some decisions appear to imply that a fifth element should be added, consisting of the intent of the parties or at least of the lender, but it seems to us quite as accurate to say that the intention of the parties as the same appears from the facts and circumstances of the case may be considered, in connection with the other evidence, in determining whether the essential elements of usury are present in the particular case under investigation." 7

5 Ewell v. Daggs, 108 U. S. 143, 2 8. Ct. 408, 27 L. Ed. 682; Petterson v. Berry, 126 Fed. 903, 60 C. C. A. 610; Walker v. Arkansas Nat. Bank, 256 Fed. 1,4, 167, C. C. A. 273; Woodruff v. Scruggs, 27 Ark. 26,11 Am. Rep. 777 Mechanics', etc., Savings' Bank v. Allen, 28 Conn. 97; Coe v. Mul-ler (Fla.), 77 So. 88; Parmelee v. Lawrence, 48 111. 331; Johnson r. Ut-ley, 79 Ky. 71; Magil v. Mercantile Trust Co., 81 Ky. 129; Holmes v.

French, 68 Me. 525; Curtis v. Leavitt, 15 N. Y. 9; Hardaway v. Lilly (Tenn. Ch.), 48 S. W. 712; Danville v. Pace, 25 Gratt. 1, 18 Am. Rep. 663. Cf. Mitchell v. Doggett, 1 Fla. 356; Pond v. Home, 65 N. G. 84; Austin v. Burgess, 36 Wis. 186.

6 See infra, Sec. 1758.

6a Dalton v. Weber, 203 Mich. 455, 169 N. W. 946; Patterson v. Wyman (Minn.), 170 N. W. 928.