The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1875-12-30
RATES OF INTEREST.
The Rutes Allowed In the Several States In
the Union, and in Canada.

The Rntes Allowed In the Several States In
the Union, and in Canada.
The Philadelphia Ledger has compiled
the following statement of the rates OF
interest allowed by the laws of the sew
eral States and Territories of the United
States, and of Upper and Lower Canada
Alabama.-Eight per cent. On usurioue
contracts the principal only can be recovered.
Arkansss.-Six per cent, but parties may
contract for any rate not exceeding teD. Usury
forfeits both principal and interest.
California.-Ten per cent. after debt be-
comes due, but parties may agree upon any
rate of interest whatever, simple or compound.
Colorado Territory. per cent. on money
loaned.
onnecticut.-Seven per cent Ueury for
feits interest taken in excess of legal rate.
Dakota.-Seven per cent. Parties may con-
tract for a rate not exceeding twelve Usury
forfeits all the interest taken.
Delaware.-Six per cent. Penalty for usury
forfeits sum equal to the money lent.
District of Columbia. a.-Six per cent Parties
may stipulate in writing for ten. Usury for
feits all the interest.
Florida. Eight per cent. Usury laws re-
pealed. Money may be loaned at any rate.
Georgia. Seven per cent. Parties may con-
tract for twelve. A higher rate than twelve
forfeits interest and excess
Idaho Territory.-Ten per cent. Parties
may agree in writing for any rate not exceed
ing two per cent. per month. Penalty for
greater rate is three times the amount paid,
fine of $500, or six months imprisonment, or
both.
Illinois.-Six per cent, but parties may
agree in writing for ten. Penalty for usury
forfeits the entire interest.
Indiana.-Six per cent. Parties may agree
in writing for any rate not exceeding ten. Be-
yond that rate is illegal as to excess only.
Iowa Six per cent. Parties may agree in
writing for ten. higher rate works for
feiture of ten per cent.
Kansas.-Seven per cent. Parties may agree
for twelve. Usury forfeits the excess.
Kentucky.-Six per cent, but contracts may
be made in writing for ten. Usury forftits
the whole interest charged.
Louisiana. Five per cent eight per cent.
may be stipulated for if embodied in the face
of the obligation, but no higher than eight per
cent
Maine.-Six per cent. Parties may agree in
writing to any rate.
MARYLAND Six per cent. Usurious con-
tracts cannot be enforced for the excess above
the legal rates
Michigan.-Seven per cent. Parties may
contract for any rate not exceeding ten.
Minnesota. Seven per cent Parties may
contract to pay as high as twelve in writing,
but contract for higher rate is void to the
excess.
NIissssippi.-Six per ent. Parties may con-
tract in writing for ten. Where more than ten
is taken, the excess cannot be recovered.
Missouri-Six per cent. Contract in writing
may be made for ten. The penalty for usury
is forfeiture of the interest at ten per cent
Montana.-Parties may stipulate for any
rate of interest.
Nebraska.-Ten per cent, or any rate ON ex-
press contract not greater than twelve. Usury
prohibits the recovery Of any interest on the
principal.
ing may be made for the payment OF any other
rate.
New Hampshire.-Six per cent. A higher
rate forfeits three times the excess to the per
son aggrieved suing therefor
New Jersey.-Seven per cent Usury for
feits all interest aud costs.
New Mexico Territory.-SiX per cent. but
parties may agree upon any rate.
New York.-Seven per cent. Usury is 8
misdemeanor, punishable by fine of S1,00(
or six months imprisonment or both, and for
feits the principal, even in the hands of thirt
parties.
North Carolina.-Six rer cent. eight may
be stipulated for when money is borrowed
Penalty for usury is double the amount lent
and Indictment for misdemeanor.
Ohio.-Six per cent. Contract in writing
may be made for eight. No penalty attached
for violation of law. II contract is for a higher
rate tlan elElC, IL 1s NOlu dS 10 llIeIeSJ, dll(
recovery ie limited to principal and Elk PEI
cent.
Oregon.-Ten per cent. Par,ies may agree
on twelve.
Pennsylvania.-Si per cent. Usurious in
terest cannot be collected. II paid it may b'
recovered by suit therefor within six months
Rhode Island.-Six per cent. Any rate ma,
be agreed upon.
South Carolina. Seven per cent. Usur,
laws are abolished, and parties may contrac
without limit. Contracts must be III writing
Tennessee.-Six per cent. Parties may con
tract in writing for any rate not exceeding tel
per cent.
Texas.-Eight per cent. All usury law
abolished by the Constitution.
Utah Territory.-Ten per cent. No usur
laws. Any rate may be agreed on.
Vermont.-Six per cent. Usury forfeita onl
| the eXcese.
Vrginia-Six per cent Lenders forfeit a.
| interest in case of usury.
Washington Territory. Ten per cent. An
rate agreed upon in writing is valid.
West Virginia.-Six per cent. Excess of in
| terest cannot be recovered if usury is pleaded
Wisconsin.-Seven per cent. Parties ma
contract in writing for ten. No interest ca
be computed on interest. Usury forfeits a
| the interest paid.
Wyoming Territory.-Twelve per cent. bu
any rate may be agreed upon in writing.
Upper Canada.-Six per cent, but partie
may agree upon any rate.
Lower Canada. Six per cent, but any rat
may be stipulated for.
The Currency act Of Congress limit
national banks to rate of six per cent
In the District of Columbia, Congres
allows a rate of ten per cent. The Stat
laws are all more liberal than the act c
Congress, and there, it is thought b
many, injustice is done the nationf
banks. Besides, the people of eac
State, the Ledger has always contended
should be at liberty to pay for none
what they please, aud should have til
sole right to fix the rate. Congres
should legislate only for the district.