Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-05-30
THE VALUE OF MONEY.
Legal Rates of Interest in the Various
STATES.

Legal Rates of Interest i'm the Various
States.
Maine, Massachusetts,, Rhode Island,
Texas, California and South Carolina,
have abolished all usury laws and given
the people the right to contract for
money as for food.
The legal rate of interest in A alabama
is eight per cent. On usurious contracts
the principal can only be recovered.
Arkansas-Rates of interest six per
cent, but parties can contract for any
rate not exceeding ten. Usury forfeits
both principal and interest.
California-Ten per cent, after debt
becomes due, but parties may agree upon
any rate of interest whatever, simple or
compound.
Connecticut-Sev per cent. Usury
| forfeits interest taken in excess of legal
rate.
Colorado-Ten per cent. on money
loaned
Dakota-Seven per cent. Parties
may contract for rate not exceeding
twelve. Usury forfeits all the interest
taken.
Delaware-Six per cent. Penalty for
usury-forfeits a sum to the amount
lent.
District of Columbia per cent.
Parties may stipulate in writing for ten.
Usury forfeits all interest.
Florida-Eight per cent Usury laws
repealed. Money may be loaned at any
rate.
Georgia-Seven per cent. Parties
may contract for twelve. A higher rate
than twelve forfeits interest and the ex-
! cess.
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 exceed
ing ten. Beyond that rate is illegal as
to excess only.
Iowa-Six per cent. Parties may
agree in writing for ten. A higher rate
works a forfeiture Of ten per cent.
Kansas-Seven per cent. Parties may
agree for twelve Usury forfeits the ex-
cess.
Kentucky-Six per cent, but contracts
may be made in writing for ten. Usury
forfeits the whole interest charge.
Maine-Six per cent Parties may
agree in writing for any rate.
Maryland-Six per cent Usurious
contracts cannot be enforced for excess
above the legal rate.
Massachusetts-Six per cent, but par
ties may agree for any rate in writing.
Michigan-SeVen per cent. Parties
may contract fol- any rate not exceeding
| ten.
Minnesota-Seven per cent. Parties
may contract to pay as high as twelve in
writing; but contracts for higher rate
is void as to excess.
Missouri-Six per cent. Contracts in
writing may be made for ten. The pen
atty for usury is forfeiture of the inter-
est at ten per cent.
Nebraska-Ten per cent. or any rate
on express contract not greater than
twelve. Usury prohibits the recovery of
any interest on princip pal.
New Hampshire-Six per cent. A
higher rate forfeits three times the excess
to the person aggrieved suing.
New Jersey-Seven per cent. Usury
forfeits all interest and cost.
New York-Seven per cent. Usury is
misdemeanor, punishable by a fine of
81, 200 or six months imprisonment, or
both and forfeits the principal, even in
the hands of third parties
Ohio-Six per cent. in all cases where
there is no contract. Eight per cent. on
written contract.
Oregon-Ten per cent. Parties may
agree in writing for twelve.
Pennsylvania-Six per cent. Usurious
interest cannot be collected If paid may
be recovered by suit therefor within six
months
Rhode Island per cent. Any rate
Tennessee Six per cent. Parties may
contract in writing for any rate not ex-
ceeding ten per cent.
Texas-Eight per cent. All usury
laws abolished by the new Constitut ion.
Vermont-Slx per cent. Usury for
feits only the excess.
Utah Territory-Ten per cent. No
usury laws. Any rate may be. agreed
upon.
Virginia-S5iix per cent. Lenders for
felt all interest in case of usury.
West Virginia-S per cent. Excess
cannot be recovered if usury is pleaded
Washington Territory-Ten per cent
Any rate agreed upon in writinS is
valid
Wisconsin-Seven per cent. Parties
may contract in writing for ten. No in
terest can be computed on interest.
Usury forfeits all the interest paid.
Wyoming Territory Twelve per cent,
but any rate may be agreed upon in
writing.
Dominion of Canada-Six per cent,
but parties may agree upon any rate.
Scenes in Cairo.
From the London Saturday Review.
The traveller who desires to see the