Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1893 edition. Excerpt: ... therefore the price of such annuities cannot, without the utmost difficulty, be reduced to any general rules. Upon the two principles of inconvenience and hazard, compared together, different nations have, at different times, established different rates of intereit. Our law establishes one standard for all alike, where the pledge of security itself is not put in jeopardy; lest, under the general pretense of vague and indeterminate hazard, a door should be opened to fraud and usury; leaving specific hazards to be provided against by specific insurances, by annuities for lives, or by 1 upon respondentia or bottomry. But as to the rate of legal interest, it has varied and decreased for two hundred years past, according as the quantity of specie in the kingdom has increased by accessions of trade, the introduction of paper credit, and other circumstances. By the statute 12 Anne, st. 2, c. Hi, it was brought down to five per cent, yearly, which is now the extremity of legal interest that can be taken. But yet, if a contract which carries interest be made in a foreign country, our courte will direct the payment of interest according to the law of that country in which the contract was made. Unless the money lent shall be known at the time to exceed the value of the thing in pledge; in which case also to prevent usurious contracts at home under colour of such foreign securities, the borrower shall forfeit treble the sum so borrowed. DEBT. 4. The last general species of contracts which I have to mention is that of debt; whereby a chose in action, or right to a certain sum of money, is mutually acquired and lost. This may be the counterpart of, and arise from, any of the other species of contracts. Any contract, in..."
