LEGAL Rates of Interest in the different States and Territories. Tennessee Kentucky Ohio Indiana... Illinois... Missouri..... Michigan.... Arkansas.. District of Columbia... Florida ..... Iowa 6 per cent ditto ditto ditto ditto 7 per cent ditto 8 per cent 7 per cent ditto PUNISHMENT OF USURY. Forfeit of the debt or claim. Forfeit of three times the amount unlawfully taken. Forfeit of three-fold the usury. Forfeit of the usury and interest on the debt. Usurious contracts void. Forfeit of the whole debt. On tobacco contracts, eight per cent. Usurious contracts void. Forfeit double the usury taken. Contracts for usury void, forfeit double the usury. Forfeit of three times the usury, and contract void. By contract as high as ten per cent. Usury recover- Bank interest, six per cent; conventional, as high as ten per cent; beyond, contract void. Usurious contracts void. Usury may be recovered, with costs. On written agreement may go as high as ten per cent; Forfeit of interest and excess, in case of usury. By agreement as high as twelve per cent. Forfeit On debts or judgments in favour of the United States, interest is computed at the rate of six per cent per annum. DAMAGES ON PROTESTED BILLS OF EXCHANGE." The laws and usages of the states vary essentially on the subject of damages on protested bills. In some cases, the regulations of states approximate to each other, while in others, they are widely different. In some cases, the law or rule is unlike, but the result is nearly similar; while, between other states, the result varies from four and a half to fifteen per cent. In Massachusetts, the usage was to recover the amount of the protested bill at the par of exchange, and interest, as in England, from the time payment of the dishonoured bill was demanded Chiefly from the fourth edition of Chancellor Kent's Commentaries. of the drawee, and the charges of the protest, and ten per cent damages in lieu of the price of exchange. But this rule has been changed by statute, in 1825, 1835, and 1837; and bills drawn or indorsed in that state, and payable without the limits of the United States, and duly protested for non-acceptance or non-payment, are now settled at the current rate of exchange and interest, and five per cent damages; and, if the bill be drawn upon any place beyond the Cape of Good Hope, twenty per cent damages. The rate of damages in Massachusetts, on inland bills, payable out of the state, and drawn or indorsed within the state, and duly protested for non-acceptance or nonpayment, is two per cent in addition to the contents of the bill, with interest and costs, if payable in any other New England state, or New York; and three per cent if payable in New Jersey, Pennsylvania, Delaware, and Maryland; and four per cent, if payable in Virginia, District of Columbia, North Carolina, South Carolina, or Georgia; and five per cent, if payable in any other of the United States, or the territories thereof. Maine.-Payable out of the state, and in New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, or New York, three per cent; in New Jersey, Pennsylvania, Delaware, Maryland, Virginia, or District of Columbia, five per cent; in North Carolina, South Carolina, or Georgia, six per cent; at any other place in the United States or territories, nine per cent; at any place out of the United States or territories, ten per cent; payable within the state, at not less than seventy-five miles distance, in sums of 100 dollars and over, one per cent. New Hampshire. [In this state there is no statute regulation on the subject. The usual practice has been to charge the rate of damages existing at the point where the bill was payable.] Vermont.-[No statute regulation. The practice has been similar to that in New Hampshire.] Rhode Island.-Payable without the United States, ten per cent; or within the United States, and out of Rhode Island, five per cent. Connecticut.-The rule of damages on bills returned protested, and drawn on any person in New York, is two per cent upon the principal sum specified in the bill; in New Hampshire, Vermont, Maine, Massachusetts, Rhode Island, New York (city of New York excepted), New Jersey, Pennsylvania, Delaware, Maryland, Virginia, or territory of Columbia, three per cent; in North Carolina, South Carolina, Ohio, or Georgia, five per cent; in any other part of the United States, eight per cent upon such principal sum, and to be in lieu of interest and all other charges and without any reference to the rate of exchange. New York. The rate of damages on bills drawn and payable within the United States, or other parts of North America, was, in 1819, regulated in New York by statute, and the damages fixed at five, or seven and a half, or ten per cent, according to the distance or situation of the place, on which the bill was drawn. But, by the new revised statutes, which went into operation on the 1st of January, 1830, the damages on bills, foreign and inland, were made the subject of a more extensive regulation. They provide, that, upon bills drawn or negotiated within the state, upon any person, at any place within the six states east of New York, or in New Jersey, Pennsylvania, Ohio, Delaware, Maryland, Virginia, or the District of Columbia, the damages to be allowed and paid, upon the usual protest for non-acceptance or non-payment, to the holder of the bill, as purchaser thereof, or of some interest therein, for a valuable consideration, shall be three per cent upon the principal sum specified in the bill; and upon any person at any place within the states of North Carolina, South Carolina, Georgia, Kentucky, and Tennessee, five per cent; and upon any person in any other state or territory of the United States, or at any other place on, or adjacent to, this continent, and north of the equator, or in any British or foreign possessions in the West Indies, or elsewhere in the Western Atlantic ocean, or in Europe, ten per cent. The damages are to be in lieu of interest, charges of protest, and all other charges incurred previous to, and at the time of, giving notice of non-acceptance or non-payment. But the holder will be entitled to demand and recover interest upon the aggregate amount of the principal sum specified in the bill, and the damages, from the time of notice of the protest for non-acceptance, or notice of a demand and protest for non-payment. If the contents of the bill be expressed in the money of account of the United States, the amount due thereon, and the damages allowed for the non-payment, are to be ascertained and determined, without reference to the rate of exchange existing between New York and the place on which the bill is drawn. But, if the contents of the bill be expressed in the money of account, or currency of any foreign country, then the amount due, exclusive of the damages, is to be ascertained and determined by the rate of exchange, or the value of such foreign currency, at the time of the demand of payment. New Jersey.-There are no statute regulations on this subject in New Jersey.] In Pennsylvania, the rule, for a century past, was twenty per cent damages, in lieu of re-exchange; but by statute, in 1821, five per cent damages were allowed upon bills drawn upon any person in any other of the United States, except Louisiana; if on Louisiana, or any other part of North America, except the north-west coast and Mexico, ten per cent; if on Mexico, the Spanish Main, or the islands on the coast of Africa, fifteen per cent; and twenty per cent upon protested bills on Europe, and twenty-five per cent upon other foreign bills, in lieu of all charges, except the protest, and the amount of the bill is to be ascertained and determined at the rate of exchange. Delaware.-Payable at any place within the United States, or territories, out of Delaware, five per cent; at any place in Europe, twenty per cent. In Maryland, the rule, by statute, is payable without the state, and at any place in the United States, or territories thereof, eight per cent; in any foreign country, fifteen per cent. And the amount of the bill ascertained at the current rate of exchange, or the rate requisite to purchase a good bill of the same time of payment, upon the same place. Virginia.-Payable out of the state, at any place within the United States, or territories, three per cent; in any foreign country, fifteen per cent. In North Carolina, by statute, in 1828, damages on protested bills, drawn or indorsed in that state, and payable in any other part of the United States, except Louisiana, are six per cent; payable in any other part of North America, except the West India islands, ten per cent; payable in South America, the African islands, or Europe, fifteen per cent; and payable elsewhere, twenty per cent. South Carolina.-Payable within the United States, at any place out of South Carolina, ten per cent; in any other part of North America, or the West India islands, twelve and a half per cent ; in any other part of the world, fifteen per cent. Georgia. The damages in Georgia, by statute, in 1827, on bills drawn on a person in another state, and protested for non-payment, are five per cent; and on foreign bills, protested for nonpayment, are ten per cent, together with the usual expenses and interest, and the principal to be settled at the current rate of exchange. Alabama. The damages on bills, drawn in the state of Alabama, on any person resident within the state, are ten per cent; and on any person out of it, and within the United States, are fifteen per cent; and on persons out of the United States, twenty per cent on the sum drawn for, together with incidental charges and interest. In Louisiana, in 1838, the rate of damages, upon the protest for non-acceptance or non-payment of bills of exchange, drawn on, and payable in foreign countries, was declared by statute to be ten per cent; and in any other state in the United States, five per cent, together with interest on the aggregate amount of principal and damages. On protested bills, drawn and payable within the United States, the damages include all charges, such as premiums, and expenses, and interest on those damages, but nothing for the difference of exchange. In Mississippi, the damages on inland bills, protested for non-payment, are five per cent; if drawn on any person resident out of the United States, ten per cent. The damages in Tennessee, by statute, in 1830, on protested bills, over and above the principal sum, and charges of protest, and interest on the principal sum, damages, and charge of protest from the time of notice, are three per cent on the principal sum, if the bill be drawn upon any person in the United States; and fifteen per cent, if upon any person in any other place or state in North America, bordering on the Gulf of Mexico, or in the West Indies; and twenty per cent, if upon a person in any other part of the world. These damages are in lieu of interest and all other charges, except the charges of protest, to the time of notice of the protest, and demand of pay ment. Kentucky.-On foreign bills, ten per cent, damages are allowed. On inland bills, damages are governed by the law of the place. Ohio.-Payable at any place without the United States, twelve per cent; within the United States, at any place out of Ohio, six per cent. Indiana.-Payable at any place without the United States, ten per cent; at any place within the United States, out of Indiana, five per cent. Drawer or indorser not liable for damages, if paid at maturity, with costs. Illinois. Payable at any place without the United States, ten per cent; at any point within the United States, and out of Illinois, five per cent. Missouri.-Payable at any place within the state, four per cent; out of the state, and within the United States, ten per cent; at any place out of the United States, or territories, twenty per cent. Michigan.-[No statute regulation has as yet been adopted in this state.] Arkansas.-Payable at any place within the state, two per cent; in Alabama, Louisiana, Mississippi, Tennessee, Kentucky, Ohio, Indiana, Illinois, Missouri, or at any place on the Ohio river, four per cent; in any other place in the United States, or territories, five per cent; at any place out of the United States, ten per cent; together with costs and interest at the rate of ten per cent per annum. Florida.-Same as the state of Alabama. Wisconsin.-Payable at any place without the United States, twenty per cent; out of the territory, adjoining the same within the United States, five per cent; in the United States, not adjoining the territory, ten per cent. Iowa.-The same as in the territory of Wisconsin. District of Columbia.-[The rates established in Maryland and Virginia, are charged on protested bills in the district.] 1259 MONEYS, WEIGHTS, AND MEASURES, OF THE UNITED STATES OF AMERICA. THE decimal system was adopted by Congress in the subdivision of moneys, but not as respects weights and measures. The power of regulating the standard of the latter was vested in the federal government, which acted upon this authority, first, in regard to the custom-house duties, and afterwards generally; but not until it was found that the weights and measures of Massachusetts had become inaccurate, and that the weights and measures differed in one state from those of another. In 1836, a law was passed for regulating the weights and measures of the union. This law directed the secretary of the treasury to construct and supply standards of weights, of length, and of capacity of the United States, to the executives of the different states of the union, the governors of territories, and the custom-houses. The report of Mr. John Quincy Adams, upon weights and measures in the year 1821, was acted upon, in most of its details, as much as if the law had been passed at the time the report was made. Mr. Adams gave the preference to the standards of Great Britain over those of France, from the circumstance that they were generally in use in the United States, and on the ground that a great change in weights and measures similar to that introduced in France, of the same decimal principle, would have been attended with great embarrassment. The troy weight of England was adopted for weighing bullion. The avoirdupois weight of England for weighing all other articles bought or sold by weight. The British and the American statute acre, square yard, square foot, and inch are the same. The linear measures of England, that is the mile, yard, foot, and inch, are the same in America. England has, however, altered her corn and liquid measures, while America retains the old English wine gallon for liquids, and the Winchester bushel for corn, &c. MONEYS.-It is remarkable that computations in old depreciated currencies should have, in ordinary transactions, continued to prevail. The dollar in the Massachusetts states has been long valued at six shillings; in New York and North Carolina at eight shillings, varying also in almost every other state. The legal moneys are, however, gold eagles, silver dollars, and copper cents. (See Mint of United States hereafter.) Coins of foreign countries, many of them old and much worn, are found in most towns. Into New Orleans, Mexican, South American, and Spanish dollars, and Spanish Mexican and South American gold have always flown in. This has been the case in regard to many other towns. Accounts are kept in dollars and cents. The exchanges with foreign countries fluctuate. The following tables will show the valuations and exchanges. MONEY TABLES. A TABLE of Gold Coins, the exact Weight, the Assay, and the present Value in the United States, according to the Gold Coin Bill passed by Congress during their session in 1833-4. * Guineas, when received in this country, are almost invariably one grain light, and, therefore, the real value of them is 5 dollars 7 cents. A sovereign, when received from the Mint, weighs 5 dwt. 34 grains, but nine-tenths of those brought to this country do not weigh more than 5 dwt. 24 grains. The average value of each sovereign is 4 dollars 85 cents; of course, those which are of full weight are worth the price above stated.-New York Merchants' Magazine. |