30 Conn. 175 | Conn. | 1861
The only question in this case arises upon that part of the charge in which the jury were told that a charge of commission beyond the legal rate of interest, for the trouble of discounting a note, or procuring a loan of money, was not usury, provided it be a fair and reasonable compensation. The facts to which the charge applied are very similar to the facts in the case of Hutchinson v. Hosmer, 2 Conn., 341, where the same doctrine was expressly sanctioned by this court. And that such is the law of Connecticut is admitted by counsel, as it certainly ought to be after this express decision, subsequently sanctioned and uniformly acted upon. De Forest v. Strong, 8 Conn., 513. Beckwith v. Windsor Manufacturing Co., 14 id., 604.
But as this was a New York transaction it is claimed that the same rule does not exist there ; and the question arises therefore, whether there is any difference in this respect between our own law and the law of New York. The general principles as to what constitutes usury are the same in both states, and also in England, though the rate of interest is different. Hence the English cases are always cited and relied upon in New York as well as with us. And we suppose it to be very well settled that under the English statutes it is lawful to take the customary commission or exchange on bills or notes, and reasonable incidental expenses, over and above the interest. Winch v. Fenn, 2 T. R., 52, note; Barclay v. Walmsley 4 East, 55 ; Carstairs v. Stein, 4 Maule & Selw., 192. And in a note on this subject by the reporter of the case of Jones v. Davison, 1 Holt, 256, it is said that if a
In this opinion the other judges concurred.