USURY

The taking of interest for money: from the Latin word usura. The Jews were forbidden by the law of Moses to exact interest from one another. By the old Roman law of the twelve tables, the rate of interest allowed as legitimate was the usura centesima, which was strictly one per cent, a month; and has been supposed by some to have amounted to twelve, by others to ten per cent, in the year. Interest was also computed in the following manner: — Usura unciaria, being the lowest term, one per cent., or one twelfth of the usura centesima; usura semis, or semis, half the centesima (six per cent.); bes, quadrans, quincunx, ., two third parts, a quarter, a fifth of the centesima (eight, three, two per cent. ). The Roman laws against exce ive usury were frequently renewed, and constantly evaded; but the same principle, additionally sanctioned, by mistaken religious opinions, pervaded the laws of all countries in which the civil jurisprudence prevailed. The amount of legal interest has been fixed by various statutes in England. In the reign of Henry VIII. ten per cent, was allowed; by 21 J. 1., 8 per cent.; by 12 C. 2., 6 per cent.; by 12 Ann. 5 per cent. All contracts made for the payment of any principal to be lent on usury above this rate were utterly void. The question of usury, i. e. whether a contract is bona fide, or a colour for a usurious loan, was determined by the verdict of a jury. But the usury laws have been relaxed by several recent statutes. By the last, 2 & 3 "Vict. c. 37., bills of exchange not having more than 12 months to run, and contracts for loans or forbearance of money above 10/., are no longer affected by those laws. But 5 per cent, remains the legal intei-est recoverable on all contracts, unle otherwise specified. UT. In Music, the name of the first of the musical syllables. The Italians, for the sake of softening the sound, use the syllable Do instead of Ut in the modern solfeggi. [s. 1293]