Defeneration in United States

Defeneration

Defeneration, Money On Usury Definition

The act of lending (This definition of Defeneration, Money On Usury Is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread).

Usury in 1889

The following information about Usury is from the Cyclopaedia of Political Science, Political Economy, and the Political History of the United States by the Best American and European Writers:

“(…) the control of the government be not great enough, the law would, in most cases, be evaded; especially as each party, creditor as well as debtor, would find it to his advantage to evade it. The latter, who otherwise would not be able to borrow at all, is, as a rule, more in need of obtaining the loan than the creditor is to invest his capital. How easily, therefore, might he be induced to bind himself by oath or by word of honor’. He would, moreover, be compelled to pay the creditor not only the natural interest and the ordinary insurance premium against loss, but also for the special risk he runs when he violates the law threatening him with a severe penalty. Hence the last result of usury laws is either a material enhancement of the difficulty of obtaining loans, or an enhancement of the rate of interest.”