Note 194-1 — Chapter IV

In 1787, Joseph II. abolished the penalties for usury, but allowed the provisions denying a legal remedy, in cases of usurious demand of over 4 per cent. for hypothecations, 6 per cent. for bills and 5 per cent. for other loans, to remain. Compare the prize essay by Günther, Versuch einer vollständigen Untersuchung über Wucher und Wuchergesetze, 1790; v. Kees, über die Aufhebung der Wuchergesetze, 1791; Vasco, Usura libera, 1792. The opposite view represented by Ortes, E. N., II, 24, and v. Sonnenfels, Ueber Wucher und Wuchergesetze, 1789, and zu Herrn von Kees, Abhandlung, etc., 1791. The debates on the repeal of the usury laws in the French Chamber of Deputies, after which Lherbette's motion in favor of their repeal was rejected. In France they were, during the assignat-period of bewilderment virtually, and in 1804-1807 expressly (C. C., Art. 1907), but only provisionally repealed. In Würtemberg, all those having the right to draw bills of exchange were exempted from them in 1839. Since the law of 1848, governing bills of exchange, gave all persons capable of contracting, the right to draw bills of exchange, the usury laws have ceased to have any existence; without much noise before and without much complaint after. (A. Allgem. Ztg., 24 März, 1857.) Recent complete or partial repeal of the usury laws: in England, in 1854; in Denmark, in 1855; in Spain, in 1856; Sardinia, Holland, Norway and Geneva, 1857; Oldenburg, 1858; Bremen, 1859; in the kingdoms of Saxony and Sweden, in 1864; Belgium, 1865; Prussia, the North German Confederation,[TN 27] and to some extent Austria, in 1867.