Joseph McKenna

“ The people of the state of Michigan enact: That the interest of money shall be at the rate of $5 upon $100 for a year, and at the same rate for a greater or less sum, and for a longer or shorter time, except that in all cases it shall be lawful for the parties to stipulate in writing for the payment of any rate of interest not exceeding 7 per cent per annum: Provided, That this act shall not apply to existing contracts, whether the same be either due, not due, or part due.'
According to its title the act is one to regulate the interest of money on account and interest on money judgments. ”

“ The New York, having been in fault, was responsible to the cargo, and if, as between her and the Conemaugh, she have a claim for recoupment, coupment, the way is open to recover it. We think that the district court rightly construed our mandate.
2. Our mandate directed that a decree be entered 'with interest from July 3, 1896, until paid at the same rate per annum that decrees bear in the courts of the state of Michigan.' The district court and the circuit court of appeals found the rate to be 7 per cent. ”

“ The subsidiary propositions are that if one of the offending vessels pay more than half the damages to a third or innocent party she may recoup or set off such excess against any claim for damages which the other vessel may have without bringing in the other vessel as a codefendant under admiralty rule 59, or filing other pleadings than an answer to the libel. ”