Joseph Story

“ It further appeared, at the trial, that the Bank of Kentucky was never insolvent, but had always sufficient effects to pay its debts; that it has been several times sued for its debts, which had been always paid in specie, or other arrangements had been made satisfactory to the creditors; it had discharged the greater part of its debts, and had distributed among its stockholders 10 dollars in specie and 70 dollars in notes of the Commonwealth Bank of Kentucky, (which were at a great depreciation) , and that all its funds had not yet been distributed. ”

“ The lender who reserves an interest of six per cent upon a greater sum than he actually lends, is most clearly, we think, as much and as directly a violator of the law as he who reserves more than six per cent upon the sum actually loaned. ”

“ Owens, 2 Peters 527. The quo animo is, therefore, an essential ingredient in all cases of this sort.
Now, it distinctly appears in the evidence, as has been already stated, that no interest or discount whatsoever was actually taken on the note; and on the face of the note, there was no reservation of any interest but legal interest. So that there has been no taking of usury, and no reservation of usury on the face of the transaction. The case then resolves itself into this inquiry: whether, upon the evidence, there was any corrupt agreement, or device, or shift, to reserve or take usury ”

“ Talbot 111; Scott v. Nesbit, 2 Br. Ch. Ca. 641; Ord 143, 144, 145, 146. Taylor v. Bell, 2 Vern. 170; Barker v. Vansommer, 1 Br. Ch. Ca. 149.
The rule is the same in Pennsylvania. The same principle has been established in this court. Bank of the United States v. Fleckner, 8 Wheaton 355.
The cases to the contrary are, against public morals, or against some great public policy, mostly involving a misdemeanour, and criminally offensive. ”