Mr. Alderman Heygatesaid, that in the debate on this subject, though there had been a great difference of opinion on the Usury Laws themselves, the opinion of the House was unanimous as to the injustice and ineffectiveness of the penalties provided for a breach of them. As the members of the legal profession to whom he had applied had declined the task, he had been induced to frame a bill to amend the law as far as related to these penalties. His principle was briefly this. By the existing law, the forfeiture, and penalty, amounting to three times the principal sum, was out of all proportion to the degree of the offence. For example, if a man took 5l. too much interest on a principal sum of 100,000l., the penalty would be forfeiture of the 100,000l., and three times more, in all 400,000l. But if a man took 100l. interest too much on 100l. principal, an offence in degree infinitely greater, the penalty would be only 400l. His intention was, to proportion the penalties to the degree of the offence, and not so excessive that conscientious men would not sue for them. He moved, for leave to bring in a bill "to regulate the penalties aad forfeitures incurred under the Usury Laws."
§ Leave was given to bring in the bill.