Usury; Or, Interest, Premium and Discount

"Usury; Or, Interest, Premium and Discount" by S. H. Crittenden is a lecture-based book that delves into the economic concepts of usury, interest, discount, and premium. Written during the mid-19th century, it situates itself in a time when industrialization was reshaping economic practices and perspectives. The book primarily addresses the nature of usury and its implications in commercial transactions, highlighting its relevance in accounting and legal contexts. In this thorough exploration, Crittenden provides definitions and distinctions crucial for understanding financial relationships. He differentiates between interest, the cost of borrowing money, and discount, which refers to deductions made on future payments. The lecture presents the historical context of usury laws and critiques their effectiveness, arguing that restrictions on interest rates lead to unintended consequences, such as increased rates of illegal usury and hardships for borrowers. Crittenden's discussion ultimately urges a reconsideration of usury legislation, suggesting that the right to negotiate interest rates freely aligns more suitably with market principles and consumer rights.