George N. Fletcher & Sons v. Alpena Circuit Judge

{dissenting in part). I concur with my Brother Hooker that the proposed issue and sale of the *515bonds in this case is usurious. The defendants in the chancery suit admit that they proposed to sell the bonds at auction for what they would bring. The court, in its order upon the hearing to dissolve the temporary injunction, authorized a sale at not less than 75 cents on the dollar, thus sanctioning a rate of interest of about 31 per cent. It needs no argument to demonstrate the usurious character of the transaction. It is said in Schermerhorn v. Talman, 14 N. Y. 93, 117, “It would seem hardly to…