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5 Phil. L.J. 1 (1918-1919)
A Critical Study of the Usury Law (Act 2655)

handle is hein.journals/philplj5 and id is 7 raw text is: PHILIPPINE LAW JOURNAL Vol. V AUGUST. 1918 No. 1 A CRITICAL STUDY OF THE USURY LAW (ACT 2655) By MANUEL V. GALLEGO, B.A., LL. B. (Awarded the Lawyers Co-operative Publishing Co. prize of. United States Supreme Court Digest, Extra Annotated, 7 volumes, for the best thesis presented for Graduation from .the College of Law, University of the Philippines.) PREFATORY NOTE About a year ago when the writer of this monograph first thought of making a critical study of the Usury Law, he was entirely unaware-of the hard task that he would have before him. The all-powerful influence of the Usury Law on our econo- mic life, as well as the increasing attention devoted to it by our government officials day by day, confirm the author's belief that the limited time at his command coupled with his still more limited knowledge and experience will make it impossible for him to do justice to the magnitude of the subject and the exigencies of existing conditions. The fact that there has not been published so far an analytic study of a law of this kind in the Philippines prompted the writing of this thesis. The author has several objects in view :-First of all, it is his intention to show the rile which a law of this kind has been playing from the dawn of legal history up to the present time. Second, to give the reader a view of the subject more comprehensive than that which could be gathered from a mere reading of the provisions of the law itself, by citing the opinion of the most important authorities on the subject in the plainest words and in a most convenient manner. Third, to express the varied means known to the author by which the provisions of the law are evaded. And, last, but not least, to help untie the Gordian-knot which oppresses the poor in their dealings with the wealthy class, by proposing a remedy which may help to bring about the total sup- pression of usury. The materials found in this work are a conglomeration of the existing law on the subject, of the miscellaneous provisions regarding interest found in the Civil Code and the Code of Commerce, of the decisions of our Supreme Court and of the opinion of American authorities on the matter fortified by leading cases, and added to all these, as a supplement, is the humble opinion of the author himself.

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