I’m doing some research (for my big research paper) on the history of Oklahoma’s homestead exemption laws, so I found a copy of the constitution of the state of Sequoyah from 1905 (the State of Sequoyah was a proposed state in what was then Indian Territory and is now Eastern Oklahoma).

One provision I’ve come across in the document that I find amazingly brilliant (and sadly forgotten) is this gem:

Article X (Banking), Section 4: The legal rate of interest shall be six per centum per annum, but ten per centum may be permitted by contract, and all contracts for a greater rate of interest than ten per centum per annum, either directly or indirectly, paid or to be paid, shall constitute usury, and shall forfeit an amount of the debt equal to double the amount of the entire interest so charged; this applies to all persons, natural and artificial.

What a provision! I wish we could make it law today. (I will definitely scan the copy I have of the Sequoyah constituion and put in online in the near future, as it is almost impossible find in print or online form.)