Jurisdiction of magistrates limited to fifty dollars

Where in regard to any contract referred to in sections 3, 4, 5 and 6 of this Act, the amount of the contract, or the amount of the materials furnished, or the money advanced exceeds fifty dollars, the offence shall, unless the informant and defendant consent to trial within the jurisdiction of the inferior court, be prosecuted as a fraud, and be punishable upon indictment in the Supreme Court, and the offender may be punished by fine, or by fine and imprisonment for a term not exceeding one year.