David Davis, Furman v. Nichol — Opinion of the Court
“ The guaranty is in no sense a personal one. It attaches to the note-is part of it, as much so as if written on the back of it; goes with the note everywhere, and invites every one who has taxes to pay to take it.The quality of negotiability is annexed to the notes in words that cannot be misunderstood, and which indicate the purpose of the legislature, that they should be used by every one who is indebted to the State. ”
David Davis, Furman v. Nichol — Opinion of the Court
“ The section 603 of the code did not repeal the twelfth section of the charter. It could repeal it only by a feeble implication. Implied appeals are not favored. Courts, indeed, would be slow to pronounce in favor of an implied repeal of a section, which gave value and credit to the issues of a bank, that was, perhaps, daily increasing in circulation, and that had been established with the funds, and for the benefit of the State itself, to supply a circulating medium to pass from hand to hand of the people as money. ”
David Davis, Furman v. Nichol — Opinion of the Court
“ That this guaranty was, until withdrawn by the State, a contract between the State and every note-holder of the bank, obliging the State to receive the notes for taxes, cannot admit of serious question.The State was engaged in banking, and like other corporations engaged in the same business, desirous of using all legitimate means to increase the profits of the enterprise. The profits of a bank of issue depend in a great measure on the ability of the bank to keep its currency afloat. The longer the bills are withheld from redemption the greater the remuneration to the corporation. ”
