Morrison Waite

“ It was decided in U.S. v. Van Auken, 96 U.S. 366, that obligations payable in goods are not included in the prohibitions of this act, because, by fair implication, only obligations for money were affected. ”

“ The national banking act of February 25, 1863, c. 58, (12 St. 665,) was passed at the next session of congress, which authorized the issue of 'notes for circulation.' Section 20. These notes were to be executed in such a manner as to make them 'obligatory promissory notes.' Then followed, at the same session, the act of March 3, 1863, c. 73, (12 St. 709,) 'to provide ways and means for the support of the government,' which required (section 7) all banks, associations, corporations, and individuals issuing notes or bills for circulation as currency to pay a duty of 1 per cent. ”