William Johnson

“ If a stamp were necessary to give validity to an endorsement, it cannot be doubted that none who claim through such an endorsement could maintain an action against the drawer. The endorsement, though actual, was ineffectual for the purpose of transferring an interest in the note. It was a void act.
This case is governed by the laws of Maryland: and the Act of Maryland against usury is in the words of the Statute of Ann. It declares, 'All bonds, contracts, and assurances whatever, taken on an usurious contract,' to be utterly void. ”

“ And this is unquestionably true: for the rule cannot be doubted, that if the note free from usury, in its origin, no subsequent usurious transactions respecting it, can affect it with the taint of usury. Nor does Gaither propose by this defence, to relieve himself from paying the note; it goes only to his liability to pay it to this individual; and reason, analogy, and adjudged cases, will sustain the defence. Suppose a note given to a woman, who marries, and then endorses it without her husband's authority; such endorsement would be void ”

“ It therefore can pretend to no merit in the administration of justice. But if the effects of that transaction be examined, without reference to the motive, it is equally clear, it can have no bearing upon the present action. The interest in, or power over Gaither's note, was only inchoate, and contingent, until all the debts due the Bank should be paid, or they otherwise be induced to relinquish it to him ”